BAHAMASAIR’S managing director yesterday voiced optimism that the leading American airlines will fail in their bid to prevent it gaining regulatory permission to operate in the US.
Tracy Cooper told Tribune Business that the national flag carrier “doesn’t anticipate there’ll be any issues” from the Airlines for America consortium, whose members include American Airlines, Jet Blue, FedEx, Delta, Southwest Airlines and United Airlines, urging the US Department of Transportation not to renew Bahamasair’s authority to offer passenger and cargo services to and from the US.
His comments came as Airlines for America threatened that they will now object to all applications by any Bahamian airlines, such as Western Air and Southern Air, for approval from the US Department of Transportation and its regulatory affiliates to operate in the US. This, if
• But national flag carrier confident of ruling in its favour
• Major US airlines seek to block all Bahamian carriers
their advocacy efforts succeed, could have a chilling effect on Bahamian airlines’ ability to expand via new routes and more frequent service.
The airline consortium, in regulatory filings with the US Department of Transportation that have been obtained by this newspaper, makes it crystal clear that its bid to create roadblocks for Bahamasair and other local carriers is merely a tactic to obtain leverage and force The Bahamas to bow to its will over the revised
Former Furniture Plus chief’s
By NEIL HARTNELL
Editor
A FORMER Furniture Plus vice-president’s claim that she was coerced into signing a $101,250 termination settlement under “duress” has been rejected by the Industrial Tribunal.
Rionda Godet, the Tribunal’s vice-president, in a September 18, 2024, verdict ruled that the claim by Dawn Forbes, who held a senior management post with the furniture retailer and its Plus Group of Companies for 15 years, represented “buyer’s remorse” because the firm had refused to pay the agreed sum until she either
air navigation services charges that this nation plans to impose on all users of its air space.
While the US Department of Transportation dismissed Airlines for America’s initial complaint over the Bahamas’ air navigation services charges, also known as overflight fees, in February 2023, finding they did not represent “unfair practices” or “unjustifiable or unreasonable discrimination”, the US carriers have returned with a new angle of attack that seeks to ground Bahamian airlines if they do not get their way.
Aviation trade media reported that Bahamasair’s present regulatory exemption, which gives it authority to provide both scheduled and charter services into and from the US, expires this Thursday on October 3, 2024, thus seemingly making it urgent that the Airlines for America obstacle be resolved and the permission renewed.
Mr Cooper, though, expressed optimism to Tribune Business that the challenge will be resolved in Bahamasair’s favour and could be
$101k payout ‘duress’ rejected
returned or deleted material deemed proprietary to the business.
Detailing the background to the dispute, the Tribunal’s verdict noted that Ms Forbes was claiming both wrongful and unfair dismissal over her termination. However, Furniture Plus and its wider corporate group argued that the claim should be dismissed and moved to have it struck out on the basis that both parties had previously signed an agreement known as a “Deed of Compromise and Release” over her departure.
The March 25, 2023, agreement stipulated that,
Nassau port on ‘high alert’ over US strike
By NEIL HARTNELL Tribune Business Editor
NASSAU’S main commercial shipping port yesterday said it is on “high alert” for potential supply chain disruption resulting from tomorrow’s US dock workers strike as it urged all businesses: “Be prepared.”
‘Don’t get comfortable’ with S&P’s status quo
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas “must not get comfortable” with avoiding a further downgrade by maintaining its existing ‘junk’ grade creditworthiness with Standard & Poor’s (S&P), a prominent banker is arguing.
Gowon Bowe, the Clearing Banks Association’s (CBA) chairman, told Tribune Business that while there were no surprises in the credit rating agency’s Bahamas country report this nation has to “pay particular attention” to forecasts that its economy is set to return to historical growth rates that are unable to generate the jobs its people need.
S&P, in its analysis released late last week, projected that Bahamian economic output, or gross domestic product (GDP), will grow by 1.8 percent in 2024. That rate is some 0.5 percentage points below the 2.3 percent projected by the International Monetary
Fund (IMF) in its most recent Article IV consultation and the Bahamian Central Bank, which is predicting similar growth above 2 percent. The report contained several positives in that it maintained The Bahamas’ present ‘B+’ long-term credit rating together with a “stable” outlook, the latter of which signals that S&P is unlikely to further downgrade this nation’s creditworthiness within the next 12 months. It also gave credit for a “robust recovery” post-COVID and the
He added that APD has recently seen the major carriers which service New Providence’s commercial shipping port “increase loads” in a bid to get ahead of potential strike action by up to 45,000 US dock workers and the anticipated fall-out.
“The potential strike by US dock workers poses several challenges that APD and the Nassau Container Port, as well as the wider Bahamian economy, need to be prepared for,” Mr Bethell told this newspaper. “Should the strike proceed, it could disrupt supply chains
Dion Bethell, president and chief financial officer of BISX-listed Arawak Port Development Company (APD), in a series of e-mailed replies to Tribune Business questions confirmed that the strike - which is set to impact 36 US east and gulf coast ports from Maine to Texas - will pose multiple logistics-related “challenges” for an economy that imports virtually all it consumes.
GOWON BOWE
GB RESIDENTS HIT OUT OVER LOAD SHEDDING
By ANNELIA NIXON
RESIDENTS yesterday argued Grand Bahama Power Company should immediately drop the Dorian storm recovery charge from their bills after they were subjected to weekend load shedding at two-hour intervals.
Tammi Mitchell, told Tribune Business that, if the island’s electricity monopoly is going to be approved for a 6.3 percent base rate increase it should drop the once cent per kilowatt hour (KWH) storm recovery charge that is due to expire in 2026. She spoke out after GB Power blamed “an unexpected generation shortfall” for the weekend load shedding.
“I feel like, particularly with us here on Grand Bahama, whether we say yes or no it’s going to go through anyway,” she said of GB Power’s three-year tariff application, which includes a 6.3 percent base rate rise between 2025 and 2027. “I thought that, and this is just for me from a personal standpoint, if you’re going to implement another increase when was the last time you had one?
“And also, because of that storm recovery charge, why can’t the minute you
BAHAMAS
implement that [base rate] increase you automatically stop that storm recovery charge so people could at least feel like, OK, they’re taking that away but they’re going to be doing this. You know, kind of like have a truce type thing because we’ve been paying that since after Dorian, to my understanding.”
Dave McGregor, GB Power’s president, recently said the utility is about three to four months behind but still plans to cease the collection of the storm recovery charge in 2026. However, he posed the question whether Grand Bahama should have money set aside in the case of another storm.
“I would say we’re probably three to four months behind but we’ll stop collecting on that storm recovery in 2026,” Mr McGregor said. “The decision the GBPA, as regulator of the Power Company needs to make, which we will give them an opportunity to make, is there’s a decision whether to continue to collect that one cent and put it into a storm reserve fund so the next time a storm comes we have a reserve fund to pay for recovery on an as needed basis.
“A decision can be given as ‘yes’ or ‘no’. That’s OK.
The question is do we put money away for a rainy day or deal with it when it happens.” Mr McGregor’s comments directly linked the Dorian recovery underperformance to the lack of economic growth over the past two decades on Grand Bahama and reduction in GB Power’s customer base. Linda Albury, supervisor at the restaurant, Taino By The Beach, told Tribune Business that Grand Bahama should “cross that bridge when it comes” on the storm recovery charge. She added that GB Power recently said it had solved its generation woes “but yet now two weeks later, the problems came right back”.
GB Power, on its Facebook page, released a series of statements alerting the public of load shedding schedules and power interruptions. It stated that power restoration was estimated at two hour “with start and restoration times varying by up to 20 minutes”. Estimated outage and restoration times varied with 6pm outages being restored at 8 pm; 8pm outages being restored at 10pm and 10pm outages being restored at midnight.
Saturday’s estimated load shedding schedule began in some areas at 5:52pm with a restoration time of 8 pm. Others experienced
HAS STRONG SHOWING AT WEALTH
MANAGEMENT CONFERENCE
THE Bahamas showcased its wealth management expertise with a strong presence at the recent Society of Trust and Estate Practitioners (STEP) Latin American conference held in Argentina.
The STEP LATAM event, held from September 26-29 in Buenos Aires, provided a platform for The Bahamas to highlight its long history of providing estate planning services for high net worth individuals to some of the industry’s leading wealth planners, lawyers, accountants, bankers, trust, estate and investment advisors.
This year’s conference was held under the theme, ‘Building knowledge across borders: Advising families today and tomorrow’, reflecting the ongoing evolution and challenges in cross-border financial planning.
Ryan Pinder KC, The Bahamas’ attorney general, who was recently appointed to the United Nations’ (UN) ad-hoc committee to draft the terms of reference for a UN framework convention on international tax co-operation, highlighting differing perspectives between the UN and Organisation for Economic Co-Operation and Development (OECD) on global tax policy.
