Port operator’s $1m stake in electricity grid company
By NEIL HARTNELL
THE Nassau Container Port’s operator yesterday revealed it has acquired a $1m ownership interest in the entity that controls New Providence’s electricity grid after itself surviving a ransomware attack in April 2024.
• BISX-listed APD expands energy reform investments
• After surviving ransomware attack that drove it manual
• Firm: No ransom paid, ‘minimal’ disruption for 2 weeks
BISX-listed Arawak Port Development Company (APD), unveiling its audited financial statements for the 12 months to end-June 2024, disclosed to investors that it acquired 50,000 common or equity shares in Bahamas Grid Company on July 17, 2024. The purchase was made as part of Bahamas Grid Company’s raising $30m in equity capital from targeted institutional and high net worth investors via private placement, and thus gives APD - which is 20 percent owned by Bahamian shareholders, with the reminder split 40/40 between the Government and shipping industry - a further direct ownership stake in the Government’s energy reform drive.
“On July 17, 2024, after the end of the reporting period, the company acquired 50,000 common shares in Bahamas Grid
Company for a total consideration of $1m,” APD’s 2024 financial statements said.
“While this transaction occurred after the reporting date, it does not affect the financial position or performance of the company for the year ended June 30, 2024. The acquisition will be recognised in the subsequent fiscal period.”
Disclosure of the Bahamas Grid Company interest means that APD now has confirmed equity ownership in two entities at the heart of the Davis administration’s energy reforms. Besides its stake in the company that controls New Providence’s electricity grid, and which is 60 percent majority owned by the private sector, it is also involved in the project to supply shore power to cruise ships docked at Nassau Cruise Port.
Apprenticeship ‘five-star priority’ with 19% youth unemployment
By NEIL HARTNELL Tribune Business Editor
THE Bahamas must treat the National Apprenticeship Programme’s launch as “a five-star priority” with almost one in five young citizens still unable to find work, a labour specialist urged yesterday.
Peter Goudie, who heads the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour
division and represents the private sector on the National Tripartite Council, told Tribune Business he “hasn’t heard anything” about the start of a muchtouted initiative that aims to make a significant dent in the 19 percent jobless rate among Bahamians aged between 15 to 24 years-old.
The Ministry of Labour and Public Service, in a statement issued yesterday, hailed the 8.7 percent national unemployment
rate at end-June 2024 as “the lowest in 16 years” and argued it is further proof that the Davis administration’s economic policies, attraction of “more than $10bn in new investments”, and training and ‘Bahamianisation’ drive are working.
However, Mr Goudie, while joining the Government in welcoming the reduced 2024 unemployment rate, which compared
Watchdog recovers $117,000 to help aggrieved consumers
By ANNELIA NIXON Tribune Business Reporter
anixon@tribunemedia.net
CONSUMER protection regulators yesterday asserted they have recovered more than $117,000 over the past year for aggrieved Bahamians who believe merchants violated their rights.
Alfred Taylor, the Consumer Protection Commission’s deputy complaints manager, said the regulator receives on average around 35 complains per month from consumers who believe they have been sold defective or shoddy products, or that
businesses have exploited them and failed to deliver what was promised.
Disclosing that fines “should not exceed $5,000 when providers are found in breach of consumer rights”, he said that from September 2023 to now he believes the Commission has gained more than $117,000 in refunds from merchants.
Senator Randy Rolle, the Commission’s executive chairman, announced it “intends to leverage existing laws to compel retailers to improve their
products practices”. He added: “To address these violations, we intend to leverage existing laws to compel retailers to improve their practices.
“We are also recommending to government through our minister [Michael Halkitis] to establish fixed penalties creating a more straightforward process for imposing fines on those who violate these standards. What the consumer infers from these findings is that retailers
• But BAF’s ‘third party debt Order’ bid fails
• Move branded ‘irregular and speculative’
• Peet: ‘All efforts being made’ for resolution
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN insurer’s bid to enforce payment of an unpaid $132,000 mortgage debt owed by a former Cabinet minister has been rejected by the Supreme Court as “irregular and speculative”.
BAF Financial, whose principal owners include deputy prime minister, Chester Cooper, had sought what is known as a “third party debt Order” mandating that The Bahamas’ six commercial banks along with two credit unions pay it the sum allegedly owed by attorney and ex-PLP MP, Vincent Peet, and T. R. Management Ltd.
Mr Peet, who initially served as minister of labour and Immigration in the first Christie administration from 2002-2007, before being switched to minister of financial services and investments, last night conceded to Tribune Business that “all efforts are being made” to settle the dispute and pay BAF Financial what it is due.
The former MP for North Andros and the Berry Islands told this newspaper: “That’s an outstanding mortgage that was taken out and partially paid. As you would have seen, there was a judgment for the balance of it. It would have been a residential mortgage.
However, the move was emphatically dismissed by Jonathan Deal, the Supreme Court’s assistant registrar. He ruled that BAF Financial & Insurance (Bahamas), the former British American Insurance Company of The Bahamas, had supplied no evidence to prove any of the financial institutions held assets/ funds owned by Mr Peet and T. R. Management or that they themselves owed money to the former minister.
PETER GOUDIE
NIB CONTRIBUTION INCREASES NOT ENOUGH FOR SUSTAINABILITY
By ANNELIA NIXON
A CABINET minister
yesterday said increasing contribution rates by themselves will “not be sufficient” to safeguard the National Insurance Board (NIB) fund and ensure it has a sustainable future.
Alfred Sears KC, minister with responsibility for Immigration and NIB, told the 32nd meeting of the heads of CARICOM social security organisations that “the contribution rate alone is not sufficient” to sustain The Bahamas’ social security system despite the recent increase imposed on employers and employees from July 1, 2024, onwards.
“For only the second time since its establishment, we have had to raise the national insurance contribution rate,” Mr Sears said.” Such decisions are never easy or popular. Yet, as guardians of this institution, it is our statutory duty to prioritise the sustainability of the National Insurance Board.
“At the same time, we recognise that increasing the contribution rate alone is not sufficient. The sustainability depends on innovative, sustainable strategies that go beyond the traditional measures.
Therefore, our theme promoting financial sustainability of social security systems is suitable as we gather this week and challenge each of us to confront the very real factors shaping our shared future.”
The increases that took effect on July 1, 2024, increased the employer and employee NIB contributions by 0.75 percentage points each. The employer contribution rose to 6.65 percent from 5.9 percent, while that for employees grew from 3.9 percent to 4.65 percent. The contribution rates for self-employed and voluntarily insured persons jumped from 8.8 percent
DPM attends threeday Saudi summit for investment boost
THE deputy prime minister will tomorrow attend a three-day conference in Saudi Arabia as he bids to attract greater and more diversified foreign direct investment (FDI) sources to The Bahamas.
The Ministry of Tourism, Investments and Aviation confirmed that Chester Cooper will be present at the Foreign Institutional Investor’s eighth edition conference, which is being held from October 29-31 in Riyadh, Saudi Arabia, under the theme, ‘Infinite horizons: Investing today, shaping tomorrow’.
“This FII eighth edition conference represents the latest opportunity taken by this administration to draw the eyes of the world to our shores and to attract greater investment in the overall growth and development of
foreign direct investments and our overall economy,” said Mr Cooper, who is also the minster responsible for tourism, investments and aviation.
“As I have said, the islands of The Bahamas are open for business. In the face of our recent accomplishments, our 16-island destination is primed for further success. Reaching out to connect with industry partners and introducing prospective partnerships to our tourism and investments landscape will help to further our goals for economic progress into a concrete and sustainable reality.”
The conference will host global economic and political leaders, chief executives, entrepreneurs, financial decision-makers, venture capitalistd, institutional
and 5 percent, respectively, to 10.3 percent and 6.5 percent as part of a strategy to ensure The Bahamas’ national social security system survives for the long-term to meet its benefit obligations to all citizens and legitimate persons who qualify for assistance.
Mr Sears listed NIB’s challenges as including “demographic shifts”, immigration and geographic challenges. “Our region is experiencing significant demographic shifts with aging populations and declining birth rates resulting in fewer people entering the workforce,” he said.
“Additionally, migration and immigration trends
create both opportunities and challenges, calling for policies that encourage legal participation in the national insurance schemes. These dynamics are reshaping the very foundation of our social security frameworks, creating new pressures on our system.
“For The Bahamas, a unique geographic challenge also emerges. Our nation, an archipelago spread over thousands of square miles of ocean space, with citizens dispersed across islands and keys separated by vast stretches of ocean. This geographic spread amplifies the administrative and regulatory challenges, making
investors and media entities. Discussions will focus on how investment can create a prosperous and sustainable future, highlighting energy, artificial intelligence (AI), geoeconomics, finance, aerospace and other sectors.
FII8 will facilitate external engagements for FII Institute members, invited
delegates and strategic partners. The conference will feature speakers such as the Crown Prince and prime minister of Saudi Arabia, Mohammed Bin Salman Al Salud; the prime minister of India, Narendra Modi; and the president of the Republic of Korea, Suk Yeol Yoon. Mr Cooper will take part in various bilateral discussions.
