Realtors seek legal advice as top firms face DIR fines
By NEIL HARTNELL Tribune Business Editor
THE Bahamas Real Estate Association (BREA) was yesterday awaiting legal advice with several top realtors facing fines of $25,000 for not replying to a Department of Inland Revenue (DIR) “fishing” expedition.
Carla Sweeting, BREA’s president, when contacted by Tribune Business confirmed that the Association was waiting on a legal opinion from its attorney after the tax authorities gave 20 leading real estate companies just 14 days to provide a multitude of details on all transactions they have been involved with going back more than five-and-a-half years.
This newspaper’s contacts, speaking on condition of anonymity because of the issue’s sensitivity, revealed that the Department of Inland Revenue sent out e-mail notices around October 10 requesting that the selected companies supply the purchase prices for all real estate transactions they have been involved in from January 1,
By NEIL HARTNELL Tribune Business Editor
CAT Island resort operators yesterday branded the lack of same-day air connectivity and high airfares as “definitely a big killer” for their growth prospects and those of the island’s tourism industry.
Frank Wolfe, former owner of Shannas Cove Resort, told the Cat Island Business Outlook that long-time repeat visitors are frequently cancelling vacations to the island upon learning they will have to overnight in Nassau given that they have experienced this so many times.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
HOTELIERS yesterday demanded that vacation rental owners be “held accountable” and pay their fair share in government taxes as several revealed how they “rescued” tourists from sub-standard properties.
Resort operators, speaking at the Cat Island Business Outlook conference, voiced mixed views on the competitive threat posed by the likes or Aribnb and VRBO and whether vacation rental owners should pay a flat across-the board fee or if
• Several get $25,000 penalty on VAT demands
• Inland Revenue seeks all sales data post-2018
• BREA president: Fears that other laws breached
2019, to September 2024 - a period covering five years and nine months.
The notices, issued under the VAT Act’s section 62 (1), which gives the comptroller wide-ranging “investigatory powers” to demand information from anyone thought liable to pay the tax, also demanded details such as the legal description of every property transacted, including address and location; the names of all buyers and sellers; and, if those were
“The big issue is definitely the time of the Western Air flights at 1pm,” he said. “That kills a lot of business. There’s no doubt about it and nobody can tell me any other story about that. It’s fact, an absolute fact, because we know we have people just stuck, just connecting.
“We still have contacts with people coming for a long time. We become friends. They say ‘we don’t want to spend two nights in Nassau’. It’s a big killer, definitely a big killer.” Mr Wolfe said concerns over the lack of same-day air connectivity, and the disincentive this provides for persons seeking to travel to
rescues
Bahamians should be subject to a discounted tax. However, all agreed that Bahamian vacation rentals should be subject to tighter regulation and standards inspections.
Antoine Barbier, resort manager at Cat Island’s Greenwood Beach Resort, said the property is “losing a lot of business” to the ever-expanding vacation rental market as he revealed how the resort once had to accommodate a guest at 10pm at night due to “shooting” at or near where they were staying.
“Another issue is some of them are not according to the standard,” Mr Barbier
corporate entities, the names of the directors involved.
This newspaper was also told that the tax authorities sought a list of all longterm leases, meaning those five years or longer as defined by the VAT Act, as well as the identities of the attorneys (those on the vendor side) involved in the transactions.
The 14-day deadline to comply is understood to have provoked a major scramble at the 20 targeted realtors to assemble the information demanded by the tax authorities. A number requested, and were granted, an extension until yesterday to submit the required paperwork to the Department of Inland Revenue.
However, Tribune Business can reveal that at least two major realtors have received formal notification
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CAT Island tourism operators were yesterday urged to treat the lack of same-day air connectivity as a “glass half full” despite it being branded “a big killer” for their resorts and other businesses.
Latia Duncombe, the Ministry of Tourism’s director-general, while acknowledging the disincentive caused by travellers having to spend up to two nights in Nassau when airline schedules are “not in sync”, nevertheless argued that it gave The Bahamas an opportunity to offer impacted visitors “a multidestination vacation”.
She spoke out at the Cat Island Business Outlook conference after Frank Wolfe, the former owner of Shanna’s Cove resort, described the lack of sameday air connectivity as well as $1,850 round-trip air fare costs -equivalent to those charged for trans-Atlantic flights to Europe - as the
“big disadvantage” stifling the island’s tourism growth. Mr Wolfe, conceding that the carriers which currently serve the carriers, Makers Air and Western Air, are private companies and cannot be forced to change their schedules, asserted that visitors to the island often have to spend two days out of the average week-long stay on Cat Island overnighting in Nassau “whether they want to or not”. He explained that this was because domestic
LATIA DUNCOMBE
CARLA SWEETING
DON’T IGNORE POLITICAL PITFALLS AND THEIR IMPACT ON BUSINESS
Politics can enormously impact business. As a result of this, aspiring entrepreneurs, business leaders and corporate strategists in heavily regulated industries should familiarise themselves with its effects. With the US presidential election looming, economies depending on that country should pay close attention to the potential fall-out from a Harris or Trump win. Here is an overview of the role politics plays in business, domestically and internationally, and why it is important to understand it. Governments have the critical task of protecting their citizens. For instance,
to protect citizens’ wellbeing and guarantee a living wage, a government may
impose a base pay requirement. The minimum wage in The Bahamas, for example, is $260 per week. This is the Government’s effort to ensure that each worker has the minimum required to afford their basic needs.
Protecting citizens’ property rights also has a major impact on businesses. Those hoping to create firms must be assured they own the rights to their products. For this reason, governments establish copyright and trademark laws to ensure companies maintain ownership of their goods or brands they produce.
While politics can benefit businesses by creating value, it can also interfere with value
GBPA LAUNCHES BUSINESS SUPPORT PLAN FOR LICENSEES
THE Grand Bahama Port Authority (GBPA) has launched a Business Retention Programme (BRP) in a bid to provide corporate licensees with the support they need to become long-term, sustainable companies.
Derek Newbold, the chief investment officer for the GBPA and Invest Grand Bahama, unveiled the initiative as Freeport’s quasi-governmental regulator welcomed its latest business licensees. “The Business Retention Programme represents a significant step forward in our commitment to not only attracting new businesses but to support their long-term success,” he said.
“We recognise that when our licensees succeed, the entire community benefits through job creation, economic diversification and
increased productivity. We are invested in providing a conducive environment where businesses can thrive, innovate and contribute meaningfully to Freeport’s economy and, by extension, the national economy.”
The GBPA, in a statement, said the BRP initiative will offer a range of service for entrepreneurs, including specialised training, targeted business development resources and tailored marketing and promotional support. It added that it aims to nurture a robust business ecosystem by equipping entrepreneurs with the tools and resources needed for sustainable growth.
