MASS industrial action by public sector trade unions is now “very unlikely” after the Prime Minister intervened to help all sides “get sober” and make progress in resolving outstanding grievances.
Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that “it’s very possible” his umbrella body’s affiliates will resolve most - if not all of - their issues before Christmas after a recent joint resolution to “go on strike” appeared to focus minds on both sides of the negotiating table.
Arguing that the unions and their concerns were “not being taken seriously” prior to the TUC’s conclave two weeks, he
reiterated that industrial action remains “the last resort” following the union movement’s signing of a Memorandum of Understanding (MoU) with the Progressive Liberal Party (PLP) prior to the 2021 general election.
Mr Ferguson, asserting that the trade unions have kept to the deal with
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Water & Sewerage Corporation’s operating losses jumped by almost 54 percent to $34.648m during the four years to 2023, it has been revealed, with monies due to third parties now more than half its revenue.
The full extent of the state-owned utility’s financial plight is exposed by Inter-American Development Bank (IDB) reports that reveal Bahamian taxpayers pumped a collective $181.5m in subsidies into the Corporation between 2020 and 2023 to cover its debts and ensure it remained solvent.
Amid challenges with ensuring customers paid in full and on time, one IDB document reveals that accounts receivable - representing monies owed to the Water & Sewerage Corporation by those receiving its supply - rose from $14.306m or 29 percent of net operating revenues in 2020 when COVID-19 struck to 39 percent or $21.321m come end-2023.
And, while accounts payables had reduced over the same period, they still represented $29.407m - a sum equivalent to 52 percent of the Water & Sewerage Corporation’s $56.552m annual revenues - as recently as last year. The size of accounts payables and receivables, as well as the fact the latter exceeds the former by more than $8m, gives a further insight into the water supplier’s cash flow challenges.
The IDB reports, prepared as part of a $100m loan facility intended to finance the Water & Sewerage Corporation’s transformation, confirm its inability to make timely and full payments to key water producers such as Consolidated Water and Aqua Design (Bahamas) as well as the build-up of debts owed to fellow state-owned enterprise (SOE), Bahamas Power & Light (BPL). Besides further slashing non-revenue water (NRW), representing water lost from its network due to leaks before it reaches the end-consumer and can be billed for, the funds being made available by the IDB are also targeted at the installation of 65,000 total advanced customer meters and improvements to New Providence’s sewerage network. These upgrades are also intended to increase both water and sewerage customers.
Projections by the IDB, which have been seen by Tribune Business, reveal that if all goes to plan - meaning these infrastructure upgrades are completed in full and on time - then
Investment fear on corruption charges
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
TWO former Cabinet ministers are warning that the drug and corruption charges levied against senior security officials could have a potentially chilling effect on foreign direct investment (FDI) flows to The Bahamas.
Branville McCartney, the former Democratic National Alliance (DNA) leader who previously sat in the last Ingraham administration’s Cabinet, told Tribune Business that the Government faces a “heavy lift to ensure foreign investor confidence will be rebuilt and
sustained” after US federal authorities charged 11 Bahamians - including police and Defence Force officers - with participating in a drug trafficking conspiracy.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ national debt surged to just below $12bn at end-September 2024 with a corresponding rise in the debt-to-GDP ratio due to a $339m increase over the previous three months.
The Central Bank, unveiling its quarterly economic review for the 2024 fourth quarter, disclosed that both the national debt and direct charge on the Government increased slightly as a percentage of economic output compared to end-September 2023.
The direct charge, which represents the direct debt incurred by the Government, rose from 78.8 percent of GDP at endSeptember 2023 to 79.1 percent at the same point this year. And the national debt, which represents both the central government’s debt as well as that which it has guaranteed on behalf of state-owned enterprises (SOEs), climbed from 81.3 percent to 81.4 percent.
This is the first time that The Bahamas’ debt-toGDP ratio has increased since the Davis administration took office. It has been trending downwards from
OBIE FERGUSON KC
MERCHANTS ENJOY UP TO 18% BLACK FRIDAY CUSTOMER RISE
By ANNELIA NIXON
BAHAMIAN retailers
say there was an increase in the volume of shoppers exploiting Black Friday deals when compared to 2023 with some seeing up to 18 percent foot traffic increases.
Brent Burrows, vice president of retail and sales at CBS Bahamas, said the home and building materials supplier was especially focused on ensuring Family Island customers were able to access deals online that are “better than what would be in store”.
“I think the Family Island customers were very happy with just having that deal because, in the past, that’s always been their biggest complaint that they’re not here to take advantage,”
Mr Burrows explained.
“So this year we made sure that the deal that could be had by the Family Island customers was better than what would be in store.”
In an attempt to encourage more online shopping as a whole, CBS implemented portal-wide savings on its website with
discounts applicable once the targeted $100 was spent.
“So $100 was 10 percent, $200 was 20 percent, and then $300 or over was 30 percent - and that’s off on everything. So, yeah, up to 30 percent off,” Mr Burrows added of the discounts.
“We did a different approach this year. In years past, we’ve always had a selection of items on sale, but this year we did complete categories around the store. So we had certain things for 20 percent, 30 percent and 40 percent off, but the entire category or department. So I think people really liked it.”
While unable to pin point the best-selling item online, given that customers were buying “from all over the different departments”, he said sheet rock from the CBS Pro Store on Robinson Road was a popular choice among shoppers.
“So, I think in terms of locals, our CBS PRO store on Robinson Road had our sheet rock and our drywall heavily discounted. So we already have the best price on the island when it comes to sheet rock, and today it was way better than anybody else. So that was one of our Black Friday specials
that people really, really seem to enjoy,” Mr Burrows said.
With a line waiting outside the store since before its earlier-than-normal opening hours, Quality Home Centre held its Black Friday sale from 6am to 1pm with a 25 percent discount store-wide and a promotion that allowed customers who spent $250 or more to be eligible for a raffle to win a 55-inch television.
The store then transitioned into its usual end-of month sale for the remainder of the day, with customers mostly purchasing rugs, comforters and curtains. “Every end of the month we always have our 20 percent off sale,” Jenny Smith, floor manager of Quality Home Centre’s Carmichael Road store, told Tribune Business.
“So even though today is Black Friday, those specials
for the 25 percent of store wide, that has stopped at 1pm. But there’s a sale still going on. So now you have 20 percent going on in the store, along with some of those specials that we were offering with the 40 percent rugs; 30 percent off on the luxury home… and comforters, and we have some Simply Elegant curtains at $10. So savings up till the end of December.”
Amber Carey, Aliv’s vice-president of consumer solutions and marketing, said the mobile operator saw an uptick in new customers with “traffic” up by 18 percent in most of its stores. The most popular items were the Nokia G11 and the Samsung A25.
Ms Carey added that Unnecto, a smart device launched in Aliv stores on Black Friday, was another great seller and continued to be sold “as low as $0 for porting customers” during
Switch Saturday the next day. That allowed Bahamas Telecommunications Company (BTC) subscribers to switch to Aliv as their mobile communications provider. Aliv offered a Black Friday promotion which gave customers who “paid their Rev [Cable Bahamas] or their Aliv fibre bill or Aliv postpaid bill” the chance to win Bank of The Bahamas credit cards and accessories. They held more promotions on Switch Saturday for new and porting customers, “encouraging them to switch, to keep their number, but join the better network.”
