THURSDAY, DECEMBER 19,
Bahamasair sick-out ‘couldn’t have been worse’ for its timing
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE industrial action that yesterday grounded Bahamasair’s entire fleet “couldn’t have been worse” timed, tourism operators warned, with hundreds of visitors and Bahamians left stranded in the peak travel season.
Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, told Tribune Business that the tourism sector is “hoping and praying” the dispute between the national flag carrier and the Airport, Airline and Allied Workers Union (AAAWU) and its members is “resolved as quickly as possible” given the disruption and inconvenience caused to travellers ahead of the Christmas and New Year period.
As this newspaper went to press last night it was
reported that Bahamasair secured a temporary Supreme Court injunction to halt the sick-out and force those workers involved to return to their posts. There were suggestions that the carrier may have lost up to $700,000 in revenue, not to mention reputational damage, as a result of yesterday’s enforced operational shutdown.
‘Notable’ corruption surge amid $250m drug seizures
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DOMESTIC financial crime threats are “broadening” and “represent substantial areas of concern” after $250m worth of illegal drugs were seized in The Bahamas during the six-year period through 2022.
This nation’s latest financial crime national risk assessment, newlyunveiled this month, disclosed there has been “a notable increase” in suspicious transactions reports (STRs) filed by Bahamian financial institutions and other gatekeepers in relation to suspected tax, corruption and bribery offences that have occurred in the domestic economy rather than the so-called ‘offshore’ or international sector.
It added that the laundering of criminal proceeds generated by drug trafficking, human and gun smuggling, and other crimes such as ‘romance’ and employment scams was on the rise with the value of fraud cases reported to the Royal Bahamas Police Force between 2017 and 2022 hitting $35m.
While the report acknowledged that “the bulk” of the money laundering and financial crime threats to The Bahamas originate from offences committed by international clients based outside the jurisdiction, it added that the handling, concealment and washing of drug trafficking and dealing proceeds so as to make
them appear legitimate poses “a major domestic threat”.
Data contained in the report showed that, between 2017 and 2022, Bahamian law enforcement seized some $250m worth of illegal narcotics with close to $200m of this sum representing cocaine. The balance consisted of marijuana and hydroponic marijuana.
“Based on the information received from the police and the Financial Intelligence Unit (FIU), drug trafficking followed by fraud were the primary predicates identified as money laundering threats domestically,” The Bahamas’ national risk assessment found.
“The value of drugs seized over the 2017-2022 period amounted to more than $250m. The value of fraud cases amounted to $35m. In the 20202022 period, cyber crime surpassed fraud due to the significant number of suspicious transaction reports (STRs) filed as a result of the FTX Digital Markets operations.” That entity was the Bahamian subsidiary of the collapsed FTX crypto currency exchange.
‘High risk’ clients own over 25% of Bahamas’ accounts
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MORE than one-quarter of all bank accounts held by Bahamas-domiciled international banks and trust companies were beneficially owned by “high risk” clients at year-end 2022, it has been revealed. The Bahamas’ financial crime national risk assessment, just unveiled this month, also disclosed that more than one out of every ten account facilities belonged to so-called ‘politically exposed persons’ or PEPs who are customers involved in high-level government affairs and deemed particularly susceptible to
involvement in bribery or corruption.
“Noteworthy is the statistic that high-risk customers accounted for approximately 25.4 percent of accounts and 11 percent of relationships in the international banking sector on December 31, 2022, with PEPs accounting for 11.6 percent and 3.7 percent, respectively, reflecting a slight increase in high-risk customers,” the report revealed.
“Additionally, the use of third parties/agents in the international arena presents some risks to this sector. Anti-money laundering surveys submitted annually since 2019 have
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ENVIRONMENTAL
activists yesterday voiced optimism that the threat of further oil exploration and drilling in this nation’s territorial waters has ceased after The Bahamas joined a pact to phase-out fossil fuel use.
Casuarina McKinneyLambert, executive director of The Bahamas Reef Environment Educational Foundation (BREEF), told Tribune Business it would be “a foolish industry” for this nation to permit after the Government signed the country on to the Fossil
Treaty.
Hailing the move as “great news”, she argued that the move will “reinforce the country’s resolve” to safeguard the economy, its people and marine ecosystems from potentially devastating climate change impacts and “accelerate the transition to cleaner and renewable energy”.
The Treaty, which now has 16 state signatories and members after The Bahamas and Pakistan joined yesterday, commits countries to end the global expansion of fossil fuels, pursue “a just and equitable
KERRY FOUNTAIN
There has been a lot of talk about corruption in The Bahamas, especially in both the mainstream and social media, since the indictment of three local law enforcement officers by the US authorities over an alleged drug trafficking conspiracy. Meanwhile, the passing of the Public
Procurement Act 2021 has also generated constant discussion from both international and local observers about transparency and fair play in public procurement in The Bahamas. I write this article for the benefit of government procurement officials, vendors and the public at large so that they may understand
the ethical responsibilities of those officials charged with spending Bahamian taxpayer funds. Last year, over an eightmonth period, I had the pleasure of facilitating the first-ever University of the Bahamas’ public procurement planning and logistics course for a group of procurement officers from the
public sector. First, let me congratulate them on their achievement and wish them all the best in their endeavours for success in their profession.
Ethics in procurement cannot be overstated FERGUSON DANIEL
The first module was an ‘Ethics in Procurement’ seminar that was mandatory in order to move on to the main course. I wish to also advise that as a fellowship member of the Chartered Institute of Procurement and Supply, all members have to participate in ethical assessments annually in order to maintain one’s membership status. This seminar was provided for the students so that they could understand that, in procurement, procurement ethics refers to the recognised social principles that involve fairness and seeks to eliminate malpractice throughout their organisations. It is important to recognise that procurement ethics is about treating suppliers fairly and avoiding preferential treatment. More so, procurement is often overseeing the spending of large sums of money, so it is expected those involved behave ethically over how it is disbursed.
As the keynote speaker to this group’s graduation ceremony on September 27, I admonished them that the monies they are - and will be - spending in the process of performing their duties are derived from the taxes the Government collects from the Bahamian
people and that it was not their money. I wish to point out two general rules of procurement ethical behaviour that they were also continuously reminded of. They are:
* Buyers must act in the interests of the public service and not personal gain
* Buyers must act ethically towards suppliers by treating them with respect With continued development of human capital, technology and ethical standards in procurement, we stand a good chance that these new procurement officers recognise the strategic importance of transparent and accountable procurement in the cost-efficient delivery of goods, works and services and how to use these as a vital weapon in the battle against corruption.
Phil Mason, anti-corruption expert and former policy advisor for the UK Department for International Development, once said “complete transparency can be misused” and that we should “focus on secure procurement mechanisms and how new technology can provide the answers”. He also warned: “How many checks do we do on the folks running the tendering exercise? More attention should be given to the human element of tendering and those potential vulnerabilities.”
A knowledge of ethics is an essential part of the procurement role, and is something all procurement and supply professionals must apply in their work. It makes sense for us as a nation to take ethical practices seriously, and continue to train procurement professionals to be prepared and able to spot the warning signs. Aside from the obvious moral imperative for countries to do the right thing,
RIVAL AIRLINES READY TO AID BAHAMASAIR PASSENGERS
By ANNELIA NIXON Tribune Business Reporter
ABANDONED Baha-
masair passengers could be given a helping hand by competing airlines, despite booked out flights.