Nicole Colebrooke, the GBPA’s customer relations manager with responsibility for business licensing, said: “At GBPA, we believe in
PLEASANT Surprise: Sheena Miller lit up the room with a radiant smile when she unexpectedly won a prize at the 'Welcome to The Family' event. From left: Nicole Colebrooke, GBPA Customer Relations Manager; Sheena Miller, GBPA Licensee; and Derek Newbold, Chief Investment Officer.”
building enduring partnerships with our licensees. This event has allowed us to engage directly with our newest business owners, offering a clear outline of the guidelines, requirements and the resources available to support their success.
“Our ultimate goal is to empower our licensees with the necessary information and tools to navigate the business landscape effectively, ensuring compliance while maximising their growth potential.”
The ‘Welcome to the Family’ event featured a presentation focused on compliance with licensing regulatory requirements, emphasising the importance of maintaining transparency and ethical standards in business practices. It provided a platform for networking, knowledge exchange and a deeper understanding of the opportunities and benefits available to businesses with their GBPA licence.
creation. Whether through corruption or subsidising domestic companies, several challenges can arise that threaten a company’s well-being.
One of the primary challenges that companies encounter is corruption. The ability to influence businesses, regardless of whether doing so creates value, can allow officials to take advantage of their power.
An additional challenge arises when international companies enter domestic markets. Consumers who purchase from your business could turn to international competitors. This can be difficult because your competition may
provide similar products at lower costs. Another challenge with conducting international business is encountering situations where investments are withdrawn from a country. This can occur when governments take more power than they are entitled to. In these situations, such countries could become highly dangerous to conduct business in. Understanding global politics is critical to your company’s success, regardless of whether you plan to expand internationally. It is always possible an opportunity to globalise your business will arise. Knowledge of global politics is important because of
international competition from foreign companies. Yet, global political challenges can produce multiple opportunities. An effective business strategy takes both globalisation and domestic factors into account.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
PM: 16% GDP growth places constituency on ‘upward track’
By FAY SIMMONS Tribune Business Reporter Jsimmons@tribunemedia.net
THE Prime Minister yesterday asserted that the island economies in his constituency are on an “upward trajectory” after their combined GDP output grew by 16 percent to $58m in 2023.
Addressing the Cat Island Business Outlook, Philip Davis KC, who is also MP for Cat Island, San Salvador and Rum Cay, said increased stopover visitor arrivals had continued to drive the post-COVID rebound with San Salvador achieving almost full employment.
“Last year, the combined GDP of Cat Island, Rum Cay, and San Salvador totalled more than $58m, a 16 percent increase compared to the year before and nearly double the $34m recorded in 2021. Year-byyear, we are establishing a clear upward trajectory,” he said.
“Last year, Cat Island experienced the highest number of foreign air arrivals since 2008. In San Salvador, we are close to achieving full employment. In fact, San Salvador experienced 16,000 arrivals in 2023, four times’ higher than the year prior, and the highest since 2019. In 2024, we are seeing similar success.”
Mr Davis said his administration is tackling inflation and the rising cost of living by introducing solar microgrids across the Family Islands in a bid to lower the cost of electricity. He added that BPL has also adjusted its fuel charges and tariff rates, which led to hundreds of consumers in Cat Island and San Salvador experiencing savings on their September electricity bills.
“In the month of September, 397 BPL customers in Cat Island and 127 in San Salvador experienced savings of 44 percent to 48 percent; 295 customers in Cat Island and 161 in San Salvador experienced savings between 20 percent to 44 percent, and hundreds more experienced more moderate savings up to 20 percent,” said Mr Davis.
“And so we are heading in the right direction, and we just ask you to check your bills and see that you’re having those savings. The good news is that this is just the beginning. As the extensive upgrades to our power grid are carried out, and as we integrate solar power and LNG, we can expect more significant price decreases for households and businesses throughout the nation.”
Mr Davis said the Family Islands are “fertile soil for opportunity”, and highlighted the diverse industries contributing to GDP growth in Cat Island, San Salvador and Rum Cay.
“The most recent NSI data points to multiple contributors to GDP growth for all three islands. The categories include agriculture, forestry and fishing, wholesale and retail trade, motor vehicle repairs and transport and storage,
which accounted for $11.6m in GDP,” said Mr Davis.
“Accommodation and food services, arts, other services, and household employment, which accounted for $10.9m in GDP. And real estate activities, owner-occupied properties and rentals, which accounted for $15.2m in GDP.
“These numbers point to economic diversity as one of the core strengths of our Family Islands. There is, in fact, a lot more to The Bahamas than tourism and financial services. If we are serious about economic diversification, the pathway to greater diversity of industries must pass through our Family Islands.
“Modernising industries like agriculture and fisheries, and leveraging the unique strengths of each island, will be key to reinvigorating our islands.” Mr Davis said that while capital access remains a challenge for small businesses, funding is available through the Bahamas Development Bank and the Small Business Development Centre (SBDC).
“We know that access to capital remains a challenge for small businesses. This is by no means a new issue,” said Mr Davis. “Funding from the SBDC, as well as the Bahamas Development Bank’s Family Island grant, have been successful in supporting small businesses in our Family Islands.
“But more can be done to expand access to finance for businesses of all sizes – both through direct government grants and loans, but also through new avenues to private capital. The more barriers are removed, the more the people of these islands will thrive.”
PHILIP DAVIS KC
MINISTER ‘CLOSELY WATCHING’
FOUR-DAY WORK WEEK’S TRIAL
By ANNELIA NIXON
Business
THE Government’s labour minister yesterday confirmed she is “closely watching” Iceland’s implementation of the four-day work week, as she warned: “That’s where the world is headed.”
Pia Glover-Rolle, minister of labour and the public service, signalled to the Bahamas Society for Human Resource Management’s 2024 annual conference and expo that she is open to similar reform while arguing that The Bahamas cannot “become a dinosaur” in its working practices and treatment of employees.
“And, when we talk about remote work, and when we talk about the four-day work week that Iceland has already implemented and they’re in test mode, I’m watching closely because you know the people here say it can’t work,” Mrs Glover-Rolle said.
“But you know how we are. It can’t work until it works, and somebody has to have the fortitude to make it work. But productivity is what is critical for us in our workforce as human resource managers. We want somebody who could get it done even if it takes three hours, if it takes ten hours, as opposed to somebody who is present but isn’t present.
“So we have to prioritise our employee well-being alongside that of organisational productivity. And that’s where the world is headed. Even if The Bahamas isn’t as quick on the uptake all the time, remember that we are competing in a global labour market,” she added.