US COMPANIES SET TO VISIT NASSAU ON TRADE MISSION
SEVEN US companies will visit The Bahamas next month for a three-day trade mission designed to foster ties with local companies.
The US embassy in Nassau, in a statement, said it has partnered with the US Department of Commerce and the International Trade Administration (ITA) to launch the Global Diversity Export Initiative (GDEI) trade mission to The Bahamas.
From November 20-23, seven US companies will participate in a three-day trade mission that aims to promote business-to-business (B2B) engagement with Bahamian companies and investors. The mission will cover industries including beauty, construction, pharmaceuticals, healthcare, information technology (IT) and franchise industries. The US embassy said the GDEI trade mission focuses on expanding export
opportunities for small and medium-sized American companies that are founded, led, operated or owned by ethnic minorities. It added that these industries have growing potential in the Caribbean region, and the visit will give Bahamian companies an opportunity to explore partnerships with diverse US enterprises.
“The trade mission offers an opportunity for Bahamian businesses to directly engage with US companies
technology-driven decisions much more critical as well as redefining the skill set of the National Insurance Board.”
Mr Sears added: “And we experienced how critical this was for the survival of our country in 2019.
September 1-3, The Bahamas lost one-third of its GDP in the damages that occurred [from Hurricane Dorian]. The stability which obtains in great measure to the National Insurance Board.... over a period of a year-and-a-half, the National Insurance Board dispersed in unemployment benefits and unemployment government assistance approximately $240m.
Without that intervention, I shudder to think how The Bahamas would have been able to manage through Hurricane Dorian and a global pandemic. We are grateful as a nation for the existence of the National Insurance Board.”
across a range of industries,” says Chuck Bennett, commercial officer at the US embassy in Nassau.
“We aim to build partnerships that can drive economic growth and innovation in The Bahamas. We are committed to expanding trade relationships between our two countries, and this mission is an excellent way for Bahamian companies and investors to explore new possibilities.”
The GDEI Trade Mission will begin in Santo Domingo, in the Dominican Republic, on November 17-18, where participants will engage in one-one-one meetings with key service providers, US officials, diplomats and industry specialists from nine Caribbean countries, including The Bahamas.
This is the first US Department of Commerce trade mission to The Bahamas since the COVID-19 pandemic. “We are excited about the opportunity to bring these US companies to The Bahamas and encourage Bahamian businesses to take advantage of this B2B engagement. It’s a fantastic platform for local companies to explore new collaborations and gain valuable insights from US firms,” said Bianca Bethel-Sawyer, commercial specialist at the US embassy in Nassau.
Bahamian companies interested in B2B meetings during the upcoming trade mission can register by emailing NassauCommercialDL@state.gov for more information.
He added that NIB has been taking action against employers who have not been paying NIB contributions, including court action, the use of technology and reaching out to companies trying to extend its coverage.
“We have been trying through any number number of mediums,” Mr McKenzie added. “The obvious ones are taking persons to court. But we’ve also been reaching out to employers trying to extend our coverage. We’ve introduced some technologies to help us to make it easier for employers to pay contributions.
“So we have a mobile app that allows people to make their contribution online. We’re encouraging more online payment and filing. And the online systems allow employees to check the status of their contribution. That’s another way of putting pressure on employees to be compliant.” Heather Maynard, NIB’s acting director, added: “I can say that since the contribution rate increased, that all the employers are co-operating and we’re getting the contributions in. You know, we did an extensive public relations campaign, and I think that paid off.”
Phillip McKenzie KC, NIB’s chairman, listed sustainability as being among NIB’s greatest challenges. “The issue that we face is sustainability,” he said. “So we looking at short-term sustainability, three years down the road and, eventually, the longterm sustainability. So we don’t have any cash strap issue. We are able to meet our obligations and we have been meeting our obligations.”
BAHAMASAIR CHIEF: RAMP OUTSOURCE TO AID EFFICIENCY
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMASAIR’S managing director yesterday said the decision to “outsource” some 50 ramp service operators to Nassau Flight Services was made to improve efficiency and reduce dependence on the Government.
Speaking to reporters yesterday, Tracy Cooper said the airline’s management is working with the Airport, Airline and Allied Workers Union (AAAWU) in a bid to improve relations and adhere to their industrial agreement.
“The Government of the Bahamas owns both Bahamasair as a corporation and Nassau Flight services as a corporation. The simple fact is that it doesn’t make sense for both entities to be doing the same thing and the Government’s supporting both. So this whole programme is to bring better efficiencies so that there could be less dependency on the Government,” said Mr Cooper.
“You have your most valuable assets within the airline, as to your staffing. The unions are there to try and see what they could do as far as bettering that. And so we understand that we have to work with the unions in coming to agreements. Inevitably, we’ve been able to have agreements at the end of the day that are beneficial to all. So, at this particular point, it’s just a matter of working through the things that are placed on the table.”
She alleged the union was not consulted on the transfer, and the correspondence was sent to the union at the same time it was sent to employees. Ms Fountain said she intended to apply for a strike certificate from the Department of Labour and will do “whatever is necessary” to ensure her members are treated fairly.
Last month, Airlines for America, whose members include American Airlines, Jet Blue, FedEx, Delta, Southwest Airlines and United Airlines, urged the US Department of Transportation not to renew Bahamasair’s authority to offer passenger and cargo services to and from the US. Their attempt, however, was unsuccessful and Mr Cooper dismissed the objection as “noise in the market”.
He noted that The Bahamas has a bilateral air services agreement with the US, and he never thought their objection would affect Bahamasair’s ability to continue flights to that country.
“The issue of Bahamasair’s application for continuing flying into the US was not really an issue at all. It was more of.. how do we put it? It was more noise in the market, really,” said Mr Cooper.
“The Bahamas and the US have a bilateral agreement, and that bilateral agreement allows airlines from both sides to be able to fly under that agreement. The Bahamas was only making an application as laid out by the bilateral agreement.
“It was supposed to be a standard application. We did put it in. There was an objection by some entities in the US, but we never really thought that it was something that would affect our ability to fly to the US.”
The Airport, Airline and Allied Workers Union (AAAWU) ] threatened to apply for a strike vote over the workers’ transfer last month. Jewel Fountain, its president, said that on September 27 several of her members received letters from Bahamasair management informing them of their payout value and giving them until that Friday to agree to a transfer to Nassau Flight Services and the owed amount or be made redundant.
NATIONAL INSURANCE BOARD (NIB)
CHESTER COOPER
BAHAMAS BIDS FOR INCREASED LATIN AMERICA AIR CONNECTIVITY
By FAY SIMMONS Tribune Business
THE Government’s aviation chief yesterday said The Bahamas plans to exploit a regional aviation conference’s presence by increasing its air connectivity with the “underserved market” that is Latin America.
Dr Kenneth Romer, director of aviation and also deputy director-general of tourism, said the Latin American and Caribbean Air Transport Association (ALTA) forum, which is being held in The Bahamas this week, will address international aviation concerns and provide an opportunity to speak with regional partners to strengthen relationships.
Disclosing that The Bahamas is seeking to enter air service agreements with Latin American nations to increase air traffic from the region, he added: “The significance of this conference speaks to addressing not just global matters, but matters that really impact Latin America and the Caribbean.
“This is, for us, an underserved market in The Bahamas. Latin America represents a significant
DR KENNETH ROMER
economic opportunity. As tourism, we are eyeing the Latin American market. We’re looking at things such as air service agreements. We’re looking at inter-line agreements. We’re looking at direct connectivity from Latin American straight into Nassau and the Family Islands.”
Dr Romer said the Family Island Airport Renaissance Programme, a $260m project that is expected to transform 14 Out Island airports and related infrastructure, will upgrade these facilities to facilitate international flights from legacy carriers and attract new routes.
“When we speak about air connectivity, we cannot address that in isolation. There has to be the connection with airport infrastructure. All of the
Government’s efforts in addressing airport infrastructure are designed to increase airlift and also to provide economic opportunities for local entrepreneurs and for stakeholders,” said Dr Romer.
“The reality is that airport infrastructure now has to meet certain standards when it comes to sustainability and resilience. So when it comes now to the connection between airlift and airport infrastructure development, I think we can start to see the connection.
“We’re just not building in isolation; we’re building with the end results in mind. We want to attract not just our traditional legacy carriers in the US but address and attract travel from Latin America and the Caribbean.”
Dr Romer said renovations to Exuma International Airport will position it to be a hub for passengers and cargo to the southern Bahamas. “We need more hubs. Exuma is going to be the hub for the southern Bahamas when we build and complete that Exuma International Airport,” he explained.
“When that becomes the hub we can now speak about connectivity, not just
Minister hails 16-year low in unemployment
By FAY SIMMONS Tribune Business Reporter
A CABINET minister yesterday hailed the 8.7 percent national unemployment rate at end-June 2024 as the lowest recorded in 16 years while asserting that it shows the Government’s economic policies are working.
Pia Glover-Rolle, minister of labour and the public service, said in a statement that the reduction from 9.9 percent at year-end 2023 represented the lowest jobless rate since 2008 and she expects more “good news” to follow over the coming months.