He said: “We are moving towards a new era in which tax co-operation and the enforcement of tax rules will be more even-handed, more just, more inclusive and more effective.”
Senator Michael Halkitis, minister of economic affairs, also represented The Bahamas as a returning presenting sponsor. His address highlighted the advantages that have made The Bahamas a leading financial services jurisdiction for nearly a century, including its strategic location, political stability, low taxation, human capital and innovative legislative frameworks.
“To put that in perspective, as an independent nation we have existed for 51 years, and so long before we were officially a country, there was already a growing Bahamian financial services industry,” he added.
Mr Halkitis said The Bahamas is among the world’s leaders in digital assets legislation, citing the Digital Assets and Registered Exchanges (DARE) Act, which at the time of its launch was hailed as the top regulatory framework in the world.
The Minister also pointed to The Bahamas’ efforts to establish itself as an arbitration centre. This includes the appointment of Bahamians as members of the Permanent Court of Arbitration; the Government’s approval of a domestic Arbitration Council; and a signed Memorandum of Understanding with the Hong Kong International Arbitration Centre to further promote and develop The Bahamas as an arbitral centre.
Senator Halkitis said: “STEP LATAM is absolutely one of the most important meetings of the minds for trusts and estate practitioners. The Bahamas’ Ministry of Economic Affairs is happy to be here in Buenos Aires, Argentina, to continue our wonderful partnership with the STEP organisation and obviously to explore networking opportunities.”
Wendy Warren, founder and managing director of Caystone, led a discussion on the use of private investment funds by Latin American families, examining jurisdictions such as Luxembourg, the British Virgin Islands (BVI), Cayman Islands and The Bahamas.
She said: “STEP conferences are a global leader in providing a place to learn, exchange ideas and engage with fellow professionals.
STEP Argentina is reinforcing the importance of
outages at 8 pm with power restoration set at 10 pm, 10 pm with restoration at midnight, and midnight with restoration time at 2am.
GB Power’s Facebook page said it was experiencing “an unexpected generation shortfall resulting in load shedding”. On Friday, Grand Bahama experienced an island-wide blackout due to inclement weather, to which GB Power responded: “Our team will begin restoration efforts once it is safe to do so.”
Some areas in Grand Bahama also experienced outages on Thursday, according to the company’s Facebook page. However, there was no further explanation within the post.
Both Ms Albury and Ms Mitchell said they use the same amount of energy but every month their bills have increased. Ms Mitchell asked for more transparency from GB Power while Ms Albury is calling for some sort of financial relief. They both said the quality of service they receive from GB Power is not worth the bills they have to pay.
“You’re not getting the proper service for them to increase,” Ms Albury stated. “If anything, they’re supposed to decrease it because you ain’t getting the service. The service is
poor.” Ms Albury told Tribune Business that Friday and Saturday’s electricity interruptions left the restaurant having to deal with unhappy customers. She explained that the credit card machine uses wi-fi, which was unavailable due to the outage. Ms Albury said the majority of the customer base are tourists, and they often pay with cards and rarely carry cash. For this reason, they lost numerous customers. She said Saturday was the worst of the two days, adding that Taino By The Beach hosted a function for a group of 50 people that day.
“We had to hurry up feed them so they could go,” she said. “Open up some windows. They were complaining about the heat. It was really hot.” The guests, though, had pre-paid for their meal and did not have to be concerned about not having access to the credit card machine.
Ms Mitchell described the outages as “frequent”, adding that the electricity went off about four or five times on Friday and three times on Saturday. She said she is concerned about the state of her appliances with the constant outages, noting that her refrigerator is now experiencing problems since the weekend. She also
wonders if and when she will receive reimbursement if she were to apply to GB Power.
“My biggest concern is really with the frequency because I think that is where they’re going to run into the problem where it’s going to mess up people’s appliances and electronics because, for example, my fridge started acting funny already,” Ms Mitchell said. “So I’m going to monitor that. You know, most of these TVs are now Google type or, you know, Smart TVs.
“So you’re watching them go on and off frequently, which I know is going to cause a problem for most people and then, of course, with the Internet and cable and all that stuff you have to keep resetting everything because it’s the frequency of it going on and off.
“I know they have where they said, you know, if you experience any of these things you can apply, but then how long is between applying and then confirming and then giving you any sort of compensation if you lose these items? So it’s basically monitoring things in the house and seeing if there’s any significant changes in what’s happening with my electronics or even with my appliances.”
this forum for professionals focused on families in Latin America. Conference participation is paying dividends to attendees and The Bahamas as lead sponsor.”
The Winterbotham Trust Company (Bahamas) and the Ministry of Economic Affairs were among the sponsors who played a vital role in the conference. Ivan Hooper, Winterbotham’s chief executive and director, called it a “must-attend event in our industry and particularly if you cover the Latin American region.
“It gets people together, meeting, interacting, helps build relationship and trust. A super line up of speakers that keeps you updated, reviews and discusses current trends, and is very informative as to our industry. It is a very wellorganised event,” he added.
The Bahamas’ involvement culminated in hosting the final day’s gala Dinner, a prestigious event that brought together many of the best thinkers and leaders in the industry.
John Lawrence, chief executive and co-founder of the Windermere Group (Bahamas), and immediate past president of STEP Latin America, said: “The sold-out 2024 conference with over 475 delegates attending in Argentina for the first time is a resounding success.
“The STEP Latin America Conference 2024 not only highlighted The Bahamas’ expertise in trust and estate planning but also reinforced its position as a key player in the global financial services sector. As the world of wealth management continues to evolve, The Bahamas remains at the forefront, offering innovative solutions and thought leadership that resonate on a global scale.”
Group (Bahamas) and immediate past president
Scotia Wealth Management.
Standards
Bureau ramps up for ‘Made in Bahamas’ mark launch
THE Bahamas Bureau of Standards and Quality (BBSQ) has welcomed a Cabinet minister to his first official Board meeting ahead of the ‘Made in The Bahamas’ quality assurance mark’s launch.
Michael Halkitis, minister of economic affairs, was greeted by the Bureau’s chairwoman, Pauline V. Curry, and executive director, Dr Renae Ferguson-Bufford, as preparations ramp up for the launch of certification that will attest to the quality of Bahamian-made products and their compliance with international regulatory and health standards.
The ‘Made in The Bahamas’ Quality assurance mark will be officially launched at a Town Hall
SEE PAGE B5
FROM L to R: Wendy Warren, founder and managing director of Caystone; Ivan Hooper, Winterbotham Trust Company chief executive; Senator Michael Halkitis, minister of economic affairs; Brandace Duncanson, director of financial services in the Ministry of Economic Affairs; Niekia Horton, Bahamas Financial Services Board (BFSB) chief executive and executive director; Ryan Pinder KC, attorney general; John Lawrence. chief executive and co-founder of the Windermere
of STEP Latin America; Don Stubbs, director,
TOP row L to R: Bahamas Bureau of Standards and Quality councilman Shaun Miller; councilman Creighton Moxey; councilwoman Simone Bethell; councilman Cadrington Coleby; vicechairman Arnaldo Basden. Bottom row L to R: councilwoman Dr Rebekah Flowers; chair Pauline V. Curry; Senator Michael Halkitis; executive director, Dr Renae Ferguson-Bufford.
Stamp amnesty draws interest
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
TAX officials said many persons have brought outstanding conveyances forward to be stamped and recorded to take advantage of the narrow Stamp Tax amnesty window offered by the Government.
Indira Wright, mnager in the Department of Inland Revenue’s real property tax unit, said many individuals have sought to take advantage of a six-month amnesty that allows them to pay Stamp Tax based on the property’s value when it was acquired rather than he present valuation.
Once the amnesty ends on November 30, property owners will have to pay tax based on the current assessed value of their property. Ms Wright said the Department’s new portal will expedite the process for persons to take advantage of the amnesty period and exemptions. “Thus far, it’s been going really well,” said Ms Wright.
“We’ve even introduced a new portal so that we can go ahead and quicken the process of your exemption period for that. In addition to that, we also have the amnesty period, and this amnesty was put into effect for those persons who did not have the opportunity to register their properties in years past.
“We’ve given them the amnesty to come into the
VAT Department to get your paper stamped, and you have until the end of November to do so at the same price as the value as when you first got your conveyance. We’re doing everything necessary to make sure that you’re getting that done, the VAT stamp exemption as well as those who never registered their property.”
Ms Wright warned that failing to register a property with the Department will cause future issues and encouraged persons to take advantage of the initiate. “Surprisingly, we have tons of Bahamians coming in,” she said.
