12052024 BUSINESS

Bank: ‘Dissatisfied businesses’ drive 8% fees growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

COMMONWEALTH

Bank says demand from “dissatisfied businesses” sparked its entrance into providing merchant-acquiring services for commercial clients and drove an 8 percent increase in fee income.

Tangela Albury, the BISX-listed institution’s chief financial officer, in written replies to Tribune Business questions said it had seized an opportunity to expand into a new market segment with the result that fee-based income rose by $3m yearover-year to $24.862m for the nine months to endSeptember 2024.

Speaking to the lender’s drive into an already-crowded niche, which features competition from both Fidelity Bank (Bahamas) and Bank of The Bahamas among others, she said: “We are pleased to provide businesses in The Bahamas with another option to facilitate

accepting their electronic payments, primarily credit and debit card transactions.

“Introducing merchantacquiring services aligns with our philosophy of seeking opportunities to provide value-added services and products our customers want. For the nine months of 2024, the fee income growth of 8 percent reflects the boost to the bank of adding this service.

“While we continue to explore expansion opportunities for this service, there is a notable demand among

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ACCOUNTANTS yesterday warned that the March 31 deadline to complete 2025’s Business Licence audits and reviews is “way too aggressive” and will impose “significant strain” on many businesses.

Pretino P. Albury, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that the Ministry of Finance’s target “is not feasible” based on the experience of auditors and clients alike following the first year under this new verification process.

However, he disclosed that Simon Wilson, the Ministry of Finance’s financial secretary, told BICA representatives in their last meeting on the issue around three weeks ago that he wants all Business Licence audits and reviews submitted within three months by end-March 2025 with minimal exceptions for certain business categories.

Mr Albury said it was agreed that companies required by law and regulation to produce their audited financial statements at end-April

every year, such as the Central Bank’s bank and trust company licensees, will be given until that deadline to do likewise for Business Licence purposes.

And businesses that are pushed above the $5m annual turnover threshold, thereby triggering the Business Licence audit requirement, through enjoying a top-line revenue increase in 2024 will also not be held to March 31 given that they may be undergoing such rigorous procedures for the first time. However, Mr

said no revised deadline was given for this group. The BICA president added that Mr Wilson signalled the Government would be open to granting extensions on a case-by-case basis provided this can be justified, but said the Bahamian accounting profession would prefer a glide path or “tiered approach” where they and their private sector clients gradually progress towards hitting the end-March Business Licence audit deadline. Pointing out that some firms had this year obtained extensions until October and November to complete the process, Mr Albury argued that the leap to March 31 will likely prove too great for many while the accounting profession lacks the necessary “capacity” to cope.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor

THE Government’s former chief medical officer has lost his bid for a quick legal victory against CIBC Caribbean (Bahamas) over their $1.233m mortgage loan dispute.

While not going into detail, he confirmed that he has already met with the Bahamasair pilots’ union over its concerns and expressed confidence that “an amicable resolution” acceptable to the regulator and industry could be reached by “the end of the week”.

The exam has been muchcriticised by Bahamian pilots and other industry operators for lacking relevance to this nation’s aviation environment, while many have complained about an inability to source study guides and inadequate time to prepare. A

THE Bahamian aviation regulator’s chairman yesterday voiced “100 percent” optimism that concerns over a controversial exam, which the industry fears will create a pilot shortage, can be solved as early as this week. Devard Francis, head of the Civil Aviation Authority of The Bahamas (CAAB) Board, told Tribune Business there could be “some variations” or changes to the ‘air law examination’ that all pilots are presently mandated to sit and pass by end-January 2025 in order for their Bahamian licences to be renewed.

Given that CIBC previously failed in its 2021 attempt to have the former chief medical officer’s action struck out, both sides have now seen their efforts to achieve an early and rapid victory thwarted as senior justice Fraser ruled each has raised “serious issues” that need to be determined by a full trial on the substantive merits.

The dispute has roots that date back three decades to 1994 when Dr Beneby and Bentech Ltd, for which he is the beneficial owner, obtained a $600,000

Senior Justice Deborah Fraser, in a December 2, 2024, verdict dismissed the attempt by Dr Glen Beneby and his Bentech Ltd company to both obtain a summary judgment against the BISX-listed bank and a temporary injunction that would prevent it from repossessing the Sunrise Beach Estates condo complex at the heart of their battle.

Albury

PRETINO P. ALBURY

TANGELA ALBURY

COMBINE TECHNOLOGY TO DELIVER SEAMLESS CUSTOMER EXPERIENCE

In today’s competitive landscape, customer experience has become more than just a buzz word - it is a critical differentiator for companies worldwide. With advances in artificial intelligence (AI), augmented reality (AR), the Internet of Things (IoT) and blockchain, businesses are exploring new ways to meet rising customer expectations. The future of customer experience promises to be a seamless, personalised and immersive journey powered by these emerging technologies.

Artificial intelligence is revolutionising customer service by making experiences more personalised than ever. Through AI algorithms, companies can analyse customer behaviour, preferences and past interactions to create highly individualised experiences. AI-driven chatbots, for example, are now able to understand natural language, allowing for more intuitive conversations. These chatbots can answer questions, resolve issues and even anticipate needs based on the customer’s history. AI is also being used to recommend products and services in real time, making each interaction more relevant and tailored to the individual.

According to a report from McKinsey, the global consultancy firms, companies that excel in personalisation can generate 40 percent more revenue than those that do not. By 2025, experts predict that nearly 80 percent of customer interactions will be managed by AI, thereby freeing up human workers to handle more complex cases while streamlining routine inquiries.

Augmented and virtual reality technologies are changing the way customers interact with products. Companies are now able to offer “try-before-youbuy” experiences virtually. For instance, furniture and home decor retailers such as IKEA allow customers to visualise products in their homes using AR. In the fashion industry, brands such as Gucci and Sephora

ROYE II KEITH

have introduced AR fitting rooms, where customers can “try on” clothes, makeup or accessories from the comfort of their homes.

Virtual reality (VR) takes it a step further by providing fully immersive experiences. In the travel and real estate sectors, potential clients can now take VR tours of properties or destinations before making any commitments. By incorporating these technologies, businesses can remove barriers to purchase, improve engagement and drive higher customer satisfaction.

The Internet of Things, meanwhile, has given rise to a new era of connected devices, transforming how companies interact with their customers. Smart devices, ranging from wearable fitness trackers to smart home assistants, allow companies to gather data and deliver tailored insights. IoT is especially impactful in industries such as healthcare, where wearable devices can monitor a patient’s health and alert caregivers to any issues.

In the retail sector, IoTenabled devices help create seamless in-store experiences. For instance, smart shelves can track inventory and notify staff when a product is running low, ensuring customers always find what they need. Meanwhile, beacons - small Bluetooth devices that interact with smart phones - can send personalised offers to customers as they navigate stores, enhancing the shopping experience.

As these technologies continue to evolve, the future of customer experience will increasingly revolve around predictive and proactive interactions. Imagine a world where your preferences are not only understood but anticipated - from receiving travel updates before a delay happens to having your favourite items restocked automatically.

For companies seeking to thrive in this evolving landscape, the key will be to integrate these technologies in ways that complement each other. Creating an interconnected CX ecosystem, where AIdriven personalisation, immersive AR experiences, IoT-powered devices and blockchain transparency come together, will not only meet but exceed customer expectations.

Emerging technologies are rapidly reshaping the future of customer experience, enabling companies to deliver more personalised, transparent and immersive interactions. As businesses harness the power of AI, AR, IoT and blockchain, the boundaries of customer experience will continue to expand, moving toward an environment where customer satisfaction and loyalty are driven by innovative and seamless experiences. For consumers, the future holds the promise of faster, more convenient and more enjoyable interactions across every touchpoint. For companies, the future of customer experience represents an opportunity to create deeper relationships and sustainable growth. It is clear that the future of customer experience is already here, and it is digital, dynamic and driven by emerging technologies.

Delta launches direct winter flight to Nassau from Detroit

DELTA Airlines has relaunched its weekly nonstop service from Detroit to Nassau to provide an airlift and connectivity boost that coincides with The Bahamas’ peak winter tourism season. The route, which will launch on December 21, 2024, and continue until April 12, 2025, connects Detroit Metropolitan Wayne County Airport (DTW) with Lynden Pindling International Airport. As the only non-stop flight between these cities, this service will provide travellers from the metro Detroit area and the upper midwest Great Lakes region

with a seamless connection to The Bahamas.