Speaking after the Bahamas National Statistical Institute released its latest Labour Force surveys for the 2024 first and second quarters, Mrs GloverRolle said: “The decrease in the unemployment rate over the past three years is proof that the economic and labour market policies of the Davis administration are working.
“We have generated growth by expanding and diversifying key
industries, bringing in over $10bn in new investments and making key government investments in infrastructure, digitisation and support for local businesses. Given the positive impact of our policies, we expect to see even more good news in coming months.”
Mrs Glover-Rolle said several initiatives, such as Labour on the Blocks neighbourhood job fairs and and job readiness training, have increased labour market participation and boosted employment levels.
“Through our job fairs, we have linked thousands of Bahamians with employers, and when we meet with major investment projects, such as the resorts and private island destinations that are being expanded, we make it clear that the vast majority of jobs should be allocated for Bahamians,” said Mrs Glover-Rolle.
“At the same time, through enforcement of our ‘Notice of Vacancy’ policies for ‘Bahamianisation’ of our workforce, we are securing high quality opportunities for Bahamians in high demand areas,
as well as managerial and leadership positions.”
Mrs Glover-Rolle said the ministry will move to strengthening legislation that protects employees and provides training opportunities. “We have just completed the first draft of our white paper on labour market legislative reforms, which will help us to leverage global challenges and opportunities like climate change and digitisation,” she added.
“At the same time, we are strengthening laws and policies to protect workers’ rights, exploring ways to increase compensation in the public and private sectors, introducing new training opportunities like the upcoming National Apprenticeship Programme to improve employability, and working closely with employers and unions to ensure that all stakeholders have input into the important work we are doing.”
Meanwhile, Dr Leo Rolle, chief executive of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), raised concerns about the high number of
SEE PAGE B4
for traffic passenger traffic but also cargo, so we have a strategy in mind - creating more hubs and taking our message into new markets that they should come to the Bahamas.”
Phelan Ferguson, general manager for Latin America sales in the Ministry of Tourism, said his goal is to increase air traffic with that region but there are difficulties meeting the demand for outbound direct flights.
“When you’re looking at aviation coming into the country, the airlines are in the business of making money, so they’re looking also at the flights not only going into the country but also coming out. So they want traffic both ways,” said Mr Ferguson.
“My job is to generate tourism from Latin America. That’s from Mexico all the way down to Chile and Argentina. We can generate the demand for the people on flights to come in, but they need to have the equal numbers coming out. With a very small population, comparatively speaking, it’s difficult to generate that much coming out, so getting direct flights is not that easy.”
Mr Ferguson said the Latin American countries
with potentially the highest demand for The Bahamas are Brazil, Mexico, Argentina and Colombia.
“We are focused on all of the countries in Latin America, but there are four in particular where we get the bulk of our business from. In order of importance, they would be Brazil, Mexico, Argentina and then, to a lesser extent, Colombia,” said Mr Ferguson.
“We are working with the travel trade there to generate awareness. Once people are aware of the options that are available in terms of vacationing in The Bahamas, awareness is the big thing. Once they’re aware they come and, once they put their toes in the sand, then they want to come back.”
Tracy Cooper, Bahamasair’s managing director, said Caribbean countries tend to have aviation legislation that benefits their national carriers as they are partially or fully government agencies. He added that Latin American countries tend towards legislation that can be “adversarial” to airlines, which could present a challenge.
“When you take into consideration different regions that ALTO has oversight for, you’d find that there’s probably a little bit more versatility in Latin America than the Caribbean,” said Mr Cooper.
“When you take into consideration that Bahamasair has a government component, so does Cayman Airways and Caribbean Airways. We tend to work more hand in hand with the governments, and they depend on us for advice from time to time on the aviation sector,
“With our counterparts in Latin America, it may not be just as seamless. They tend to have to be at arm’s length at times with their governments, and the mandates and the legislations and the rules that are being put forth may be one such that it is actually adversarial and, in the long run, may even be damaging.
“We hope that this is not the case. Certainly it’s not the case in The Bahamas and, for my Caribbean counterparts, typically it’s not the case either. We tend to have more harmonisation with our governments as related to rules and regulations.”
Apprenticeship ‘five-star priority’ with 19% youth unemployment
to 9.9 percent at year-end 2023, said the data released yesterday by the Bahamas National Statistical Institute (BNSI) continues to expose deficiencies in the country’s workforce and productivity.
Bahamian youth unemployment, which stood at almost 8,000 at end-June 2024, accounts for 39.12 percent - almost 40 percent - of the 20,365-strong unemployed workforce. This means that almost two out of five jobless workers identified by the Institute’s research are aged between 15 and 24 years-old.
“The number of unemployed youths (persons aged 15 to 24) increased by 465 to 7,980 in the 2024 second quarter,” the Bahamas National Statistical Institute’s report said. “For the youths, the unemployment rate was 19 percent, representing an increase of one percentage point compared to 18 percent in the 2024 first quarter.” It also compares to a 20 percent youth jobless rate in the 2023 fourth quarter.
And the report also disclosed that Bahamian workers without any qualifications outnumber those with university degrees as
a proportion of the workforce, standing at 23 percent as opposed to 22 percent. This raises potential concerns for workforce productivity and the Bahamian economy’s competitiveness in an increasingly knowledge-driven, digital global environment.
“The data pertaining to educational attainment shows that 58 percent of the labour force completed secondary school, 22 percent completed university and 8 percent completed tertiary education,” the Institute added. “As it relates to qualifications, 28 percent of the labour force’s highest examination pass was GCE ‘O’ level/BGCSE; 22 percent completed a degree while 23 percent had no qualifications.”
Mr Goudie, in response, told Tribune Business: “First of all we are very pleased to hear that the unemployment rate is reduced, but we’ve got to do more and especially with youth unemployment. We need to get the National Apprenticeship Programme up and running.”
Legislation to facilitate this initiative, and replace the 40 year-old Apprenticeship Act, was passed by both houses of Parliament
earlier this year. However, asked when it will launch, Mr Goudie replied yesterday: “I have no idea. I haven’t heard anything. Michelle Malcolm, who is in charge of it, I haven’t heard a word from here. I don’t know. I just don’t know.
“It’s huge. I would say it needs five stars, and we need to get it moving. It’s so important to the country and so important to reducing youth unemployment. I cannot emphasise that enough. That is the number one priority right now. Period.”
Youth unemployment in The Bahamas has long been stubbornly high, and successive administrations have struggled to make significant inroads into cutting it. It is not solely a Bahamas problem, with many other Caribbean nations suffering similar jobless rates among young persons, while the 15-24 year-old age demographic usually tends to have the highest unemployment rate in most countries.
The National Apprenticeship Programme is designed to help cure these ills by providing young Bahamians with workplace training, skills and certification that creates a pathway to regular,
gainful employment. It is also intended to divert them from crime and gangs, giving them the means to live a meaningful, disciplined and productive existence.
“We need to get them off the streets,” Mr Goudie said. “They need something meaningful in their lives. I cannot emphasise how important this Apprenticeship Programme is. It’s hugely important. It’s up to the Government. Let’s get it moving.
“It’s going to give them income, it’s going to give them meaningful learning, they’re going to get skills and be able to have a job; a permanent job. What more do you want? This programme delivers everything that they need. It delivers the education that they need, it delivers the social skills they need, it delivers the skills training they need. It gives them everything that they need. It’ll deliver on all of that, but we need to get it moving.”
As for unqualified Bahamian workers matching or exceeding those with degrees, Mr Goudie said that was an issue for the Ministry of Education and “they’ve got to fix the school system. We’re going
WATCHDOG RECOVERS $117,000 TO HELP AGGRIEVED CONSUMERS
have somewhat lax or are arbitrary in complying with the laws of the land. This is primarily due to regulators and some enforcement agencies failing to act as legislatively empowered to do so.”
Mr Rolle said two advisories are to be sent out by week’s end to two courier companies that have been the subject of numerous consumer complaints. He added that courier companies, grocery stores, beauty supply stores, hardware stores and even pharmacies are among the businesses subject to such complaints.
The Commission recently inspected more than 14 food stores, finding that nearly half violated consumer protection standards. Key concerns included unclear “best by” dates on baked goods and fruits, which could confuse consumers, and inaccurate scales in produce sections, potentially leading to overcharges.
Some pharmacies in the Over-The-Hill communities were also found selling expired over-the-counter medications, posing potential health risks. Other grocery stores failed to provide clear
labelling on some food products. However, Mr Rolle added that some stores, since the Commission’s visit, have improved and taken the necessary steps to meet its standards.
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), in a statement, joined the Commission in calling for fair treatment among consumers and businesses. However, while it is “deeply concerned” over some businesses not adhering to consumer protection standards, it questioned what the Commission has in mind in terms of “leveraging existing laws”.
“The BCCEC notes the comments of Randy Rolle relative to those businesses that may be in contravention of the consumer protection standards, and is deeply concerned with the same. We always encourage our members and other business owners to adhere to all governmental policies and regulations, just as we lobby for the Government to enhance the ease while reducing the cost of doing business for the community,” the Chamber added.