Ms Carey said promotions will also run today, Cyber Monday. “We’ll have Cyber Monday on Monday, so you can go to our e-commerce webpage, bealive. com, shop deals and you can either pick up in store or we’ll deliver to you. And
Retailers coax Black Friday shoppers into stores with big discounts and giveaways
By ANNE D'INNOCENZIO, HALELUYA HADERO and ALEXANDRA OLSON AP Business Writers
RETAILERS used giveaways and big discounts to reward U.S. shoppers who ventured out for Black Friday even as
earlier offers, the prospect of better bargains in the days ahead and the ease of e-commerce drained much of the excitement from the holiday shopping season's much-hyped kickoff. Frequent deals throughout the month and more awaiting on Cyber Monday gave consumers less of a reason to squabble over store shelves while trying to get their hands on TVs or toys. But shopping malls and merchants big and small used the day after Thanksgiving to entice customers into physical stores at a time when many prefer to browse and buy online.
then on December 4, on Wednesday, we’ll also have Junkanoo tickets go live in our events app,” she said.
“So Boxing Day and New Year’s Day [parades] will go on sale the same time, and that will be on Wednesday, December 4. And we just encourage everybody to download the app and set up their account prior to the 4th.”
Darleen Bartlet, a BTC executive, said that although the carrier has nothing planned for Cyber Monday “that’s something that we plan to do in the future”. She said Black Friday sales did well especially with TCL and Samsung handsets. “We would just like to thank the community for their continued support with BTC, and we just look forward to a strong partnership, like I said, and hoping to expand our customer base,” she said.
Some Target shoppers lined up as early as 11:30 p.m. on Thanksgiving Day to get their hands on an exclusive book devoted to Taylor Swift's Eras Tour and a bonus edition of her "The Tortured Poets Department: The Anthology" album. Although both will be available purchase online starting Saturday, many locations sold out their supply of the products, the discount retailer said.
GOVERNANCE REFORMERS BACK IMF’S ‘CRITICAL’ BENEFICIAL OWNERSHIP CALLS
By NEIL HARTNELL
GOVERNANCE
reformers have backed the IMF’s call for the Government to disclose the beneficial owners of all entities receiving public contracts as “critical” for Bahamian transparency and accountability.
Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that transparency in public procurement is vital to economic growth, and equity and fairness in business dealings, as more companies are likely to bid and invest in expanding their staff and operations if they believe they have a legitimate chance of winning the contract.
“The recommendations you note address critical areas for improving governance, transparency and
accountability in The Bahamas, and ORG supports efforts to advance these objectives,” he told this newspaper via messaged reply.
“We continue to advocate for the Public Procurement Act to be brought into full effect, including the publication of all available and awarded government and state-owned enterprise (SOE) contracts. This step is essential for fostering economic inclusion and increasing confidence among local businesses.
“When businesses see transparency in procurement processes, they are more likely to invest in growing their operations, contributing to economic development and job creation...... Publishing beneficial ownership details for entities awarded government contracts and ensuring state-owned enterprises (SOEs) disclose all procurement details, are
significant steps toward transparency and accountability,” he added.
“These actions help reduce opportunities for corruption, foster public trust and encourage fair competition, which benefits both the public and private sectors.” The Government has yet to publish beneficial ownership information on entities and companies awarded public bids and contracts, instead disclosing just a corporate name and address.
However, the IMF, in its latest Article IV statement on The Bahamas, urged: “To enhance fiscal transparency, beneficial ownership information should be published for all companies that are awarded public contracts. The audited financial statements and procurement information for public corporations should also be published.”
The Government has been making progress
towards the target of disclosing all contract awards within 60 days as required by the Public Procurement Act. It recently published contracts awarded in September 2024, with the Act mandating that they be disclosed within 60 days or two months of being awarded.
The original Public Procurement Act, which came into effect on September 1, 2021, but was repealed and replaced, required from that moment on that all government contracts be disclosed within 60 days of their issuance. The Government was supposed to disclose the name and address of winning bidders, the procuring entity, the procurement selection method and the value of the contract.
The revised Public Procurement Act took effect on July 1, 2023. The Government’s initial release of contracts awarded via the Go Bonfire portal provided
the value of the awards, identifies the procuring entity and procurement vendor, plus the winning bidder, but gave no beneficial ownership information. The IMF’s call for such information to be disclosed likely reflects concerns that multiple contracts could be awarded to the same persons submitting bids under different corporate names, including the use of so-called ‘shell’ companies previously did no business and/or have no physical address. Such disclosure would serve as a check against contracts being repeatedly awarded to political operatives, and other forms or cronyism and favouritism.
The Government has frequently come under attack from Michael Pintard, leader of the Opposition, and other members of the Free National Movement (FNM) who have accused it of deliberately
THE Bahamas Trade Commission’s chairman says it is “amping up” its trade diversification campaign amid Donald Trump’s escalating threats to impose punitive tariffs once he returns to the White House.
Senator Barry Griffin confirmed that it is “closely monitoring” the protectionist trade measures that the US-president elect is pledging to swiftly enact following his January 20 inauguration. He added that, should Mr Trump make good on his threats, the imposition of tariffs is “likely to have mixed effects” on The Bahamas due to its trade and economic ties with the US and others.
Asserting that the Trade Commission is preparing for any impact these policies may have on Bahamian businesses, Mr Griffin said: “The planned US tariffs are likely to have mixed effects on The Bahamas, given our close trade and economic relationship with the United States.
“The US is our largest trading partner, and a significant portion of our imports come from there, including consumer goods, machinery and raw materials. The imposition of tariffs could potentially increase the cost of these imports.
“The Bahamas Trade Commission and the National Trade Facilitation Committee are closely monitoring the discussions in the US surrounding the proposed changes. In particular, we are preparing for the potential impact on local businesses and consumers.”
Mr Trump, who had already threatened to impose tariffs of up to 60 percent on Chinese goods imported into the US, both broadened and escalated his campaign over the weekend by warning he would impose border levies of up to 100 percent
on products from countries in the BRICS group if they develop their own currency to rival the US dollar.
The BRICS group originally featured Brazil, Russia, India, China and South Africa, but have now been joined by Egypt, the United Arab Emirates (UAE), Ethiopia and Iran.
Mr Trump’s latest move comes after he previously threatened to also raise tariffs on goods from Mexico and Canada - a policy that would raise import costs and potentially trigger consumer price rises and inflation.
“We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar or they will face 100 percent tariffs and should expect to say goodbye to selling into the wonderful US economy,” Mr Trump wrote on his social media platform, Truth Social.
Mr Griffin explained that the proposed tariffs could have several negative impacts on Bahamian companies, including causing the price of imported goods to increase. He encouraged merchants to seek goods from other jurisdiction or develop supply chains that bypass the US.
“We anticipate potentially higher import costs for US products,” Mr Griffin said. “Businesses that rely predominantly on US imports may face rising operational costs. These businesses will either have to absorb the higher costs or pass them on to consumers, which may reduce demand for American products in the Bahamian market.
“We are actively encouraging these businesses to seek to offer products from other jurisdictions to consumers, giving consumers better choices.”
