Cruise lines target $348m investment at Xanadu site
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ROYAL Caribbean and one of its affiliates have obtained government approval to acquire Freeport’s long-closed Xanadu Beach Hotel and surrounding land as part of a $348m investment, it was revealed yesterday.
The Central Bank of The Bahamas, in its presentation on 2025 first quarter economic developments,
• Gov’t approves Royal Caribbean/ Celebrity acquisition
disclosed that the cruise line and its high-end Celebrity Cruises affiliate have received the Davis administration’s permission to proceed with the acquisition of a total 40-acre site
that they intend to transform into “recreational and entertainment facilities”.
“Royal Caribbean Cruise Lines - Celebrity Cruises Incorporated obtained approval for the acquisition
of 40 acres of privatelyowned land for the development of recreational and entertainment facilities. The investment is valued at $348m,” the Central Bank confirmed.
While it made no mention of the Xanadu or the precise location, multiple sources familiar with developments told Tribune Business that the Central Bank was indeed referring to Royal Caribbean and Celebrity Cruises’ pending acquisition of the Grand
Labour Department in ‘crisis mode’ after fire
By NEIL HARTNELL Tribune Business Editor
LABOUR investigators plan to this week visit a private cruise island and another “major” destination to probe worker complaints even though a recent fire has left the Department “in crisis mode”.
Howard Thompson, the Government’s labour director, yesterday told Tribune Business that investigating multiple concerns voiced by staff at Norwegian Cruise Line’s (NCL) Great Stirrup Cay remains “a top priority” for the Department of Labour as it awaits a decision on a replacement location following the blaze that devastated its new offices at Old Trail Road.
Revealing that the visits to the Berry Islands cruise destination and other location, which he declined to name, will be a joint operation with the Immigration Department, he voiced concern that some employers outside New Providence may have become “lackadaisical” when it came to complying with Bahamian labour laws because of the distance
By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters
THE Central Bank’s governor yesterday said the Bahamian economy can still grow in 2025 amid Trump tariff uncertainty as the pace of expansion for the country’s foreign currency reserves fell almost 69 percent.
John Rolle said there are a “range of possibilities” for the country’s 2025 economic performance as data revealed that much of the decline in the country’s external reserve growth rate year-over-year during the 2025 first quarter was due to a $120m drawdown by the “public sector” - meaning the Government.
“Turning to foreign exchange indicators, net inflows decreased during the first quarter of 2025 owing to reduced contributions from both the private and public sectors. In particular, commercial banks’ total purchases of foreign currency from the private sector were approximately unchanged during the first quarter, underscoring comparatively subdued growth in economic activity within the sector.” Mr Rolle said.
“However, given stronger private sector credit expansion, gross foreign currency sales - which mostly signal expenditures on imports of goods and services - was 2.4 percent higher. As a result, commercial banks’ net foreign currency sales to the
• But probe into NCL’s island still ‘top priority’
• ‘Coming for’ another major location this week
• Officials eye ‘temporary’ home; leases vacated
between themselves and Nassau. As for the fire fall-out, Mr Thompson said the Department of Labour needs to find a new temporary home as it has to vacate both its Rosetta Street and Robinson Road locations within the next two weeks. He explained that the Department had already given up its leases on these properties in anticipation of being able to move to now-fire ravaged Old Trail Road, and new tenants are already waiting to move in.
Two temporary locations have now been identified, and Mr Thompson said the Department should hear from Pia Glover-Rolle, minister of labour and the public service, and her permanent secretary by Friday this week as to which of the two has been selected. And, to prevent any future threat to its records and data, he told this newspaper that the Department is moving swiftly to digitise all paperwork and store it in the cloud.
Central Bank in ‘substantial work’ over banking reforms
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Central Bank’s governor yesterday said the banking industry regulator is planning to complete a “substantial amount” of work on sector reforms during 2025.
John Rolle, speaking at its 2025 first quarter economic developments briefing, said the regulator strengthened the framework for financial institutions to implement new banking fees last year and is working to introduce basic savings accounts to protect lowincome individuals.
“One of the priorities is to make progress in introducing a basic savings or transactional account, where it would carve out some protections against the range of fees for those who have
limited financial means,” said Mr Rolle.
“So far as bank fees are concerned, there’s more work ahead of us than we’ve already achieved. Initially, we focused more on the notification period for any variations in fees and any kind of feedback that the Central Bank can give to financial institutions ahead of any new fees that they introduced.
]”That framework was strengthened towards the last quarter of 2024, and financial institutions have been communicating with the Central Bank in terms of how they are planning any variations in line with the framework that we’ve put in place.”
Mr Rolle said the Central Bank is also working to have the draft
Bahama resort property, its accompanying land and other real estate parcels in the immediate vicinity that they plan to combine into a shore destination for the latter’s passengers.
One contact, speaking on condition of anonymity because they were not authorised to speak publicly, yesterday said the Xanadu deal has been agreed and all parties are “signed up” with the closing due to take place in either late summer or early fall - possibly September.
“They’re going to do a big thing,” they said of Royal Caribbean and Celebrity.
“It’s all coming together.”
However, the confirmation of government approval for the Royal Caribbean/Celebrity Cruises transaction was tinged with tragedy as it was yesterday confirmed that Mario
Donato, the Italian/Bahamian businessman who was the Xanadu’s long-time owner, has just passed away. Prime Minister Philip Davis KC and his wife, Ann, in a personal tribute to the deceased businessman, voiced their “profound sadness” at his passing. They said: “Mario was one of those rare souls whose presence lit up every room and whose heart seemed large enough to embrace an entire nation.
“A man of incredible spirit and kindness, he came to The Bahamas in the early 1960s, disembarking in Freeport as a young waiter and found not just a new home, but a place to build dreams, friendships and a lasting legacy.
“From the beginning, Mario embraced our
SEE PAGE B5
Lending stability ‘better than bubble set to burst’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN banker last night said “stability is sometimes better than a bubble about to burst” after the Central Bank unveiled double-digit increases for both loan approvals and rejections in the 2024 second half.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the regulator’s latest six-month lending conditions survey revealed no “monumental” swings in either a positive or negative direction with borrowing trends staying consistent with the previous 18 months. Despite what it described as a slight decrease in credit approval rates, the Central Bank said applications for new loans rose by 22.7 percent in the 2024 second half compared to the same six-month period in 2023 at 20,145. And, of those submissions, some 16,280 - representing a 20 percent jump compared to the 2023 second half - were approved by Bahamian commercial banks for an 80.8 percent approval rate. However, loan application denials increased by a similar 17.2 percent yearover-year to hit 1,863. And of those rejections, one in every four (25 percent) of spurned consumer loan applications, and one in
HOWARD THOMPSON
GOWON BOWE
CENTRAL BANK OF THE BAHAMAS
SHIPYARD’S $600M EXPANSION IS ‘ONCE IN GENERATION’ MARITIME HUB POSSIBILITY
THE Opposition’s finance spokesman has urged The Bahamas to treat the Grand Bahama Shipyard’s $600m docks upgrade as “a once-in-a-generation opportunity” to transform the island into a maritime hub.