“We also note the Government’s position that they
will be enacting the letter of the law on those noncompliant businesses and wonder exactly what that letter entails? We suggest there be requisite awareness and educational campaigns on these policies and procedures before, during or after the exercise, especially for fledgling entrepreneurs who may not be knowledgeable of the same.
“Additionally, we recommend that these policies be published, routinely updated and easily accessible to the business community. As with food handlers, perhaps there should be an annual review or refresher offered to ensure complete compliance with the standards as outlined. Finally, knowing the penalties and grace period for compliance, if any, would be helpful for those businesses that need to adjust accordingly.”
The Commission clarified that it is not against businesses. “I don’t want to make it appear as if we’re here to just attack providers,” Austina Smith-Knowles, its marketing, education, research and training manager, said. “We want to make the marketplace fair. We want businesses to thrive.
location can. So therefore their overhead is more expensive. So that’s why you will see variances on a particular product; the same product at different locations. So I just wanted to point that out that the providers are not always unscrupulous and determined to just make a profit. They have to do what is feasible for that particular branch.”
Mr Rolle explained that recent findings prove that there should be more oversight of providers and that the Commission “dropped the ball”, promising: “This will be a thing of the past for the CPC.” He also called for collaboration with other entities to help protect consumers and their rights, and extended an invitation to the Bahamas Bureau of Standards and Quality and the Consumer Affairs Price Control Department to join in.
to be talking to them about the need to fix the school system.
“More than anything, the Chamber of Commerce wants to address that with the Ministry of Education,” he added. “We’re the ones that have to live with what we can employ, and if we cannot find the workers we have to get work permits. That’s the bottom line. We need the Ministry of Labour and Ministry of Education to both stand up and make some changes. We have to put a roadblock in there and fix it.
“Nothing is easy, but there’s a fix for it. The Apprenticeship Programme is a stop gap measure. The Ministry of Education has got to change the school system and then we’ll be fixed. We need to get them all up and running.”
The 2024 first half reduction in The Bahamas’ national unemployment rate coincided with when economic activity is traditionally at its strongest due to the winter tourism season peak. The jobless rate then tends to tick back upwards in the year’s second half as the annual 5,000 high school leavers enter the workforce.
The Institute yesterday said there are some 12,980 discouraged workers, some 9,180 of whom reside on New Providence and a further 1,745 on Grand Bahama, who are available for work but are not seeking employment because they lack confidence in their job prospects. That represents a 2,180, or 20 percent, increase on the 10,800 discouraged workers recorded as at end-March 2024.
The number of employed persons in The Bahamas was also flat between the 2024 first and second quarters, standing at 213,585 in the former and dropping slightly to 213,210 in the latter. Both figures were themselves slightly less than the 214,170 employed persons recorded in the 2023 fourth quarter, which raises questions as to whether the economy and workforce are actually growing.
And the Bahamian labour force appears to have shrunk by more than 4,000 workers during the 2024 first half, dropping from 237,755 in the 2023 fourth quarter to 233,575 as at end-June 2024. The labour force includes both employed and unemployed workers.
Minister hails 16-year low in unemployment
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discouraged workers and the lack of skilled workers.
The number of discouraged workers stands at 10,800, concentrated mainly in New Providence. These individuals are available for work but not actively seeking it due to low prospects of finding employment.
each Family Island would be beneficial to understanding the labour market on each island and providing support.
“While there was a reference made to Grand Bahama, it would be interesting to note the delineation between New Providence and each specific Family Island to understand where there were increases or decreases, and chart a course of action to address the same with the involvement of the various Family Island chambers,” said Dr Rolle.
International Business Companies Act (No. 45 of 2000)
Fontan Investments Limited Registration Number: 210145 B (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) Fontan Investments Limited, commenced voluntary liquidation on the 29th day of October, 2024.
Any person having any claim against Fontan Investments Limited, is required on or before the 28th day of November, 2024 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.
Antonio Augusto Francia Assumpcao, c/o GSO Corporate Services Ltd., 303 Shirley Street, Nassau, The Bahamas is the Liquidator of Fontan Investments Limited.
Antonio Augusto Francia Assumpcao Liquidator
N O T I C E
TERCEL HOLDINGS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
(a) TERCEL HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 23rd October, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 29th day of October, A. D. 2024
Bukit Merah Limited Liquidator NOTICE
“As recent as this morning, I would have spoken with a manager at Budget in Coral Harbour because there was a query that was put to me when our marketing team went out to CV Bethel and we actually did a presentation there for teachers during their professional development seminar. The question was, ‘why is it that supermarkets can have different branches and there are different prices? That seems unfair to consumers.’
“So I put that question to her this morning, and she simply explained to me that the different outlets for a particular supermarket, they operate as separate entities and some of them are convenience stores versus the supermarket version, which is bigger. And so they have different budgets.
“And so, bearing that in mind, the smaller locations, they can’t buy in the bulk volume that the bigger
“This is why we have extended an open invitation to the Bahamas Bureau of Standards and Quality, headed by Dr Renee Bufford, Consumer Affairs Price Control Department, headed by Rex Adderley, and all regulators of agencies charged with some form of consumer advocacy to meet with us to help craft the collective way forward for consumer protection in The Bahamas,” Mr Rolle said.
The Chamber is also calling for collaboration, adding: “While we believe in the adage that ‘ignorance of the law is no excuse’, we remain advocates for fair and equitable treatment of the business community and consumers alike.
“To this end, we welcome the opportunity for collaboration with the CPC to ensure a robust public awareness and educational campaign to ensure businesses are fully apprised of the regulations and requirements that govern industry practices, and can do so through our multicentric approach to member engagement. Together, we can ensure a collaborative rather than confrontational outcome to the same.”
N O T I C E
THRIVE PROGRESS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
(a) THRIVE PROGRESS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 23rd October, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Leeward Nominees Limited, of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands VG1110.
Dated this 29th day of October, A. D. 2024 Leeward Nominees Limited Liquidator
While agreeing that the decrease in unemployment is positive, he said the lack of skilled workers is alarming as many private sector firms struggle to find such employees. “As the voice of the business community, we understand the ripple effect more employment has on the economy as a whole, so we are elated at the prospect of more jobs equating to more economic prowess,” said Dr Rolle.
“While we are pleased on one hand, we are concerned on the other, noting the 10,000-plus discouraged workers in the workforce, the disparity between workers employed in areas aligned to their training/ skillset, and those with high school versus tertiary education.
“These statistics are alarming to us because we note that employers have expressed the challenge of securing and retaining skilled employees along with the struggle of capacity building, which may be attributed to the stats as provided. We welcome the opportunity for collaborative research with the BNSI to garner empirical data on the correlation between the two variables.”
Dr Rolle said a major challenge highlighted during the recent National Conclave of Chambers of Commerce in October was the mass migration of talent from the Family Islands to New Providence, adding that statistics for
“All things considered, we look forward to working closely with the BNSI to ensure that our collective efforts continue to yield the best results for the communities we serve.” The BNSI report also revealed that youth unemployment also saw a decrease, dropping from 20.5 percent to 18 percent in the 2024 first quarter.
The labour force participation rate stood at 73.8 percent overall, with men participating at a higher rate (78.2 percent) than women (69.8 percent). Unemployment in New Providence was recorded at 8.6 percent, while Grand Bahama saw a slightly higher rate of 9.8 percent, with women in Grand Bahama experiencing an 11.5 percent unemployment rate compared to 8.2 percent for men.
Officials further highlighted that 54 percent of employed persons are working in areas aligned with their training, particularly within professional and community service sectors. Sixty percent of the labour force has completed secondary education, and 22 percent have achieved university-level qualifications.
Port operator’s $1m stake in electricity grid company
Tribune Business previously exclusively revealed that APD, along with Nassau Cruise Port, is part of the Island Power Producers consortium that won the bid to construct a $150m liquefied natural gas (LNG) fuelled power plant that will supply up to 60 mega watts (MW) of power to cruise vessels and those docked at the container port that are able to take shore power.
APD said it was reviewing the questions that Tribune Business posed to it yesterday on both the Bahamas Grid Company investment and the ransomware attack, but no replies were received before press time last night.
The BISX-listed firm said it paid no ransom over the April 2024 intrusion, which resulted in data systems temporarily becoming “inaccessible” and Nassau’s major commercial shipping port having to revert to manual processes to resume operations. It described the disruption as “minimal” and the incident was resolved in just over two weeks.
In an explanation likely to provide a wake-up call to other Bahamian businesses on the perils and risks posed by cyber crime, especially the likes of ransomware, APD’s audited financial statements said:
“On April 18, 2024, the company identified and responded to an Akira ransomware attack, which encrypted certain data systems including those used to record financial data, resulting in servers and onpremises applications being inaccessible for a brief period of time.
“Prompt action was taken to contain the incident and secure the systems, including engaging an external IT service provider to assist with the recovery process and a third party Cyber Incident Response Team (CSIRT) specialist who conducted a forensic investigation of the incident and provided an investigative summary report.
