Solar provider recoiled over 50% Bahamian ownership
By NEIL HARTNELL
nhartnell@tribunemedia.net
A US firm, which abruptly abandoned a $1m legal claim against the Government, said the mandate to relinquish 50 percent ownership to Bahamians made it “impossible for foreign investors” to bid on a solar tender.
Jessica Quintana, an attorney representing Florida-based Burke Energy, told the Ministry of Energy and Transport’s permanent secretary in an August 16, 2024, letter that it was unfair to expect overseas bidders to give up 50 percent ownership after they had obtained all the financing necessary to construct the renewable energy plant.
Responding to the Government’s invitation to enter a competitive bidding process to provide solar energy on Cat Island, where rival offers would be entertained, she told Donella Bodie: “Upon reviewing the RFP, it is evident that the terms are impossible for a foreign investor to comply with, including the requirement to relinquish 50 percent ownership of the plant after providing 100 percent of the financing for its construction.”
Mandating significant Bahamian ownership in solar and other renewable energy projects was a key feature of the requests for proposal (RFP) issued by the Government in late 2023 and early 2024 for utility-scale generation on both New Providence and the Family Islands. The Government asked bidders to “consider” how majority Bahamian equity ownership of their solar energy projects can be achieved within three years. The tender document also stipulated that a “minimum”
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A SOLAR power provider is targeting next month to raise between $75m to $100m from Bahamian investors to finance its projects on Abaco and Eleuthera.
Anthony Ferguson, CFAL’s principal, told Tribune Business that EA Energy will likely seek both equity ownership and debt capital from the local capital markets as it moves to execute on the renewable energy contract awards unveiled by the Government last summer.
Asserting that the solar generation plants to be developed by EA Energy are “fairly substantial” in terms of their capacity, he signalled that the precise timing of any offering will likely depend on receiving the go-ahead from the Securities Commission as well as when the details will be finalised. CFAL will be performing the role of
financial advisor and placement agent.
“We’re probably going to come out in March with the raising of capital for Eleuthera and Abaco; solar power generation and LNG (liquefied natural gas),” Mr Ferguson told this newspaper while naming EA Energy as the company that is seeking financing.
Once the offering details are finalised, the CFAL chief said itself and EA Energy will approach the Securities Commission, the capital markets
regulator, “to get everything squared away” and obtain any approvals required. “We’re looking to go to market some time in March,” Mr Ferguson reiterated. “Another group got Exuma, another group got MICAL, another group got Andros.
Confirming that EA Energy will be seeking a combination of debt and equity capital to fulfill its financing needs, he added that while the details are still being firmed up the solar provider will likely attempt to raise “between
$75m and $100m”. While not giving specifics on the technical aspects of both projects, Mr Ferguson said the solar generation plants for Abaco and Eleuthera will be “fairly substantial”.
Mr Ferguson did not identify who EA Energy or its principals are but Jobeth Coleby-Davis, minister of transport and energy, in revealing who had been selected as preferred bidders on the various New Providence and Family Island renewable energy bids named Verdant as the winner for Abaco. And the same company, along with Consus, was selected as the preferred solar generation provider for Eleuthera. Capital markets observers have suggested that there will be significant activity in 2025
Island Luck co-founder unveils 1,000 job Cable Beach resort
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AN ISLAND Luck cofounder yesterday moved one step closer to realising his Cable Beach resort ambitions by signing a Heads of Agreement for a $300m project billed as creating up to 1,000 permanent jobs.
Adrian Fox, and his Fox Group of Companies, confirmed plans to develop the former Cable Beach Manor apartments immediately to the west of Sandals Royal Bahamian into a mixed-use
resort complex plus transform part of nearby Balmoral Island into “a recreational paradise” featuring a 100-slip
marina, 23 land and overwater cottages, helipad and seaplane docking facilities.
Adrianna Fox, Mr Fox’s daughter, said the project has been two years in the making. However, Mr Fox had revealed to Tribune Business in October 2021 his desire to transform the former Cable Beach Manor site into a $100m European-style boutique resort that would create 300 full-time jobs - a number that seems to have significantly increased.
Prime Minister Phillip Davis KC, speaking at the two parties’ Heads of Agreement
signing, said the Voir Beach project will feature “worldclass amenities”. While he said estimated around 500 Bahamians would benefit from employment during the construction phase, Ms Fox said more than 1,000 will be hired for this aspect, while between 700 and 1,000 permanent jobs will be provided after completion.
“It calls for two 14-storey mixed-use buildings which will blend residential and hotel spaces with world class amenities,” Mr Davis said. “Guests and residents will
Fox’s resort project
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ISLAND Luck’s cofounder is leasing the site of the former failed Blackbeard’s Cay dolphin encounter for part of the $300m Cable Beach resort development he unveiled yesterday.
Adrian Fox, principal of the Fox Group of Companies, confirmed he has secured a 21-year lease from the Government for a portion of Balmoral Island which is situated off New Providence’s north coast immediately opposite Sandals Royal Bahamian.
It will also lie offshore in close proximity to the other part of Mr Fox’s mixed-use resort and residential project at the former Cable Beach Manor site.
“The island is a lease from the Government for 21 years. And we haven’t decided exactly what phase we’re going to start with first, and that could be about a $30m to $40m investment over there,” Mr Fox said during the Heads of Agreement signing with the Davis administration.
His group is aiming to break ground on Balmoral Island within four months
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
“the biggest” lift-off from The Bahamas hosting the landing of a SpaceX rocket booster on February 17. Emanuel “Manny” Alexiou, the Bahamas Out Island Promotion Board chairman, told Tribune Business it was critical that any publicity show The Bahamas “in a positive light” as he suggested the event was unlikely to prove a massive draw for foreign visitors and produce a significant boost in hotel occupancies.
But, given that SpaceX is owned by the world’s wealthiest man, Elon Musk, who is also heading Donald Trump’s Department of Government Efficiency (DOGE), as well as seemingly being one of the US president’s top confidants and advisers, he added that there were potentially significant diplomatic
ANTHONY FERGUSON
ADRIAN FOX
Although there have been remarkable advances in research and medicine, there are many illnesses that still lack a cure. This means that, at some point in your career as a corporate leader, you may have someone with a terminal illness on your team. This week’s column focuses attention on humane ways to manage team members in this situation while still effectively operating the business.
Being sensitive to terminally-ill staff FERGUSON IAN
When supporting an employee with a terminal illness, it is important to prioritise open communication, flexibility with work schedules, regular check-ins and providing access to available benefits and support services, while respecting their privacy and
allowing them to manage their workload as needed depending on their changing health condition.
Here are a few key aspects of supporting a terminally ill employee:
$5.4M ABACO VACATION RENTAL TO DRAW STRONG INTEREST AT AUCTION
A HIGH-end Abaco
rental destination, known for generating annual sixfigure income and listed at $5.4m, is expected to generate strong interest when auction bidding opens.
Describing the demand for sophisticated shortterm vacation rentals as “unprecedented”, a Sotheby’s Concierge Auctions executive is forecasting a high level of buyer interest when Coconut Island Estate and a similar Jamaican property are put up for auction this month.
“It is extraordinary that two distinct properties, each designed with spaciousness, attention to architectural style and detail, as well as amenities that cater to a highly sophisticated luxury market, come to market at the same time,” said Danny Prell, vice-president of business development at the real estate auction house.
Coconut Island Estate consists of four separate houses with a total of ten bedrooms and nearly 9,000 square feet of space.