“This exciting development represents a pivotal moment in our strategy to drive significant growth in visitor arrivals from Detroit and the Great Lakes region. We are positioning ourselves to tap into a highly engaged and lucrative market, ensuring long-term success for our tourism sector,” said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.

“As foreign airlift arrivals increase, we will remain steadfast in our effort to bring more visitors and investments to The Bahamas, and expand flight and on-the-ground development offerings to satisfy the growing demand in the destination.” Delta’s move follows other US carriers in expanding airlift to The Bahamas.

“The growing demand by

visitors to travel to The Bahamas is evident, with new flights and increased airlift such as the relaunch of Delta’s non-stop service from Detroit,” said Latia Duncombe, the Ministry of Tourism, Investments & Aviation’s director-general.

“While we focus on enhancing the visitor experience and elevating the quality of offerings across the destination, we remain resolute in ensuring that each traveller enjoys a seamless and unforgettable experience in The Bahamas.”

Delta’s non-stop service from Detroit to Nassau will operate weekly on Saturdays with a three-hour flight time, strengthening the ties between The Bahamas and one of the US’ key mid-west markets, and positioning the destination for continued growth.

‘HOME RUN’ WITH JUST 0.5% CRUISE CONVERT

By

LARGE resorts have been reporting “robust” holiday bookings as the year heads to a close.

Jackson Weech, general manager of operations at Atlantis, said holiday bookings are “robust” with forward bookings numbers comparable to the first quarter of 2024.

Speaking to reporters at the Bahamas Hotel and Tourism Association Annual General Meeting yesterday, Mr Weech, who is also the new president elect of the BHTA, said Alantis saw booking pace decrease in the third quarter which he attributed to hurricanes and the election in the United States.

He said he is “optimistic” about bookings for 2025.

“The holiday bookings are robust, they’re looking good. What we’re seeing in terms of growth, certainly for our first two quarters of 2025 we see that to be almost replicating what happened this year 2024,” said Mr Weech.

“Atlantis, like the wider industry, certainly, our first two quarters were stellar, they were pacing very well. And then, of course, we started to run into some headwinds. We’ve

successfully come through those headwinds. We had the concern as we relate to the announcement in respect to hurricanes, for the wider industry, for the wider region. Then secondly, traditionally, what tends to happen is there is a contraction with the US election. We’re in the fourth year of that. We ran into those things. We’ve successfully come through it, and we’re very, very optimistic on 2025.”

Robert “Sandy” Sands, senior vice president at Baha Mar, gave a similar outlook highlighting “strong positive bookings” for the first quarter of 2025. The BHTA’s outgoing president said the resort had strong numbers over Thanksgiving and bookings

TOURISM NUMBERS STAY ON TRACK WITH LAST YEAR

By FAY SIMMONS Tribune Business Reporter

TOURISM Director

General Latia Duncombe

said The Bahamas saw 9.1m air and sea arrivals from January to October 2024 and stopover visitors are consistent with last year’s numbers.

Delivering a keynote address for Deputy Prime Minister Chester Cooper, who was unable to attend due to a disruption in Parliament yesterday, Ms Duncombe said there were 1.56m stopover visitors recorded from January to October and is trending with last year’s numbers “despite all the challenges”.

“In 2023 we welcomed nearly 10 million visitors, a 30 percent increase over 2019 and I’m thrilled to say here today, we have surpassed those numbers,” said Ms Duncombe.

“We welcomed 9.1m foreign air and sea arrivals for the period January to October 2024. A 16.6 percent

increase over last year, and a 54 percent increase over 2019 and I’m also pleased to announce that stopover represents 1.56 million visitors and despite all the challenges that we have faced, it’s trending the same. It’s consistent as last year.”

She added that next year there will be a continued focus on airlift and air arrivals are up by 16.3 percent with the introduction of new routed from major carriers.

“We’re going to continue to focus on increased airlift. Our foreign arrivals are up by 16.3percent with new routes like Delta’s Detroit – Nassau and expanded services for America Airlines, growth investment has always been a part of our strategy,” said Ms Duncombe.

Ms Duncombe said the Ministry of Tourism recently began their destination- wide savings offer which is expected to result in increased bookings and

for Christmas are “very encouraging”.

“The first seven months of this year, we trended very positively to 2023, We faced some headwinds from August until just before Thanksgiving. Thanksgiving was very positive, festive looks very strong and very encouraging. The first quarter of next year, also very strong, positive bookings,” said Mr Sands.

He also attributed the slowing in booking pace to the US elections and the outlook is now positive for the industry but warned greater attention still needs to be paid to a number of issues the industry faces.

“We believe that the headwinds in the last quarter were impacted by the US elections and the

tentativeness of guests wanting to travel at that period, but we seem to be on the revised trajectory for at least the first quarter of 2025 and let’s hope that continues,” said Mr Sands.

“We have to continue to address value for money, guest expectations, and a plethora of other issues.”

Mr Sands has served as president of the BHTA for ten years being elected to the role four times over the last three decades; in 1990, 1995, 2009 and 2020.

The seasoned hotelier said he has “every confidence” that Mr Weech, who has served on the executive committee for several years “excellent job” in the role and he will be available to provide support if necessary.

Mr Sands said he would like to see the industry grow though investments in new hotels to increase room availability and a greater promotion of stop over visits and cruise passenger conversion.

While noting the important role cruise passengers play in the tourism industry, Mr Sands said if we can convert just a “half a percent” of their volume to stopover visits it would be a “homerun”.

“I want to see growth every year, but growth does not just happen just like that. We have to invest in new hotel rooms. That’s

where we’re going to get capacity from and rooms is critical,” said Mr Sands.

“Our greatest potential in terms of economic contribution comes from the stopover visitors. I’m not dismissing the impact of cruise passengers, because if we can convert half a percent of one of those, it’s a home run for us the country.

“So, we still have some work to do, we can’t continue to tread water. We need some new investment in hotels, that is going to help to spur this additional growth.”

Mr Sands said the entire destination must work together to ensure long term growth are more investments should be made to ensure major improvements in utilities and airports throughout the entire country.

“We must continue to focus on training and workforce development to ensure our graduates, our workforce, are able to succeed in their chosen career and meet the ever-evolving needs of this dynamic industry.”

He also said there must be greater attention paid to cruise passenger conversion, the environment and promoting local products.

“We must enhance our cruise conversion efforts so that short term seafaring passengers who touch up shores are left wanting more and will therefore return as a stopover guest, spending as much as 20 times more money within the destination,” said Mr Sands.

“We must continue to support and encourage growth of our loyal longer serving staying mariners who frequent marinas throughout the archipelago. We must continue our efforts to preserve the environment as it is, the bread and butter our tourism industry and our way of life. We must continue to promote and support local sourcing, Bahamian cultures, artisans culinarians, as this is a reflection of who we are and what it makes us unique as a people and the tourism sector.”

“We must continue to encourage the powers that be to cast their financial map far and wide. Recognizing the progress made, we must continue to see sustained major improvements in critical infrastructure, provision of cost, effective, consistent, reliable power to communities and businesses throughout The Bahamas, water, waste disposal, actualised investments in airports, roadways, lighting in public spaces, health and safety facilities and resources,” said Mr Sands.

FEWER JOURNEYS BUT LONGER TRIPS HIT VISITOR NUMBERS

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

KERRY Fountain, executive director of the Bahama Out Island Promotion Board, said bookings for the period of January to October are 12.34 percent lower than numbers for 2019. Speaking at the Bahamas Hotel and Tourism Association Annual General Meeting yesterday, Mr Fountain said guests have cited increased inflation and post pandemic travel policies as reasons why they decrease their amount of travel but extended the length of trips.

“January through October 2024, we were 12.34 percent behind what we did last year if you compare that to 2019 we are some 27 points behind,” said Mr Fountain.

“The persistent inflation, even though it has been falling, coupled with still elevated post pandemic travel policies, its not surprising that hotel guests say they are taking fewer trips on average, yet those hotel guests are staying longer on the trips and this puts a real focus on hotel property.”

He explained that increased prices for hotel stays have placed a greater emphasis on service and unreliable utilities have been a frequent complaint of visitors.

“It puts a rare focus on hotel property for room cleanliness and facilities maintenance. And we’re not going to get into the bashing our utility companies, but when I say

facilitate maintenance, I am talking about BPL, I am talking about BTC, I am talking about reliable internet, I am talking about Water and Sewage,” said Mr Fountain.