“You don’t want to allow yourself to become a dinosaur in this environment when the competition may be a high achiever, even though you’re across the globe. Remember that dinosaurs don’t walk the earth any more and that’s for a reason - because they failed to adapt. So as human resources leaders, as experts, do not fear change.
It is inevitable and we might as well embrace it.
“But I know I’m speaking to a room of change agents, so I’m not concerned about that. But this is the kicker. It’s not you that I’m concerned about. It’s getting our teams to embrace change. It’s getting our teams to buy into the vision. The more of your organisation that remains responsive to change, the easier your essential change management processes will be as you retool for human resources competitiveness.”
Mrs Glover-Rolle added that she expects the second draft of the Governments’s ‘white paper’ on potential labour law reforms and related matter to be ready next week. “So last week we announced the first draft of the ‘white paper’ to reform our labour laws,” she added.
“And I’m looking forward to a second draft next week, I understand. And this was a joint effort by my ministry, other government stakeholders, union leaders and you representatives from employer confederations.” Mrs Glover-Rolle said The Bahamas’ labour laws need to be further modernised, adding that both unions and employees have been critical in assisting with the process.
“As we seek to modernise our labour laws, because the change is desperately needed, we have sections in general orders, which is our human resources policies [for the] public service, that refer to the correct procedure for sending and receiving a telegram. Not a fax, a telegram. So that’s how old our laws are, and that’s not just general orders for you,” she said.
“That’s the Employment Act, that’s the Industrial Relations Act, that’s for us, the Public Service Act. These all require a major overhaul. You’re talking
about laws that have come into play from 1961, 1971, 2001, one amendment, in 2017. The world of work is evolving daily. And so we have to ensure that our legislative policy is able to meet the demand.”
Mrs Glover-Rolle said the ‘white paper’ contains 244 recommendations that include “significant changes such as new national policies for paternity leave, mental health leave, remote work. The strengthening of existing anti-discrimination laws, and the introduction of equal pay for equal work are also key recommendations.
“There are also recommendations to promote the use of alternative dispute resolutions (ADRs) and arbitration procedures, and to create laws in response to the challenges posed by the triple transition of climate change, digitisation and social justice,” she added.
“The end goal of these reforms is for our laws to facilitate labour success by enhancing workplace fairness, supporting adaptability, increasing protections and respecting employees’ physical, mental and emotional needs. In essence, this is a national reset as we ready ourselves for 21st century success.
“So I encourage you all to get involved because, as we prepare the second draft of the ‘white paper’, we’re going to come back for
public consultation, public scrutiny and feedback. We welcome it. We value your opinions and please feel free to give them freely. This is what we’re doing to help make your jobs easier. So you have a stake in this,” the minister continued.
“We’re rolling out right now in government something that’s called an Oracle HRMIS system. Most of you probably already work with HRMIS systems. The Government, we’re coming on board and, of course, we’re getting push back. Even though it’s going to save the country, the taxpayers, millions of dollars.
“It’s going to provide for more accountability that we need to see in the public service. It’s going to provide authenticity and verification mechanisms, and it’s going to provide opportunities for our public servants to have a more hands-on approach to their human resource files.
“But through it all, even though we’re trying to implement this system throughout the Government over the next year, we intend to do a pilot in January that requires buy-in from our ministries and agencies as well as our unions. And there can be, and has been, a natural resistance to change,” Mrs Glover-Rolle said.
“But, of course, we have to be willing to do what’s necessary to engage and let them know how important these human resources changes are to organisational success and the success of our public service. So stakeholder collaboration is critical, and it’s something that’s huge for me. We are much more effective when we can bring people together.”
Mrs Glover-Rolle also addressed the recent strike poll that occurred on October 30 for the Bahamas Customs, Immigration and Allied Workers Union. She
said she acts as a mediator when negotiations between unions and opposing parties reach a certain point, and looks forward to resolution. The minister said that even if a union is issued a strike certificate, it does not necessarily mean that they will strike.
“There are unions who have received strike certificates and they never strike because we were able to resolve the matters,” Mrs Glover-Rolle said. “Because we’re taking our labour approach from a very proactive way, we’re looking forward to resolving these matters and hoping that our unions don’t have to strike but, at the end of the day, it is their constitutional right and we will never infringe upon that.”
Deron Brooks, the BCIAWU president, who told Tribune Business that the union has not yet received official word from the Labour Department on the vote outcome, added that he is confident it will be granted a strike certificate. He clarified that the union is not anti-government and it, too, is looking forward to resolution.
“Once we get the results, then the minister will issue the strike certificate if we have the requisite amount of votes, but I am confident we will,” Mr Brooks said. “The membership will decide on if and when the certificate is used. This union isn’t anti-government. It’s also not politically charged or motivated. We only see issues and not party colours. Having said that, we are committed to trying to resolve issues. Unfortunately, the union isn’t so sure that the employer is.”
CARRIER TO ‘TRIAL’ CAT ISLAND AIRLIFT SOLUTION
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AN air carrier will seek to solve Cat Island’s air connectivity woes by launching a twice-weekly “trial” in February 2025 that will see its aircraft and pilots overnight in the destination. Sarah Swainson, Makers Air’s private charters and business development manager, said the carrier will try-out new flight times thought to be better aligned with when travellers want to arrive and depart in a bid to cut down, or minimise, overnight stays in Nassau and elsewhere that result from lost connectivity. She told the Cat Island Business Outlook conference that it will launch a 3.30pm flight from Fort Lauderdale Executive Airport into Cat Island, with both plane and pilots staying overnight. They will then depart the island for the return journey at 7.30am the following morning.
“Last year when I was in Cat island, we had talked about trying to get daily scheduled flights into Cat Island and that is still on our radar,” Ms Swainson said. “We’re dealing with the Federal Aviation Administration (FAA) on a couple things with adding that as a commuter line station, but still have that in the works.
“So we have our 6.45 am. I know connectivity and getting people to Cat Island in one day is something that was very, very important. 6.45 am 12.45 pm are our two main scheduled flight dates.... But we are going to be trialling, beginning in February, a 3.30 pm departure out of Fort Lauderdale Executive Airport in order to facilitate more connections same day.
“And so the next morning we’ll have a 7.30 am out of New Bight, again to give people an extra opportunity to connect through Fort Lauderdale or Miami area to their final destinations. We’re still firming up, depending on what time sunset is, departure out of Fort Lauderdale Executive direct into Cat Island. So that would mean the pilots would overnight and then the flight would depart at 7.30 the next morning,” she added.
“So we’re hoping really to assist with that connectivity so they can meet their connections and not have overnights. And if they do have an overnight then we do have partner hotels in Fort Lauderdale that offer discounts as well.”