The residence features a beachside bar and grill, heated pool, and opportunities for guests to enjoy swimming and snorkelling without leaving the property. Nearby charter options offer boating, fishing, diving or excursions to charming neighbouring islands and settlements.
“The short-term vacation rental industry as we know it today was unheard of just a generation ago,”
said Mr Prell. “Globally, it is generating upwards of $87bn annually and there is no sign of a slowdown. What is less well-known is the demand for luxury properties where those of a certain economic standing can enjoy all the family, friends and colleagues they want to have around them in a non-commercial environment.
“These properties, Coconut Island Estate in the Abacos of The Bahamas and Kenyan Sunset in Montego Bay, are quintessential opportunities for the client who wants everything at his or her fingertips in a location that is easy to access and hard to leave.”
Sotheby’s Concierge Auctions is working in collaboration with local Sotheby’s affiliates in both locations. Coconut Island Estate is listed by Mitzi Pearce of Bahamas Sotheby’s International Realty for $5.4m, with bidding expected to start between $1m and $1.75m.
“Finding one revenue generating property at this level in excellent condition is rare. Finding two in the same region at the same time is extraordinary,” he said. “It should be exciting and one of the most active auctions we have had in recent history because both lend themselves to the opportunity for owners to enjoy when they want and earn revenue when they wish.”
NEW PRESIDENT UNVEILED FOR EXUMA’S CHAMBER
THE Exuma Chamber of Commerce has elected Ehren Hanna as its new president for the threeyear 2025–2027 term.
Currently Royal Bank of Canada’s (RBC) branch manager for Exuma, he is a graduate of St John’s College and pursued finance studies at the then-College of The Bahamas before starting his banking career at CIBC First Caribbean International Bank.
Mr Hanna then joined RBC as a relationship manager, advancing to assistant branch manager in 2019, and was appointed branch manager for Exuma in June 2022. He has served as a director of the Exuma Chamber of Commerce since 2022.
Mr Hanna is also the chief operating officer of StreetSmart, vice-chairman of CAD Tech Solutions, and has participated in developing the recentlyreleased StreetSmart tourist app. He is also a certified financial services coach and international risk manager.
In accepting his new role, Mr Hanna praised his predecessor, Pedro Rolle, and invited the latter to remain a Chamber Board director. He pledged to collaborate with the Chamber’s new officers and directors, describing them as a “high-performing collection of exceptional professionals” dedicated to
Open and compassionate communication:
* Initiate a conversation to understand their needs and preferences regarding work adjustments.
* Be sensitive and avoid making assumptions about their capabilities or desires.
* Regularly check-in to see how they are doing and if their needs have changed.
Flexibility in work arrangements
* Allow for flexible work hours to accommodate medical appointments and personal needs.
* Consider options such as reduced work days, remote work or adjusted deadlines based on their condition.
* Provide the ability to take time off as needed,
using sick leave and other available benefits.
Workload management
* Regularly review their workload and responsibilities to ensure it is manageable given their health situation.
* Offer assistance with delegating tasks or redistributing workload to other team members.
Access to support systems
* Inform them about available Employee Assistance Programmes (EAP) for counselling and support services.
* Provide information about external organisations specialising in terminal illness support.
Privacy and respect
* Maintain confidentiality regarding their medical condition.
* Allow them to disclose information about their illness only to the extent they are comfortable with.
Transition planning
* If they need to reduce their work hours, discuss a gradual transition plan to ease the workload.
* Consider options for phased retirement or other suitable exit strategies if applicable.
Be patient and understanding
* Their health situation will likely fluctuate, requiring adaptability from the employer.
Avoid making assumptions
* Discuss their needs directly to ensure you are providing appropriate support.
Involve HR
* Consult with human resources to ensure compliance with company policies and legal requirements regarding employees with terminal illnesses.
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.
EXUMA CHAMBER STAGES ANNUAL BUSINESS AWARDS
THE Exuma Chamber of
strengthening the Exuma business community.
Setting out his immediate goals, Mr Hanna said they included increasing the Chamber’s membership; creating a strategic framework to enhance Chamber activities; producing communications on business activity impacting Exuma; and boosting the Chamber’s visibility and presence in the community.
Mr Rolle said: “I am thrilled to welcome Ehren as our new president. He brings youth, energy, expertise and innovation to our body - qualities perfectly suited to guide us as we continue to grow and expand our reach.”
The Exuma Chamber’s other officers are Yvette Rolle, vice-president; Teddy Clarke, treasurer; and Tamara Robinson, secretary.
Commerce has held its annual Business Excellence Awards luncheon at Blu on the Water restaurant.
Chester Cooper, deputy prime minister and Exuma MP, who was the keynote presenter, said: “What we are witnessing this afternoon is the fruit of hard work and determination.
The recipients of these coveted awards have clearly and unequivocally demonstrated both, which today have triumphantly landed them in this honourable position”.
The annual awards demonstrate that businesses and entrepreneurs are seen and valued, and that their hard work has not gone unnoticed.
The Businessperson of the Year award is given to the most outstanding private sector operator, who is selected from the nominations received. Increased income, an innovative spirit, new market acquisitions, job creation and overall community impact are among the criteria assessed.
The Business of The Year is awarded to the business that has proven itself a good corporate citizen and improved business, while adhering to ethical practices and being a willing contributor to enhancing the overall development of the Exumas.
The Vernon T. Curtis Lifetime Achievement Award, named in honour of an “Exumian son”, personifies someone who, through years of dedication and devotion to Exuma - both business and civic-wise - has positively impacted individuals and entities on the island for a long period of time.
A HEATED pool overlooks white sand beaches, while the beachfront bar and grill create an entertainment setting. Landscaping enhances the beauty of this one-acre sanctuary.
COCONUT ISLAND ESTATE, listed for $5.4m and located in Casuarina Point,
square feet of space.
EHREN HANNA
BUSINESSPERSON of the Year - Clifford O’Brian Strachan, Lambs Enterprises. L to R: Clifford O’Brian Strachan; Chester Cooper, deputy prime minister; Ehren Hanna, RBC Exuma branch manager and incoming president of the Chamber; Teddy Clarke, treasurer, Exuma Chamber; and Pedro Rolle, immediate past president of the Exuma Chamber of Commerce
BUSINESS of the Year Award: (l-r) Pedro Rolle, immediate past president, Exuma Chamber of Commerce; Cindy Romer, Hideaways Palm Bay; Chester Cooper, deputy prime minister; Ehren Hanna, RBC branch manager and president, Exuma Chamber of Commerce and Annette McKenzie, Hideaways Palm Bay.
BAHAMIAN FBO HAILS ITS FIRST FOR CARIBBEAN
A BAHAMIAN fixed
base operator (FBO) yesterday became the first in the Caribbean to receive International Standard for Business Aircraft Handlers (IS-BAH) accreditation.
Charles Bowe, Jet Nassau’s general manager, said the award shows the business is certified to safely handle corporate aircraft and give consumers confidence as they travel to and from the FBO based at Lynden Pindling International Airport (LPIA).
“This IS-BAH award is recognised globally as the highest award available in corporate aviation today. There’s so many standards that have to be met, so many processes. This accomplishment recognised Jet Nassau as being certified to handle all models’
types of corporate aircrafts globally,” said Mr Bowe. “Now, our clients can be reassured that when they arrive here, our persons are trained, the product that we offer is safe, the equipment that we offer is well maintained, and it’s checked to the highest level. This level of confidence that that our clients have now, it’s additional reassurance that their multi-million dollar piece of equipment and their people are safe arriving into The Bahamas, which is paramount in in the handling of not only equipment, but people.”
