Global pilot body bids to avert ‘tourism catastrophe’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE world’s largest private pilot body is renewing warnings of “a tourism catastrophe in The Bahamas” over recentlyimplemented fee increases that have prompted aviators to discuss “boycotting” this nation.
Mark Baker, president of the Aircraft Owners and Pilots Association (AOPA),
which represents between 300,000 to 400,000 private plane owners and pilots, in a November 22, 2024, letter to Bahamian companies that support and benefit from the general aviation industry said the group has stepped up its drive to avoid such an outcome by publishing an alternative to the hiked Customs fee structure.
Reiterating that “many pilots have already stopped flying to The Bahamas”,
and others will likely not return while the present fees remain in place, he unveiled an alternative based on an annual as well as one-time entry fee that visiting aviators would pay. The “annual” option, determined by the plane’s weight, would range from $400 to $900 per year and allow an aircraft to enter and exit The Bahamas on “an unlimited basis’.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
LIQUIDATORS for The Bahamas’ first-ever crowdfunding platform have signalled they plan to target its principals’ “personal assets” to aid creditors who have “no likelihood of... any payment” on $2m-plus in claims.
Ed Rahming, the Intelisys (Bahamas) principal, and Cheryl Simms, the Kikivarakis and Company accountant, painted a bleak picture for ArawakX creditors in their first Supreme Court report as the platform’s official liquidators by warning that there are
virtually no assets available to pay-off its debts.
Revealing that $1.76m, representing 60 percent of the total claims submitted by 15 creditors, have been accepted with $436,410 yet to be approved, the duo indicated they are now turning their attention to ArawakX’s principals themselves, D’Arcy Rahming senior, and his son, D’Arcy junior, as potential sources of recovery.
Mr Rahming senior, a former Bahamas International Securities Exchange (BISX) chief operating officer, did not respond to Tribune Business’s
Hope $300m deal ‘opens door’ on nature financing
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ENVIRONMENTAL
advocates are voicing hope that the Government’s first $300m ‘debt-for-nature’ refinancing will “open the door” for further such initiatives “to propel” The Bahamas towards true climate resiliency.
Rashema Ingraham, Bahamas-based Caribbean programme director for the Bonefish & Tarpon Trust (BTT), told Tribune Business that the $124m savings forecast to be unlocked will form “one of the building blocks” for enhanced conservation and management of marine ecosystems that support fisheries and other ocean-based, ‘blue economy’ activities.
Speaking after the Government pledged to direct these savings, generated from refinancing $300m of its existing debt at lower interest costs, to environmental preservation, sustainability and building enhanced climate resiliency, she said: “It really shows that we are no longer putting a deaf ear to the work of conservationists in The Bahamas, especially because so much of our livelihoods depend on the environment around us.
“Whether it be the land or marine environment, I’m hoping part of this blends into the policy development that needs to be part of the conservation effort - strengthening the policy, so that it also
POSITIVE CULTURES LEAD TO CORPORATE SUCCESS DEREK SMITH BY
Companies define their cultures by how they work, treat their employees and interact with their stakeholders. Corporate leadership and Boards of Directors must foster an environment of integrity, respect and trust if they wish to succeed long-term. The foundation of ethical decision-making, employee engagement and stakeholder confidence is abstract but absolutely positive.
A good culture yields a positive return on investment, and this article will briefly explain why culture matters, identify several challenges in building one, and offer some recommendations for overcoming them.
Why Culture Matters
The Harvard Business Review found that companies with strong, positive cultures outperform peers by 20 percent in revenue growth. In these companies, turnover is lower, productivity is higher and reputations are stronger. Conversely, a toxic culture can lead to regulatory breaches, reputational damage and talent drain.
Common challenges in building a positive culture
1. Misaligned Leadership: Employees disengage when leaders fail to model the desired behaviours. For example, a chief executive preaching transparency but withholding critical information erodes trust.
2. Resistance to Change: Shifting entrenched mindsets is difficult, particularly when long-standing practices conflict with new values.
3. Short-term Focus: A relentless focus on quarterly performance often overshadows the importance of long-term cultural investments.
4. Inconsistent Enforcement: When policies on integrity or respect are inconsistently applied, employees perceive favouritism or indifference, undermining trust.
Steps to Build the Desired Culture
1. Lead through being an example Leadership sets the tone for culture. Company executives must demonstrate integrity, respect and trust throughout their daily interactions. It means prioritising transparency, acknowledging mistakes and demonstrating accountability. According to Businessinsider.com, since taking the helm in 2014, Microsoft’s Satya Nadella has reinvigorated the company’s culture by emphasising a “growth mindset” and inclusivity, which transformed employee morale and redefined its public image.
2. Define core values and operationalise them
Abstract values must translate into actionable behaviours. Clear communication channels could create trust, while policies that promote diversity of skills, gender, race and inclusion could achieve respect.
3. Invest in leadership development
Through training programmes, managers should be taught how to communicate values effectively and resolve conflicts aligned with the company’s principles. A study by the Center for Creative Leadership found that companies with structured leadership development had earnings per share that were 114 percent higher than similar entities without it.
4. Build Accountability Mechanisms
It is imperative that companies integrate cultural metrics into their performance evaluations. Culture scorecards, audits and anonymous employee surveys can track alignment.
5. Celebrate Positive Behaviours
Rewarding employees who exhibit core values reinforces these behaviours. Furthermore, it demonstrates that culture is just as important as performance to leadership.
Overcoming the Challenges
Company executives must explain how cultural shifts will improve business outcomes and overcome resistance to change. Implementing 360-degree feedback systems ensures that leaders are accountable to employees and peers when there is misalignment. Consistency can be achieved by rewarding financial performance alongside cultural alignment.
In short, developing a culture of integrity, respect and trust requires deliberate effort. Executives and board members should recognise this as a competitive advantage, not a soft skill. Addressing challenges, operationalising values and embedding accountability can help build resilient cultures driven by ethical success. Companies with robust cultures not only avoid scandals but thrive as well.
Jnr
compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified anti-money laundering specialist (CAMS) and the assistant vice-president, compliance and money laundering reporting officer for CG Atlantic’s family of companies (member of Coralisle Group Ltd) for The Bahamas, St Vincent & The Grenadines, St Lucia and Curaçao.
Minister: Tax rises are ‘off the table’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minis-
ter has reiterated that tax increases are “off the table” while voicing confidence that the Government’s 50 percent debt-to-target will be met by 2031 through economic growth.
Michael Halkitis, minister of economic affairs, said that despite suggestions by the International Monetary Fund (IMF) following its recent Article IV visit that this goal will be “out of reach” unless “further revenue measures” are enacted - including a potential VAT rate rise and income tax for high earners - the Government has no plans to adopt such recommendations.
Pointing out that such reforms have been consistently voiced by the IMF on an annual basis, Mr Halkitis countered by pointing to upcoming investment projects that will drive economic growth as well as the Government’s plans to refinance existing debt, grow the economy and further
improve tax enforcement and compliance.
He said the administration is going to “push” to meet its fiscal targets and reaffirmed that a VAT increase is “off the table”. Mr Halkitis added: “We believe that we will make it. Our economy is growing. We have a lot of investment in the pipeline.
“Our renewable energy programme, our electricity reform, will save us some money. This sort of transaction [the $300m debt-to-nature refinancing] will save us. We’re looking at some other opportunities to refinance high-cost debt that will save us some money.
“What we have to do is balance. You have to balance. They say you can’t do it unless you raise the taxes, but if you raise the taxes that will have an impact on your people. And so we’re going to try as hard as we can to make it with our strategy of growing the economy, collecting, controlling expenditure and finding new sources,” he continued.
“Tax increase is off the table, quite frankly. And so we expect them to say it
again next year, and we’ll say the same thing again. Hit up next year, it’s off the table. We’re going to push for it. Before the pandemic, we were at 58 percent (debt-to-GDP) and so, you know, it’s not new territory for us, so we’re going to push for it. I believe we’ll make it.”
Mr Halkitis said the Government is not “contemplating” a VAT increase as it will have an adverse effect on residents. Instead, it is looking for new revenue streams such as the funds collected from the new 15 percent domestic minimum top up tax (DMTT) on corporate profit income.
“These are not things that we’re contemplating. We believe that if we continue to grow the economy, if we continue to do a better job of collecting taxes that are due, and if we continue to find savings, find new sources of revenue,” said Mr Halkitis.
“We recently passed the 15 percent global tax on multinational entities. We just passed it in the Parliament, and so in coming years we expect to get some revenue from that. That’s a new source of revenue.