Kwasi Thompson, also the east Grand Bahama MP, in a statement urged the Government and private sector to establish what he branded a ‘Grand Bahama Shipyard Maritime Park’ next to the existing repair facility as a “designated industrial and innovation zone” to host maritime businesses.
Calling on The Bahamas to offer tax breaks and other incentives, a “one-stop shop for approvals” and reduced lease rates to attract such companies, he argued that this nation must exploit the Shipyard’s addition of two new docks by 2026 to finally fulfill Grand Bahama’s much-touted potential
as a hub for the maritime industry and so-called ‘blue economy’.
“The Free National Movement (FNM) believes that the $600m expansion of the Grand Bahama Shipyard is not merely a project; it is a once-in-ageneration opportunity to transform Grand Bahama into the leading maritime and industrial centre of the Americas,” Mr Thompson argued.
“We believe in the development of a Grand Bahama Shipyard Maritime Park — a designated industrial and innovation zone adjacent to the expanded Shipyard, designed to create a ‘one-stop shop’ for global maritime businesses.”
Mr Thompson said the Park would provide a designated home for all “global, regional and Bahamian businesses that already supply, service or partner with the Shipyard and
cruise lines”. To entice companies to relocate there, he called on the Government and Grand Bahama Port Authority (GBPA) to “offer special economic incentives, a one-stop shop for approvals, reduced land lease costs and Customs exemptions. To further support the industry’s development, Mr Thompson said Grand Bahama must become the “Bahamian hub for maritime arbitration” with direct and indirect training provided to Bahamians so they can take jobs in manufacturing, ship supplies, welding, logistics, technology services and marine engineering.
Suggesting that his proposal can transform “Freeport into a maritime hub akin to Singapore and Miami” if sufficient multinational companies can be attracted to provide critical mass, he added: “This initiative has the potential to
Colina’s Caribbean growth through Cayman purchase
A BAHAMIAN life and health insurer is expanding further into the Caribbean through the 100 percent acquisition of a Cayman Islands-based insurance and pension provider.
Colina Holdings (Bahamas), the BISX-listed parent for Colina Insurance Company, said in a statement it is purchasing the Saxon Group with effect from April 24, 2025. The deal will require approval from insurance and financial services regulators in both The Bahamas and the Cayman Islands, but no mention was made as to whether these have yet all been obtained.
“This acquisition significantly expands our
footprint in the Cayman market, and we are grateful to Saxon’s shareholders for their trust and support throughout the process,” said Terence Hilts, Colina Holdings (Bahamas) chairman. The move diversifies Colina Holdings (Bahamas) geographic risk and prevents it from being so concentrated in this nation. No purchase price was disclosed.
Given that acquisition opportunities in The Bahamas are relatively few in number, Colina Holdings (Bahamas) has had to rely on organic growth for much of the past decade. This is often slower, and harder, to achieve given that it is locked in a market
share battle with Family Guardian and other insurance rivals, so targeting acquisitions in the wider Caribbean is a natural route for Colina Holdings (Bahamas) to take.
The Bahamian insurer’s statement described Saxon Motor and General Insurance Company as a high-quality property and casualty insurer in the Cayman Islands, specialising in auto insurance with a 25 percent share of that niche. It also provides coverage for liability, property and other risks.
The Cayman group’s other arm, Saxon Administration, offers services to Cayman-registered pension plans and has more than
generate hundreds of millions annually in direct and indirect economic activity, while creating thousands of new jobs for Bahamians.
“By attracting global maritime companies to establish a home base in Freeport, this project would not only revitalise the ship repair sector but also stimulate a wave of entrepreneurship, training and innovation.”
To prepare Bahamians for this, Mr Thompson called for an expanded apprenticeship programme to “increase the intake of young Bahamians into the Shipyard’s training programmes, including certifications in advanced ship repair, engineering, furniture building, crane operation and maritime logistics with pathways to international qualifications”.
There also needs to be partnerships with international maritime academies
US$1.5bn in assets under administration. The group appears a relatively good fit for Colina Holdings (Bahamas) and the wider group controlled by the latter’s parent, A. F. Holdings, given that the latter owns similar businesses.
“By integrating Saxon’s keen market knowledge and Colina Holdings (Bahamas) expertise, we will deliver even greater value to our customers and shareholders,” said Mr Hilts.
and technical institutes to create exchange programmes, internships and certification opportunities for Grand Bahamians.
Mr Thompson added that providing Bahamian small businesses with access to grants and guaranteed loan financing would enable entrepreneurs to establish support enterprises such as fabrication shops, safety services, cleaning contractors and marine electrical services - all of which could support the Grand Bahama Shipyard.
“Today, the Government’s approach is too narrow. Simply approving
Colina Holdings (Bahamas) said it has $800m in total assets and more than $200m in total shareholders’ equity.
“Joining a larger group will allow us to enhance our services and expand our offerings to better serve our valued clients, and the plan members,” said Jack Leeland, Saxon’s chief executive. “This change in ownership is also an exciting time for team members and will create enhanced opportunities for career growth and personal development.”
Colina Holdings (Bahamas) added that Saxon’s current management and staff will remain a key part of the business, ensuring continuity. “We are committed to Saxon’s growth and welcome all of its employees to the Colina Holdings (Bahamas) family,” said Mr Hilts.
Colina Holdings (Bahamas) subsidiaries include
the expansion without building the ecosystem around it means leaving millions of dollars and thousands of jobs unrealised,” Mr Thompson said of the Shipyard.
The FNM understands that this is an entire new industry waiting to be built and expanded, and Grand Bahamians deserve to own a stake in it.... Under the FNM, we will not settle for being merely the labour force. We will create opportunities for ownership, innovation and global leadership in the maritime sector.”
Colina Insurance;
Financial
Colina General
ance Agency & Brokers; Colina Real Estate Fund; Indigo Insurance (Bahamas); and Indigo Insurance (Cayman).
CFAL manages more than $2.8bn in assets, including pensions. Colina Holdings (Bahamas) has been focused on growing its general insurance footprint in recent years, making significant investments to modernise and upgrade its operational infrastructure while reviving Colina General Insurance Agency & Brokers. It has also launched the technology-driven Indigo in The Bahamas and Cayman markets.
“We are excited about the opportunities this new partnership brings. Together, we will set new standards of excellence across the region,” Mr Hilts said.
Colina
Advisors (CFAL);
Insur-
TERRY HILTS
TERRY HILTS
GOVERNOR PROMISES NO ONE EXCLUDED FROM BANK ACCESS
in Mangrove Cay, it shows that you’re really not on the ground getting the proper information.
THE Central Bank’s governor yesterday pledged it is working to ensure no Bahamian is excluded from access to financial services amid fall-out from Bank of The Bahamas’ move to cut South Andros branch hours.
John Rolle said the banking regulator was focused on all Bahamians being able to access banking services via digital channels as Leon Lundy, the South and Central Andros MP, said he will meet with Bank of the Bahamas executives this week to discuss its reduced opening hours in his constituency.
Speaking to reporters yesterday, Mr Lundy said he spoke out in opposition due to frustration over the decision seemingly coming from a “Nassau standpoint” instead of considering the needs of residents.