Speaking on challenges, Ms Swainson said Makers Air always has to make a fuel stop in Eleuthera when departing from Cat Island. She said it would be more convenient if the airline could secure fuel in Cat Island.
“I will say that some of you, if you have travelled with us or guests have, there is usually a stop on the way out of Cat Island now because we need to make a fuel stop in North Eleuthera. The reason we have to do that is because our flights are probably booked on the way down,” she explained. “So we can’t take round-trip fuel and so we need to make that fuel stop.
“If I was dreaming of something to add to my list besides just daily service into Cat Island, I would say that if there was a way to get fuel at the airport as we move forward, then we can put more freight on the plane, we can really utilise that a lot more and it would allow for that direct back to Fort Lauderdale.”
and international flight schedules are not aligned.
Western Air’s 1pm flight from the capital to Cat Island, Mr Wolfe added, was not best timed to match with incoming flights from the US and Canada given that peak arrival times at Lynden Pindling International Airport (LPIA) are typically between 11am and 1-2pm.
“They always miss their flight pretty much,” he added. “On the way back it is pretty much the same because they are leaving here at 1.30pm and in Nassau, by the time they get their luggage its 3.30pm and they miss their flight back to the US. From that seven days, they are missing two days being on this beautiful island of Cat Island, Rum Cay or wherever.
“On top of this, once they go to the hotel in Nassau, is the minimum $40 downtown. With going back, it’s already $80 on cab driving. Here [on Cat Island], in the south driving to the north is $120 one-way. We’re talking about $240 plus $80, so we’re talking about $320 roughly on cab driving plus
missing two days being on Cat Island. “This is our biggest disadvantage for Cat Island. It would be much better to have a morning flight or afternoon flight. At least you would have only one night to spend in Nassau. The other side is that Makers Air.... I see nobody from Makers Air here, but it’s $1,800-$1,900 round trip for two people. You’re going to Europe for this price easy nowadays. This is our disadvantage.”
Mrs Duncombe, in response, conceded the challenges created for Cat Island tourism by the lack of same-day air connectivity through Nassau but urged industry operators to focus on the positives and opportunities this creates for multi-destination tourism if The Bahamas was to promote and “package” it correctly.
“One of the things we promote in The Bahamas is what we call a multidestination vacation,” she added. “For me, I wouldn’t position it as a disadvantage but to have the opportunity to experience the islands of The Bahamas on one
vacation. It’s all about how we package it, how we promote it, how we frame it, and then how we manage expectations.”
Describing LPIA as a “hub and spoke” for all airlift into The Bahamas, with peak international arrivals and activity occurring between 11am and 3pm, she added that global airlines also have to assess multiple factors including fuel availability when determining their schedules.
Mrs Duncombe said Ministry of Tourism officials, as well as the Bahamas Out Island Promotion Board, were constantly talking with the airlines in a bid to convince them to adjust their arrival/take-off schedules “to be in sync so passengers can get into Nassau and out of Nassau the same day.
“In some cases it works, and in cases where it doesn’t let’s look at what the experience in Nassau is going to be during that time from a value proposition. Let’s get it done and determine what they are going to be doing in that time,” she added.
Referring to Mr Wolfe’s example of the taxi fares, she retorted: “I don’t look
at them spending money, no. They’re enjoying the destination, so let’s make it a very meaningful experience... That two days you are in Nassau, not that you are missing Cat Island, but now you are having a multidestination vacation in The Bahamas.
“You get to have two stops in our country. So while we would like to see how best we can schedule it so you can have most of the time in Cat Island, let’s look at how we can promote it so our visitors can see it’s not that you’re missing Cat Island but you have an opportunity to explore Nassau as well.”
Mr Wolfe, though, was unconvinced and warned that repeat Cat Island visitors are unlikely to tolerate having to spend two days/ nights in Nassau every time they come. “In four to five years of coming to Cat Island, you are not planning four or five times to have two nights every time in Nassau,” he warned.
“That’s my personal opinion and what I have experienced with a lot of our guests. I agree you can combine in the beginning. We
REALTORS SEEK LEGAL ADVICE AS TOP FIRMS FACE DIR FINES
said to them ‘just stay one night. Don’t miss Nassau. It’s a beautiful spot, but you won’t come every year and spend one or two nights in Nassau.”
Mrs Duncombe responded by revealing she had questioned the Ministry of Tourism’s research director on why so many visitors to Cat Island had marked ‘casino’ as a reason they visited, given that no such facilities exist in the destination, only to be told this was because they were gambling in Nassau before heading for the Family Island tranquility.
“It’s impossible for visitors to explore and experience Nassau in one trip, much less one day,” the director-general added. “It’s being aware of where the opportunities exist, not looking at the glass as half empty. Let’s look at it as half full. What are they going to explore year one, what are they going to explore year two, what are they going to explore in year three.
“We have a menu of options when we look at it. If the flights are not lining up for same day connectivity, let’s make it an
experience so that they look forward to those two days in Nassau at the same time....... I want you to start being a little more positive and look at the opportunities we have because they are now getting two destinations for the price of one.”
Mr Wolfe conceded that he and Mrs Duncombe were “not coming together 100 percent”, and reiterated his belief that repeat and long-standing visitors to Cat Island were less likely to tolerate overnighting in Nassau every time it happened.
The director-general, though, concluded: “Our visitors feed off our energy. When we understand the value and beauty of our destination, and what we have to offer as a destination, they will get excited and feed off our energy. We have to make sure we understand the value of what we have.... If we’re not buying-in, it’s going to be a dreary decision or time for the visitors.”
from the tax authority that they are to be fined $25,000 for non-compliance. It is understood, though, that the firms involved are arguing that they never received the original e-mailed notice or otherwise they would have complied, while another realtor may have been fined for missing the deadline and not seeking an extension.
The Department of Inland Revenue demands are understood to have been viewed as problematic by realtors, who are questioning why they were targeted given that all funds related to land and property transactions - including the 10 percent VAT due on the conveyance or purchase
NOTICE
ATH NEGOCIOS LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210130 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Athos Peruzzolo, whose address is R 238, 165, AP 1102, BL A ED Zimermann – MEIA PRAIA (ITP) – Itapema, SC, CEP: 88220-000, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 30th day of November A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 31st day of October A.D. 2024. ATHOS PERUZZOLO LIQUIDATOR
MADENA INVEST & TRADE LIMITED
In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MADENA INVEST & TRADE LIMITED is in dissolution as of October 11, 2024.
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
price - are never touched by themselves but instead all handled by the attorneys representing the buyer and seller.
And there are also concerns that providing some of the information requested, such as the names of all directors for a company involved in a real estate transaction, could violate client confidentiality and data protection stipulations in laws such as the Financial Transactions Reporting Act and Data Protection Act.