IS-BAH is a set of global industry best practices for business aviation ground handlers developed by the International Business Aviation Council (IBAC). It aims to enhance the safety and efficiency of business
and general aviation ground handling service providers on a global level.
Mr Bowe said that, since Jet Nassau has completed the first phase, it will continue to grow within the IS-BAH organisation and work to partner with other local FBOs to raise corporate aviation to a “first world level”.
“This is a multi-step certification, and to enter into the first step, it’s constant growth in the IS-BAH organisation. Our next step is to be recognised, and actually to partner with other FBOs in The Bahamas, in the region, to bring them up to the same safety level and recognition,” said Mr Bowe.
“I want the whole Bahamas to be recognised as the standard for corporate aviation in the world. Certainly,
Dorian-hit islands in ‘remarkable rebound’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE deputy prime minister says the two Hurricane Dorian-ravaged islands have seen a “remarkable rebound” in air arrivals following the COVID-19 pandemic.
Chester Cooper, also minister of tourism, investments and aviation, said Abaco saw an 11.9 percent increase in air arrivals in 2024 while Grand Bahama enjoyed an 8.7 percent increase that beat 2019 and 2023 numbers.
“There has been 8.7 percent growth reported in air arrivals in Grand Bahama, second only to Abaco with an 11.9 percent growth over 2023. This indeed is cause for celebration, given the devastation, and ought to be heralded in the wake of the pre-Dorian and pre-COVID level results. This is truly a remarkable rebound,” said Mr Cooper.
He added that the southern islands are seeing “modest growth”, constrained mainly by a lack of rooms and airlift, but Bahamasair is now providing service into Inagua and San Salvador, with the latter also attracting new direct airlift from France.
“We’re seeing modest growth in these islands, and they are constrained in some cases by lack of room capacity, and also in some cases by lack of connectivity. Ragged Island, for example, has one small resort with about eight rooms, and they are full for several months out of the year, mainly focused on fly fishing,” Mr Cooper said. “It is in Inagua, for example, rich in wildlife and heritage, and an eco-touristic hub, that we are going to continue to push. Bahamasair now services this area. Of course, Acklins, Crooked Island, San Salvador, Rum Cay, all have great opportunities for fly fishing and game fishing, and Club Med, as you know, is in San Salvador and bringing new airlift directly from France and elsewhere. Therefore we are seeing steady progress in these islands.”
Mr Cooper explained that although all destinations in The Bahamas are promoted, each must have their “unique feel” and it is important to not over develop Family Islands and ensure all projects are done sustainably.
“We promote our 16 island destinations. Certainly, we do not want Acklins, Crooked Island, Mayaguana to look and feel
Solar provider eyes up to $100m raise
from successful solar energy bidders seeking financing to bring their projects to fruition. Larry Gibson, chief operating officer with the Coralisle Group, told Tribune Business that the need to execute on the renewable contract awards will likely make for a busier year than 2024.
“I expect that there will be greater activity this year simply based on the fact these public-private partnerships seem to be the flavour of the day,” he said.
“There’s power, there’s airports. You have a lot of talk about airports but, quite frankly, we haven’t seen a lot of those airports commence. They said there were supposed to be 14 of them.”
Turning to the solar energy projects specifically, Mr Gibson said that while start-ups they are likely to be largely de-risked for investors because all providers will be signing long-term power purchase agreements (PPAs) with the Government and Bahamas Power & Light (BPL).
These deals will govern the price at which solar energy is supplied to BPL’s grid, and set out the terms and conditions under which this is to happen.
These PPAs are likely to last for 20-30 year terms, thus almost guaranteeing investors a reliable income stream and reassuring that they will both gain a return and recover their principal.
“They are more start-ups than established companies,
underpinned by long-term government contracts that put them in the PPP category as opposed to high risk,” Mr Gibson said of the solar energy projects. For the most part they are guaranteed by 30-year full purchase contracts. You could really consider them quasi-governmental in a way;
“These renewable energy players, each of them, will need quite a bit of money. If you look at the size of those, they are all big amounts of money. The smaller guys are probably $25m-$30m. The ones who are going to do LNG or some sort of mixture, some of those will be up to $50m. It’s probably going to be some fixed income and preference shares as opposed to equity offerings. That’s how I see it.”
Tribune Business sources have confirmed that other solar energy award winners have also been approaching potential investors, and doing the capital market rounds, as they seek to deliver on the Government’s energy reform plan aimed at slashing electricity costs and providing more reliable, cleaner power to businesses and households.
Mr Ferguson, meanwhile, said the developer seeking to supply power to vessels docked at Nassau Cruise Port will likely seek to raise the remaining $50m debt portion of its financing in May/June this year. The $150m project obtained $60m in equity capital before year-end 2020 and, with CIBC Caribbean
I want to bring us to that first world level. That’s my dream.”
Dr Kenneth Romer, the Government’s director of aviation, said the National Aviation Strategic Plan, launched in 2023, included strengthening strategic partnerships including with Bahamian FBOs to improve tourism growth and passenger safety. He added that private aviation companies bring high-end clients into the destination and are a valuable part of the tourism industry.
“When we look at our overall tourism growth and performance, the percentage of private aviation might appear to be small, but the value they bring to stopover arrivals is significant. They bring high value clients to our destination, and what we see today is
as a result of strategic planning,” said Dr Romer.
“Not only do we endeavour to strengthen our strategic partnerships and relationships, but we’ve been laser-focused on operational efficiency and also improving safety and security. We have challenged all of our various aviation agencies and our stakeholders to look at the global best practices, to pursue them, to model them, and to mirror them to the benefit of the travelling public.”
Dr Romer said the award is the first given to a Caribbean FBO and demonstrates safety standards in Bahamian aviation. He added that the industry has an “extremely good track record” and qualified professionals that ensure partner comply with the regulations.
“This particular recognition is not just the first for The Bahamas, but it’s the first for the region, and that speaks about how we have been intentional about positioning The Bahamas as the regional leader in aviation,” said Dr Romer.
“The Bahamas aviation industry has an extremely good track record. We have a regulatory framework that is manned by professionals. We have our partners such as Jet Nassau, who are doing what they can to ensure that they are also adhering to a culture of safety and security.
“So while there could be some concerns, I am very confident that our aviation agencies are doing all they can to assure that there is adherence to global best practices for aviation safety and security.”
like Nassau. We want every island to have a unique feel. We want there to be sustainable tourism. We do not want that to be over tourism in any of these areas, and therefore we support growth by entrepreneurs, but we also manage the overall development to ensure that it’s a sustainable approach that we’re taking,” said Mr Cooper.
“We are seeing steady progress in all of these areas, and we will be going to these areas actively, the Ministry of Tourism and the Tourism Development Corporation, to encourage more participation in the tourism business.”
Latia Duncombe, the Ministry of Tourism’s director-general, said the 2025 strategic plan is focused on attracting more stopover visitors, increasing airlift and promoting diverse and sustainable tourism products.
She said tourism is the “engine” of the Bahamian economy and the ministry aims to create 16 self-sustaining, economically viable destinations that will preserve our culture and empower Bahamians at every level.
“As the Bahamas builds on a record-breaking year in tourism, we are strategically focused on
willing to put up $50m in bank financing, only needs a similar amount to close out its fund-raising.
“We’re probably looking to do that in May/June,” the CFAL chief said of Island Power Producers.
