SUPER Value’s president yesterday revealed the supermarket group has suffered “a big blow” after its overall light bill increased by 29.3 percent month-onmonth and costs at some locations doubled.
Debra Symonette pledged to Tribune Business that the 13-store chain will not increase consumer prices despite sustaining a $74,000 rise in energy costs following the unexpected and unwelcome increase in Bahamas Power & Light (BPL) bills that is hitting the private sector as well as residential consumers.
By NEIL HARTNELL
RESORTS World Bimini’s first developer was yesterday granted one final chance to perfect a $600m damages lawsuit against its Genting partner for allegedly turning the project into “a financial wasteland”.
Judge Joan Lenard, sitting in the south Florida federal court, ruled that the initial claim launched by Gerardo Capo’s RAV Bahamas “cannot proceed” because it failed to name BB Entertainment, Resorts World Bimini’s immediate holding company, as a party in the action. She found the claim “must be brought on behalf of” BB Entertainment, in which RAV Bahamas has a 22 percent minority equity
While Super Value’s business-wide solar power roll-out has enabled it to contain the impact, she added that such sudden and significant cost hikes worsen the effects of government-imposed price controls that restrict the margins food stores earn and result in some produce being sold at a loss.
“We went over the bills yesterday actually, and we are experiencing a significant increase,” Ms Symonette told this newspaper. “When we calculated, we had an increase of 29 percent overall. Certain stores were up.
“Our warehouse was up like 165 percent, a certain portion of it - there ate two sections to it. Our office
stake, because all the lawsuit allegations are derived from purported “wrongful conduct” that harmed Resorts World Bimini’s holding company. As a result, Judge Lenard determined that BB Entertainment is “an indispensable party” to the dispute with the Malaysian resort and gaming
conglomerate. Its noninclusion meant RAV Bahamas’ original lawsuit was dismissed, but the judge has now given Mr Capo and his family 21 days in which to file a new lawsuit that addresses the flaws she identified.
With the Resorts World Bimini battle kept alive for at least another
went up significantly, 92.7 percent, but the average overall increase was 29.3 percent. In terms of dollars we’re paying $74,000 more. Just think: We have solar at all of the locations now, as well as the warehouse and the office. Imagine the people who don’t have solar.”
High electricity costs and unreliable supply have held back economic and business growth, and Bahamian national development, for decades. The Davis administration has initiated a series of reforms designed to overhaul BPL and the energy sector, both on the generation and transmission and distribution sides, but all these elements and
three weeks, Judge Lenard wrote: “This case concerns a business relationship gone wrong. RAV partnered with Genting to develop and operate a casino resort in The Bahamas.
“Genting, a Delaware corporation and worldwide resort operator with its Resorts World branded properties, ‘convinced RAV that, together, they could build a world class resort and casino in Bimini, which would yield significant returns for RAV’. RAV, a Bahamian corporation and large landowner on Bimini, sought Genting’s resources and expertise and contributed the 20 acres on which the resort sits.”
BB Entertainment, a Bahamian-domiciled company, was incorporated to develop, own and operate Resorts World Bimini, the island’s largest investment and so-called ‘anchor project’, which employs hundreds of Bahamians. It was initially owned 50/50 by Genting and RAV Bahamas, with the
Shipyard ‘business boost’ from MSC as shareholder
GRAND Bahama Shipyard will likely enjoy “more business” through the involvement of three cruise lines after Mediterranean Shipping Company’s (MSC) “partnership” was confirmed yesterday.
Dillon Knowles, the Grand Bahama Chamber of Commerce’s president, told Tribune Business that MSC Cruises’ addition as a shareholder - first revealed by this newspaper in April - “bodes well” for both the ship repair facility and the island’s wider expansion. It also coincides with the Shipyard’s $600m investment in two new docks and the continued expansion of cruise tourism in The Bahamas and globally.
“I think that it bodes well for Grand Bahama that, one, MSC is taking an interest in the Shipyard, and two, the cruise industry has come together on something as important as the Shipyard. The fact we have multiple cruise lines engaged in the Shipyard is, I think, a good thing,” the Chamber president said.
“The Shipyard is going to benefit from all three cruise lines having a vested interest in bringing their vessels there for repair and refurbishment. More boats means more business than it would have had previously, and with global tourism trending in favour of the cruise industry, there’s going to be a further expansion of the cruise lines going forward.
“I think it all bodes well for Grand Bahama. There will be more business for the Shipyard, which means more people working in the Shipyard and more money spent on Grand Bahama. I don’t see any downside.” MSC Cruises thus joins Carnival and Royal Caribbean, who each held a 40 percent ownership interest in the Shipyard prior to its involvement.
The nature of MSC Cruises’ partnership, whether this involves it directly investing in the Shipyard and how much, and if the respective shareholdings will change as a result was not disclosed in yesterday’s release. It did, though, confirm that MSC is now a shareholder.
their full impact will take some time to be felt.
Speaking to the latest BPL bill increase, Ms Symonette said: “That’s going to increase our expenses, so that’s going to cut into our profits. Right now, we’re not considering any price increases. We’re holding on with hope that they go back down on the rates like they say, and we see a decrease soon.
The Super Value president, noting that the sudden and extensive light bill increases are “all around” impacting both households and businesses, said of the promised BPL and energy price improvements: “We ‘re still looking for that. I don’t know how long it’s going to take but we hope it will not be too long.
“We were really enjoying a significant benefit from it. I know we had seen a significant decrease in our bills. Suddenly this came along. This was like a significant blow to us because we thought we were going to enjoy that decrease for
“Considering that we have refrigeration and air conditioning in all the stores, that’s really expensive to keep them running. It’s really a significant blow to us, and then we were also looking at the fact they want to have price controls, and we can only add 10 percent on eggs which we have to keep refrigerated with electricity.”
By NEIL HARTNELL
A BAHAMIAN investment house is seeking to grow its new private equity fund to $50m within five years of launching to local investors on July 21.
Anthony Ferguson, president of CFAL, told Tribune Business via messaged replies to its questions that CFAL’s private equity fund is primarily targeting retail investors - individual Bahamians - by keeping the minimum investment threshold relatively low at $1,000.
