By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN electric vehi-
cle dealer yesterday revealed one of its brands is mulling “what action they may take” against a rival distributor that has no permission to assert it is its ‘authorised’ representative.
Pia Farmer, partner in Easy Car Sales, told Tribune Business that a competitor is purporting to be an “authorised dealer and factory warranty provider” for two of the three electric vehicle brandsBYD and Geely - for which it has
exclusive rights to act as their sole agent in The Bahamas.
Asserting that competition is welcome so long as it is fair, she likened the rival’s behaviour to “stealing” and “trying to ride on the backs of our work” over the past eight years in promoting the alternative option provided by electric vehicles and building Easy Car Sales’ business.
The rival dealer, when approached by Tribune Business, said it was “aware of the claims” being made against it and promised to send a written response on the issue. No reply was received by the deadline set by this newspaper last night and,
after receiving legal advice, it has decided not to name the company involved - yet.
However, Ms Farmer said the rival’s sales persons had made representations that it was an authorised dealer for BYD directly to the latter’s representatives when they visited its premises on a recent trip to The Bahamas.
And she also reiterated prior concerns that Bahamian consumers are unknowingly buying second-hand electric vehicles being sold into this marketplace by Chinese dealers to their local counterparts here. Noting that these autos were for the domestic
Chinese market, rather than international exports, Ms Farmer said any warranty protection for consumers automatically ends if they are exported. Besides difficulties in obtaining parts, the Easy Car Sales partner also asserted that the operating systems for vehicles intended for the Chinese domestic market are in Chinese - not English. And she added that it was was impossible for Bahamians to install their apps - such as Google maps and Apply Play - in these autos, while Google searches are heavily restricted due to Chinese regulations.
By NEIL HARTNELL Tribune Business Editor
THE world’s two top credit rating agencies have praised The Bahamas’ $300m debt-for-nature refinancing while warning it does not cure all fiscal woes since less than 10 percent of external bonds were retired.
Moody’s, in branding the transaction as “credit positive” for The Bahamas given that it lowers the Government’s interest (debt servicing costs) and further spreads out when its foreign currency bond issues fall due for repayment, nevertheless said its size meant there would be a limited impact on the country’s $11.5bn-plus debt profile.
And, with the average weighted cost of The Bahamas’ debt having increased by 49 percent in percentage terms over the three years to end-June 2024, it reiterated that the Government is now spending almost one-fifth - one out of every five dollars it earns in revenue - to pay the interest bill on its liabilities.
Describing this 20 percent ratio as “relatively high”, Moody’s added that yields on this nation’s still-outstanding external foreign currency debt signal that accessing the international bond markets to refinance existing bonds
coming due in 2028, 2029 and 2032 at competitive rates will be challenging.
Standard & Poor’s (S&P), for its part, hailed the refinancing as “opportunistic” and reassured that the Government would have been able to meet all its obligations without the refinancing due to recent progress on fiscal consolidation and the Bahamian economy’s growth prospects.
Reacting to Friday’s announcement, which revealed that the Government had used a $300m, low-cost Standard Chartered bank loan to refinance some $216m in bond debt and other liabilities, Moody’s said: “The buyback was part of a debt-for-nature swap that earmarks savings from the transaction for marine conservation.”
The $124m savings is generated from the lower interest costs associated with the Standard Chartered loan, priced at an average 4.7 percent interest rate over a 15-year period, compared to the interest rates - ranging from 6 percent to 9 percent - that the Government was paying on more than $191m worth of bonds it has now repurchased.
“The credit positive transaction improves The Bahamas’ bond maturity
While all this has “not drastically affected” Easy Car’s own sales, Ms Farmer said that while “happy” to see other vehicle dealers entering the electric market and representing rival
Trump’s tariff threats spark Bahamas ‘death blow’ fear
By NEIL HARTNELL Tribune Business Editor
BAHAMIAN consum-
ers, as well as small and mid-sized merchants, could suffer “a death blow” if Donald Trump makes good on threats to impose tariffs as high as 60 percent on Chinese-made imports.
Mark A. Turnquest, a corporate consultant and founder of the 242 Small Small Business Association and Resource Centre, yesterday told Tribune Business that The Bahamas could be plunged back into a renewed cost of living crisis if the US president-elect follows through on his pledge because this nation imports such a high quantity of Chinese manufactured products.
Many of these Chinese imports transit and move through the US before being shipped on to The Bahamas, so they would
likely be caught up in Mr Trump’s proposed tariff war with Beijing if his strategy is implemented. Given that he imposed tariffs ranging from 7.5 percent to 25 percent on Chinese imports during his first White House stint, his promise to now raise these levies as high as 60 percent cannot be ignored.
Mr Turnquest told this newspaper that tariff hikes and other protectionist measures will have negative consequences for The Bahamas, its citizens and
private sector given this nation’s dependence on imports for virtually everything it consumes. This makes it especially vulnerable to external events such as the trade wars seemingly threatened by Mr Trump. The small business consultant said many of his retail clients and Association members fear “we are dead; D-E-A-D” if the US president acts on his tariff threats following his January 20, 2025, inauguration. Tariffs, a form of taxation levied on imported goods at a country’s border, typically raise costs and prices with the impact ultimately passed on to the end-consumer or user. However, other Bahamian merchants
Armed police protection for 20M microgrid study
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ENVIRONMENTAL consultants have revealed they needed armed police protection to undertake studies on governmentowned land earmarked as the location for a 20 mega watt (MW) solar microgrid.
