Royal Caribbean targeting 13% Bahamas visitor rise
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ROYAL Caribbean is targeting a 13 percent increase in passenger volumes brought to The Bahamas in 2025, it was revealed yesterday, while also aiming for completion of its Beach Club IPO early in the new year.
By NEIL HARTNELL Tribune Business Editor
THE Bahamas’ aviation regulator last night disclosed that while it will “not cancel” an exam that has sparked fears of a pilot shortage it is prepared to make “variations” to ease industry concerns.
Devard Francis, the Civil Aviation Authority of The Bahamas (CAAB) chairman, told Tribune Business that the regulator “cannot exempt” pilots or void the controversial ‘air law exam’ given that the test it has been “prescribed by the Federal Aviation Administration (FAA)”, the US aviation supervisor.
He added, though, that the CAAB is willing to adjust “the timeline” surrounding the exam following significant push back from the Bahamian aviation industry amid fears that many pilots would either be unable to take and/or pass it by the mandatory January 31, 2025, deadline. Those pilots that failed would be unable to renew their Bahamian licences to fly Bahamian-registered aircraft within this jurisdiction.
Mr Francis told this newspaper that he outlined the Civil Aviation Authority’s position to the Bahamas Airline Pilots Association (BALPA), which represents the Bahamasair pilots, during their meeting yesterday. However, he declined to give precise details on the proposed “variations” on the basis that he has yet to meet with other industry representatives including the Bahamas Aircraft Owners and Pilots Association (BAOPA).
“We had a meeting with BALPA today,” Mr Francis confirmed. “They’re pushing the agenda of their pilots. I met with the president and other Board members. We [Civil Aviation] are prepared as an Authority to make some time variations to the exam. I think they were asking for persons to have more time, and we are prepared to make some variations as it relates to the timeline.”
Philip Simon, the cruise line’s top Bahamian executive, told Tribune Business that it wants to complete the initial public offering (IPO)which will give local investors an ownership interest in its multi-million dollar Paradise Island investment by “the beginning” of the 2025 second quarter at latest.
While providing no details on the IPO, other than to say these will be disclosed in January, he added that the cruise line is “endeavouring to do our best” to meet the budget and “very ambitious timeline” for opening the first-ever Royal Beach Club by December 2025.
Forecasting that construction work on the project, which is located on Paradise Island’s western end in the vicinity of Colonial Beach, will begin to go vertical during the 2025 first quarter, Mr Simon told this newspaper that cruise tourism “remains a very hot ticket” with Royal Caribbean bringing some two million passengers to Nassau and the wider Bahamas in 2024.
Based on his 2025 forecast, these numbers will jump to 2.26m next year for an increase of around 260,000. Mr Simon, who is president and general manager for both the Royal Beach Club project and Royal Caribbean International Bahamas, said the cruise line’s 2024 arrivals equated to a “$450m economic impact” for this nation based on per capita visitor spending and other spin-off effects. With 2025’s projected arrivals increase part of Royal Caribbean’s “trending”
Liquor merchant slams ‘predatory behaviours’
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AN independent liquor merchant yesterday complained it is facing “unfair competition” and “predatory behaviour” as a result of having to battle with the retail chains owned by its very suppliers.
George Robinson Jnr, owner of Base Road Wholesale Bar which is about to celebrate its 50th anniversary, is hoping to increase his sales this Christmas season but faces the added challenge
of having to compete with rival merchants owned by his liquor wholesale/distribution suppliers.
Pointing to 700 Wines & Spirits, the retail chain that is part of vertically-integrated, BISX-listed brewer Commonwealth Brewery, he argued: “The distributors are having a lot of sales (discounts) and the consumer is taking advantage of it.
“And it’s a problem we having with them because the same price they’re selling it to us for, the consumer can walk into their retail stores and get the same [wholesale] price.
They just had a big sale the other day. Like I told them, I didn’t make no money that week because everything they sold was at trade price, and that’s the price we pay [wholesalers]. And I told them that it is unfair competition.
“They are the distributor and they are the retailers, and in their retail, we have to compete with them as a distributor and we can’t do it if we want to make a decent profit. And it happens at 700 and Jimmy’s Wines and Spirit (Bahamian Brewery and Beverage Company’s retail
affiliate), same thing,” Mr Robinson Jnr continued.
“But Commonwealth Brewery, only them makes Kalik… the Radlers, and so we have to compete with them when they have their sale. And I have sent people to their stores during the sales and sometimes it’s cheaper than what they sell it to us for.
“So I let people go and do walk-ins, and then they bring me the receipt. And I draw it to their attention. But then they would try to compensate us and say: ‘Well, okay,
Cable: $85m network spend to counter satellite challenge
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CABLE Bahamas’ multimillion fibre-optic network investment will enable it to face down the competitive threat posed by Elon Musk’s Starlink and rival satellite operators, its top executive asserted yesterday.