Mr Griffin said the Trade Commission is expecting “growing pains” if the tariffs are brought into force, including disruptions in the supply chain, and he suggested that
IN THE ESTATE of GLORIA
ELEANOR RUSSELL AKA GLORIA
ELOUISE RUSSELL late of #165 Fire Trail Road in the Southwestern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 12th day of December 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 had Notice.
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.
vulnerable sectors, such as construction, begin to look for alternative suppliers to avoid interruptions.
“US tariffs could disrupt supply chains, especially for industries in The Bahamas that rely on specific products or raw materials from the US,” said Mr Griffin.“For example, the construction sector, which often imports building materials from the US, could see delays or higher costs if they do not diversify import sources.
“We encourage sectors that are vulnerable to disruptions to, again, begin searching for alternative sources of inputs. We are working closely with a number of source jurisdictions to help in this regard.”
Mr Griffin added that Bahamian businesses which exclusively sell US imports may find themselves at a competitive disadvantage as a result of Mr Trump’s policies.
“Local businesses that sell goods directly imported from the US might find
themselves at a competitive disadvantage compared to companies where imported goods may be subject to different tariffs. Again, we encourage these businesses to seek out alternative sources of imports,” said Mr Griffin. He added that the Trade Commission is “amping up” its Trade Diversification Campaign focusing on Latin America, the Caribbean and Africa in hopes of connecting Bahamian businesses with alternative supply sources.
failing to comply with the Public Procurement Act and especially its provisions demanding greater disclosures, openness and transparency around the awarding of government contracts.
But Michael Halkitis, minister of economic affairs, asserted there was “never any sort of desire or intention to circumvent” the Public Procurement Act’s requirements as he blamed any non-compliance on the need to put in place supporting infrastructure. He added that the Davis administration has had to ensure public officials are fully trained and equipped to implement the Act’s legally-mandated requirements. It has also had to appoint a chief procurement officer, and implement the necessary software. Meanwhile, Mr Aubry also supported the IMF’s
“We will continue to strengthen our trade relationship across the globe, particularly focusing on Latin America, the Caribbean and Africa. We think countries in these regions are best positioned to provide alternative sources of goods that will be able to compete in this market on price and on quality. We have had great success in this endeavour thus far,” said Mr Griffin.
“On the foundation of the success of our international trade engagements, two months ago we launched the National
MICHAEL A. DEAN & CO., Attorneys for the Executors Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas PUBLIC NOTICE THE
will be holding it’s ANNUAL GENERAL MEETING on Thursday, 12th December, 2024 at the PHOENIX RESTAURANT on Bay Street & Elizabeth Avenue at 5:00pm.
All Shareholders are welcome to attend.
BAHAMAS IDENTIFIED AS CARIBBEAN’S TOP PAYER
A CARIBBEAN human resources group has named The Bahamas as the toppaying country in the region for 2024 with 97.3 percent of surveyed jobs paying above-market salaries and compensation.
The Caribbean Society for Human Resource Professionals (CSHRP), unveiling its Pay Pulse 2024 report at a launch in Kingston, Jamaica, said The Bahamas continues to lead the region in competitive compensation, especially for executive, managerial and finance roles.
It added that at a time when Bahamians are grappling with rising inflation and economic pressures, the findings provide some encouragement for professionals in high-demand sectors that their income is keeping pace. Roles such
as chief executive, chief financial officer and general manager consistently rank as the highest paid across the region, solidifying The Bahamas’ reputation as a premier job market.
“The Bahamas’ workforce benefits significantly from its commitment to competitive compensation across key industries,” said Vaughn McDonald, CSHRP’s deputy Board chairman. “The Pay Pulse 2024 report is a tool for both employers and employees to benchmark salaries, advocate for pay equity and make data-informed decisions in a rapidly evolving job market.”
With participation from 119 companies, representing 20 countries and 34 industries, the CSHRP asserted that its Pay Pulse 2024 report is the most
comprehensive analysis of salary trends in the Caribbean. It added that it addresses issues such as skills shortages, talent retention and wage transparency, all of which are critical for sustaining the Bahamian and other economies.
“The Pay Pulse 2024 report represents a monumental step in closing the knowledge gap around salary data in the Caribbean. By capturing regional pay trends, we empower businesses and employees with actionable insights to drive equity and transparency. We are deeply grateful to the companies that contributed to making this report an invaluable resource,” Mr McDonald added
FROM L to R: Vaughn McDonald, CSHRP’s deputy board chairman; Tishauna Mullings, host of the PayPulse24 launch; Kimberly Largie, lead researcher for PayPulse24; Natalie Fagan, PayPulse24 reviewer; Keenan Falconer, PayPulse24 reviewer.
KEENAN FALCONER, PayPulse24 reviewer, commenting on the report.
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SHOPPING FOR CHOCOLATE
By CHRIS ILLING CCO @ ActivTrades Corp
Friday after the US Thanksgiving holiday is better known as Black Friday. It is considered to be one of the highest sales days for the entire year in the retail sector, and the prelude to the important Christmas season. The focus was on retail companies such as Target, Wal-Mart and Nike, all of which were slightly up. They want to set a strong Christmas business in motion with their discount battles. But this mega event is a double-edged sword for US retailers. It triggers such a shopping frenzy that about three-quarters of people postpone spending in advance.
Customers in Europe currently must pay significantly higher prices for chocolate than a year ago. Chocolate Santa Clauses are up to 50 percent more expensive, depending on the brand and size. It had already become apparent at the beginning of 2024 that chocolate would become more expensive. Some manufacturers announced this at the time. The cause is poor harvests and a shortage of supply in important cocoa-growing countries because of drought, heavy rainfall and plant diseases. The daily
price for cocoa, which is determined by the International Cocoa Organisation (ICCO), rose to a record level of well over $11,700 per ton in April. Since then, it has fallen slightly again but remains high. Chocolate had already become more expensive than in previous years. According to the Confectionery Association, however, manufacturers are still recording growing consumption. It seems everyone wants an extra piece of candy this holiday season.
THREE-year-old Alex Belman watches as his family members get their free turkey dinner at Harry’s Cafe in Stanton, Calif. on Thursday, November 28, 2024.
Photo:Paul Bersebach/AP
Investment fear on corruption charges
He was backed by Dionisio D’Aguilar, minister of tourism and aviation, who said both the US indictment itself and status of those charged may give investors pause for thought and cause them to “stop and review” their projects given the claims that corruption has penetrated key Bahamian government institutions at a high level. As a result, they may reconsider whether they wish to do business in this nation.
Both men, who each have their own private business interests, told this newspaper that the charges levied against Bahamian citizens - including the police chief responsible for aviation and overseeing airport security including at Lynden Pindling International Airport (LPIA) and a Royal Bahamas Defence Force chief petty officer - revived memories of this nation’s drug-boom years in the 1970s and 1980s.
Mr McCartney, in particular, said the situation recalled the unflattering ‘Nation for Sale’ headlines that appeared in the international media about The Bahamas at that time, while Mr D’Aguilar said the US allegations combined with
other recent incidentsincluding the suspension of the officer heading the Criminal Detective Unit (CDU) - to leave the Royal Bahamas Police Force’s reputation “in tatters right now”.
Warning that the fall-out “will impact The Bahamas as a whole, you and me”, as well as all Bahamians and legal residents, Mr McCartney told Tribune Business that the drug and corruption allegations being made by the US authorities will “of course” impact the attitude of investors towards doing business in this jurisdiction.