SEV Consulting Group, in the environmental impact assessment (EIA)
for the renewable energy project at Carmichael Village in southern New Providence, said armed officers were required because of the “significant threat” posed by persons using the property illegally and “large dogs” said to be roaming the site.
The report highlights the Government’s failure to properly manage its landholdings for the benefit of the Bahamian people and prevent multiple illegal
and unauthorised activities, including dumping, land clearing and the “burning of copper”, especially given that the same Carmichael Village site lies within the proposed Carmichael North National Forest Estate that has been “designated as a conservation forest”.
The 206-acre site, which is bordered by Lake Killarney to the north and Bahamas Power & Light’s (BPL) powerline access
road on the south, is near both
and Carmichael Roads. SEV Consulting’s report reveals nearby land as been used for a mix of industrial, residential and agricultural purposes, with Carmichael Village being the nearest community on the southeastern boundary.
“A number of illegal activities are also occurring on site, including
A NEW Providence gated community has applied to the Town Planning Committee for permission to rezone 29 of its lots from single family to multi-family and permit greater housing density.
The developers of the Via Della Rosa subdivision in Coral Harbour are proposing to rezone from single family to duplex, triplex, four-plex, five-plex, six-plex and ten-plex residential units.
According to the developers, consultations were held with all property owners within the
proposed rezoning area, who expressed support for the change in zoning so they can “invest a part of their land”.
“We have spoken to everyone that owns a lot in the zoning area. This is what they want to invest a part of their land,” reads the application submitted to the Town Planning Committee.
The Department of Physical Planning noted that the property owners association has consulted with members and “come to a consensus”.
It said it has “no planning objections to the proposed rezoning” and recommended that preliminary support of the application be given to the
developer subject to several
Fire Trail
DONALD TRUMP MARK A.
MULTI-MILLION PI PROJECT SEEKS TOWN PLANNING’S APPROVALS
By FAY SIMMONS
THE Four Seasons Ocean Club’s owner and its partners are now seeking Town Planning Committee approval to develop 67 high-end condominium units overlooking Cabbage Beach on Paradise Island’s north coast. The 6.04 acre site, which is located between the RIU Hotel and the Sunrise Beach Club, will become home to four residential towers on top of a two-level podium if the necessary
permits are forthcoming. More than 200 full-time jobs are forecast to be created when construction is completed.
Three residential towers are expected to contain six floors, with two housing 10 units and the other 11 units. The larger residential tower will house 36 units and have 9 floors. Residential amenities will include a restaurant, lounge and bar, gym, spa and multiple pools.
“The building sits on the highest portion of the site, with the podium levels nestled into the hillside,” said the Ocean Club Residences
application. “As the hill slopes toward the beach, the podium levels are revealed, opening out on to landscaped terraces facing the ocean.
“The residential amenities include a restaurant, lounge and bar, gym, spa, kids’ and teens’ club, as well as adult, family and children’s pools. The property will be operated by an international luxury hotel operator. The architecture is reminiscent of a traditional design with elements of Caribbean/Bahamian influence.”
Public beach access will be maintained along the
Ocean Club Residences’ western edge, while stalls and a restroom will be provided for permitted vendors. The project has a total building area of 411,000 square feet, and all four towers will sit on top of a partially-submerged podium which houses parking, support spaces and back of house facilities.
Developers have included 94 parking spaces in their plans, inclusive of 11 tandem spaces, each counted as two. Last month, the Davis administration signed a Heads of Agreement for a project which officials say will be the “largest” Four Seasons condo hotel in the Caribbean. It involves a capital investment of $275m, and ground is expected to be broken by the end of the year. The project is expected to employ 440 Bahamians during
construction and over 200 once operational.
Prime Minister Phillip Davis KC said: “It reflects the success of the Davis administration’s efforts to create an environment that attracts world class developments, stimulates investor confidence and paves the way for sustainable growth,” he said.
“Secured through funding by Bank of America, this project is not only a vote of confidence but a commitment to our nation’s future.”
He added that the project will provide a significant economic boost, with officials expecting an infusion of at least $170m during construction.
“In addition to the economic benefits, this project adds to the narrative of The Bahamas as a world class destination for luxury and high-end experiences,” he said. “This is a crucial
element of our strategy to maintain and grow our position as a leader in the tourism industry.”
For his part, Tourism Minister Chester Cooper expressed confidence that the Four Seasons property would “fit well into our overall product offering”. He also emphasised that permanent beach access was non-negotiable, adding: “We are delighted to report that continued beach access for the public will be maintained.”
Access Industries, the existing Ocean Club’s owner, has partnered with Florida-based real estate developer Two Roads Development for the multi-million-dollar project. “This project will set new standards to luxury and we’re here to make that happen for you guys,” said Taylor Collins, managing partner at Two Roads Development.
Annual inflation declines despite monthly increase
THE Bahamas’ trail-
ing 12-month inflation rate fell by 0.6 percent in August despite a modest month-over-month increase compared to July, it was disclosed yesterday.
The Bahamas National Statistical Institute (BNSI), unveiling the Consumer Price Index (CPPI) for August 2024, said inflation rose by 0.1 percent compared to July - representing the first month-over-month rise for five months since March 2024. However, overall prices for the goods captured by the CPI fell by 0.6 percent compared to August 2023, representing a greater decrease than the 0.5 percent fall to July 2024.