So we think that we can manage without putting more taxes on the people. So nothing more than a suggestion and they think that, you know, they always tend to go by the textbook. But of course, we have to do what’s in the best interest of us.”
The IMF report also suggested that beneficial ownership information on all companies that are awarded government contracts should be published to increase fiscal transparency. The report also suggested audited financial statements and procurement information for public corporations should be made public.
Mr Halkitis, however, said that beneficial ownership information is being published on the procurement portal but greater efforts must be made to ensure it is published in a timely manner. “That is being done,” he added. “If you were to go on the procurement portal.. those things are published. We have to make sure that it’s done, always very timely, and that everybody does it. But that is being done.”
PINTARD CHALLENGES GOV’T OVER $203M DRAW DOWN
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s leader yesterday challenged whether the Government would have had to refinance $300m via its ‘debt-fornature’ deal if it had not previously used assets set aside for this purpose. Michael Pintard, the FNM leader, in a statement questioned whether the Davis administration would have needed to take out a new $300m loan from Standard Chartered bank to refinance some of its existing bond debt if it had not drawn down on $203m from so-called ‘sinking funds’ during the 2023-2024 fiscal year. These funds were set-up to accumulate assets specifically to repay debt principal owed to investors when the Government’s bond issues mature, but its own fiscal reports show it drew down $203m from these facilities during the prior fiscal year despite no payments coming due. Accusing the Government of employing “flashy PR and spin over transparency”, Mr Pintard blasted: “This is the perfect moment for the Government to address a concern the Opposition
Gov’t urged: ‘Step it up’ on private security weapons
By ANNELIA NIXON Tribune Business Reporter
PRIVATE security firms are urging the Government to “step it up a bit” and examine the law and regulations governing whether they can use firearms and non-lethal weapons to protect themselves and clients.
Paul Jones, the Ministry of National Security’s legal advisor, told the Private Security Awareness and Protection Seminar that, while “every person has a right to defend themselves”, the Inquiry Agents and Security Guards Act and regulations stipulate the use of force must be both “reasonable” and “justifiable”. However, he also added that the use of force by security guards “must not extend to a blow or a wound”.
“There are situations when people will challenge you. And so you have a right, in a reasonable way, because whatever we do involving force, it must be, first of all, justified, and secondly, it must be reasonable in the circumstances,” Mr Jones said. “But whatever the law says, it also goes on to say that whatever force you use, if you have to use force, must not extend to a blow or a wound.
“So you don’t go stabbing up nobody. You don’t go punching nobody’s teeth or
blacking their eye. It must not extend to that. So let me go back here to the law. So a person may justify the use of force for the defence of property or possession. That’s what you do, right? Property or possession. Or for overcoming an obstruction to the exercise of any legal right. What legal right? The legal right that your employer gave you.
“How do you know if it’s necessary? I’ll tell you,” he added. “You cannot, and would not, have been able to achieve your job unless you would have taken the steps that you need to overcome their resistance at a particular time.
“But it’s a subjective view. You don’t do that in every case. It’s subjective. It must come from you. And, in fact, if you don’t make this step, then perhaps they may not only overcome you, they may take you out, and you don’t want that. And you have to be firm and resolute on what it is you do and what you do according to law.”
This triggered discussion on whether Bahamian security guards should carry weapons, including firearms, tasers and pepper spray - varying lethal and non-lethal accessoriesgiven the potential threats they, their clients and the latter’s assets face from increasingly well-armed criminals who are prepared to use force.
One attendee said security guards protecting properties containing money and other valuables may need a taser, or pepper spray, adding that while not every officer needs to have those weapons a select few trained in their use should do so.
Apart from protecting valuable assets, another attendee said some guards work in and near dangerous neighbourhoods. He said those who are often the first on the scene during an incident are frequently reduced to a “watchman”, adding: “If I can’t preserve my life first, how can I preserve somebody else?”
Raquel Munnings, director of finance at ICS of The Bahamas, urged the Ministry of National Security to “step it up a bit” after attending a conference of independent armoured vehicle operators in the US.
“We found that, over there, I don’t know how many of you would have attended as well, but that don’t exist. The shotguns, they don’t exist,” she said. “They only use sidearms. And so we’re really, really, really third world when it comes to that. And I think you guys have go to step it up a bit.”
Some attendees revealed that with retail stores selling pepper spray they take that to mean that they can purchase it for use. “We have no inquiry agent or security
guard permitted to carry a firearm or any type of offensive weapon, and I’ve been checking the penal code, trying to find out what is an offensive weapon, and the only thing they do talk about is firearm,” one said.
“But the point I want to make, whether it be known or not, is that Outdoor Sportsmen sells pepper spray - and has a licence to sell it - and tasers. So I’m looking at the rationale that government has granted
them a licence, they sell it to the general public and, as a security officer, you are a private citizen. I was thinking I was supposed to go see authorities over here because if you have a licence to sell it, that means I’m supposed to carry it.”
Mr Jones expressed an interest in professionals potentially coming “from overseas and otherwise to even present equipment for you guys, so that we can make some things more
Press Release
MICHAEL PINTARD
raised back in September. Why was $200m from the Government’s sinking fund - money meant to pay off this debt and avoid refinancing - used without any prior announcement or explanation?
“We made the point at the time that the Prime Minister was in breach of the law, as Section 51(2) of the Public Debt Management Act requires that any planned use of the sinking fund be disclosed by the minister in Parliament during the Budget exercise.
“Indeed, the Prime Minister must explain why $200m was used from the sinking fund last fiscal year instead of being left to pay off - and not just refinance - a substantial portion of bonds when nothing in your
in-house as we move to professionalise the service”. Virgil Thurston, from the National Firearms Association, explained that the organisation has lethal and non-lethal weapons as well as training services.
Another attendee, though, questioned if security companies wanted “to take on that liability” and are “prepared to take on that risk in serving your client” from guards shooting, or injuring, other persons.
Bahamas Protected Areas Fund Bahamas Debt Conversion Project for Marine Conservation November
18, 2024
Bahamas Protected Areas Fund was established from the bold vision of the Government of The Bahamas and international and local environmentalists in 2014. Our mission is to ensure a sustainable fnancial base for the effective management of the Bahamas National Protected Areas System and for conservation activities that protect the future and productivity of our national resources.
This mission underpins the innovation that has been at the core of our work. It is a deeply rooted principle that guides our strategy and our efforts on the ground - including our rapid response to Hurricane Dorian assessments and recovery, partnering with the Government of The Bahamas on sustainable fnance mechanisms and developing a regional capital raising plan that will partner with private sector actors to leverage additional funds and technical support to help bridge the gap in conservation funds and climate resilience across seven Caribbean countries.
The Bahamas has established a signifcant legacy in conservation in our region. We have been pioneering in our policies and actions to drive conservation and sustainable development. These efforts have garnered political, ecological and economic benefts not only for our islands but for our neighbours in the north and south. The Bahamas has a long-standing commitment to the conservation of our marine resources in the Atlantic Ocean, resulting in the protection of more than 17% of our nearshore environment with one of the largest systems of marine protected areas (MPAs) in the Caribbean, comprised of nearly 6.8 million hectares. Despite our obvious contributions, however, we have struggled to bridge the gap in funding required for sustained biodiversity conservation and climate impacts, a struggle born partially by the application of one-dimensional economic indexes for assessing the wealth of our islands.
Today, we are excited that the Government of The Bahamas has again demonstrated high ambition and has embraced a new funding mechanism designed to deliver support for marine conservation across our islands, without creating additional foreign debt. The Bahamas Debt Conversion Project for Marine Conservation will produce catalytic impact across our islands for the next 15 years. It will support the funding of needed capacity within management ministries and organizations, ensure greater conservation impact across our islands, improve our resilience to climate change and realize new and sustained benefts for local communities through the expansion of the blue economy. Enhancing the conservation and management of The Bahamas’ ocean can help protect extensive coral reefs, seagrass meadows, and mangrove forests—all of which provide critical habitats for diverse species, protect coasts from storms and sustain local livelihoods.
Growing threats to our natural environment, including over exploitation, climate change, and increasingly, limited funding, are impacting the sustainable management of our resources and have placed critical ecosystems and ecosystem services at risk. As Chair of BPAF, my board is therefore very pleased to be the Conservation Trust Fund selected for managing the conservation fows arising from this Debt Conversion Project. BPAF applauds the Government of The Bahamas, Inter-American Development Bank, The Nature Conservancy and all other partners, for structuring The Bahamas’ frst debt conversion as a truly innovative and historical conservation solution.
BPAF is an independent, corporate body, that is built on international best practices for conservation funds. The Fund operates on the core principles of transparency, independence and accountability.