“It puts pressure in terms of room cleanliness, facilities maintenance, the interactions with front desk personnel. Ultimately, travel expectations have increased, along with hotel rates. We increased our rates the consumer expectations go up, and then hotels do not meet or exceed expectations, the perception of value for money declines.”

Mr Fountain said during the first half of the year,

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ROBERT SANDS

KERRY FOUNTAIN

ACCESS ACCELERATOR UNVEILS DISABLED ENTREPRENEUR HELP

By ANNELIA NIXON Tribune Business

THE Small Business Development Centre (SBDC) yesterday announced it has teamed with multiple other government agencies to launch entrepreneurial funding and training targeted at disabled persons.

The move, timed to coincide with Disabilities Week and the International Day of Persons with Disabilities, will see the SBDC and its ‘Access Accelerator’ division partner with the Ministry of Social Services, the Ministry of Youth, Sports and Culture, and the National Commission for Persons with Disabilities over the Entrepreneurs with Disabilities initiative.

Myles Laroda, minister of state for social services, was present for the unveiling of a project that will include training, mentorship and funding designed to

specifically assist disabled entrepreneurs. The training is set to begin on January 20. The SBDC said a survey found that 36 percent of budding entrepreneurial respondents prefer live online workshops, while 27 percent favour in-person workshops.

“Further to the training courses, we are hosting mentorship for 100 participants in the programme and hosting the Enable Business Forum and Expo,” Samantha Rolle, the SBDC’s executive director, said. “So the forum allows us to address entrepreneurs with disabilities while also encouraging and guiding corporate Bahamas in ways to be more supportive of these entrepreneurs.”

Once the training ends, the SBDC is offering up to $10,000 in grant funding for the development of participants’ businesses with the application process opening in February. “It allows for us to get through the training [and] mentorship cycles as well as the forum and

expo,” Ms Rolle said. “As part of this programme we also wanted to incorporate an awareness campaign.

“And so you’ll see a series of videos, a series of infographics, information... any stats that we can pull, whether based on our own surveying or through the Commission. So those things will happen. The grant application opens at the tail end of the initiative and it allows for persons to apply.

“And so, as part of any programme that we offer, because we are talking about equality... we want to make sure that persons apply, they submit the required documents and they participate per the requirements. And a whole lot of that has to do with the training.”

Ms Rolle explained that the initiative is not industry specific, but being an entrepreneur or “significant” business owner with a disability is a requirement. Participants will

benefit from “post funding” support.

“So once SBDC provides the funding support, we don’t just let you go without any type of support,” Ms Rolle said. “And so for those who have been funded by our grant, we do provide some post-funding support - an advisor that can work with you for about a year. That support is still there. And even if you reach out to us after a year and you still need some guidance, we won’t turn you away.”

The launch of the Entrepreneurs with Disabilities initiative is designed to help the SBDC meet its inclusivity goal. “While entrepreneurs with disabilities are eligible for all of the SBDC’s initiatives, we found it imperative to host this programme specifically for entrepreneurs with disabilities so that we can increase the visibility of their businesses to encourage social reform, but also to foster an inclusive

entrepreneurial ecosystem,” Ms Rolle said.

“Additionally, we want to provide equitable access to business opportunities like training and mentorship and other resources that we offer. This initiative also serves as a platform to amplify the talents and businesses of entrepreneurs with disabilities. Inclusivity is one of our core goals for 2024, and this initiative achieves this in more ways than one.

“By expanding the type of entrepreneurs we directly support, we are actively working towards creating a more equitable business environment where everyone, regardless of their physical or cognitive abilities, can succeed. Not only succeed, but can thrive. By encouraging the development of businesses through this initiative, we are contributing to both job creation and strengthening of existing businesses, which are key pillars of SBDC’s long term vision.”

Rashard Ritchie, assistant director with the Ministry of Youth, Sports and Culture, added: “The ministry is a firm supporter of a fair, inclusive and equitable society, and that means that we believe persons with disabilities can be business owners, too,” he said.

“I add to that by saying that young persons with disabilities can be business owners, too. Young people face many barriers to fully participating in our society. Having a disability as a young person exacerbates those barriers.

“It is therefore important that we provide an enabling environment that supports the independence of disabled youth, even as entrepreneurs. So as we launch this initiative, let us spare no effort in supporting the disabled community, in particular young persons with disabilities, in the advancement of a society for all.”

Eleuthera project unveils 23 units ahead of 2025 ‘debut’

AN Eleuthera resort project has launched 23 fully-furnished residents priced from $1.995m upwards as it moves to “debut” its first phase in 2025.

Jack’s Bay, the 1,200acre club and residential community on the island’s southern coast, in a statement said it is introducing The Playground Residences as a collection of two, three and four-bedroom homes. It added that these will be the only properties adjacent to the development’s two golf courses which have been created by the design firms of world-renowned golfers, Tiger Woods and Jack Nicklaus.

The Playground Residences will range in size from 2,172 to 3,072 interior square feet. “Each Playground Residence has been thoughtfully crafted with meticulous attention to detail,” said Tommy Turnquest, Jack’s Bay’s chief executive.

“We considered every nuance, from the gentle morning light filtering through the rooms to cozy reading nooks that invite relaxation as the sun sets, and the soft sound of the ocean through open windows at night. More than just homes, these are sanctuaries that embrace you, creating a place you’ll cherish as much as it cherishes you.”

Jack’s Bay said the Playground Residences feature a private pool, roof-top deck, wet bar with wine storage, owner’s closet and a covered carport for two vehicles. Developed by On-Point Construction Services, Latitude Builders and Jack’s Bay Resort Development, with interiors by Whittingham Design Consultants, owners also have the option to place their homes within the project’s rental management programme.

“Couples and families of all ages seeking a true

Bahamian escape where luxury and leisure meet seamlessly will find their ideal retreat in The Playground Residences at Jack’s Bay,” said Mike Collins, founding partner and chief executive of IMI.

“This is an opportunity to join an exclusive,

multi-generational community offering an expansive array of experiences beyond the typical beachfront resort, including private access to two worldclass golf courses from golf legends.”

Phase I of Jack’s Bay is set to launch in early 2025 and will feature the Atlantic Clubhouse, complete with a pool, fitness centre, racquet sports, a destination spa and a beachside restaurant, as well as four of

the Atlantic Club Cottages. The Tiger Woods’ TGR Design Playground Course will reopen in early 2025, with the 18-hole Nicklaus Heritage course slated for completion in 2026.

AMAZON IMPACT FELT AMID SLOW HOLIDAY SEASON SALES

By ANNELIA NIXON Tribune Business

A BAHAMIAN company is transitioning into a service-based company in an attempt to to raise business and keep “feeding all these families” amid hard times.

“It’s very, very slow right now, I’ll be honest with you,” DC Technology’s owner Craig Pyfrom told Tribune Business.

Adding that sales were “OK” but not “great” during its Black Friday sales last week, Mr Pyfrom noted this week was “horrible”. He said around the holidays the technology store normally experiences an uptick in sales and customer turnout but they haven’t had that this year. He said this is the slowest period the company has seen in months. Mr Pyfrom attributes low sales to the current economic status of the country, and partly to Amazon which now offers free and direct shipping to The Bahamas through DHL on eligible items as

well as free delivery by the carrier. “With all items they have up, they’re limited and then to be honest with you, they are charging freight on a lot of stuff and actually the majority of those, their price is extremely higher than mine,” Mr Pyfrom said. “They just put too much freight on it up front on certain items, especially televisions.

Mr Pyfrom added he’s unsure if the Amazon craze will die any time soon. He suggested that Amazon might even attract more customers by widening the availability and eligibility of products. However, Mr Pyfrom pointed out the extra fees tacked on when ordering from foreign, online stores, like Amazon.

“See, a lot of people don’t even check prices here to see what they cost here,” Mr Pyfrom said. “They just, [say] oh, if they could buy from Amazon, they can pay less. And don’t forget there’s another four and a half or four percent on your credit card when you finish too. Here, you don’t have that.”

In an attempt to be proactive, Mr Pyfrom revealed

the store will transition into a service-based company while continuing to sell electronics but in a lesser quantity. They currently provide technology services, but Mr Pyfrom’s goal is to make the core purpose of the store “more service-oriented”.

“Fixing, doing solutions for companies - I mean we do it now, but we just haven’t been pushing it much,” Mr Pyfrom said. “Things like more networking stuff - which we do - storage for companies, backup solutions, camera installations, security camera installations and stuff like that. We do a lot, a lot that people don’t know that we do. So we gotta really just push them more. We’re looking for more techs in that area of doing more infrastructure.”