“Probably around $50m. We settled at $60m [on the equity portion]. It’s about $150m total. We already have a commitment from the bank for up to $50m. CIBC. We’ve been doing business with them for the last 20 years.
“We prefer to give the investing public opportunities to invest as opposed to bank financing but we have a commitment from them.”
While the nature of the debt securities to be issued by Island Power Producers has yet to be determined, Mr Ferguson said investor appetite presently prefers bonds over preference shares.
“We haven’t decided. It depends on the demand,” he added. “Right now, the demand from the insurance companies and pension funds is more for bonds. It gives them, I wouldn’t use the word certainty, but they have more rights than preference shares. Also, some retirees who have funds want to purchase coupons to support themselves in retirement. Those are the people we are looking to target in the first instance.”
Mr Ferguson added that Island Power Producers is continuing to make progress with its LNG plant on Arawak Cay and associated infrastructure for both receiving the fuel and supplying power to the cruise ships. “A lot of the deposits have been made with Siemens for the engines. The engineering work is complete,” he added.
“We’re still waiting on the Department of Environmental Planning and Protection (DEPP) to give final approval on certain things, but it is progressing nicely.” Island Power Producers is aiming to supply up to 60 mega watts (MW) of power to cruise ships while they are docked in port in Nassau. Both Nassau Cruise Port and BISX-listed Arawak Port Development Company (APD) are part of the Island Power Producers consortium. Crowley, the shipping company, will be responsible for transporting the LNG fuel to Arawak
Cay and its subsequent offloading. Siemens will supply the generation equipment and manage/operate the plant, while Watts Marine, a specialist in shore power solutions, will deal with the hook-ups for all cruise vessels capable of connecting to it. An Indian company, Intertec, is providing engineering services.
maintaining our momentum in 2025, increasing stock over arrivals, expanding airlift and ensuring that more Bahamians benefit directly from tourism,” said Mrs Duncombe.
“Tourism is the engine of our economy, driving job creation and business opportunities across all of our islands. While we celebrate the continued success of our visitor numbers, our 2025 strategy and focus is very clear, attracting more stopover visitors, enhancing connectivity through increased airlift and promoting a more diverse and sustainable tourism product that benefits all animals.”
Mrs Duncombe said the sales strategy is focused on attracting more business through market diversification by expanding airlift and seat capacity, and strengthening international partnerships.
“Our sales strategy for 2025 is highly targeted, data driven and focused on increasing stopover arrivals through strategic partnerships, enhanced airlift and aggressive engagement with our travel industry stakeholders,” said Mrs Duncombe.
“Our goal is to drive more business to all of the islands in The Bahamas and to ensure market diversification. This will be achieved through strengthening partnerships and increased bookings under market penetration, airlift expansion, ensuring accessibility and increasing seat capacity.”
The power plant facility will “abut” Arawak Port Development Company’s (APD) Nassau Container Port. The LNG will be offloaded at Nassau Container Port and transported to Island Power Producers’ generation plant via a pipeline running underneath the port’s property. Mr Ferguson, together with Mike Maura, Nassau Cruise Port’s chief executive, sits on Island Power Producers’ advisory Board. Island Power Producers, on its website confirmed that it aims to develop a 60 MW natural gas combined cycle power plant. “Island Power Producers was established to build and operate a state-of-theart natural gas power plant to provide shore power to cruise ships docked at the Nassau Cruise Port and to supply any excess power to Bahamas Power & Light,” it added.
CHESTER COOPER
LATIA DUNCOMBE
Solar provider recoiled over 50% Bahamian ownership
40 percent of all profits go to Bahamian shareholders.
“A key project element that is being sought is that of Bahamian ownership,” the renewable energy RFP stated. “In this vein, it is anticipated that the selected respondent’s proposals will be subject to a build, operate and transfer arrangement.
“Additionally, it is important to the Government of The Bahamas that every Bahamian has an opportunity to benefit from implementing these projects. Therefore, consideration must be given to how a minimum of 51 percent Bahamian ownership would be achieved within three years with a minimum of 40 percent of the profit being disbursed to these equity holders.”
The Davis administration made clear that Bahamian ownership will give bidders a distinct advantage, with the bid documents adding: “To avoid doubt, Bahamianowned respondents will receive preference during the RFP scoring process.”
Burke Energy, though, appeared to feel it was unfair that itself and other overseas investors had to do all the work to win the bid and then hand over half-ownership in their project to Bahamians who may have done nothing and brought little value to the enterprise.
The exchange occurred after the Government rejected Burke Energy’s utility-scale solar design for Cat Island, Prime Minister
enjoy restaurants, roof-top pools, a recording studio, a nightclub, a spa and a seaside bar, and jetty offering a fusion of leisure and luxury.
“Meanwhile, Balmoral Island will be transformed into a premier recreational paradise. That property will feature three clubhouses, each seating up to 500 guests, 23 land and over water cottages, a 100slip marina, three pools, a performance area and entertainment stage, and a helipad and seaplane docking facilities.”
Ms Fox added: “This is a project that we started
Philip Davis KC’s constituency, which was submitted as part of the US company’s obligations under a Letter of Intent (LOI) it signed with the Government in December 2022. The proposal was thus not part of any competitive bidding process, unlike that for used for most other Family Islands. Documents filed with the south Florida court by Burke Energy reveal the Government’s reservations with its proposal. Besides wanting it to switch from diesel to liquefied petroleum gas (LP), and thus offer a cleaner fuel for back-up generation, the Davis administration also voiced concerns over an all-in price that appeared to be 52.8 percent higher than BPL’s summer 2023 costs when the fuel charge was at its peak.
Christina Alston, nowBahamas Power & Light (BPL) chair but then ‘director of energy and sustainability initiatives’ in the Prime Minister’s Office, told Burke Energy in an April 2, 2024, e-mail: “After careful consideration, we must address a significant concern regarding the power purchase agreement (PPA) pricing outlined in your proposal.
“As it stands, the all-in price of $0.6263 per KWh (per kilowatt hour), with fuel price estimates at $0.2139 per kWh, resulting in an effective price of $0.4124 per kWh, considerably exceeds the parameters that make the proposal feasible for our needs in Cat Island. We consider fuel costs to be
almost two years ago. With this project, we decided to invest in creating a new luxury brand resort and residence hotel on the Cable Beach strip. And also, like Mr Davis said, on Balmoral Island, Discovery Island, a lease of 16.35 acres of land.
“We’re going to put marine encounters, adventures, activities, zip-lining, beach club. And with us doing this project, we will be able to, you know, have over 1,000 jobs in construction and also after construction, 700 to 1,000 employees to do this.”
Mr Fox and his group are aiming to break ground
NOTICE
NOTICE is hereby given that JOSE NOE NOLASCO RODRIGUEZ of P. O. Box CR-55277, Davis Street, Oakes Field, New Providence, 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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that GUESLINE COX of Smith Street West, Chippenham, New Providence, 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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
a pass-through on the bill and not a part of the PPA pricing unless you secured guaranteed pricing through a separate agreement.
“For context, we are currently exploring PPA pricing around $0.22 per kWh for Solar, BESS (Battery Energy Storage System) and prime power generation. This disparity places your proposal outside the competitive range of PPA pricing for similar initiatives across other Family Islands.”
The 62.63 cents “all-in price” is significantly higher than BPL’s total 41 cents per kilowatt hour that was levied in summer 2023 when efforts to reclaim under-recovered fuel costs were at their peak. Ms Alston, though, suggesting ways in which Burke Energy could make its offer more compelling.