“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, increased by 0.1 percent when compared to July 2024. This increase is
reflected in the overall price of items purchased by the average consumer during this period. This August 2024 increase followed a 0.1 percent decrease between the months of June 2024 and July 2024,” the BNSI said.
“On a month to month basis, the major increases by group included communication, 2.1 percent; furnishing and household equipment and routine household maintenance, 1 percent; recreation and culture, 0.6 percent; along with food and non-alcoholic beverages, 0.6 percent. The remaining major groups saw little to no change. Meanwhile, the major group of restaurant and hotels saw a decline of 2 percent.”
Turning to the trailing 12-month, or year-over-year inflation rate, the BNSI said: “Furthermore, for August 2024, the CPI declined 0.6 percent over the same period last year.
BTC ACCELERATES ROLL-OUT FOR MODERN FIBRE NETWORK
THE Bahamas Telecommunications Company (BTC) says it is accelerating the New Providence roll-out of its fibre network so that it can transition customers off legacy copper infrastructure.
Drexel Woods, BTC’s director of technology operations, said subscribers will enjoy faster, more robust and reliable connectivity when
they are switched to the new fibre-to-the-home network. “Our transition to a unified fibre network marks a significant milestone in our commitment to delivering exceptional service,” he said. “Fibre technology represents the pinnacle of residential broadband, offering unparalleled speed and reliability.
“The major categories that contributed to this decrease included furnishing and household equipment, and routine household maintenance, 3.6 percent; transportation, 3.5 percent; recreation and culture, 2.4 percent, along with clothing and footwear, 2.6 percent. Meanwhile, education and food and non-alcoholic beverages recorded increases of 4.9 percent and 3.5 percent when compared to this same period last year.”
As for fuel costs, the BNSL said: “For the month of August 2024, diesel prices recorded an increase of 0.8 percent while gasoline prices decreased by 0.5 percent when compared to July 2024. Meanwhile, gasoline and diesel declined 4.6 percent and 1.4 percent, respectively, when compared to this same period last year.”
“We’re methodically expanding this cutting-edge infrastructure across communities, ensuring a smooth transition for every customer. Our dedicated sales
DREXEL WOODS
OPPOSITION LEADER PLEDGES ‘TO LEAD HOUSING REVOLUTION’
By ANNELIA NIXON Tribune Business
THE Opposition’s leader yesterday pledged to “lead a housing revolution” in the Bahamas with reforms that were strikingly similar to those recently suggested by the Clearing Banks Association’s head.
Michael Pintard said he plans “to launch a robust competition” that will help to create more affordable housung throughout The Bahamas. His proposal calls for private sector involvement and the creation of a real estate investment trust (REIT) to help finance home building - the same vehicle suggested a week earlier by Gowon Bowe, also Fidelity Bank (Bahamas) chief executive.
“Bahamians are struggling to find suitable accommodations to live in,” Mr Pintard said. “And this is precisely why we have indicated we will lead a
housing revolution in The Bahamas, where Bahamians from all walks of life will be able to afford homes that will, in fact, be consistent with their socioeconomic bracket.
“In other words, depending on what your revenue is, we believe that there are housing solutions that can meet your needs. And so we intend to launch a robust competition between architects and engineers who will be able to design housing solutions that are climate smart, that take into consideration energy conservation, that have the building material that does not add to the carbon footprint.
“We have Bahamians who are now in that business of creating zero carbon blocks, and then also they will design homes that fit into the particular geographical area that residents are interested in living in, whether it is Over-the-Hill, in Family Islands or in more affluent neighborhoods.”
Mr Pintard’s REIT proposal was slightly different to Mr Bowe’s, who had suggested that the Government could take the lead in structuring such a vehicle and subsequently attract private capital to acquire distressed properties from banks and other lenders at a discount, re-purpose them and sell them on at a price middle and lower income Bahamian families can afford.
“Secondly, we believe that with the land resources we have, the people’s land, that we should make available land that would be deposited in a land REIT or a land trust, and that we would use that land trust in tandem with private investors in The Bahamas so that we can enter into public-private partnerships in order to source funding to build homes in those various categories,” Mr Pintard said.
“And contractors of all political colours, and no political colours, will have an equal opportunity at
FIREARMS GROUP DIRECTOR: TRAINED SECURITY AGENTS NEED PROTECTION
By ANNELIA NIXON
A NATIONAL Firearms Association director, and owner of three security firms, yesterday said he wants to partner with the Government to reform the law so that properly-trained security guards can carry weapons.
Virgil Thurston-Sturrup told Tribune Business he wants to work with the Ministry of National Security to overhaul the Inquiry Agents and Security Guards Act, and its accompanying regulations, and provide the necessary equipment and training to both security guards and private citizens.
Speaking after last week’s Private Security Awareness and Protection seminar, he said he is firm in his belief that security guards and private citizens alike should have both lethal and non-lethal protection once fully trained. One of the first steps, according to Mr Thurston-Sturrup, is a revision of the Act.
“What we’re pushing with them is we’re pushing, firstly, changing some outdated verbiage in the Act and regulations because as it stands right now, the Act and regulations doesn’t have the verbal and legal verbiage in it to cover up security officers carrying
firearms,” Mr ThurstonSturrup said.