Ms Sweeting, when contacted by Tribune Business said: “We are aware. We wrote to them [the Department of Inland Revenue] asking for an extension on behalf of those persons that received the notice to do these filings. We would have sent that out on October 24, and we’ve not heard anything from them.
“We asked for an extension until the end of November while we seek legal advice as to whether this is legal. In our minds, they are not only in breach of the VAT Act but the Financial Transactions Reporting Act and the Data Protection Act. We’re awaiting legal advice. We’ve spoken to our attorney this morning and are waiting for
that legal advice and opinion, which we hope to get shortly.”
One real estate source, speaking on condition of anonymity, told this newspaper that the Financial Transactions Reporting Act stipulates that while realtors must obtain Know Your Customer (KYC) information on clients this is not to be disclosed unless they are ordered to do so by the Supreme Court or via a Compliance Commission inspection.
There are concerns that complying with the Department of Inland Revenue’s request, made under the VAT Act, could run afoul of this statutory law provision as well as the obligations to protect client data as set out in the Data Protection Act.
“Realtors were given a two-week period to provide all this data and, if they failed to do that, they were warned they would be fined $100,000 or put in prison for two to three years,” the source said. “If you go and look in the VAT Act and regulations, there’s a section in there that outlines the data for VAT registrants to obtain. Nowhere does it mention that you have to obtain the names of directors of companies.”
NOTICE
Blackcomb Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 203616 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Gustavo Abramides Bassetti, whose address is Rua Irlanda 50, Sao Paulo, SP, CEP: 01450-050, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 30th day of November A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 31st day of October A.D. 2024. GUSTAVO ABRAMIDES BASSETTI LIQUIDATOR
NOTICE
Vela Southern Ring Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 209513 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Alejandro Ubilla Schauricht, whose address is Calle Antonio Machado, Parque Miramar 7806, Barra De Carrasco, Canelones, Uruguay. Any Persons having a Claim against the abovenamed Company are required on or before the 30th day of November A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 31st day of October A.D. 2024. ALEJANDRO UBILLA SCHAURICHT LIQUIDATOR
While the VAT Act now makes directors of corporate entities directly liable if the company fails to meet its tax obligations, the source questioned why realtors were being asked to supply their identities when such information should be readily available at other government agencies such as the Registrar General’s Department’s companies registry.
Describing the move as a “fishing exercise” by the Department of Inland Revenue, and “far reaching”, they said BREA’s legal opinion will determine if this is “overreach” by the tax authorities and what rights realtors have - including whether there was a possibility to bring a Judicial Review challenge before the Supreme Court.
Another contact added: “I have been told there are two companies which never received the notice and were informed last [Wednesday] night that they will be fined $25,000, and one company that received it but did not meet the deadline which has also been fined.” The two that never received the initial notification are asking for proof it was sent, asserting they would have complied if they had known about it.”
Dexter Fernander, the Department of Inland Revenue’s operations head,
yesterday told Tribune Business he was unaware of the specific circumstances surrounding the information demanded of the real estate industry but said the tax authority now has the tools needed to conduct sector-specific “reviews”.
“That sounds like an audit,” he said, confirming that companies would either receive a handdelivered letter or e-mail to notify them of the Department of Inland Revenue’s action along with a timeframe in which they must respond.
“I’m not aware of anyone saying they did not receive a letter,” Mr Fernander added. “I’m not aware of the circumstances, but as a general principle the Department of Inland Revenue reviews some industries and asks for supporting documents for VAT returns to be submitted.
“In January we implemented a more robust management system that allows us to do more industry reviews, and in collaboration with the work sheets coming out of the audited financial statements. According to the Act we do have the authority to issue penalties, but I’m not sure at this time of anyone having penalties added to their account.”
NOTICE
BLUE OCEAN RGP LTD
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210398 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Reginaldo Gomes Pantoja, whose address is R SGTO Nicolau Dias Farias 313 C 9 Porto Alegre, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 30th day of November A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 31st day of October A.D. 2024. Reginaldo Gomes Pantoja LIQUIDATOR
NOTICE
Kefi Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210398 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Martin Helio Rabner, whose address is R Paraguassu 316, Apto 91, Sao Paulo, SP, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 30th day of November A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 31st day of October A.D. 2024. MARTIN HELIO RABNER LIQUIDATOR
‘Hold them accountable’: Hotels in Airbnb rescues
FROM PAGE B1
argued, “so we have people come to the resort because things go wrong where they are staying. One time we had a guy coming at 10pm at night because they were shooting in the place.
“Nobody is checking these places. There is no regulation on it, so it’s very tricky for us in this spot.”
Mr Barbier said that when he arrived on Cat Island some nine years ago there was just one vacation rental property in close proximity to the Greenwood Beach Resort. Since then, a further six have been constructed and another two are being built to leave the resort almost totally surrounded.
“A lot of people come and rent a house and then come into the resort. We try to promote a bit more. We are on Airbnb now, and
hopefully we have the activities in the resort, but we are losing a lot of business because of the Airbnbs.” He added that Greenwood Beach’s average occupancy dropped to 30 percent in 2023, compared to 35-40 percent the year before, but restaurant activity and demand for the property’s adventure-based excursions remained the same, which he attributed to the vacation rental guest impact.
Similarly, a Fernandez Bay Village representative said they did not see vacation rentals as a competitive threat., adding: “We’ve rescued more people that have been in the Airbnbs so I just figure if you’re going to come to a place you have never been to before, and as remote as Cat Island is, and you want to experience it at that level, the last thing
you will want to do is rent a home and be by yourself.
“It will all work itself out, but I don’t think those are a threat.” Frank Wolfe, former owner of Shannas Cove Resort, agreed but also argued that the Government needed to collect its fair share of taxes from vacation rentals that are “right there on the street”.
“What I don’t want is the Government not making money from them. It’s right there on the street,” he argued, adding that vacation rental owners should each pay a $5,000 annual flat fee to the Government regardless of how much they were making or if the property was rented or not.
“Just make it very simple and easy,” Mr Wolfe said. “Five thousand dollars, everybody has to pay. If you don’t want to pay $5,000 because it’s not worthwhile to do this, you cannot rent
them out any more. It’s that simple then. It’s not fair to the hotel owner. We’re paying VAT, we’re paying taxes on all this stuff, and while the second home owners pay property taxes they are not paying any other fees.
“Just get the money, pick it up from the street. It’s very simple. Just make it very simple. A $5,000 fee for everyone with an Airbnb. That’s my opinion. I don’t see it as a threat as such, but I might be the only one.” Yvonne Rolle, owner of Rollezz Beach Villas, while agreeing that vacation rental properties should pay their fair share in taxes argued that Bahamians should pay less than foreign second homeowners.