Management also notified the Bahamas Computer Incident Response Team (CIRT-BS) and the Royal Bahamas Police Force.
“Management, with the aid of the IT service provider, was able to restore and rebuild the financial data impacting the financial statements. The company switched off Internet-facing systems and reverted to a manual process to resume business operations,” APD continued.
“During recovery, backup files were restored and quarantined. Upon full recovery of systems, electronic records were updated to include the data
that could not be recovered and the data captured during the manual operation period. All impacted systems had been successfully restored with minimal disruption to their operations by May 2, 2024.”
Assessing the fall-out, APD added: “Due to the full encryption of nearly every server in the APD environment, lack of available logs and the number of devices/applications in the APD environment with known exploitable vulnerabilities, the third party CSIRT was unable to confirm the root cause of the attack.
“However, the CSIRT investigation found no evidence of data exfiltration or significant disruption to operations. The company did not make any ransom payments. The incident did not result in any material financial impact or loss of revenue.
“Management has taken further steps to enhance our cyber security measures and mitigate future risks based on guidance/ recommendations from the CSIRT investigative summary report. This event has been disclosed in accordance with regulatory requirements and international best practices to inform our stakeholders of the potential risks associated with cyber threats.”
The APD ransomware attack was also probed by the port operator’s external auditors, PricewaterhouseCoopers (PwC), as part of the process for verifying accuracy of its 2024 financial statements. The accounting firm informed shareholders that it specifically tested for “accuracy and completeness of transactions” given the nature of the cyber security breach. Besides gaining an “understanding of management’s processes to monitor and detect security breaches or incidents”, PwC added that it also “assessed the competence and capabilities of the third party service providers used by management in the recovery effort and investigating the incident, and evaluated the appropriateness of the procedures completed”.
And, in addition to testing and reconciling the recovered financial data, as well as verifying manually recorded transactions, PwC said it also evaluated the investigation and report into the ransomware attack to ensure the culprits were no longer able access APD’s systems, detect any accounts that were compromised and ensure that the company’s IT environment was secure moving forward.
Meanwhile, APD’s investment in Bahamas Grid Company appears to
be consistent with its recent strategy of making select investments in a bid to diversify revenue streams and seek out higher returns for the $17.769m in cash and cash equivalents held on its balance sheet at yearend June 30, 2024. That represented an increase of more than $1.5m, or 9.7 percent, from the year before’s $16.194m.
Besides a $590,410 investment in the Nassau Cruise Port, via its acquisition of 85,000 shares - valued at $5 apiece - in the Bahamas Investment Fund, which holds a collective 49 percent ownership interest in that venture, APD also acquired two different external, foreign currency Bahamian government bonds when the Central Bank opened a temporary window in late 2022 for local investors to make such purchases.
One bond has already matured, while APD intends to hold the other until its principal is due to be redeemed in November 2028. The value of its holding though, dropped from $4.96m at year-end 2023 to $2.611m just 12 months later - a drop of 47.4 percent year-over-year.
“Interest earned on these bonds is paid semiannually and booked to interest income in the statement of comprehensive income. During the year
ended June 30, 2024, interest earned on these bonds collectively amounted to $286,024 (2023: $223,714),” APD’s financial statements confirmed.
And the Nassau Container Port operator has also been making investments in shorter-term debt securities. “During the year, the company purchased US dollar Treasury Bills (T-Bills), some of which matured before the reporting date. These financial assets are short-term investments with maturities ranging from three to six months,” APD’s financials said.
“At June 30, 2024, the company held T-Bills with a carrying value of $211,908. These T-bills are classified at amortised cost in accordance with the company’s business model for managing financial assets. The maturity date of the remaining T-bills is September 26, 2024. Interest income of $6,102 was recognised during the period and booked in the statement of comprehensive income.”
During the 12 months to end-June 2024, APD made four separate purchases of US treasury bills between October 18, 2023, and June 4, 2024. These purchases collectively totalled $667,000, although several have now matured and the principal repaid.
and speculative, and it is therefore dismissed.”
“Plans are being made to settle that. Plans are being made to settle the whole matter. All efforts are being made to have it resolved. We know what we have to do.” The proposed settlement, though, does not appear to have been moving fast enough for BAF Financial given that it sought the “third party debt Order” against the banks and credit unions via “a without notice application” filed on August 20, 2024. The insurance company and financial services provider urged the Supreme Court to grant an Order that Scotiabank (Bahamas); RBC Royal Bank (Bahamas); CIBC Caribbean (Bahamas); Commonwealth Bank; Fidelity Bank (Bahamas); Bank of The Bahamas; and the National Co-Operative Credit Union and the Teachers and Salaried Workers Credit Union must pay to it the sum owed by Mr Peet plus interest.
BAF Financial said thenjustice Indra Charles had issued a judgment against Mr Peet and T. R. Management on November 8, 2022, mandating that they pay $113,160 in principal
plus interest along with $4,000 in fixed costs. These sums related to an unpaid mortgage loan extended to the former MP on April 15, 2011, when he would still have been representing North Andros and the Berry Islands in the House of Assembly. Alleging that Mr Peet and the company have “failed and/or refused to liquidate” the due debts, Sidwell Alleyne, a BAF Financial mortgage administrator, alleged in an August 20, 2024, affidavit that then-justice Charles’ judgment and order were “stayed” until March 8, 2023. Two days before that deadline, Mr Peet allegedly paid $10,000 to BAF Financial’s attorney on March 6, 2023. From that sum, $4,000 was retained by the lender’s attorney “to satisfy the court award” while the remaining $6,000 balance was applied to the mortgage debt.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ALAN CLAYTON of P.O. Box SB-52550 Allen Drive, New Providence, The Bahamas, intend to change my name to ALAN CLAYTON POWELL. 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, The Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
The Public is hereby advised that I, BRENDAN GUNTER APPLEYARD of the Eastern District, New Providence, Bahamas, intend to change my name to BRENDAN GUNTER MASKORT 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, The Bahamas no later than thirty (30) days after the date of publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE
NOTICE is hereby given that HOWARD ADOLPHUS WADE of P.O.Box SB-51904, #18 East Wind Gates, Seabreeze, Nassau, 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 22nd day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Mr Alleyne alleged that, as at May 2, 2024, the former Cabinet minister and T. R. Management “are jointly and severally liable” for a combined $131,954 in principal and interest, with the latter accruing at the rate of $21.81 per day until settlement. He added that BAF Financial “is desirous of utilising all methods to enforce” then-justice Charles’ ruling, hence the bid to obtain the third-party debt Order.
The application, though, was shredded by the Supreme Court in a
September 23, 2024, decision. Mr Deal, the assistant registrar, said Mr Alleyne’s affidavit provided no evidence to prove any of the financial institutions named owe funds to Mr Peet or T. R. Management, or that they hold any bank accounts, funds or assets that are beneficially owned by either of the defendants.
“The court will not grant speculative applications for third party debt orders,” Mr Deal concluded. “Third party debt orders cannot simply be there for the asking without any
requirement for the judgment creditor to provide some basis for proceeding against the third party against whom it is sought for a third party debt order to be made.
“Such an approach would be open to abuse and would only serve to encourage judgment creditors to place the burden of locating a judgment debtor’s assets on third parties and, in particular, banks and credit unions.
On the evidence filed in support of the applications, the application is irregular
Mr Cooper teamed with John Wilson KC, now senior partner at the McKinney, Bancroft & Hughes law firm, to acquire the then-British American Insurance Company (Bahamas) in 2007 via what was a management-led buyout from its previous owner, Dawood Rawat. The company was subsequently renamed BAF Financial.
Upon entering front-line politics, Mr Cooper stepped back from BAF Financial and no longer has any role in its management or dayto-day decision-making processes.
Wall Street climbs ahead of a big week for Big Tech as oil drops 6%
By STAN CHOE AP Business Writer
U.S. stocks closed broadly higher Monday as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks after the price of crude had its biggest drop in more than a year.
The S&P 500 rose 0.3%.
The main measure of the U.S. stock market was coming off its first losing week in the last seven, but it's still near its all-time high set earlier this month.
The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite finished 0.3% higher. It's now within 0.4% of its alltime high set in July.
Several Big Tech stocks, including Apple and Meta Platforms, helped lead the way. Five of the behemoths known as the "Magnificent Seven" are on this week's schedule to report their latest profits. These highflying stocks have been at the forefront of Wall Street for years and have grown so big that their movements can singlehandedly shift the S&P 500.
After suffering a summertime swoon on worries that their stock prices had risen too quickly when compared with their profits, Alphabet, Meta Platforms, Microsoft, Apple and Amazon are under pressure to deliver more big growth.