“Because right now it’s saying observe and report is the main thrust for the security field in The Bahamas. You observe and you report. There was even a grey line between restraining someone. You can get liable for unlawful arrest.”
While the Act currently states that a security officer, when handling an aggressor, should ensure it does not come to a wound or blow, Mr Thurston-Sturrup added that even restraining a person can lead to liability issues and it could become worse if a security guard ends up harming the person in the process.
“You may be wrongfully accusing someone of stealing,” Mr Thurston-Sturrup began. “What if I can’t show you a receipt and I have 20 items? So, the verbiage in the Act and the regulations needs to be changed because if I restrain you and then, based on who you are, especially being a small society, I can be charged for wrongful detention. It may
not be me but my company may be liable.
“And then if I harm you, then I will be charged with assault or even grievous harm if I were to damage you in any sort of way trying to restrain yo, because you’re not just going to stand there and allow me to cuff you or to restrain you.
“You’re probably going to fight back. There could be some injuries. Then I could be liable now for your medical injuries, pain and suffering, and then there’s a civil lawsuit and then I may be sued individually - and my company may be sued- because I am also a representative of my company. So the Act needs to change and cover these things legally.”
Mr Thurston-Sturrup said he is waiting to hear from Paul Jones, the Ministry of National Security’s legal advisor and other parties, especially after the discussion and debate on allowing protection for security guards and inquiry agents.
He believes security guards should carry both lethal and non-lethal
participating in the construction. In a similar way that Bahamians of all political stripes will have an opportunity for fair access to housing.
“Rather than relying on your MP or your minister to attempt to hand out political treatment, we will hold this organisation, the public-private partnership, between very few government officials and predominantly private sector actors responsible for being transparent in all of their operations,” he added.
“And they will be audited on a regular basis to make sure that they are executing the development of the housing programme. Our people, many of them, have been waiting for decades to access housing. Many of them are public servants or worked for companies and have worked for these companies for decades, yet they are shut out.”
Mr Bowe told Tribune Business that the
protection depending on the environment they are working in, and that they should not have to fear legal action when they are only protecting themselves and their client’s assets.
Mr Thurston-Sturrup said he has been pushing and advocating for the National Firearms Association to be recognised as the group to administer training. He added that he’s already met with the relevant parties, but the initiative has not progressed very far.
“I’ll speak bluntly on it and truthfully. We have already spoken to the Attorney General’s Office and to the Ministry of National Security and the Commissioner of Police, all three, on becoming the official training arm in the country for persons acquiring and retaining firearms,”
Mr Thurston-Sturrup said.
“This is what we wanted them to do.
“If you come to the police force and put in an application to acquire a firearms licence, we wanted one of the criteria to be having training in that particular firearm you want to retain. Whether it be a rifle, whether it be a shotgun or whether it be a pistol.
Government is fixated on using Crown Land to build homes with the belief that it is cheaper. However, he argued that the land could be put to better use.
“The Government sees the building of homes, and multiple administrations are guilty of this fallacy, as they view the construction of new homes on Crown Land as being cheaper and a more productive use of property,” Mr Bowe told Tribune Business.
“When you use Crown Land to create excess inventory, you crowd our commercial opportunities that Crown Land can be used for. You crowd out opportunities to use that property for industrial purposes; farming, development opportunities that may involve light manufacturing, and you are not addressing the overhang from the 2007-2008 financial crisis.
“Governments largely bury their head in the sand and view the distressed
“So we wanted the Government to implement that as a criteria, and we wanted to be that recognised organization in the country to provide the training because, based on the numbers, and what’s going on in the country and the manpower capabilities, the police force cannot handle training that many people. They don’t have the officers dedicated to that,” he added.
“And one of the other things we told them, which was good, every two years there should be a refresher course - not just for the
properties as a banking problem as opposed to seeing it as a national problem.”
Mr Pintard yesterday added that the FNM “will insist that financial services institutions disclose all related fees to housing and land transactions, so that there are no surprises for the eager and vulnerable potential homeowner”.
“We will ensure that, at the end of the day, they ought to have the ability to switch lenders when they decide to do so. If you’re going to talk about the demolition of unregulated development, whether it’s the traditional shanty towns or Over the Hill where some yards have six, seven houses without the proper sanitary conditions, the most humane way to execute that is to ensure that there’s adequate housing available at a price point that makes sense for people to transition in living in situations with dignity,” he said.
training aspect, but also a subtle way is to run an inspection to make sure persons who have the licences for these firearms still have retention of the firearm and they have not altered the firearm. And I think we have pitched that to them more than three, four years ago, and they are still kicking the can down the road on that.” Mr Thurston-Sturrup clarified that neither he nor the National Firearm Association is lobbying for firearms. He said they are pushing for training in the use of firearms.
Tribune Business
Trump’s tariff threats spark Bahamas ‘death blow’ fear
said it was too early to react to the US president-elect’s social media warnings.
Brent Burrows II, vicepresident of retail and sales at CBS Bahamas, told Tribune Business that while Mr Trump’s proposed tariffs are “definitely something to keep an eye on” it was too early to determine how the issue will play out or any local impact.
“Honestly, I’m not too sure,” he said of any potential fall-out. “From our point of view, and from the vendors we deal with out there, they haven’t put out any official communication that says they’re worried about it just yet. It’s just too early to say, and we’ll see what happens after the president’s inauguration in January.