Franklyn Butler, the BISX-listed communications provider’s president and chief executive, told Tribune Business that Aliv Fibre’s “superior” technology will give it an advantage over the growing satellite challenge when it comes to the consistency and quality of customer experiences. Speaking after Cable Bahamas unveiled what it described as a “short-term share buy back”, where it will repurchase its own shares from existing investors, he added that its new fibre-to-the-home network now passes at least 90 percent of New Providence’s homes and businesses and the company is now working to sign-up subscribers. And, with $70m of the $85m New Providence network investment already spent, Mr Butler told this newspaper that with capital
Tour operators: Xmas run up is ‘unseasonably slow’
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
BAHAMIAN tour operators yesterday warned that the period leading up to Christmas has been “unseasonably slow” in the aftermath of the US presidential election and other factors impacting the sector.
Murray Sweeting, operations manager of Tru Bahamian Food Tours, told Tribune Business that business volumes have been negatively impacted as a result of cruise lines taking customers away from tour
operators by “directing” passengers elsewhere.
“That’s going to negatively affect the tour business of Nassau, directing bookings to go to a place elsewhere versus coming into Nassau and taking our local experiences,” Mr Sweeting said. “So those people would go to a beach. But they’re not going to come to the rest of the island.
“So if they be directed to the tip of Paradise Island where the lighthouse was, or some of them are going to isolated islands in The
With the Christmas holidays almost upon us, many employees are looking forward to the year’s final pay cheque. Many more are looking forward to receiving the end-of-year bonus.
The bonus from rewarding employees over Christmas FERGUSON
Giving your staff a Christmas bonus can be beneficial for several reasons, including boosting morale, increasing employee retention, showing appreciation for hard work, motivating better performance, fostering a positive company culture, aligning with industry standards, creating a sense of team spirit, improving
employee engagement, enhancing loyalty and providing a financial cushion during the holiday season. This week’s column focuses on the top reasons to provide a Christmas bonus for your hardworking team:
1. Boost Employee Morale
A holiday bonus can significantly uplift employee spirits and create a positive atmosphere during the festive season, especially when combined with a thoughtful message of appreciation.
2. Increase Employee Retention
Showing employees they are valued through a bonus can encourage them to stay with the company longer, thus reducing staff turnover costs.
3. Recognise Hard Work
A bonus serves as a tangible way to acknowledge and reward employees for their contributions throughout the year.
4. Improve Productivity and Performance
The anticipation of a bonus can motivate employees to work harder and achieve greater performance levels.
Multi-million PI condo project gets go-ahead
5. Foster Positive Company Culture
A company-wide bonus demonstrates a commitment to employee well-being and can strengthen the sense of community within the workforce.
6. Stay Competitive in the Market
Offering a bonus aligns with industry standards and can help attract and retain top talent, especially in a competitive job market.
7. Promote Team Spirit
IAN
10. Financial Relief During Holidays
8. Enhance Employee Engagement
A bonus can make employees feel more invested in the company’s success, leading to increased engagement and initiative.
When everyone receives a bonus, it reinforces the idea of working together towards shared goals.
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Ocean Club’s owner and its partners yesterday received approval from the planning authorities to proceed with a high-end Paradise Island project forecast to generate a $721m boost for the Bahamian economy.
The Ocean Club Residences at Cabbage Beach, which are to be constructed on a 6.15 acre site on Paradise Island’s Casino Drive overlooking its northern shore, has been given the go-ahead by the Town Planning Committee for 67 condo units. The development site is located between the RIU Hotel and the Sunrise Beach Club.
The Committee gave its approval subject to the developers satisfying the requirements of the civil design section of the Ministry of Works relative to the size and location of entry and exit points and on-site drainage.
Access Industries, the existing Ocean Club’s owner, is partnering with Florida-based real estate developer, Two Roads Development, and the highend Four Seasons resort
brand to develop the 67 private residences that will be priced between $6.5m and $23m. The project’s forecast impact is disclosed in the development’s Environmental Impact Assessment (EIA), which revealed that the 391 full-time employees will enjoy a combined $223m in income spread over its first two decades.
Some $340m, or 62 percent, of the $550m upfront investment is earmarked for “local construction” spend with an “average” 827 workers required over the 43-month build-out.
No start date was provided for the Residences, as this is dependent on obtaining all necessary government approvals and permits, but the EIA forecast the project will generate some $67m in income for Bahamian construction workers.
And, likely of more importance to Cabbage Beach vendors, as well as Bahamians and tourists that frequent the beach and general area for recreational purposes, the Ocean Club Residences EIA pledged that “beach access will be provided during construction” that is expected to take three-and-a-half years.
The developers and their contractors plan to
A bonus can provide employees with extra financial support during the Christmas season when expenses tend to be higher. a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
employ shipping containers to create “safe passage” through the construction site during a 19-month period in the middle of the build-out so that vendors can continue in business.
And, while beach access will be “managed” during the final six months of construction, the developers also plan to build “permanent kiosks” for vendors along the beach access route.
Once fully completed in 2027, an economic impact assessment by Tourism Economics is projecting that visitors attracted by the Ocean Club Residences will grow by more than 3,000 or 53.8 percent during the first five years in operationfrom 5,695 to 8,760 in 2031. And, over that same period, total spend by these visitors will expand by $8m or 67 percent - from $11.9m to $19.9m.