“One area that presents an opportunity for cost reduction is manpower requirements,” she wrote.
“BPL currently employs eight individuals in generation at Cat Island, with one open position, at a blended cost of $0.0503 per kWhfully loaded with benefits.
“Your proposal suggests the need for 12 personnel at a cost assumption of $0.1388 per kWh for manpower. Considering current staffing levels and costs, we believe that assigning the staff through the PPA should substantially reduce your manpower cost assumptions.”
Ms Alston continued: “Additionally, we encourage Burke to explore alternative options that may further
on Balmoral Island within four months, and are aiming to have “something” on the island by June or July. Ms Fox said she expects the residential and resort project to take 30 to 36 months to complete. She said drawings are being prepared, and they are looking to break ground on the residence and resort aspects in “early February 2026”.
“When we say groundbreaking for Balmoral Island, we want to try and start ground-breaking in the next four months. So Balmoral Island has structure and, just depending on our... approvals and studies, we have the schematic drawings, we have this concept, but we want to probably have something started for Balmoral Island in four months,” Ms Fox said.
reduce costs, such as partnering with different generation equipment original equipment manufacturers (OEMs) and reassessing the overall design of the project. These measures could provide substantial savings and enhance the feasibility of your proposal.
“Please take this opportunity to provide pricing for the generation only, not the building. It is also imperative to consider the transition towards cleaner fuel sources, including opportunities to convert to LPG, which would address cost and environmental concerns more effectively. The current trajectory towards sustainable and environmentally-friendly energy sources is our priority, and it should be reflected in the proposals we consider.
“While we understand that these suggestions may differ from your original proposal, it is crucial for us to maintain a focus on affordability and sustainability in our energy initiatives. We cannot, in good conscience, accept a proposal that significantly exceeds the cost parameters of other PPA agreements we have for the Family Islands.”
Gregory Galmin, Burke Energy’s chief operating officer and managing partner, in an April 6, 2024, reply pledged that the company had modified its proposal such that generation costs had been reduced to 24 cents per KWh with another five cents to cover BPL “on-site labour”.
“We think the project completion is going to take at least 30 to 36 months when it comes to the resort and residential side of it. But Balmoral Island will be up and running, I think, by early June. We’re going to have some type of feature on that island by June, even if it’s just marine encounters and zip lining. But something will be on Balmoral Island by June, July. When we say breaking ground, we’re talking about the resident resort side of it.
“We are in the phase now of receiving our conceptual drawings and our schematic drawings, and want to break ground [there in] early February 2026. We have done our studies. We are ensuring that environmental studies are all approved, permits approved. And we want to bring something
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, JUDE EMMANUEL BURROWS , of New Providence, Bahamas, intend to change my name to JUDE EMMANUEL ADDERLEY If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that CHALICIEUX CHARLES GENESCA of Pinewood Gardens, New Providence, 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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“Our revised unit cost pricing is marginally above the figures mentioned in your e-mail (22 cents per kWh for Exuma and Eleuthera),” he added. “Please keep in mind, as highlighted in our previous presentation/documentation, there is no real comparison between the scope of work on Cat Island and the scope of work on the islands of Eleuthera and Exuma because of the economies of scale.
“Considering we are proposing a new building, which is logistically necessary on Cat Island, and limited available labour, thereby elevating energy unit costs per KWh. With respect to manpower requirements, we are prepared to align our costs in accordance with your cost, considering a rate of 5.03 cents per kWh (as opposed to 13.88 cents per kWh per our previous offer).”
Suggesting that “the most feasible arrangement involves workers being employed directly by BPL” at any Cat Island solar plant, Mr Galmin added that the construction of new hurricane-resistant buildings was “not optional”.
“Finally, after 19 months of time and effort spent today on Cat Island, Exuma and Eleuthera, we don’t think it is prudent to introduce a new design programme particularly with a looming deadline line established by the Government of The Bahamas to meet the 30 percent goal of solar with the Family Islands by 2030, which is basically tomorrow,” he said.
different for the Bahamian people,” she added.
“We’ve travelled a lot and we’ve seen where there’s a lot of tourism that comes to The Bahamas. Over 10 million persons that probably came here last year, and what’s there for them to do? So with us travelling, we decided to create a fun beach island where persons are able to enjoy the marine, enjoy zip lining.
“Our second phase will be the bungalows, overwater bungalows. But we decided to do this project to show the Bahamian people that it is possible for other Bahamians to become successful and invest in their country. Us in The Bahamas. I think the Fox brand has always showed commitment to the Bahamian people that we want to be philanthropists, and also showed persons that entrepreneurship is not limited to anybody. And I think with this government, it supported us in getting the job done,” Ms Fox continued.
“So far we have started our environmental studies. We’re still in the process of completing them, but they should be completed probably in the next two months to three months. But like we said, there’s phases. So when it comes to the overwater bungalows, all of
Ms Alston, in an April 29, 2024, reply said the Government’s energy committee had approved Burke Energy’s redesign. “The Energy Committee approved this past week to proceed with your proposed solutions for Cat Island,” she said. “Permanent secretary, Creswell Sturrup, will be contacting you on behalf of the Energy Committee. I will be reaching out to you under separate cover to discuss technical requirements.”
However, no deal was sealed, triggering Burke Energy’s legal action which was settled by the Government meeting its demand. “The Bahamas seemingly doubled down on its approval at an in-person meeting on July 24, 2024, where it agreed to provide Burke with an executed term sheet for a Solar PPA by Friday, July 26, 2024,” Burke Energy added it its claim.
“The Bahamas did not provide Burke with an executed term sheet by Friday, July 26, 2024. Instead, on July 31, 2024, The Bahamas delivered a letter to Burke in which it stated that the ‘parties have been unable to reach agreement on the way forward. The [Bahamas] continues to have serious concerns about the technical proposal and the price proposed by Burke for an energy solution’..
“The correspondence further noted that The Bahamas would be opening a Request for Proposals (RFP) for the project, which Burke could participate in.”
these things will take different studies. So as soon as each study is completed, that makes us finalise our final project.”
Mr Fox said acquiring the former Cable Beach Manor site had cost $15m. He added that the Balmoral Island side will likely require a $30m to $40m investment, and it is leasing part of that island for 21 years from the Government.
“The property costs, it’s about $15m,” Mr Fox said.
“That’s for the property to buy the land. Construction cost is about 300,000 square foot of building, probably at $400 a square foot. And then the island is a lease from the Government for 21 years. And we haven’t decided exactly what phase we’re going to start with first, and that could be about, about a $30m to $40m investment over there.
“So we also know to build the high rise we need a lot of employees. I don’t know if we have that much employees in The Bahamas, but we’ll go after the Bahamians first. We’ll deal with Bahamian companies. Whoever we give the job to, if they bring in other people to help them out, then that’s up to them. But we are a group of companies who believe in Bahamians first and we’re going to give the jobs to the Bahamians first.”
NOTICE
NOTICE is hereby given that MSANAA JULES BOSLAND of #40 Commonwealth Avenue, Blair Estates, 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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that NANA MICHEL of Malcolm Road, New Providence, 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 7th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Fox’s resort project leasing ex-dolphin encounters site
by summer 2025, with plans to construct three clubhouses each seating up to 500 guests; 23 land and over water cottages; a 100slip marina; three pools; a performance area and entertainment stage; and a helipad and seaplane docking facilities. Balmoral Island is 100 percent Crown Land that is owned by the Government. Around half the property is used by Sandals Royal Bahamian, with the other half that has now been leased to Mr Fox once the site of the infamous attraction where eight dolphins died after the operator, Blue Illusions,
and its principals ran into severe financial difficulties post-COVID.