The move comes after a sickout that has left the national flag carrier with limited flight attendants, ground workers and other employees.
Holiday travel has airlines booked almost to capacity but Silver Airways, Makers Air, Western Air and United Airlines are all open to taking on passengers who might need to make alternate travel arrangements after the sickout by some members of the Airport, Airline and Allied Workers Union (AAAWU) headed by president Jewel Fountain.
Bahamasair managing director Tracey Cooper, said 12 of 16 Bahamasair employees, including flight attendants, scheduled to work the morning shift called in sick as a form of industrial action related to back pay issues. This caused cancellations in scheduled flights. This comes shortly after consistently delayed Bahamasair flights due to mechanical problems to one of their planes. The sickout is indefinite, leaving many passengers booked with the airline nervous.
Sarah Swainson, private charters and business development manager for Makers Air, said it will “be a challenge” but they are willing to facilitate a private charter for Bahamasair passengers attempting to make other travel plans due to the sickout. Makers Air does not have scheduled
flights into New Providence and they fly out of Fort Lauderdale Executive Airport, making Family Island destinations more doable. However, Ms Swainson noted that upcoming availability is extremely limited.
“Beginning Friday, it’s very, very limited availability for us, through the 6th, 7th of January,” Ms Swainson said. “And so we’re, we’ll do everything that we can if people do reach out, however, it is going to be a challenge. And I know that that’s across the board, industry wide, because we’re approaching two of the busiest travel weeks of the year.
“Like I said, we don’t fly scheduled flights to Nassau, but we fly private charters. I would say, as far as adding scheduled flights, again, due to the busy nature of the next couple weeks, it’s not something that we
would have the ability… there would be an off-private charter potentially, but even our private charter side is extraordinarily busy at this point. So we definitely encourage people to reach out. We’ll help if we can and explain capacities in which we would be able to help. If this is an ongoing problem, then I think that there is room to pivot it after the holidays. But we certainly, wish Tracy and his team well in, you know, getting everything kind of organised and back online.”
She added: “Ironically, we had somebody who was displaced off of their Bahamasair flight from Fort Lauderdale International to Nassau today, and they needed to get there. So we actually facilitated a private charter for them as Nassau is not a scheduled flight destination for us. And I think that is kind of an interesting
Briland project unveils ‘Royal’ partner in next 27-acre phase
A HARBOUR Island
project has teamed with a hospitality group to launch its next 27-acre development phase featuring 60 residential offerings priced at up to $4m.
The Briland Club Hotel, Residences and Marina, in a statement unveiling its partnership with The Royal Portfolio, said the second phase expansion will also involve a 34-slip marina able to accommodate yachts and other vessels ranging in length from 75 feet to 300 feet. Amenities such as a full-service beach club, pools and sports courts, gym and spa, and additional dining experiences are also included.
The entire property will be managed by The Royal Portfolio, a family-owned
hospitality group run by Phil and Liz Biden and their family, and is their first venture in the Caribbean.
The sales and marketing effort will be led by Nassaubased The Isles Group in collaboration with Douglas Elliman Development Marketing.
“The Royal Portfolio will carry forward our vision of creating a luxury community on Harbour Island,” said Michael Wiener, chairman of Briland Club Hotel, Residences and Marina.
“Its devotion to world-class hospitality complements our focus on delivering extraordinary residential and lifestyle experiences rooted in service, sustainability and respect for local culture.
“The Royal Portfolio will oversee all operations at Briland Club, bringing its award-winning standards to every aspect of the community, including concierge services, curated experiences and beach club amenities.”
Briland Club Residences said its vision for the next development, and upcoming partnership with The Royal Portfolio, is the integration of the island’s extended community, including local residents, into an environment that prioritises family, recreation,and connection while preserving the island’s natural beauty and heritage.
“We are excited to partner with Briland Club to bring The Royal Portfolio’s
fact. A lot of Bahamasair funnels through Nassau. Some go direct to the out islands, but, from the Fort Lauderdale area a lot go to Nassau. And, and I think that seems to be kind of the crux of the passenger issues, you know, seem to be in Nassau. So that is a private charter situation for us.
“Again, today we were able to facilitate getting this couple where they needed to go and we obviously will assist in any way that we can for passengers that are displaced that do need to get where they’re going. I think the challenge is going to be in an already busy schedule approaching in a very, very busy holiday week. We will have some limitations as well. So, I think generally speaking, we hope that Mr Cooper and his team are able to get things situated and rectified quickly so that
there isn’t greater impacts over the holidays.”
Elaine Foster, general manager of United Airlines, said they are heavily booked, however, if a passenger has a connecting flight between Bahamasair and United Airlines they will try to “rebook” them for another day.
“That’s the only thing we can do is try to reaccommodate them for another day,” Ms Foster said. “But passengers would normally have to be booked through United. If they see a way whereby they can get to their final destination on United, then they have the option to go online and rebook.
“If they have an onward travel on United, let’s say they were stuck and they’re [on] one of the family islands and they’re stuck in
purpose-led luxury travel experiences to The Bahamas,” says Phil Biden, founder of The Royal Portfolio. “For 25 years, our purpose and values have been at the heart of everything we do and expanding them internationally has always been part of the vision.”
Briland Club was described as Harbour Island’s only bay-to-beach property, offering residents and visitors both ocean and harbor views. The 60 residences include a mix of coral cottages, club cottages, villas and estate homes alongside a mega yacht marina, The coral cottages are two-bedroom, 2.5-bath residences. Each includes a 700-square-foot veranda,
offering indoor-outdoor living within 2,100 square feet. The club cottages under development are available in two configurations - a two-bedroom layout measuring approximately 3,300 square feet, and a three-bedroom option measuring around 3,700 square feet.
“We are extremely proud to collaborate with Briland Club, The Royal Portfolio
and The Isles Group on this exciting next phase,” says Douglas Elliman’s Florida brokerage head, Jay Philip Parker. “Briland Club has already become a cherished residential destination for many, and we are thrilled to introduce this exceptional lifestyle to the distinguished global clientele of Douglas Elliman, The Isles Group, Knight Frank Residential and beyond.”
BRILAND CLUB RESIDENCES
WATER SERVICES ‘RESTORED’ IN ELEUTHERA, SAYS WSC
By ANNELIA NIXON
A SENIOR manager has been brought in to tackle water problems in Eleuthera - with the Water and Sewerage Corporation saying services have now been restored and with two new generators “being shipped to the island.”
The new generators will “further reinforce the Bogue Desalination Plant” and “reinforce power supply at our Waterford Desalination Plant”.
A statement from WSC said: “As of this afternoon, Tuesday December 17, 2024; WSC has worked with BPL and our Desalination Plant Contractor to resume full water production at our Bogue Desalination Plant utilising all three desalination units and our wellfield production has also been restarted. WSC will be working with BPL over the next few days to ensure that our Bogue wellfield is fully energised and achieving maximum water production to serve as an added contingency wherever we face challenges with the desalination plant.”