Visitor volumes, including both unit owners and guests, are ultimately forecast to stabilise at around 8,800 per annum. The biggest boost to government revenues would occur during the three-year construction phase, according to Tourism Economics’ analysis, with tax breaks
Contractors select Board
and officers
The Bahamian Contractors Association (BCA) elected new officers for the period 2024-2026 at its annual general meeting (AGM) held on November 30.
The Board consists of both veterans and newcomers. Pictured are front from left: Debby Deal, vicechairman; Leonard Sands, chairman; Diedre Taylor, treasurer. Second row from left: Alejandra Rosete Rivas, council member; Iesha Johnson, secretary. Third Row: Da’Ron Darling, council Member; Avery Lightbourne, council member. Back Row: Robyn Ogilvie, trustee; Omar Ramirez, trustee. Not pictured are Christine KingWallen, council member; and Brent Burrows, council member
FINANCIAL INDUSTRY ‘CHEERING ON AG’ OVER UN TAX SETTING PUSH
By FAY SIMMONS
THE Bahamian financial services industry is “wholeheartedly cheering the Attorney General on” over his argument that the United Nations (UN) should take over setting global taxation rules.
Bruno Roberts, the Association of International Banks and Trust Companies (AIBT) chairman, yesterday said he backs the stance taken by Ryan
Pinder KC and the Bahamian government that the UN would be fairer than the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) when it come to addressing tax-related disputes and challenges.
Asserting that the Bahamian financial services industry is “cheering the AG on” in the battle to establish a so-called ‘level playing field’ for international tax matters, he added: “We’re actually right there cheering the AG on as he tries to get us into
AG: BAHAMAS’ REGULATORY REGIME COUNTERACTS FINANCIAL CRIME THREAT
By FAY SIMMONS Tribune Business Reporter
THE Attorney General yesterday said that while The Bahamas participates in some “very high risk” financial services sectors it has a sufficiently-strong regulatory regime to mitigate these threats.
Ryan Pinder KC, speaking at a financial services industry briefing, said the National Risk Assessment on the financial crime threats facing this jurisdiction - such as money laundering and terror financing - will be released ahead of the latest upcoming evaluation by the Financial Action Task Force (FATF). That body is the global standard-setter for combating financial crime.
He added that a summary of the assessment’s key findings, as well as the National Identified Risk Strategy, will be released and uploaded to the websites of Bahamian financial services regulators to ensure they are widely accessible to the industry.
The National Risk Assessment is an in-depth study that aims to identify current money laundering risks facing The Bahamas. Mr Pinder said this jurisdiction has several “high-risk” operations such as offshore banks and trust companies, but also has inherent risks due to being an island archipelago.
Explaining that the assessment will identify those risks and determine if mitigation efforts currently in place are sufficient, he added: “The assessment indicates that there are areas that are high risk in The Bahamas. Those mostly have to do with international operations, trust companies, offshore banks.
“But there’s also a risk due to our archipelagic nature and the amount of shipping that goes through The Bahamas. For, as we know, trafficking in drugs, trafficking in migrants, and those also have a money laundering risk element to them as well.
“What it does is it identifies the risk level of the country, and we certainly have very high-risk areas that we participate in, but it also identifies the laws and the procedures that help mitigate those risks and then, ultimately, where are the areas for improvement.”
Mr Pinder said a summary of the key findings, as well as a strategy report on how to address any deficiencies and improve compliance before the FATF mutual evaluation, will be published.
“The National Identified Risk Strategy is a blue print for the actions required to address the vulnerabilities and threats noted. It is intended that most actions should be substantially completed by mid-year 2025 to give the country a clear six to nine months to show that any amendments to laws, regulations, policies and procedures were implemented effectively in preparation for our fifth round mutual evaluation,” said Mr Pinder.
a more fair environment to deal with these types of issues, because the goal posts, as you know, have continually changed.”
Mr Roberts said that, with the upcoming Financial Action Task Force (FATF) fifth mutual evaluation of The Bahamas’ anti-financial crime defences, he is hopeful the regulatory regime this nation has put in place will lead to a successful assessment and solidify the country’s standing as a top global financial jurisdiction.
“I’m hoping that The Bahamas still continues
He added that the National Risk Assessment will be periodically updated in line with international best practices ahead of the FATF’s visit “The Government of The Bahamas has conducted this risk assessment to identify current inherent money laundering risks in The Bahamas. The assessment will be updated periodically in keeping with international best practices leading up to our fifth round mutual evaluation,” Mr Pinder said.
The risk assessment was performed by members of the Identified Risk Framework Steering Committee, which identifies vulnerabilities and threats to protect the Bahamian financial system from misuse for money laundering, terrorist financing, and nuclear proliferation financing.
The committee is comprised of senior representatives from government, regulatory and law enforcement agencies, government ministries and the Attorney General’s Office. Mr Pinder said the risk assessment has revealed that “substantial preventative measures” have been put in place, while regulations continue to be reviewed to protect against vulnerabilities.