He pointed out that South Andros has a population of about 3,000 residents, while Mangrove Cay has 1,500, so the decision to slash operating hours at its Kemp’s Bay branch to just one day per week - while leaving its Mangrove Cay location open four days per week - demonstrates that the BISX-listed bank, 84 percent majority-owned by the Government, is not familiar with the population dynamics.
“We have a meeting this week, and I think the frustration was more about making decisions from a Nassau standpoint, rather than knowing exactly what’s happening on the ground on the island,” said Mr Lundy.
“These two communities share a lot, and they were sharing the banking services two days in the south and two days in Mangrove Cay, so for you to switch it up and put one day in the south - which has a larger population - and four days
“And then when you highlight that an ATM is down there, but the ATM doesn’t do deposits, then that highlights another issue that you really aren’t familiar with being in the area.” Mr Lundy said the decision “came as a shock” to the Government as it is working with Bank of The Bahamas to extend services throughout the Family Islands.
“I think we were in the process of actually figuring out how we were going to spread the banking services from BOB throughout other islands, so this came as a shock, basically to everyone. And it was a decision made by the executives, and that’s why I asked them to rethink their decision. And after the meeting this week, hopefully we’ll have a new decision coming out by the executives,” said Mr Lundy. Mr Rolle, meanwhile, said the Central Bank is working to ensure all residents have access to banking services via digital channels. He added that it is working with financial institutions to improve service and ensure no one is excluded from banking services, while acknowledging it is costly to provide financial services throughout The Bahamas’ archipelago.
Pledging that the Central Bank is working to reduce the cost of providing those services, Mr Rolle said: “The Central Bank does
have a vested interest in ensuring that all of the residents of The Bahamas have some access to financial services, and we think that a part of that is also equipping the entire country to be able to access more of the services through the digital channels.
“We also agree, though, that some of what the public is experiencing, they want to see better service level response from the financial institutions. And so, some of the conversations
that we do have with financial institutions is how you can improve service level deliveries as you try to get customers to use the alternative channels. But, in having customers use those alternative channels, we are also focused on making certain that no one is excluded from access to those channels.
“We are not going to be able to distance ourselves from the fact that it is very costly to provide financial services in The Bahamas.
This is a country of 400,000 people. We sometimes overlook that fact, and so we have to also put continued effort into tackling the cost of getting the services to the population.”
Mr Rolle said the Central Bank will be publishing a consultation paper on agency banking next month to get feedback on how financial institutions can expand services in underserved areas.
“We’re also very soon going to circulate a public
consultation paper on agency banking some time during the month of May, and that will basically reinforce our approach to how financial institutions can use third parties, which the Central Bank, supervises to extend the reach of how they provide services in underserved communities, particularly in the Family Islands,” said Mr Rolle.
OPPOSITION GIVES MINING BILL OVERSIGHT CONCERNS
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Attorney General yesterday said new legislation to regulate mining and extractive industries will help to diversify to the Bahamian economy and generate sovereign wealth through this nation’s natural resources.
Speaking in the Senate, Ryan Pinder KC said the Mining Bill aligns with the Davis administration’s economic plan and has provisions that protect the management of the industry.
“Under the present administration’s economic plan, proper exploitation of natural resources is proposed to diversify the country’s economy, to create jobs and create a
more inclusive economy for the benefit of Bahamians.
The Government’s economic plan also proposes utilisation of a modern sovereign wealth regime to receive revenue generated through natural resource development,” said Mr Pinder.
“Under the provisions of the Bill, not only will a mining industry be established but the revenues of such an industry are proposed to be allocated to a specific natural resource sub-fund under the National Investment Fund Act 2022. This also ensures the proper custody and management of public
revenues derived from the mining industry.”
Mr Pinder said the Government - through receiving revenue from mining companies via royalties, levies and profit sharing arrangements - will have flexibility when negotiating commercial terms and providing oversight to the industry.
“A critical component of the legislation is the revenue-generating publicprivate partnership (PPP) opportunities between mining operators and the Government. Under the regime, the Government will be entitled to receive revenue generated through royalties, levies, profit
sharing arrangements and state participation arrangements where desired by the Government,” he added.
“The contractual terms and conditions of these arrangements are proposed to be negotiated with mining operators by way of a mining agreement. A draft Mining Agreement template has been formulated which will form the basis of all agreements with mining operators,” said Mr Pinder.
“Structuring the economic benefit terms and conditions in this way allows the Government flexibility
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Labour Department in ‘crisis mode’ after fire
Tribune Business revealed earlier this month how employees at NCL’s Great Stirrup Cay private cruise port were claiming they are being “unfairly treated” and not paid in accordance with Bahamian labour laws. In particular, they allege that they are working 70-hour work weeks, in excess of the Employment Act’s 40-hour work week, without being paid overtime or receiving holiday or vacation pay.
Mr Thompson, in a previous interview with Tribune Business, had indicated he and Department of Labour investigators planned to visit the island either in the week before or after the Easter holiday weekend. However, besides the holiday impacting this schedule, the Department also faced the additional setback of dealing with the fire’s consequences which delayed its plans further.
“Great Stirrup Cay, that is a top priority,” the labour director said yesterday.
However, he revealed that “very troublesome” complaints about labour matters at another destination outside Nassau meant that investigators will have to visit there first.
“One major one came in ahead of us. I won’t let that out of the bag,” Mr Thompson said, explaining that he did not want to lose the element of surprise. “We’re coming for them this week, so we will make sure we use the police plans to get there.
“A lot of employers have properties on these island destinations, and some now seem to be assuming they are out of arm’s length from the authorities and are being a bit lackadaisical over treating people in accordance with the labour laws. I hope that’s not their thinking but that’s what it seems to be.”
Mr Thompson said this week’s visits will be a “joint exercise” conducted with the Immigration Department, which has the ability to deal with breaches involving foreign and
expatriate labour because it is the agency that approves, issues and oversees work permits and their holders and employer sponsors.
“A lot of these breaches involve expatriate managers and senior personnel. We’re getting information they’re still not in order,” he added. Mr Thompson also reiterated that “it’s not cheap to get to these islands”, with small planes and boats typically charging
Lending stability ‘better than bubble set to burst’
every five (almost 20 percent) of denied mortgage loans, occurred because the potential borrowers had existing debt exceeding 50 percent or more than half of their income.
Mr Bowe, noting that the survey results highlighted both positive and negative trends in the Bahamian credit market, told this newspaper: “There’s optimism that we are still seeing the applications and we are seeing new loans being disbursed. But the pace at which it is being disbursed is going to take a period of three to five years to return to 2019 credit levels.
“Although the number of applications declined from the previous survey, we still have positive numbers. It’s encouraging when you at least have persons confident to put themselves forward for new borrowing. The challenge, when you look, is the Central Bank’s in tempered language says its going to be challenging period going forward when you look at the US economy. “The loan approval rate certainly is not extremely high, so we’re still seeing the banks remain very cautious in lending practices. I don’t think that will change in the immediate future.”