The company said “weather conditions and operational constraints exacerbated by the closure of the Glass Window Bridge” were the culprits of water “supply interruptions and pressure reductions” impacting North Eleuthera, Harbour Island, Spanish Wells and Russell Island. WSC worked with Bahamas Power and Light to resolve the water woes.
The statement said: “Initially, unexpected generator fueling complications and grid power supply challenges at the Bogue Desalination Plant and the Naval Base site in Central Eleuthera led to
a disruption in water production late Saturday night into early Sunday morning. Despite these obstacles, our teams quickly and successfully restored power at the Naval Base facility, restoring the water supply for Central Eleuthera communities from Gregory Town to Savannah Sound.“
WSC technicians were recruited from New Providence as well as parts and “alternative power sources”.
“Subsequent mechanical issues at the Bogue Desalination Plant’s generator and a transformer failure onsite prompted emergency efforts to secure
weather and logistical constraints posed significant challenges, delaying the movement of critical equipment and personnel.”
Some water production “but not the normal water supply” was restored on Sunday afternoon at the Bogue Desalination Plant.
A “large generator” was brought to the Bogue plant from South Eleuthera on Monday morning “and tied in”.
“In addition to the ongoing restoration efforts by our dedicated Eleuthera teams, WSC deployed a senior manager from Nassau to the island on Monday morning. This
HALF A MILLION WAYS TO HELP MEN TO SHINE IN BUSINESS
By ANNELIA NIXON
Business
MORE than half a mil-
lion dollars in funding has been provided to 60 applicants across The Bahamas, it was revealed yesterday.
The move comes from the Small Business Development Centre in partnership with Toastmasters Club 1600 and Carnival Corporation as part of the 2024 Men In Business Initiative Grant.
29 male recipients in the Family Islands including,
NOTICE ACEVSAN LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 209018 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of December A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Lisette De Las Nieves Fuentes Niño, whose address is Calle Peñalara, 4 Port A 1° 1, Pozuelo de Alarcon, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 16th day of January A.D. 2025 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 17th day of December A.D. 2024
Lisette de Las Nieves Fuentes Niño LIQUIDATOR
Abaco, Andros, Cat Island, Eleuthera, Exuma, Grand Bahama and Long Island as well as 31 male recipients in New Providence, received up to $10,000 in grant funding to support their businesses.
“The programme was oversubscribed,” SBDC president Samantha Rolle said. “With 220 applications and a total funding ask of $2.91m, after a rigorous review process, 60 applications were approved and more than half a million dollars, $532,610.95 to be exact, was distributed to deserving businesses across The Bahamas from Exuma to Grand Bahama, Abaco to Andros. This funding has reached family islands
where applicants, where entrepreneurs, where these small businesses, were given the opportunities can sometimes feel out of reach.”
According to Ms Rolle, funding came from Carnival Corporation to help aid in businesses, “specifically in Grand Bahama, Bimini and Eleuthera”.
“Your partnership also allowed us to host an exclusive men’s power brunch abroad the Carnival Venetia in Grand Bahama which was a unique and interactive experience for our participants as they were able to engage with programme mentors and SBDC staff one-on-one,” she added.
senior manager has been working closely with our on-island personnel to coordinate and accelerate the restoration of water supply, as well as to ensure that systems across the island are well-prepared for the upcoming holidays. This includes confirming that all standby power generators are fully serviced, and a fueling plan is in place for the holiday period. Additional works are scheduled to commence this Thursday at our Naval Base Desalination Plant to further enhance water production capabilities, ensuring more reliable service during the holidays and beyond.”
Toastmasters Club 1600 provided mentorship to participants throughout the Initiative as “25 members of Club 1600 served as mentors for close to 300 participants in the Men in Business programme and along with support from Mr Jeffrey Beckles, soon to be Toastmaster Jeffrey Beckles”.
“Tthe recipients had to go through different modules, different programmes,” said Camron Reckley, president of Toastmaster Club 1600. “So we were just there for support and helping them to navigate the manuals, navigate the programme itself.
“Our partnership with the SBDC stems from what our core value is for Toastmasters. Leadership skills, communication skills, integrity, and also we provide mentorship. So the partnership was a hand in hand one where each recipient, they had to go through the program and they were assigned mentorship, they were assigned mentors. And our partnership came in when 1600 were mentors to the grant recipients. So the mentorship programme
provided leadership skills, communication skills, provided the necessary tools needed for them to succeed in business, and then received a grant.”
Darren Sinclair, owner of Flipping Good Burgers, said the mentorship provided by the Toastmasters Club 1600 gave him guidance and sound advice. Besides funding, Wellington Ramsey, owner of Prestigious Shoe Care and Accessories, a company focused on providing shoe care and accessories for law enforcement personnel said knowing he will have SBDC’s continuous support has him feeling “inspired” and “energised”.
“It also reinspired me,” Mr Ramsey said. “So now I feel as though I have some support because it’s challenging. My only support system would have been other business owners who I know, who I can actually talk to and speak to and say, ‘Hey, how do you face this challenge? How do you overcome it?’ But now, with the funding and the support from SBDC and the course, it really took me to the next level. I feel inspired, I feel energised. I feel fueled to go the extra mile now.”
Colina’s strength rating
reaffirmed
A BISX-listed life and health insurer and its affiliates yesterday saw their financial strength and creditworthiness reaffirmed by the industry’s leading international rating agency.
AM Best, in a statement, said it has affirmed the financial strength rating of ‘B++’ (Good) and the long-term issuer credit rating of ‘bbb+’ (Good) for Colina Insurance Ltd, the main trading subsidiary of BISX-listed Colina Holdings (Bahamas). This occurred despite concerns about restricted investment opportunities and the high level of risk concentration in The Bahamas due to exchange control restrictions.
by AM Best
matching other than The Bahamas’ sovereign debt instruments, resulting in a high concentration of these holdings on Colina’s balance sheet,” AM Best said.
RIVAL AIRLINES READY TO AID BAHAMASAIR PASSENGERS
FROM PAGE B3
downgrade of Bahamian debt - in recent years.”
AM Best continued:
“As a result, following the 2022 downgrades of The Bahamas’ sovereign debt ratings, Colina’s balance sheet strength assessment reflects a very weak level of risk-adjusted capital as measured by Best’s Capital Adequacy Ratio (BCAR).
“Due to exchange control limitations, Colina has very limited investment options to optimise asset-liability
For Colina Holdings (Bahamas), AM Best affirmed the long-term issuer credit rating of ‘bb+’ (Fair). The outlook for these credit ratings was deemed ‘stable’ by AM Best, which said they reflected Colina’s strong balance sheet strength “as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM)”.
“These factors are offset by good liquidity and increasing regulatory and absolute capital levels. The company’s operating performance continues to be assessed as strong, with consistently positive operating earnings and minimal impact to operating earnings resulting from external events - COVID19, weather-related events,
US retreats from massive air bag recall and says
industry comments show need for more investigation
By TOM KRISHER AP Auto Writer
U.S. auto safety regulators have backed away from seeking a giant recall of nearly 50 million air bag inflators and will investigate further after the auto industry raised questions about whether all of the inflators are defective.