MINISTER: ‘PLUSES AND MINUSES’ ON PERCENTAGE-BASED FUEL MARGINS
By
A CABINET minister has confirmed the Government explored moving petroleum retailers from a fixed to percentage-based margin while revealing no proposal for a similar increase has come from wholesalers.
Michael Halkitis, minister of economic affairs, said long-running negotiations with the Bahamas Petroleum Retailers Association (BPRA) over the recently-increased gasoline and diesel margins also considered moving from a fixed to percentage-based system that would move
in tandem with global oil price changes. The percentage would thus remain unchanged regardless of price. The minister said this proposal had its “pluses and minuses”, but it was ultimately decided to stay with the fixed margin and grant the retailers an increase.
Mr Halkitis explained that during two years of talks, the Davis administration was concerned about the impact any margin rise would have on motorists and explored many options to grant the retailers relief without having a big impact on pump prices.
“During that period, our view was, at that particular time, we did not want to have a situation where we
were causing an increase in the price of gas at the pump. And so we were going through many, many possibilities and scenarios on how we would do it,” said Mr Halkitis.
“A part of it was to go to a percentage instead of a fixed margin. That has pluses and minuses, but we’re happy to be able to do the increase to bring them some relief. It appears as, if you know, prices have sort of stabilised at a lower level.
“There is an impact on the consumer, which you know we regret, but you know that that was unavoidable in those circumstances. But the prices are at a lower level going forward. I mean, we’re prepared to just continue any discussion as to
Private security firms told to ‘professionalise’
how we can make the whole thing better.”
Mr Halkitis added that retailers deal with a lot of “pressures” involving the day-to-day cost of running their operations, and he is continuing discussions with them to find a system that benefits the industry and the public.
“They face a lot of pressures - from the cost of rent to the cost of utilities to other franchise fees, employment costs and stuff. And so we understand that, and we continue any discussion with them to see how we can come up with a better system that works for them and for the public,” said Mr Halkitis. Sir Franklyn Wilson, FOCOL’s chairman,
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A MINISTRY of National Security official has called for the private security industry to “professionalise” and raise its standards so as to attract higher-calibre recruits to the sector.
Paul Jones, the ministry’s legal advisor, told the Private Security Awareness and Protection Seminar that the key law which regulates the industry stipulates that all security guards working in this nation must be Bahamian citizens. He focused on this provision in the Inquiry Agents and Security Guards Act, and its accompanying regulations, amid suspicions non-Bahamians are working as security guards in breach of the law.
“So I’ve said it, but this is what the law says,” Mr Jones said. “No person shall engage in the business of providing inquiry agents or security guards, or to act as an inquiring agent or security guard, unless..... he or she is a Bahamian...”
“We know that there’s some other persons who work in this arena, but this arena is primarily for Bahamians. I don’t want to find a reason for this, but even the pay - I’m going back to that - because if people could find anybody who would take anything you throw at them to do a job, then they want that job because they have a certain purpose that they need to achieve.
“But I’m saying to you guys, without saying, and I hope you’re hearing what I’m not saying; that we ought to professionalise the service so that we can bring the criteria up a bit.”
recently said that the increase in gas retailers’ margins was unfair to wholesalers - Esso, Rubis and Shell (FOCOL) - as they have not received an increase in two decades. He voiced frustration over this given rising operating costs and inflation affect both sides of the industry, reiterating that wholesalers last saw a margin increase for diesel in 2002. Prime Minister Philip Davis KC, however, said the government has no plans to raise profit margins for gas wholesalers.
“At this time, we are tackling the structural issues as it relates to the cost of living,” said Mr Davis. “The issue with wholesalers has a different circumstance. We
Evelyn Darville, supervisor with Distinctive Security, said she had not given the issue of hiring non-Bahamians as security guards - and whether the law regarding that should changed - much thought. However, she believes those in possession of the proper documents giving them the legal right to work in The Bahamas should be employed.
“I am of the opinion that even if they are foreigners in our country, and they have the proper documents, they should be afforded to work,” she said. “...I’m not prejudiced to them because we as Bahamians, we are fortunate, and a lot of us do not have to leave home, but yet still we have families that go abroad and we would want them to be afforded the treatment or the possibility to take care of themselves.”
Mr Jones clarified that if a non-Bahamian has a spousal permit “where they are married to a Bahamian” then they are eligible to work as a security guard. Licences were also discussed, with Mr Jones reminding attendees that the company and all its guards must be licensed separately. The Act states that the minister of national security grants licences to security guards, which are “valid for a period of one year commencing on January 1 in any year and terminating on December 31 next year following that date.” The licence comes at a cost of $10.
Mr Jones emphasised the importance of guards leeping their licence with them at all times. Keeping a copy was also recommended.
Security company and guard licences are not
are looking at it. We are not looking at increasing. We try to find how we could decrease the cost of wholesaling in The Bahamas.”
Mr Halkitis said although he has seen reports of the wholesalers asking for an increase, nothing has been submitted to his office. He declined to speak further on their concerns, stating:
“Prime Minister has already spoken to that. I’ve seen some stuff in the newspaper. I haven’t seen anything come across my desk as minister of economic affairs but, as I said, Prime Minister has already spoken to that.”
transferable to another person or company.
However, if the owner of a security firm passes away “the ministry is obliged to also grant a temporary licence to your survivors or to your estate, the main person in your estate, so that they can carry on with the business for a specified time.
“...God forbid you happen to die,” Mr Jones said. “You have an executor or administrator of your estate, then the ministry is obliged to also grant a temporary licence to your survivors or to your estate, the main person in your estate, so that they can carry on with the business for a specified time.
“The ministry, depending on the situation, will give you a specific time - I would say sufficient time to get your house in order - so you know exactly what it is you’re going to do. So all isn’t lost. So, if the inquiry agent or security guard dies, of course the licence dies with him or her. We said it’s not transferable.”
There is a three-month vetting process before licences are issued. “Now, there are persons who may apply for a security guard’s licence or even a security business licence or even a company licence,” Mr Jones said. “And not because you apply means that an individual is automatically entitled to get a licence.
“We’ve sat, as of late, on many occasions where licences were refused. And I’ll start with the personal licence, right, for the guard or inquiry agents. So, it goes without saying, in order to protect the industry we’re trying to do our part on our
Presidential rally
By Chris Illing
Bitcoin has risen by more than 40 percent since the US presidential election, and thousands of investors have jumped on the bandwagon.
It is foreseeable that the digital currency, Bitcoin, will be traded at a price of $100,000. The promises of the self-proclaimed ‘crypto president’, Donald Trump, are too great, and the expectations of the crypto community for a golden future are too high.
The market value of around 10,000 crypto currencies has now risen to a combined $3.3 trillion, of which Bitcoin alone accounts for $2 trillion. Bitcoin has now increased its price six-fold within two years. Now investors are asking themselves if they still want to be part of the rally or if the first large ‘crypto whales’ want to cash in and start liquidating their positions.
For many investors, the only reason to buy Bitcoin
is the hope of selling the crypto currency later at a higher price, since it does not pay dividends or have a rising annual valuation. The most important boost for Bitcoin was certainly the approval of so-called spot ETFs (exchange traded funds) for Bitcoin in the US in January 2024
After the recent US election, Gary Gensler, the Securities & Exchange Commission’s (SEC) chairman, wants to vacate his post on January 20. Socalled “crypto-mom”, Hester Peirce, is being discussed as his successor. While Gensler wanted to regulate cryptos just like shares and bonds, everything now indicates that crypto currencies will be regulated much more laxly in the US, if at all.
The future “crypto president” Trump also wants to personally benefit from the boom in the sector and, together with his sons, is offering the so-called WLFI token on the website Worldlibertyfinancial.com. The sale of the tokens is expected to bring in at least $450m. A large portion of the proceeds will flow to a company owned by Trump. With big promises, such as the announcement of building a “national Bitcoin reserve”, Trump is further fuelling the price rally. The crypto rally thrives on stories, making Bitcoin an ideal Trump currency.
Bitcoin’s history is one of extreme fluctuations.
The digital currency is the means of payment in a decentralised network, the blockchain. The blockchain
PM: Bahamas ‘rewriting rules’ in climate battles
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
THE Prime Minister is asserting that The Bahamas is “rewriting the rules of engagement for climate resilience and conservation” with its $300m debt-for-nature refinancing transaction.
Philip Davis KC, unveiling The Bahamas’ debt conversion for marine conservation project, said that repurchasing $300m of the Government’s existing debt via a cheaper Standard Chartered loan is expected to generate an estimated $124m in interest savings over the next 15 years that will be used to finance ocean conservation efforts.