Mr Bowe pointed to the
global economic and stock market turmoil unleashed by Donald Trump’s tariff policies, and uncertainty over what the ultimate outcome will be, as one factor behind why Bahamian banks are unlikely to change this stance.
“I take it from the positive side that we have application rates up, new money being disbursed but at a much slower pace than would be necessary to recover what was lost in COVID,” he added. “There is nothing remarkably positive or negative. It’s not like another boom in lending or another crash in lending. It’s consistent with the
$3,500 and $5,000 a time, respectively, to transport Department of Labour staff between these destinations and Nassau.
However, with access to the police plane, he added that such costs should reduce as the Department of Labour will only have to pay for fuel. “In addition, I need to be out of this building in the next two weeks,” Mr Thompson revealed of the Department’s Rosetta
pace seen over the last 18 months.
“We haven’t seen anything monumental in one direction or the next. Sometimes that’s good. People may not appreciate that, but sometimes stability is better than what what I’m going to call massive expansion. It’s similar to weight loss. You are far better losing the weight in a measured fashion, because you tend to keep it off, rather than having a rapid decrease in weight.
“Similarly, you don’t want to see a rapid expansion in loans if there’s a bubble about to burst. You want sustained growth in lending. While there are some ups and downs, the average growth rate remains consistent.” The Central Bank, in its survey report, said that while consumer loan approval rates in the 2024 second half were down slightly from prior year comparatives they remained consistent with long-term trends.
“Consumer lending remained the primary credit component, accounting for 94 percent of total credit applications,” the Central Bank said. “Loan requests increased by 25.4 percent year-on-year for the six months to December 2024 over the same period in 2023, reflecting applications received from New Providence (25.3 percent), the Family Islands (73.6 percent) and Grand Bahama (6.3 percent).
“Of the 18,936 consumer loan applications received, requests were primarily for ‘other’ miscellaneous purposes (36.3 percent), credit cards (21.8 percent), consolidation of debt (15.2 percent) and travel (10.8 percent). A disaggregation by component revealed that the number of financing requests rose more than five-fold for taxis and
Street offices, as he outlined the impact from the recent Old Trail Road fire.
“We’ve found a temporary location to move to, but it’s very, very disturbing, very discouraging. I had a meeting with the senior management team today. We’re in crisis mode, and are going to transition as best we can and serve the public,” he revealed.
“We’re looking at one or two locations. One is a bit more turnkey than the other.
“By Friday, the minister and the permanent secretary will advise me which location to go to. It [the fire] was a setback. We were right there. I’m just happy we did not move in prior to the fire. That would have cost the Department of Labour all its files and computer records. We’re digitising everything now.
“It’s caused a lot of disruption because we’ve already given up our leases and are supposed to move out of the Robinson Road and Rosetta Street offices. There are other lease
rented cars, while ‘other’ miscellaneous applications nearly doubled (93.4 percent) and credit cards requests rose by 51 percent.
“Further, applications also firmed for private cars (22.1 percent), land purchases (20 percent) and travel (5.6 percent). In contrast, fewer requests were recorded for commercial vehicles (87.6 percent), education (55.8 percent), medical (35.4 percent), furnishings and appliances (22.6 percent), consolidation of debt (21.1 percent) and home improvements (15.5 percent).”
The Central Bank added:
“Corresponding with the trend in requests, the number of approved loan applications increased by 21.9 percent after a 4.5 percent rise in the previous year. As the volume of approvals maintained fairly close pace with requests, the average approval rate narrowed by 2.3 percentage points to 81.6 percent.
“Regarding loan denials, only 9.3 percent of consumer requests were declined. Reasons frequently cited were aggregated under ‘other’ miscellaneous factors (50.4 percent) - inclusive of low credit scores, purposes outside of banks’ policy and low risk rating - high debt service ratios (25.5 percent), delinquency in prior loans (7.9 percent) and insufficient time on the job (7.7 percent).”
As for mortgage lending during the 2024 second half, the Central Bank said: “Lending institutions processed 725 mortgage applications, all of which were for residential properties.
“The number of residential mortgage applications declined by 6.8 percent year-on-year, albeit a slowdown from the 14.6 percent contraction in December
holders now. It’s a matter of us moving out of these locations because other people can start moving in.” Mr Thompson said “a couple of new computers” had already been moved into the assistant director of labour’s new Old Trail Road office when the fire erupted, whole files relating to the National Apprenticeship Programme and Public Employment Service initiative were also caught in the blaze. Officials were not able to re-enter the building to assess the impact.
“It’s disrupted the plans, but we’re at the point of looking to digitise a lot of government systems,” the labour chief said. “We’re going to scan in all our documents. I’m meeting with a contractor in the morning [today] to give us a quote and on how to scan all the documents. All the documents will be in the cloud so we will not have to worry if there is a fire or loss in the future.”
2023. Submissions for rehabilitations and additions, and new construction, posted respective declines of 54.2 percent and 13.9 percent. However, financing requests for existing dwellings grew by 58 percent.
“Of the applications received, financing secured against existing residential dwellings constituted 59 percent of mortgage demand, while rehabilitations and additions and new construction accounted for 22 percent and 19 percent, respectively. Meanwhile, commercial financing applications registered a flat outturn.”
Turning to mortgage approval rates and denials, the Central Bank said: “Total mortgage applications recorded an approval rate of 54.6 percent in the latter half of 2024, indicative of a 1.8 percentage point increase relative to the same period in 2023. The approval rate for new construction and existing dwellings were 66.9 percent and 66.1 percent, respectively, while 12.7 percent of renovation projects were approved.
“In terms of requests, 10.1 percent of mortgage applications were denied. The primary reason cited for denials - in 50.7 percent of instances - was varied ‘miscellaneous’ factors. These may include, but are not limited to low credit scores, lending outside of bank policy and missing information.
“Other explanations included debt service ratios surpassing the revised threshold of 50 percent (19.2 percent), delinquencies in prior loans (13.7 percent), underemployment (8.2 percent) and unverifiable income (8.2 percent).”
NORWEGIAN CRUISE LINE’S (NCL) GREAT STIRRUP CAY
Cruise lines target $348m investment at Xanadu site
people, our cause and our spirit. He built businesses that became institutions in Grand Bahama restaurants, hotels, real estate ventures, but his true legacy is written in the countless lives he touched through his generosity, his loyalty and his boundless good humour,” the Prime Minister and his wife continued.
“His relationship with Sir Lynden Pindling, and his adoption of the progressive cause, mirrored the way he lived his life: Standing for fairness, opportunity and the building of community. Mario became a part of our family, our story and our heart. We mourn his loss alongside his beloved children, to whom we extend our deepest condolences.
We thank them for sharing their father with all of us.
“His wife, who predeceased him, now surely welcomes him into eternal rest. Tonight, we say farewell to a giant of Grand Bahama; a true friend, a patriot in spirit and deed, and a man whose love for The Bahamas knew no bounds. May he rest in peace. May his memory forever be a blessing.”
Should the Royal Caribbean/Celebrity Cruises transaction close, and the development proceed, Grand Bahama and Freeport could potentially become host to not just one but up to three private cruise ports and destinations. Besides Carnival’s $600m Celebration Key, which is due to open this summer,
the island could also ultimately play host to both the Royal Caribbean/Celebrity Cruises project as well as the plans by Royal Caribbean, Freeport Harbour Company and Mediterranean Shipping Company (MSC) to develop Billy Cay into a new cruise port and amusement park.