Another member of the Magnificent Seven, Tesla, soared to one of the best days in its history last week after reporting a better profit than analysts expected. Monday's gains for Big Tech helped offset drops for stocks in the oil-and-gas industry, which were hurt by the sinking price of oil. Exxon Mobil fell 0.5% and ConocoPhillips fell 1.2%. A barrel of benchmark U.S. crude fell 6.1%, and Brent crude, the international standard, slid 6.1%. It was the first trading for them since Israel attacked Iranian military targets on
Saturday, in retaliation for an earlier barrage of ballistic missiles. Israel's attack was more restrained than some investors had feared it could be, and it raised hopes that a worst-case scenario may be avoided. Beyond the violence that is taking a human toll, the worry in financial markets is that an escalating war in the Middle East could cut off the flow of crude from Iran, which is a major oil producer. Such worries had sent the price of Brent crude up to nearly $81 per barrel in early October, despite signals that plenty of oil is available for the
global economy. It's since fallen back below $72.
Financial markets are also dealing with the volatility that typically surrounds a U.S. presidential election, with Election Day fast approaching in two Tuesdays. Markets have historically been shaky heading into an election, only to calm afterward regardless of which party wins.
The trend affects both the stock and the bond markets. In the bond market, Treasury yields were ticking higher to tack more gains onto their sharp rise for the month so far.
The yield on the 10-year Treasury rose to 4.28% from 4.24% late Friday. That's well above the roughly 3.70% level where it was near the start of October.
Yields have climbed as report after report has shown the U.S. economy remains stronger than expected. That's good news for Wall Street, because it bolsters hopes the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.
But it's also forcing traders to ratchet back forecasts for how deeply the Federal Reserve will cut interest rates, now that it's just as focused on keeping the economy humming as getting inflation lower. With bets diminishing on how much the Fed will ultimately cut rates, Treasury yields have also been given back some of their earlier declines.
That means the U.S. jobs report on the schedule for Friday could end up being the market's main event, even bigger than the Big Tech profit reports. Investors want to see more evidence of solid hiring to keep alive the perfect-landing hopes for the economy. Such data has supplanted inflation reports, which used to be the most important for Wall Street every month but have waned as inflation seems to be heading toward the Fed's target of 2%.
Yields have also climbed as investors have seen former President Donald Trump's chances of re-election improving. Economists say a Trump win could help push inflation higher in the
long term, and worsening inflation could push the Fed to hike interest rates.
Trump Media & Technology Group, the company that tends to move more with Trump's re-election odds than on its own profit prospects, jumped 21.6% Monday to $47.36. The parent company of Trump's Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September, though it's still well below its perch above $60 reached in March.
Robinhood Markets rose 3% after it said it would begin allowing some of its customers to trade contracts based on whether they think either Trump or Vice President Kamala Harris will win the 2024 election.
Delta Air Lines was another winner and rose 2.3% after suing CrowdStrike, claiming the cybersecurity company had cut corners and caused a worldwide technology outage that led to thousands of canceled flight in July.
All told, the S&P 500 rose 15.40 points to 5,823.52. The Dow added 273.17 points to close at 42,387.57. The Nasdaq rose 48.58 points to 18,567.19. In stock markets abroad, Japan's Nikkei 225 rose 1.8% as the value of the Japanese yen sank after Japanese Prime Minister Shigeru Ishiba' s ruling coalition lost a majority in the 465-seat lower house in a key parliamentary election Sunday. Stock indexes closed mostly higher across much of the rest of Asia and in Europe.
NEW YORK Assciated Press
MORE than 200,000 people have canceled subscriptions to The Washington Post since the newspaper announced its decision last week not to endorse a candidate for president, a published report said Monday. NPR reported the figure, citing "two people at the paper with knowledge of internal matters."
The reported loss of subscriptions of that magnitude would be a blow to a news outlet that is already facing financial headwinds.
The Post had more than 2.5 million subscribers last year, the bulk of them digital, making it third behind The New York Times and Wall Street Journal in circulation.
A Post spokeswoman, Olivia Peterson, would not comment on the report when contacted by The Associated Press. The Post's editorial staff had reportedly prepared an endorsement of Democrat Kamala Harris before announcing instead Friday that it would leave it up for readers to make up their own minds. The timing, less than two weeks before Election Day, led critics to question whether Post
owner and Amazon founder Jeff Bezos had been concerned about whether Republican Donald Trump might retaliate if he were elected president.
The Post's retired former editor, Marty Baron, had denounced the decision on social media as "cowardice, with democracy as its casualty."
Some journalists, including Post columnist Dana Milbank, urged readers not to express their anger at the decision by canceling subscriptions, for fear it could cost reporters or editors their jobs.
The Post's decision came only days after the Los Angeles Times also said it would not endorse a presidential candidate, which the newspaper has acknowledged has cost them thousands of subscribers.
An article on the Post's website about the fallout from the non-endorsement had more than 2,000 comments, many of them from readers saying they were leaving.
"I am unsubscribing after 70 years," wrote one commenter, claiming to have lost hope and belief that the Post would publish the truth.
THE NEW York Stock Exchange is shown on Sept. 18, 2024, in New York. Photo:Peter Morgan/AP
PEOPLE walk by the One Franklin Square Building, home of The Washington Post newspaper, in downtown Washington, Feb. 21, 2019. Photo:Pablo Martinez Monsivais/AP
BODY AND MIND
Escape to luxury
‘THIS
WAY TO WELLNESS’ RETREAT REDEFINES BEAUTY AND BALANCE
By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net
WELLNESS is sure to meet luxury in Nassau as the Tropics Beauty Café team will host “This Way to Wellness,” a high-end beauty and wellness retreat set to unfold November 2-4 at the scenic Cima Del Mar.
Bringing together five prominent local and international influencers - including Leah Marville, Miss Barbados World 2009, Bahamian actress and model Dinetia Dean, and Bombshell Collagen founder Megan Strydom - the event promises a rejuvenating mix of wellness, beauty, and relaxation for attendees.
The retreat kicks off with an intimate pajama party and game night hosted by Tropics founder Shamika Rolle, former Miss Teen Bahamas World, alongside the attending influencers.
The following morning, guests will rise for an energising fitness session with Bahama Beach Fitness, setting the tone for a weekend of health and vitality. Later, Leah Marville will lead a wellness session, guiding participants through exercises and discussions designed to foster balance and mindfulness.
As the sun sets, the gathering will expand to welcome more guests, treating them to an evening of fine dining, drinks, and luxurious surprises under the stars - an ideal close to this transformative retreat.
Shamika noted to Tribune Health that it is her mission to empower women and nurture self-confidence by delivering services that help them embrace their unique beauty. This Way to Wellness, she said, creates a safe space for like-minded women to connect in an oasis like Cima del Mar, which she believes is truly a gem.
“While we partnered with a couple of companies founded by men, I needed to collaborate with as many women-founded and women-centric businesses to show my commitment to empowering women and creating safe spaces for them to thrive.
Since launching Tropics Beauty Café, I have not had the opportunity to introduce my brand properly to the local market. I thought this was the best [re] introduction to the market. Cima del Mar was the ideal location because it is secluded, quiet, and spacious - all the ingredients you need to create a wellness oasis. Did I mention it overlooks the
beach?” said Shamika.
Speaking on the main objectives of the retreat, Shamika said apart from [re]introducing Tropics to the market properly, she is also launching a state-of-the-art laser, Aerolase, to the market.
“As the only medical esthetician on the island to carry this laser (which treats over 36 skin conditions), I want to educate a select group of women about the product during our cocktail reception. I want our attendees to learn about other women-centric brands they can support, and walk into the holiday season and new year feeling like anything they want is possible. At Tropics Beauty Cafe, we use medical-grade, clinically proven products to treat our clients’ skin. While some potential clients are driven by swift results (which oftentimes involve treatments that destroy your skin over time), we prefer to use products that work well with the natural composition of your skin. Our treatments get to the root of your skin condition, and once clients experience Aerolase, they will see that,” said Shamika.
For Shamika, choosing the influencers participating in the wellness retreat came about based on their alignment with the mission of Tropics Beauty Café.
“Yes, they are beautiful and
by
well-connected on Instagram, but beyond that, wellness is at the core of their brands. They are confident and embrace qualities that are unique about themselves - all things I value at Tropics. They will enjoy two days fully curated for their wellness, sharing their experiences with their followers, and hopefully bringing a fresh perspective to the brand.
Leah Marville’s brand embodies what This Way to Wellness is about - excellence, mindfulness, and a life lived well. Dinetia Dean, when she is not on set and traveling, she eats clean, exercises, meditates, and journals as part of her daily life. Megan Strydom is the Founder of Bombshell Collagen, a South African-based beauty and wellness brand. These ladies don’t just create compelling content for Instagram - offline, they embody all things beauty and wellness, too,” said Shamika.
As wellness is a broad term, Shamika discussed specific elements that This Way to Wellness will focus on. She said wellness is personal, and for some women, they feel recharged and refreshed when they get to connect with other women.
“The pajama party/girls’ night will satisfy someone’s wellness needs. On Sunday, the on-property influencers start their morning with a fitness session led
Caché Armbrister of Bahama Beach Fitness. After this session, they break for organic pressed juices and smoothies from Eat Me Skinny, a local brand founded by Ellen KeyCepeda and located in Airport Industrial Park.