“It’s definitely something to keep an eye on and could potentially be concerning. I don’t know. For now, it all just political bargaining, negotiating in the form
of tariffs, but I guess we’ll see as we get closer to [Mr Trump taking office]. Keep an eye on it, keep in close contact with your vendors, and it would be useful for people to know to what extent products coming from China pass through the US.”
Mr Turnquest, meanwhile, estimated to this newspaper that “at least 60-70 percent” of products sold locally come from China “directly and indirectly” with a big portion transiting, or passing through, the US. Besides those that arrive on the US west coast, and are trucked cross-country to eastern ports, Chinese goods also transit the Freeport Container Port heading to the US before being returned to The Bahamas.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in a recent statement questioned whether Mr Trump’s tariff plans and Amazon’s much-hyped
Bahamas direct shipping will force local merchants to seek alternative source markets and ship goods directly from China, South America and Africa at more competitive prices.
“BCCEC has been working closely with the Trade Commission to launch the Trade Diversification Programme, and BBSQ [Standards Bureau] for quality control, to provide access to alternative markets to improve our competitiveness and combat the inflation we have seen over recent years, which may be viable options considering these developments,” said the Chamber.
Mr Turnquest, though, argued: “We have to bypass America and get goods directly from China.... We know there will be a reawakening of the shipping crisis we had a couple of years ago after COVID, but this will be done in the form of tariffs. We know when you tax one thing, you
then have to tax another thing and then another thing.
“It will be a downward spiral with extra costs and fees,” he warned of the likely Bahamian impact from Mr Trump’s plans. “We are watching and hoping. We are very, very concerned and we don’t want this to happen. We cannot afford any type of extra inflationary impact with tariffs tacked on because we are already trying to control all sorts of extra costs.
“We are trying to continue to operate and all types of stuff. We don’t need an extra burden. We’re not concerned about Amazon in the short-run, but we are very concerned in the shortrun because January 20 is coming and this means we are very concerned about the tariff strategy of Donald Trump....
“It’s going to be detrimental to our businesses. This is a death blow if the Trump tariff strategy is
executed. We cannot take that. We cannot cover that extra burden. We just can’t. We hope they take that into consideration.”
While Bahamian merchants have explored different product source markets, such as Panama, along with alternative supply chains and logistics routes, Mr Turnquest said many have found that Chinese goods are the most competitively priced.
“We try to work around the system but we cannot get around the US sometimes,” he added. “We are really concerned and cannot afford it because, at the end of the day, the only person who is going to suffer is the end consumer. But some retailers might be disgruntled and go out of business if it gets too severe, and we know what that means in supply and demand.
“Less supply keeps prices higher. The more retailers we have, the cheaper the prices will be. We import
BTC ACCELERATES ROLL-OUT FOR MODERN FIBRE NETWORK
teams are actively engaging with residents, but we encourage customers to reach out directly to schedule their upgrade. We’re excited to usher in this new era of connectivity, welcoming each household into our growing BTC fiber community and revolutionising their digital experience.”
BTC identified the communities that it plans to
upgrade to the new fibre network between December and mid-January. The roll-out will start on December 4 with Moore Avenue. Collins Avenue North and Love Beach.
The focus then switches to St Albans Drive, Union Village and Perpall Tract a week later on December 11.
Come the New Year, the communities of Camperdown; Harold Road and Yellow Elder Gardens;
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Theros Invest S.A. (IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Theros Invest S.A. is in dissolution.
The dissolution of the said Company commenced on November 21, 2024, when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.
The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.
Kim D Thompson Sole Liquidator
NOTICE
ADS ACQUA LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207390 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 25th day of November A.D. 2024.
JOSE WILSON MUNARI LIQUIDATOR
Santina
Investimentos Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210279 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 25th day of November A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mrs. Madalis Santina Cizeski, whose address is Rua Guilherme Weege, 311 Casa, Centro, CEP: 89251-630, Jaragua Do Sul, SC, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 23rd 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 thereof they may be excluded from the beneft of any distribution made before such claim is proved.
Dated this 25th day of November A.D. 2024. MADALIS SANTINA CIZESKI LIQUIDATOR
inflation. We don’t need any type of extra burden to our costs and expenses. When it comes to any type of tax increase, be it VAT or the implementation of taxes, we don’t need them. We are exhausted with taxes.
“It will be detrimental to our retailers because one thing you cannot hide from is tariffs, import taxes. We import everything in this country. We don’t make anything. See what happens with agriculture; $1.3bn in annual food imports.”
Mr Turnquest said he is especially concerned about the Trump tariff’s plan on small and micro Bahamian businesses if it is implemented as promised. “One thing you cannot recover from is prices going up on fixed costs that are outside your control,” he added.
“They will start to cut down on staff, reduce inventory, before they bleed out.”
Dowdeswell Street; Dolphin Drive; and Sandyport will be upgraded between January 4-8. Then, on January 15, Palmdale, Blue Hill Road South and Lyford Cay will receive attention. BTC, in a statement, said its fibre-to-the-home infrastructure offers a more dependable and reliable broadband Internet service while also being more environmentally friendly. It added that it is accelerating
the shut-down of copper services.
Mr Woods said: “To ensure uninterrupted connectivity, BTC is equipping customers with complimentary back-up battery packswhile supplies last. These battery packs will offer a reliable safeguard against service disruptions during unexpected power outages, providing our valued customers with both peace of
NOTICE
Ultreya Ltd
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211132 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 25th day of November A.D. 2024.