“Encouragingly, the National Risk Assessment has found that authorities have put in place substantial preventative measures and are continuing to review and update their regulatory and supervisory regimes,” said Mr Pinder.
“To better manage cross-border money laundering risks, The Bahamas
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to be looked at as a very important jurisdiction for financial services generally, and that as a result of this, business will grow and we will attract other players to the jurisdiction who will continue to provide the levels of employment that we have throughout the various sectors,” said Mr Roberts.
He added that The Bahamas’ financial sector has demonstrated its resilience and ability to adjust to changes, and is confident that collaboration with industry partners will allow it to handle future changes.
has entered into Mutual Legal Assistance Treaties (MLATs) and established other formal co-operation channels through legislation for both supervisory and law enforcement purposes. This framework for international co-operation is continually being strengthened to tackle new and emerging money laundering threats.”
Mr Pinder said modifications have recently been made to FATF recommendations 24 and 25 in an effort to tighten the regulatory framework for legal entities, with a particular focus on improving the transparency of beneficial ownership and corporate structures.
He said his ministry has prepared a consultation paper for the industry, which will be released in January 2025, to detail the reforms and changes that will be made.
“Due to the technical nature of these amendments, we will be preparing a consultation paper to release to industry for their review that will detail the scope of the amendments and the proposals on how to address changes to the recommendations,” said Mr Pinder. “We hope to have the consultation paper as well as draft legislation ready for release to industry in January.”
“We have shown that we are able to respond positively no matter what, whether we view the changes as fair or not. We’ve been able to adjust while we, as a country, develop processes and collaborative efforts to prepare for whatever’s coming down the pipe,” said Mr Roberts. When questioned by reporters if mergers and acquisitions, which have resulted in the wealth management office at UBS Bahamas closing and affiliates of Credit Suisse and Citibank absorbed
into other institutions, have affected the Bahamian financial sector, Mr Roberts said there are “consolidation strategy changes” occurring globally.
“Globally, there’s consolidation strategy changes happening and institutions will make changes as they deem fit in their own strategies. So, I think the persons affected and those institutions have been able to find opportunities elsewhere,” said Mr Roberts
RYAN PINDER
Royal Caribbean targeting 13% Bahamas visitor rise
towards bringing 2.5m total passengers to The Bahamas by 2027, he reiterated that the expanding customer base provides “a great opportunity” for The Bahamas to improve the visitor experience and develop new attractions/tours to increase their spending and deepen the economic impact.
Speaking after the cruise line yesterday confirmed it is targeting a December 2025 opening for the Royal Beach Club, Mr Simon told Tribune Business: “Our numbers continue to increase. It’s not just ours. It’s global in the industry.
People are looking at travelling, and cruise remains a very hot ticket.
“We brought in two million passengers into The Bahamas in 2024, and that’s an economic impact of $450m. We expect a 13 percent increase in arrivals numbers in 2025. We expect to have north of 2.5m guests by 2027. Everything has been trending in this direction. We are trending towards that 2.5m-plus target by 2027.”
Mr Simon said Royal Caribbean has invested in expanding vessel capacity to The Bahamas through “the tremendous addition” of the
Utopia of the Seas, which is “dedicated” to serving The Bahamas through calls on Nassau and the cruise line’s private Coco Cay destination in the Berry Islands. However, he reiterated that The Bahamas also has to do its part to ensure it maximises the economic benefits and returns it is extracting from the increase in cruise passenger arrivals.
“While we are making plans for a first-of-a-kind Beach Club at Paradise Island, we as a destination and a country are still going to have to figure out how we’re going to accommodate and entertain this growing number of arrivals,” Mr Simon said.
“I don’t think it’s a great problem but, rather, a great opportunity to figure out over the next several years how we improve the destination, improve the guest satisfaction, create new businesses and experiences that truly represent The Bahamas.
“There’s only a small number of those passengers that will be able to go to the Beach Club on Paradise Island. It’s a fixed number. It’s a good opportunity for the country and something we should be pleased about and talking about even more.”
Royal Caribbean has repeatedly said that the daily number of passengers visiting the Royal Beach Club will be capped at no higher than 2,500-2,700. This, it said, will leave sufficient other visitors to ensure all tourism operators enjoy their share of a growing customer base, although not all are likely to agree.
As for the long-awaited Beach Club IPO, which will give Bahamian investors the opportunity to acquire an equity ownership interest in the project, Mr Simon pledged: “We’re going to make that announcement full in January in terms of the prospectus and the partner we will be using as a fund manager.
“Our goal is by the end of the first quarter, the beginning of the second quarter, to have completed the IPO.” Mr Simon’s reference to a fund manager seemingly signalled that the IPO may be structured along similar lines to the Nassau Cruise Port’s, where Bahamian investors acquired an interest in the Bahamas Investment Fund, a vehicle that holds the collective local 49 percent equity interest in that facility.