The move Wednesday by the National Highway Traffic Safety Administration is vastly different from a decision reiterated by the agency in July that the inflators made by ARC Automotive Inc. of Tennessee are defective, dangerous and should be recalled.
The agency has said inflators in about 49
million vehicles from 13 manufacturers are at risk of exploding and hurling shrapnel into drivers and passengers. They're responsible for at least seven injuries and two deaths in the U.S. and Canada since 2009, and recalling all of them would have cost millions of dollars.
But in a document posted Wednesday in the Federal Register and dated Dec. 13, the agency said it considered comments on a decision from July seeking the recall. The auto industry pointed to technical and engineering differences between ARC inflators in vehicles made by different manufacturers. The comments also
raised manufacturing-process variations at different plants that made the ARC inflators.
"Given the potential relevance of these issues to the agency's decision making, including the appropriate scope of any recall, further investigation is warranted," the agency said in the document.
A message was left Wednesday seeking comment from ARC, which is owned by by Yinyi Group of China.
NHTSA said Wednesday that it carefully considered the comments on its decision to seek a recall of all the inflators and decided that more investigation is warranted.
“Colina’s business profile assessment is bolstered by its position as a market leader in The Bahamas and its low product risk liability offerings, but these are offset by its geographic concentration in The Bahamas. The company’s ERM framework and governance structure are appropriate for its risk profile.
“Concerns remain regarding the continued impact from global economic conditions over the past few years on The Bahamas. AM Best will continue to monitor the economic conditions in The Bahamas and will take appropriate rating actions as they change.”
that family island, like for today. And they were going Nassau to Newark. Newark to another final destination then yeah. Once they get in, we will try to help them as best as we can by rebooking them for another day without having to pay a penalty.”
Regional manager of Silver Airways Esmond Johnson noted they are booked today with only one available seat out of New Providence.
“Friday, we have three seats available, so the flights are pretty full,” Mr Johnson said. “We don’t have any flights on Saturday, but for the rest of the week our flights are full. Sunday is full as well.”
Mr Johnson said Silver Airways is monitoring the situation and will be reaching out to offer assistance.
“From speaking with some of the gate agents with Bahamasair, I was asking them, were they even able to transfer people to other
NOTICE
airlines?” Mr Johnson said. “They don’t have the ability to do that it seems. So persons I guess are just stuck having to try to buy a one-way on something. Hopefully, the situation resolves.
“I know our tickets, I believe for today at least, were somewhere around $500. So persons that are family of four or five, you already pay for your trip. You can’t find an extra $1,500 or $2,000 right now to buy just a one-way.
“I just left the airport not long ago, a lot of people are just sitting around. The pilots are just sitting around in the boarding area, I guess just waiting. So I don’t know. But everything is canceled today, so they’re not moving anything today.” President of Western Air, Sherrexcia Alexis Rolle, said she is hoping the issues surround Bahamasair and its employees are resolved soon, and that Western Air is “accepting passengers where this is availability”.
Re: Supreme Court Equity Action No. 2024/00750
The Petition of Christio Edgecombe in respect of ALL THAT piece, parcel or lot of land owned by the Petitioner and situate on the Eastern side of St Margret’s Road and approximately 100 feet South of Shirley Street in the Eastern District of the island of New Providence which said piece parcel or lot of the land is bounded on the North by land now the property of the Petitioner running thereon One Hundred and One and Twenty Two Hundredths (101.22) feet East by Land now or formerly the Estate of Sir Milo Butler and now or formerly Edward Hanchell and running thereon One Hundred and Nine and Forty Four Hundredths (109.44) feet on the South by land owned by various owners and running thereon One hundred and One and Twenty Hundredths (101.20) feet and on the West by a public road (St Margret’s Road) and running thereon One Hundred and Three and Ninety Hundredths (103.90) feet which said piece parcel or lot of land is more particularly described on or by the plan or diagram fled in this action.
Christio Edgecombe claims to be the legal owner in possession of the land and has made application to the Supreme Court of the Bahamas under the Quieting Titles Act to have his title to the land investigated.
The fled plan may be inspected during normal working hours at:-
a) The Registry of the Supreme Court, George Streets, Nassau, N. P., Bahamas; or b) Themis Law Chambers, 79 Farrington Road, Nassau, Bahamas.
NOTICE IS HEREBY GIVEN that any person having any adverse claim or claim not recognized in the Petition shall on or before the 31st day of January, A. D. 2025, fle in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verifed by an affdavit to be fled therewith. Failure of any such person to fle and serve a statement of such claim on or before the 31st day of January, A. D. 2025, will operate as a bar to such claim.
‘Notable’ corruption surge amid $250m drug seizures
Digital Markets operations.” That entity was the Bahamian subsidiary of the collapsed FTX crypto currency exchange.
“Further, there was a notable increase in STRs filed in the categories of tax matters, corruption and bribery. It is apparent that the threats domestically are broadening to include the aforementioned offences,” The Bahamas’ national risk assessment added.
“Examination of the period 2017 to 2022 revealed notable trends in relation to financial crimes and identified a prevalence of bank transfer fraud, business e-mail compromise, romance scams, job scams, credit card fraud and, more recently, cheque fraud.”
Delving deeper into the data, The Bahamas’
national risk assessment added:
“The primary threats of domestic origin within The Bahamas include fraud, human, gun and drug trafficking. Based on the statistics received, drug trafficking and fraud are the number one and two, respectively, most prevalent money laundering predicate offences committed in The Bahamas.
“Law enforcement agencies advised that fraud cases included fraud by false pretences, stealing by reason of employment, possession of forged documents, counterfeit currency and forgeries. The total number of fraud cases reported to law enforcement for 2017 to 2022 is 2,747.
“Further, analysing the STRs received for the period, the Financial Intelligence Unit (FIU)
indicated that fraud, particularly Internet fraud, posed a higher risk within the jurisdiction. For the period of 2017 to 2022 there have been a total of 2,771 financial crime matters reported to the Royal Bahamas Police Force. For that same period, the value of reported financial crimes is approximately $34.62m.”
And, pointing to the thousands of drug-related cases brought before the Bahamian judicial system during the same six-year period, the national risk assessment report said:
“As a result of intelligence gathered for the period in review, 2017 to 2022, numerous search warrants were executed on persons suspected to be involved in drug use/sales and, on several occasions, officers
discovered large quantities of cash.
“Money laundering investigations have been initiated in such instances, which can result in either criminal or civil proceedings. Over the 2017 to 2022 period, in connection with drug trafficking there were 9,309 persons interdicted, 7,675 persons charged, 8259 cases prepared with 5,832 cased prosecuted.
“The predicate categories of armed robbery, robbery, stolen vehicles and firearms, cyber crime, bribery and corruption, based on statistics received from the Royal Bahamas Police Force and FIU, also represent substantial areas of concern and present medium to high potential money laundering threats.”
As for the international business segment of the
Bahamian economy, the national risk assessment report said the Attorney General’s Office and Ministry of Finance received several hundred requests for help from other countries during that six-year period under Mutual Legal Assistance (MLAT) treaties and Tax Information Exchange Agreements (TIEAs).
“Over the review period, 2017-2022, there were 204 requests for information regarding cases inclusive of 11 tax fraud cases. Further, for the period 2017 to 2022, the legal unit of the Ministry of Finance received 395 exchange of information requests from 26 TIEA partners,” the document said.