Tribune Business reported last year how Damian Gomez KC, former minister of state for legal affairs, had taken possession of the 50 percent Blue Illusions interest formerly held by one of its principals, Samir Andrawos, to settle $1.25m in unpaid legal fees. Mr Gomez blamed the bankruptcy trustees for Mr Andrawos and his business partner, Victoria Iglesias, for failing to take care of the dolphins. It is unclear whether the Government cancelled the lease held by Blue Illusions, or if Mr Gomez sold the rights to it to help recover
House lawmakers push to ban AI app DeepSeek from US government devices
MATT BROWN Associated Press
A BIPARTISAN duo in the the U.S. House is proposing legislation to ban the Chinese artificial intelligence app DeepSeek from federal devices, similar to the policy already in place for the popular social media platform TikTok.
Reps. Josh Gottheimer, D-N.J., and Darin LaHood, R-Ill., on Thursday introduced the "No DeepSeek on Government Devices Act," which would ban federal employees from using the Chinese AI app on government-owned electronics. They cited the Chinese government's ability to use the app for surveillance and misinformation as reasons to keep it away from federal networks.
"The Chinese Communist Party has made it abundantly clear that it will exploit any tool at its disposal to undermine our national security, spew harmful disinformation, and collect data on Americans," Gottheimer said in a statement. "We simply can't risk the CCP infiltrating the devices of our government officials and jeopardizing our national security."
The proposal comes after the Chinese software company in December published an AI model that performed at a competitive level with models developed
by American firms like OpenAI, Meta, Alphabet and others. DeepSeek purported to develop the model at a fraction of the cost of its American counterparts. A January research paper about DeepSeek's capabilities raised alarm bells and prompted debates among policymakers and leading Silicon Valley financiers and technologists.
The Associated Press previously reported that DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company that has been barred from operating in the United States, according to the security research firm Feroot.
Gottheimer cited security concerns as the main reason for introducing the bill.
"It was enough of an alarm that I thought we should immediately ban it on all government devices and make it clear to the public of the risks. I think that's a critical first step," Gottheimer told The Associated Press. "Americans should know the impact on their personal privacy and data, especially because we know that Americans are sharing proprietary information on AI chatbots, highly sensitive information, documents, contracts, and the like."
what he was owed. Regardless, Mr Fox’s project will now likely be used to help banish memories of what occurred before at the property.
The former Blackbeard’s Cay dolphin encounter and marine park, designed as an attraction and excursion primarily targeted at cruise passengers, was developed by Blue Illusions whose ownership was split 50/50 between Mr Andrawos and Ms Iglesias.
However, Blue Illusions was almost immediately hit with a Judicial Review action by environmentalist Sam Duncombe and her reEarth group, challenging the permits and approvals granted for the project.
Then-Supreme Court justice, Stephen Isaacs, ruled in the activists’ favour by ordering that Blackbeard’s Cay effectively be shut down. He overruled the dolphin import licences, ordering that the mammals be moved to a suitable location and also quashed the development’s Town Planning Committee approval and ordered that the site be restored to its previous use. However, Blackbeard’s Cay and its dolphin attraction remained in business for six further years with no enforcement action taken by the authorities to enforce its shut down until the COVID-19 forced all activities to cease. The
Gottheimer added that he believed all members of Congress should be briefed on DeepSeek's surveillance capabilities and that Congress should further investigate its capabilities.
The churn over AI is coming at a moment of heightened competition between the U.S. and China in a range of areas, including technological innovation.
The U.S. has levied tariffs on Chinese goods, restricted Chinese tech firms like Huawei from being used in government systems and banned the export of state of the art microchips thought to be needed to develop the highest end AI models.
Last year, Congress and then-President Joe Biden approved a divestment of the popular social media platform TikTok from its Chinese parent company or face a ban across the U.S.; that policy is now on hold.
President Donald Trump, who originally proposed a ban of the app in his first term, signed an executive order last month extending a window for a long term solution before the legally required ban takes effect.
Brazil introduces law restricting smartphone use in schools amid concern over the impact on learning
By GABRIELA
SÁ PESSOA Associated Press
BRAZILIAN students returned to class this week with a new task: staying away from their smartphones as a new law restricting their use in schools takes effect.
President Luiz Inácio Lula da Silva signed a bill in January limiting smartphone access at schools, in line with a trend seen in the U.S. and Europe. It applies to public and private schools, and applies to classrooms and the halls. Phones are still allowed for educational purposes, with the teacher's permission, and when needed for the student's accessibility and health. Schools have the autonomy to set their own guidelines, such as whether students can keep phones in backpacks or store them in lockers or designated baskets.
Before the federal law, most of Brazil's 26 statesincluding Rio de Janeiro, Maranhao and Goias - had already passed measures applying some restrictions to phone use in schools. As of 2023, nearly twothirds of Brazilian schools had some limitations, with 28% banning them entirely, according to a survey last year by the Brazilian Internet Steering Committee. But rules varied between states and between schools, and authorities and administrators struggled with enforcement.
That may have contributed to support for federal legislation from across the political spectrum — both allies of leftist Lula and the far-right former President Jair Bolsonaro. A survey released in October by Brazilian pollster Datafolha said that almost two-thirds of respondents wanted to ban smartphone use by children and teenagers at schools. More than threequarters said those devices do more harm than good to their children.
Porto Seguro, a nearly 150-year-old private school in Sao Paulo, prohibited smartphones in classrooms last year and encouraged students to disconnect completely once a week. This year, it expanded its ban to include hallways, requiring students to keep their phones in lockers for the entire school day, including breaks.
"Students were having trouble concentrating," school principal Meire Nocito said in an interview Thursday. "There was also the issue of social isolation. Many students who used technology excessively would isolate themselves during breaks, interacting only through social media."
"Banning cellphone use has helped create a space for social interaction, fostering relationships and teaching students to navigate conflicts, which are a natural part of human interactions. It has been very positive," she added. One of the highest rates of phone use
Brazil's Ministry of Education said in a statement Monday that the restriction aims to protect students' mental and physical health while promoting more rational use of technology.
In May, Fundacao Getulio Vargas, a leading think-tank and university, said Brazil had more smartphones than people, with 258 million devices for a population of 203 million Brazilians. Local market researchers said last year that Brazilians spend 9 hours and 13 minutes per day on screens, which is among one of the world's highest rates of use.
In 2023, Biden banned TikTok from federal-issued devices.
"The technology race with the Chinese Communist Party is not one the United States can afford to lose," LaHood said in a statement.
"This commonsense, bipartisan piece of legislation will ban the app from federal workers' phones while closing backdoor operations the company seeks to exploit for access. It is critical that Congress safeguard Americans' data and continue to ensure American leadership in AI."
The bill would single out DeepSeek and any AI application developed by its parent company, the hedge fund High-Flyer, as subject to the ban.
The legislation includes exceptions for national security and research purposes that would allow federal employers to study DeepSeek.
Some lawmakers wish to go further. A bill proposed last week by Sen. Josh Hawley, R-Mo., would bar the import of export of any AI technology from China writ large, citing national security concerns.
financial impact from the pandemic-enforced closure ultimately proved an insurmountable obstacle for Blue Illusions to climb. Both Mr Andrawos and Ms Iglesias have been embroiled in personal bankruptcy proceedings before separate US courts in Maryland and southern Florida, respectively. Each had a bankruptcy trustee appointed over their financial affairs following legal actions initiated by Blue Illusions’ main creditor, SuttonGate Holdings.