After their two-hour break, they return for a two-hour life coaching session with Leah Marville, former Miss Barbados World (2009) and a Certified Life Coach who owns BDWellness, a faith-based wellness education company. During that session, they will have a guided New Year planning session. That evening, we invite 15 other guests to wine and dine under the stars. All food prepared will be completely alkaline and organic,” said Shamika. She said each local attendee at the cocktail reception will receive a gift bag with over $750 worth of goodies - including products from Deal Bodies. They will also receive a complimentary Aerolase session valued at $175. When it comes to key takeaways or lifestyle habits she is hoping participants embrace after attending, Shamika said stay excellent beyond embracing your unique beauty.
“I believe in upholding a standard of excellence. Hopefully, my guests walk away feeling empowered to pursue their passions or entrepreneurial dreams, and to commit further to a lifestyle that
makes them feel well, always.
Regarding the planning process for the retreat, Shamika said it is so far smooth, considering the short amount of time they had to plan it.
“I worked with Otishka Ferguson, who led the event’s design, production, and everything in between. We started with a plan (and Pinterest board), a budget, and a Rolodex. Tapping into our network has been most helpful through all of this because it helped us to offset some of the costs for this event.
The few times we heard no, we quickly pivoted and moved on to the next thing. I liked working with Otishka because she was optimistic and believed everything was a yes even when it was a no. When you are bringing something new to life, it pays to have people who are as mindful and optimistic as you are,” said Shamika. She believes with wellness becoming such a global trend, this won’t be the last time that This Way to Wellness will be hosted. Next time, Shamika said, the retreat will be bigger all around.
“Wellness tourism is a big business in competing tropical destinations, yet it remains largely untapped in The Bahamas. I want to be one of the pioneers for this next wave of tourism as Tropics expands,” said Shamika.
FROM left, Shamika Rolle, Leah Marville, and Dinetia Dean.
Red Ribbon Ball returns this Saturday
By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net
IF YOU have not gotten your diamonds or pearls just yet, time is of the essence as The Bahamas AIDS Foundation’s 28th annual Red Ribbon Ball will be held this Saturday.
The foundation has been building anticipation as it seeks to raise $150,000 toward the fight against HIV/AIDS. Organisers are encouraging Bahamians to support their exciting yet worthy cause.
Under the enchanting theme of “Diamonds and Pearls,” the ball will be held at Atlantis Paradise Island. The ball is where luxury and purpose intersect.
Patrons will enjoy a cocktail reception at 7pm, followed by a fabulous evening filled with surprises, exquisite raffle prizes, and live entertainment from Essence Band and The Falcons Entertainment.
Adding another layer of excitement to the event is what organisers are calling an unforgettable art experience where Bahamian artist Alan Wallace will be creating a stunning piece live, specifically for an auction.
Bids will be taken on this one-of-a-kind artwork during the event, giving patrons a chance to own a unique treasure while supporting our mission.
“Your generous support shines brightly, helping us create a truly magical evening while making a significant impact in our community. Together, we’re not just celebrating elegance; we’re fostering hope and change,” the foundation said in a statement.
Proceeds from the event will aid in
expanding facilities for confidential counseling and extending outreach to the Family Islands. After a three-year hiatus, the ball returned last year. The ball was put on pause due to the COVID-19 pandemic and promises to once again be an “unforgettable night”. The ball is a major component of the foundation’s fundraising activities will be a “night of philanthropic elegance.” The foundation relies heavily on the support of community partners to ensure they are reaching their goals and able to fund the various programmes. Once such programme is adolescence programme that assists youth affected and infected by HIV/AIDS. The foundation aims
HOW PHYSIOTHERAPY CAN HELP MANAGE CHRONIC PAIN
MANY people live with and are affected by chronic pain each year. The numbers are predicted to increase as the country’s aging population grows. More than an inconvenience, chronic pain has the potential to affect one’s quality of life, including the inability to perform daily tasks or keep a job.
Methods to treat chronic pain are also changing. Until recently, doctors would often prescribe pain medications but have decreased this practice significantly, due to the opioid epidemic. Alternative treatments are now considered, including a combination of physiotherapy, massage, over-the-counter pain medications and acupuncture. The result is not only designed to lessen the pain experienced but help patients improve their mobility and enjoy life again.
Benefit of Physiotherapy
Of the available options to treat chronic pain, physiotherapy does more than ease or manage discomfort. Treatment can help address why the patient is feeling a particular sensation in the first place and strengthen related muscle groups to improve endurance and range of motion. If your doctor has recommended physiotherapy for chronic pain, here’s what you can expect.
What is chronic pain?
Those living with a chronic condition may experience varying degrees of pain for several months to years. Sources include arthritis, a herniated disc, cancer, a fracture or sprain that never healed and nerve damage. In select cases, imaging and other testing methods may reveal no specific cause. In all cases, the pain tends to affect a particular muscle group or joint and is frequently severe enough to impact concentration and your ability to perform certain motions. With time, individuals may find they are no longer able
to move a joint or muscle at all due to the resulting pain. Chronic pain is different than acute pain, when an individual feels a sudden sharp sensation that gradually goes away when the injured area heals. For many patients with chronic pain, the injury may heal but the pain remains.
Evaluation for chronic pain
When you first meet with a physiotherapist to address chronic pain:
• You will be asked about the discomfort you’re experiencing, including how often it’s felt, if any factors decrease the sensation,
and how it has impacted your life.
• Your physiotherapist may ask about your medical history and previous treatments – including medications – and their effects.
• Your range of motion, muscle strength, posture, balance and endurance will be assessed. You should communicate what you’re experiencing as you perform certain motions.
Treating chronic pain with physiotherapy
To address the source of chronic pain, a physiotherapist works to determine why certain muscle groups or tissues are weak or stiff.
to continue in educating and sensitising youth and community stakeholders including but not limited to teachers, police officers, social workers, nurses, government officials and other professionals as well as the community at large.
A 2019 HIV Surveillance Report revealed there were 133 newly diagnosed with HIV in The Bahamas in 2019; this represented a 15 precent decrease from 2018 and a 53 precent increase from 2010. The largest proportion of cases were males (62 percent). 88 percent of the cases were from New Providence and were Bahamian. There were also no cases of mother to child transmission in 2019 in The Bahamas.
An estimated 6,088 persons were living in The Bahamas with HIV as of December 31, 2019, yielding a national prevalence rate of 1.6 percent. There have also been 5,798 Aids-related deaths in the country since 1985 with 70 occurring in 2019.
Since its inception, the Bahamas AIDS Foundation has been on a mission to facilitate HIV prevention and intervention strategies in the country, including the elimination of mother to child transmission, HIV/ AIDS education, training, research, support and advocacy and the reduction of HIV transmission. The foundation currently runs after-school activities for young clients who have been infected and affected by HIV/AIDS. Through this programme, young clients have access to computers, a hot meal, trained tutors, peer group support, job preparation sessions, life skills group workshops, and medicine adherence support.
Hannah FosterMiddleton
BSc (Hons) Physiotherapy, MCSP, SRP
Depending on the area and tissue affected, your treatment plan may include:
• Low-impact aerobic exercises to increase heart rate, without placing additional stress on your joints.
• Strengthening exercises, often with resistance bands or your own weight. Your core will likely be involved.
• Exercises targeting the area where you’re experiencing pain.
• Stretching for both warm-ups and recovery.
• Postural reeducation to improve your balance and alignment
Passive therapy
Other more passive forms of physiotherapy may be used to decrease pain and improve motion:
• Dry needling to address muscle knots and trigger points
Exercises are designed to reduce stress placed on these areas, with the goal of alleviating pain and improving both your mobility and ability to function each day. Although treatment plans are based on your specific situation and condition, they may involve the following.
Exercise
Exercises assist with strengthening muscles and joints, improving mobility and help break up the brain’s signals that any motion in the area results in pain. As such, exercise for chronic pain ultimately helps with retraining your thoughts.
• Cupping to reduce localised inflammation
• Polychromatic light therapy to promote healing at a deeper level
• Heat and ice to lessen inflammation and pain
• Massage to improve blood flow
• Pain Neuroscience Education (PNE) to explain why pain is occurring the way it is.
• How to move without pain, including strategies for walking, lifting, sitting and running.
Have you been living with chronic pain for months or years? A physiotherapist can address the source of your pain and help improve your daily life.
SCENES from the Red Ribbon Ball, which returns on Saturday.
Bahamaween!
from page one
Additionally, I wanted older children to benefit from the content so I added historical sites, fun tourist attractions, and delicious Bahamian cuisine to appeal to all ages. For the cover design, I aimed to reflect all the inhabited islands and showcase a vibrant beach scene, ensuring that the cover captures the essence of our beautiful Bahamas. Using the colours from our national flag was essential and a good choice to further enhance the book’s connection to Bahamian identity,” said Diandra.
When asked what message or impact does she hope the book will have on readers, particularly younger audiences - Diandra said she envisions Discover The Bahamas: Colourful Pages of Bahamian Pride, leaving a lasting impact.
She said: “My hope is that when children pick up this colouring book, they are filled with a profound sense of pride in their Bahamian heritage. Whether it’s a curious three-year-old discovering their culture for the first time, a tourist looking to capture their unforgettable experience in The Bahamas with a cherished keepsake, or a parent seeking engaging and educational content for their child, I want everyone to find joy in learning. Above all, I aspire for them to hold The Bahamas close to their hearts, fostering a love for our vibrant culture that lasts a lifetime.”