“We always say the same thing over and over. If you don’t register your property, that’s a problem for you within the future. So, take advantage of what we’re offering now and register.”
Ms Wright said there are generations of Bahamians paying real property tax debts, and encouraged homeowners to pay their balances before they are due in March to capitalise on the 10 percent “early bird” discounts.
“There’s a time frame in which you have to pay property taxes,” said Ms Wright. “I always encourage persons, if you know you have real property taxes, which all Bahamians do, come in and catch the 10 percent which is the early bird special, and then after that, you don’t know how it’s going to affect your future.
“You have persons carrying over taxes that makes no sense. You have generations and generations with debts. Come and deal with what you have now, so that you can get this out of the way. We have easier processes.
“You must be encouraged, because we’re now empowering our Bahamian people. More knowledge, more power. The more you know, the more you want to get your business involved. So I’m encouraging, encouraging the Bahamas at large to come and deal with your properties.”
Dexter Fernander, the Department’s operations manager, explained for firsttime homeowners there is a VAT exemption and waived real property taxes for the first five years. He added that senior citizens can receive a 50 percent discount on their real property taxes for an owner-occupied property on properties values less than $1.5 m.
“There are some discounts for the first -time owner, you have the exemption,” said Mr Fernander. “There is an exemption that the property is up to $300,000, and as you are in that first home, you have five years on the real property tax side. You are exempted from real property tax.
“Senior citizens over identified by National Insurance, or if you reach the age of 65 you have a 50 percent discount on your owner-occupied, not your rental units or your commercial units, your owner-occupied.
“The intent of the law was to assist those that are in the middle class and the lower income bracket. If your house is $1.5m you are not considered lower class, there’s a cap. You would get a discount up to $3,250 and then there’s an early discount if you pay any billing cycle. If you pay before March 30, there is a 10 percent discount on that property.”
PM AND AG BLAST TAX RULES ‘DOUBLE STANDARD’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Prime Minister told the United Nations (UN) that The Bahamas “refuses to accept the double standard” that major economies have sought to impose on it over global tax rules.
Philip Davis KC, in his address to the UN General Assembly, asserted: “For too long, the global financial system has been skewed against developing nations. It is a cruel irony that industrialised nations, who bear the greatest responsibility for the climate crisis, often perpetuate another form of injustice in the form of our current, global system.
“We have been instrumental in exposing the hypocrisy of unilateral blacklisting, and advocating for a framework that prioritises fairness and inclusivity. The present system, with its dark rules and uneven playing field, drains resources from developing countries, leaving us to grapple with the consequences. The Bahamas refuses to accept this double standard.
“We are raising our voice to demand a fairer, and more equitable international framework, one where the voices of all countries, regardless of population or GDP, are heard and respected. The Bahamas will continue to be a leading voice in championing this issue for as long as we need to do so, no matter how lonely or how long the journey.”
This theme was echoed by Ryan Pinder KC, the attorney general, in his presentation to the Society of Trust and Estate Practitioners (STEP) Latin American conference last week where he accused the likes of the Organisation for Economic Co-Operation and Development (OECD) of developing arbitrary and unfair tax rules that discriminate against smaller nations such as The Bahamas.
“Typically, global tax initiatives and scrutiny have focused on international financial centres of the global south, including in Latin America and the Caribbean, and on profit-shifting strategies used by powerful digital
technology companies,” Mr Pinder argued. “But is the heavy focus on regions in the global south truly justified, or are we looking at hypocrisy and double standards?
“Consider this: OECD nations account for 78 percent of worldwide tax losses. In addition, the OECD is powerless to prevent its members from engaging in abusive behaviour. The Tax Justice Network, ‘State of Tax Justice’, reports for 2020, 2021 and 2022, and now for 2023, show that OECD member countries and their dependent territories are consistently responsible for approximately 70 percent of global cross-border corporate profit shifting and tax evasion, and approximately 90 percent of all taxes lost due to offshore evasion by high-net-worth individuals.”
Tying this to the climate crisis, Mr Pinder added: “While the climate crisis was largely created by the carbon emissions of industrialised countries, the effects of a warming climate are landing disproportionately on countries like mine, The Bahamas.
“We have the unfortunate distinction of consistently ranking as one of the nations most vulnerable to climate change. This injustice is compounded by the arbitrary blacklisting of these same vulnerable countries such as The Bahamas - from the very same countries whose economic development was built with the carbon emissions that are warming oceans, destroying coral reefs and making hurricanes more destructive.
“The substantive rules developed through the OECD initiatives frequently ignore the needs and priorities of developing countries and, in any case, frequently cannot be implemented by our countries, given both our serious resource constraints and urgent human needs,” he continued.
“Even if developing nations technically had an equal say in agenda setting and policy choices at the OECD which, by the way, has never seriously been considered, we have considerably less access to technical expertise in international tax matters than OECD and G-20 members.”
Calling for a new approach to setting international tax
rules, Mr Pinder added:
“While perfect equality among diverse nations may be unattainable, equitable representation and balanced decision-making processes are crucial for advancing fairness, promoting global cooperation and addressing the needs of both developed and developing countries. We are not there yet, to say the least.
“In fact, inequality and discrimination are embedded in today’s multilateral tax architecture. For example, the EU’s unique tax haven blacklisting assessment process considers not only whether the OECD’s standards are satisfied, but also The EU’s Code of Conduct. The EU views its Code of Conduct as binding on all countries, not only its member states, and this is not by consensus.
“In truth, the EU lacks the legal and ethical legitimacy to apply its Code of Conduct to any nation without its approval. However, the EU super-imposes its authority on non-member countries through the backdoor of the non-inclusive OECD. Against this backdrop, countries like The Bahamas and those who make up the global south are forced to comply by way of threat of punitive action from multiple international bodies.
“Under the current OECD framework, a country is deemed to agree to a proposal where it fails to raise an objection,” Mr Pinder continued. “There is no requirement for an ‘optin’. Hence, governments which cannot keep up with the pace of the measures, or who do not have the opportunity to articulate an opinion, are counted as supporting the OECD proposal.
“Non-voting members have consistently taken issue with the lack of a formal voting process and the need for more openness about decisions. Developing countries do not have voting rights within the OECD, and the OECD does not inherently represent their interests. We do not have ‘full participation in agenda setting and decision-making’. The process is flawed, inequitable and unfair. The process needs to be revised.”
CRUISE PASSENGERS GROW NINE TIMES FASTER THAN STOPOVERS
THE Ministry of Tourism has revealed that cruise tourism continues to drive the expansion in visitor arrivals with a 2024 growth rate nine times’ higher than that for their stopover counterparts.
For the first eight months of the year, the ministry in a statement said sea (mainly cruise) arrivals were up 19 percent year-over-year through August while air arrivals by comparison were ahead of 2023 prior year figures by 2.1 percent.
This means growth in The Bahamas’ visitor arrivals is being driven by its high volume, relatively lower spending cruise business segment as opposed to higher-yielding stopover visitors who remain in the destination longer and spend more money.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said in a statement to mark World Tourism Day: “We are
fortunate to live in one of the most remarkable nations, where the beauty of our environment is truly exceptional. The growth of our tourism sector is a shared responsibility for all Bahamians, much like the pride we collectively feel in celebrating our nation’s accomplishments.
“Together, we build on our progress and embrace the rewards it brings. We have deployed aggressive strategies to grow our industry over the past several years. I thank team tourism globally for executing the challenge.”
Latia Duncombe, director-general at the Bahamas Ministry of Tourism, Investments and Aviation, added: “Our culture and talent have always set us apart, but now the world is truly taking notice. Bahamians are sharing their unique gifts with the world, captivating audiences both at home and abroad.”
Atlantis unveils latest Crystal Court boutique
By NEIL HARTNELL Tribune Business Editor
ATLANTIS has added another high-end brand to its retail offering with
the opening of the Christian Louboutin boutique at Crystal Court Shoppes.
The store, which covers nearly 1,000 square feet, joins other brands such as Balenciaga, Cartier, Saint
Laurent and Rolex with a presence at the Paradise Island mega resort.
The boutique’s facade features custom hand-made red tiles imported from Portugal, with women’s and
N O T I C E
IN THE ESTATE OF DR. TIMOTHY EDWARD
AUGUSTUS BARRETT, SR. late of Tower Estates Drive, Sans Souci in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.
NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 4 November 2024, after which date the Administratrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.
AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
DELANEY PARTNERS
Attorneys for the Administratrix Chambers
P. O. Box CB-13007
Lyford Cay House, 5th Floor Western Road Lyford Cay New Providence, The Bahamas
and
ACTING Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper (pictured right) made a guest appearance on the popular TV show, ‘Bahamas at Sunrise,’ September 27, 2024 -- World Tourism Day. Photo:Kemuel Stubbs/BIS
CHRISTIAN Louboutin at Crystal Court Shoppes, Atlantis Paradise Island.