Another contact, speaking on condition of anonymity, suggested a September closing for the Xanadu’s purchase was not a bad estimate for the completion timeline. “I don’t think there are major obstacles to overcome with the closing process,” they said. “It will be a great move for Grand Bahama. Hopefully the closing will happen.”
The source suggested that, given the involvement of multiple landowners in
Central Bank contracted by approximately 10 percent.
“This outcome, along with a net sale of foreign currency by the Central Bank to the public sector, as opposed to a sizeable net purchase of foreign currency borrowing proceeds in 2024, resulted in a two-third reduction in the seasonal growth in reserves during the first quarter of 2025.”
Notes to Mr Rolle’s speech added: “Compared to 2024 when the public sector made net foreign currency sales to the Central Bank of $214m, the sector made a net purchase from the Central Bank of approximately $120m in 2025.” The Central Bank, in documents accompanying yesterday’s meeting, said the $120m drawdown by the Government was due to a “net debt repayment”.
And the Governor added: “External reserves grew by $171m over the first quarter of 2025, and as at the end of April were approaching $2.8bn, moderately less than the estimated $2.9bn at this point last year. Over the remainder of 2025, the private sector is expected to make a net drawdown on the reserves due to an expected strengthening in private sector credit growth.
“The Central Bank is supportive of this outcome, as the reserves are still healthy overall, and expected to remain more than adequate to back the value of the Bahamian dollar against the US currency. In addition, the elevated liquidity in domestic banks continues to be ample to accommodate stronger lending.”
Elsewhere, higherspending stopover tourist
OPPOSITION GIVES MINING BILL OVERSIGHT CONCERNS
in negotiating terms, imposing additional oversight measures or imposing additional fiscal obligations relative to the scale, size and projected profits of a mining operator.”
During his contribution, Senator Darren Henfield, the Opposition’s Senate leader, pointed out many environmental risks associated with mining and the fact that the industry is currently challenged with finding more environmentally-friendly methods. He said multiple administrations have had challenges
with oversight, while having the Minister of Environment responsible for the task is a conflict of interest.
“To hear the word oversight mentioned in the same sentence as the Government is almost laughable. To me, governments can’t oversee nothing. You’ve had challenges with that in The Bahamas, both administrations. No, I don’t cast aspersions on this side alone. Both administrations have had challenges with oversight,” said Mr Henfield.
“Management of the environment in this case, I
arrivals were reported to be down 3.9 percent yearover-year at 300,000 for the first two months of 2025.
“With regard to tourism, the constrained hotel sector capacity underpinned slower quarterly earnings potential than in 2024,” Mr Rolle said.
“In the latest available data, total air arrivals to The Bahamas contracted, based on both the overall indicators through February and estimated departures through the Lynden Pindling International Airport (LPIA) through March.
“Reduced air traffic is estimated to have impeded hotel sector performance most, while vacation rental sales, an important segment of the stopover market, further expanded, also attracting incrementally appreciated average daily rental rates. The cruise
believe might be jeopardised, with a minister being responsible for its oversight. I think it’s conflicting interest personally.”
The Andros Chamber of Commerce’s president Darin Bethel has voiced concerns over how the new mining law will impact Family Island communities given the seeming conflict of interest on the Government’s part.
He said there are questions relating to the strength of oversight as the Government will act as regulator while, at the same time, taking equity ownership
the deal, Royal Caribbean/ Celebrity Cruises are seeking to close their separate deals with all at exactly the same time rather than via a piecemeal approach. The latter, where they would close with some or one, but not all, would hand the power to those vendors who have yet to complete. They could then exploit this to increase their price.
For, besides the Xanadu hotel property, Royal Caribbean and Celebrity Cruises’ ambitions extend to “all the tracts of land down to Princess Isle” that are presently controlled by Irish-headquartered Harcourt Developments, the Royal Oasis owner. These are the land parcels that the cruise lines are seeking to also purchase and combine
industry maintained healthy growth, with capacity continuing to expand, given ongoing investments in onshore destinations throughout the country.”
Still, Mr Rolle said there is potential for The Bahamas to welcome more visitors due to a diversion of economic activity away from the US. Yet there is also the chance that economic conditions in the US get so extreme that The Bahamas’ economic growth decreases.
“One has to appreciate that, at this point, at the end of April, we are in the peak of the tourism season. So some of the adjustments as regards what’s going on in the US, whether how it’s impacting tourism, we’re going to be experiencing that whether it’s a positive or a negative over the first half of the year and into the early part of the summer,” said Mr Rolle.
“I anticipate that the range of possibility for The Bahamas is that we could see the outcome, growth wise this year,
interests and receiving profits from the same entities it is supervising. He said this system can present a conflict of interest, especially on Family Islands.
“We have to take into consideration what a project like this would mean and how it would affect our communities, specifically, the business community, and how would they benefit? What is there to assure the business community that there will be proper oversight for the project, considering the Government being a partner, the regulator and the
with the Xanadu site to form the 40-acre property. “If you look at the map you will see Xanadu at one end and four more ten-acre pieces going down to the west to Princess Isle. Harcourt Developments owns the next two,” one source told this newspaper in late 2023, when it first revealed the potential Royal Caribbean deal. Tribune Business was subsequently informed that Harcourt controls all the property between Xanadu and Princess Isle.
Built in 1968 by US shipping tycoon, D. K. Ludwig, the Xanadu established itself as a venue for the socalled “Rat Pack” - the likes of Frank Sinatra, Sammy Davis Jnr, Cary Grant and Dean Martin - as well as accommodating reclusive billionaire Howard Hughes,
in line with what we initially expected, or we can see it above that if there is a favourable diversion of economic activity requirements.
“Or, if the uncertainties in the United States get more extreme, you could see the growth levels being much lower than originally forecasted, but there’s still an overall expectation that the economy will grow this year. So there’s no negative forecast at this point, but these are forecasts that’s important to understand.”
Mr Rolle said that although the IMF projected Bahamian economic growth of 1.8 percent, this is below the 2 percent the country should be aiming for to make a “significant impact” on its unemployment rate.
who once lived in its 13th storey penthouse. The 184-room property was acquired by Mr Donato in 1987, but it ultimately closed in 2011. The Xanadu was in late 2023 listed for a $25m asking price on Bahama Islands Properties’ website, which says: “The 184 rooms has it all.
“Set on a world class beach, it also boasts a 75-slip marina with incredible potential, and in addition more than 20-plus acres strategically located near downtown and the airport. It is perfect for aggressive rooms and amenities expansion or adding condominiums.” Another realtor, James Sarles Realty, has the resort listed for $35m.
“Turning to the outlook, the downside risks facing the economy have increased, particularly in light of the tariffs imposed by the US and uncertainty over how trade policy tensions between the US and its major trading partners will be resolved.
“With the IMF’s outlook for the US and the global economy, consequently downgraded but positive, The Bahamas could also experience slowing from weakened US consumer confidence and its potential pass-through to lower travel demand,” he added.