Court filings obtained by Tribune Business reveal that Mr Andrawos’ creditors viewed Blackbeard’s Cay as their best source of debt recovery. They allege
that financial records show the dolphin attraction and other amenities were generating $7m per year in annual revenue, or a collective $49m over seven years, prior to the COVID-19 pandemic.
The situation, though, was complicated by the fact Mr Andrawos’ 50 percent equity ownership interest in Blue Illusions was claimed by Mr Gomez via Bahamian legal proceedings in a bid to recover $1.25m in outstanding legal fees allegedly owed to him by the Blackbeard’s Cay developer.
Publicity biggest lift-off from SpaceX’s landing
gains from hosting the booster landing.
Speaking after the Ministry of Tourism, Investments and Aviation announced that the relevant government agencies were meeting with SpaceX in Florida to finalise preparations, with a further 20 scheduled landings set to take place in Bahamian waters beyond February 17, Mr Alexiou told this newspaper the major benefit will likely be to further raise awareness of this nation with potential visitors and real estate buyers.
Pointing out that it was critical the event results in a “positive spin”, especially if all eyes and attention are focused on The Bahamas, he added: “I don’t see thousands of visitors coming to stay in hotels to watch it. I cannot imagine it will be very close to populated areas.
“If it’s spun positively, or innovatively, we’re close by [the US]. I think that will be the bigger benefit... Obviously the US is our neighbour and we want to have a good relationship with the present administration.” However, debris from a failed SpaceX launch last month rained down, and fell on, parts of the Turks & Caicos.
Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, in a statement said officials from the Royal
Bahamas Defense Force, the Bahamas Air Navigation Services Authority, the Department of Environmental Planning and Protection (DEPP) and the Port Department were meeting with SpaceX ahead of the launch.
“This landmark moment will make The Bahamas the first international destination to host the Falcon 9 rocket booster landings. This historic event, set to take place off the coast of the Exumas, marks a significant leap for The Bahamas into the realm of space tourism,” Mr Cooper, also the island’s MP, said.
“The collaboration between Bahamian officials and SpaceX positions The Bahamas as a key player in the growing space tourism industry, with 20 scheduled landings to take place in Bahamian waters on autonomous drone ships. The country will be the exclusive location to witness these remarkable events, offering unique economic opportunities and advancements in technology.
“The relevant senior officials will remain on hand during the launch sequence and launch and ascent. They are fully engaged to ensure all safety, regulatory and operational measures are in place for the scheduled landing. Every effort is being made to facilitate this historic event while maintaining the highest standards.”
NOTICE BIOGENIE PARTICIPACOES LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 206687 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 05th day of February, A.D. 2025.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. JOSE UMBERTO CASTELO BRANCO DE LUCA, whose address is Rua General Artigas 119 Rio de Janeiro Leblon Brazil 22441140. Any Persons having a Claim against the abovenamed Company are required on or before the 05th day of March 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 06th day of February A.D. 2025. JOSE UMBERTO CASTELO BRANCO DE LUCA Liquidator
FINAL LEGAL NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
GAIA GLOBAL MACRO FUND LTD. Voluntary Liquidation
NOTICE IS HEREBY GIVEN in accordance with section 138 (8) of the International Business Companies Act, 2000, the dissolution of Gaia Global Macro Fund Ltd. (the “Company”) has completed, a Certificate of dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 30 December 2024. Israel Borba Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, Lyford Cay, New Providence, The Bahamas
STUDENTS store their mobile phones in lockers as they head to class under a new law restricting their use on campus at Porto Seguro School in Sao Paulo, Thursday, Feb. 6, 2025.
Photo:Andre Penner/AP
U.S. Rep. Josh Gottheimer speaks after the Democratic gubernatorial debate at Rider University in Lawrenceville, New Jersey, on Feb. 2, 2025.
Photo:Mike Catalini/AP
AMAZON REPORTS STRONG EARNINGS FOR Q4, BUT STOCKS DIP DUE TO OUTLOOK FOR THE 1ST QUARTER
By HALELUYA HADERO Associated Press
AMAZON on Thursday reported betterthan-expected revenue and profits for the holiday shopping period, but its stocks dipped in after-hours trading due to disappointing guidance for the current quarter.
The Seattle-based e-commerce and technology company said its revenue for the October-December period totaled $187.8 billion, a 10% jump compared to the same period in 2023.
Profits came out to $20 billion while earnings per share reached $1.86, higher than the $1.49 that analysts surveyed by FactSet had anticipated.
But the company said it expected revenue for the current quarter to be between $151 billion and 155.5 billion, lower than the $158.56 billion that analysts were expecting. The guidance anticipates "an unusually large, unfavorable impact" from foreign exchange rates, it said.
Amazon is the biggest online shopping destination in the U.S. and has long been a beneficiary of consumer spending during the holidays. As it has done in
recent years, the company in October began offering promotions intended to lure early holiday shoppers. It advertised other discounts during the threemonth period, including on major sales days such as Black Friday and Cyber Monday.
Amazon on Thursday reported it saw $75.5 billion in revenue for its online shopping business, up 7% from the same period in 2023.
Across the retail industry, holiday sales in November and December were better than expected compared
with the previous year as lower inflation on holiday goods enticed shoppers to buy, according to The National Retail Federation. Online shopping also saw record sales levels, Adobe Analytics reported in January. Sales for Amazon Web services, the company's prominent cloud computing unit, rose 19% during the fourth quarter. But it fell slightly below analysts expectations.
Amazon is one of the biggest players in the competitive tech race around generative artificial
intelligence. Like other tech companies, it has ramped up investments in the technology and is spending billions to expand data centers that support AI and cloud computing. The company is also spending money on other equipment, including its own computer chips and those developed by Nvidia. It has also rolled out its own AI models and integrated the generative AI into other parts of its business.
In the fourth quarter, Amazon reported spending $27.8 billion on property and equipment, significantly
AN AMAZON truck drives in in Philadelphia, Friday, April 30,
higher than the same period in 2023. During a call with analysts on Thursday, Amazon CEO Andy Jassy said capital expenditures for the quarter came out to $26.3 billion, most of which was geared towards AI and AWS.
"We think virtually every application that we know of today is going to be reinvented with AI inside of it," Jassy said. "I think both our business, our customers and shareholders will be happy medium-to-long term that we're pursuing the capital opportunity and the business opportunity in AI."
Jassy also said during the call that Amazon, like many others, was "impressed" by DeepSeek, the Chinese artificial intelligence company whose chatbot recently became the most downloaded app in the U.S. Amazon's quarterly report also comes as the retail industry is absorbing a new 10% tariff President Donald Trump imposed on Chinese imports on Tuesday. Tariffs on Canada and Mexico have been put on hold for about a month.
Trump also thew out a trade exemption that allowed low-value shipments from China to bypass duties, a loophole that had given an advantage to China-founded e-commerce firms, such as Shein and Temu. The new tariffs could benefit Amazon by increasing costs for its competitors. But it would also impact Chinese sellers who connect with American consumers on the company's shopping platform. Furthermore, it could raise prices on a recently-launched online storefront that Amazon set up to ship low-cost products directly from China. The storefront, called Amazon Haul, was Amazon's answer to Shein and Temu. Additionally, analysts from Morgan Stanley wrote in a Monday note that Amazon's first-party retail business, though which the company sells products purchased from manufacturers, has the highest exposure to the tariffs. The analysts estimate 25% of the merchandise sold through that business comes from China.