THE ENTRANCE to Christian Louboutin at Crystal Court Shoppes, Atlantis.
men’s accessories among the main product offerings. “Atlantis Paradise Island is the premiere luxury retail shopping destination in the Caribbean and The Bahamas. The opening of the Christian Louboutin boutique adds to the Crystal Court Shoppe offerings and complements Atlantis’ reputation for creating
one-of-a-kind experiences
epic entertainment for our guests and community,” said Audrey Oswell, Atlantis president and managing director.
GOOD NEWS FROM CHINA
By CHRIS ILLING CCO @ Activ Trades Corp
China’s leadership has stepped up its fight against economic problems and officially committed itself to achieving the growth rate targeted for this year along with halting the crisis in the real estate market. Specifically, it is planning to support and finance government investments with bonds and special bonds.
And, in order to stop the crisis in the real estate market, the construction of new commercial real estate is to be strictly controlled. It was also decided to adjust the housing restrictions policy and reduce mortgage
rates. This positive news was the reason why Chinese equities experienced their best week of the decade.
The CSI 300, featuring the most important Chinese mainland stocks, rose by 4.5 percent in late trading. In
the Chinese special administrative region of Hong Kong, the Hang Seng rose by 3.6 percent. The Japanese leading index, Nikkei 225, also rose. It recently gained over 2 percent.
Pushed by the Chinese stock exchanges and tailwind from the US markets, the German Dax index reached a new record high last Friday. For the first time it is trading above 19,400 points. The Dow was able to further extend its gains.
BTC UNVEILS UPGRADED WEBSITE FOR BUSINESSES
THE Bahamas Telecommunications Company (BTC) says its newly-launched and rebranded website for business clients will offer users an enhanced digital experience.
Delmaro Duncombe, BTC’s director of business-to-business B2B operations, said: “The structure, content and flow of the rebranded website demonstrate the steps that BTC has taken to enhance both the efficiency of our operations and the experience of our valued customers.
“This website refresh also represents a major step forward for our B2B team, offering a streamlined interface that facilitates more effective communication and easier access to critical resources.” BTC said the website provides a seamless, user-friendly experience and offers customised solutions for small and medium-sized businesses (SMEs), larger enterprises and the public sector. The carrier added that customers can also better manage their accounts, explore solutions and access support tools at their convenience. The website features an upgraded portal that is designed so customers can better manage their accounts, explore tailored solutions and access support tools at their convenience. Visitors to the site can view the history of BTC’s network; B2B partnerships
Standards
FROM PAGE B2
Meeting scheduled for Thursday, November 14, at 5.3pm at The Holy Trinity Activities Centre in Stapledon Garden. This certification will give overseas markets confidence to admit Bahamian products and goods because it signifies that they meet global quality benchmarks.
“With this certification, we’re elevating local businesses from artisans to manufacturers, giving them the recognition they deserve both here and abroad. It will drive economic growth, open new markets and create jobs for our people,” said Mr Halkitis.
The minister praised the Board for its efforts to promote quality assurance and consumer protection, highlighting the Bahamas Bureau of Standards and Quality’s role in commercial scale and fuel pump
verifications; standards promotion; and the conformity assessment on used imported vehicles from Singapore, Japan, the United Arab Emirates and United Kingdom (UK).
Mr Halkitis also highlighted the Bureau’s role in maintaining quality and safety standards across The Bahamas. He emphasised the importance of quality promotion, raising awareness about these efforts, and encouraging stronger collaboration with both government and private sector partners to promote quality standards.
The Bureau said its Town Hall meeting also aims to foster a culture of excellence in Bahamian products and services.
and certifications; major milestones achieved by BTC Business; and learn more about the B2B leadership team. The rebranded site also features educational and informative content about technology trends, case studies and the latest news from BTC Business.
Mr Duncombe said: “The BTC business website is a reflection of the company’s overall mandate to connect, care and commit. It taps into the digital future and repositions BTC as the
leader in business solutions.
This exciting website launch also reflects our commitment to leveraging digital innovation to better serve the needs of our business partners and deliver worldclass telecom solutions.”
An official public announcement of the rebranded website was made by Mr Duncombe on September 27 following a technology event at the Baha Mar resort. The BTC Business website can be accessed at: btcbahamas. com/business.
Supported by current inflation figures, Wall Street remained on course for success, and the Dow Jones Industrial Average climbed to another record high and was last up 0.9 percent at 42,605 points. The marketwide S&P 500, which had set a new record last Thursday, was flat on Friday. The technology-heavy Nasdaq 100 fell by 0.4 percent to 20,024 points. In the US, consumer spending rose less than analysts expected in August
compared to the previous month. But US consumer sentiment brightened more than expected in September. The increase in the PCE deflator of personal consumption expenditure - the Fed’s preferred price measure - fell short of forecasts. This means that there is hardly anything standing in the way of a further US interest rate cut in November, which is what stock markets are hoping for.
DELMARO DUNCOMBE
Bahamasair’s US flights under threat
cleared up within the next 48 hours. While declining to go into much detail, he pointed to the US Department of Transportation’s dismissal of Airlines for America’s initial challenge as grounds for his optimism.
Hinting that the issues raised are exactly the same as those contained in the consortium’s late 2022 complaint, he said: “If the Department of Transportation rejected it already, there’s a good chance they will reject it again.”
As for the objection to US regulators renewing Bahamasair’s authority to operate in their territory, Mr Cooper added: “The reality is that’s not the full story. They’re making an objection but we don’t anticipate there’ll be any issues with it. We’re still dealing with it, and no doubt we’ll have a resolution within the next two days. It’s more than likely it’s not going to be an issue.”
But, given that the US Department of Transportation’s decision is presently unknown, it remains to be seen whether there is any disruption to Bahamasair’s US passenger and cargo business - and Christmas and Thanksgiving shopping trips to Florida and elsewhere - from an adverse ruling in the American airlines’ favour.
Should that occur, it would also have potential repercussions for Bahamian tourism in terms of visitors’ ability to access this nation via the national flag carrier and its role in opening up new routes and visitor source markets in the US, as it has done for Grand Bahama with Raleigh, North Carolina, for example.
Chester Cooper, deputy prime minister and minster of tourism, investments and
aviation, did not respond to a Tribune Business message seeking comment before press time and an update on negotiations between the Bahamian and US governments over the proposed revisions to the air navigation services charges that the US airlines are objecting to.
However, one Bahamian private aviation operator told this newspaper it was “disheartening” that the major US commercial airlines were seeking to achieve their goals by impacting his business and those of his colleagues.
“I find it disheartening that Airlines for America would choose to use this venue to object to air space fees that both they and Bahamian carriers are billed for,” said Paul Aranha, founder of Trans-Island Airways. “I can understand that they feel like they need to voice their concern and have it be heard as there are limited avenues in The Bahamas which they can explore.
“Rather than taking a divisive approach with objecting to Bahamian applications, I would welcome the support of Airlines for America to create a cross-border coalition to address these fees as we are all in the same boat.”
Bahamasair submitted what is understood to usually be a routine application, requesting that the US Department of Transportation grant it a two-year “exemption” permitting the national flag carrier to provide passenger (including charter), cargo and mail services to and from the US cities and markets it currently serves on August 28, 2024.
“Approval of this application is in the public interest,” Bahamasair and its attorneys argued. “These services will enhance travel
options for the public travelling between The Bahamas and the US.
“Granting broad Bahamas-US exemption authority will also provide Bahamasair with greater flexibility to introduce new services, while minimising the Department’s and Bahamasair’s unnecessary administrative burden with respect to the submission and review of multiple exemption amendment or renewal applications and foreign air carrier permit (FACP) amendment applications.”
The major US airlines, sensing an opportunity to pressure The Bahamas, duly pounced with a September 12, 2024, filing that urged the US Department of Transportation to “defer action” on Bahamasair’s application until the Government and Bahamas Air Navigation Services Authority (BANSA) backed down over “excessive” air navigation services charges.
Deftly making no mention of the reverse suffered over its original complaint, Airlines for America asserted: “These unjustified and excessively astronomical charges to users are related to the overflight navigation of The Bahamas where the services were actually provided by the
N O T I C E
IN THE ESTATE OF GEORGE BENJAMIN WATKINS late of Imperial Park in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.
NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 4 November 2024, after which date the Administratrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.
AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
DELANEY PARTNERS
Attorneys for the Administratrix
Chambers
P. O. Box CB-13007
Lyford Cay House, 5th Floor
Western Road Lyford Cay
New Providence, The Bahamas
Federal Aviation Administration (FAA) at a very low cost to The Bahamas, and certainly at a substantially lower amount than what The Bahamas was requiring users to pay.”