“It’s always a turn-off in that regard, especially when they speak about high-ranking government officials,” the former DNA leader said. “We certainly won’t know the impact, but we do know it’s a turn-off. I just hope the Government can do what they have to do to ensure foreign investor confidence will be rebuilt and sustained.
“I don’t know how they do that. Your guess is as good as mine. I’m quite sure that it is paramount for this government in their governance to deal with that, trying to ensure foreign investor confidence is recognised and accepted in
the country notwithstanding what’s going on. That’s a heavy, heavy lift. Hopefully they’ll be able to do that for all our benefit.”
Both he and Mr D’Aguilar said the fall-out from the indictment was unlikely to impact tourism, The Bahamas’ largest industry. However, the latter added: “It will probably impact people’s interest in doing business in the community. It may not stop that, but it may cause them to pause and reconsider. I don’t know whether it will go to cancel, or if it will depend on what actions are taken.
“In a number of instances, there’s a stop and review. It doesn’t lead to a cancellation, but a stop and review and delay. These allegations reflect incredibly poorly on certain institutions in The Bahamas, like the Royal Bahamas Police Force and possibly the Defence Force. In the case of the Royal Bahamas Police Force, this is the second expose to hit them in five months.
“Back in July we had recordings concerning the head of CDU, chief superintendent Michael Johnson, that led to him stepping down and going on gardening leave and we’ve heard nothing since,”
Mr D’Aguilar continued.
“Then, five months later, you get this huge bombshell come in.
“The reputation of the Royal Bahamas Police Force is in tatters right now. The whole community is talking about an organisation that needs help. Something has got to give. I’m sure there isn’t a single Bahamian talking about this who is not asking what the hell is going on?
“The question is what is being done about it, and done to correct it moving forward. Do we hope it gets better or do we do something serious and transformational to make the organisation work as it should. You can stick your head in the sand and hope it blows over and goes away but the reputation of the Royal Bahamas Police Force is being significantly negatively impacted.”
With Chief Superintendent Elvis Curtis, head of the police force’s aviation and airport security division among those charged, together with Chief Petty Officer Darren Roker from the Royal Bahamas Defence Force, Mr McCartney said the potential impact for The Bahamas is “far worse” than the $10m the Ministry of Tourism
had to spend earlier this year to “clean up” the negative publicity related to US crime advisories. Pointing out that the country’s national security has been endangered if the US allegations are true, the former DNA leader warned Bahamians will be impacted regardless of political affiliation. “It almost reminds of a ‘nation for sale’ many, many years ago,” Mr McCartney said of the US indictment. “You are reminded of that.
“I am very curious to see what is going to happen in trying to calm the reputation of The Bahamas.
I think it’s an extremely unfortunate situation, and we as Bahamians - I’m talking about every day Bahamians - that we are put in this position because of the foolishness done by those persons, especially persons in our national security and possibly in government.
“It’s absolutely ridiculous and something we shouldn’t really stand for. I would hope and pray that the Government takes a hard stand in weeding out the bad apples and making a true example of those persons because it affects every single Bahamian and those who have a right to live here.”
Asserting that The Bahamas’ response to the indictment, and its national security and reputation
implications, will be critical, Mr McCartney said: “Just like life we need to face it head on and do what’s best, and the Government does what’s best, for The Bahamas. Don’t take this lightly.
“They need to show not only The Bahamas, but the world, we cannot stand for these things and we are taking steps in these circumstances. It requires taking drastic steps. The Government needs to show it is serious and not pussyfooting around with the criminal element. I think the Prime Minister has to come out and indicate not only to the Bahamian people but the world that they are very serious about this.”
Mr D’Aguilar, meanwhile, said “every right-thinking Bahamian is embarrassed by this”. He added of the Government: “You cannot bury your head in the sand, which is what most people believe has happened so far. Nobody believes they’ve done anything material, and there’s a large belief in the local community that they’re waiting us out. Time passes, and we will forget about.”
Agreeing with Mr McCartney that the US charges revived memories of the 1980s, when “people steered clear of us”, Mr D’Aguilar added: “We’re trending back in that direction.”
Governance reformers back IMF’s ‘critical’ beneficial ownership calls
FROM PAGE B3
call for the Fiscal Responsibility Council to be reformed as an independent watchdog to evaluate the work underpinning the Government’s finances.
“The reconstitutions of the Fiscal Responsibility Council and the Public Sector Audit Committee are welcome. Members of both committees should be independently selected,” the Fund added.
In response, the ORG chief said: “The call for the Fiscal Responsibility Council to operate independently is also a critical recommendation. A fully independent Fiscal Council, as initially envisioned in the Fiscal Responsibility Act and subsequently strengthened
in the Public Finance Management Act, ensures that diverse perspectives and expertise are incorporated into fiscal oversight.
“ORG has previously provided feedback during the drafting of these Acts, advocating for increased independence in the selection process for Council members. Knowing the status of the Fiscal Responsibility Council and its intended schedule of operations can also provide a higher level of transparency and public confidence in the Government’s fiscal policies.
“These measures combined will contribute to a more open, accountable governance framework that better serves the Bahamian people.”
LEGAL NOTICE
We, Mark Rolle, Peter Rolle, and Pastor Joshua Rolle, Descendants of the late Cornelius Rolle of Johnson Bay, South Andros, Bahamas, and holders of Power of Attorney in his estate, hereby issue the following Notice to the General Public:
Please be Advised that Cornelius Rolle (Deceased) is the Rightful Owner of the Montgomery Tract of Land, comprising One Thousand (1,000) acres, located in the Settlement of Johnson Bay and extending into Black Point on the Island of Andros, in the Commonwealth of The Bahamas.
Additionally, the Estate of Cornelius Rolle includes the following parcels of land:
● The AUTEC Site: Fourteen (14) acres
● Jane Russell Tract: Twenty (20) acres
● Cornelius Rolle Estate Parcel: Fourteen (14) acres
All Trespassers and Violators on these Properties will be Prosecuted to the fullest extent of the Law.
Dated this 26th Day of November 2024
Contact Information:
● Pastor Joshua Rolle: mjosh02@hotmail.com
| 242-357-2250
● Peter Rolle: peterrollel_81@hotmail.com
| 242-427-6135
● Mark Rolle: tqes65@msn.com | 242-557-1142
(D. 2, 5, 12, 19, 27, J. 2, 9, 16, 23, 30)
WATER CORP’S LOSSES SURGE 54% IN FOUR YEARS TO $35M
the Water & Sewerage will start to enjoy a positive net annual cash flow boost from 2027 onwards. This will steadily grow to $10.237m in 2033, and further expand to $11.616m by 2044 in 20 years’ time.
However, as previously reported by this newspaper, it is unclear when or whether these goals will be achieved given that Prime Minister Philip Davis KC earlier this year emphatically ruled out any increase in the Water & Sewerage Corporation’s household and business tariff rates that form the centrepiece of the turnaround set out in its 2023-2028 corporate business plan.
The IDB’s analysis of the Water & Sewerage Corporation’s status quo financial performance reveal that, over the period 2020-2023, operating expenses were growing at almost twice the rate of revenues. This has resulted in operating losses growing by more than $12m in four years, rising from $22.507m to $34.648m, and an ever-growing reliance on Bahamian taxpayers to plug the financial holes.