“In addition, the inflation outlook is potentially elevated, as higher costs on goods imported into the US would be expected to have some pass-through to increased costs on goods and services that The Bahamas sources from the US. The risk of increased costs could also mount from supply chain disruptions, potentially from diverted or impeded trade flows.”
“I think what’s most important about the growth forecast is we’re below 2 percent, and generally it’s accepted that The Bahamas should be aiming for above 2 percent to make the sort of more significant impact in terms of where the unemployment rate settles,” said Mr Rolle.
legislator? That brings somewhat of a conflict,” said Mr Bethel.
The Mining Bill allows the Government to take a “minimum” 10 percent equity ownership interest in mining firms, while profit sharing also enables it to receive “a minimum of a 25 percent of the profits of the mining operations” along with royalties.
Mr Bethel said oversight of the industry could be enhanced if local communities partner with investors along with government oversight. He added that a portion of mining revenues
should be given directly to the communities who will be impacted by the activities.
“I think that it’ll be more sufficient and beneficial if the community partnered with an investor with government oversight, rather than the Government itself partnering, and because the communities will be directly impacted, I feel as if a portion of the revenue should go to the communities and a portion of the revenue should go to central government,” said Mr Bethel.
Credit Union Bill released for public consultation by summer 2025 with the reforms enacted later this year. “The Central Bank has had some follow-up discussions with credit unions in terms of the proposed framework, and we’ve made some subsequent amendments or tweaks to the draft,” he added.
“We anticipate before we get into the summer that those will be in the public space for wider consultations, because it is our objective to see the reforms enacted in 2025.” Mr Rolle said a survey has been conducted to help the Central Bank understand delays in opening bank accounts, and noted that issues with identification requirements play a role in some of the long wait times.
“Understanding the ‘why’, or the reasons why there are those delays, is important, and so we know that a part of that is the disconnect often between banks and the public in terms of the documentation requirements, so we are looking at how we can make that process more transparent,” said Mr Rolle.
“We’re also looking wherever it matters. If the Government sector is a part of the issue; whether these are documents that have to be sourced from government agencies that we can get a better result in terms of how individuals get those documents.”
Mr Rolle said a national identification system that links to the Central Bank could improve the speed of opening a new account and it has the project on its short-term list of goals.
“We started the work last year, and then 2023 in a national project which was
looking at putting in place a digital national ID system for The Bahamas and Central Bank. A project such as that is also one of those effective ways of having a better infrastructure to help speed up how individuals traverse the financial system. Because one of the issues is also identity documents and how people get on board,” said Mr Rolle.
“But up front, we think that we can at least begin to identify and make more of that information available to the public in terms of what the requirements are across financial institutions. So that’s one of the projects we have on our very shortterm list.”
Mr Rolle added that while some individuals will face more compliance requirements, a risk-based financial system should mean that more persons can open new accounts without significant delays and there is a need for more “streamlining” of the process.
“Now the reality, though, of having a risk-based system for account opening means that more of us should get through the process faster, but it still means that, depending on who you are and your profile, financial institutions will have to do a bit more due diligence before they open up the facilities,” said Mr Rolle.
“And in those cases, the due diligence may not, in every case, conform to any published list because, depending on a client who presents themselves and the risk, institutions will have to make requests so that they can understand better. But that’s not to say that everything that we’re experiencing now is driven by that. So we do think that there still need to be some streamlining.”
Apple has few
GOOGLE’S DIGITAL AD NETWORK DECLARED AN ILLEGAL MONOPOLY, JOINING ITS SEARCH ENGINE IN PENALTY BOX
By MICHAEL LIEDTKE AP Technology Writer
GOOGLE has been branded an abusive monopolist by a federal judge for the second time in less than a year, this time for illegally exploiting some of its online marketing technology to boost the profits fueling an internet empire currently worth $1.8 trillion.
The ruling issued Thursday by U.S. District Judge Leonie Brinkema in Virginia comes on the heels of a separate decision in August that concluded Google's namesake search engine has been illegally leveraging its dominance to stifle competition and innovation.
After the U.S. Justice Department targeted Google's ubiquitous search engine during President Donald Trump's first term, the same agency went after the company's lucrative digital advertising network in 2023 during President Joe Biden's ensuing administration in an attempt to undercut the power that Google has amassed since its inception in a Silicon Valley garage in 1998.
Although antitrust regulators prevailed both times, the battle is likely to continue for several more years as Google tries to overturn the two monopoly decisions in appeals while forging ahead in the new and highly lucrative technological frontier of artificial intelligence.
The next step in the latest case is a penalty phase that will likely begin late this year or early next year. The same so-called remedy hearings in the search monopoly case are scheduled to begin Monday in Washington D.C., where
Justice Department lawyers will try to convince U.S. District Judge Amit Mehta to impose a sweeping punishment that includes a proposed requirement for Google to sell its Chrome web browser.
Brinkema's 115-page decision centers on the marketing machine that Google has spent the past 17 years building around its search engine and other widely used products and services, including its Chrome browser, YouTube video site and digital maps.
The system was largely built around a series of acquisitions that started with Google's $3.2 billion purchase of online ad specialist DoubleClick in 2008. U.S. regulators approved the deals at the time they were made before realizing that they had given the Mountain View, California, company a platform to manipulate the prices in an ecosystem that a wide range of websites depend on for revenue and provides a vital marketing connection to consumers.
incentives to start making iPhones in US, despite Trump's trade war with China
By MICHAEL LIEDTKE AP Technology Writer
PRESIDENT Donald
Trump's administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the United States for the first time.
But that's an unlikely scenario even with U.S tariffs now standing at 145% on products made in China — the country where Apple has manufactured most of
its iPhones since the first model hit the market 18 years ago. The disincentives for Apple shifting its production domestically include a complex supply chain that it began building in China during the 1990s. It would take several years and cost billions of dollars to build new plants in the U.S., and then confront Apple with economic forces that could triple the price of an iPhone, threatening to
torpedo sales of its marquee product. They might get a reprieve. The Trump administration said late Friday it was excluding electronics, including smartphones, from the current reciprocal tariffs. But it still could levy new or different tariffs on electronics at a later date.
"The concept of making iPhones in the U.S. is a non-starter," asserted Wedbush Securities analyst Dan Ives, reflecting a widely held view in the
investment community that tracks Apple's every move. He estimated that the current $1,000 price tag for an iPhone made in China, or India, would soar to more than $3,000 if production shifted to the U.S. And he believes that moving production domestically likely couldn't be done until, at the earliest, 2028.
"Price points would move so dramatically, it's hard to comprehend."
Apple didn't respond to a request for comment
The Justice Department lawyers argued that Google built and maintained dominant market positions in a technology trifecta used by website publishers to sell ad space on their webpages, as well as the technology that advertisers use to get their ads in front of consumers, and the ad exchanges that conduct automated auctions in fractions of a second to match buyer and seller.
After evaluating the evidence presented during a lengthy trial that concluded just before Thanksgiving last year, Brinkema reached a decision that rejected the Justice Department's assertions that Google has been mistreating advertisers while concluding the company has been abusing its power to stifle competition to the detriment of online publishers forced to rely on its network for revenue.