Noting that itself, its individual airline members and the US government held talks with BANSA following rejection of its original complaint, Airlines for America added that they still remain dissatisfied with the fee revisions to both “overflight and origin/ destination (O/D) traffic” that have been proposed.
Overflight refers to flights that transit The Bahamas, passing through the country’s air space without landing or taking off, while O/D refers to international flights that either originate from or land in The Bahamas. “Unfortunately, despite many comments submitted by industry, BANSA is planning to implement the new charging scheme despite the strong objections of Airlines for America’s members,” it said.
These objections include The Bahamas’ alleged failure to resolve the “significant overpayments on overflights that occurred” under the first set of fees between 2021-2022 and 2023-2024, and continued demands for “clearly improper amounts due”.
The US carriers are also claiming that the new fees will “allow a debt transfer affecting carriers unequally”.
And they added:
“Despite recent public consultation and previous consultations with the US government, the proposed new charging scheme appears to be a ‘shell game’ of shifting charges to newly proposed excessively high O/D fees.” BANSA has yet to publicly release full details of the proposed new fee schedule, although Airlines for America alleged that consultation ended on August 27, 2024.
That was just one day before Bahamasair filed its application, and two weeks before Airlines for America filed its objection. The latter is arguing that the charges breach The Bahamas’ air transport agreement with
the US, which requires both sides “to ensure the fundamental fairness of the user charges imposed on carriers”.
“We note that The Bahamas is an important market for Airlines for America members and, as such, Airlines for America members and the US government have both repeatedly and unsuccessfully engaged the Government of the Bahamas to take action to address the excessive charges to air carriers,” the consortium asserted.
“The US government has engaged in consultations and discussions with the Government of The Bahamas several times over the past two years. Unfortunately, to-date, the Government of The Bahamas still has not taken satisfactory action to address the excessive charges to air carriers or the significant concerns of Airlines for America and its members with respect to BANSA’s proposed new charging scheme.
“Airlines for America objects to the Department granting Bahamasair’s application at this time because approval is not consistent with the public interest as long as the Bahamian government continues to unjustifiably and unreasonably discriminatively impose unjustified excessive user charges.”
Bahamasair, in its rebuttal to Airlines for America, argued that it is “separate and distinct” from the Government of The Bahamas even though the latter is its 100 percent owner. And it argued that the consortium’s latest complaint raised the same arguments as those previously rejected by the US Department of Transportation in February 2023.
Noting that the US and Bahamian governments have been addressing between them whether the “cost-basis analysis” for the fees is correct, Bahamasair argued that the US carriers’ intervention “seeks to usurp the authority” of the Biden administration to negotiate an amicable resolution. It also asserted that bowing to the US airline lobby would be “an extraordinary proposed punishment” for Bahamasair over an issue - air navigation service fees - that it itself will be subjected to, and over which it has no control or influence.
“BANSA’s revised fee structure maintains the previous differentiation per flight category that was already recognised as non-discriminatory by the Department [of Transportation],” Bahamasair asserted, adding that they were also based on international principles for
developing charges based on the cost of providing the service.
“Airlines for America asserts that consultations with BANSA ended on August 27, 2024, but offers no explanation for how suspending or curtailing Bahamasair’s authority to operate to the US benefits the US government’s consultations with the Government of The Bahamas.
“It also directly contradicts Airlines for America’s previous assertion that their ‘members do not seek to disrupt the US-Bahamas air transportation marketplace.” Bahamasair also accused the consortium of singling out and targeting it, adding that had not objected to regulatory approvals sought by Western Air, Trans-Island Airways, LeAir Charter and Golden Wings Charter. To which Airlines for America gleefully replied on September 25, 2024: “Airlines for America thanks Bahamasair for encouraging us to object to every Bahamian carrier that seeks exemption authority to serve the U.S. Airlines for America will certainly object to any and all applications made by Bahamian carriers going forward until our concerns are resolved...
“While Bahamasair is not itself a party to the air transport agreement, the Government of the Bahamas is and, as such, Bahamasair is subject to the repercussions of its government’s violations of the air transport agreement as would a US carrier should the US be in violation of the air transport agreement.....
“Since consultations between the US and The Bahamas have failed to resolve serious legal concerns, the application of Bahamasair must be denied. Violations of the air transport agreement by either party (The Bahamas or the US) have repercussions on the operators of the offending marketplace, in this case Bahamasair, in the form of counter-measures including denial of an application to serve the US,” it added.
“Because the Government of the Bahamas continues to violate the air transport agreement, Bahamasair’s application to serve the US must be denied. Bahamasair does not get to reap the substantial benefits of the air transport agreement while also denouncing the counter-measures that would protect Bahamasair if the shoe was on the other foot....
“Until a resolution is reached between the two governments, no applications should be granted under the air transport agreement.”
BAHAMASAIR PLANE
Nassau port on ‘high alert’ over US strike
significantly, particularly for carriers/shipping lines that use unionised facilities/ wharves.
“However, carriers/ shipping lines that use nonunionised facilities/wharves may have an opportunity to capture a larger market share during this period, offsetting some of the potential negative impacts. From our perspective, the strike could lead to delays, which would affect the movement of goods through the port.
“We have seen an increase in loads by the major carriers in anticipation of the impending strike. While we are monitoring the situation, it is difficult to quantify the impact just yet as there is no empirical evidence linking recent shipping delays directly to this industrial unrest.”
Reuters last night reported the International Longshoremen’s Association union, which represents the 45,000 dock workers, as confirming tomorrow’s
strike will go ahead after they failed to reach a new industrial and wage deal with the United States Maritime Alliance that represents port employers. The current agreement is due to expire on October 1.
“If the strike does occur, we will explore viable alternatives to mitigate its impact on the general public, business community and ensure continued support for the carriers that use our facilities,” Mr Bethell pledged.
“We remain hopeful for a resolution through strategic intervention to avert the strike. Nonetheless, APD is on high alert and will continue to monitor developments to adapt as necessary.”
Some in the business community yesterday said they had been unaware of the threatened industrial action which could potentially disrupt the supply chains that The Bahamas relies on almost as badly as the COVID-19 pandemic and the backlogs that created.
company materials that the firm had failed to list.
in return for a $98,351 payout to be paid over a 12-month period, Ms Forbes would not bring any legal actions or employment-related claims against her former employer. And, in return, she agreed to return “any and all documents, materials, papers, information and/or data” in her possession, in either paper or electronic form, that belonged to Furniture Plus.
The payout sum was increased to $101,250 on April 4, 2013, via a written agreement by both parties after the amount of vacation pay owing to the ex-vice president and general manager was incorrectly calculated initially. The monthly installments were to be $8,438.
However, Ms Forbes “asserts that notwithstanding her having signed a release, albeit under duress, the same has actually not been paid out in any event as anticipated”. She alleged that Furniture Plus had “refused to pay her out upon the terms agreed” because she had refused to sign “some ‘after the fact’ document” relating to the return of
Acknowledging that the Deed of Release would be “null and void, and of no effect” if it was coerced, the Industrial Tribunal said Ms Forbes’ own pleadings suggested she “accepted the viability of the Release” but only objected after Furniture Plus asked her to sign an affidavit confirming she had returned all company property.
Ms Forbes, in an affidavit, said she was summoned to a Mach 20, 2023, meeting with Krystynia Lee d’Arville, a director of Furniture Plus and the Plus Group of Companies, in the staff kitchen at the former company’s warehouse. When she arrived, she found that Romel Hepburn, vice-president of In-House Investments, one of the group’s affiliates, was also present;
“Krystynia started the meeting by saying that she and I have had a 15-year history, and that breach of trust and confidentiality is a serious thing and out of all the people she didn’t think I would be the one that would do ‘that’,” Ms Forbes alleged. “She said that I had taken information
NOTICE
NOTICE is hereby given that RONALD SAMUEL of #4 Infant View Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JACKSON SIMILIEN of Podoleo Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason whyregistration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ASHLEY SIMEON of Golden Isles, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Ben Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that it appeared as if “two steps forward, two steps back” was becoming the norm as he warned that any widespread or long-lasting industrial action impacting US ports and shipping would be a “detrimental blow” to this nation’s import-dependent economy.
“I didn’t hear anything about it, but obviously that would be detrimental. That would not be good. I hope they can reach a compromise,” he said. “We’ve been rebounding from this, the same shipping challenges since COVID.
“Obviously if that happened it would be terrible for a lot of people; basically everybody. It would put strain on other areas, but obviously it would be a detrimental blow to the industry and everyone at large. Two steps forward, two steps back seems to be the norm.”
Any supply disruption could lead to goods and
out of the company without permission.