Presently travelling in Europe, he added that the Fund will focus primarily on infrastructure and public-private partnerships (PPP) with its first investments aimed at separate elements of the Bahamian energy reforms initiated by the Davis administration.
“The Fund is targeting private equity investments with a focus on all things infrastructure for the retail investors, hence the reason for $1,000. After the success of the [Nassau] cruise port investment for the average person we felt it necessary to provide retail investors the same opportunity as the institutional investors,” Mr Ferguson, who is presently travelling in Europe, told this newspaper. The first two investment targets are EA Energy and Island Power Producers (IPP). The former won the bid to build, own and operate solar and natural
gas-fuelled plants supplying Abaco and Eleuthera’s power needs, while the latter has secured the deal to supply cruise ships docked at Nassau Cruise Port with ‘shore power’ again produced by liquefied natural gas (LNG).
The Fund is aiming to raise a collective $20m from Bahamian investors when its offering launches from July 21-29. Some $10m worth of class A and class B shares will be made available, with the proceeds used to acquire separate 10 percent equity ownership interests in EA Energy and Island Power Producers, respectively.
“The reason for EA and IPP at this time is because these are the only two available to the public,” Mr Ferguson said of the investment selection. “Should some of the other PPPs go public, the Fund would seek to invest in those provided they meet our due diligence
Family Island marinas voice boating fee fears
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AN ABACO marina yesterday voiced fears that visiting boaters are “not going to clear Customs and check in” now that the Budget’s new and increased temporary cruising permit fees have taken effect. Casey Collins, who manages the marina at Harbour View Marina and Blue Wave Boat Rentals, told
Tribune Business that he has received warnings guests will not return due to the new fees put in place. While the season is “technically dwindling down”, he voiced concerns that the boats which have recently left will either not return or not clear Customs the next time they visit The Bahamas.
“In
“I
If you had to see the amount of boats that travel from the US over to hear on a daily basis, it would absolutely blow your mind. And now they’re just not going to stop.
“Well, what they’re going to do is they’re going to come down in their centre consoles without five and six engines on it, where they can make this a day-trip and never clear Customs. A
lot of people have said that they’re not going to come back simply just because it doesn’t make sense to pay the fees. They can go to other locations. “I would venture to tell you, the BVI is probably going to be very popular after this decision because they can pass through here. They don’t have to clear Customs. They can pass through. They can grab fuel. They can stop
ANTHONY FERGUSON
ROYAL CARIBBEAN: PI BEACH CLUB TO OPEN TO BAHAMIANS
ROYAL Caribbean’s top Bahamian executive says “significant progress” continues to be made on its Paradise Island Beach Club that is now open for passenger bookings.
Philip Simon, Royal Caribbean (Bahamas) president, said in a statement that Bahamians will also be able to access the venue that is being developed on western Paradise Island in the vicinity of Colonial Beach. The rate that
Bahamians will pay is set to be issued soon.
“This is a very important project for us,” Mr Simon said. “We continue to make significant progress, and we are proud of how far we’ve come. We believe the Royal Beach Club Paradise Island will be a valued addition to The Bahamas, providing a world class experience for both locals and visitors alike.
“We can’t wait for Bahamians to come and enjoy
JAZZ-ED UP! BAHAMAS
PARTNERS WITH YANKEES
THE Ministry of Tour-
ism, Investments and Aviation has unveiled a partnership with the New York Yankees, whose players include Bahamian icon Jazz Chisholm, for the 2025 baseball season
The ministry, in a statement, said the tie-up will see The Bahamas engage with Yankees fans throughout the season via in-stadium branding, digital activations and hospitality events. It explained that the initiative aligns with The Bahamas’ broader tourism strategy to inspire travel and deepen emotional connections with visitors.
“The New York Yankees represent a global standard of excellence, and we are proud to partner with such an iconic organisation,” said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.
“This partnership allows us to connect directly with Yankees fans and invite them to explore our beautiful islands, vibrant culture and unmatched experiences. Whether you’re looking for relaxation, adventure or authentic Bahamian hospitality, there’s a place for everyone in The Bahamas.”
Baseball fans will see The Bahamas featured in Yankee Stadium through branding displayed on concourse televisions, LED
animations in the Great Hall and on field-facing LED displays throughout the season. The Bahamas will also host a sweepstakes providing bucket list travel opportunities for fans, which will be promoted via Yankees social media.
Latia Duncombe, The Bahamas’ tourism directorgeneral, said: “Partnering with the New York Yankees reinforces The Bahamas’ position as a world class destination with global appeal. This collaboration provides direct access to one of our most important visitor markets and enables us to showcase the diverse, authentic experiences of our islands to millions of fans throughout the season.
“It marks a strategic step in our ongoing efforts to drive visitation and elevate The Bahamas on one of the world’s most influential platforms.”
“We are excited to welcome The Bahamas as a partner this season,” said Michael J. Tusiani, New York Yankees senior vicepresident of partnerships. “With in-stadium branding, engaging activations and promotion on Yankees social media accounts, we expect that the multi-faceted exposure to our fans will result in increased recognition of The Bahamas as a premier tourist destination.”
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 203121 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 1st day of July A.D. 2025.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. ROSALVO ZOSIMO BISPO JUNIOR, whose address is AV Acre, 00601 QD 5 LT 180, Joao Pessoa, Paraiba, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 31st day of July 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 beneft of any distribution made before such claim is proved.
Dated this 1st day of July A.D. 2025.
ROSALVO ZOSIMO BISPO JUNIOR LIQUIDATOR
the beach club, creating new memories and celebrating our vibrant culture in this beautiful setting.”
Royal Caribbean has now opened bookings for the Royal Beach Club Paradise Island, which is set to be completed and open to visitors in December 2025.
From the moment they arrive in paradise will experience the spirit of The Bahamas while creating their ideal beach days across a combination of
family, chill and party experiences. Guests can soak up the sun at , from laidback vibes at The Deep End pool to DJ-spun tunes at The Floating Flamingo, the world’s largest swim-up bar. Throughout the beach club, vacationers can refuel with island fare across , and immerse themselves in Bahamian culture with live music, entertainment, local artisan shops and more. Plus, everything in between
is included with for the whole family Day passes start at $169.99 for guests aged 21 and over, which includes an unlimited open bar and dining. Those for nonalcoholic drinks and dining start at $129.99 for guests aged 13 years-old and over; $109.99 for ages 4 to 12; and free for guests ages 3 and under.