Mr Pyfrom said he is providing the best deals that he can for customers but he’s still not seeing positive changes, adding “that’s the power of the internet”.

“I mean we’re offering the best price we can and hoping people would buy from us,” Mr Pyfrom said. “We try to buy stuff what they’ll [Amazon] have

more expensive. We try to sell stuff. So we are passing all our deals on to the Bahamian people but there’s nothing you can do. That’s the power of the internet. So there’s nothing we could really do and we can’t compete with Amazon, to be honest with you. No company here could compete with Amazon, they’re a powerhouse and they negotiate big deals from these vendors and they get their price and they have their margins.”

He added that their Black Friday deals, referred to as “Black Friday Unlimited” will extend into the new year.

“We got a lot of deals coming in,”Mr Pyfrom said. “A lot. Like today, we get a lot of new stuff and we continue and our sales are going to go go straight through into the new year. Just whatever is available. [We’re going to] continue the price. We’re just going to continue it.”

Angelo Munnigs, manager of Cellular World and Electronics, agreed that Amazon has been a great competitor in the technology world, however he believes his store

is seeing an uptick this holiday season because “if something goes wrong you can deal with local people versus if you order stuff” adding “It’s kind of hard to deal with trying to ship stuff back and all this other stuff”. Mr Munnings added that business is staying afloat because they sell electronics and offer technician services, though sales are the more lucrative component.

Some stores, including Perfume Paradise, are already experiencing an increase in sales. Naomi Tynes, supervisor of Perfume Paradise, said the store normally sees a rise in customer shopping during the holiday season and she “predicts” the same will apply this holiday season.

She does not see Amazon as a threat. While some customers obtain testers from perfume shops to decide on scents they like but purchase the actual perfume online, Ms Tynes remained confident that Perfume Paradise would not see a drastic loss in sales to the online store.

“Some people do that, but some people also would be like, ‘You know what?

Aviation chief ‘100%’ confident pilot exam controversy solved

significant number of failures could leave Bahamian carriers short of pilots, disrupting flight schedules and the inter-island connectivity relied upon by residents, tourism and commerce.

Mr Francis, though, told this newspaper: “The Deputy Prime Minister [Chester Cooper] has given me the directive to consult with the pilots’ association, which we’ve been doing. We’ve already had a meeting and I’m waiting to have a meeting with executives at Civil Aviation, the director-general and deputy director-general.

“We have our meeting tomorrow [today] at 1pm. I’ll be able to speak more to it afterwards, but preliminarily that’s where we’re at right now.”

Captain Mark Johnson, president of the Bahamas Airline Pilots Association (BALPA), which represents the Bahamasair pilots, could not be reached for comment before press time last night.

However, Tribune Business understands that the union is waiting for civil aviation and Mr Francis to come back to it with a confirmed position. The two sides are thought to have discussed a number of potential options, including making it an ‘open book’ exam; extending the deadline beyond the present January 31, 2025, date; or doing away with the examination altogether.

Others, though, have pointed out that BALPA and the Bahamasair pilots do not speak for the entire industry. The Bahamas Aircraft Owners and Pilots Association (BAOPA), in a release late on Tuesday night, said the union only represented around 85 out of around 500 licensed pilots in this nation as it slammed the alleged failure by the Government and Civil Aviation to respond to its own exam concerns.

Drexel Munroe, a pilot and Association member, told Tribune Business on the lack of response: “We’re extremely disappointed but it’s a telling sign and it really speaks to the management of Civil Aviation. We’ve got to fight the elephant in the room one bite at a time, but that’s something that has to be addressed.”

The Association, in its statement, said it had reached out to both Mr Cooper and Civil Aviation as far back as October 6, 2024, and as recently as November 9, 2024, but had received no reply other than an acknowledgement that its submissions had been received.

Mr Francis, when asked about this by Tribune Business yesterday, promised that all industry stakeholders will be heard.

“Everyone will have a time to ventilate whatever issues they have with the exam,” he said. “We are doing a listening tour. We want to hear from everyone, everyone in the industry, and we

hope to come to an amicable resolution by the end of the week.”

Asked whether there will be any reforms or changes, the Civil Aviation chairman replied: “There may be some variations, but I want to speak with my executives.” Mr Francis said he is “100 percent” and “absolutely” confident that the concerns will be resolved, adding: “I don’t see any difficulties.”

Pilots, though, have previously challenged why questions relating to taking off and landing from London’s Heathrow airport and flying through volcanic ash are included in the exam when they have zero relevance to the typical conditions encountered in The Bahamas and North America.

And, arguing that regulators were seemingly trying to “push it down our throat” without any consultation or feedback, they warned aviation could suffer “a big fall-out” that coincides with the winter tourism peak if too few pilots fail to pass the exam by the January 31, 2025, deadline as those that fail will lose their licences to fly Bahamian-registered aircraft within this nation’s territory.

Mr Munroe told this newspaper yesterday: “Very few people are interested in taking the exam to be perfectly honest, and I think you’re going to find some people just jump in and fly their aircraft because they have to feed their families.

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An operator had a pilot come back from school to fly his planes, and they sent him in and he failed the exam.”

He reiterated, though, that the exam only impacts pilots who hold a Bahamian licence and fly locally-registered planes in this nation, as those who hold valid US licences will still be able to operate a US-registered plane within this country’s air space on February 1, 2025. Such a situation, Mr Munroe hinted, was ironic given that the Bahamian pilot’s licence was based on the US equivalent.

“I say this most respectfully,” he added. “These guys have to feed their families. They service the public in this country in ways the national flag carrier cannot provide. A guy cannot be legal in one country and illegal in another. That, frankly, is madness.”

The Association, in its statement, challenged the Civil Aviation Authority over whether The Bahamas is an “issuing state” and has the ability to licence aviation industry personnel - ranging from pilots to mechanics - by itself. It argued that The Bahamas does not have such status and standing, because it lacks the necessary support facilities such as training and testing centres.

Based on this conclusion, it questioned the grounds

upon which the Civil Aviation Authority can licence industry personnel, adding that Bahamian licences were issued solely on the basis that those receiving them hold the equivalent from a foreign country or regulator. This, most commonly, is the US and Federal Aviation Administration (FAA).

The Association asserted that Civil Aviation has encountered problems with this, namely issuing Bahamian licences to persons who had lost their FAA equivalent.

Bahamian regulators, in unveiling the ‘air law’ exam in the summer, said: “Effective June 1, 2024, the Civil Aviation Authority of the Bahamas will be implementing a mandatory air law examination for all airmen seeking initial and renewed licences.

“This examination aims to enhance aviation safety standards by ensuring a comprehensive understanding of aviation regulations and protocols. Bookings for the exam will commence in early May 2024. Please make the necessary arrangements at your earliest convenience to avoid any delays in your licensing process.”

The Civil Aviation Authority of The Bahamas added: “Pilots must have a thorough understanding of aviation law to operate

I really like this. I don’t want to wait. So I’m going to get this right now,’” Ms Tynes said. “And then with the shipping company, you would have some hiccups and delays and what have you. So I don’t think that we will have an issue with the new DHL shipping procedures.” she added.

“As a business owner, I feel no way,” CJ, owner of Silhouette Boutique Collection, added. “Amazon is doing what they need to do and DHL and stuff are getting on it because that requires to go with Amazon and that’s fine.

“You can never really know what you’re getting unless you get it. But when you go into a store, you get to feel the quality, you get to see exactly how it’s going to fit your body and different stuff like that. So for me it’s really no big deal because who shops on Amazon is going to continue shopping on Amazon. I shop on Amazon sometimes too. We all shop on Amazon. So for me it’s not a big deal.”

aircraft safely, comply with regulations and ensure legal compliance during flights.

“The examination will not necessarily improve your flying skills, but it will improve your knowledge of aviation in The Bahamas and will make you a more proficient and efficient airman in terms of requirements, obligations and rights you as an airman have when operating in The Bahamas.”

However, the Association argued: “The cancellation of pilot licences will, without question, bring about a significant disruption to the Bahamian public who depend on a daily basis on the prowess of their Bahamian pilots to transport them back and forth for work, vacation, shopping and any number of other reasons.

“It would also affect the movement of numerous guests to various Family Island resorts and tourist attractions. Coupled with this, it would cause financial disruption and loss to those intrepid aviation entrepreneurs and their families.