“I said I have not, but she never told me what information, when or how it was taken out. She then immediately carried on saying that I was also defiant and insubordinate because I refused to accept that she was now leading the company. I managed to say I didn’t agree with that, but she did not allow me any time to speak.”
Ms Forbes, in her pleadings, alleged that Ms d’Arville did not provide any specific details on her purported misconduct but instead said she was not terminating her with “just cause” - as Furniture Plus’ attorneys had advised - because of her 15-year history with the company.
“She said she would terminate me without cause, even against counsel’s advice, because ‘it’s the right thing to do’ and that this is a small community,” Ms Forbes alleged. “I took this to mean I would not be able to get another job very easily if
commodities shortages, and ignite a renewed inflationary and price increase surge that negatively impacted hundreds of Bahamian families as well as businesses amid the post-COVID cost of living surge.
However, the dispute appears to be developing deep roots. “United States Maritime Alliance ... refuses to address a half-century of wage subjugation,” the International Longshoremen’s Association union said in a statement. The United States Maritime Alliance did not comment.
Reuters reported that if union members walk off the job at ports stretching from Maine to Texas, it would be the first coast-wide strike by the Association since 1977, affecting ports that handle about half the US’s ocean shipping.
A source said no negotiations were taking place yesterday and none are currently planned before the midnight Monday deadline. The union said previously the strike would not impact
people knew I was fired for a breach of confidentiality.”
The former Furniture Plus vice-president, in her pleadings, described the Deed of Release as “confusing” over the date when she was to receive her payout. She added that she pointed out “discrepancies in the amount calculated for vacation and the omission of salary for work-to-date and the February sales commission”, but her requests to make a phone call and consult an attorney were rejected.
After she voiced concern about signing a document with inaccurate payment figures, Mr Hepburn “insisted” that changes be made in writing on the Deed and initialled, and that he would be a “neutral party”.
However, Ms Forbes asserted that she “executed the deed under duress and undue influence by Romel Hepburn and Krystynia Lee d’Arville and without being afforded an opportunity to seek independent legal advice contrary to the express terms of the deed”.
military cargo shipments or cruise ship traffic. The White House did not immediately comment.
But, earlier on Sunday, President Joe Biden said he did not intend to intervene to prevent a walk-out if dock workers failed to secure a new contract by the October 1 deadline. “It’s collective bargaining. I don’t believe in Taft-Hartley,” he told reporters. Presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period under the federal Taft-Hartley Act.
A strike could stop the flow of everything from food to automobiles at major ports – in a dispute that could jeopardise jobs and stoke inflation weeks ahead of the US presidential election. Business Roundtable, which represents major US business leaders, said it was “deeply concerned about the potential strike at the East Coast and Gulf Coast ports”.
The group warned a labour stoppage could cost
This, though, was rejected by Mr Hepburn in two affidavits filed on March 27, 2024, and June 21, 2024. He asserted that “at no time” did Ms Forbes “appear nervous, uneasy or fearful”, and said she was the one who pointed out the inaccuracies. And he confirmed that he was acting as “a witness for both sides”.
“It is important to understand that the atmosphere during the meeting was very relaxed, there was no tension and the parties were amiable despite the fact that there was going to be a parting of the ways,” Mr Hepburn alleged.
“Krystynia was not aggressive and Dawn did not show any signs of concern or distress. It was almost as if Dawn was ready to leave, especially knowing that she was being paid out. The only concerns Dawn expressed was she wanted to ensure she was properly compensated and that the Release was binding on the parties.”
Furniture Plus and the Plus Group of Companies
the US economy billions of dollars daily “hurting American businesses, workers and consumers across the country. We urge both sides to come to an agreement before Monday night’s deadline”.
For months, the union has threatened to shut down the 36 ports it covers if employers such as container ship operator, Maersk, opens new tab and its APM Terminals North America do not deliver significant wage increases and stop terminal automation projects. The dispute is worrying businesses that rely on ocean shipping to export their wares, or secure crucial imports.
On Friday, Biden administration officials met with the United States Maritime Alliance employer group to directly convey “that they need to be at the table and negotiating in good faith fairly and quickly” – a message it delivered earlier to the union.
reiterated that they had always been willing to pay the agreed sum, but had not done so because Ms Forbes had failed to give the “assurance” that she had either returned, deleted or disposed of all company property that she possessed. Ultimately, the Tribunal found for the company, noting that Ms Forbes never challenged the Deed’s validity until she launched her claim on May 19, 2023. “This also leads me to believe that the applicant’s action ultimately arises by way of buyer’s ‘remorse’ brought on by Furniture Plus’ refusal to pay out the agreed sum based on what it considered her refusal to comply with its requirement concerning assurance of the deletion of its ‘material’ property,” Ms Godet ruled.
Determining that, based on the evidence, Ms Forbes had “the wherewithal to make her demands in effective negotiation” and could have walked out the room at any time if she so chose, she added: “I find that there was no duress arising from the execution of the Release herein.”
‘Don’t get comfortable’ with S&P’s status quo
Government’s fiscal consolidation efforts, which have slashed the deficit and contained debt.
But, on the negative side, S&P hinted that failing to rebuild fiscal headroom more quickly means The Bahamas remains highly exposed to hurricanes and other external shocks. “We think the country’s record of slow progress in reforming public finances and key economic sectors led to a weakening of its financial profile,” the credit rating agency added.
And Mr Bowe also warned that, while “we benefit from political stability we don’t benefit from the absence of political stupidity”. This, he explained, means that while the Government will “overemphasise” the positive aspects of the S&P report and the absence of any further rating downgrade, the Opposition in turn will “over-emphasise” the negative findings even though both are responsible for national development.
On cue, Michael Halkitis, minister of economic affairs, in a brief reply to Tribune Business inquiries said of the S&P report: “We are very encouraged, but we understand there is more work to be done.”
And Kwasi Thompson, Opposition finance spokesman, asserted S&P “did not adjust the economic outlook upward and, instead,
the report tells a somewhat bleak story of the economic trajectory of The Bahamas”.
Other observers, speaking on condition of anonymity, said the S&P report was describing a Bahamas that is “treading water, not moving forward or back”. One added: “The way I read this is that if they don’t put forward a credible plan, absent that you’re going to continue to see this kind of sluggishness.”
Mr Bowe, for his part, told Tribune Business:
“There was nothing in it that I call surprising. It’s a country report that any objective observer of the country would be able to tell you well in advance of that being released of the headwinds, which are well known, from the perspective of debt management and maturity profile.
“In conversations with them [S&P], they recognised the benefit of low interest rates and equally recognised the elevated risk for those purchasing them.”
S&P, in its report, described the Government as vulnerable to refinancing risks given that almost 26 percent of its $11bn-plus debt is due to mature within one year and will have to be rolled over with existing investors.
While there is a risk that some could decide not to rollover their debt holdings, the rating agency acknowledged this was unlikely in the Bahamian context given the lack of alternative
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ANTONIA EVANS of Rocky Pine Road, Nassau, Bahamas, intend to change my child’s name from KABRIEL NATHANIEL KING JOHNSON to KABRIEL KING EVANS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that JEAN-CLAUDE JEANLOUIS of #28 Balfour Avenue, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason whyregistration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
GOLDEN SUNSHINE LTD.
NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, GOLDEN SUNSHINE LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 27th day of August, A.D., 2024.
Dated the 27th day of September, A.D., 2024.
Jerome E. Pyfrom Liquidator
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Connect-Two Ltd. (IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of Connect-Two Ltd. is complete.
Kim D Thompson Sole Liquidator Address: Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas
investments, somewhat captive market as a result of the exchange controls regime, and $3bn-plus of excess liquidity in the commercial banking system that is looking to earn a return.
“We expect declining deficits and a growing economy will lead to a slow decline in The Bahamas’ financing needs as a share of GDP, with the increase in general government net debt averaging 0.9 percent of GDP during 2024-2027,” S&P said.
“However, the country remains vulnerable to refinancing risks based on its significant short-term debt, with almost 25.9 percent of debt maturing in the next year. The Government expects this will be largely rolled over in the domestic market, which we think can absorb this debt, given the liquidity overhang and limited private-sector lending opportunities.
“While the Government will refinance existing domestic debt internally, it will rely on external sources to meet its higher borrowing needs but is likely to avoid external bond markets in 2024 and 2025.” S&P also noted that relatively high interest payments on the Government’s existing debt, with close to one out
of every five dollars spent going towards debt servicing, limits funding for public services.
“The country’s external debt has risen in recent years.” the rating agency added. “Foreign currencydenominated debt is now 43 percent of total debt, underscoring the importance of generating sufficient foreign exchange to meet debt service needs.... As in the past, we expect the Government will continue to use commercial and multilateral bank funding to support its financing needs.