BAMSI INTENSIFIES RECRUITMENT DRIVE AMID GLOBAL UNCERTAINTY
THE Bahamas Agriculture and Marine Science Institute (BAMSI) says it is intensifying its recruitment campaign ahead of the fall 2025 semester.
The Institute, in a statement, said shifts in the global education environment, ranging from rising costs to geopolitical uncertainty, have prompted a renewed interest in domestic institutions. As a result, BAMSI, based in North Andros, is positioning itself as a local alternative, offering a full residential college experience along with academic programmes that align with national development goals.
“Our academic programmes are rigorous, relevant and rooted in the
needs of our nation,” said Dr Raveenia RobertsHanna, BAMSI's president. “Students don’t just study concepts; they apply them through real world projects, environmental engagement and experiential learning that prepares them to serve, lead and grow within The Bahamas and beyond.”
The Institute said it offers a wide range of degree programmes including agriculture, environmental science, marine science, aquaculture, agribusiness, business management, general agriculture, agronomy, animal science and art and environment. Each is designed to prepare students for careers that support national priorities such as food
security, sustainable development and economic diversification.
BAMSI added that it is also the only Bahamasbased institution to offer national certification in specialised fields such as flats
fishing guides, nature tour guides and veteran flats fishing guides. These certifications provide career pathways in eco-tourism, environmental conservation and natural resource management, which it said are areas of growing importance both locally and globally.
As part of its outreach, BAMSI’s admissions and recruitment team is conducting school visits, offering virtual consultations and using its 'Boar
to
A key highlight of the campaign is 'Recruitment 2025', a public event that will be held at the Mall at Marathon on Saturday, July 19. Students will be able to meet BAMSI representatives, apply for admission, explore scholarship opportunities and register.
EX-FREEPORT RESORT CONVERTED INTO BUSINESS INNOVATION HUB
CONSTRUCTION teams are working to transform the former Royal Palm Resort on Freeport’s East Mall Drive into space for the Innovate242 Incubator.
The Tourism Development Corporation has partnered with the Ministry for Grand Bahama to redevelop the site into a business development location that will serve as a hub for directing resources and support to entrepreneurs and small businesses.
NOTICE ROCIM LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 201451 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 1st day of July A.D. 2025.
MARCELINO LUIZ MOSENA LIQUIDATOR
DPM MEETS SUMMER EMPLOYMENT TRAINEES
CHESTER Cooper, deputy prime minister and minister of tourism, investment and aviation, addressed trainees at a summer employment orientation initiative headed by his ministry and the National Training Agency. The trainees met with Latia Duncombe, the tourism director-general; Dr Kenneth Romer, director of aviation and deputy tourism director-general; Milo Butler, deputy director of aviation; and Lisa Adderley-Anderson, acting permanent secretary in the Ministry of Tourism, Investments and Aviation.
Soar' community outreach series to connect with prospective students and families across The Bahamas.
PHILIP SIMON
DR RAVEENIA ROBERTSHANNA
Hotel union: ‘Nothing’ over Bazaar’s sale
By FAY SIMMONS
ONE of the International Bazaar’s 13 owners yesterday said they have still heard “nothing” about any progress being made in selling the derelict property to the Government.
Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business he has not received any update on the site that the Government plans to acquire for the proposed African-Caribbean products marketplace
Speculating that the transaction will be
completed before the upcoming general election, and possibly by year-end as the Government pushes to revive Freeport’s economy, he said: “Nothing. We’ve
heard nothing about how the sale is going.
“We’ve called but, you know, they said they would call us back and nothing yet. So I really can’t say what’s going on with it. We haven’t heard anything to say that it has been finalised, maybe in their minds… but we haven’t had any communication with the purchaser.”
Mr Woods added: “There was an appraisal done already for the land, because that’s really all it’s worth right now. They say they are working on it. But I believe by the end of the year we’ll hear some good news, if not 2026. They say keep your eye on 2026… I know they are really trying to revitalise that area, I think that’s a part of the
Nurses eye improved quality through new industrial deal
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas Nurses Union president yesterday said it is seeking to “improve the quality of nursing” through a new industrial agreement that is currently being negotiated.
Muriel Lightbourn explained that the current industrial agreement will end in October, and the union is seeking a new deal that will “not just speak to the finances of our nurses, but also to future of our nurses”. She added that the union will be seeking an agreement that allows for “timely” appointments and confirmation of nurses as well as additional training.
“In the new agreement we are looking really to improve the quality of nurses. Of course, we’re
going to be asking for an increase in salary. That goes without saying. But we also need to improve the quality of our nursing by asking for more training for our nurses,” said Ms Lightbourn.
“We also want timely promotions for our nurses. We also looking that, for our nurses that are just coming in, to be appointed on a timely fashionnot just appointed, but appointed and confirmed in a timely fashion. These are the things that we're looking at.”
Ms Lightbourn said the union will also be pushing for hardship allowances so nurses that provide care on the Family Islands can be compensated for travel to and from Nassau.
“We have nurses that work in the Family Islands who are presently on what we call hardship islands.
in Island Power Producers,”
and expected rate of return for the risk profile.
“The Fund always anticipated investing in EA and IPP, and allotted a small amount for the public should they decide to invest.
Long-term - over the next five years - provided excellent opportunities avail themselves, we would like to grow the Fund to $50m.”
Private equity funds typically invest in, and take ownership positions in, actual companies and businesses with a view to improving their performance. They ultimately exit these positions by selling their interests to another buyer or taking the subject company public via an initial public offering (IPO).
CFAL’s private equity fund is being structured as a segregated accounts company (SAC), allowing it to issue different share classes to investors and hold its various company investments separate from one another. This will allow investors to choose which ones they invest in, while also preventing liabilities (and problems) at a company held by the Fund from directly impacting others.
“The Fund will offer two classes of shares during the upcoming offering. The Class A shares will raise $10m to acquire a 10 percent ownership stake in EA Energy. The Class B shares will raise $10m to acquire a 10 percent ownership stake
CFAL’s marketing materials for the funds said.