“As such, tax fraud from non-resident clients poses a significant potential money laundering threat to the Bahamian financial centre
This assessment is based on the number of international letters of request and exchange of information requests received by the Government coupled with the number of requests received from foreign FIUs on tax matters.
“Material statistics for 2017 to 2022 on other predicate money laundering threats identified from the foreign FIU requests were noted as corruption (58 cases), fraud (78 cases), money laundering (97 cases) and bribery (16 requests),” the national risk assessment continued.
“The major portion of the mutual legal assistance requests received by the Attorney General’s office
for the period were submitted by France, Spain, Peru and the US, while the foreign FIU requests primarily hailed from the US, Ecuador, Argentina, Germany and the United Kingdom.” With The Bahamas’ exchange control regime placing a “firewall” between the domestic and international business segments of this nation’s economy, the national risk assessment added: “Over the last ten years, the country has commenced a series of steps to liberalise the regime.
“Owing to the vast volume of business conducted for international clients, and The Bahamas’ openness as an international transshipment hub, the country is exposed to inherently high crossborder money laundering risks. The more vulnerable sectors are those which are internationally oriented and cash-intensive on the domestic level.
“These include retail and private banks, trust companies, credit unions, money transmission providers, financial corporate service providers, securities firms [such as administrators and brokers], casinos and gaming house operator,” it said.
“The bulk of The Bahamas’ exposure to money laundering risks arises from predicate offences initiated overseas. The Bahamas is not known for the financing of terrorism and there have been no reports of domestic terrorist incidents.
“The Bahamas, as an international transshipment hub and financial centre, is a potential transit point for illicit drugs and smuggling of migrants and firearms. Therefore, The Bahamas has an important part to play in the global effort against money laundering.”
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)
Bahamasair sick-out ‘couldn’t have been worse’ for its timing
Mr Fountain, though, warned that any prolonged industrial action threatens to undermine the renewed momentum that Family Island resorts were gaining following a “rough” late summer and fall 2024, with member properties currently eyeing a “very positive” outlook due to a 2025 first quarter booking pace that is 6 percent ahead of the same time last year.
Only four out of 24 daily Bahamasair flights were able to get airborne yesterday after flight attendants and ground staff staged a sick-out and failed to appear for work. Tracy Cooper, the national flag carrier’s managing director, branded the industrial action “illegal” and urged those involved to return to work given the impact on passengers and the potentially devastating effect for the airline’s already-frail finances.
Bahamasair contacts, speaking on condition of anonymity, told Tribune Business that the carrier’s international flights yesterday had largely been fully booked with some “saturated” with tourists either entering the destination or returning home for the Christmas holidays. But no international flight was able to take-off as a result of the sick-out, with all
of yesterday afternoon’s routes cancelled.
Those plans have now been endangered, and the disruption is especially problematic for both visitors and Bahamians seeking to link to US and Family Island destinations through Nassau because Bahamasair provides many of these connecting flights. As a result, tourists returning home may be forced to spend an extra night(s) in the Family Islands or layover in Nassau, creating further cost and inconvenience.
“The disruption will definitely have an impact on our business, especially now,” Mr Fountain told this newspaper. “Our wish is that as quickly as possible the issue is resolved to everyone’s mutual satisfaction.”
Asked about the industrial action’s timing, he added: “It couldn’t have been worse. Today is December 18, and next week is Christmas. I think that after the next two days folks are going to be looking to get where they want to be for Christmas and hunker down for the holidays.
“The timing couldn’t have been worse and but we hope it’s resolved to everyone’s satisfaction. We had a meeting this [yesterday] morning where we discussed very briefly, with two of Bahamasair’s ATRs being down, how that is impacting particularly out
WISCONSIN’S TIGHT REPUBLICAN MAJORITY SPARKS HOPE FOR BIPARTISAN COOPERATION
By SCOTT BAUER and TODD RICHMOND Associated Press
WHEN the Wisconsin Legislature returns to work in January, Republicans will still be in charge but will have the narrowest majorities since taking control in 2011. That's giving Democrats, including Gov. Tony Evers, optimism that both sides will be able to work together better than they have since Evers took office six years ago. Both sides are eyeing the state's massive budget surplus, which sits at more than $4 billion. What to do with that money will drive debate over the next twoyear budget, which will be written in 2025, while questions hang in the air about whether Evers plans to run for a third term in 2026 and how the state will interact with President-elect Donald Trump's administration.
Here is a look at some of the biggest pending issues: New dynamic in the Legislature Democrats gained seats in the November election because of redrawn maps ordered by the Wisconsin Supreme Court. The Republican majority now sits at 54-45 in the Assembly and 18-15 in the Senate. Democrats have 10 more seats in the Assembly than last session and four more in the Senate and are hopeful about gaining the majority after the 2026 election.
"We have already seen a shift in the Capitol due to the new maps," Assembly Democratic Minority Leader Great Neubauer told The Associated Press. She and other Democrats predict it will lead to more pressure from rank-and-file Republicans in competitive districts to move to the middle and compromise with Democrats.
of Europe where there is no same day connection.”
Bahamasair has seen two of its ATR turbo prop fleet grounded in the hangar since August 2024 due to the extended wait time for repaired engines to be returned by the manufacturer, Pratt & Whitney. European travellers, who are especially fond of the Family Islands, and are among the longest-staying and highest spending customers, rely heavily on connectivity provided by Bahamasair out of Florida.
“On top of this, the strike is going to have an impact, and we hope and pray it’s resolved very quickly,” Mr Fountain told Tribune Business. “We’re just getting back in the swing of things. Late August, September and October were a pretty rough time for us. But in the meeting we had today, everyone was very positive.
“December and April are looking quite strong with the exception of one or two islands. The first quarter is pacing 6 percent ahead of where it was last year. We just hope this is resolved as quickly as possible.”
Bahamasair contacts, speaking on condition of anonymity, said they understood AAAWU members had been called to an emergency meeting last night to discuss the situation and strategy on the way forward. This, though, could not be confirmed as Jewel
"Everybody understands, at least at this point, that we need to work together, pull together," Republican Senate Majority Leader Devin LeMahieu told the AP. "And it's important to get some things done."
Pushing back against President Trump Democrats say they have been talking with Evers and Democratic Attorney General Josh Kaul about how Wisconsin can push back against the Trump administration's plans for mass deportations. But Democrats say they are also looking at other ways the state can fight Trump's policies on issues like abortion and LGBTQ+ rights.
"We're worried about a lot of the things that former and future President Trump might do, especially when it comes to deportation and immigration," Senate Democratic Minority Leader Dianne Hesselbein said.
Republican Assembly Speaker Robin Vos said he would support Trump's efforts to deport people who are in the country illegally and commit crimes.
Republicans prioritize cutting taxes. Democrats are openRepublicans passed a $3.5 billion tax cut that Evers gutted to just $175 million with his veto in the last budget.
Fountain, the union’s president, did not return Tribune Business calls and messages seeking comment before press time.