Mr Simon, though, refused to be drawn on this or confirm any details
regarding the likely share price and total value of the IPO’s equity capital raise. “The main thing is we are planning to have completed the equity raise by the end of the first quarter or beginning of the second quarter,” he reiterated. “That’s what we’re looking at for 2025.: The last proposed Royal Beach Club structure was for the cruise line to have a majority 51 percent ownership interest, with the remaining 49 percent equity stake to be split between the Government and Bahamian retail and institutional investors. The size of the Government’s interest was to be based on the value of the four Crown Land acres it was contributing to the project’s total 17 acres.
Once the value of this land was appraised, the size and value of the collective equity raise from Bahamian investors was to be determined. It was thought the IPO would take a similar form to the Nassau Cruise Port offering, where investors acquired shares in an investment/mutual fund that will own the collective local interest in the Royal Beach Club.
Mr Simon, meanwhile, told this newspaper that Royal Caribbean aims to begin vertical construction on the Paradise Island project’s vertical structures early in the New Year.
“We are still at the beginning stages of construction, moving ahead with the horizontal works,” he said. “The site clearance has been completed. We are still doing site preparation. We have been excavating the three pools to go with the two beaches and putting up site walls; sea walls. What we call the horizontal works are well underway and we hope to begin to have the structures start to come out of the ground in the first quarter next year.” Island Site Development (ISD) is the main contractor.
As for the December 2025 opening, Mr Simon conceded it was a “very ambitious” target. He added: “We are endeavouring to do our best. We do not have a day we can waste with the project. It’s a very ambitious timeline to get it completed and open by December 2025, but that’s our objective.
“Hopefully there are no surprises that crop up along the way, but we hope to keep the timeline and budget that the project is set for.” Royal Caribbean has already begun recruiting the Royal Beach Club’s senior management team, having already advertised the general manager, chief financial officer and director of engineering posts.
Mr Simon, who confirmed the cruise line is seeking
NOTICE is hereby given that ENICKSON GUSTAVE of Fire Trail, 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 6th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
to recruit a 100 percent Bahamian workforce, said each of these positions had sparked “a robust response” with “dozens” of highlyqualified applicants already applying. Royal Caribbean is aiming to fill these positions by February 2025, and the director of human resources position is set to be advertised next week.
Disclosing that recruitment will take place in “three waves”, Mr Simon said the Beach Club is expected to employ “hundreds”. He explained that the precise number will depend on the third-party operators that will provide much of the activities, services and support to the project.
“It’s a unique business model,” he added, revealing that Bahamian companies will have opportunities to participate “straight across the board” in areas such as entertainment; beach and sports activities; IT, engineering, logistics; waste management; environmental services; security; landscaping; and food and beverage. Mr Simon said the Beach Club’s impact will extend to potentially hundreds of companies.
“The Royal Beach Club Collection is designed for every type of family and vacationer to get everything they want out of their ideal beach day, no matter the vibe they’re looking for,” said Michael Bayley, president and chief executive, Royal Caribbean International.
“With the first-of-its-kind Royal Beach Club Paradise Island, we continue to super-serve our guests with a tailored experience at one of our most highly visited destinations, building on nearly five decades of collaboration with the community and government of The Bahamas.”
Regulator prepared to make ‘variations’ on feared pilot test
That will likely involve altering, and pushing back, the January 31, 2025, deadline for all pilots to take and pass an exam that many have argued contains questions that are either “vague” or irrelevant to aviation conditions in The Bahamas and local laws, rules and regulations. Pilots have also complained about inadequate study guides and time to prepare for an exam they say is based on European - not local - regulations.
Mr Francis last night declined to specify the proposed “variations” until he met with BAOPA and its president, Mornel Brown. While the two men have spoken by phone, Mr Brown is understood to be outside The Bahamas and the meeting between the two sides is being scheduled for early next week.
“I don’t want to release the variations because we have yet to meet with the other entity, the Bahamas Aircraft Owners and Pilots Association,” he explained. “I spoke to Mr Brown today by phone. I want to
speak to them. I don’t want to minimise their role or diminish whatever their opinions may be. I want to sit down with them also. We want to have dialogue to make this better.
“Obviously it’s been a very stressful process for us, but it has been amicable between the two parties,”
Mr Francis added, referring to the discussion with BALPA and the Bahamasair pilots. “I just want to give commendations to Captain Mark Johnson and his team. I believe the meeting today was very amicable and non-contentious, but they were very profound in regard to the pilots’ interests.”
Mr Francis, though, was adamant that neither himself nor Civil Aviation will abandon the ‘air law exam’. “Obviously I’m not going to cancel the exam,” he told Tribune Business “I cannot do it. We cannot exempt pilots from doing the exam. This is what the FAA has prescribed. This is what we have to do. I’m not cancelling the exam but we are prepared to make variations on it as it relates to time.
TOUR OPERATORS: XMAS RUN UP IS ‘UNSEASONABLY SLOW’
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Bahamas that our country has allowed the cruise ships to purchase. they’re not coming into Nassau. They’re not coming into even the larger islands. We have the foot traffic but they’re being directed to other places.”
Mr Sweeting’s tour, which explores Bahamian culture, history and food within “traditional old Nassau”, generates most of its popularity through its Bites of Nassau tour. The tour works in partnership with vendors who provide food tasting for guests, giving them a taste of Bahamian cuisine and culture.