“The minimum investment for each will be $1,000. There is no maximum investment. However, shares will be allocated on a bottom-up basis. Individuals can invest in either class if they wish or both.”
CFAL added: “EA Energy has been selected by the Government of The Bahamas to develop microgrids on the islands of Eleuthera and Abaco. The company will build solar and natural gas power plants on both islands under a 25-year power purchase agreement with the Government.
“EA Energy will be 65 percent owned by Bahamian investors and 35 percent by a Turkish partner. The project will be funded with $140m in total investment and is expected to be completed at the end of the 2026 second quarter.”
As for the cruise shore power plant, it said: “Island Power Producers has been selected by the Government of The Bahamas to develop shore power for the cruise ships while docked at Nassau Cruise Port. The company will build a natural gas power plant along with regasification and storage facilities to supply natural gas to other Family Islands.
“Island Power Producers will be 100 percent owned by Bahamians. The project will be funded with $180m in total investment and is expected to be completed at
plan for re-election, but in any event we are ready.”
During the 2025/2026 Budget debate, Ginger Moxey, minister for Grand Bahama, said the Government had reached an agreement with the Grand Bahama Port Authority (GBPA) to settle more than $1m in outstanding maintenance fees owed by the International Bazaar owners to pave the way for the site’s long-anticipated sale and redevelopment. The deal eliminates one hurdle for the proposed Afro-Caribbean Marketplace, and Mrs Moxey said the Attorney General’s Office is in the final stages of acquiring the International Bazaar from its 13 separate property owners.
them to remain in The Bahamas through improved benefits.
They have to take out of their salaries monies to pay to come up to New Providence, to get their salaries to them,” said Ms Lightbourn
“Which means that if the nurse is making $1,500 a month and she has to pay for a round-trip ticket of $300 to come from those hardship islands, you're talking about $300 gone out of their salary. And then if they come up from Inagua, that's $500 and their flights don't go every day.
"That means they have to find some place to stay up here, if they don't have families, and we’re looking for the Government to do something about that.”
Ms Lightbourn explained that a number of nurses are leaving the profession or moving abroad due to financial hardship, and she is hoping this industrial agreement will incentivise
the end of the 2026 second quarter.” Both EA Energy and Island Power Producers are, in effect, affiliated projects because the capital raised for each to-date has been via offerings overseen by CFAL.
This newspaper reported on April 24, 2025, that EA Energy’s $132.5m private placement had seen the $100m bond component fully subscribed for by investors. However, only $21m of the $32.5m equity was taken up, and the $10m that will be sought by CFAL’s private equity fund in three weeks’ time would largely fill that gap.
As for Island Power Producers, Mr Ferguson told this newspaper in February 2025 that the $150m project obtained $60m in equity capital before yearend 2024. And, with CIBC Caribbean willing to put up $50m in bank financing, only needed a similar amount to close out its fund-raising.
“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,” the CFAL chief said then.
Capital markets observers yesterday said the $10m sought for the Class A and B series shares, and 10 percent equity stakes that this will acquire, mean that both EA Energy and Island Power Producers have been valued at $100m even though they have yet to start producing energy. They also questioned whether these valuations align with what was previously disclosed publicly.
The acquisition will also include the derelict Royal Oasis Tower and Casino.
“An agreement has also been reached with the Grand Bahama Port Authority on outstanding accounts receivables of the Bazaar owners in order to move the project forward,” she said. The 13 owners collectively owed $1.5m in fees dating back to 2006.
Earlier this year, Mrs Moxey accused the GBPA of “holding up progress in its own city” by delaying the International Bazaar deal over this sum.
Speaking in Parliament, she countered assertions by Ian Rolle, the GBPA’s president, that the Government has yet to supply a business and/or financial plan for
“You may be aware that they're leaving and they're going abroad. Most of them aren’t even going abroad; they're just looking into different occupations. And so with our industrial agreement, we are looking at trying to map the future for our nurses, something that will retain our nurses, that our nurses don't feel like they have to work two and three jobs,” said Ms Lightbourn
“That's what we do in this society right now. Our nurses in 2025, if they want to go to the bank to get a home, you have to have someone to sign for you. These are nurses who are in the profession of registered nurse. Their entry level is a bachelor's degree.
"For trained clinical nurse or LPN…their entry level would be an associate degree. So could you imagine, in 2025, someone with an associate degree or a registered nurse with a bachelor's degree cannot get a loan for a house independently?"
“The offerings are scheduled for July 21-29. The offering memorandum will be released to the public on July 18,” CFAL said of the private equity fund. “The Fund will target investments that can provide a dividend yield of at least 10 percent per year as dividends will be the primary source of returns for investors in the Fund.
“However, as the Fund will be investing in equity, there is no guarantee that the Fund will achieve this objective each year. Both projects have a targeted first dividend payment in 2027, and thus the Fund does not anticipate receiving and distributing dividends until 2027 the earliest.”
Management, audit, regulatory and director fees were forecast to equal 1 percent of the Fund’s value. “Investors will not be able to redeem their shares for a period of two years from the closing date. Transfers will be restricted for a period of six months from the closing date. Sales will be restricted for a period of one year from the closing date,” CFAL said.
“CFAL is proud to announce the launch of the CFAL Private Equity Fund, an initiative designed to support the country’s most innovative and forwardthinking enterprises. This new Fund reflects our belief that private equity has the unique power to drive meaningful change, tackle pressing challenges and fuel sustainable growth.
“We believe these bold strategies will deliver longterm value for industries, communities and future generations.”
its much-touted AfricanCaribbean Marketplace by alleging that Freeport’s quasi-governmental authority is “holding up” its purchase of the now-derelict Bazaar site. She asserted that the delay centres on $1.5m in past due maintenance fees purportedly owed by the Bazaar’s 13 owners to the GBPA. Mrs Moxey, arguing that a portion of this sum dates back almost 20 years to 2006, asserted that Freeport’s quasi-governmental authority had initially been prepared to write this off but then altered its stance.
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Government has been pressing Silver Airways, the collapsed carrier, to pay more than $100,000 in due redundancy pay and other benefits owed to nowformer Bahamian staff.
Dr Kenneth Romer, director of aviation and the Ministry of Tourism's deputy director-general, said both himself and Chester Cooper, the deputy prime minister, have reached out to senior executives at the airline after it abruptly ceased flying following efforts to emerge from Chapter 11 bankruptcy protection in the US.