“Some pilots began their career with a Bahamian licence and local exam, others returned with an FAA licence and, prior to receipt of a Bahamian licence, received some form of testing. What happens in this case?Pilots with in excess of 20 years’ experience would find themselves grounded, not because of a medical or mechanical issue.......”

‘Way too aggressive’ over Business Licence deadline

Revealing that BICA is talking to both the Prime Minister and Michael Halkitis, minister of economic affairs, on the issue although he declined to provide details, he pledged that the Association will “continue with the pressure and negotiations to extend the deadline” with just a few weeks left to achieve any movement by the Government.

Speaking ahead of today’s BICA taxation seminar, which will include a focus on Business Licence reviews and audits, Mr Albury told this newspaper: “We should be discussing some of the concerns from the industry. One of the main concerns, which is going to continue to be an

issue, is the deadline for all audits to be completed by.”

The Ministry of Finance and Department of Inland Revenue set an initial endApril deadline for 2024’s Business Licence audits and reviews, which are meant to verify that a company’s filings and tax payments are accurate, with a possible two-month extension to end-June “at the very latest” if justified. However, numerous firms ultimately sought - and obtainedextensions to October and even last month.

However, with a year’s experience now behind the auditors and private sector, the Ministry of Finance wants to revert to an endMarch deadline. “Our last meeting with the financial secretary, he said you guys had had your one year, so

we’re going back to March 31,” Mr Albury disclosed.

“Based on just our first year, and we’re telling you these are some of the issues. The capacity issues, there’s still client concerns. Can we continue to have this extension until at least June? Let’s keep it at June. That’s it. All we’re asking for is a bit more time on the audits to June.

“What he [Mr Wilson] did say is that businesses which have a regulatory deadline of April, I’ll let you deal with that, and if you need a further extension come into us, but it’s March 31. It’s a significant pressure, and he also wants the [Business Licence] reviews just below the $5m mark on that March 31. He wants all that done.”

Only companies with annual turnover exceeding $5m have to submit full audited financial statements for Business Licence purposes, but their smaller counterparts do not escape scrutiny either. Those generating more than $250,000 per annum in top-line revenue need their financials certified by an independent accountant to verify that their filings and payments are accurate.

Mr Albury said companies will still pay the required Business Licence fees by end-March, and extra time is only required on the audit and review submissions. Any underpayment can easily be corrected when the audit is submitted, and the BICA president there was unlikely to be “a significant variance” between the two.

With the first year’s outcome having shown March 31 “is not feasible, he added: “Even up to November, last month, there were folks still not done. It’s telling you: Let’s extend the deadline a bit. We’re not saying we don’t want to get to March at some point, but build towards it. You’ve got to get there.

“In the second year, June, and maybe in the third year, May. We have to work our way there, a tiered approach to it and a reasonable approach.”

Mr Albury said BICA had obtained a concession for companies “no longer in the review block but which have moved to the audit block” because their 2024 turnover exceeded the $5m threshold.

“Those people will have their first audit in 2025,” he added. “At least those have

been extended. He [Mr Wilson] did say they’ll do that and provide for that. They did not give us a date, but we did get an extension. That was the compromise; the companies that are going to come into it for the first time.”

Asked about the impact sticking to March 31 will have on both accountants and companies, Mr Albury told Tribune Business: “It’s going to be significant; very significant. To have to do that, be able to do that, it’s going to be a significant strain on firms; not just the firms, but the businesses.

“We’ll get there eventually, but I think it’s just too soon. That’s why we recommended a tiered approach because I think March is way too aggressive. We do believe our conversations with the Prime Minister and Mr Halkitis may help alleviate, but I don’t want to touch on that.

“That’s the official position from this side. That’s where we are but negotiations continue. That’s [the meeting with Mr Wilson] just the first round. That was three weeks ago. We’ve got to get some decisions made before the end of the year we hope. We’re still going to continue with the pressure and the negotiation to extend the deadline.

It’s not going to stop.”

Mr Wilson, in a previous interview with Tribune Business signalled that the

Business Licence audit requirement was a precursor to the introduction of corporate income tax in The Bahamas although this is unlikely to happen before the next general election which must be held by September 2026.

He also voiced scepticism over the accounting profession’s concerns that it lacked the manpower to do what the Government was asking in the timeframe given, arguing that those businesses requiring an audit numbered only around 141 or less than 1 percent of the 50,000-plus Business Licence applications submitted annually. Business Licence fees are one area targeted for increased revenues by the Government. They are projected to increase by more than $62.5m, or 44.4 percent, to $203.554m during the current 2024-2025 fiscal year compared to the prior one, before rising again to $237.828m and $240.182m in 2025-2026 and 2026-2027, respectively. Meanwhile, some 81.7 percent of the 2023-2024 fiscal year’s target was collected by end-March this year. Data unveiled with the 2024-2025 Budget showed that some $115.307m in Business Licence fee revenues had been collected at that point compared to the full-year target of $141m.

FEWER JOURNEYS BUT LONGER TRIPS HIT VISITOR NUMBERS

some Family Island saw numbers that were trending with 2019’s arrivals and “the floor just fell” when booking decreased. He said forward bookings through April 2025 are in line with 2024’s numbers.

“The first half of this year, some of our Islands individually were performing on par with 2019, and then in August, the floor just fell, and we are now started to see December through April 2025 is actually on par with this year,” said Mr Fountain. He explained that bookings for January and February are down due to capacity issues with major airlines but expects April bookings to be strong due to the Easter holiday.

“December is up 5 percent, January and February are down about 6 percent year over year however, this was mainly affected by Georgetown flight,” he explained.

“We noticed that when we started to get all our information coming in from the different airlines Delta Airlines, capacity was down, I think about maybe 10 percent in January, 2 percent in February, 1 percent [in March] so naturally, it reflects some small decrease.

“But as of Easter, as you may recall, Easter this year was in March, next year its on April 21 so what we’re seeing is, at this point in time, numbers in March are down, but numbers in April are up.”

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)

Bank: ‘Dissatisfied businesses’ drive 8% fees growth

businesses dissatisfied with their current providers, presenting a significant growth opportunity.” The feebased revenue helped drive Commonwealth Bank’s profitability for the nine months to end-September 2024 to $49.436m - a figure just under $900,000 below the prior year’s $50.308m comparative. Nevertheless, despite the modest 1.7 percent net income fall year-overyear, Ms Albury said Commonwealth Bank’s financial performance has “exceeded expectations” amid “strained operational efficiency” and “hurdles” from continued increases in the cost of doing business in The Bahamas. As a result of this, general and administrative expenses have risen by $7.816m or 12.8 percent year-over-year.

Directly addressing this increase, which saw

this cost item grow from $61.114m to $69.93m for the first nine months of 2024, Ms Albury told this newspaper that Commonwealth Bank is exploring a solar energy “pilot project” as a means to reduce energy costs although she did not go into detail. She said: “The main challenge stems from rising costs in banking operations.

“Policy changes over the past three years, including increases in real property taxes, National Insurance Board (NIB) contributions, deposit insurance premiums and the reinstatement of Business Licence fees has created hurdles for the bank in achieving its strategic financial goals. Additionally, sharp increases in property and medical insurance costs have further strained operational efficiency.

“At its core, improving operational efficiency requires revenue growth,

cost reductions or a combination of both. As seen in the third quarter’s financial results, we are successfully increasing the bank’s income. Moving forward, we aim to intensify efforts to identify cost-saving opportunities without compromising the quality of customer service.

“One such initiative is a pilot project exploring the use of solar energy as a primary electricity source for select business operations.” The increase in total non-interest expenses, which rose year-over-year to $67.761m for the nine months to end-September 2024 as opposed to $64.212m for the same period last year, offset a similar growth in net revenues which hit $117.197m compared to $115.52m in 2023.

Speaking to Commonwealth Bank’s bottom line, Ms Albury told this newspaper: “For the nine

months ended September 30, 2024, the bank recorded a consolidated net profit of $49.4m compared to a consolidated net profit of $50.3m for the same period in the prior year.

“This marginal decline of 1.79 percent reflects increased non-controllable costs, which have now firmed into the operations of the bank despite the fact that income increased by 2.3 percent... The third quarter results have exceeded expectations, with credit demand from the post-pandemic economic recovery remaining strong for the nine months of 2024.

“We are pleased with our credit production for 2024, which has exceeded internal targets for most of the year to-date. These efforts are supported by sound credit risk management to ensure that the growth in loans receivable is sustainable, and have eased some

of the pressure on our delinquency management efforts,” she added.