However, Mr Sweeting said travel uncertainty as a result of the recent US election and rising costs are both possible factors as to why business has slowed. “So there is a downturn in bookings,” he said. “The concern was whether or not people were pausing to travel with the US elections and they
wanted to see where that was.
“I think the prices have increased tremendously. A big concern is, because of our structure, the costs of everything are going up. And are we going to be too expensive for a family of five to travel to The Bahamas and experience us?
“One of the things that historically was promised is that they were going to put VAT in and then basically reduce the duty rates. That never panned out. And then they put VAT on breadbasket items. All of that trickles to all of the goods and services that we give to the guests. So are we pricing ourselves out of the market?”
Mr Sweeting also said cruise ships are arriving in Nassau earlier which means they leave earlier as well, resulting in the company having to adjust to holding tours during high-traffic times.
Kate Nottage, of My Bahamas Private Tours &
“We’re doing this for everyone. We’re doing this for Bahamian pilots. We want our pilots to be well-qualified by global and ICAO (International Civil Aviation Organisation) standards. I believe The Bahamas has some of the best pilots in the world. We want to maintain a high ranking and categorical ranking as it relates to our regime itself.” It now remains to be seen if the Civil Aviation Authority’s offer of a compromise will sufficiently ease the concerns of Bahamian pilots. They and other industry operators previously warned that, if nothing changes in relation to the exam, Bahamian airline operators could face a pilot shortage come February 1, 2025, at the height of the peak winter season because insufficient numbers will have passed and secured renewal of their licence.
And the lack of pilots, in turn, could force operators to suspend or cancel Family Island and other routes that provide key transportation and cargo connectivity for residents and businesses
Excursions, also said the Christmas run-up has been slow. She revealed that business appears better for the New Year with bookings as far out as March and April around Spring Break time. She said the fluctuating weather is likely the cause of the many cancellations the business has been experiencing lately. However, in an attempt to be more proactive, the company has put a few deals in place including a 20 percent discount off tours booked before January 31, 2025, with the code “MyBahamasDream” and a promotion that allows a couple the chance to experience a free “day out on the water” tailored for them.
“Launching this week, we’re giving away a ‘Rose Island Beach Escape & Snorkel for Two,’ a fully private, four-hour customisble tour,” Mrs Nottage said. “Guests can enjoy snorkelling, secluded beaches, island hopping, drinksBahamian cocktails, beer, soda, water - and optional add-ons like visiting the swimming pigs or stopping at a floating bar or beach restaurant.
there. Industry sources have asserted that questions appear to have been ‘copied and pasted’ from a European aviation study guide, and bore little resemblance to the conditions and practices that will be encountered in The Bahamas.
They had also encountered difficulties in sourcing study guides and materials and, while not objecting to the exam as a concept, said the contents do not align with what was promised. One, while acknowledging that they shared his concerns about the nature of the questions being asked, said those relating to locations such as London’s Heathrow airport were still relevant because “your pilot’s licence doesn’t limit you to flying in The Bahamas alone”. However, they challenged why questions on issues such as visual flight rules (VFR) when flying at night were included given that night flying “was not allowed in The Bahamas”. And the source added: “My biggest concern is that they have a hard deadline of
January 31 to take and pass the test. “They had promised there was going to be testing five days per week, and if needed they would open on Saturday to do testing. They still only have Wednesday, Thursday and Friday available, and it’s booked up. It’s booked up from December 13 to January 31. If you’re going to have a such a hard deadline, they need to expand that booking. What I heard is guys are booking multiple slots just in case they fail. It’s not an easy test.”
Another aviation contact said they were forced to have the study guides shipped to The Bahamas from the UK. “It’s a Bahamas air law exam so it should be on Bahamian air law,” they said. “This test is not based on Bahamas air law, but is based on questions from the EASA test.”
The source also pointed out that the terminology and phraseology are different from what Bahamian pilots are used to.
Bahamian regulators, in unveiling the exam in the summer, said: “Effective June 1, 2024, the Civil
Liquor merchant
slams
‘predatory behaviours’
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we will give you a discount.’
I say: ‘But when you give me the discount I still can’t sell it because the people still could buy it cheaper.’
“So right now, sales are a little slow because they just had a big sale the other day. I think they had it during what they call Black Friday. They just had a big sale on people who are serving like parties and everything. They took advantage of it. They stock up because liquor don’t spoil. So I said: ‘Now you want to come and give me a discount but who am I going to sell it to?’”
Mr Robinson said although his bar will not
have a full-blown Christmas sale, he is doing “little things” to provide discounts to customers. “Right now
I’m running a little special on what we call a bundle. It’s a $200 bundle. You spend $200 and we put together 10-bottle seal at a discount price and we call that a sale,” he added.
Mr Robinson is also holding his annual New Year’s celebration, which involves giving back to the community by providing 500 meals.
Given that the company would have been in business for 50 years, he is also running a raffle for those who spend $50 or more, giving them the opportunity to win
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 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.”
a Suzuki Swift, $1,000 in cash or a 50-inch TV.