The project, supported by the Inter-American Development Bank (IDB), The Nature Conservancy (TNC)’s nature bonds programme and other partners, will see the Bahamas Protected Areas Fund (BPAF) manage the funding generated by the transaction along with an endowment that is expected to grow to $20m by 2039.
“The Bahamas debt conversion project for marine conservation is more than a financial transaction; it is a declaration of intent, a testament to what can be
achieved when creativity meets determination,” said Mr Davis.
“With the support of the Inter-American Development Bank, The Nature Conservancy, Standard Chartered and a coalition of partners, we have crafted an initiative that transforms debt into opportunity, burden into benefit. This project allows us to refinance $300m in external debt, generating an estimated $124m in savings over 15 years.
“These savings are not abstract figures; they represent real investments in the future of our people and our planet. They will fund critical conservation efforts, strengthen the management of our Marine Protected Areas and safeguard the ecosystems that sustain us all,” he added.
“And we are thinking beyond the immediate. A $20m endowment, set to grow by 2039, ensures that this work will continue long after the debt conversion project concludes. It is a commitment not just to today’s Bahamas, but to future generations who will inherit this nation and the responsibility to care for it.”
The loan has a 4.7 percent interest rate and is backed by a $200m credit guarantee from the IDB, alongside a $70m co-guarantee from
Builders Vision and $30m in credit insurance from AXA XL.
“This initiative also brings to bear a comprehensive financial framework, leveraging guarantees from the IDB, Builders Vision and AXA XL to secure favourable terms. It demonstrates that even a small nation can command the attention and partnership of the world’s most respected institutions when the vision is bold and the purpose is clear,” Mr Davis said.
“Through this innovation, we are rewriting the rules of engagement for climate resilience and conservation. The Bahamas is showing the world that we are not passive spectators to the forces of nature; we are active stewards of our destiny. At its heart, this initiative is about securing a future where Bahamians thrive in harmony with the environment that sustains us.”
Mr Davis said the savings and endowment will help to ensure that Bahamian waters are protected for years to come and provide long-term stability for marine conservation and management.
“The $124m in savings this project generates will fund efforts to protect our oceans, which are not merely geographic features
REPUBLICAN presidential nominee former President
Glendale, Ariz., on Aug. 23, 2024.
contains all transactions made with Bitcoin. The currency does not exist physically, but as a digital code on the blockchain. Since the total number of Bitcoin is limited to 21m, the last Bitcoin is expected to be mined in 2140. In
but the lifeblood of our communities. From coral reefs that shelter marine life to mangroves that shield our shores, these ecosystems are the unseen engines of our economy and guardians of our homes,” said Mr Davis.
“For the fishermen who rise before dawn, this project means sustainable waters teeming with life. For families living along our coasts, it means protection from storm surges and rising seas. For our children, it means a chance to inherit a Bahamas where natural beauty is preserved and economic opportunities abound.
“The establishment of a $20m endowment ensures that these efforts will endure beyond the project’s term, offering long-term stability for marine conservation and management. This initiative also reflects a broader commitment to strengthening our nation. Through improved debt management and institutional frameworks, The Bahamas positions itself as a leader in resilience and sustainability.”
thing is that you
too late, the prices
2023, Bitcoin’s electricity consumption was around 120 terawatt hours (equal to Germany’s net energy consumption). But the currency has very little real use yet. The overwhelming majority of buyers use Bitcoin as a speculative currency in a pyramid scheme. The
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get caught out by the
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$300m refinance set to boost 6.8m hectare MPAs oversight
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas National Trust (BNT) says the proceeds generated by the Government’s $300m debtfor-nature refinancing will help it and others to better manage the 6.8m-hectare Marine Protected Areas (MPAs).
The environmental group, in a statement, said it will be working alongside the Government to monitor MPAs and create a National Mangrove Management Plan to enhance protection of vulnerable areas using some of the $124m savings generated by the transaction.
“The Bahamas National Trust (BNT), along with other partners in conservation, natural resource management and finance, is supporting The
Government of The Bahamas with the official launch of ‘The Bahamas debt conversion project for marine conservation’ - an historic initiative that will allow the country to refinance commercial debt while receiving financing to support marine conservation,” said the BNT. “As the local conservation organisation responsible for managing The Bahamas’ national parks and protecting critical terrestrial and marine ecosystems, the BNT’s role will be collaborating with the Bahamian government and local communities to strengthen stewardship of the country’s recentlyexpanded Marine Protected Areas (MPAs); contribute to the creation of a National Mangrove Management Plan designed to enhance protection, management
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GLOBAL PILOT BODY BIDS TO AVERT ‘TOURISM CATASTROPHE’
Private pilots paying the annual fee, including all “inbound” Customs charges, would also receive a waiver on the $30 per head departure tax ONLY if they were using their planes for personal or private use. They would not be entitled to such tax breaks or concessions if the aircraft was being operated for charter, hire or other commercial use. Under AOPA’s proposal, private aircraft used for commercial purposes would only be entitled to a departure tax waiver “for up to three persons” - the pilot, co-pilot and any flight attendant. All other occupants would pay the $30 departure tax. No annual fee option exists presently, with private pilots and their passengers required to pay every time they enter and exit The Bahamas.
Meanwhile, those private pilots opting not to pay the “annual fee” would instead incur a $50 inbound Customs fee with departure taxes levied on all occupants as normal. A landing fee, ranging from between $15 and $100 and determined by the aircraft’s weight, would also be payable under AOPA’s alternative.
The $50 “inbound” fee would be the same was what was charged prior to the new fee structure implemented on July 1, 2024, while AOPA has increased the landing fees slightly compared to the $4 to $75 sliding scale that previously existed. The advantage of its newly-proposed “annual Decal” fee option is that the Government would receive one ‘chunk’ payment per plane upfront, thus making it easier to police.
Jim Coon, AOPA’s senior vice-president for government affairs and advocacy, yesterday told Tribune Business that the group’s alternative proposal aimed to strike a balance by being “fair and reasonable” to
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private pilots while, at the same time, enabling the Bahamian government to raise the necessary revenues it is targeting and being “much easier to enforce”.
Reiterating the Association’s disappointment at what it alleges is the Government’s failure thus far to engage with its outreach, and efforts to achieve a compromise that benefits all parties, he added that the fee hikes - which represent three-fold and six-fold increases compared to what was in place before July 1 this year - mean many private are paying more than commercial airlines such as Jet Blue, American and Delta.
“I know that many pilots are extremely upset about these new fees which they put in place,” Mr Coon told this newspaper. “When you’re paying almost as much as a 737, it needs a revisit.
“Mark Baker and AOPA have reached out to the Prime Minister on a number of occasions, suggested a meeting, and he has offered to come down to The Bahamas in person to see if we can get this resolved m but we’ve never received a response. It’s been one-way contact.”
Calling for all parties to work together to achieve a balanced resolution, Mr Coon added: “I think pilots understand that The Bahamas is a sovereign nation and has the ability to impose fees, and pilots understand fees are necessary to make airport and aviation system upgrades, but they also need to be fair and reasonable.
“The Association has formed an alternative budget proposal that would be much easier to enforce, raises money for The Bahamas and would be fair to pilots. That’s where were trying to get to, and hopefully they [the Government] understand that. The private pilots, the buck stops with them. They can’t pass
costs on to customers like the airlines do.”
Explaining that private pilots, and general aviation more widely, are effectively low cost and minimal maintenance in comparison to other parts of the industry, Mr Coon said they did not require the same level of support services as commercial airlines. “Private pilots just need a safe runway,” he added, along with a secure area to protect their planes and a seamless Customs/ Immigration process.
“It’s the dramatic impact on businesses in The Bahamas that are going to be affected,” Mr Coon said of the current situation. “Pilots will go elsewhere if they feel they are not being treated properly.
“That is going to impact hotels, restaurant, employees and jobs if pilots stop coming to The Bahamas, and many have already suggested they are. We’ve been trying to work out, and at least start a dialogue, but unfortunately that’s not occurred to-date.”
This was echoed by Mr Baker in his November 22, 2024, letter to Bahamian businesses and sector supporters, where he warned: “I write today to bring to your attention a critical issue in hopes that, together, we can help avoid a tourism catastrophe in The Bahamas........
“On July 1, much to our surprise, the Bahamian government imposed egregious Customs fees on private pilots. These pilots primarily fly small aircraft and often bring family and friends to visit the islands. They are private aircraft operators and do not fly for hire, but are now being forced to pay more in fees than a major commercial airline transporting hundreds of people.