HELIO GUERRA DA SILVEIRA LIQUIDATOR
NOTICE
PROSPERIDADE LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208068 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 25th day of November A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Gabriel Nishioka Rombenso, whose address is Rua Rio Grande, 477 – ap. 271, CEP: 04018-001, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 23rd 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 thereof they may be excluded from the beneft of any di tribution made before such claim is proved.
Dated this 25th day of November A.D. 2024.
Gabriel Nishioka Rombenso LIQUIDATOR
mind and continuous access to services.”
BTC said the upgrade process has been streamlined to make it as convenient as possible for customers. To schedule fibre installation at a time that best suits subscribers, they can call or send a WhatsApp message to CALL-BTC (225-5282) or visit any BTC retail store to schedule an appointment.
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
NOTICE
VASCO LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207747 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 25th day of November A.D. 2024.
BRUNO ALVES OLIVEIRA LIQUIDATOR
NOTICE
Menck Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 211380 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 25th day of November A.D. 2024.
André Carlos Martins Menck LIQUIDATOR
Moody’s, S&P hail $300m nature refinance but warn it’s no cure-all
profile, reducing its cost of funding, and earmarks spending to mitigate the archipelago’s exposure to climate-related events,” Moody’s said.
“The goal of the transaction in The Bahamas was to use available credit enhancement solutions for refinancing a feasible portion of the debt at very favourable costs. At the same time, it aimed to secure significant funding for marine conservation projects, thereby bolstering the country’s efforts toward climate resilience and sustainability.”
The “favourable” interest rate on the Standard Chartered loan was only made possible because the Inter-American Development Bank (IDB) and two private sector partners, Builders Vision and Axa XL, effectively underwrote 100 percent of the loan amount to ensure its repayment via $200m and $70m in guarantees, and
$30m in credit insurance, respectively.
“By repurchasing the notes from the global market, The Bahamas extended the average maturity of its debt profile and reduced upcoming maturities, particularly in 2028, its largest single maturity for the Government. The Government purchased approximately $140m of its $750m eurobond maturing in 2028,” Moody’s added. However, it was quick to add that the transaction is not a cure-all or panacea for The Bahamas’ fiscal woe.
“This proactive approach to managing debt maturities reduces, but does not eliminate, refinancing risk: The $215m buyback equates to less than 10 percent of The Bahamas’ outstanding external bonds, limiting its overall effect on the sovereign’s debt profile,” the credit rating agency added.
“The Standard Chartered loan likely carries a lower interest rate than the repurchased notes given its partial guarantee from the IDB. The Government
received additional enhancements via collateralised guarantee and a credit insurance policy, which allowed the Government to secure more favourable funding terms. The lower interest rate improves The Bahamas’ debt affordability, which has deteriorated since prior to the pandemic.”
However, Moody’s noted that The Bahamas’ average cost of debt has increased by close to 2.5 percentage points since mid-2021 when the world emerged from COVID-19. This was equivalent to a 49 percent jump in the rate to near-7.5 percent.
“The weighted average cost of debt – both domestic and external – increased to 7.33 percent as of 30 June, up from 4.92 percent as of June 30, 2021. Consequently, the Government now spends almost onefifth of revenue on interest expenditure, a relatively high ratio,” Moody’s said.
“Yields on The Bahamas’ outstanding eurobonds maturing in 2028 and 2032
TRUMP FILLS OUT HIS ECONOMIC
By FATIMA HUSSEIN and JOSH BOAK Associated Press
PRESIDENT-elect
Donald Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team.
Trump on Tuesday announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council.
While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public's confidence in the economy.
The president-elect also announced a number of other key personnel choices, including Vince Haley, who led Trump's speechwriting department in his first term, as director of the Domestic Policy Council.
Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, "therefore making
it much better for American Workers."
Greer previously served as chief of staff to Robert Lighthizer, Trump's former trade representative who is deeply skeptical of free trade. Greer is currently a partner at the King & Spalding law firm in Washington. He was not immediately available for comment.
If confirmed as trade representative, Greer would be responsible for negotiating directly with foreign governments on trade deals and disputes, as well as memberships in international trade bodies such as the World Trade Organization.
He told The New York Times in June that the view of Trump officials was that tariffs "can help support U.S. manufacturing jobs in particular, especially to the extent that they're remediating an unfair trade practice."
His nomination comes a day after Trump promised to slap huge new tariffs on foreign goods entering the United States — including a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China — as one of his first executive orders.
As director of the White House National Economic Council, Hassett brings into
NOTICE
indicate that accessing international bond markets to refinance its upcoming maturities would be more expensive than the Standard Chartered loan.”
Those yields are both now hovering around 8 percent, trending back close to where they were in late 2020 and 2021 in COVID-19’s immediate aftermath.
“Because The Bahamas is within the Caribbean hurricane belt and is a low-lying land mass, it is among the sovereigns most exposed to the effects of climate-related shocks. Its investment in marine conservation efforts will help address some of its climate financing needs,” the rating agency continued.
“The Bahamas 2022 National Determined Contribution (NDC) was estimated by the Government at more than $4bn through 2030 for mitigation and adaptation costs. The Government estimates the operation will generate $124m in funding for conservation initiatives.”