“We’ve reached out personally again to the to the chief executive of Silver Airways. The deputy prime minister has taken this on very personally. So I do know that he has personally, along with many of us, spoken or have reached out again to as high as the chief executive of Silver Airways,” said Dr Romer.
“Like we said before, and he's made it very clear, that where there are persons who might have been disenfranchised, the position of the ministry, and of course, the deputy prime minister and the minister of labour, has made it very clear that the Government's imperative is always looking for the welfare of their citizens.”
Former Silver Airways employees in Exuma and Eleuthera are collectively owed more than $100,000 in redundancy payments.
A total of 17 local employees were affected, with approximately $77,000 owed to workers in Exuma and around $30,000 to those in Eleuthera. The airline’s collapse has disrupted key domestic routes and left lingering questions about worker compensation and service continuity.
A redundancy proposal dated May 6 outlined terms including two weeks’ pay for each completed year of service for line staff and one month per year for supervisors. It also provided for pay in lieu of notice, vacation pay, and prorated compensation for partial years — all based on a 40-hour work week.
Howard Thompson, director of labour, confirmed that a trade dispute was filed in early May, with conciliation talks yielding a settlement sent to Silver
DR KENNETH ROMER
Airways' Fort Lauderdale office. However, follow-up has stalled.
Dr Romer also suggested that The Bahamas, and airlift to this nation, will not be impacted by JetBlue’s decision to cease operations from Miami International Airport this September as part of a series of cost-saving measures, including the elimination of under-performing routes. He said JetBlue has been a “great partner", and has not announced any decrease in traffic to The Bahamas, instead seeking to expand routes to the Family Islands.
“JetBlue has not announced any potential fall-off in terms of traffic to The Bahamas. As a matter of fact, with JetBlue, they have been speaking about how pleased they are with the overall capacity to The Bahamas. We're meeting with our partners. If there’s any fall-off, we are very proactive in how we address our business,” said Dr Romer.
“JetBlue has been a good partner, and there has been no indication at all of any potential disruption to our market. As a matter of fact, they have spoken about how they could do more, not just in Nassau/Paradise Island.
"We're looking at them attracting airlift into our Family Islands, like in Exuma and Grand Bahama. And I believe that they have been very optimistic about what we're able to do for them as a partner in our destination.”
DARRIN WOODS
CAPO’S LAST SHOT TO GET $600M RESORTS WORLD LAWSUIT CORRECT
Malaysian conglomerate holding its ownership through a separate Bahamian entity, BB Investment Holdings.
Ultimately, RAV Bahamas’ ownership stake was diluted to its present 22 percent, with Genting now holding 78 percent. “To RAV’s dismay, Resorts World Bimini has been a financial failure. BB Entertainment has not distributed any profits to RAV and the venture has racked up nearly $1bn in debt,” Judge Lenard wrote.
“RAV alleges the debt is illegitimate and Genting is responsible, as it has deliberately ‘“used BB Entertainment as its financial wasteland’. RAV claims that Genting’s fraudulent accounting practices have drowned BB Entertainment in illegitimate debt to diminish the value of RAV’s shares.
“In sum, RAV alleges Genting schemed to steal its land such that ‘if and when the.. resort is sold, RAV would never realise any money from that sale and would never receive any money for the land and licences it contributed.”
RAV Bahamas’ original lawsuit, which alleged multiple counts of fraud, negligence and tortious interference against Genting, invoked the south Florida district court’s “diversity jurisdiction” because it involved corporate entities domiciled in The Bahamas and New York that are outside its jurisdiction. It is essentially accusing Genting of using its 78 percent majority ownership, plus Board and management control, to conceal how it funnelled hundreds of millions of dollars in liabilities incurred elsewhere in its global empire on to the Bimini resort’s books. In response, Genting Americas and its affiliates have vehemently denied all of RAV Bahamas’ various assertions. They, in turn, have accused their minority partner of trying “to extract an exorbitant payment” by mounting its $600m damages claim, while also seeking to “inflict severe reputational damage” on the publicly-listed resort, gaming and leisure group through a series of “baseless” allegations. And the Malaysian conglomerate, in seeking to dismiss the lawsuit, asserted
that RAV Bahamas’ claims “must be brought in a derivative shareholder action with BB Entertainment joined as a nominal defendant”. This was because BB Entertainment, rather than RAV Bahamas, is the entity suffering direct damage if the allegations are true, rather than the latter, whose harm is “derived” or indirect.
Genting added that, if the south Florida court was to find BB Entertainment should be joined as a defendant, it would defeat use of the “diversity” clause because both the latter entity and RAV Bahamas are domiciled in this nation.
“As to direct harm, all five counts of RAV’s complaint allege that Genting caused illegitimate expenses and debt to be recorded on BB Entertainment’s books,” Judge Lenard wrote. “Here, the complaint’s core allegation is that Genting engaged in self-dealing and financial misconduct by burdening BB Entertainment with illegitimate or excessive debt, thereby depleting the value of the company’s primary asset - land originally contributed by RAV.
“While RAV may perceive this as a personal injury stemming from the
loss of the value of its land, the land was contributed to BB Entertainment and thus became a company asset. Any diminution in value resulting from mismanagement or fraudulent encumbrances harms BB Entertainment directly, and RAV only derivatively, in its capacity as a shareholder.
“Because RAV’s alleged injury flows from the initial harm to BB Entertainment, RAV fails to establish ‘direct harm’,” the judge added. “In its [reply] RAV attempts to recast its allegations asserting it ‘is unequivocally the only victim in this case because the illegitimate debt effectively wipes out RAV’s entire contribution, while not harming BBE and benefitting BB Investment Holdings’.
“Specifically, RAV argues that ‘the illegitimate debt placed on BB Entertainment’s books is not a harm to BB Entertainment’ as it is ‘payable only upon BB Entertainment’s death’ and ‘only one shareholder, RAV, feels the illegitimate debt’s harm because the other shareholder, BB Investments Holdings, stands to collect 90 percent of that debt’.”
Judge Lenard, branding RAV Bahamas’ reasoning as
SUPER VALUE’S ‘BIG BLOW FROM 29% LIGHT BILL HIKE
a while. Of course, over the summer we use more electricity. That, coupled with the [BPL] price increase, is going to hit us hard.