“Today, under the new Bahamas Customs fee structure, a private pilot flying in a small airplane to The Bahamas as a tourist now pays as much if
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not more than a Boeing 737 operated by a major commercial airline. These fees on private aircraft are simply unfair, unreasonable and unsustainable.
“Many pilots have already stopped flying to The Bahamas and I suspect many will not return as long as this fee structure remains in place. I have heard private pilots are discussing boycotting The Bahamas until this fee issue is resolved.”
The Government, though, has frequently defended the increases in Customs fees and airport charges as consistent with international best practices and standards, which typically see the users of airport infrastructure pay towards its upkeep and maintenance. It has also argued that many of these fees and charges have not been adjusted for years, decades even, and now need to reflect the cost of providing services.
The Government likely perceives the private pilot/ aviation industry as having deep pockets, viewing private plane ownership and use as a sign of wealth, and able to easily absorb the fee increases laid out in the Customs Management (Amendment) Regulations 2024. They also include a $2,500 fee that will be levied if an aircraft declaration is submitted less than one hour before the plane arrives in The Bahamas.
Thus far, the Davis administration has stuck to its position that the private aviation industry and pilots must “pay their fair share of taxes”, and help finance upkeep of the airport facilities they use, while arguing that there is no justification for the “uproar” over fees that are no higher than $300.
However, multiple private aviation industry participants have frequently warned that the sector is a fickle market where plane owners, private pilots and other participants tend to react negatively if they feel they are being exploited, targeted or taken advantage of because they are perceived as rich.
And they simply have the ability to fly elsewhere to lower-cost stopover destinations such as the Dominican Republic, which offsets higher fuel prices. The industry also felt blindsided by the lack of warning over the planned fee increase, and bewildered by a structure that leaves commercial airlines paying lower charges than many of them.
Bahamian tourism concerns over the potential impact on a large segment of its customer base, especially for Family Island operators, resurfaced at last week’s Long Island Business Outlook conference. Zoe Cartwright, principal at Long Island Bahamas Boat Rentals & Tours, said: “The red tape involved for anything is astronomical, and then there’s fees.
“The landing fees for private planes... A huge percentage of our tourism are private pilots that want to fly in and get away from it all or rent a boat and get away from it all. I don’t know how the new landing fees are going to affect our business this year.
“The new landing fees for the yachts. It’s been fees upon fees upon fees. Yes, The Bahamas has beautiful sun, sand and sea, but if they find it easier and a little less expensive further south, they’ll go further south,” she warned. “Although we’ve been booming for the last few years, this will have a trickle down effect if the Government doesn’t catch it in time. There will be a slowdown all of a sudden....”
Mr Baker, in his November 22, 2024, letter pointed to the “significant” spend that private pilots and their passengers inject into the Bahamian economy, especially in the more remote Family Islands that are less visited by commercial airlines. This segment is among those delivering the greatest yields for Bahamian tourism, with average spending of $2,000-$3,000 “at the bottom of the range”.
“Unlike private flying, major airlines do not transport people to the Out
PUBLIC NOTICE
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The Public is hereby advised that I, DWAYNE PEREZ JOLLY, of #5 Bently Drive P.O. Box F-44349, Nassau, The Bahamas, intend to change my name to DWAIN PEREZE JOLLY If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
Islands. Moreover, a yacht travels with its own beds, its own food and alcohol, its own crew, its own jet skis, its own fishing and diving gear, and its own entertainment,” he added.
“But every time a private aircraft touches down on your island, those luxuries are sought out by private pilots and their guests. These pilots bring valuable business to your islands and help stimulate your local economy. We hope Bahamian officials will realise this and reconsider how they are negatively impacting tourism.”
Setting out AOPA’s efforts to achieve a winwin solution that would benefit all sides, Mr Baker added: “On September 5, I requested a meeting in The Bahamas with Prime Minister Davis to discuss the new Customs fees and how they are deterring pilots from visiting the islands. Unfortunately, I have not received a response to that request.
“AOPA has also proposed a much fairer fee structure that would be advantageous to all. Again, Bahamian government officials have not responded. We remain hopeful Prime Minister Davis will revisit the AOPA fee proposal for private pilots so, together, we can continue to promote general aviation travel and preserve the long-standing relationship that AOPA and the Government of The Bahamas have cultivated for years.”
The fee increases, unveiled as part of the Customs Management (Amendment) Regulations 2024, represent a threefold and six-fold increase, respectively, on the previous Customs fee structure for private aviation which was $50 “inbound” and zero “outbound”.
Now, with the changes, commercial jets will have to pay a $50 “inbound” and $50 “outbound” fee for a total of $100. However, a private plane with four seats or less “including all seats in the cabin” is now faced with paying $75 each way for a total of $150. That is slightly more than the $100 fee for a commercial jet, but private aircraft with more than four seats “including all seats in the cabin” now face having to pay $150 “inbound” and “outbound” fees to Customs for a total $300. So-called “recreational” flights will only pay $150 “inbound”, but it is unclear what this definition means and how it will be applied.
Pintard challenges Gov’t over $203m draw down
your last year’s Annual Borrowing Plan referenced a drawdown on the sinking fund,” Mr Pintard continued.
“After the Prime Minister explains why we have had to refinance a portion of bond holdings for which money was set aside in the sinking fund to pay off, he then must release the full details of this transaction, inclusive of copies of the related agreements. We remind the Government that it is the Bahamian people’s money, and therefore we do not beg a favour when we demand that the Government release the full deal.”
One financial source, speaking on condition of anonymity, yesterday told Tribune Business that the Government had not disclosed the fees it would have had to pay to the Inter-American Development Bank (IDB), Builders Vision and Axa XL in return for underwriting, or fully guaranteeing, the $300m, 15-year loan from Standard Chartered.
And they, like Mr Pintard, questioned why the Government was effectively taking credit for new
borrowings when it previously had the necessary assets in the ‘sinking funds’ to repay the $300m that was refinanced. “What happened to the sinking fund money that was set aside for those bonds?” they asked. “You cannot spend those sinking funds and then take credit for the monies you had to borrow to replace the funds used from the sinking funds. You’re taking credit for refinancing debt for which you already had proceeds set aside. The 15-year loan tenor also does not make sense because it goes longer than the bonds it is replacing. There are no savings beyond the bonds you are refinancing.”
However, Michael Halkitis, minister of economic affairs, said the $300m debt conversion sets an “innovative precedent”. He added that the transaction is the first time a private investor is providing a co-guarantee alongside a multilateral development bank, and is also the first time a private insurer, AXA XL, is providing credit insurance alongside the IDB in support of a sustainable issuance for nature and climate.
“This new financing also features a natural disaster and pandemic clause, advancing the Government’s climate resilience efforts and providing liquidity headroom in the case of adverse climate events,” Mr Halkitis said.
“This project is a part of our debt management strategy focused on structuring innovative external financing transactions that leverage official support and support a decrease in the country’s cost of financing. The transaction marks the second transaction as part of the building a social and inclusive blue economy in The Bahamas, in collaboration with the IDB, the first part of which leveraged a $200m guarantee to raise $500m in the international loan market that was completed earlier this year.
“What that means is we were able to refinance some of our upcoming debt have a long maturity and a lower interest rate, which is a winwin situation.” Mr Halkitis said the Government’s repurchase of almost $216m in Bahamian foreign currency bonds that were listed and traded on major international stock exchanges
was a part of the debt conversion project.
“It is a part of it. As a matter of fact, that’s what a big part of this transaction is - the repurchase of $218m in nominal value. What that means is you have your bonds traded on the market. A lot of them have been trading at what we call a discount, less than their par value,” said Mr Halkitis.
“When the Government issues are gone at the end of the term, that bond, we pay what we call par value, 100 percent. To the extent that some of those were trading at less than 100 percent, to
be able to buy those back... we achieved some savings by that. And so there’s a part of our strategy. It’s a big part of this transaction.
Mr Halkitis said the Government will be looking out for similar opportunities to refinance debt at a lower interest rate as part of its liability management strategy.
“We realise the savings and it’s something, when we speak about liability management, it’s something going forward that we intend to continue. Our objective is to lower the cost of our debt, meaning any opportunity that we have to refinance it, to refinance high debt at a high interest at a low interest level, we save,” said Mr Halkitis.
“The idea is that, going forward, we continue to look for opportunities to achieve lower cost, as well as have a smooth maturity profile. You’re trying to get a smooth maturity profile, meaning you don’t have all of the indebtedness coming to you in one particular year. You want to smooth it out so you have a little bit coming to you every year. That way you are better able to plan and to refinance.”