Acknowledging that vacation rentals play a critical role in expanding tourism’s wealth and
POOR CONNECTIVITY, HIGH AIRFARES ‘DEFINITELY BIG KILLER’ FOR CAT ISL.
Cat Island, has been exacerbated by increased airfare costs.
“I just got an e-mail from someone in Wisconsin, and they said we are planning to come to Shannas Cove,” he disclosed. “They said $1,850 was the ticket price. That is ridiculous. I am not a calculator. I can just say what it is: $1,800. I remember two to three years ago that we had flights which were $1,400-$1,500. It is now $1,900. That’s a big difference.”
Mr Wolfe was backed by Yvonne Rolle, owner of Rollezz Beach Villas, who described the same airfares as offered by Makers Air as “a bit overboard in terms of cost”. She added: “Western Air doesn’t meet the requirements for the guests coming in, and we find guests just don’t want to spend a day in Nassau at all, so we have a problem,” she said.
“When those persons book, we know what happens. They invariably turn around and say: ‘We have to cancel’. Thank God a lot of them convert to other Family Islands so The Bahamas still gets their business but Cat Island loses out as a whole
because when those people don’t come to the hotels they don’t go to the Fish Fry, don’t visit any other establishments.
“We lose big time. Airlift, airlift, airlift is extremely critical, and then the charters. We know we used to have quite a few charters and it seems like the charters have lessened as well. Airlift becomes very critical in sustaining your business.”
Sarah Swainson, private charters and business development manager for Makers Air, yesterday blamed the increased airfares on the new and higher taxes/fees imposed on the carrier and other airlines by the Government. She told the Cat Island Business Outlook: “One of the challenges I think for us as well is cost. Just as everybody has discussed, how expensive it is to get to Cat island, how inconvenient it is to go through Nassau, all of these different things.
NOTICE
NOTICE is hereby given that SHEMAR KYMANI THOMAS, Stack Avenue, Nassau Village, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that BAYALDO FRANCOIS, Abaco, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that PAULETTE McPHEE, of P.O. Box CR-54111, Lou Adderley Estate, Alcuin Lane, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of October, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“We’re faced with a lot of the same issues. You know, our price increases are a direct result of fees that are passed along to us. I mean, year to year, you do have general inflation and things that go up. However, a lot of that is in response to fees that have gone up for us as well.
“The wonderful part about being in alignment with the Bahama Out Island Promotion Board, we work really closely with tourism. These are all things that are being addressed, and they’re being addressed at very high levels. That’s one of the great things I got after
my Exuma [Business] Outlook appearance. We’ve had some further conversations about some of those fees,” Ms Swainson continued.
“So we understand that the most important part is to get people to the Out Islands in the most comfortable, convenient and safe way, and the most affordable way. And we want them to leave as much as they can on the island and not spend it all on their plane tickets.
“So we will do everything that we can to keep lobbying with everybody from the Out Island Promotion
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, BRICKELL MCINTOSH of Rocky Pine Road, New Providence, Bahamas Mother of KALEB HEZEKIAH BROCK MCINTOSH A minor intend to change our child’s name to HEZEKIAH BROCK MCINTOSH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
economic impact, and drive Bahamian ownership in the economy’s largest industry, she added: “The second home owners make a lot and sometimes way more so than the hotels, and nothing is being paid. That cannot be right....
“We find Bahamians typically don’t go overboard with the Airbnbs, but I do take - and have nothing against our second home owners - but I find a lot of them are making, and don’t use the word, but they are making a whole heap of money and nothing is benefiting the Cat Islanders.... The money that is being made, and knowing what we have to go through and what we have to pay and the hurdles that we have to go through...” Ms Rolle said she has been told by the authorities to install four fire alarms around her property
Board, from tourism and all the other stakeholders to make sure that the fees that we’re paying are fair. We know we have to pay to fly. We’re not expecting anything for free, but we want to make sure that that isn’t being passed through and isn’t hindering people coming to the island.”
Ms Swainson said that for the period January to September 2023, Makers Air brought 1,685 passengers into Cat Island, but there was a slight decline in 2024 to-date to 1,612. In terms of freight, she said the airline carried 18,260 pounds of cargo into Cat Island from January to September 2023, and 19,521 pounds during the same period of time in 2024.
- something that vacation rentals do not face or have to comply with. “I say put the regulations in place,” she added. “I believe that the local Cat Islanders should pay a lower fee. These people are getting involved, but I sure don’t think it should be the same fee as the second home owners should get.’
Sherrie Cleare, general manager of the Orange Creek Inn, said she saw both sides of the vacation rental argument as her grocery store and liquefied petroleum gas (LPG) supplier benefit from the presence of such guests.
“They need to be held accountable,” she added of vacation rental owners, pointing to the multiple taxes she has to pay as a resort owner and standards that must be complied with.”
She added that, in 2023, the airline had seven private charters but this year it has brought nine to Cat Island. Mr Wolfe, meanwhile, said there was a need for Bahamasair to service Cat Island given the national flag carrier’s mandate to fly to all islands of The Bahamas.
“They’re flying to San Salvador just around the corner,” he added. “I know they could combine this. They did it in the past. The thing is really I remember many years ago that I talked to the guys from Bahamasair in our meetings but they didn’t want to hear this and it was not possible. Everything is possible.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, DESHORNTE LAURA BROWN, of Southern Heights, Carmichael Road P.O Box FH14602, Nassau, The Bahamas, intend to change my name to KEIRA LAURA RADFORD BROWN 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.
Carrier to ‘trial’ Cat Island airlift solution
Ms Swainson responded to criticism over high ticket prices charged by Makers Air by attributing the rises to new and increased government fees. “One of the challenges I think for us as well is cost,” she said. “just as everybody has discussed, and how expensive it is to get to Cat island, how inconvenient it is to go
through Nassau, all of these different things. “We’re faced with a lot of the same issues. You know, our price increases and those are a direct result of fees that are passed along to us. I mean, year to year, you do have general inflation and things that go up. However, a lot of that is in response to fees that have gone up for us as well. “The wonderful part about being in alignment
with the Bahama Out Island Promotion Board, we work really closely with tourism. These are all things that are being addressed, and they’re being addressed at very high levels. That’s one of the great things I got after my Exuma Outlook appearance. We’ve had some further conversations about some of those fees,” Ms Swainson continued. “So we understand that the most important part
is to get people to the Out Islands in the most comfortable, convenient and safe way and the most affordable way. And we want them to leave as much as they can on the island and not spend it all on their plane tickets. “So we will do everything that we can to keep lobbying with everybody from the Out Island Promotion Board, from tourism and all the other stakeholders to make sure that the fees
By STAN CHOE AP Business Writer
THE downside of high expectations thumped Wall Street on Thursday, and Microsoft and Meta Platforms dragged U.S. stock indexes lower despite delivering strong profits for the summer.