“We expect the government’s net debt will fall to about 70.3 percent of GDP by the end of 2024 from 80.9 percent in 2020, while interest payments will remain above 15 percent of government revenues for the next three or more years.
“The Government’s high interest payments, at 19.1 percent of revenues, makes it less flexible to meet economic and social spending goals. We net some of the assets held by the country’s social security system from our measure of net debt.”
Mr Bowe, meanwhile, said The Bahamas and policymakers need to focus on S&P’s forecast that GDP growth will decline to 1.8 percent in 2024. “The
NOTICE THE COMPANIES (WINDING UP AMENDMENT) ACT, 2011 NOTICE TO CREDITORS
Mdollaz Ltd. (trading as Arawak X) (In Compulsory Liquidation) Reg. No. 75949C
NOTICE is hereby given that the Creditors’ meeting scheduled for October 2, 2024, at 11:00 am Eastern Standard Time at Access CoWork Suites, One West Plaza, Windsor Field Road, Nassau Bahamas has been postponed until further notice.
Dated this 30th day of September 2024.
Edmund Rahming Cheryl J Simms Joint Official Liquidators
economic growth reverting to historical levels is going to be insufficient to expand employment and have a substantial effect,” he warned.
“We have to pay particular attention to low growth rates and look at opportunities in front of us.”
While these included Baha Mar’s investment to replace the Melia, the proposed Ocean Club Residences and Sandals’ conversion of Emerald Bay to its Beaches brand, Mr Bowe added: “I think we see a lot of these positive signs and kind of rely on them in and of themselves to provide the economic stimulus as opposed to saying what should we do to complement them so that we have a better product.
“When we look at the tourism product we focus on the resort, not the economic spend of tourists. Are we looking at entertainment options outside the resorts themselves? Are we looking at the agriculture and farming industries to provide meats, vegetables and other products to these resorts so it has a wider trickle down effect into the environment in which we live?”
Mr Bowe also warned against allowing complacency to creep in because The Bahamas has escaped
a further downgrade given that this nation’s creditworthiness remains below investment grade at socalled ‘junk’ status. He added that The Bahamas must develop a credible plan of fiscal and economic reforms and properly implement them so as to consistently upgrade its credit rating.
“Because there are no surprises that’s the upside with S&P,” he reiterated, “meaning when they came and did their review we can have some of that stable, positive outlook. Obviously there’s been a deterioration in the economic fundamentals of the country. What they [S&P] are looking for is a more stronger, positive outlook going forward that indicates preparedness for an upgrade in the rating.
“We have to be careful about becoming comfortable we’ve not had a downgrade. That isn’t the barometer we should be measuring ourselves by. We should be measuring ourselves by how quickly we return ourselves to investment grade status.
“Government will no doubt focus on the rating and the outlook staying the same, and the Opposition will say we are in ‘junk’ status. That’s the reality. We should not be comfortable with no downgrade. We should be expecting an upgrade from the initiatives we have put in place.”
NOTICE
NUTRITION BAHAMAS LTD.
NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, NUTRITION BAHAMAS LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 27th day of August, A.D., 2024.
Dated the 27th day of September, A.D., 2024.
Jerome E. Pyfrom Liquidator
US retailers brace for potential pain from a longshoremen’s strike
By TOM KRISHER AP Business Writer
With a dockworkers' strike threatening to close ports on the East and Gulf coasts beginning this week, Chris Butler is growing worried.
Butler is CEO of the National Tree Company, and, like many businesses, his is counting on shipments that are en route from Asia but won't reach their ports before an expected strike by longshoremen starting at 12:01 a.m. Eastern time Tuesday.
The company, based in New Jersey, is an importer of artificial Christmas trees and other holiday decorations. If a strike were to last just a few days, there might be time afterward to unload the trees, transport them to warehouses and have them ready for customers this season.
Yet if a strike were to keep ports closed until, say, November, about 150,000 trees might not arrive in time for the peak shopping season, imposing costs on National Tree and other businesses. In a worst-case scenario, those costs, multiplied across industries, could fuel inflation and pressure the U.S. economy.
"Definitely not an ideal situation," Butler said.
National Tree already has stockpiled or delivered most of the roughly 2 million artificial trees it sells each year. But it would lose revenue if 150,000 of the trees got stuck in the pipeline.
Other businesses face the same predicament, with goods that could be stranded at sea if 45,000 members of the International Longshoremen's Association make good on their threat to strike. They could shut down 36 ports from Maine to Texas that handle about half the goods
shipped into and out of the United States. (West Coast dockworkers belong to a different union and aren't involved in the strike.)
A prolonged strike would force companies to pay shippers for the delays, and goods could arrive too late for the high point of holiday shopping season. On Friday, top Biden administration officials met with port operators and told them they should negotiate with the union ahead of Tuesday, according to a White House official who insisted on anonymity to discuss an ongoing meeting.
Butler says he's hoping for an agreement or for government intervention to halt a strike. But the U.S. Maritime Alliance, which represents shippers and ports, and the longshoremen's union haven't met since June. And no talks are scheduled.
The union is demanding significantly higher wages and a total ban on the automation of cranes, gates and moving containers in the loading and unloading of freight.
The Toy Association, the nation's leading toy trade group, was among about 200 organizations that asked President Joe Biden in a letter this month to work with both sides to reach an agreement. The National Grain and Feed Association also urged Biden to take action to avert a strike, which would come just as harvest season gets underway.
Their push has put Biden and Vice President Kamala Harris, the Democratic presidential nominee, in a sensitive position: Both have courted union support and don't want to be seen as pressuring the longshoremen to reach a settlement. Yet if an extended strike were to cause shortages of consumer goods or fuel
high inflation, it could cost Harris votes in the November election.
Under the Taft-Hartley Act, Biden could seek a court order to suspend the strike for an 80-day cooling-off period. Robyn Patterson, a White House spokesperson, said in a statement that the administration has never invoked the act and isn't considering it now.
Biden and Congress did step in two years ago to block a looming freight rail strike and force those workers to accept a deal because of widespread fears that a rail strike would have damaged the economy.
Alex Hertel-Fernandez, an associate professor of international and public affairs at Columbia University who served as a Labor Department official under Biden, suggested that the administration will follow the playbook it used in talks last year between West Coast ports and the union there:
Mediating negotiations without directly intervening.
Greg Ahearn, CEO of the Toy Association, said a strike would happen at a critical moment for toy sellers and makers: Up to 60% of annual sales occur from October through December. Though some toy companies shipped goods earlier, Ahearn said a strike would make it hard to replenish hot-selling items.
A strike, he warned, could raise toy prices "based on scarcity and increased costs."
At National Tree, Butler and his crew began preparing for a strike in July. They accelerated shipments for everything they could. But one major retail client, he said, asked for trees early. And until recently, factories in China and elsewhere couldn't produce the rest of National Tree's orders.
Ships containing the trees are on the way to New York but won't get there before Tuesday. A prolonged strike, Butler said, would force most of the trees to
be warehoused until next Christmas season.
A longshoremen's strike would further distress a global supply chain that has already endured slowdowns from attacks by Yemen's Houthi rebels on commercial shipping. Those attacks have all but shut down the use of the Red Sea and Suez Canal, said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation. The attacks are forcing longer transit times for vessels that must navigate around the Cape of Good Hope to reach East Coast and Gulf Coast ports.
A dockworkers' strike, Gold said, could prove even more damaging than the pandemic-induced port congestion in 2021 and 2022, when cargo was allowed to move, albeit slowly.
Eastern ports could be left at a standstill. Gold noted that carriers are already announcing surcharges on containers to address potential disruptions, a
trend that could elevate inflation.
Many retailers might find it difficult to charge customers more to make up for those expenses. Most vulnerable, Gold said, would be small businesses that don't import directly and lack the financial resources to incur higher costs.
Shippers could reroute some cargo to West Coast ports. But those ports couldn't come close to absorbing the additional cargo. The Port of Los Angeles, for example, moved 960,000 containers in August — about 80% of its capacity — said Gene Seroka, its executive director.
The major Western railroads, Union Pacific and BNSF, have added capacity to their systems to handle more freight as imports have increased. Eastern railroads CSX and Norfolk Southern say they can move cars and crews to handle more freight coming to Chicago from the West. But it's not clear just how much more the railroads can manage. In any case, Butler said, it would be too costly for him to ship trees across the country by rail.
Taylor Green, co-founder of landscaping company Artificial Grass Solutions in Los Angeles, which imports artificial turf, said he bought 25% more turf than usual to ensure there would be enough for clients' projects. He also made arrangements with alternative suppliers in case the strike goes on indefinitely. If it does, Green said, price increases would likely be necessary.
Still, like some larger retailers and manufacturers, Artificial Grass says it's better prepared for shortages than it was during the pandemic.