“Revenue grew at a lower rate (4.8 percent per
annum) than the growth in operating expenses (8.3 per cent), causing earnings before interest, taxes, depreciation and amortization (EBITDA) to become increasingly negative. Due to the negative EBITDA each year, the operating subsidy passed on by the Government also increased,” an IDB analysis revealed.
And, with the Water & Sewerage Corporation’s tariffs having remained unchanged since 1999, some 25 years or a quarterof-century ago, revenues have further been outpaced by inflation and ever-growing operating expenses.
Purchases of water from the Corporation’s reverse osmosis suppliers, such as Consolidated Water, now stand at $44.343m or 77 percent of its total revenues by themselves.
“Spending on staffing accounted for almost half of 2023’s operating revenue. This value reflects the fact that the water sales tariff has not been readjusted since 1999, and staffing expenses are periodically readjusted,” the IDB said, with labour costs standing at $31.181m in 2023.
Strike action unlikely as parties ‘get sober’
FROM PAGE B1
no “significant” industrial action occurring during the Davis administration’s term in office, told this newspaper that the recent conclave and prior mass rally held outside the House of Labour on Wulff Road were necessary steps “in order that we get sensible”.
He explained: “Every affiliate of the TUC that had a problem signed a resolution to go on strike and, obviously, it has had a positive effect on the commencement of these negotiations, which I’ve always felt very strongly should have been done a long time ago.
“Now that we have done that, no one wants to go on strike just because we can go on strike. The whole idea was to do what we have to do in order that we get sensible and try and resolve our differences in the interests of the workers and, certainly, in the interests of our country and get out of the habit that, every time there’s an issue, we have to go on strike to show who’s the strongest.
“That doesn’t make sense to me, but sometimes you have to do that in order to get sober. We are now very sober. I am convinced we can resolve these things.
This is one country. The little man, the workers, cannot always be expected to absorb the cost and mismanagement by senior government officials. The Government corporations have to learn to function and function properly.”
Mr Ferguson said his new-found optimism was based on the progress made in negotiations held the Friday before last involving three TUC affiliates - the air traffic controllers’ union; the Consultant Physician Staff Association (CPSA)
which represents the senior doctors at Princess Margaret Hospital (PMH); and the RM Bailey Park Vendors Association.
“We have had meetings and we are working through things,” the TUC president confirmed. “We are working through things. The ones we have had already, we’ve been able to work through some of the very complicated issues and we are reasonably satisfied so far that we’ll be able to deal with them.”
Noting that there had been “very progressive discussions” over the doctor and air traffic controller concerns, relating to issues over their industrial agreements and back pay, Mr Ferguson said there have also been “meaningful talks” involving the R M Bailey Vendors Association that involve getting them recognised and registered as a trade union .
Disclosing that the negotiations are being handled in blocks of three trade unions at a time, Mr Ferguson said the next trio set to participate in the negotiations are the Public Managers Union and Union of Public Officers, which represent middle management and line staff respectively at the National Insurance Board (NIB). The Bahamas Hotel Managerial Association, representing middle managers at the Grand Lucayan, will also be involved.
“The decision to have a conclave, have a mass rally, and to pass the appropriate resolution by all the unions that have had issues has had a serious impact,” Mr Ferguson told Tribune Business. “We thank the Prime Minister for his intervention. He intervened, and we are having a sensible, rationale discussion about
NOTICE
Seeking to measure staff productivity, the IDB report noted that this had been going in the opposite direction with the Water & Sewerage Corporation’s workforce having been expanded by almost 100 persons - from 387 to 486between 2020 and 2023.
“We observe that $127,000 was generated by each employee in 2020. This amount dropped to $116,000 in 2023. The total operating cost divided by the number of employees reached $188,000 in 2023, resulting in a negative EBITDA per employee of $71,000,” the IDB added.
With the Water & Sewerage Corporation’s debt having increased by almost 20 percent between 2020 and 2023, rising from $77.676m to $93.1m largely due to a new $30m facility from the Caribbean Development Bank (CDB), the report added: “In recent years, 2021 to 2023, the accounts receivable balance represented 39 percent of net revenue and an average turnover of 139 days.
“It is important to highlight that in this period the revenue was quarterly..... The balance of accounts payable was reduced to
outstanding issues affecting workers in this country.
“The Prime Minister has been very receptive to our problem and I’m satisfied, and my colleagues are satisfied, we will have all our matters resolved before Christmas. That’s certainly the plan of my members, and I’m reasonably optimistic barring unforeseen circumstances and that we do what we did on Friday last week, it’s very possible that if we have not completed all of them, most of the outstanding issues will be resolved before Christmas.”
Asked about the prospect of industrial action occurring, Mr Ferguson replied: “It’s very unlikely, very unlikely. When we signed the MoU [with the thenOpposition PLP] it was the intent we will not be doing strikes. That was the last thing we resort to do. The objective was that we must be able to have access and sit down with people who have the authority and understand industrial relations.
“We have not had any industrial action of any significance in the last three years but that had become very possible. We got to the point where it appeared those responsible for these matters were not taking us very seriously. I told my colleagues: This is what we agreed. We passed a resolution, had a mandate, and all parties signed a resolution committing themselves.
“We weren’t intimidating anyone,” Mr Ferguson added. “We were were saying: ‘We’re going to do what we have to do’. It makes sense they were prepared to sit down and we did the same thing. We as Bahamians have to learn how to communicate with each other, and show the economic circumstances and reasons why certain things cannot happen now or we cannot make it.
“We weren’t threatening anybody. We said we’re going to do something. It
Re: Supreme Court Equity Action No. 2023/00880
The Petition of Sophette L. Seymour-Russell in respect of ALL THAT piece, parcel or lot of land owned by the Petitioner and situate on the Northeastern side of Main Queen’s Highway and Northern side of a 20 feet dirt road in the settlement known as “Moss Town Settlement” in the Southern District of the island of Cat Island in the Commonwealth of the Bahamas and being a portion of Crown Grant K-117 such parcel being 14.44 acres which said piece parcel or lot of land is bounded on the North by land occupied by Jim and Estella Armbrister and running thereon Two Thousand One Hundred Seventy Three and Ninety-two hundredths (2173.92) feet East by the said Queen’s Highway and running thereon Two Hundred (200.00) feet on the South by a Twenty (20) feet wide dirt road and running thereon One Thousand Six Hundred Seventy Five and sixty six hundredths (1675.66) feet and on the West by other portion of Crown Grant K-117 and running thereon Four Hundred Eighty Seven and ninety seven hundredths (487.97) feet which said piece parcel or lot of land is more particularly described on or by the plan or diagram fled in this action.
Sophette L. Seymour-Russell claims to be the legal owner in possession of the land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act to have his title to the land investigated.
The fled plan may be inspected during normal working hours at:a) The Registry of the Supreme Court, George Streets, Nassau, N. P., Bahamas; or b) Themis Law Chambers, 79 Farrington Road, Nassau, Bahamas.
NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognised in the Petition shall on or before the 28th day of December, A. D. 2024, fle in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement of such claim on or before the 28th day of December, A. D. 2024, will operate as a bar to such claim.