“Then, you know, they have it fixed that the more you use the more you pay,” Ms Symonette added. “It’s set up in kilowatt hours. You use up to a certain kilowatt hour at a certain price and, as you use more, the price increases. You cannot escape. Let’s just hope they’re going to see a change soon back down to what we could afford in the near future.”
A public outcry erupted last week after BPL residential/household bills suddenly jumped by between 38.6 percent to almost tripling via a 199 percent increase
month-over-month for July. Various reasons were cited, including the impact of the Israel-Iran conflict on global oil prices; increased summer demand and AC use; and BPL relying on more expensive diesel fuel.
BPL said its fuel costs had risen from around 16 cents and 20 cents per kilowatt hour (KWh), for the portions of customer bills below and above 800 KWh respectively, to 18.996 cents and 22.196 cents in June. But research by Tribune Business revealed that global oil prices, as measured by the Brent crude index, had at that time declined by 20.52 percent year-to-date to stand at $67.678 per barrel. Ms Symonette’s disclosures show that Bahamian businesses are not immune from the fall-out. Dionisio
D’Aguilar, Superwash’s proprietor, earlier this week revealed that his company is now paying an all-in BPL rate 45.8 percent higher than in October 2022 when the utility’s hedge ended to be overtaken by its so-called ‘glide path’ strategy for recouping under-recovered fuel costs.
Analysing the historical data, he asserted that BPL’s all-in per kilowatt hour (KWh) prices have “progressively gotten worse” over the past 18 months, having risen from 32 cents and 31 cents per KWh at year-end 2023 and early 2024, respectively, to the present 35 cents per KWh.
Mark A Turnquest, founder of the 242 Small Business Association and Resource Centre, and a wellknown consultant to the
sector, told Tribune Business yesterday that while his members and clients have generally seen an increase in their electricity bills for July none are panicking just yet. He explained that they will react to three-month, not one-month, trends and yearon-year comparisons with 2024.
“My clients don’t complain but they indicated there were some hikes,” he said. “They haven’t yet had a chance to evaluate it because it’s one month. My clients and members look at three months and summer last year. They don’t run a business in one month.
“June is June. They did not complain in May. If they see June gone up, July gone up, August gone up, they compare their energy
SHIPYARD ‘BUSINESS BOOST’ FROM MSC AS SHAREHOLDER
FROM PAGE B1
The addition of a third cruise line partner was yesterday welcomed by Rupert Hayward, co-chairman of the Grand Bahama Port Authority (GBPA) and its Port Group Ltd affiliate.
Port Group Ltd owned the remaining 20 percent in the Shipyard, and Mr Hayward said: “Port Group Ltd (PGL) is pleased to welcome MSC Cruises as the newest partner in the Grand Bahama Shipyard joint venture.
“MSC’s entry into the partnership alongside Carnival Corporation, Royal
Caribbean Group and PGL marks a significant milestone for the future of the Shipyard and the maritime industry in The Bahamas. This expanded partnership strengthens our shared vision to transform Grand Bahama Shipyard into a world-class facility for cruise and commercial vessel repair.
“MSC’s global expertise and long-term commitment will further support the continued growth and modernisation of the yard, helping to drive job creation, economic opportunity and technical innovation.”
NOTICE
NOTICE is hereby given that NATARA ANTONIA GUILLAUME of Guyana Court, Flamingo ar en, assau, The 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 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
given that WILNY AUGUSTABLE of Palmetto Point, Eleuthera, The 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
MSC Cruises’ involvement comes as the Shipyard prepares for the arrival of its two new docks. “We are delighted to see positive momentum on our expansion and modernisation, which is expected to increase activity here in the Shipyard, boosting local businesses, creating economic opportunities and enriching the community for Grand Bahamians,” said Chris Earl, the Shipyard’s chief executive.
The first dock, named ‘East End’, is 357 metres long and 76 metres wide1,171 feet by 250 feet - and capable of lifting 93,500
tons. It will be equipped with four cranes and control systems, and will begin its journey this September to The Bahamas, arriving by November with operations beginning in January 2026.
The second, larger dock, named ‘Lucayan’, is designed for a 125,000ton lift capacity,and will be operational later in 2026, allowing the Shipyard to service all large cruise ships and other commercial vessels.
Tribune Business reported back in April that MSC was in negotiations to buy into the Shipyard as the latter prepared to bring
NOTICE
NOTICE is hereby given that LINLIN ADELSON of P.O. Box CB12627 #4 Wulf Road, Nassau, The 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 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
PAUL of Harbour slan , Eleuthera, The 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 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“nonsensical”, added: “As discussed, all five counts of RAV’s complaint allege wrongful conduct resulting in increased debt to BB Entertainment. To say the debt did not harm BB Entertainment is nonsensical.
“Debt that a company wrongfully incurs, and cannot pay off, harms the company while it is alive, and insolvency or dissolution is a materialisation of that harm. In sum, the court finds RAV’s reply argument unavailing.”
Judge Lenard also rejected RAV Bahamas’ claims to have suffered “special injury”. Noting that no evidence has been produced to show Genting owed it “any special duty”, she added: “RAV contends it suffered a ‘special injury’ because it contributed land and now claims to have lost the value of that contribution.
“But RAV cites no authority for the notion that the form of a shareholder’s capital contribution, whether cash, services or property, transforms a generalised corporate injury into a personal one.... A loss in value of contributed land is economically indistinguishable from a loss in the
records based on how much A/C and things like that were used from the previous year. They don’t act emotionally.
“What happens is that they know June, July and August are the three hottest months. When they see June, July and August have gone up compared to last year, then they will call me. Home owners look at one month, simple, but they are not like homeowners. They look at three months and compare them to last year.”
To ease the pressure on residential consumers only pre-election, the Government introduced the Summer Energy Rebate. This will lower BPL’s fuel charge by 1.1 cents per kilowatt hour (KWh) for both portions of the bill - under and over 800 KWh. The fuel charge below 800 KWh will be lowered from the 18.5 cents that appeared in Bahamians’ July bills to
its $600m investment in the two new docks to fruition.