Hope $300m deal ‘opens door’ on nature financing
includes the enforcement component and provisions that allow the law to work and protects the work environmentalists and conservationists do over time.
“The work we’re doing in conservation is very expensive, and there’s very little funding to support that work many times. This announcement is one of the building blocks that is needed to propel us into a very sound, environmentally-friendly country that benefits from strong ecosystems.”
Ms Ingraham also voiced optimism that the debtfor-nature refinancing via a $300m loan from Standard Chartered bank, which is effectively 100 percent underwritten or guaranteed by the Inter-American Development Bank (IDB) and private sector partners, affirms that the Government is moving away from industries such as exploratory oil drilling that are potentially harmful to the environment.
“It also says to me, as a conservationist, as someone in the space, that we are now moving away from these industries that harm our environment,” Ms Ingraham added. “We are
committed to focusing more on conservation rather than harmful or extractive industries, and we’re willing to swap debt as a form of our commitment.”
Ms Ingraham described the $124m, which amounts to an average $8.27m in funding per annum spread over a 15-year period, as a “good start” but said much more is needed to make The Bahamas truly resilient against climate change while protecting its ocean environment and the natural assets that it contains, such as coral reefs, seagrass meadows and mangrove forests.
“It’s a good start, definitely a good start, but a good start with the hope this opens the door for more opportunities equal to it,” she told Tribune Business. “We definitely need more ways to strengthen our economy and we’ve been talking about the diversification of it, but that equally has to involve the environment and the protection of it.
“Good start, we hope for more to come, and hope for it to be that things remain inclusive for all environmental stakeholders, including micro, small and medium-sized entities, non-profits and
$300m refinance set to boost 6.8m hectare MPAs oversight
FROM PAGE B5
and restoration of these essential habitats that support climate resiliency; and develop and implement a marine spatial plan to address increasing demands for use of The Bahamas’ ocean and improve management of the country’s marine areas.”
The debt conversion project is expected to save an estimated $124m over the next 15 years to improve ocean conservation efforts.
Supported by the InterAmerican Development Bank (IDB), The Nature Conservancy (TNC)’s nature bonds programme and other partners, it allowed the Government to buy back $300m in external debt via a new loan from Standard Chartered Bank.
The Bahamas Protected Areas Fund (BPAF) will manage the conservation funding generated by the deal and an endowment, expected to grow to $20m
by 2039, will continue funding marine conservation beyond the project’s 15-year term.
Lakeshia AndersonRolle, BNT executive director, said the funds will allow the BNT to increase its conservation efforts and enhance infrastructure in national parks.
“Achieving lasting conservation requires bold and sustainable solutions, and funding remains one of our greatest challenges in managing protected areas. The resources from this project will empower us to scale our conservation efforts, build a team capable of managing our growing national park system, and enhance critical infrastructure across our national parks,” said Mrs Anderson-Rolle.
“This initiative is a transformative step toward safeguarding The Bahamas’ natural legacy, ensuring that our unique ecosystems, biodiversity and local
non-governmental organisations (NGOs).” Ms Ingraham said correct management of these funds and the groups involved will be key to “proper execution”. Michael Halkitis, minister of economic affairs, explained that the interest savings have been generated because the Standard Chartered loan refinanced a portion of the Government’s existing debt at a much lower coupon. The new 15-year loan has “a highly favourable” average interest rate of 4.7 percent, which compares to rates of between 6 percent and 9 percent on $191m worth of bond debt that this is refinancing.
The minister explained that the low rate was achieved because Standard Chartered’s credit facility is “fully underwritten” by a “comprehensive credit enhancement package” provided by the IDB and other partners. Besides the multilateral lender’s $200m guarantee, the loan is also backed by a $79m “collateralised guarantee” from Builders Vision and $30m in credit insurance from the insurer, Axa XL. Together, these guarantees equal the loan amount and significantly lower Standard Chartered’s risk
communities thrive for generations.”
As the largest marine conservation funding programme in the country’s history, The Bahamas debt conversion project for marine conservation will bolster the management of The Bahamas’ extensive marine protected areas, which already encompass more than 17 percent of its nearshore environment— an indication of the nation’s longstanding commitment to marine conservation, as one of the largest marine protected area systems in the Caribbean.
Rochelle Newbold, the prime minister’s special advisor on climate change, said the initiative will boost the economy and contribute to global ocean protection goals.
“Since 1958 The Bahamas has led in ocean conservation, specifically with the establishment of the Exuma Cays Land and Sea Park (ECLSP). Now our nation takes another ambitious step with an economic programme that promotes ocean conservation and
in advancing the credit because its repayment has been affirmed. Builders Vision, which was founded by Lukas Walton, grandson of Wal-Mart’s creator, Sam Walton, helps to address environmental sustainability challenges in areas such as the ocean, energy and food and agriculture.
Confirming that the $300m ‘debt-for-nature’ refinance includes the $216m bond buy back reported in Tribune Business last Monday, as well as other debt previously issued by The Bahamas, the minister said the move is “expected to generate $124m in nominal cash savings representing 41.2 percent of the new facility’s size, which will be ear-marked for marine conservation in The Bahamas over the next 15 years”.
Mr Halkitis said the transaction “provides wins in so many areas”, including for the Government’s own financial position by reducing its debt servicing (interest) costs and spreading out debt maturities over an extended period of time so that it is not faced with multiple bond issues and loans becoming due for repayment all at once.
It also provides increased funding for marine
benefits local communities,” said Ms Newbold. “By strengthening the protection and management programmes of the marine protected area system, we will safeguard livelihoods, boost the economy and contribute to global ocean protection goals.”
Glenn Bannister, chairman of the Bahamas Protected Areas Fund, said the investments in conservation and climate resilience will benefit The Bahamas and its neighbours, and applauded the
conservation and sustainability efforts that will support industries such as fisheries and the wider ‘blue economy, while also enabling The Bahamas to build greater resiliency against sea level rise, more frequent and powerful hurricanes, and other symptoms of climate change. The Opposition, though, was far less generous in its praise of the Government’s transaction. Michael Pintard, the Free National Movement (FNM) leader, argued that the Davis administration was really taking credit for new borrowings it would not have incurred if it had not spent $203m from the ‘sinking fund’ assets to help cover the 2023-2024 fiscal deficit (see article on Page 3B). The ‘sinking funds’ represent assets set aside by the Government to repay bond principal when it matures and becomes due for repayment to lenders - including the very same $218m that has just been refinanced in the ‘debt-for-nature’ transaction. Mr Pintard argued the deal would not have been necessary if the Government had left the ‘sinking funds’ well alone.
Mr Halkitis said the $124m savings generated will “go directly” to the
role international partners played in constructing the agreement.
“Investments in conservation and climate resilience across The Bahamas yield considerable benefits across our islands and for our neighbours,” said Mr Bannister.
“Growing threats to our natural environment, including over-exploitation, climate change and increasingly limited funding, are impacting the sustainable management of our resources and have placed
Private security firms told to ‘professionalise’
FROM PAGE B4
side. We would not necessarily automatically grant a licence to an individual who has been, let’s say, hypothetically convicted of armed robbery.
“It’s important to have your licence so we don’t turn anybody away. Any person who applies for security guard or inquiry agent licence in the first instance, we will grant them a temporary licence. Not because we want to, or we have some idea we shouldn’t. It’s because the law says so. We’ll grant an individual a temporary licence for three months,” Mr Jones added.
“But here’s what’s happening within the three months. So we’re having that person vetted. We’re having them vetted through doors that you may not normally be able to get through to ensure that that person is fit and proper for the job. And it’s a matter for you whether you want to keep it. Now, of course, we are a ministry, and of course we call up the Government of forgiveness and we believe in second chances.
“So let me just say that, too. It’s okay to say that, yes, we believe in second chances. So this is all script, but we also have for good people - because some of you have good, good people who come to work on time,
Bahamas Protected Areas Fund (BPAF), which will manage the monies. The BPAF’s grants technical committee will review all funding proposals to determine if they qualify, while some monies will be directed to the creation of a $20m endowment so that there will be a permanent financing source beyond the 15-year Standard Chartered loan.
Tribune Business understands that the financing is likely to be split between government agencies that have environmental-related responsibilities and the private sector and NGOs. Questions and concerns have already been raised among Bahamian environmentalists over who will gain access to this funding.
Nikita Shiel-Rolle, who goes by the name ‘Eagleray Empress, posted on social media: “Progress looks like all the Bahamian organisations having fully financed budgets. It would be great if this allocates resources for the Bahamian organisations, but if all funds go to US-based entities implementing in The Bahamas that will be disappointing. Standing by to learn more.”
critical ecosystems and ecosystem services at risk.