52 percent of operating revenue, falling from 334 days of revenue to 190 days. According to Water & Sewerage Corporation’s management, there are overdue accounts payable with Miya Bahamas, Waterfields Company, Bahamas Power & Light and Aqua Design Bahamas.”
Highlighting how important the now-rejected tariff increases are to the turnaround plan, the IDB said: “The financial assessment of Water & Sewerage Corporation indicates that Water & Sewerage Corporation has relied on subsidies to cover its operating costs and all its capital investments.
“In 2023, Water & Sewerage presented a negative EBITDA of $34m. The 15-year financial projections model, until 2039, shows that based on the assumptions of the Water & Sewerage Corporation’s corporate business plan of transitional tariffs implementation as of 2024, and on the reduction curve of non-revenue water, Water & Sewerage Corporation will reduce its dependency on subsidies, and consequently reach financial sustainability, by
was a promise, and now it appears everything is going the way it ought to have been going for the past three years. We have to protect the workers of this country. There’s no Bahamas without the workers. We have to protect The Bahamas, and ensure the workers benefit and don’t sell the workers out for monies or whatever you want to call it.”
Mr Ferguson reiterated that the TUC and its affiliates are prepared to be “reasonable”. He added that if an employer was unable to pay all the monies due to workers when agreed, the two parties would sit down and agree a payment schedule or plan.
2030, presenting a positive $3.5m EBITDA no longer depending on operating subsidies.
“Water & Sewerage Corporation will improve its commercial and operational efficiency, supported by the institutional strengthening plan that has already started its implementation, by reducing non-revenue water in New Providence and the Family Islands through contracts with specialised firms from 5.9 million imperial gallons per day in 2023 to three million in 2028.”
This will involve “procuring and installing Advanced Metering Infrastructure, moving from quarterly to monthly billing - reducing its net accounts receivable from 148 days in 2023 to 87 days in 2028 - developing and implementing a human capital strategy, and improving water supply contracts.”
The IDB continued:
“The implementation of the corporate business plan will allow the increase in the coverage of homes served with a water supply system, reducing the use of [their] own wells, as well
as reducing the volume of non-billed water. That results in a reduction in the need to purchase desalinated water. Therefore, it results in increased revenue and reduced operating expenses.
“In addition, better training and the development of other activities to improve the staff will allow productivity gains through better performance of the staff and, consequently, reduction of the indicator related to the number of personnel per active water connection. This increase in productivity results in a reduction in operating expenses.
“Finally, the premise of cash flow management through monthly billing and delinquency reduction measures will provide a better financial balance, in view of the estimated reduction in the turnover of the accounts receivable balance. The successful implementation of the corporate business plan results in the reduction of subsidies that Water & Sewerage Corporation receives from the state, ensuring the sustainability of the business.”
Bahamas’ debt jumps to just below $12bn
the 100 percent threshold it struck in June 2021, when the national debt matched the size of the Bahamian economy post-COVID, but the economy’s subsequent re-opening and reflation has brought it back down.
The end-September 2024 reversal, though modest and by no means yet a trend, illustrates the extent of the national debt increase over the prior three months and the fact it outpaced economic growth.
“The Government’s contingent liabilities reduced by $3.7m (1.1 percent ) over the September quarter, and by $23.4m (6.5 percent) on an annual basis, to $335.3m.
“Given these developments, the national debt - inclusive of contingent liabilities - rose by $338.8m (2.9 percent) over the three-month period, and by $418.9m (3.6 percent) yearon-year, to $11.992bn as at end- September 2024.
“As a ratio to GDP, the direct charge increased by an estimated 30 basis points on a yearly basis to 79.1
percent at end-September. Meanwhile, the national debt-to-GDP ratio held steady at an estimated 81.4 percent vis-à-vis the same quarter in 2023.”
Based on a Bahamas population of 400,000, the figures disclosed by the Central Bank reveal that the national debt is now the equivalent of $30,000 per person. “For the fiscal quarter ended-September 2024, the direct charge on the Government rose by $342.5m (3 percent) over the June quarter and by $442.3m (3.9 percent) yearon-year to $11.656bn. “A breakdown by currency for end-September revealed that Bahamian dollar debt represented 52.9 percent of the total, while foreign currency liabilities accounted for the remaining 47.1 percent. A further disaggregation by creditor revealed that private (nonfinancial) and institutional investors held the largest share of local currency debt (41.6 percent), followed by banks (39.7 percent), the Central Bank (12.2 percent)
and public corporations (6.5 percent).”
As for the Bahamian commercial banking industry, the Central Bank said its overall profitability for the 2024 second quarter breached the $100m mark driven by increases in noninterest income, which largely means fees, along with a drop in bad debt expense.
“During the second quarter of 2024, the latest period for which data is available, banks’ net income moved higher by $2m (2.1 percent) to $100.9m as compared to the same period of 2023, owing mostly to gains in other, non-interest income, and a reduction in bad debt expenses,” the Central Bank said.
“The net interest margin rose by $2.8m (1.9 percent) to $150.5m, underpinned by a $3m (1.9 percent) uptick in interest income, which outweighed the $0.2m (2.7 percent) rise in interest expense. Further, interest from commission and foreign exchange fees increased by $0.8m (5.1 percent) to $17.3m,
contributing to a $3.6m (2.2 percent) growth in the gross earnings margin to $167.8m.....
“Banks’ overall profitability ratio stabilised over the review quarter. As a percentage of average assets, the gross earnings margin stayed at 5.61 percent as the interest margin was approximately unchanged at 5.03 percent, while the commission and foreign exchange income ratio edged up by 1 basis point to 0.58 percent,” the banking sector regulator continued.
“However, the net earnings margin fell by 51 basis points to 1.21 percent as the operating costs ratio rose by 50 basis points to 4.4 percent. Meanwhile, owing to increased contribution from other income sources and a decrease in bad debt expenses, the net income ratio was relatively stable at 3.37 percent.”
The Central Bank also disclosed signs of a healthier housing market for new construction and repairs based on the disbursement, or issuance, of mortgage
Stealth destroyer to be home for 1st hypersonic weapon on a US warship
By DAVID SHARP Associated Press
THE U.S. Navy is transforming a costly flub into a potent weapon with the first shipborne hypersonic weapon, which is being
retrofitted aboard the first of its three stealthy destroyers. The USS Zumwalt is at a Mississippi shipyard where workers have installed missile tubes that replace twin turrets from a gun system that was never activated because it was too
NOTICE
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Kalispera Limited has been dissolved and has been struck from the Register with effect from 11 September 2024.
Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
expensive. Once the system is complete, the Zumwalt will provide a platform for conducting fast, precision strikes from greater distances, adding to the usefulness of the warship.
"It was a costly blunder. But the Navy could take victory from the jaws of defeat here, and get some utility out of them by making them into a hypersonic platform," said Bryan Clark, a defense analyst at the Hudson Institute. The U.S. has had several types of hypersonic weapons in development for the past two decades, but recent tests by both Russia and China have added pressure to the U.S. military to hasten their production.
Hypersonic weapons travel beyond Mach 5, five times the speed of sound, with added maneuverability making them harder to shoot down.