Despite that rebuke, Brinkema also concluded that Google didn't break the law when it snapped up Doubleclick nor when it followed up that deal a few years later by buying another service, Admeld.
The Justice Department "failed to show that the DoubleClick and Admeld acquisitions were anticompetitive," Brinkema wrote. "Although these acquisitions helped Google gain monopoly power in two adjacent ad tech markets, they are insufficient, when viewed in isolation, to prove that Google acquired or maintained this monopoly power through exclusionary practices."
That finding may help Google fight off any attempt to force it to sell its advertising technology to stop its monopolistic behavior.
"This is a landmark victory in the ongoing fight to stop Google from monopolizing the digital public square," U.S. Attorney General Pamela Bondi said in a statement.
In a statement, Google said it will appeal the ruling.
"We disagree with the Court's decision regarding our publisher tools," said Lee-Anne Mulholland, Google's vice president of regulatory affairs. "Publishers have many options and they choose Google because our ad tech tools are simple, affordable and effective."
"For over a decade, Google has tied its publisher ad server and ad exchange together through contractual policies and technological integration, which enabled the company to establish and protect its monopoly power in these two markets." Brinkema wrote. "Google further entrenched its monopoly power by imposing anticompetitive policies on its customers and eliminating desirable product features."
Wednesday. The Cupertino, California, company has yet to publicly discuss its response to Trump's tariffs on China, but the topic may come up on May 1 when Apple CEO Tim Cook is scheduled to field questions from analysts during a quarterly conference call to discuss the company's financial results and strategy. And there is no doubt the China tariffs will be a hotbutton issue given Apple's stock price has dropped by 15% and lowered the company's market value by $500 billion since Trump began increasing them on April 2.
If the tariffs hold, Apple is widely expected to eventually raise the prices on iPhones and other popular products because the Silicon Valley's supply chain is so heavily concentrated in China, India and other overseas markets caught in the crossfire of the escalating trade war.
The big question is how long Apple might be willing to hold the line on its current prices before the tariffs' toll on the company's profit margins become too much to bear and consumers are asked to shoulder some of the burden.
One of the main reasons that Apple has wiggle room to hold the line on its current iPhone pricing while the China tariffs remain in
place is because the company continues to reap huge profit margins from the revenue generated by the subscriptions and other services tied to its product, said Forrester Research analyst Dipanjan Chatterjee. That division, which collected $96 billion in revenue during Apple's last fiscal year, remains untouched by Trump's tariffs.
"Apple can absorb some of the tariff-induced cost increases without significant financial impact, at least in the short term," Chatterjee said. Apple tried to appease Trump in February by announcing plans to spend $500 billion and hire 20,000 people in the U.S. through 2028, but none of it was tied to making an iPhone domestically. Instead, Apple pledged to fund a Houston data center for computer servers powering artificial intelligence — a technology the company is expanding into as part of an industrywide craze.
When asked this week about whether Trump believes Apple intends to build iPhones in the U.S., White House Press Secretary Karoline Levitt pointed to Apple's investment promise as evidence that the company thinks it could be done. "If Apple didn't think the United States could do it, they probably wouldn't have put up that big chunk of change," Leavitt said.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 25th day of April, A.D., 2025. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.
A MAN walks past Google’s offices in London’s Kings Cross area, on Aug. 10, 2024.
Photo:Brian Melley/AP
Nintendo Switch 2 preorders see ‘overwhelming’ demand, frustrations for hopeful buyers
By WYATTE GRANTHAM-PHILIPS
AP Business Writer
U.S. preorders for the Nintendo Switch 2 kicked off shortly after the clock struck midnight Thursday. But chaos soon ensued amid high demand.
Scores of consumers hoping to be among the first to own Nintendo's latest gaming console — set to officially launch June 5 — jumped online to try and snag a preorder. And while some lucky buyers found success, many others ran into frustrating delays or saw listings quickly sell out at some participating retailers.
Anxious shoppers took to social media to share long wait times, screenshots of error messages and carts that suddenly went empty amid a flurry of transaction requests — or, in some cases, apparent confirmation emails that were soon
followed by notices about orders being canceled.
Nintendo acknowledged the "very high demand" in an update about those interested in purchasing the Switch 2 from its own My Nintendo Store. The company said it would be "working diligently to fulfill orders," but noted that delivery by June 5 was not guaranteed — urging those who want to increase their chances of getting the console at the launch date to visit a participating retailer.
"The excitement around this online preorder was incredible," Walmart, one of the retailers also offering Switch 2 preorders, said in an emailed statement to The Associated Press.
Walmart launched its early listings at 12 a.m. ET and confirmed that they "sold out quickly due to high demand."
Customers will have another chance to buy the consoles on June 5 — when
preorders are also set to be delivered by, the company added.
Best Buy and Target also rolled out their preorders overnight, but soon showed listings as "out of stock" or "currently unavailable" early Thursday. And hours later, GameStop got in on the action — launching both in-person preorders when its stores opened and an online offering that went live at 11 a.m. ET. Still, those listings appeared to be unavailable within minutes and some customers reported confirmation delays.
"We're seeing overwhelming demand for Switch 2, which is causing some site issues," GameStop Help wrote on X, the platform formerly known as Twitter, shortly after 11:30 a.m. ET. The company later shared that its preorders had sold out online, although it would "continue to squash bot and
duplicate orders to reopen inventory."
GameStop confirmed that its in-store preorders, however, were still available by Thursday afternoon. It wasn't immediately clear what total capacity each retailer had for Switch 2 preorders. Nintendo, GameStop, Target and Best Buy did not immediately respond to requests for further comment Thursday.
The sizeable (and speedy) demand for Nintendo's Switch 2 isn't surprising. The new gaming console has been marketed as bigger and better than its predecessor of eight years past — with highly-anticipated features including an interactive chat, larger screen and new games.
Still, the Switch 2's rollout arrives at an uncertain time for much of the industry due to new tariffs implemented by U.S. President Donald Trump and responding retaliation from
targeted countries, notably China. Economists have warned that the steeper levies will result in higher prices on a range of consumer goods relying on a global supply chain today, including electronics.
The Switch 2's baseline launch price is $449.99 — significantly higher than the original Switch's $299 price tag. While new bells and whistles may account for a sizeable portion of that hike, experts have previously noted that the new import taxes are also a contributor.
And U.S. preorders for the Switch 2 were already delayed earlier this month — ahead of Trump's steepest levies, most of which have now been postponed, going into effect.
Preorders were originally slated to go live on April 9, an update from Nintendo shared by GameStop notes, but were pushed back to "assess the potential impact
Fed could struggle to keep inflation under control — making investors all the more anxious.
of tariffs and evolving market conditions." Nintendo later confirmed that some Switch 2 accessories would see price adjustments — but maintained that its previously-announced baseline price for the console would remain the same.
Super Mario creator Nintendo Co. is banking on the Switch 2 to revive demand for its gaming consoles, with its older predecessor recently losing momentum. In February, the Kyoto, Japan-based company said it expected to sell 11 million Switch consoles for its full fiscal year ending in March, lower than its initial projection of 12.5 million.