The S&P 500 sank 1.9% for its worst day in eight weeks and fell further from its record set earlier this month. The Dow Jones Industrial Average dropped 378 points, or 0.9%, while the Nasdaq composite tumbled 2.8% for a second straight loss after setting its latest all-time high.
Microsoft reported bigger profit growth for the latest quarter than analysts expected. Its revenue also topped forecasts, but its stock nevertheless sank 6% as investors and analysts scoured for possible disappointments. Many centered on Microsoft's estimate for upcoming growth in its Azure cloudcomputing business, which fell short of some analysts' expectations.
The parent company of Facebook, meanwhile, likewise served up a betterthan-expected profit report. As with Microsoft, that wasn't enough to boost its
stock. Investors focused instead on Meta Platforms' warning that it expects a "significant acceleration" in spending next year as it continues to pour money into developing artificial intelligence. It fell 4.1%.
Both Microsoft and Meta Platforms have soared in recent years amid a frenzy around AI, and they're entrenched among Wall Street's most influential stocks. But such stellar performances have critics saying their stock prices have simply climbed too fast, leaving them too expensive. It's difficult to meet everyone's expectations when they're so high, and Microsoft and Meta were both among Thursday's heaviest weights on the S&P 500.
Amazon and Apple also helped drag the market lower, with Amazon falling 3.4% and Apple dropping 2% before they released their profit reports after trading ended for the day. They're the latest companies in the highly influential group of stocks known as the "Magnificent Seven" to do so.
Earlier this month, Tesla and Alphabet kicked off the Magnificent Seven's reports with results that investors found impressive enough
to reward with higher stock prices.
The lone remaining member, Nvidia, will report its results later this earnings season, and its 4.8% drop was Thursday's heaviest weight on the market after Microsoft. Expectations are just as high for the chip company after its stock soared over 880% in the last two years.
The tumble for Big Tech on the last day of October wiped out the S&P 500's gain for the month. The index fell 1% for its first down month in the last six, even though it set an alltime high during the middle of it.
Such a big move might have been overdue following an unusually long and placid run, according to Jonathan Krinsky at BTIG. He pointed to how the S&P 500 had failed to move by 1% in a day in either direction, without accounting for rounding, for the longest stretch in nearly three years.
Still, Thursday wasn't a complete washout thanks in part to cruise ships and cigarettes.
Norwegian Cruise Line Holding steamed 6.3% higher after delivering stronger profit for the latest quarter than analysts
expected. The cruise ship operator said it was seeing strong demand from customers across its brands and itineraries, and it raised its profit forecast for the full year of 2024.
Altria Group rose 7.8% for another one of the S&P 500's bigger gains after beating analysts' profit expectations. Chief Executive Billy Gifford credited resilience for its Marlboro brand, among other things, and announced a cost-cutting initiative.
Oil-and-gas companies also rose after the price of a barrel of U.S. crude gained 0.9% to recoup some of its losses for the week and for the year so far. ConocoPhillips jumped 6.4%.
All told, the S&P 500 fell 108.22 points to 5,705.45. The Dow dropped 378.08 to 41,736.46, and the Nasdaq composite tumbled 512.78 to 18,095.15.
In the bond market, Treasury yields edged lower following a mixed set of reports on the U.S. economy.
One report said a measure of inflation that the Federal Reserve likes to use slowed to 2.1% in September from 2.3%. That's almost all the way back to the Fed's 2% target, though underlying trends after
Amazon reports boost in quarterly profits, exceeds revenue estimates as it invests in AI
By SARAH PARVINI AP Technology Writer
AMAZON reported a boost in its quarterly profits Thursday and exceeded revenue estimates, sending the company's stock up in after-hours trading.
For the three months that ended on Sept. 30, the Seattle-based tech giant posted a revenue of $158.9 billion, higher than the $157.28 billion analysts had expected. Amazon said it earned $15.3 billion, higher than the $12.21 billion industry analysts surveyed by FactSet had anticipated. Amazon earned $9.9 billion during the same period last year. Earnings per share were $1.43, higher than analysts' expectations of $1.14.
Net sales increased 11% compared with the third quarter of 2023, Amazon said.
Thursday's report offers a last look at Amazon's business before the start of the holiday shopping season, the busiest time of year for the retail industry.
"As we get into the holiday season, we're excited about what we have in store for customers," said Andy Jassy, Amazon's president and CEO. "We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there's so much more coming."
The company said it expects revenue for the fourth quarter to be between $181.5 billion and $188.5 billion, compared with the $186.29 billion forecast by analysts.
The better-than-expected earnings come after Amazon missed revenue estimates last quarter,. Amazon reported its core online retail business pulled in $61.41 billion in revenue this in the third quarter. Those figures include sales from the company's popular Prime Day shopping
event held in July. Though Amazon does not disclose how much revenue comes from the 48-hour shopping bonanza, it said this year's event resulted in record sales and more items sold than ever before.
The e-commerce company held another discount shopping event for Prime members earlier this month, a strategy it rolled out two years ago in order to ahead of the holiday shopping season. Sales for that event will be included in Amazon's fourth quarter earnings report.
The company's results follow other earning reports this week from tech giants such as Microsoft, Meta and Google's corporate parent, Alphabet.
Amazon Web Service, the company's cloud computing unit and a main driver of its artificial intelligence ambitions, reported a 19% increase in sales to $27.5 billion. The boost in sales comes as the company, like others of its caliber, is ramping up investments in data centers, AI chips and other infrastructure needed to support the technology.
During a call with reporters in August, Amazon's Chief Financial Officer Brian Olsavsky noted the company had spent more than $30 billion during the first half of the year on capital expenditures and that the majority was spent on AWS infrastructure. Those investments, he said, were expected to increase during the second half of the year.
Just this month, Amazon said it was investing in small nuclear reactors, following a similar announcement by Google, as both tech giants seek new sources of carbonfree electricity to meet the surging demand from data centers and generative AI. Meanwhile, last month, the company inked a multi-year deal with the chipmaker Intel, which will create some custom AI chips for AWS, adding to those the unit already produces on its own.
Amazon's capital expenditures jumped yearover-year from $12.48 billion to $22.62 billion, driven in large part by its investment in technological infrastructure, such as data centers and Nvidia GPUs used for AI.