“BPAF applauds the Government of The Bahamas, Inter-American Development Bank and The Nature Conservancy for structuring The Bahamas’ first debt conversion designed to generate sustainable revenues to protect our most important marine ecosystems and support Bahamian livelihoods. We are pleased to be a part of this very innovative solution.”
and they do their job as required and they may have had some past transgressions or situations.
“So we have the Rehabilitation of Offenders Committee that look at some of these records, particularly minor matters, and we can move to expunge those upon an application being made. As a matter of fact, that committee’s meeting this morning and hearing a whole lot of applications. So all isn’t lost for an individual. You may have to vouch for that person.”
Mr Jones said that while licences are sometimes revoked, the minister of national security has the final say. He explained that the minister would call the individual before him and the Board and, in some cases, their security guard licence is restored.
message seeking comment before press time last night although the two ‘blue ticks’ showed he had received and read it.
He and his son have vehemently, and consistently, denied all allegations against them during the ultimately failed battle with the Securities Commission to prevent ArawakX being placed in Supreme Court supervised winding-up. However, the liquidators have accused Mr Rahming and his son of failing to respond to their requests for information on a similar US-domiciled platform they are alleged to have established.
Mr Rahming and Ms Simms also revealed that submitted a report to the Royal Bahamas Police Force on July 12, 2024, over ArawakX’s “unauthorised public offering” that allegedly violated criminal provisions in the Securities Industry Act and its accompanying regulations.
And, with ArawakX’s $140,000 deposit at the Bahamas Development Bank held as security for credit advanced by the same institution, sources of recovery for creditors are few and far between. Marketing materials advertising items for sale feature only a gold cart, some artwork, office furniture, laptops, computers and TV screens
- a collection that will realise nowhere near the $1.76m in approved claims. The liquidators, shifting their focus, reported that they will soon demand that the Rahmings provide a “statement of their net worth”, detailing all their assets and liabilities, to see if these represent a potential source for paying off debts owed to ArawakX creditors.
Detailing that “asset recovery efforts based on net worth” are among their four main priorities, Mr Rahming and Ms Simms wrote in their November 22, 2024, report: “A request of statement of net worth will be sent shortly to the Rahmings by counsel. Based on this information we will determine the way forward with regards to recovery from personal assets.”
However, they alleged that the Rahmings have been less than co-operative to-date on other information requests concerning ArawakX’s Bahamian and US bank accounts as well as Local Investment Hub.
“On February 2, 2024, the liquidators sent, via their counsel, a request to the Rahmings for information on Local Investment Hub and all related entities of the company,” Mr Rahming and Ms Simms wrote. “To-date, we have received no response to our requests for information. A final request will be sent
by counsel (Raynard Rigby KC at Baycourt Chambers), and if no adequate response is received within seen days we will seek directions from the court.”
Mr Rigby’s “request” had detailed the liquidators’ concerns and suspicions that ArawakX assets were use to finance the creation of Local Investment Hub, a US company whose website was “a duplicate” of the Bahamian crowd-funding platform.
“We are instructed that at a meeting held with you (and others) by the joint provisional liquidators on January 18, 2024, the joint provisional liquidators shared with you their findings that the assets of ArawakX were used to fund the start-up and operations of a US-based company called Local Investment Hub (LIH),” Mr Rigby told Mr Rahming senior in a letter copied to both his son and their attorney, Khalil Parker KC.
“It appears from the records obtained that you and D’Arcy Rahming junior are noted as officers of LIH. The joint provisional liquidators also discovered that the assets of ArawakX were used to fund the operations of LIH.
“It was also brought to your attention that LIH’s website is a duplication of the website used by ArawakX. You were also informed of the fact
AFRAID OF LOSING THE US-CANADA TRADE PACT, MEXICO ALTERS ITS LAWS AND REMOVES CHINESE PARTS
By MARK STEVENSON and MARÍA VERZA Associated Press
MEXICO has been taking a bashing lately for allegedly serving as a conduit for Chinese parts and products into North America, and officials here are afraid a re-elected Donald Trump or politically struggling Canadian Prime Minister Justin Trudeau could try to leave their country out of the
NOTICE
NOTICE is hereby given that RUDOLPH CHARLES of Cox Street, New Providence, 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 November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MODULO HOLDINGS INC. Company number 208937B
Incorporated under the International Business Companies Act, 2000 (In voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of November 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Duncan Rheingans-Yoo, whose address is 100 Nod Hill Rd, Wilton, CT 06897, U.S.A.
Any Person having a claim against the Company is required to send their name, address, and particulars of the claim to the Liquidator on or before 20th December 2024. In default thereof they may be excluded from the beneft of any distribution made before such claim is proved.
Dated 25 November 2024
Duncan Rheingans-Yoo Liquidator
that the website used by ArawakX remains inaccessible by the joint provisional liquidators.”
Mr Rigby had continued: “The joint provisional liquidators have formed a provisional view that you are using LIH’s website to trade and carry on certain activities that are identical in the main to those carried on by ArawakX.
“You are further warned that any activity by you on the website is strictly prohibited due to the Order of the Supreme Court and that, should the joint provisional liquidators so discover that trading or other such or similar activity was conducted post the appointment of the joint provisional liquidators, such conduct will be shared with the court.”
Creditors, though, face the prospect presently that they will recover little to zero of what is owed to them by ArawakX. Some 15 creditors, including two former employees and four investors who submitted monies to invest in the four crowd-funding offers completed by the platform but do not feature in any of their share registers, submitted a collective $2.196m in claims.
“As liquidators, we reviewed all claims received and have adjudicated 60 percent of the claimants in the liquidation,” Mr Rahming and Ms Simms
get companies to replace Chinese parts with locally made ones.
U.S.-Mexico-Canada free trade agreement. Mexico's ruling Morena party is so afraid of losing the trade deal that President Claudia Sheinbaum said Friday the government has gone on a campaign to
"We have a plan with the aim of substituting these imports that come from China, and producing the majority of them in Mexico, either with Mexican companies or primarily North American companies," Sheinbaum said.
NOTICE
NOTICE is hereby given that EVENS JAMIE CADET of Bozine Town, New Providence, 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 November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
wrote in their November 22 report. “As at the date of this report, the company remains insolvent and, although proofs of debt have been received, there is no likelihood of creditors receiving any payment.”
With not a single reply, the October 2 creditors’ meeting was postponed.
With the BDB presenting confirmation that ArawakX had agreed on November 23, 2020, that the institution could hold its $140,000 deposit as security for the $378,343 loan that financed the acquisition of its software, the liquidator duo admitted that hopes this could prove a source of creditor recovery have been dashed.
Alexiou, Knowles & Company, the BDB’s attorneys, confirmed on October 8, 2024, that they have initiated Supreme Court proceedings to take possession of ArawakX’s Joe Farrington Road property that serves as collateral for the loan. “The liquidators plan to hand over the keys once the assets therein are sold,” Mr Rahming and Ms Simms.
They are also working to transfer ArawakX’s four completed crowd-fund raises to a new, unidentified registrar and transfer agent. The share registers for all four - Tropical Gyros, Pinnacle Franchise Brands, Nassau Gas and Tanks and Footcare RX - contained
While Sheinbaum claimed Mexico had been working on that effort since t he 2021 global supply chain crisis — when factories around the world were stalled by a lack of parts and particularly computer chips from Asia — it appears to be an uphill battle. Even the United States has faced big challenges in moving chip production back home despite billions in subsidies and incentives.
Mexico gained tens of thousands of jobs when U.S. and foreign automakers moved their plants to Mexico under the free trade pact to take advantage of much lower wages. But the idea that Chinese parts — or even whole cars — could be piggybacking on that arrangement to further hollow out the U.S. auto industry has enraged some people north of the border.
So Mexico is scrambling with private companies to get them to move parts production here.
"Next year, God willing, we are going to start making microchips in Mexico,"
discrepancies with more investors shown than those who provided “all necessary information” to confirm their investment; For example, Tropical Gyros was shown as having 691 investors while only 584 supplied all details, while for Pinnacle just 739 out of 868 provided sufficient evidence. For Footcare Rx, 200 out of 214 came forward, while for Nassau Gas & Tanks some 172 out of 192 supplied the necessary proof.
And, confirming that the necessary report has been supplied to the police, Mr Rahming and Ms Simms wrote: “We were of the view that the company held a ‘public offering’ of its shares in contravention of section 97 of the Securities Industry Act. One hundred and 34 subscribers were found to have signed subscription agreements with the company.