ARE GOVERNMENT-PAID MEDIA SUBSCRIPTIONS A ‘SCANDAL’? THAT’S WHAT DONALD TRUMP IS NOW ASSERTING
By DAVID BAUDER AP Media Writer
FEDERAL government payments to news outlets like Politico, The New York Times and The Associated Press for subscriptions or to license content are in the crosshairs of Trump administration spending hawks, with the president on Thursday calling it potentially "THE BIGGEST
SCANDAL OF THEM ALL."
White House press secretary Karoline Leavitt a day earlier said the government had paid more than $8 million for Politico subscriptions and that Elon Musk's government efficiency team "is working on canceling those payments." That quickly prompted a social-media maelstrom and a hunt by online sleuths for other evidence of taxpayer spending on the news.
"The U.S. government must stop paying for media subscriptions. Now," Richard Grenell, Trump's special mission envoy, posted on X.
Trump, on his Truth Social platform, complained about payments to the "FAKE NEWS MEDIA" for creating good stories about Democrats.
"Did the New York Times receive money??? Who else did??? THIS COULD BE THE BIGGEST SCANDAL OF THEM ALL," he wrote.
And at a national prayer breakfast at the Capitol on Thursday morning, Trump touted the efforts to look into the media spending.
"We're catching them left and right," Trump said.
"We're catching them. We're catching them to a point where they don't know what the heck is going on. They can't believe they're getting caught."
It's the latest in a series of skirmishes with the media, long a target of Trump and his supporters. The Defense Department last week evicted NPR, NBC, the Times and Politico from their Pentagon workspaces, and Trump has continued to criticize CBS' "60 Minutes" for its handling of an interview with former opponent Kamala Harris last fall. Free press advocates are also concerned about Trump's plans for the media outlet Voice of America, whose charter guarantees its editorial freedom.
This time, though, is a bit different. By linking federal government spending to the media, Trump has bundled two of his long-favored political targets into one rhetorical package.
Governments paying for news outlets' content is common Politico, in a statement to readers from CEO Goli Sheikholeslami and Editorin-Chief John Harris, said Thursday that it is not getting a government subsidy.
"It is a transaction — just as the government buys research, equipment, software and industry reports," they said. "Some online
voices are deliberately spreading falsehoods. Let's be clear: Politico has no financial dependence on the government and no hidden agenda. We cover politics and policy — that's our job."
It has not been unusual for governments, federal and state, to subscribe to major media outlets to keep up on important or strategic issues. The U.S. State Department, for example, may depend on international news reporting for clarity on incidents happening in countries where the United States has interests. Specialists in an agency like the Department of Transportation follow trade publications for industry trends.
The Politico Pro service helps government and private sector customers "track policy, legislation and regulations in real time with news, intelligence and a suite of data products," the company said. It would not discuss how many subscriptions it has sold, or the prices.
The New York Times said it earned less than $2 million last year through government subscriptions, which are offered at a discounted rate. Through one arrangement, the Times gives access to more than 1 million active and retired military members and their families.
"These officials and other public servants are simply seeking to better understand the world through our independent journalism, like millions of other Americans," spokesman Charlie Stadtlander said.
Elon Musk's voice is also in the mix
Musk, also a frequent critic of the mainstream media and the owner of a platform that in many ways competes with it, retweeted one message on X that complained about the AP "raking in millions of dollars in government money for years."
"Not for long," Musk added. "This is obviously a huge waste of taxpayer money."
AP spokeswoman Lauren Easton said that "the U.S. government has long been an AP customer — through both Democratic and Republican administrations. It licenses AP's nonpartisan journalism, just like thousands of news outlets and customers around the world. It's quite common for governments to have contracts with news organizations for their content."
2021.
Photo:Matt Rourke/AP
PRESIDENT Donald Trump attends the National Prayer Breakfast at Washington Hilton, Thursday, Feb. 6, 2025, in Washington.
Photo:Evan Vucci/AP
Wall Street finishes mixed as strong fashion, tobacco stocks offset Ford's drop
By STAN CHOE AP Business Writer
WALL Street drifted through mixed trading Thursday as rising fashion and cigarette stocks worked against drops for Ford Motor and Qualcomm.
The S&P 500 rose 0.4% following healthy gains for stock markets across much of Europe and Asia. The Dow Jones Industrial Average dipped 125 points, or 0.3%, and the Nasdaq composite gained 0.5%.
Tapestry, the company behind the Coach and Kate Spade brands, helped lead the market and jumped 12%. It reported stronger profit for the latest quarter than analysts expected after attracting new, younger customers. Tapestry also raised its forecast for revenue and profit growth this fiscal year.
Philip Morris International, which sells Marlboro cigarettes and smokeless tobacco products around the world, was one of the strongest forces pushing upward on the S&P 500 and
rallied 10.9% after report-
ing a better profit than expected. It also gave financial forecasts that topped expectations, and analysts pointed in particular to strength for its Zyn nicotine pouches.
They helped offset a 7.5% drop for Ford Motor, which fell even though the automaker delivered a stronger profit and revenue for the latest quarter than analysts expected. Investors focused instead on Ford's financial forecasts for 2025, which the company said incorporates "headwinds related to market factors."
The company gave a forecasted range for how much cash it will generate this year whose midpoint fell below analysts' expectations, for example.
Qualcomm also kept indexes in check after falling 3.7%. The company, whose products help power smartphones and other devices, reported profit for the latest quarter that topped analysts' forecasts, and analysts called the
performance solid. But they also said expectations were high, and worries are rising about the wireless chip industry broadly.
In the bond market, Treasury yields held relatively steady after a report said more U.S. workers filed for unemployment benefits last week than expected, though the number remains low compared with history. A more
comprehensive report will arrive on Friday, showing how many jobs U.S. employers added during the month of January.
The hope is Friday's data will show a job market that remains solid enough to keep worries about a possible downturn at bay but not so strong that it pushes upward on inflation. The U.S. economy has remained much more solid than
critics feared, but pressure is rising in part because of the threat of potential tariffs coming from President Donald Trump.
After rocking financial markets around the world at the start of this week, worries about a potentially punishing global trade war have eased a bit after Trump gave 30-day reprieves for tariffs on both Mexico and Canada.
While discussing Ford Motor's earnings and financial forecasts, CEO Jim Farley said his company can manage a "few weeks" of tariffs of 25% on Canadian and Mexican imports. But if they're protracted, they would have "a huge impact on our industry," resulting in higher prices for customers, losses of U.S. jobs and the elimination of billions of dollars of industry profits.
Elsewhere on Wall Street, another company reliant on spending by consumers around the world, Ralph Lauren, rallied 9.7% after reporting stronger profit
and revenue than expected. Growth was particularly strong in China, where the company recently opened stores in Hong Kong and Beijing. Eli Lilly rose 3.3% after the drugmaker showed how demand for its hot-selling diabetes and obesity treatments is swelling its profits. Honeywell fell 5.6% and was one of the heaviest weights on the S&P 500. It announced it will split into three independent, publicly-traded companies, following in the footsteps of other conglomerates such as General Electric. The North Carolina company, one of the few U.S. conglomerates still in existence, expects to complete the spin-off of its automation and aerospace technologies businesses sometime in late 2026. All told, the S&P 500 rose 22.09 points to 6,083.57. The Dow Jones Industrial Average dropped 125.65 to 44,747.63, and the Nasdaq composite rose 99.66 to 19,791.99.