During an earnings call Thursday afternoon, Jassy said Amazon is using generative AI "pervasively" across its businesses, including AI-powered shopping in parts of Europe, Canada and the United States. Amazon also recently
that we’re paying are fair. We know we have to pay to fly. We’re not expecting anything for free, but we want to make sure that that isn’t being passed through and isn’t hindering people coming to the island.”
Ms Swainson said that for the period January to September 2023, Makers Air brought 1,685 passengers into Cat Island, but there was a slight decline in 2024 with passengers into Cat
Island totalling 1,612. In terms of freight, she said the airline carried 18,260 pounds of cargo into Cat Island from January to September 2023, and 19,521 in that same period of time in 2024. She added that, in 2023, the airline had seven private charters but this year it has brought nine to Cat Island.
ignoring food and energy costs were a touch hotter than economists expected.
A separate report said growth in workers' wages and benefits slowed during the summer. That could put less pressure on upcoming inflation. A third report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week. That's an indication that the number of layoffs remains relatively low across the country.
Treasury yields swiveled up and down several times following the reports before moving lower. The yield on the 10-year Treasury fell to 4.27% from 4.30% late Wednesday. That's still up sharply from the roughly 3.60% level it was at in the middle of last month.
Yields have been rising following a string of stronger-than-expected reports on the U.S.
debuted AI shopping guides for consumers, which help customers to find products, he said, as well as an AI assistant that "offers tailored business insights to boost productivity and drive seller growth."
"The increase bumps here are really driven by generative AI," he said on the call.
Jassy told investors that both AWS and AI require the company to invest in
economy. Such data bolster hopes that the economy can avoid a recession, particularly now that the Fed is cutting interest rates to support the job market instead of keeping them high to quash high inflation. But the surprising resilience is also forcing traders to downgrade their expectations for how deeply the Fed will ultimately cut rates.
In stock markets abroad, indexes sank across much of Europe and Asia.
South Korea's Kospi dropped 1.5% for one of the larger losses after North Korea test launched a new intercontinental ballistic missile designed to be able to hit the U.S. mainland in a move that was likely meant to grab America's attention ahead of Election Day.
data centers, networking gear and hardware upfront.
A lot of those assets — such as data centers, he said — can be useful for decades.
"It is a really unusually large, maybe once in a lifetime type of opportunity," he said, "and I think our customers, the business and our shareholders, will feel good about this long-term, that we're aggressively pursuing it."
A SIGN marking the intersection of Wall Street and Broadway in New York’s Financial District is shown on Wednesday, Oct. 30, 2024.
Photo:Peter Morgan/AP
PM HAILS ‘A GAME CHANGER’ FOR CAT ISLAND INFRASTRUCTURE
By
THE Prime Minister yesterday hailed the reconstruction of 60 miles of main road in Cat Island as “a game changer” with both airport transformation projects also making progress.
Addressing the Cat Island Business Outlook, Philip Davis KC said the $82m road repair publicprivate partnership (PPP) between the Government and the Cat Island Development Company should be finished by early 2026 and is now 20 percent complete. The works, which span from Shannon’s Cove to Hawks Nest, also involve 95 miles of water mains being upgraded and replaced with new laterals and service connections.
“You may have already seen the work underway, including the paving in the north, the seawall and sidewalk construction, well drilling, striping and signage,” said Mr Davis. “As of today, 200 water service laterals have been installed between Bain Town and Wilson’s Bay. Over 50,000 feet of pipe has been installed.
“And the paving process has started for six miles of road between Arthur’s Town and Bennett’s Harbour. This expansive project is slated to be finished by early 2026, with roughly 20 percent of works already completed to-date. It’s going to be a game changer, finally delivering the better roads and water supply that Cat Islanders deserve.”
Mr Davis said the Arthur’s Town and New Bight airports are progressing with upgrades halfway complete in Arthur’s Town. He added that New Bight will have a sustainable tier two airport, with a new $10m solar runway, airport beacon, new floodlighting system and an adjacent police station
“For the New Bight International Airport, construction has required a complete architectural design process, an environmental assessment, rendering and monitoring plan, and a geotechnical assessment to confirm suitability of the site,” said Mr Davis.
“A LiDar survey was conducted via a manned flight to ensure that the appropriate boundaries are maintained by surrounding landowners based on
landing zone obstruction requirements. A man camp was also set up to provide housing for the many workers needed to accelerate the construction phase. Multiple permits required have been obtained.”
Mr Davis said the Arthur’s Town airport is in the midst of a complete reconstruction, with paving expected to begin before the end of the year. “I have been advised that the upgrades are now half-way complete, with drainage works in progress and paving to start by late 2024,” he added.
“Construction has started on the runway, which will include a complete resurfacing of all 7,000 feet and the installation of new approach and runway lights. This work will be completed during the first quarter of 2025.”
The old Arthur’s Town terminal has been demolished. A new 5,400 square foot terminal is being constructed in the same location as the previous terminal. The terminal is scheduled to be completed in the third quarter of 2025,” the Prime Minister continued.
“As the work moves forward, the surrounding area
will be fully landscaped, and expanded parking will be added to better accommodate visitors and locals. These investments will play a major role in expanding local capacity for air arrivals and attracting more investments.”
Mr Davis said he signed a Heads of Agreement for the construction of two new desalination plants for Cat Island last month, which should bring “tremendous economic benefits” for the island.
“A new facility at New Bight will commence water production by April 2025, while the Bennett’s Harbour site, pending environmental review, should be finished by September 2025,” said Mr Davis.
“With two new desalination plants, in tandem with the infrastructural expansions being executed through the PPP project, over 1,100 homes and businesses across Cat Island will receive high-quality, desalinated, piped potable water for the first time. These upgrades will bring tremendous economic benefits for Cat Island, while ensuring residents enjoy the same access to quality public services as people living in the capital.”
Mr Davis said the clinic in Old Bight should be completed shortly, and now needs to be outfitted with the necessary medical infrastructure and staff. He explained that while there are doctors willing to relocate to ghje Family Islands, the country is still facing a nursing shortage due to larger countries “poaching” them, so replacements must now be recruited overseas.
“The Old Bight clinic should be completed very shortly, I was advised by the minister of health yesterday. It’s a question of ensuring that we have all the medical infrastructure, the X-ray machines and other things that’s necessary,” said Mr Davis.
“We are recruiting nurses and doctors. Unfortunately, we don’t have enough local medical personnel who are willing to come to the Family Islands and work for any extended period of time. We have the doctors. We don’t have the nurses, because unfortunately, the United States and Canada have been poaching all of them, taking all our nurses, paying them four times as much as we could afford.
“And so they’ve gone for greener pastures. So we have to, unfortunately, go and recruit nurses from abroad to be able to provide the services and level of care we have. And so those are some of the things we are working on as we build these medical facilities.”
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