The national flag carrier said around 75 percent, or three-quarters, of flight attendants scheduled to work yesterday morning staged a sick-out and failed to report. This newspaper was informed that ground staff, too, also did not appear, with one source saying: “They staged a sickout and, as a result, would have mash up operations.
“A few flight attendants didn’t get the memo and they were able to get four flights off yesterday morning to Exuma, Freeport, Long Island and San Salvador. The ones that worked the morning then said ‘that’s it’ and they were fatigued. The airline was forced to shut everything down. Everything was shut down. Unfortunate, unfortunate.”
Mr Cooper, Bahamasair’s managing director, yesterday said the sickout - which caught airline officials by surprise - resulted from ongoing concerns about outstanding pay and delays in finalising a new labour contract. “It’s about monies; whatever monies are being paid to them,” the source added.
“I understand the airline was paying the monies owed to them in in installments, but I’m not sure if
With another large surplus, Republicans say they want to try again. "People struggling to pay their bills," LeMahieu said. "We heard that in our local races. And so we
payment happened this month so they could spend it on Christmas presents and everything. The union is taking a radical approach where, if they don’t get everything they want, they are going to walk off the job.”
Tribune Business understands that the international flight shutdown meant 48-49 pieces of luggage, which were left at Miami International Airport on Monday night, could not be transported to Nassau.
Among them were meats and other perishable goods.
“What is happening now is that passengers are no longer putting goods in bags; they are putting it in bins,” the source said, “The bins fill up the hold quicker. It’s not that the load is reduced, but bags are more flexible to fit in.
“All international flights were booked full yesterday. Every last one was booked full. There were 100-plus passengers to go to Miami, and 100-plus to come back. There were 138 going to Orlando, and 138 coming back. I suspect the Fort Lauderdale flights were the same.
“The one from Fort Lauderdale to Freeport was supposed to be full today. It had a lot of tourists; that one was saturated with tourists coming to the island. It’s such a sad thing that it was full of tourists. They just told the people
want to help help help families out there. We have the money to do it. And that's going to be our number one priority." Both he and Vos said they would like a tax cut of around $2 billion.
to figure it out,” the contact added.
“We have some jinx on the airline every Christmas. It’s unfortunate. Planes break down or flight attendants and the unions are taking industrial action. It’s always a situation that puts the public in jeopardy every time. It’s sad.” They said staff can only stay off work for two days without a doctor’s certificate, so the next several days will be telling as to what the AAAWU plans to do.
Emanuel Alexiou, the Bahama Out Island Promotion Board’s president, yesterday said the impact will be mitigated if the disruption to Bahamasair’s operations is short-lived.
“Obviously very concerned, but it’s such an important thing that I’m hoping they are going to be able to settle it very quickly,” he added.
“I’m not seeing, at least I’m not hearing, that it’s going to be a long thing.
“I know that it’s exceptionally important to the Ministry of Tourism, especially with several planes out, so I’m very hopeful they’re going to deal with it expeditiously. The New Year is more important. At Christmas, people want to leave their boats here, visit their families and come back. I think this perhaps affects more the second homeowners and the people renting homes more so than the hotels.”
Democrats say that they aren't opposed to cutting taxes, but that they want it to be targeted to helping the middle and lower classes and families.
Fossil fuel phase-out pact raises oil drilling ban hope
phase-out” of existing production and speed up the switch to environmentally-friendly sources of renewable energy.
“This is good news. We certainly applaud The Bahamas joining this,” Mrs McKinney-Lambert told this newspaper. “It reinforces the country’s resolve to protect its economy, our people and fragile ecosystems from the devastating impacts of climate change. It serves to end the expansion of fossil fuel use. Just as there is a nuclear nonproliferation treaty, quite frankly fossil fuels are dangerous to The Bahamas.”
She added that the pact’s objectives include a “just and equitable phase out of existing [fossil fuel] production, and accelerating the transition to cleaner and renewable energy. It’s a decisive step for The Bahamas. There are 16 countries on four continents that have joined the treaty.
“It’s particularly relevant to us as one of the world’s
most climate-vulnerable nations. It’s a step towards a permanent ban on oil drilling,” Mrs McKinneyLambert continued. “It’s a very positive step forward and supports the fact that 86 percent of Bahamians support a ban on oil drilling as revealed in a poll last year.
“The Bahamian people realise our climate vulnerability and want to be a leader in building a sustainable future. This is a very important step in that. It’s a good step forward. The Bahamas is wise that we don’t have oil drilling as an industry in the country. It will be a foolish industry to get into given that much of the rest of the world is trying to get out of it.
Bahamian environmental activists, headed by the Our Islands, Our Future group of which Mrs McKinneyLambert and BREEF are part, have long been pressing for the Government to sign on to this treaty as it would signal that further oil exploration and drilling
in this nation’s territorial waters will not be approved.
Challenger Energy Group, the former Bahamas Petroleum Company (BPC), which dug an exploratory well in 2021 some eighty miles west of Andros close to the maritime border with Cuba, said in July this year that it was still waiting on the Government to decide whether to renew its three remaining exploration licences for a further three-year period. The licence terms would include a condition to drill another well.
Eytan Uliel, Challenger’s chief executive, told shareholders in July 2024: “In relation to the company’s licences in The Bahamas, throughout the course of 2023 we continued to pursue a renewal of the licences into a third exploration period.
“In parallel we continued to explore various alternative strategies seeking to monetise those assets. The process has been frustratingly slow, but we expect to
make better progress in the coming 12 months.
“In the next 12 months we will be looking to see a result from efforts to realise value from our assets in Trinidad and, as noted, we hope to reach a resolution in relation to our licences in The Bahamas in the same timeframe. But, undoubtedly, the key area of focus and value creation for Challenger Energy going forward will be Uruguay.”
The “alternative strategies” likely refers to plans previously discussed by Mr Uliel to monetise the value of Challenger’s Bahamian licences, and previous exploration activity, through renewals that would require it to drill another well in this nation’s territorial waters within the three-year licence period.
Should commercially viable, extractable quantities of oil be discovered beneath the Bahamian seabed, Challenger - rather than extract it - would instead work with the Government to develop and share proceeds from a scheme involving the issuing of carbon credits whose value would be determined by the oil foregone.
Challenger has always signalled that it would likely not undertake any further exploratory drilling in Bahamian waters without securing joint venture or
farm-in partner to take the bulk of the financial, technical and operational risk as it seeks to extract what value it can from its Perseverance One investment. It remains to be seen whether the “alternative strategies” plan proceeds given the Government’s confirmation that it plans to prioritise the fight against climate change by signing on to the Treaty. Rochelle Newbold, the special advisor on climate change and environmental matters in the Prime Minister’s Office, described joining the treaty as “important” to the Davis administration’s strategy.
“My country is advancing efforts to reduce its dependence on fossil fuels,” she said. “The transition will require infrastructural changes, retraining of workers, financial investments and fit-for-purpose technologies that are accessible and affordable. Therefore, participating in the development of this treaty is important as it will have implications that could impact my country and my people.”
With The Bahamas threatened by both sea level rise and more powerful and frequent hurricanes as a result of climate change, Andurah Daxon, executive director of Waterkeepers Bahamas, praised the decision to sign the Treaty.