“However, our laser focus on controlling delinquency firmed our solid performance for 2024, which allowed the bank to exceed its internal profit targets.” Commonwealth Bank’s net loan portfolio expanded by just over $26m during the first nine months of 2024, increasing by 3.2 percent to $834.106m compared to $807.984m at end-September 2023.

“We are very encouraged by the bank’s loan portfolio growth in 2024, arising from an increase in credit demand, particularly in the consumer lending segment,” Ms Albury said.

“However, looking ahead, credit demand is expected to moderate as the Bahamian economy stabilises, moving further away from the post-pandemic recovery phase.

Ex-chief medical officer fails on CIBC quick win

mortgage loan from Barclays Bank to acquire the Sunrise Beach Estates condo complex. The rental income was assigned to the bank so that it would be able to claim these monies if there was a loan default. Barclays was merged into what is now CIBC Caribbean (Bahamas) in the early 2000s. Prior to that, the mortgage loan was increased via two additional charges - one worth $204,000, and the other for $498,505 - in 1998 and 2003, respectively.

A 2011 refinancing of this debt followed, where the last $498,505 charge was “consolidated” into an expanded $1.233m loan facility along with a $25,000 renovation loan and $37,000 facility for property insurance. Relations between the two sides soured, though, after CIBC Caribbean (Bahamas) alleged Dr Beneby and his company defaulted on the loan.

It was the former chief medical officer, though, who initiated legal action on July 31, 2028, by claiming the BISX-listed bank had breached the mortgage contract, allegedly “failed to apply payments” to the loan account and also violated the Financial Transactions Reporting Act 2000.

CIBC Caribbean (Bahamas), though, countered by alleging that Dr Beneby and Bentech Ltd “breached the credit facility terms by failing to make agreed monthly payments, resulting in arrears and an outstanding balance”. It also produced a June 8, 2022, letter from Bentech Ltd’s attorney stating their client’s “refusal to pay and refusal to make the agreed payment pending the outcome of the action”.

The bank is claiming that the loan is some $294,185 in arrears, while a further $10,490 in loan charges have accumulated to take the total debt owed to it by Dr Beneby and his company to over $300,000. The default and loan termination notice, giving the borrower some 14 days to remedy the breach, had already been issued.

Dr Beneby, who was represented by attorney Maurice Glinton KC, sought a summary judgment from the Supreme Court on the grounds that he and his company “consistently maintained sufficient funds in the mortgage accounts to cover the stipulated monthly payments of $12,827 via standing orders. “As of the date of the writ, 143 of 144 required payments had been made, demonstrating compliance and supporting their application for summary judgment,” justice Fraser

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

LMA Business Investment Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LMA Business Investment Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 3rd December, 2024. Gustavo Dos Santos Vaz is the Liquidator and can be contacted at Avenida Bem-Te-Vi, 206, Moema, São Paulo – SP, 04524-030, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 31st December, 2024.

Gustavo Dos Santos Vaz Liquidator

“The financial outcomes for 2024 and projections for 2025 are anticipated to remain stable compared to the 2023 results.” Commonwealth Bank also declared that it will pay its shareholders an extraordinary two cents per share dividend to coincide with the Thanksgiving and Christmas seasons in addition to the regular three cent quarterly dividend. The lender added that these payments will take collective shareholder dividends paid out for 2024 to-date to $32m, aligning with last year’s total. The extraordinary dividend was paid last week to coincide with Thanksgiving, while Commonwealth Bank also touted a year-over-year 26 percent increase in its share price which stood at $5.03 at end-September compared to $4 exactly 12 months beforehand.

their contractual rights to enforce the loan.

added of their arguments, noting that they also claimed a report by the Baker Tilly Gomez accounting firm had identified “discrepancies” involving the mortgage transaction.

“Counsel for the claimants further pleaded that, due to the apparent discrepancies identified in the Baker Tilly report regarding the mortgage transactions, the bank cannot enforce personal guarantees or rent assignment on the first claimant [Dr Beneby] for $900,000 and $1.303m without first justifying these discrepancies to the court,” the judge wrote.

“Counsel for the claimants oppose the defendant’s allegation that the claimants’ breached the credit facility terms and that the defendant failed to account for the discrepancies and irregularities in the mortgage transactions as identified in the Baker Tilly report.”

Senior justice Fraser noted that Mr Glinton also accused CIBC Caribbean (Bahamas) of breaching numerous laws, including the Bank and Trust Companies Regulation Act 2000 and the Homeowners Protection Act. And he claimed its counterclaim was “a clog” to Dr Beneby’s ability to claim relief for allegedly violating these

laws plus the Money Lending Act and Mortgages Act.

However, Luther McDonald KC, representing the bank, reiterated CIBC Caribbean (Bahamas) position that the former chief medical officer and his firm breached the loan agreement “by failing to make agreed monthly payments, resulting in arrears and an outstanding balance”. As a result, the lender is seeking a judgment for the outstanding debt and that it be granted vacant possession.

Senior Justice Fraser, in her ruling, determined: “The dispute centres around the mortgage loan balance. The mere fact that both parties have conflicting views over the mortgage loan balance and bank charges, which are at the heart of this action, suggests that summary judgment is inappropriate at this stage....

“Based on the submissions of the defendant [CIBC Caribbean Bahamas] there are compelling reasons why the court ought to dismiss the claimants’ application for summary judgment, as the defendant has a real prospect of successfully defending the claimants’ claim.”

She also rejected Dr Beneby’s bid for a temporary injunction on the basis that he failed to provide sufficient evidence showing he would suffer “irreparable

harm” if the BISX-listed lender moved to repossess the condo complex.

“The claimants argued that there is a real and imminent risk of irreparable harm should the injunction not be granted, pointing to the defendant’s admission of loan termination and the potential impact of possession or sale before resolving the underlying dispute,” senior justice Fraser said.

“However, the defendant countered that the claimants failed to provide sufficient affidavit evidence to substantiate their claims of imminent harm, asserting that the balance of convenience and justice supports

“The court found the claimants’ case for an injunction unsupported by sufficient evidence. While the claimants raised valid concerns about potential harm, their failure to meet the evidential threshold... weakened their position,” she added. “The court also notes the defendant’s financial capacity to compensate the claimants if necessary, thereby mitigating any potential prejudice.....

“In conclusion, I find that there are serious issues to be tried relative to the issues raised in the re-amended statement of claim and the defence and counterclaim that need to be examined at trial and, on that basis, summary judgment should not be granted to the claimants.”

NOTICE

NOTICE is hereby given that TONY FENEUS GIORVANY of Soldier Road, 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 5th day of December, 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 McKENZIE LOUIS of Gamble Heights, 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 28th day of November, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Tourism numbers stay on track with last year

“Yesterday, we launched our destination wide offer. It started on cyber-Tuesday, $300 of instant savings on vacation packages will boost sales to the islands of The Bahamas,” said Ms Duncombe.

“With travel suppliers including Expedia, American Airline vacations, Delta vacations, Air Canada vacations, and will also be extended to partners in the UK and also Latin America. The overall result will be increased bookings, increased stop over, increased benefits to all stakeholders and certainly to our hotels as well

throughout the islands of The Bahamas.” Ms Duncombe said the digital market campaign launched this summer drove “significant” traffic to the website which has an 18 percent conversion rate to local stakeholders, exceeding the global two percent average. “This summer, our family and couples digital marketing campaigns drove significant traffic to the bahamas.com platform, achieving an 18 percent conversion rate to our local stakeholder partners website,” said Ms Duncombe. “To put that into perspective, the industry’s average

for landing pages is just two percent and we’ve achieved an 18 percent rate. This achievement highlights of potential for even greater success. Moving forward, we aim to reach over one million potential travellers, continuing to drive more business to our hotels, to operators and other businesses.”

Ms Duncombe said the Nassau Street Smart WiFi project will be progressing next year and there are plans to educate local business on how to take advantage of digital advancements to market their goods to visitors and residents.

US senators grill airline officials about fees for seats and checked bags

By DAVID KOENIG AP Airlines Writer

MEMBERS of a U.S.

Senate subcommittee took aim at airline executives Wednesday for using an expanding menu of fees to charge customers for early boarding, better seats and other comforts that used to be part of the ticket price.

Sen. Richard Blumenthal, D-Conn., said he thinks the federal government should review and perhaps fine the airlines for their use of what he called junk fees.

Blumenthal, the chairman of the Senate Permanent Subcommittee on Investigations, said seat fees were pure profit for the airlines because they don't have to create new seats or incur other expenses by

allowing customers to pick where to sit.