Eddie Gardner, owner of Toast Wines & Spirits located on Paradise Island, said he experienced a slow September but is seeing an uptick in sales and is optimistic that December will be a better month. Suggesting the US elections might have been a major factor as to why business slowed, reducing tourist numbers, he said is looking forward to extending his free delivery services for not only Paradise Island but to some eastern areas as well, including Eastern Road and Yamacraw, as early as next week.
Cable: $85m network spend to counter satellite challenge
expenditure set to fall to a “business as usual” level of around $20m per annum as a result, Cable Bahamas is now well-placed to deliver greater value for its shareholders.
Pointing out that the share buyback was “foreshadowed” at the company’s recent 20204 annual general meeting (AGM), he confirmed that the move has been drive more by the need to address the lack of liquidity in its stock on the Bahamas International Securities Exchange (BISX) than desires “to put a floor” under the current $3.08 share price.
“There seems to be quite a bit of lack of liquidity in the market,” Mr Butler explained. “We wanted to address the liquidity issues. It was not necessarily to put a floor [under the stock], but to make sure those shareholders who have needs have the ability to liquidate and realise the value of their investments as they so choose. “Also, based on where we are on our programme to complete the actual rollout of fibre-to-the-home in New Providence, we anticipate that being done in early 2025 - February or March... From a capital expenditure
NOTICE
MAGNUS PETRA LTD.
(In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of December, 2024. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited, whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas).
Dated this 12th day of December 2024.
(AMICORP BAHAMAS MANAGEMENT LIMITED) LIQUIDATOR
perspective as it relates to that, we expect our capital expenditure obligations to start to reduce significantly.
“As we ramp that down, and we had $95m in EBITDA (earnings before interest, taxation, depreciation and amortisation) last year, that’s more cash available to common shareholders. We increased the dividend from six cents to eight cents per share in December, and we believe that positions us well from a valuation perspective.”
While the “short-term” share buyback is due to start on Monday December 16, and close on June 30, 2025, Mr Butler hinted it could be extended beyond Cable Bahamas’ financial yearend depending on what he described as “market dynamics” and the initiative’s success as determined by a Board of Directors review.
As for operational issues, he added that Cable Bahamas is also focused on expanding its Abaco fibre-to-the-home network beyond Marsh Harbour and the mainland to the cays in a bid to counter the threat posed by Starlink and its satellite Internet rivals.
“While satellite is out there and on the horizon, we believe the technology of fibre is far superior to Starlink and others, so we’re
making sure we give ourselves the opportunity to compete,” Mr Butler told Tribune Business. “They are two different technologies.
“They can start up very quickly as its wireless-based, but we see them as complementary. Where there’s no access to fibre satellite is a complementary technology. You’ll find many people have satellite and fibre. If you have an outage you need redundancy, and people seem to be using Starlink as redundancy. But they will be using a lot of data, don’t need any latency, and fibre is the way to go.”
While expecting to enjoy “incremental growth in market share” by “picking up some BTC customers” as a result of completing its fibreto-the-home roll-out, Mr Butler said Cable Bahamas also wanted subscribers to compare the network experience to satellite services.
“We are making some significant changes,” he added.”A lot of the customer service issues are going to be tied to the fact people now have access to fibre. You look at the platform for TV, you look at the in-home experience with the Nokia app, which has made a big difference.
“A lot of the issues had to do with people’s confusion about service areas, in-house
PUBLIC NOTICE NOTICE
KELOWNA INVESTMENT LIMITED Registration Number: 9526C (In Voluntary Liquidation)
NOTICE OF DISSOLUTION
Notice is hereby given pursuant to section 138 (4) of The International Business Companies Act, 2000, that the above Company commenced dissolution procedures on the 12th day of December, 2024 and that Craig A. (Toney) Gomez of The Deanery, 28 Cumberland Street, P. 0. Box N-1991, Nassau, Bahamas has been appointed the Liquidator thereof.
Notice is also hereby given that the creditors of the above-named Company are required within 10 days of the date of this notice to send their names and addresses and particulars of their debts or claims to Craig A. (Tony) Gomez the Liquidator of the Company, and or in default thereof they will be excluded from the beneft of any distribution before such debts are approved.
Craig A. (Tony) Gomez Liquidator
NOTICE
TRIPLE M Opportunities
Investment Fund Ltd. SAC In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TRIPLE M Opportunities Investment Fund Ltd. SAC is in dissolution as of December 5. 2024
That MMG Fund Services (Bahamas) Ltd situated at Suite 102, Saffrey Square, Bank Lane & Bay Street, Nassau, The Bahamas is the Liquidator.
N O T I C E
IN THE ESTATE OF CYPRIANA VALENTINE FLEISCHER late of 16 Pear Street, Sans Souci in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of Te Bahamas, deceased.
NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certifed in writing to the Undersigned on or before 24 January 2025, afer which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
DELANEY PARTNERS
Attorneys for the Executor P. O. Box CB-13007 5th Floor, Lyford Cay House, Western Road, Lyford Cay New Providence, Te Bahamas
The Public is hereby advised that I, ANDREA MOSS AND ALLWORTH PICKSTOCK of St. Vincent Road, New Providence, The Bamas Parents of AMARION AMARE MOSS A minor intend to change our child’s name to AMARION AMARE PICKSTOCK. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
coverage on TV, DVRrelated issues, not having enough capacity etc, so there are certain issues we have resolved with the platform with Aliv Fibre.”
Conceding that everincreasing programming costs continue to pressure Cable Bahamas’ expenses, Mr Butler said: “It’s still a real cost pressure for us so we continue to encounter it on a daily basis and see where we go with that. We compete with Netflix, Hulu, which are unregulated but, at the end of the day, we will continue to provide value even though TV is a diminishing part of our revenue.”
Cable Bahamas, in its 2024 annual report, said the continued roll-out of its Aliv Fibre infrastructure across New Providence promises to “unlock new revenue streams” associated with the expanded use of technology.
Confirming that it is still assessing the business case for fifth generation (5G) mobile networks and associated technology, Cable Bahamas informed investors: “We will continue to prioritise the expansion of our fibre technology, aiming to reach 30,000 subscribers by the end of 2025.
“This investment in network infrastructure will unlock new revenue streams, particularly in high-demand
areas such as IoT (Internet of Things), smart city solutions and enterprise services, positioning us as a market leader in the digital era. We also expect strong growth from the continued deployment of fibre-optic broadband, enabling faster, more reliable Internet access for both residential and business customers.”
Unveiling its other goals for 2025, Cable Bahamas pledged: “Improving our customer experience remains a central pillar of our strategy. In 2025, we will focus on delivering personalised, seamless services across our mobile, broadband and TV platforms.
“The ongoing integration of AI-powered support and digital tools will enhance our ability to address customer needs quickly and efficiently, reducing churn and driving higher customer satisfaction. Our investment in digital services will accelerate, with a focus on monetising our streaming platforms and cloud solutions for corporate clients.
“As customers increasingly seek bundled services that combine mobile, broadband and TV, we are well-positioned to offer attractive, comprehensive solutions that strengthen customer loyalty and increase ARPU (average revenue per unit).”
Wall Street's rally stalls as Nasdaq pulls back from its record
By STAN CHOE AP Business Writer
U.S. stock indexes fell Thursday following some potentially discouraging data on the economy.
The S&P 500 slipped 0.5% for its fourth loss in the last six days. It's a pause for the index, which has been rallying toward one of its best years of the millennium.
The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before.
A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected.
Neither report points to imminent disaster, but they dilute one of the hopes that's driven the S&P 500 to 57 all-time highs so far this year: Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession.
Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing
director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers.
"One week doesn't negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture," he said.
Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they're correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It's hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.
Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.
A cut next week would have the Fed following other central banks, which lowered rates on Thursday.
The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point.
Following its decision, Switzerland's central bank pointed to uncertainty about how U.S.
President-elect Donald Trump's victory will affect economic policies, as well as about where politics in Europe is heading.
Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of "USA."
On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts'.
Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move "enhances our flexibility with potential future strategic opportunities," raising speculation about a spinoff or sale.
Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off. Kroger's board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization.
Multi-million PI condo project gets go-ahead
FROM PAGE B2
or incentives/concessions slightly exceeding revenues to the Public Treasury during the first 20 years of full-time operations. These incentives will likely include a real property tax waiver, but the assessment projected that the $197.2m in total government revenues generated by the project in its first 23 years - construction and full-time operations - will “outweigh” the cumulative $158.9m in tax breaks/concessions by a factor or ratio of 1.2 times.
The jobs and economic activity generated by the extra visitors attracted by the Ocean Club Residences will be used to justify the tax incentives received by the project, which are estimated at around $6m$7m per year during the first 20 years of operation.
According to the Ocean Club Residences planning application, three of the residential towers are expected to have six floors with two towers housing 10 units and another 11 units. The larger residential tower will house 36 units and have nine floors.
Residential amenities for the condo units include a restaurant, lounge and bar, gym, spa and multiple pools. The project has a total building area of 411,000 square feet and all four
towers will sit on top of a partially submerged podium which houses parking, support spaces, and back of house facilities. Developers have included 94 parking spaces in their plans, inclusive of 11 tandem spaces, each counted as two. At the public consultation for the project, the developers maintained that they are committed to ensuring access for vendors.
Lucienne Walpone, of Two Roads Development, explained that public beach access will be along the western edge of the site and they are still discussing the “right balance of quantity and location” with the Government.
“The easement will be created on the western edge of the property, like we’re currently using it to get to the beach,” she explained.
“The stalls themselves are not illustrated yet. That’s something that we’re still working on in conjunction with the Government to find the right balance of quantity and location. But we are committed to building vendor stalls. They’re just not detailed in the exhibit, but they will be lining this path.”
The Davis administration signed a Heads of Agreement for a development that officials say will be the “largest” Four Seasons condo hotel in the Caribbean
WEATHER REPORT
MARINE FORECAST