Last year, The Washington Post reported that among the documents leaked by former Massachusetts Air National Guard member Jack Teixeira was a defense department briefing that confirmed China had recently tested an intermediate-range hypersonic weapon called the DF-27.
While the Pentagon had previously acknowledged the weapon's development, it had not recognized its testing.
One of the U.S. programs in development and planned for the Zumwalt is the "Conventional Prompt Strike." It would launch like a ballistic missile and then release a hypersonic glide vehicle that would travel at speeds seven to eight times faster than the speed of sound before hitting the target. The weapon system is being developed jointly by the Navy and Army. Each of the Zumwalt-class destroyers would be equipped with four missile tubes, each with three of the missiles for a total of 12 hypersonic weapons per ship.
In choosing the Zumwalt, the Navy is attempting to add to the usefulness of a $7.5 billion warship that is considered by critics to be an expensive mistake despite serving as a test platform for multiple innovations. The Zumwalt was envisioned as providing land-attack capability with an Advanced Gun System with rocket-assisted projectiles to open the way for Marines to charge ashore.
financing for such projects. “During the third quarter, construction sector developments were undergirded by ongoing varied-scale foreign investment projects. Further, bank-financed domestic private sector activity strengthened relative to the same quarter in 2023,” the Central Bank said.
“As it pertains to the domestic component, total mortgage disbursements for new construction and repairs - as reported by banks, insurance companies and the Bahamas Mortgage Corporation - almost doubled to $43.1m relative to last year’s 3.3 percent uptick.
“Contributing to this development, residential disbursements grew further by 20.0 percent ($4.1m) to $24.8m, exceeding the 6.3 percent growth in the previous year. Moreover, commercial disbursements expanded $18.2m from just $1.3m in the year prior, a reversal from the 29 percent reduction in 2023,” the Central Bank added.
“Compared to the same period last year, total mortgage commitments for new buildings and repairs - a forward-looking indicator of domestic activity - expanded by 64 to 117, while the associated value rose by 88.7 percent to $35.1m.
“Disaggregated by loan category, the number of undisbursed approvals for residential commitments grew by 63 to 113, with a $13.4m (99 percent rise in the corresponding value to $27m. Further, the number of approvals for commercial commitments for new construction and repairs firmed to four from three, with the accompanying value higher by $3.1m (61 percent) at $8.2m relative to the preceding year.
“In terms of interest rates, the average financing costs for residential mortgages edged up by 10 basis points to 6 percent, vis-à-vis the same quarter in the previous year. Meanwhile, the average interest costs for commercial disbursements stood at 6.5 percent.”
Trade Diversification programme and have held multiple Town Hall meetings to enlist businesses to join the programme.
“In the programme we help to facilitate direct relationships between Bahamian businesses, and manufacturers and producers in these target source jurisdictions. We will continue the Town Halls, and amp up the campaign to engage the private sector in this programme.”
“We are also now working closely with BAIC to support an increase in local production of goods. The Trade Commission is assisting in sourcing low-cost inputs of production across the agricultural and fishing sectors. The idea is that if we can make production in The Bahamas more cost competitive, then local production can be one tool in our toolkit to reduce dependency on US imports,” said Mr Griffin.
“All in all, while the planned US tariffs pose some challenges for The Bahamas, particularly in terms of higher import costs, they also offer opportunities for local businesses to innovate, diversify and potentially expand their market reach.
“By implementing strategic policies, fostering regional trade partnerships and encouraging domestic production, The Bahamas can mitigate the negative effects while positioning itself to benefit from emerging opportunities.”
Mr Griffin said the Trade Commission is also working with the Bahamas Agricultural and Industrial Corporation (BAIC) to increase local production by linking companies with international suppliers of raw materials and machinery needed in the agricultural and fishing sector. He added that while the impending US tariffs may present some “challenges” for local businesses they also can provide opportunities to innovate and diversify their products, while strengthening regional trade partnerships and boosting local good production.
A landmark climate change case will open at the top UN court as island nations fear rising seas
By MOLLY QUELL Associated Press
THE top United Nations court will take up the largest case in its history on Monday, when it opens two weeks of hearings into what countries worldwide are legally required to do to combat climate change and help vulnerable nations fight its devastating impact.
After years of lobbying by island nations who fear they could simply disappear under rising sea waters, the U.N. General Assembly asked the International Court of Justice last year for an opinion on "the obligations of States in respect of climate change."
"We want the court to confirm that the conduct that has wrecked the climate is unlawful," Margaretha Wewerinke-Singh, who is leading the legal team for the Pacific island nation of Vanuatu, told The Associated Press.
In the decade up to 2023, sea levels have risen by a global average of around 4.3 centimeters (1.7 inches), with parts of the Pacific rising higher still. The world has also warmed 1.3 degrees Celsius (2.3 Fahrenheit) since pre-industrial times because of the burning of fossil fuels.
Vanuatu is one of a group of small states pushing for international legal intervention in the climate crisis.
"We live on the front lines of climate change impact. We are witnesses to the destruction of our lands, our livelihoods, our culture
and our human rights," Vanuatu's climate change envoy Ralph Regenvanu told reporters ahead of the hearing.
Any decision by the court would be non-binding advice and unable to directly force wealthy nations into action to help struggling countries. Yet it would be more than just a powerful symbol since it could serve as the basis for other legal actions, including domestic lawsuits.
On Sunday, ahead of the hearing, advocacy groups will bring together environmental organizations from around the world. Pacific Islands Students Fighting Climate Change — who first developed the idea of requesting an advisory opinion — together with World Youth for Climate Justice plan an afternoon of speeches, music and discussions.
From Monday, the Hague-based court will hear from 99 countries and more than a dozen intergovernmental organizations over two weeks. It's the largest lineup in the institution's nearly 80-year history.
Last month at the United Nations' annual climate meeting, countries cobbled together an agreement on how rich countries can support poor countries in the face of climate disasters.
Wealthy countries have agreed to pool together at least $300 billion a year by 2035 but the total is short of the $1.3 trillion that experts, and threatened nations, said is needed.
NOTICE
NOTICE is hereby given that RENÉE REGNIER of Fox Hill South off Joe Farrington Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RUBY MAY GREEN of #22 Mount Tabor Estate, 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 2nd day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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.
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.
"For our generation and for the Pacific Islands, the climate crisis is an existential threat. It is a matter of survival, and the world's biggest economies are not taking this crisis seriously. We need the ICJ to protect the rights of people at the front lines," Vishal Prasad, of Pacific Islands Students Fighting Climate Change, told reporters in a briefing.
Fifteen judges from around the world will seek to answer two questions: What are countries obliged to do under international law to protect the climate and environment
from human-caused greenhouse gas emissions? And what are the legal consequences for governments where their acts, or lack of action, have significantly harmed the climate and environment?
The second question makes particular reference to "small island developing States" likely to be hardest hit by climate change and to "members of "the present and future generations affected by the adverse effects of climate change."
The judges were even briefed on the science behind rising global
NOTICE
NOTICE is hereby given that VINCENT LOUISIUS of Deep Creek, 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 2nd day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
temperatures by the U.N.'s climate change body, the Intergovernmental Panel on Climate Change, ahead of the hearings. The case at the ICJ follows a number of rulings around the world ordering governments to do more to reduce greenhouse gas emissions.