Some senators expressed frustration during Wednesday's hearing when airline executives could not explain how they set the amount of various fees. They said the vagaries of airline pricing make it hard for consumers to budget for trips.

"We're all captives on your airplanes at a certain point. You just say, 'You want to pick seat? We're just going to charge you some random amount more,'" Sen. Maggie Hassan, D-N.H., said. "It would be good if you guys could be transparent about what you do and why." The fees don't seem to be discouraging anybody.

Americans are flying more than ever.

The Transportation Security Administration reported screening nearly 3.1 million travelers at airports around the country on Sunday, a new singleday record. The 15 busiest days in TSA history have all occurred this year, with traffic at airport checkpoints up 5% over 2023.

Airline executives bristle at the term "junk fees," and argue they are merely giving consumers what they want: choices.

"Our customers who prioritize affordability have the option to choose a lower-fare product and, in doing so, opt out of paying for additional services that they do not want," Andrew Nocella, the chief commercial officer of United Airlines, said in testimony prepared for the panel's hearing. "But we also have customers who seek more services, and they retain the ability to choose the services they value, for an incremental fee, like a seat with extra legroom or checked bags."

Airlines have been adding fees on desirable seats to take advantage of increasing demand.

The airline executives took offense at the charge that they are gouging travelers.

"It has never been more affordable to fly," said Steve Johnson, chief strategy officer for American Airlines.

“In 2025, we will move forward with the roll out of the Nassau Street Smart WiFi project, which adds connectivity to our business residents and downtown businesses. Creative activity within our city will create new advertising opportunities for businesses to promote their funds and services directly to tourists and residents, helping to boost sales and visibility,” said Ms Duncombe.

“We are committed to empowering Bahamian businesses with the tools and knowledge needed to thrive in today’s digital economy. This program will teach local entrepreneurs

how to use bahamas.com to promote their offerings, leverage digital technology and artificial intelligence to grow their business.”

She added that a statistics section will be added to the tourism website to provide economic insights and digital trends to stakeholders.

Ms Duncombe said although the industry has faced “international misperceptions” they will continue to have a “strong” response and “deliver our promise of paradise”.

“To benefit foreign, Bahamian and industry stakeholders, we’re developing a new statistics section on tourismtoday.

com. This section will showcase tourism data to interactive visualizations, helping locals and businesses understand digital trends, economic insights and other key components of the sector,” said Ms Duncombe

“We’ve faced international misperceptions, but our response has been strong, leveraging global publicity influences and our rich culture, we remind the world why The Bahamas remains unmatched. We can’t control every obstacle, but we can control how we deliver our promise of paradise.”

Transportation Department figures indicate that airfares have fallen by about one-third since 2000 when taking inflation into account. However, those figures do not include fees. Senators said fees should be described clearly during the ticket-buying process. The executives said their airlines do that. Some subcommittee members also criticized airlines for the way they enforce fees.

Sen. Josh Hawley, R-Mo., sparred with executives of Frontier Airlines and Spirit Airlines, which paid employees $26 million in bonuses for spotting customers whose carry-on bags were too big to fit under a seat. The passengers were forced to pay a fee — up to $77 on Spirit and $99 on Frontier — to use an overhead bin.

"If people want to know why it's such a terrible experience to fly, this is news for them today,"

Hawley told the airlines executives Wednesday.

"Your airlines are paying millions of dollars to your employees to harass people who have already paid!"

Frontier Chief Commercial Officer Robert Schroeter and his counterpart at Spirit, Matthew Klein, said ensuring that people follow the rules was a matter of fairness to all passengers. When Hawley asked why bag fees may vary from one customer to another, Schroeter said Frontier must cover its costs.

"Overall, our job is to generate the most revenue we can so we can keep profitable as an airline," he said.

U.S. airlines raised more than $7 billion from fees on checked bags last year, with American Airlines and United Airlines leading the pack. They scooped up another $1 billion in ticket-change and cancellation fees, although that

was about one-third of what they raised before the coronavirus pandemic, when the biggest airlines dropped change fees.

Exact figures on other types of fees are hard to determine, but the Senate panel reported last week that United, American, Delta Air Lines, Frontier and Spirit collected a combined total of more than $12 billion in seat fees between 2018 and 2023. That included charges for things such as more legroom or an aisle seat near the front of the plane.

Airline fees have been a frequent target of criticism by the Biden administration, all the way up to President Joe Biden. A Transportation Department rule that took effect in October requires airlines to make automatic cash refunds for tickets and fees when flights are canceled.

TRAVELERS self-check at Delta Airlines counter at Los Angeles International Airport in Los Angeles, Wednesday, Nov. 27, 2024.

Photo:Damian Dovarganes/AP

META TO BUILD $10 BILLION AI DATA CENTER IN LOUISIANA AS ELON MUSK EXPANDS HIS TENNESSEE AI FACILITY

By JACK BROOK and ADRIAN SAINZ Associated Press

THE largest artificial intelligence data center ever built by Facebook’s parent company Meta is coming to northeast Louisiana, the company said Wednesday, bringing hopes that the $10 billion facility will transform an economically neglected corner of the state.

Republican Gov. Jeff Landry called it “gamechanging” for his state’s expanding tech sector, yet some environmental groups have raised concerns over the center’s reliance on fossil fuels — and whether the plans for new natural gas power to support it could lead to higher energy

bills in the future for Louisiana residents. Meanwhile, Elon Musk’s AI startup, xAI, is expanding its existing supercomputer project in Memphis, Tennessee, the city’s chamber of commerce said Wednesday. The chamber also said that Nvidia, Dell, and Supermicro Computer will be “establishing operations in Memphis,” without offering further details.

Louisiana is among a growing number of states offering tax credits and other incentives to lure big tech firms seeking sites for energy-intensive data centers. The U.S. Commerce Department found that there aren’t enough data centers in the U.S. to

meet the rising AI-fueled demand, which is projected to grow by 9% each year through 2030, citing industry reports.

Meta anticipates its Louisiana data center will create 500 operational jobs and 5,000 temporary construction jobs, said Kevin Janda, director of data center strategy. At 4 million square feet (370,000 square meters), it will be the company’s largest AI data center to date, he added. “We want to make sure we are having a positive impact on the local level,” Janda said.

Congressional leaders and local representatives from across the political spectrum heralded the Meta facility as a boon for Richland parish, a rural part of

Louisiana with a population of 20,000 historically reliant on agriculture. About one in four residents are considered to live in poverty and the parish has an employment rate below 50%, according to the U.S. census data. Meta plans to invest $200 million into road and water infrastructure improvements for the parish to offset its water usage. The facility is expected to be completed in 2030.

Entergy, one of the nation’s largest utility providers, is fast-tracking plans to build three natural gas power plants in Louisiana capable of generating 2,262 megawatts for Meta’s data center over a 15-year period — nearly one-tenth of Entergy’s existing energy capacity across four states.

The Louisiana Public Service Commission is weighing Entergy’s proposal as some environmental groups have opposed locking the state into more fossil fuel-based energy infrastructure. Meta said it plans to help bring 1,500 megawatts of renewable energy onto the grid in the future.

Louisiana residents may ultimately end up with rate increases to pay off the cost of operating these natural gas power plants when Meta’s contract with Entergy expires, said Jessica Hendricks, state policy director for the Alliance for Affordable Energy, a Louisiana-based nonprofit advocating for energy consumers.

“There’s no reason why residential customers in Louisiana need to pay for a power plant for energy that they’re not going to use,” Hendricks said. “And we want to make sure that there’s safeguards in place.”

Public service commissioner Foster Campbell, representing northeast Louisiana, said he does not believe the data center will increase rates for Louisiana residents and views it as vital for his region.

“It’s going in one of the most needed places in Louisiana and maybe one of the most needed places in the United States of America,” Foster said. “I’m for it 100%.”

Environmental groups have also warned of the pollution generated by Musk’s AI data center in Memphis. The Southern Environmental Law Center, among others, says the supercomputer could strain the power grid, prompting attention from the Environmental Protection Agency. Eighteen gas turbines currently running at xAI’s south Memphis facility are significant sources of ground-level ozone, better known as smog, the group said.

TRUMP NOMINATES

CRYPTOCURRENCY ADVOCATE PAUL ATKINS AS SEC CHAIR

By ALEX VEIGA AP Business Writer PRESIDENT-ELECT

Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.

Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a "proven leader for common sense regulations." In the years since leaving the SEC, Atkins has made the case against too much market regulation.

"He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," Trump wrote on Truth Social.