She said the book is certainly a heartfelt reflection of her deep connection to Bahamian culture and heritage. Growing up, Diandra said she often felt a void in educational resources where most workbooks were imported and filled with content from foreign lands, which didn’t resonate with her experiences.
“Now, I have the incredible opportunity to create something authentic and
meaningful for the children of The Bahamas. By curating this colouring book, I aim to fill that gap and provide children with a resource that celebrates our unique culture while allowing them to learn and have fun. It fills me with immense pride to contribute to a legacy that nurtures their understanding of what makes them Bahamian,” said Diandra. Choosing a colouring book as the medium to express Bahamian pride came about due to Diandra’s resonation with John Dewey’s philosophy that children learn by doing. She believes coloring offers a vibrant and interactive way for children to connect with their culture while enjoying the numerous benefits it provides. This engaging activity enhances motor skills, boosts creativity and imagination, improves focus, and fosters color awareness and recognition. It also promotes relaxation
and stress relief, while building confidence and self-esteem.
Speaking on the recent Bahamaween-themed costume party, Diandra said the idea came about after recognising the excitement that Halloween brings, especially for children eager to show off their costumes. With this, she wanted to create an event that was not only fun - but also educational, allowing children to engage with the colouring book in an interactive way.
“By hosting a book release that invites them to bring the pages to life through various colouring mediums, I hoped to inspire their creativity while they express themselves in their vibrant costumes. This unique blend of celebration and education transforms the event into a memorable experience that connects them to both the book and their Bahamian culture. Guests enjoyed an exciting line-up of
activities, including Bahamian twists on beloved interactive games like Rake ’N Scrape chairs and the Junkanoo Mummy Wrap Race. Families bonded over parent-child team activities, with prizes and surprises at every turn. There was engaging Bahamian trivia, opportunities to unleash creativity in our Bahamian Colouring Book competition, and chances to capture unforgettable moments at our themed photo opportunities,” said Diandra.
Attendees enjoyed a book signing and meetand-greet with the author, along with a unique photo opportunity with a real-life Bahamian straw doll. With vibrant Bahamian music playing and delicious local food and drinks available, the atmosphere was filled with joy and celebration.
“I hope attendees left with a deep sense of Bahamian pride and a newfound excitement for our rich culture and heritage. My
goal is to inspire both children and adults to not only celebrate our unique Bahamian identity but also to feel motivated to create, share, and support content that highlights who we are. Whether through storytelling, art, or education, I wanted everyone to walk away feeling empowered to embrace and promote our culture in meaningful ways,” said Diandra.
Offering advice to aspiring authors in The Bahamas who want to write culturally significant works, Diandra said it is best to not overthink when in the process of publishing.
“We are in the digital age, where becoming a published author is more achievable than ever. Let your story reach the world. People love The Bahamas and crave authentic stories that showcase our culture. Don’t be afraid to create - draft your ideas and connect with a publishing house like Dreamers and Doers
Publications to make your dream a reality. Our Bahamian stories deserve to be shared with the world,” said Diandra.
She is now working on an adventurous new Bahamian book, set to launch in the summer of 2025. Diandra said she cannot wait for everyone to experience it.
“For those who share my love for reading and writing, there is even more to look forward to. Expect engaging workshops, pop-up events, and even virtual courses for both educators and aspiring authors. Stay tuned to Dreamers and Doers Publications on Facebook, or WhatsApp 242-812-7156 for updates and exclusive details,” said Diandra.
Discover The Bahamas: Colourful Pages of Bahamian Pride can be found internationally on Amazon and, as of October 31, locally at Logos Bookstore and Chapter One Bookstore.
MARATHON ON THE MARCH FOR BREAST CANCER AWARENESS
HUNDREDS of Marathon residents, breast cancer fighters, survivors and their supporters turned out for a special Breast Cancer Awareness Fun Run Walk, flooding the streets of Marathon in a sea of pink. Marathon Member of Parliament Lisa Rahming hosted the Fun Run Walk on Saturday, beginning at 7am at the Lou Adderley Park on Claridge Road.
Participants received a complimentary pink T-Shirt and walked through the constituency in a show of solidarity. Noting that breast cancer is prevalent in the country and the presence of the BRCA-1 gene is distinctive, Mrs Rahming stressed the importance of regular health checks and healthy lifestyles to combat breast cancer. After the fun run walk, participants gathered at the park to hear a health talk from professionals, and to receive health screenings, courtesy of the MP and Bonaventure labs. Mrs Rahming was particularly excited for the large turnout of young people who walked in support of breast cancer awareness.
Winners and runners up received trophies for participation, presented by the MP and her Marathon constituency team, which also distributed hot breakfast and drinks to all attendees.
CHILDREN at the Bahamaween celebration.
Sole inspiration
from back page
available. This realisation motivated her to address the production gap at the local level.
All of the products are made with environmentally friendly and sustainable materials including vegan glues and dyes, she said.
“We also use full-grain leather, which is the strongest and most refined portion of the animal. So for us, it is not enough to produce first rate products and incredible service but we seek to remain constant towards our pursuit of relentless improvement and adaptability for the times in which we live.”
As she is inspired by the history and
culture of The Bahamas she has chosen product names that is a reflection of this love. For example, some names include Barefoot Gal, Gone Sailing and Oh Andros.
Back in March, Rotalya Williams, owner of Island Soles Bahamas, won the overall $25,000 grant offered by the Fox Foundation’s grant programme, “The Women’s Entrepreneurship Episode.”
Rotalya beat 192 other female entrepreneurs for the big win. Rotalya was one of the top three finalists who pitched her business idea before a panel of judges during the foundation’s Invest in Women: Accelerate Progress Lunch and Learn Session.
The store’s opening locally is part of a much bigger vision to scale Island Sole Bahamas on a global front.
Bahamaween!
Diandra Deane’s colourful celebration of Bahamian pride
By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net
DIANDRA Deane brought Bahamian pride to Halloween this past weekend, hosting a unique book launch under the theme “Bahamaween”.
Dressed in a costume that resembled a straw doll, Diandra welcomed children and families to an evening of spooky fun, Bahamian storytelling, and celebration at her Halloween costume partystyle launch for her new book, Discover The Bahamas: Colourful Pages of Bahamian Pride.
The event, hosted by Dreamers and Doers Publications, offered everything from coloring competitions to a “colour ing buffet” where young attendees dove into Bahamian culture while embracing the holiday spirit.
Diandra’s journey to creating the col oring book began as a personal project for her daughter, who needed assistance with a school assignment that Diandra hoped would reflect her Bahamian heritage.
As an educator with a passion for local culture, Diandra saw an opportunity to provide her daughter - and, ultimately, other Bahamian children - with an educational resource that promotes national pride. When other educators noticed the book’s cultural value, interest quickly grew, inspiring her to make it widely available.
“It was a tedious endeavour, filled with extensive editing, deletions, and revisions, as I carefully crafted the content to ensure it resonated with readers. I realised
ouring book, the writing process remains crucial,” said Diandra.
Knowing that it is quite a need for preschoolers to learn more about their national symbols and currency, Diandra said she made sure to include these elements alongside community helpers within the pages. She also incorporated native animals such as the Nassau Grouper, and local fruits like sapodilla, affectionately called “dilly,” to capture the interest of young minds.
“I designed the illustrations to be big and bold, making it easier for children to utilise their fine motor skills.
Sole inspiration
FEMALE-OWNED SHOE MANUFACTURING FACILITY OPENS THIS WEEK
By JEFFARAH GIBSON Tribune Features Writer
jgibson@tribunemedia.net
AFTER jumping over hurdles and delays, Bahamian entrepreneur Rotalya Williams will cut the ribbon during the grand opening of Island Soles Bahamas, the first female-owned shoe manufacturing facility in The Bahamas at Harbour Bay tomorrow.
Getting to the point of what has been a major accomplishment for the entrepreneur, launching and opening the Island Soles Bahamas storefront, took a load of grit, ingenuity and perseverance.
Now the company is ready to welcome patrons while also showcasing the uniqueness of its brand that tells a Bahamian story.
Ms Williams believes the opening is a major milestone not only for her personally but for the community.
Island Soles Bahamas speak to the lifestyle, culture and “Sole” of the Bahamian people, the shoe maker.
Rotalya who describes herself as the daughter of Bahamian soil, has been an advocate and promoter of Bahamian culture.
She enjoys making and creating things “Solefully Bahamian” which is the tag line of the brand.
Island Soles Bahamas designs are original, with “ethical and sustainable” manufacturing processes.
Rotalya is a former educator and seasoned hotelier known to be hardworking and never afraid to succeed or fail. She is a certified shoemaker and creative, who aims to transform the footwear manufacturing industry in The Bahamas.
During her time working in the tourism industry was where she saw a significant market gap: there were very few locally manufactured products
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AUTHOR Diandra Deane dressed as a straw doll for Bahamaween