In May, a U.N. tribunal on maritime law said that carbon emissions qualify as marine pollution and countries must take steps to adapt to and mitigate their adverse effects.
That ruling came a month after Europe's highest human rights court said that countries must better protect their people from the consequences of climate change, in a landmark judgment that could have implications across the continent.
The ICJ's host country of The Netherlands made history when a court ruled in 2015 that protection from the potentially devastating effects of climate change is a human right and that the government has a duty to protect its citizens. The judgment was upheld in 2019 by the Dutch Supreme Court.
NOTICE
NOTICE is hereby given that DIEUFAITE SAINT-FLEUR of Forest Drive, Abaco, 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 2nd day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE PEACE Palace housing the World Court, or International Court of Justice, is reflected in a monument in The Hague, Netherlands, Wednesday, May 1, 2024.
Photo:Peter Dejong/AP
Shopping on Shein and Temu for holiday gifts? You’re not
By HALELUYA HADERO Associated Press
SHOPPING on Temu
can feel like playing an arcade game. Instead of using a joystick-controlled claw to grab a toy, visitors to the online marketplace maneuver their computer mouses or cellphone screens to browse colorful gadgets, accessories and trinkets with prices that look too good to refuse.
A pop-up spinning wheel offers the chance to win a coupon. Rotating captions warn that a less than $2 camouflage print balaclava and a $1.23 skeleton hand back scratcher are “Almost sold out.” A flame symbol indicates a $9.69 plush cat print hoodie is selling fast. A timed-down selection of discounted items adds to the sense of urgency.
Welcome to the new online world of impulse buying, a place of guilty pleasures where the selection is vast, every day is Cyber Monday, and an instant dopamine hit that will have faded by the time your package arrives is always just a click away.
By all accounts, we’re living in an accelerating age for consumerism, one that Temu, which is owned by the Chinese e-commerce company PDD Holdings, and Shein, its fierce rival, supercharged with social media savvy and an interminable assortment of cheap goods, most shipped directly from merchants in China based on real-time demand.
The business models of the two platforms, coupled with avalanches of digital or influencer advertising, have enabled them to give Western retailers a run for their money this holiday shopping season.
Software company Salesforce said it expects roughly one in five online purchases in the U.S., the United Kingdom, Australia and Canada to be made through four online marketplaces based or founded in Asia: Shein, Temu, TikTok Shop - the e-commerce arm of video-sharing platform TikTok - and AliExpress.
Analysts with Salesforce said they are expected to pull in roughly $160 billion in global sales outside
the only one.
of China. Most of the sales will go to Temu and Shein, a privately held company which is thought to lead the worldwide fast fashion market in revenue.
Lisa Xiaoli Neville, a nonprofit manager who lives in Los Angeles, is sold on Shein. The bedroom of her home is stocked with jeans, shoes, press-on nails and other items from the
ultra-fast fashion retailer, all of which she amassed after getting on the platform to purchase a $2 pair of earrings she saw in a Facebook ad. Neville, 46, estimates she spends at least $75 a month on products from Shein. A $2 eggshell opener, a portable apple peeler and an apple corer - both costing less than $5 - are among the
quirky, single-use kitchen tools taking up drawer space. She acknowledges she doesn’t need them because she “doesn’t even cook like that.” Plus, she’s allergic to apples.
“I won’t eat apples. It will kill me,” Neville said, laughing. “But I still want the coring thing.”
Shein, now based in Singapore, uses some of the
same web design features as Temu’s, such as pop-up coupons and ads, to persuade shoppers to keep clicking, but it appears a bit more restrained in its approach. Shein primarily targets young women through partnerships with social media influencers. Searching the company’s name on video platforms turns up creators promoting Shein’s Black Friday sales event and displaying the dozens of of trendy clothes and accessories they got for comparatively little money. But the Shein-focused content also includes videos of TikTokers saying they’re embarrassed to admit they shopped there and critics lashing out at fans for not taking into account the environmental harms or potential labor abuses associated with products that are churned out and shipped worldwide at a speedy pace.
MARINE FORECAST
PAGES from the Shein website, left, and from the Temu site, right, are shown in this photo, in New York, June 23, 2023.
Photo:Richard Drew/AP
BAHAMAS NEWEST MEMBER OF REGIONAL MUTILATERAL BANK
THE Bahamas last week completed the process to become the newest shareholder country in a multilateral development bank and gain access to another potential source of low-cost financing.
The Development Bank of Latin America and the Caribbean (CAF), in a statement, confirmed The Bahamas finalised its status as a ‘Series C Shareholder’ last Wednesday, November 27. This nation’s own Parliament earlier this year passed the enabling legislation required to facilitate membership, which has resulted in The Bahamas acquiring some $50m worth of ‘Series C’ shares in the multilateral institution.
CAF, in a statement, asserted that membership will give The Bahamas enhanced access to more agile, flexible and innovative financing to support its sustainable and inclusive development initiatives.
With The Bahamas’ membership finalised, CAF added that it plans to expand its presence in the Caribbean and provide greater support for the region’s small island developing states (SIDS).
The development bank undertook what it described as an exploratory mission to The Bahamas in September 2024, during which its representatives held talks with Prime Minister Philip Davis KC; Fred Mitchell, minister of foreign affairs; Simon Wilson, the Ministry of Finance’s financial secretary, and senior officials across multiple ministries.
The mission sought to align CAF’s financial and technical expertise with The Bahamas’ immediate and medium-term development priorities. CAF said that, like many SIDS, The Bahamas faces disproportionate vulnerabilities to the effects of climate change, including intensifying hurricanes, rising sea levels and economic shocks.
As part of its commitment, the development bank added that it is working to mobilise new sources of financing to support the Government’s bid to strengthen resilience, modernise infrastructure and
SERGIO DIAZ-GRANADOS, executive president; Alejandra Claros, secretary-general; Gianpiero Leoncini, executive president, raise The Bahamas’ flag at Caracas headquarters.
drive social and economic progress in The Bahamas.
In October 2023, CAF provided support for the Government’s hosting of a regional meeting on climate financing in the Americas on the sidelines of the Fourth Ministerial Meeting on Sustainable Development organised by the Organisation of American States (OAS). Sergio Díaz-Granados, CAF’s executive president, said: “As a development partner rooted in the region, we understand the unique challenges faced by Caribbean SIDS – the urgency of addressing the effects of climate change, the financing constraints faced by countries that are classified as high and middle income, and the need for increased investments in connectivity and resilient infrastructure, particularly in archipelagic states.
“We stand ready, as we have done with all our
shareholder countries, to collaborate with the Government and other stakeholders to build a sustainable and prosperous future for The Bahamas.”
The Bahamas’ membership builds on CAF’s decision to deepen its engagement in the Caribbean.
It established its regional office for the Caribbean, headquartered in Trinidad and Tobago, two years ago with the aim of consolidating its development assistance to the Caribbean, particularly in support of climate action, water, energy and food security, sustainable tourism, modernisation of infrastructure and digital transformation.
Shortly after, CAF integrated the Caribbean into its official trademark and logo, which is now the Development Bank of Latin America and the Caribbean.
THE BAHAMAS flag is raised at CAF’s headquarters in Caracas, Venezuela.
SERGIO DIAZ-GRANADOS, executive president, joins the CAF team in celebrating The Bahamas’ incorporation into CAF.