Nintendo reported profit of 237 billion yen ($1.5 billion) for the first nine months of its latest fiscal year, down 42% from the same period the year prior.
ways to protect against potential loss of capital, such as derivative-based investments.
By WYATTE GRANTHAM-PHILIPS
AP Business Writer
AS ECONOMIC uncertainty deepens worldwide, gold prices have notched more and more record highs.
That's because gold sales can rise sharply when anxious investors seek "safe havens" for parking their money. Gold's current rally arrives as U.S. President Donald Trump continues to announce new tariffs on economic allies and foes alike, roiling financial markets into volatility and threatening to reignite inflation for families and businesses alike.
On Tuesday, the International Monetary Fund said that outlooks for economies worldwide, including the U.S., have significantly worsened in the wake of Trump's sweeping tariffs and the uncertainty they have created. And Trump's recent threats suggesting he can remove Federal Reserve
Chair Jerome Powell have only put investors more on edge. If trends continue, analysts say the price of gold could continue to climb into unprecedented territory. Here's what to know.
What's the price of gold today?
The going price for New York spot gold hit a record $3,424.24 per troy ounce — the standard for measuring precious metals — as of close Monday. That's about $1,097 higher than a year ago.
The price of spot gold is up more than 30% since the start of 2025, per the data firm FactSet. By contrast, the stock market has tumbled. The benchmark S&P 500 is down over 12% this year.
NOTICE
NOTICE is hereby given that BENGEMEN SAINFART Kemp Road, William Lane, Nassau, 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 29th day of April 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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NOTICE is hereby given that ABIGAIL JEAN of Pinedale, Eight Mile Rock, Freeport, Grand Bahama, 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 22nd day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CILIANE INNOCENT-MARCELIN of Carmichael Road, 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 22th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Gold futures also reached a record early Tuesday, briefly surpassing the $3,500 mark for the first time before falling back below $3,400 by late afternoon.
Why is the price of gold going up?
A lot of it boils down to uncertainty. Interest in buying gold typically spikes when investors become anxious — and there's been a lot of economic turmoil in recent months.
The heaviest uncertainty lies with Trump's escalating trade wars. The president's on-again, off-again new levy announcements and retaliatory tariffs from some of the nation's closest traditional allies have created a sense of whiplash for both businesses and consumers — who economists say will foot the bill through higher prices.
Consumer confidence and global economic outlooks have deteriorated as a result. On Tuesday, the IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%. And for the U.S. specifically, the fund expects growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7%.
China, which currently faces the heaviest levies from the U.S., is also expected to see weakened growth.
Last week, Trump also renewed threats suggesting he could remove Powell — and has since stepped up his public criticism of the Fed chair for not cutting interest rates. Any attempt to unseat Powell would likely set off a crisis in global financial markets over fears that a less independent
Over the last year, analysts have also pointed to strong gold demand from central banks around the world amid other ongoing geopolitical tensions, including the wars in Gaza and Ukraine.
Is gold worth the investment?
Advocates of investing in gold call it a "safe haven" — arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road. Some also take comfort in buying something tangible that has the potential to increase in value over time.
Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn't always the inflation hedge many say it is — and that there are more efficient
The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning "when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers."
And even gold's current rally has seen some volatility. The price of spot gold fell for several days following Trump's sweeping "Liberation Day" announcement on April 2, for example.
If you do choose to invest in gold, the commission adds, it's important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.
FDA SCRUTINY OF NOVAVAX COVID-19 VACCINE SPARKS UNCERTAINTY ABOUT OTHER SHOTS
By LAURAN NEERGAARD and MATTHEW PERRONE Associated Press
THE Trump administration's effort to impose new requirements on Novavax's COVID-19 vaccine — the nation's only traditional protein-based option for the coronavirus — is sowing uncertainty about updates to other vaccines, too.
Novavax said Monday that the Food and Drug Administration was asking the company to run a new clinical trial of its vaccine after the agency grants full approval. The company said it had responded and that it believed its shot remains "approvable."
But a weekend post on social media by FDA
Commissioner Marty Makary suggested the prospect of needing a new trial before the shots' yearly strain update — something unlikely to be possible before fall. That's raised questions about whether other vaccines will be caught in the turmoil. "I don't think because there's a strain change that this is a new product," said Dr. Jesse Goodman of Georgetown University, a former FDA vaccine chief. If that's the new policy, "you'd always be doing clinical trials and you'd never have a vaccine that was up to date." The unusual move at FDA come shortly after the agency's longtime vaccine chief was forced out over disagreements with
Makary's boss, Health Secretary Robert F. Kennedy Jr. Kennedy won Senate confirmation to his job, in part, by promising not to change the nation's vaccine schedule. Since taking office, he's promised to "investigate" children's shots, canceled meetings of expert vaccine advisers and directed officials to look again for connections between vaccines and autism, a link long-ago debunked.
The Novavax vaccine, which originally showed effectiveness in a nearly 30,000-person clinical trial, is still being sold under emergency use authorization in the U.S. The nation's other two options, mRNA vaccines made by Pfizer and Moderna, have earned full FDA approval for certain
age groups. Because the coronavirus continually mutates, manufacturers follow instructions from FDA to make one change each year to their recipe — which strain to target — just like flu vaccines.
The FDA was on track to grant Novavax full approval by its April 1 target date, according to two people with direct knowledge of the situation who spoke on condition of anonymity to discuss confidential agency matters. But Trump appointees directed FDA scientists to pause their decision, according to one of the people. Since that highly unusual move, Novavax and the agency have been discussing additional requirements for approval.
In his weekend tweet,
FDA's Makary referred to the Novavax vaccine as "a new product," presumably because it had been updated to match last year's common coronavirus strain. "New products require new clinical studies," Makary added.
An administration spokesman didn't respond to specific questions about Pfizer and Moderna but suggested all COVID-19 vaccines could face stricter requirements.
"It's now been years since COVID has presented the threat it once did, and the urgency to rush approval of boosters without normal oversight no longer exists," said Andrew Nixon, a Health and Human Services spokesman, in a statement.
The FDA had been treating the annual COVID-19 strain updates exactly as it's done for decades with flu vaccines — not as new products, but existing ones that are merely adjusted to protect against the latest
ISLES OF KNIGHT TRUST COMPANY LTD.
strains, said Dr. Paul Offit, a vaccine expert at Children's Hospital of Philadelphia.
Offit said the companies still must perform tests in small numbers of people that show these updated vaccines produce levels of virus-fighting antibodies known to be protective, and they're closely monitored for safety.
Nixon, the HHS spokesman, suggested the policy might not apply to the flu shot, "which has been tried and tested for more than 80 years."
Under federal law, the FDA is required to follow established procedures when issuing requirements to drugmakers for approval. If the agency skips certain steps or imposes additional requirements for political reasons, experts say, it could be sued by drugmakers — or even patients, such as those who prefer the Novavax vaccine over its competitors because of an allergy or some other reason.
asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: Quoted market prices (unadjusted) in an active market for an identical instrument.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). If