“No approval was sought from the Securities Commission for the ‘public offering’ of company shares or the subscribers. The cash provided by the subscribers was spent by the company and no shares were exchanged.
“The liquidators through this report reported the breach of the Securities Industry Act’s section 97, which is that carrying out an unauthorised distribution or offering is a criminal offence.”
Mexican Economy Secretary Marcelo Ebrard said on Thursday. "Of course they're not yet the most advanced chips, but we are going to start producing them here."
Mexico's nationalistic ruling party, which is normally very resistant to being seen as bending to U.S. demands, is scrambling in other ways, too.
The ruling party is in the process of eliminating a half-dozen independent regulatory and oversight agencies that were established by former presidents. That includes the antimonopoly, transparency and energy regulatory bodies. Together with reforms that will make all judges stand for election in Mexico, that has sparked concern in the U.S. and Canada. Countries are required under the agreement to have some independent agencies, in part to protect foreign investors.
NIGERIA TURNS TO NATURAL GAS AS TRANSPORT PRICES SOAR AFTER PETROL SUBSIDIES WERE REMOVED
By DYEPKAZAH SHIBAYAN Associated Press
WHEN Nigeria's President Bola Tinubu ended the costly subsidies that made petrol affordable for many in Africa's most populous country, Ahmed Halilu knew his e-hailing cab business in the capital, Abuja, was about to run into huge losses.
Transportation costs skyrocketed as the price of petrol more than tripled in the months that followed last year's decision, resulting in the country's worst cost-of-living crisis in a generation. That meant a massive drop in the number of Halilu's passengers and ultimately in his earnings.
In what they said would eventually lower transportation costs by almost 50%, Nigerian authorities in August introduced a compressed natural gas (CNG) initiative to tap its huge gas reserves — Africa's largest — and roll out CNG buses while switching petrol-powered vehicles to use it.
More than 100,000 vehicles have been adapted to run on CNG or with the hybrid option of CNG and petrol, and at least $200 million has been invested by the government under the initiative, according to its director, Michael Oluwagbemi.
The government aims to convert 1 million of Nigeria's over 11 million vehicles in the next three years, but analysts say the process has been slow, pointing to poor implementation and limited infrastructure.
Although Nigeria is one of Africa's top oil producers, it depends on imported refined petroleum products because its refineries are struggling, with production at its lowest in decades amid massive oil theft.
Together with other reforms introduced by Tinubu after coming to power in May last year, the removal of subsidies was supposed to save the government money and shore up dwindling foreign investments.
However, it has affected the price of just about everything, and soaring
transportation costs force people to abandon their vehicles and walk to work.
Switching over to gas is hard. In addition to the lack of an adequate network of CNG conversion and filling stations — available in 13 of Nigeria's 36 states — the success of the government's initiative also has been limited by low public awareness.
That has left room for misinformation and hesitancy among drivers.
"People are not keen about it because of a lack of orientation," Halilu said. He converted his vehicle and now saves $240 monthly on petrol costs in his e-hailing business. Some drivers have expressed fear that their cars could explode with the CNG conversion — claims that regulatory agencies have said are untrue unless the equipment is installed inappropriately. In southern Edo state, authorities found that a CNG-powered vehicle that exploded had been worked on by an unaccredited vendor.
Even in Abuja and the economic hub of Lagos, filling stations are scarce and the few available conversion workshops are often lined with commercial vehicles waiting for days to switch to CNG at subsidized rates.
Meanwhile, the cost for private vehicles to switch is 20 times Nigeria's minimum monthly wage of $42.
A colleague had to travel about 200 kilometers (124 miles) to Abuja to refill his cylinder, said Abdul Manasseh, an e-hailing taxi driver in Abuja.
Another challenge that has slowed the initiative is Nigeria's limited gas pipeline, which makes supplying stations difficult. As a result, most parts of the northern and eastern states have not been reached.
The challenges echo those for the shift to electric vehicles in Nigeria, where the adoption by private operators has been slow.
The power supply remains fitful for most of the country's 210 million citizens, mainly as a result of underinvestment and vandalism.
Lighthouse Global Strategic Fund Ltd.
NOTICE IS HEREBY GIVEN as follows:
(a) Lighthouse Global Strategic Fund Ltd. has been dissolved on the 15th day of November 2024 under the provisions of the International Business Company Act, 2000.
Shareece Scott Liquidator
NOTICE
Lema Partners Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 204870 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 21st day of November A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Leonardo Mäder Furtado Dos Santos, whose address is Chalchrain 11 6315 Oberägeri, Switzerland. Any Persons having a Claim against the above-named Company are required on or before the 21st day of December A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereo the e e c uded ro the eneft o n distribution made before such claim is proved.
Dated this 21st day of November A.D. 2024. Leonardo Mäder Furtado Dos Santos LIQUIDATOR
Trump’s Republican Party is increasingly winning union voters. It’s a shift seen in his labor pick
By JOSH BOAK and ZEKE MILLER Associated Press
WORKING-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members, a political shift spotlighting one of President-elect Donald Trump's latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary.
Oregon Rep. Lori Chavez-DeRemer narrowly lost her bid for a second term this month, despite strong backing from union members, a key part of the Democratic base but gravitating in the Trump era toward a Republican Party traditionally allied with business interests.
"Lori's strong support from both the Business and Labor communities
will ensure that the Labor Department can unite Americans of all backgrounds behind our Agenda for unprecedented National Success - Making America Richer, Wealthier, Stronger and more Prosperous than ever before!" Trump said in a statement announcing his choice Friday night.
For decades, labor unions have sided with Democrats and been greeted largely with hostility by Republicans. But with Trump's populist appeal, his working-class base saw a decent share of union rank-and-file voting for Republicans this year, even as major unions, including the AFL-CIO and the United Auto Workers, endorsed Democrat Kamala Harris in the White House race.
Trump sat down with the International Brotherhood of Teamsters union leadership and members this year, and when he emerged from
NOTICE
IN THE ESTATE of VERLETA DAVIS late of Dundas Town Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before the 25th day of November A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
MICHAEL A. DEAN & CO., Attorneys for the Executors Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
that meeting, he boasted that a significant chunk of union voters were backing him. Of a possible Teamsters endorsement, he said, "Stranger things have happened."
The Teamsters ultimately declined to endorse either Trump, the former president, or Harris, the vice president, though leader Sean O'Brien had a prominent speaking slot at the Republican National Convention.
Kara Deniz, a Teamsters spokesperson, told the Associated Press that O'Brien met with more than a dozen House Republicans this past week to lobby on behalf of Chavez-DeRemer.
"Chavez-DeRemer would be an excellent choice for labor secretary and has his backing," Deniz said.
The work of the Labor Department affects workers' wages, health and safety, ability to unionize,
and employers' rights to fire employers, among other responsibilities.
On Election Day, Trump deepened his support among voters without a college degree after running just slightly ahead of Democrat Joe Biden with noncollege voters in 2020. Trump made modest gains, earning a clear majority of this group, while only about 4 in 10 supported Harris, according to AP VoteCast, a sweeping survey of more than 120,000 voters nationwide.
Roughly 18% of voters in this year's election were from union households, with Harris winning a majority of the group. But Trump's performance among union members kept him competitive and helped him win key states such as Pennsylvania, Michigan and Wisconsin.
Chavez-DeRemer was one of few House Republicans to endorse the "Protecting the Right to Organize" or PRO Act, which would allow more workers to conduct organizing campaigns and add penalties for companies that violate workers' rights.
NOTICE
IN THE ESTATE of SCOTT NEIL THOMPSON, late of Marsh Harbour in the Island of Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certifed in writing to the undersigned on or before the 25th day of November A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
MICHAEL A. DEAN & CO., Attorneys for the Executors Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
Wall Street gains ground as it notches a winning week and another Dow record
By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
STOCKS closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high.
The S&P 500 rose 0.3%.
The benchmark index's 1.7% gain for the week erased most of its loss from last week.
The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%.
Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It's now within about 0.5% of its all-time high set last week.
"Overall, market behavior has normalized following an intense few weeks," said Mark Hackett, chief of investment research at Nationwide, in a statement.
Several retailers jumped after giving Wall Street encouraging financial updates.
Gap soared 12.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year.
EchoStar fell 2.8% after DirecTV called off its purchase of that company's Dish Network unit.
Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%.
A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies.
Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology.
Intuit, which makes TurboTax and other accounting
software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts' expectations. Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors' lawsuit to proceed against the company. It stems from the privacy scandal involving
the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday.
Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors
an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October.
MARINE FORECAST
THE NEW York Stock Exchange is shown on Wednesday, Nov. 20, 2024, in New York. Photo:Peter Morgan/AP