Multiple well-placed contacts, speaking on condition of anonymity, confirmed that the global cargo shipping giant - which generated $36.2bn in profits in 2022 - was looking to invest in the Grand Bahamabased facility although they gave different explanations for how any deal would be structured.
The potential Shipyard deal emerged just as MSC Cruises is becoming increasingly active in The Bahamas and wider Caribbean region. It has unveiled what it described as the world’s largest cruise terminal at the Port of Miami, spanning more than 492,000 square feet and capable of processing up to 36,000 passengers daily and handling up to three ships at once.
Some four ships will be sailing from that terminal this year to destinations including The Bahamas and
value of contributed cash or other asserts.
“In both cases, the shareholder’s alleged harm arises solely from the reduced value of their equity interest - an injury shared equally by all shareholders when the corporation is mismanaged. Allowing a shareholder to pursue direct claims based on the form of the contributed assert would undermine the direct/derivative distinction and open the door to individualised direct claims cloaked in corporate loss.” Judge Lenard said the relief sought by RAV Bahamas, namely the $600m damages and unwinding of debt liabilities alleged to have been improperly incurred, would also benefit BB Entertainment. This, she added, was further confirmation of the case’s “derivative nature”.
Finding that BB Entertainment must be joined as a party to the lawsuit, the judge ruled: “The court will grant RAV one opportunity to amend the complaint to conform with” her derivative findings and address any repercussions this has for the “diversity” clause given that Mr Capo’s vehicle and BB Entertainment are Bahamian entities. RAV Bahamas now has 21 days to file its revised complaint.
17.4 cents, representing a 6 percent discount, while for over 800 KWh it is being lowered from 22.5 cents to 21.4 cents.
Tribune Business, which has also seen its own bill double, calculated that the 1.1 cent per KWh reduction on the portion of its fuel charge above 800 KWh would have saved around $36.70 on its July bill, while the savings on the portion below 800 kilowatts would have been $8.70. This translates into just a $45.40 collective saving. The Government’s latest quarterly debt report, covering the three months to end-March 2025, shows it has yet to repay much of the loan it received from the Government - thought to be around $110m - to help cover the arrears owed to Shell under the former ‘glide path’ initiative. Some $170.3m was shown to be owing as at end-March 2025.
MSC Cruises’ private island of Ocean Cay.
MSC has also been deeply involved in plans to redevelop Freeport harbour in partnership with Royal Caribbean and ITM Group. The two cruise companies were teaming with the Freeport Harbour Company to redevelop Billy Cay into a new cruise port and amusement park.
Teaming with Carnival and Royal Caribbean, and investing in the Shipyard, would make sense for MSC as it would enable it to influence when its vessels could access the facility for repairs and refits rather than have its two cruise rivals determine the schedule. And its involvement, and potential investment, will help ease and share the burden of financing the Shipyard’s new multi-million docks.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I,LYNDEN MARCELLUS RAMSEY of P.O. Box CB12627 #183 Market Street intend to change my name to LYNDEN MARCELLUS ANDERSON. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that ANNE MARIE CHARLES of Jerome enue, assau, The 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 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
FAMILY ISLAND MARINAS VOICE BOATING FEE FEARS
to a marina for the night without clearing Customs because they’re not staying, and then continue their way to the BVI not having to pay a dollar for it, which is what I would do.”
Mr Collins challenged how the new anchorage fees will be tracked. “They don’t even have a boat to do this in the first place, to go out and collect these fees,” he added of Customs.
“How do you class a 35-foot boat in the same category as a 100-foot boat? The person that can afford to run that 35-foot boat is not in the same tax bracket as the person that owns that 100-foot yacht.
“For them to pay the exact same fee is insane. And then, on top of that, how are they going to, in particular for Abaco, how are they going to track the anchorage fees? Who’s going to go out every morning in a boat? They don’t even have a boat to do this in the first place, to go out and collect these fees.”
The Government altered the Customs Management (Amendment) Regulations 2025 late on to increase
the length of boats paying the smallest cruising and fishing permit fees from 34 feet to 55 feet. However, Mr Collins added: “They just decided that they want more money. But it’s not thought through. They have no way to go and collect these fees, in particular in Abaco.
“For them to do that, they would need Customs, Immigration and Defence Force all on a single boat every day going to these vessels to collect these fees. They don’t have the agents to do so, much less the boat to do so. I think there’s one boat that belongs to fisheries, and it doesn’t even work.
“So there’s no way for them to collect these fees on top of the people that just aren’t going to come back because they either can’t afford it or they’re simply just are not going to check in. It defeats the purpose. If I have a 35-foot boat, I don’t expect to pay the same price as a man that’s got a 100-foot yacht. They’re in two completely different tax brackets.”
As for automatic identification systems having to be installed, functioning
and activated on foreign boats in Bahamian waters, Mr Collins added: “That’s not going to work.” He said AIS systems are typically used to track cargo ships and most smaller boats do not have them. This, too, was recognised by the Government, which again made a late change to mandate this for boats 55 feet and over.
“Nobody’s going to put an AIS system on their boat just to come down here. It doesn’t make sense. Why register to be tracked on your pleasure vessel wherever you go?” Mr Collins asked. “And to spend the money to put in the system just to come here doesn’t make any sense.
“A lot of the boats just simply don’t have it. If you’re in a 100-foot yacht, they’re going to have it. But a lot of these sports fish, you know, a 60-foot sports fish doesn’t have an AIS system on it. The newer ones do, but the majority of them don’t. AIS systems are like cargo ship tracking, that sort of thing. So it just defeats the purpose.”
Trevon Rolle, marina assistant manager at Compass Cay Marina and
Republican budget bill dismantles climate law passed by Democrats
By MATTHEW DALY Associated Press
THE sprawling Republican budget bill approved by the Senate Tuesday removes a proposed tax on solar and wind energy projects but quickly phases out tax credits for wind, solar and other renewable energy.
The Senate approved the bill 51-50 as President Donald Trump and GOP lawmakers move to dismantle the 2022 climate law passed by Democrats under former President Joe Biden. Vice President JD Vance broke a tie after three Republican senators voted no.
The bill now moves to the House for final legislative approval.
The excise tax on solar and wind generation projects was added to the Senate bill over the weekend, prompting bipartisan pushback from lawmakers as well as clean energy developers and advocates.