CONTAINERS are moved at the Port of New York and New Jersey in Elizabeth, N.J., on June 30, 2021.
Photo:Seth Wenig/AP
Global Citizen CEO taps into Generation Z’s sense of urgency
By GLENN GAMBOA AP Business Writer
GLOBAL Citizen CEO
Hugh Evans says the sense of urgency that younger generations bring to solving international challenges needs to be nurtured in the rest of the world.
"So many of the world's most prolific movements were started by people when they were young," Hugh Evans said, noting that Martin Luther King Jr. was only 34 when he delivered his "I Have a Dream" speech. "Can you imagine that? (Nelson) Mandela was 26 when he co-founded the ANC Youth League. Malala (Yousafzai) was 11 when she gave her first protest speech. And my hero (William) Wilberforce was 21 when he entered into politics. So we have to get our skates on."
The Associated Press spoke with Evans shortly before Saturday's Global Citizen Festival in New York, am event headlined by superstars like Post Malone and Doja Cat, as well as breakout artists like Benson Boone and Rauw Alejandro. The festival generated more than $1 billion in new commitments to fight extreme poverty, as well as a new partnership with FIFA in which Global Citizen supporters get tickets to matches by taking action on humanitarian issues.
The interview was edited for clarity and length.
Q: Can you talk about the Global Citizen Festival's importance?
A: We're operating against the backdrop of a world with constant shocks -- the ongoing shock of recovering from the pandemic and now the shocks of global conflicts. That has resulted in the first time in our lifetime where poverty for the last three years has
been on the increase. We're talking about 719 million people now living on less than $2.15 a day worldwide. The other big shock that the world hasn't yet fully experienced is the shock of climate change, which has the potential to push another 100 million people into extreme poverty in the next ten years.
Q: You asked Global Citizen supporters to write their leaders about fully funding the World Bank's International Development Association. You want them to encourage Colombia to stop providing licenses to companies seeking to drill in the Amazon. And you're hoping to raise $250 million to provide education for 72 million kids currently out of school due to conflict.
A: Those are our big pushes this time. We want to address the reality that the world is confronting multiple crises at once.
Q: During United Nations General Assembly Week last week, many groups did outreach to Generation Z. Global Citizen has done that for years.
A: Based on our most recent data, over 70% of our members are Gen Z. We need to continue to double down on that. It's fueled by the reality that I think we have a model of activism powered through the Global Citizen app that young people can relate to. And it gives them the power of putting activism and advocacy within their own hands. I think that our approach has always been to try to equip young people with the best, most thoughtful policy asks that are backed by incredible research and data and have the ability to have the most profound impact to bring an end to extreme poverty.
Climate change and harsh weather in France bring challenges to Chablis wine country
By SAMUEL PETREQUIN Associated Press
ON A brisk late September morning in the heart of Chablis wine country, grape pickers haul large and heavy buckets over their shoulders, drenched in sweat as they climb the very steep slope of the Vau de Vey vineyard.
It's the final day of the harvest at the Domaine Roland Lavantureux winery, and workers are handpicking the last of the prized Chardonnay grapes that will eventually be transformed into the bright and high-end Premier Cru that is bottled by the estate. But wine lovers around the world may struggle to get their hands on the 2024 "millesime" — wine that comes from a single year's harvest. It will be available
in smaller quantities than usual.
Much of France's wine country faced one of the wettest years on record in 2024 so far amid a changing climate, after years of challenges to vineyards and wine quality caused by drought and heat. At the Lavantureux estate, the picking lasted just nine days — about half the usual time — after a year of unpredictably harsh weather marked by frost, hail, record rainfall and the spread of a dangerous fungus that has left Chablis growers on edge.
"I have been working here since 2010. This is my most difficult year," says winemaker David Lavantureux, who follows in the footsteps of his father Roland, a winemaker himself. "And all the old-timers will tell you the same thing. It's been a very difficult
year because the weather has been so unpredictable. We have not been spared a single thing."
The ordeal began in April with the frost. Then in May, a double hailstorm pummeled the region. Then came relentless rain, right up to the harvest. According to the Burgundy wine federation, some 1,000 hectares (nearly 2,500 acres) of vines in the Chablis country were affected by the May storm. And the excess moisture allowed a destructive mildew fungus to thrive.
Disease devastates the vineyard
Once entrenched, the disease causes huge crop losses and can also affect wine quality. Together with his brother Arnaud, David fought hard to try and control mildew with various treatments, which were
washed away by the rain and didn't prove effective.
"On our estate, we're looking at losses of 60 to 65%," David Lavantureux said. "It's going to be a lowyield year."
The weather impact wasn't confined to the Lavantureux estate. Wet conditions across France have wreaked havoc on many wine-growing regions this year. Mildew, combined with episodes of frost and hail, have reduced overall production. The French ministry of agriculture estimates that it will amount to 39.3 million hectoliters, below both 2023 levels (-18%) and the average for the past five years (-11%).
"It's been a very tough year, both physically and mentally," Arnaud says. "We're relieved the harvest is over. I'm exhausted."
GLOBAL Citizen co-founder Hugh Evans, left, and Hugh Jackman speak during the Global Citizen Festival on Saturday, Sept. 28, 2024, at Central Park in New York.
Photo:Evan Agostini/AP
Dow sets a record as Wall Street drifts to the finish of another winning week
By STAN CHOE AP Business Writer
U.S. stocks closed another record-setting week with a muted performance Friday, as hope built on Wall Street that the U.S. economy can manage the rare feat of suppressing high inflation without causing a recession.
The S&P 500 edged down by 0.1% from its all-time high set the day before, its 42nd of the year so far.
The Dow Jones Industrial Average rose 137 points, or 0.3%, to set its own record, while the Nasdaq composite slipped 0.4%.
Treasury yields eased in the bond market after a report showed inflation slowed in August by a bit more than economists expected. It echoed similar numbers from earlier in the month about inflation, but Friday's report has resonance because it's the measure that officials at the Federal Reserve prefer to use.
For more than a year, the Fed had kept its main interest rate at a two-decade high in hopes of slowing the economy enough to drive inflation toward its 2% target. Now that inflation has eased substantially from its peak two summers ago, the Fed has begun cutting rates to ease conditions for the slowing job market and prevent a recession.
Of course, the risk of a downturn still looms. U.S. employers have slowed their hiring, and the inflation report on Friday also showed growth in U.S. consumer spending in August fell shy of economists' expectations. That's important because consumer spending is the main engine of the economy.
was even though its profit topped expectations.
Another company that depends on people spending money, ski-resort operator Vail Resorts, sank 3.9% after reporting a larger loss for the latest quarter than analysts expected. Scant snowfalls at its Australian resorts hurt its results, and it gave a forecast for profit in its upcoming fiscal year that fell short of forecasts.
On the winning side of Wall Street, BristolMyers Squibb rose 1.6% after receiving U.S. federal approval for its new approach to treat schizophrenia in adults.
Part of the shortfall may have been because incomes for Americans grew less in August than economists expected. As the Federal Reserve cuts interest rates, Americans will get lower interest payments on their savings accounts and other similar holdings.
The boost that lower interest rates can give to borrowers, meanwhile, can take longer to come to fruition, "so consumption spending will likely get squeezed," said Brian Jacobsen, chief economist at Annex Wealth Management.
More encouraging data arrived later in the morning, when a report said sentiment among U.S. consumers is stronger than economists expected.
On Wall Street, Costco Wholesale fell 1.8% after delivering weaker revenue in the latest quarter than analysts expected. That
Trump Media & Technology Group climbed 5.5% following the first disclosure of a major investor selling its shares now that a restriction for insiders has lifted.
A Florida firm owned by former contestants on "The Apprentice" dumped nearly all of its 5.5% ownership stake in TMTG, which owns former president Donald Trump's Truth
THE WEATHER REPORT
Social platform, according to a filing made with U.S. regulators on Thursday.. Trump has said he does not plan to sell any of his shares, and he owns more than half of the company, but the stock has been shaky amid speculation about whether he may. All told, the S&P 500 slipped 7.20 points to 5,738.17, but it still closed out a third straight winning week and its sixth in the last seven. The Dow rose 137.89 to 42,313.00, and the Nasdaq composite lost 70.70 to 18,119.59. Markets overseas made bigger moves, as stocks in Shanghai rallied 2.9% to close their best week since 2008. Hong Kong's Hang Seng jumped 3.6% to cap its best week since 1998. They soared following a barrage of announcements through the week from China's central bank and government in hopes of propping up the world's second-largest economy.
MARINE FORECAST
THE NEW York Stock Exchange, center, is shown on Friday, Sept. 27, 2024, in New York. Photo:Peter Morgan/AP