NEW CHARGES TARGET EX-MIAMI CONGRESSMAN FOR LOBBYING ON BEHALF OF SANCTIONED VENEZUELAN TYCOON
By JOSHUA GOODMAN Associated Press
A FEDERAL grand jury in Washington has returned an indictment against former Congressman David Rivera for failing to register as a foreign agent of a sanctioned Venezuelan media tycoon on whose behalf the Miami Republican allegedly lobbied the Trump administration. The
indictment is the second set of criminal charges to examine Rivera's relationship with Raúl Gorrín, a billionaire businessman charged in 2018 and again in 2024 with bribing senior Venezuelan officials in corrupt deals to embezzle state funds from Nicolas Maduro's administration. The indictment unsealed on Wednesday alleges that Rivera, between June 2019
“The climate crisis is a clear and present danger to The Bahamas and other small island nations. While joining this treaty is a step in the right direction, we remain resolute in our call for a permanent ban on offshore oil drilling. By prioritising clean energy and protecting our marine ecosystems, we can secure a healthier, more sustainable future for future generations.”
Isaiah Back-Gaal, climate and safe energy campaign manager with Waterkeeper Alliance, added: “The Bahamas has joined a critical global effort to end the destructive cycle of fossil fuel dependence. This courageous step will inspire other nations, particularly those most vulnerable to climate crises. Together, we can ensure a just transition that safeguards communities, biodiversity, and the planet.”
And Mrs McKinneyLambert added: “By joining this global movement, The Bahamas is declaring that our future lies in sustainable energy and environmental stewardship. This is another step in the right direction, and we are proud to stand with nations around the world to say ‘no more fossil fuels, no more oil drilling’. Our people, our biodiversity, and our economy depend on it.”
and April 2020, lobbied U.S. officials, including an unnamed senior official in the executive branch, to remove sanctions against Gorrín. Rivera was allegedly aided in that effort by another unnamed former U.S. official and resident of New York, who he allegedly paid $125,000 from the over $5.5 million he received from Gorrín or on his behalf, prosecutors from the U.S. Justice Department's National Security Division said. Rivera was charged with money laundering and failing to register under the Foreign Agents Registration Act, as required when lobbying U.S. officials on behalf of foreign individuals and companies.
‘High risk’ clients own over 25% of Bahamas’ accounts
reflected that there is some level of cash receipts in this sector which can present some level of money laundering risk.”
Despite these concerns, the Bahamas’ national financial crime risk assessment said the danger was mitigated by the robust antimoney laundering, Know Your Customer (KYC) and other due diligence defences implemented by an international bank and trust company sector that held a combined $121.6bn in assets on their balance sheets at year-end 2022.
“The quality of the anti-money laundering and counter terror financing controls in the international banking sector has been assessed as strong,” the report added. “The legislative framework is comprehensive, and monitoring of operations is ongoing via a risk-based anti money laundering supervisory framework which requires appropriate customer due diligence, mandatory ongoing training, effective compliance systems and suspicious transactions monitoring and reporting by financial institutions.”
Although the industry is exposed to what is deemed to be “medium to high” money laundering and other financial crime risks due to the nature of the business it undertakes, such as international transactions, cross-border transfer flows and non-resident customers, “where there may be financial opportunities for financial crime to launder proceeds of crimes – such as fraud or corruption”, the actual threat has been minimised.
“The Central Bank requires that international banks have robust first, second and third lines of
defence, including experienced audit and compliance functions that review antimoney laundering processes within those supervised financial institutions,” The Bahamas’ national risk assessment added.
“Considering the mitigating supervisory risk-based programme, coupled with the governance and operational model, anti-money laundering controls and assurance studies conducted periodically, the sub-sector’s overall money laundering risk is assessed as medium.”
Breaking the dangers down by industry, the report said The Bahamas is not regarded as a major international hub for the trade in metals, jewellery and precious stones that is sometimes used by money launderers to conceal and ‘wash’ the proceeds of crime by investing so-called ‘dirty money’ in high-value luxury goods.
“The designated precious metals sector (DPMS) in The Bahamas consists of retail jewellery businesses. Low value jewellery is the dominant product in the retail market. There are fourteen (14) retailers registered with the Compliance Commission consisting of two pawn shops and 12 jewellery stores predominantly owned by Bahamians,” the Bahamas’ national risk assessment said.
“Registration numbers in the sector have declined due to the negative impact of the COVID-19 pandemic on business activity. Retail stores in the downtown area of Nassau where the cruise port is located conduct a significant percentage of sales with tourists and domestic customers. During high tourist seasons, sales of jewellery increase due to the tax-free status of these items.
“Based on a survey by the Compliance Commission,
five of the 12 jewellery store registrants conduct transactions at or above the threshold for customer due diligence of $15,000 and account for approximately 75 percent of the business in the sector .Three of the five are associated with chains that have locations across the Caribbean,” the report added.
“Further, more than 50 percent of transactions at or above the threshold are conducted with international clients. Transactions conducted over $15,000 represent approximately 10-15 percent on average of total revenues from jewellery sales.”
Also coming under scrutiny was the Global Blue VAT refund initiative that facilitates tax and duty-free shopping by tourists visiting The Bahamas. “The DPMS sector is assessed with an inherent money laundering risk of ‘medium to high’,” The Bahamas’ national risk assessment report added.
“The sector is characterised by a low level of cash transactions, high-value products that are attractive for money laundering and they are portable. However, it is noted that the major portion of sales are at the low-value end of the market. Note is made that the sector has a potential client base of nine millionplus individuals due to the significant numbers of tourists visiting The Bahamas yearly.
“However, considering the regulator’s risk-based supervisory programme, the Government’s Global Blue programme, which acts as a control for high value purchases, outreach to the sector, sector materiality and the verified usual tourist spend of $60-$100, the final money laundering risk is recorded as ‘medium’.”
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As for Bahamian credit unions, they were assessed as carrying a ‘medium to low’ risk and vulnerability largely because they do not deal with PEPs or high-value clients as their customers. “As of December 31, 2022, the number of financial co-operative credit unions remained at eight, inclusive of The Bahamas Cooperative League,” the report added.
“Total credit union assets rose by $9.4m (2 percent) to $484m owing to the net growth in member loans, cash and statutory deposits since the pandemic. Similarly, membership base has
increased by 5.1 percent to 49,658 persons.....
“The inherent risk for money laundering for the sector is assessed as ‘medium’. This is due to the cash intensive nature of this sector, tempered by the nature and risk profile of the client base, the low value, Bahamian dollar and limited transactional activity conducted and the size of the sector,” the Bahamas’ national risk assessment said.
“With a year-end balance of B$484m, the credit union sector accounted for 0.3 percent of the total balance sheet assets and 0.1 percent of balance sheet and fiduciary assets of all Central Bank supervised financial institutions on December 31, 2022.
“Considering the mitigating risk based supervisory programme, which focuses on the institutions’ antimoney laundering and Know Your Customer controls, corporate governance and credit risk management frameworks, coupled with the market focus and product offerings, the sector’s final money laundering risk rating is reduced to ‘medium-low’.”
China’s getting a big electric car battery swapping boost in 2025. Would that work across the globe?