S&P, for its part, added “that it considers the Commonwealth of the Bahamas’ debt conversion of $300m as an opportunistic and voluntary debt exchange”. It reiterated: “The favourable terms of the new loan will translate into an estimated $124m in interest saved over 15 years, which will support conservation efforts.
“We believe the Government could have fulfilled its financial commitments absent this transaction on the back of its fiscal consolidation efforts and growth prospects that have contained the debt burden. We view this transaction as in line with The Bahamas’ efforts to capitalise on its blue carbon economy and, at the same time, strengthen its debt liability management.”
Michael Halkitis, minister of economic affairs, confirmed the $300m ‘debt-for-nature’ refinance includes the $216m bond buy back as well as other debt previously issued by The Bahamas. He 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 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.
TEAM WITH TWO VETERANS OF HIS FIRST ADMINISTRATION
Trump's administration a major advocate for tax cuts.
Trump said Hassett "will play an important role in helping American families recover from the inflation that was unleashed by the Biden Administration" and that together they would
"renew and improve" the 2017 tax cuts, many of which are set to expire after 2025.
Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from
NOTICE is hereby given that ANTHONY TREVOR ROY WILLIS of South Beach Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017.
As part of Hassett's farewell announcement in 2019, Trump called him a "true
friend" who did a "great job." Hassett became a fellow at the Hoover Institution, which is located at Stanford University. He later returned to the administration to help deal with the pandemic.
NOTICE is hereby given that WILFRID THELUSMA of P.O. Box SS-19656 #41 Murray Sunshine Park, 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 27th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Electric vehicle wars erupt over ‘representation’ claim
brands legitimately she is less than pleased about the tactics - and what she described as sharp business practices - employed by others.
“One has been claiming they are an authorised dealer and factory warranty provider for my brand, Geely, which I’m not happy about,” she blasted to Tribune Business. “While we welcome everybody and anybody bringing in electric vehicle brands and becoming their authorised dealer, I’m not happy that another company has popped up claiming they are a Geely distributor.
“We have also put out a statement from BYD on our website and Facebook page in which BYD states we are the only authorised distributor and dealer in The Bahamas for BYD and nobody else. There are further claims being made, which is disturbing to BYD, whose representatives were just here.”
Ms Farmer, explaining that the rival dealer’s sales representatives told BYD’s officials face-to-face that they were an authorised dealer and factory warranty provider for their brand, added: “They are looking into what action they
might take regarding further claims. They were here, they went to visit. They were on a fact-finding mission. They are dealing with that matter to protect their BYD brand.”
Reiterating that Easy Car Sales welcomed competition, she added: “What is not so laudable is to come in and claim you are a dealer and warranty centre for a brand and you are not. It amounts to stealing. We have been working for seven to eight years on being a great representative of the BYD brand, the Geely brand and Jac brand in The Bahamas.
“They say imitation is the sincerest form of flattery, but to come in and claim you are a dealer, you are a warranty provider approved by the brand, is disingenuous. It has not drastically been affecting our sales because people trust Easy Car Sales. We have our reputation, we have a history and we have a track record and supporting team.
“I find it unnecessary to try and ride on the backs of my work instead of investing in your own brand, instead of doing things properly. There’s a way to do things properly, and no cause for you to start claiming you are an authorised
dealer. Please get your own brand and try not to steal mine,” Ms Farmer continued. “We’ve been in the vehicle business since 2009, and electric vehicles since 2016.
“The loser is the consumer that buys a Chinese domestic vehicle that is not supported by the brand and is not an authorised dealer. It’s a gamble and I’m not a gambling person. I want to make sure I have the backup from the manufacturer behind any car.”
Ms Farmer explained that other dealers are effectively acting as resellers of second-hand electric vehicles
that were not supposed to be destined for The Bahamas or any overseas market outside of China. “A re-sold Chinese domestic vehicle with no manufacturer warranty, that’s a big difference,” she argued. “You’re buying a second hand car, not a new car. You’re purchasing a Chinese car, not an English car. You cannot put your apps in a Chinese domestic vehicle. The operating system is in Chinese, the language in the domestic vehicle is Mandarin. It’s subject to Chinese regulations; you cannot just Google things. Things are restricted.
NOTICE
NOTICE is hereby given that DANIA FLEURISMA, General Delivery, North Eleuthera, 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 20th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“And you don’t have the possibility of adding Google maps and Apple Play. It’s a different product, different animal. The minute a Chinese vehicle leaves China the warranty is null and void. The reseller is the one giving the warranty. The question is whether there’s any guarantee with that. The loser is the Bahamian community when you need that support. I’ve already had two people bring their vehicles to me and I’ve had to say ‘sorry’.”
Pointing out that “you cannot talk to a domestic Chinese vehicle unless you speak Mandarin”, Ms
Farmer added that the “price differential” between Easy Car Sales’ autos and other dealers reflected the fact that the latter are selling re-sold, second hand autos that lack the support and benefits offered by her dealership’s models that are sourced directly from the factory.
“The Bahamian public deserves the highest-quality vehicle, the Bahamian deserves the safest vehicle, and the Bahamian deserves to have a warranty from the manufacturer instead of the reseller, which is happening now,” she added. “The warranty Bahamians are getting now is the reseller’s warranty.”