The commission oversees U.S. securities markets

and investments and is currently led by Gary Gensler, who has been leading the U.S. government's crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025.

Trump, once a crypto skeptic, had pledged to make the U.S. "the crypto capital of the planet" and create a "strategic reserve" of bitcoin. Money has poured into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000. And shares in crypto platform Coinbase have surged more than 70% since the election.

Paul Grewal, chief legal officer of Coinbase, congratulated Atkins in a post on X.

"We appreciate his commitment to balance in regulating U.S. securities markets and look forward

to his fresh leadership at (the SEC)," Grewal wrote. "It's sorely needed and cannot come a day too soon."

Congressman Brad Sherman, a California Democrat and a senior member of the House Financial Services Committee, said he worries Atkins would not sufficiently regulate cryptocurrencies as SEC chair.

"He'd probably take the position that no cryptocurrency is a security, and hence no exchange that deals with crypto is a securities exchange," Sherman said. "The opportunity to defraud investors would be there in a very significant way."

Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt.

White House says at least 8

US telecom firms, dozens of nations impacted by China hacking campaign

By AAMER MADHANI Associated Press

A TOP White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign.

Deputy national security adviser Anne Neuberger offered new details about the breadth of the sprawling Chinese hacking campaign that gave officials in Beijing access to private texts and phone conversations

His work as an SEC commissioner started in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had turned up the heat on Wall Street and its government regulators.

Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and known to have a strong free-market bent. As a commissioner, he called for greater transparency in and analysis of the costs and benefits of new SEC rules.

He also emphasized investor education and increased enforcement efforts against those who steal from investors over the internet, manipulate markets, engage in Ponzi schemes and other types of fraud.

At the same time, Atkins objected to stiff penalties

and prevent similar cyberespionage in the future. White House officials cautioned that the number of telecommunication firms and countries impacted could still grow.

of an unknown number of Americans.

Neuberger divulged the scope of the hack a day after the FBI and the Cybersecurity and Infrastructure Security Agency issued guidance intended to help root out the hackers

The U.S. believes that the hackers were able to gain access to communications of senior U.S. government officials and prominent political figures through the hack, Neuberger said. "We don't believe any classified communications has been compromised,"

imposed on companies accused of fraudulent conduct, contending that they did not deter crime. He caused a stir in the summer of 2006 when he said the practice of granting stock options to executives before the disclosure of news that was certain to increase the share price did not constitute insider trading.

U.S. Rep. Patrick McHenry, a North Carolina Republican and chairman of the House Financial Services Committee, said Atkins has the experience needed to "restore faith in the SEC."

"I'm confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world," McHenry posted on X. Atkins already has some experience working for

Neuberger added during a call with reporters.

She noted that because the hack appeared to be targeting a relatively small group of individuals, only a small number of Americans' phone calls and texts have been compromised.

Neuberger added that impacted companies are all responding, but none "have fully removed the Chinese actors from these networks."

"So there is a risk of ongoing compromises to communications until U.S. companies address the cybersecurity gaps the Chinese are likely to maintain their access," Neuberger said.

She said that President Joe Biden has been briefed on the findings and that the White House "has made it a priority for the federal government to do everything it can to get to the bottom this."

The Chinese embassy in Washington on Tuesday rejected the accusations that it was responsible for

Trump. During Trump's first term, Atkins was a member of the President's Strategic and Policy Forum, an advisory group of more than a dozen CEOs and business leaders who offered input on how to create jobs and speed economic growth. In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization. Crypto industry players welcomed Trump's victory in the hopes that he would push through legislative and regulatory changes that they've long lobbied for. Trump himself has launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

the hack after the U.S. federal authorities issued new guidance.

"The U.S. needs to stop its own cyberattacks against other countries and refrain from using cyber security to smear and slander China," embassy spokesperson Liu Pengyu said.

The embassy did not immediately respond to messages on Wednesday.

White House officials believe that the hacking was regionally targeted and the focus was on very senior government officials.

Federal authorities confirmed in October that hackers linked to China targeted the phones of then-presidential candidate Donald Trump and his running mate, Sen. JD Vance, along with people associated with Democratic candidate Vice President Kamala Harris.

The number of countries impacted by the hack is currently believed to be in the "low, couple dozen," according to a senior administration official.

N O T I C E

PAUL ATKINS, a former SEC Commissioner and current CEO of Patomak Partners, arrives at Trump Tower, Nov. 28, 2016, in New York.

Photo:Evan Vucci/AP

THE AMERICAN and Chinese flags wave at Genting Snow Park ahead of the 2022 Winter Olympics, in Zhangjiakou, China, on Feb. 2, 2022. A top White House official on Wednesday said at least eight U.S. telecom firms and dozens of nations have been impacted by a Chinese hacking campaign.

Photo:Kiichiro Sato/AP

Tech stocks and AI pull Wall Street to more records

By STAN CHOE AP Business Writer

U.S. stock indexes rose to more records Wednesday after tech companies talked up how much of a boost they're getting from the artificial-intelligence boom.

The S&P 500 climbed 0.6% to add to what's set to be one of its best years of the millennium. It's the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days.

The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record.

Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short.

CEO Mark Benioff highlighted the company's artificial-intelligence offering for customers, saying "the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale." The stock price of the company, which helps businesses manage their customers, jumped 11%.

Marvell Technology leaped even more after delivering better results than expected, up 23.2%.

CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts' expectations.

All the optimistic talk helped Nvidia, the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing

upward on the S&P 500 by far.

They helped offset an 8.9% drop for Foot Locker, which reported profit and revenue that fell short of analysts' expectations.

CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of Thanksgiving week and other key selling periods.

Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are

now contending with stillhigh prices and a slowing job market.

This week's highlight for Wall Street will be Friday's jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released Wednesday morning suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela

Richardson, chief economist at ADP.

The report strengthened traders' expectations that the Fed will cut its main interest rate again when it meets in two weeks.

The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market.

The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street's expectations somewhat. Trump's preference

for higher tariffs and other policies could lead to higher inflation, which could alter the Fed's plans. Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy. A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected.

MARINE FORECAST

A PERSON walks on Wall St. near the New York Stock Exchange in New York’s Financial District on Wednesday, Dec. 4, 2024.

Photo:Peter Morgan/AP

GivingTuesday estimates $3.6B

was donated this year, an increase from 2023

By THALIA BEATY Associated Press

U.S. donors gave $3.6 billion on Tuesday, an increase from the past two years, according to estimates from the nonprofit GivingTuesday.

The Tuesday after Thanksgiving, now known as GivingTuesday, has become a major day for nonprofits to fundraise and otherwise engage their supporters each year, since the 92nd St Y in New York started it as a hashtag in 2012. GivingTuesday has since become an independent nonprofit that connects a worldwide network of leaders and organizations who promote giving in their communities.

"This just really shows the generosity, the willingness of American citizens to show up, particularly collectively," said Asha Curran, CEO of the nonprofit GivingTuesday. "We are just seeing the power of collective action and particularly collective giving over and over and over again."

This year, about 18.5 million people donated to nonprofits and another 9.2 million people volunteered, according to GivingTuesday's estimates. Both the

number of donors and the number of volunteers increased by 4% from the group's 2023 estimates.

"For us, it's not just about the number of dollars," Curran said. "It's about the number of people who feel like they have agency over the way their communities progress forward into the future."

The nonprofit GivingTuesday estimates the amount of money and goods donated and the number of participants using data from donor management software companies, donation platforms, payment processors and donor-advised funds. Curran said they are purposely conservative in their calculations.

Nonprofits in the U.S. raised $3.1 billion in both 2022 and 2023 on GivingTuesday. That mirrored larger giving trends where the overall amount of donations dropped in 2022 and mostly held steady in 2023 after accounting for inflation.

It's never easy to predict current giving trends, but Una Osili, associate dean at the Indiana University Lilly Family School of Philanthropy, said there were economic forces pushing in both directions.

"At the very same time, there's a lot of uncertainty, especially around prices, the cost of living, the supermarket toll that people are expecting to continue even

though inflation has moderated," she said. Donating or volunteering with nonprofits aren't the only ways people participate in their communities.

Many give to crowdfunding campaigns, political causes or support people directly in their networks. But tracking charitable donations is one way that researchers

use to understand people's civic engagement.

"This country is undeniably in a lot of pain and very divided right now," Curran said. "And so to have a day that felt as hopeful and as optimistic as yesterday did, I'm sure was not only comforting to me, but to many, many millions of people."