By ALEXA ST. JOHN Associated Press
CHINA will soon see a massive expansion of electric vehicle battery swapping, as global battery maker CATL said Wednesday it is investing heavily in stations there next year.
Battery swapping is not new — but it's had a challenging journey. Adoption of electric vehicles has varied in regions across the globe over the past several years, and that doesn't always bode well for building new infrastructure.
While the technology could do well in China, it's uncertain whether it could work in other countries.
What is battery swapping?
Battery swapping allows EV drivers to pull into a station on a low battery and receive a swapped, fully-charged battery within minutes.
An EV has to be equipped with the right technology to receive a swap — and not many models around the world currently have it. Automakers have to buy into the idea, and EV adoption among consumers also has to grow, so that investing in new infrastructure seems worthwhile. Consumers also have to be comfortable not owning their battery.
Why could it work in China?
China is much further along in adopting EVs than other countries. Not only is it the world's largest auto market, but in July, the country hit a milestone with 50% of new sales electric — and it accounts for most of this year's global EV sales.
China supports EV growth through government subsidies and mandates. So it makes more sense for companies to invest in unique EV infrastructure there because that's more likely to be needed.
“Where I could see it working is if we went entirely away from vehicle ownership and we went to a use-ondemand model,” Less added. “I don’t think we’re there yet.”
Greg Less
What other attempts at battery swapping have occurred?
The most notable example might be Israeli startup Better Place, which tried its hand at swapping in 2007. But the company shut down a few years later after investing a lot of money and coming up against
NOTICE
NOTICE is hereby given that JOHN STANLEY DEFRERE JOSEPH of Market Street, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th 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 GEOFFREY LLOYD SOLAN of Farmers Hill, Exuma, , 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 19th 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 GARROD ANTHONY RUSSELL of Freeport, Grand Bahama, 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 12th 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 DAVID ACHEAMPONG of P. O. Box N-8940, Lumumba Lane, Fox Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
roadblocks with logistics.
EV adoption was especially low at the time.
Could it work in the United States? Europe?
Startup Ample, for example, has a modular battery swapping station that it says can complete a swap in 5 minutes. That's important as charging time remains a point of concern for prospective EV buyers. Even the fastest fast chargers could take at least 15 minutes for a decent charge.
But in the U.S., pure EVs only accounted for 8%
of new vehicle sales as of November.
Meanwhile Nio, a rival Chinese EV brand, has about 60 swap stations in northern Europe, and the EV adoption is higher there than the U.S., but the same challenges remain.
Different automakers put different batteries in their various EV models, so a station would need all of those available if the industry didn't agree to a standardized battery, and not all of those models are out yet in volume. This is something that really needs scale.
NOTICE
NOTICE is hereby given that ASMILE VIXAMAR PIERRE of Palmetto Avenue, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Swapping could help with EV cost — currently a barrier to adoption for many — because a driver wouldn't necessarily own the most expensive part of an EV: the battery.
Greg Less, director of the University of Michigan Battery Lab, said with proper framing and education, people might like the idea of battery swapping. To him, it's not unlike buying a propane-fueled grill and purchasing a refilled tank every so often. But it would require a rethinking of car ownership.
"Where I could see it working is if we went entirely away from vehicle ownership and we went to a use-on-demand model," Less added. "I don't think we're there yet."
What vehicle uses might be best for swapping?
Battery swapping might make most sense for ridesharing or other fleet vehicles.
Drivers of buses, taxis, Uber or Lyft vehicles want to spend as much time on the road as possible, transporting customers and making money. If battery swapping can shorten the time needed to charge EVs, that makes driving one less disruptive to their business.
NOTICE
NOTICE is hereby given that MEOSHI FELICIA RUSSELL of Freeport, Grand Bahama, 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 12th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
ROBIN ZENG, the CEO of China-based CATL, the world’s largest maker of batteries for electric vehicles, speaks at a launch event for the next generation of swap stations held in Xiamen in southern China’s Fujian province on Wednesday, Dec. 18, 2024.
Photo:Ng Han Guan/AP
Wall Street trims its stellar gains as Nvidia's star dims again
By STAN CHOE AP Business Writer
U.S. stock indexes pulled back on Tuesday to trim some of their stellar gains for the year.
The S&P 500 slipped 0.4%, though it's still near its all-time high set earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.
Nvidia, the superstar stock that's been a big reason for Wall Street's run to repeated records this year, fell 1.2% to weigh on the market. It's the eighth loss in nine days for the stock, which has dropped more than 12% from its record set last month, as its moonshot momentum slows.
Like the overall U.S. market, Nvidia's stock had climbed so much that critics warned expectations had become too high and that the stock price makes sense
only if everything goes correctly for it from here. Across a survey of global fund managers, strategists at Bank of America found many plowing into U.S. stocks and pulling out of their cash reserves to do so. The survey found fund managers are holding a notably small percentage of their overall portfolios in cash, similar to 2002 and 2011, which preceded tougher times for riskier investments.
The survey's broadest measure of optimism, based on expectations for economic growth and other indicators, is at its highest level since August 2021, strategist Michael Hartnett said in a BofA Global Research report. That's a potentially concerning signal for contrarians.
The S&P 500 is on track for one of its best years since the millennium, up nearly 27%, because the U.S. economy has remained remarkably resilient, hopes are high that President-elect
A SCOOTER passes the New York Stock Exchange in New York’s Financial District on Tuesday, Dec. 17, 2024.
Donald Trump's policies will boost growth but not inflation too badly and the Federal Reserve has begun to make things easier by cutting interest rates from a two-decade high.
The Fed is widely expected to announce the third cut of the year to its main interest rate on Wednesday, and officials
are also scheduled to unveil projections about where they see rates heading in upcoming years.
Expectations for coming cuts have been on the downswing, though, as inflation looks like it could stubbornly stick above the Fed's 2% target after slowing sharply from its peak above 9%.
A report on Tuesday showed sales at U.S. retailers strengthened by more last month than economists expected. That could be an indication of an economy that doesn't need much more help from easier interest rates. While lower rates can goose the economy, they can also give inflation more fuel.
"The Fed is still on track to cut rates (Wednesday), but more strong economic data could make it more likely they'll pause in January," according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
In the bond market, Treasury yields held relatively steady following the report. The 10-year Treasury yield held at 4.40%, where it was late Monday. The two-year yield, which more closely tracks expectations for the Fed, edged down to 4.24% from 4.25%.
On Wall Street, Broadcom fell 3.9% for its first
loss following two big gains where it had led the market. The tech company's stock leaped 24.4% and then 11.2% in consecutive days after delivering a profit report and a forecast for upcoming revenue that topped analysts' expectations, in part because of demand for its artificialintelligence products. Broadcom and Nvidia were the two heaviest weights on the S&P 500 Tuesday.
Pfizer helped limit the market's loss after rising 4.7%. It gave a forecast for profit next year that was stronger than some analysts' estimates. Other pharmaceutical stocks were also near the front of the market, including a 3.2% gain for Bristol-Myers Squibb.
All told, the S&P 500 slipped 23.47 points to 6,050.61. The Dow Jones Industrial Average dropped 267.58 to 43,449.90, and the Nasdaq composite dipped 64.83 to 20,109.06.
MARINE FORECAST
Photo:Peter Morgan/AP