NOTICE
NOTICE is hereby given that DENNIS ANTHONY FRANCIS of 5 Pine Tree Close, Sea Horse Village, Freeport, Grand Bahama is applying to the Minister responsible for Nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
MARINE FORECAST
Armed police protection for 20M microgrid study
illegal dumping, burning of copper, land clearing. Some of these areas posed a significant threat to safety, with large dogs roaming in the interior near residences and evidence of firearm use. SEV team members had to be accompanied by armed police officers for some of the surveys,” the EIA revealed.
“Over 60 percent of the site has been significantly altered by land clearing and other human activities (legal and illegal). The most significant areas impacted are by active quarry mining activities, approximately 15 acres in the north-west quadrant, and extensive land clearing for unknown uses - approximately 50 acres in the eastern quadrant.
SHOPLIFTING RING STOLE $2M IN COSMETICS AND CLOTHES THEN RESOLD THEM ABROAD, PROSECUTORS SAY
By PHILIP MARCELO Associated Press
A SHOPLIFTING ring that stole nearly $2 million in clothes and beauty products from Macy's and other well-known stores in the U.S. and then resold them in New York City and the Dominican Republic has been busted, law enforcement officials announced Tuesday.
Five New Yorkers have been charged with felony possession of stolen property, conspiracy and other related crimes, Queens District Attorney Melinda Katz said. The bust served as a reminder to shoppers as the holiday shopping season kicks off in earnest with Black Friday this week to make sure they are supporting legitimate establishments, she said.
"When a deal seems too good to be true, I guarantee you, it's too good to be true," Katz said.
Nationally, businesses lose roughly $100 billion and the average family pays $500 more a year because of the impact of organized retail theft, according to New York Gov. Kathy Hochul, who joined the district attorney and other law enforcement officials in Queens.
The Democrat said the arrests also marked the first time anyone has been charged under a new criminal statute of fostering the sale of stolen goods that she recently signed into law to help crack down on retail theft.
"This is real simple. We've had enough with criminals preying on our citizens," Hochul said. "We are sick and tired of our citizens feeling they're vulnerable to random crimes on the streets or these sophisticated organized crime rings. And we are coming after you."
Katz, the district attorney, said the group stole high-end makeup, perfume, beauty products, designer clothing and accessories from stores ranging from Macy's to Victoria's Secret, American Eagle, Sephora and Ulta Beauty over a roughly two-year period.
The group's leaders, married couple Cristopher Guzman and Yvelisse Guzman Batista, directed shoplifting crews to steal specific merchandise as they hit multiple stores in New York, New Jersey, Maryland and elsewhere along the East Coast, she said. They also paid truck drivers to divert products bound for retailers from manufacturer warehouses directly to locations under their control.
The group, operating out of a home in Queens, then resold the merchandise online as well as at a brickand-mortar boutique called Yvelisse Fashion in Santiago, a city in the Dominican Republic.
Vince Scala, a lawyer for the couple and two of the other defendants, said his clients pleaded not guilty at
“Other impacted areas - approximately 59 acresare distributed throughout the site and include farmland, roads, trails, buildings, other structures and indiscriminate dumping. Several unpaved roads, paths and trails are present throughout the site, providing access to the various activities occurring on-site. These access points appear to be primarily used by heavy equipment and transport trucks, and are not optimal for smaller vehicles,” SEV Consulting Group added.
“However, smaller vehicles were observed accessing residences, farms, shacks and structures in the interior of the site. Access to the entire eastern quadrant of the site was limited due to active land clearing. Heavy machinery traffic posed a safety threat and, as such, the area could not be
accessed for observations and survey.” The EIA added that the proposed microgrid will only require some 65 acres, or around 32 percent, of the total site. “The Carmichael Village microgrid project is a design-build project that will involve the construction of a 20 MW solar microgrid to be integrated into the power grid for New Providence,” SEV Consulting Group said.
“The intent is to utilise a minimum of 32 percent or 65 acres of the site. The goal will be to utilise areas that have already been cleared as there has been significant mining activities on the site. Along with mining and other anthropogenic activities, the human-altered portion of the site is 124 acres.
“The site is low-lying and floods in many areas
during heavy rains, so it will also need to be filled in and graded in some areas to elevate it sufficiently for installation of the solar panels. The remaining land cover is vegetated, pine woodland with palm dominated and multi-species shrub layers. It should be noted that the site sits within the proposed National Forest Estate (Carmichael North), which is designated as a conservation forest.”
The microgrid is part of a project being spearheaded by the Ministry of Finance. It forms part of the Government’s energy sector reforms, and plans to integrate greater use of renewables into the country’s generation mix, and its financing, development and operation will likely be led by private sector investors and partners.
“The Carmichael Village microgrid project involves the construction of a 20 MW solar microgrid. The project is a design-build project being implemented by the project execution unit at the Ministry of Finance,” the EIA said.
“The largest environmental impact from the project will be the clearing of some of the vegetation at the site for the solar panels and associated infrastructure. There has been significant clearing of the site (legal and illegal) and the project will focus on utilising areas already cleared in the first instance.
“Employment of appropriate design and planning methodologies can result in execution of the Carmichael Village microgrid project in a more sustainable manner. Utilising the
recommended mitigation measures can minimise any negative environmental and socio-economic impacts,” it continued.
“The Ministry of Finance project execution unit (PEU) has expressed its commitment to implementing the recommended mitigation measures to minimise negative environmental and socio-economic impacts from the project.”