The final bill removes the tax but mostly sticks with legislative language released late Friday night and would end incentives for clean energy sooner than a draft version unveiled two weeks ago.
Some warn of spike in utility bills
Democrats and environmental groups said the GOP plan would crush growth in the wind and solar industry and lead to a spike in Americans' utility bills. The measure jeopardizes hundreds of renewable energy projects slated to boost the nation's electric grid, they said.
"Despite limited improvements, this legislation undermines the very foundation of America's manufacturing comeback and global
energy leadership," said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association. If the bill becomes law, "families will face higher electric bills, factories will shut down, Americans will lose their jobs, and our electric grid will grow weaker,'' she said.
The American Petroleum Institute, the top lobbying group for the oil and gas industry, applauded the bill's passage.
"This historic legislation will help usher in a new era of energy dominance by unlocking opportunities for investment, opening lease sales and expanding access to oil and natural gas development,'' said Mike Sommers, the group's president and CEO.
While Democrats complained that the bill would make it harder to get renewable energy to the electric grid, Republicans said the measure represents historic savings for taxpayers and supports production of traditional energy sources such as oil, natural gas and coal, as well as nuclear power, increasing reliability.
In a compromise approved overnight, the bill allows wind and solar projects that begin construction within a year of the law's enactment to get a full tax credit without a deadline for when the projects are "placed in service,'' or plugged into the grid. Wind and solar projects that begin later must be placed in service by the end of 2027 to get a credit.
The bill retains incentives for technologies such as advanced nuclear, geothermal and hydropower through 2032. Bill 'could have been worse,' Murkowski says Changes to the renewable energy language
NOTICE
Pursuant to the provisions of The International Business Companies Act 2000, as amended, notice is hereby given that ISA Company Limited has been placed in voluntary liquidation and the date of commencement of the liquidation is the 4th June 2025.
Tachaka Mullings and Patricia Gayoso LIQUIDATORS
c/o Corvalier Trust Company Limited
Pineapple House #4 Lyford Cay
P.O. Box SP-64284 Nassau, Bahamas
Resort in Exuma, said that “if the people want to come, they’re going to come”. Revealing that “I’m probably at 80 percent occupancy”, he said he believes attractions and experiences, such as the ‘swim with the sharks’ excursion and the nearby swimming pigs have prevented his marina from seeing a number of cancellations due to the boating fee changes.
“At our marina, we charge for the mothership and the tender,” Mr Rolle said. “People complain to me every day, ‘Oh, I don’t want to pay for the little boat. We shouldn’t have to pay for that. We’re not coming back.’ But I see them come back. So you cry yet you come.
“Most of the marinas, they’re not keeping the culture in it. You got to keep the Bahamian culture in all of this. You got to communicate with your guests. You got to make your guests feel at home. You got to give them a reason to want to come back. Once they feel that… Everybody wants to see the nurse sharks, and we got the pigs not too far from here, also. This area is like a hot spot.
“Everybody got their own thing going on. Some people like to gamble. Some people like the pink sands. Bimini, they’re famous for the little casino they got there honestly, and it is so close to Miami. So a lot of people get there. But then when they get there, they say this isn’t the real Bahamas. Then when people find the real thing, they just stick to this area here,” Mr Rolle added.
“You got a bunch of famous people living in the area too, like Johnny Depp and Tyler Perry, and the guy from Louis Vuitton. He owns a couple islands in this area. People want to see new things. People from all over the world, they’ll come out here on a tour boat and all of a sudden you see them come back on the yacht, because they say, ‘Man, I’m thinking about getting a yacht and coming out here.’ All of a sudden, you see them show up on their new yacht.”
Mr Collins, however, added that Exuma sees more yachts and those who can afford the increased fees. “He’s probably dealing with a different tax bracket of clientele in Exuma,” Mr Collins said. “I would venture to tell you that the people that generally tend to go to Exuma in their own boats are probably in
bigger boats, in a different tax bracket. They have their captains carry the boat down.
“They fly on a plane down to Exuma. They spend a week there and fly out. You’re not going to see the people with the lower amounts of money going down there. The people that can afford to pay these fees and not care are going to still come. The people in the 100-foot yacht, they’re still going to come because that $1,000 means nothing to them.
“The people inside of that 30-foot sailboat might not come because they’ve been working for the past nine months to fund this trip, and now they have to put out money just to anchor. They have to stay to a marina, which is expensive, where they have to find money just to anchor wherever they go, on top of the increased fees.
“Exuma tends to see a different clientele. For us, we’re so close to Florida, the majority of boaters come down here. But Exuma is quite a run. So the people that generally carry their boats to Exuma are probably in bigger boats, because it’s more comfortable to make that run in a bigger boat. It’s a longer run.”
— including removal of the excise tax on wind and solar — were negotiated by a group of Republican senators, including Alaska Sen. Lisa Murkowski and Iowa Sens. Joni Ernst and Chuck Grassley. Iowa is a top producer of wind power, while Murkowski is a longtime supporter of renewable energy as crucial for achieving energy independence, particularly for isolated rural communities in Alaska.
Murkowski, who voted in favor of the final bill, called her decision-making process "agonizing."
Changes that push back the timeline for terminating wind and solar credits mean that "a good number" of Alaska projects would still qualify, she said. "Again, it's not all we wanted. It could have been worse," she told reporters Tuesday. Murkowski praised provisions calling for more oil lease sales in the Arctic National Wildlife Refuge and other areas in Alaska and increased revenue sharing.
Rhode Island Sen. Sheldon Whitehouse, the top Democrat on the Senate Environment and Public Works Committee, called the bill a "massively destructive piece of legislation" that "increases costs for everyone by walloping the health care system, making families go hungry and sending utility bills through the roof."
The bill "saddles our children and grandchildren with trillions and trillions of dollars in debt — all to serve giant corporations, fossil fuel polluters and billionaire Republican megadonors who are already among the richest people on the planet," Whitehouse said.
EV credits eliminated
Wyoming Sen. John Barrasso, the No. 2 Senate Republican, hailed the bill for rescinding many elements of what he called the Biden administration's "green new scam," including electric vehicle tax credits that have allowed car owners to lower the purchase price of EVs by $7,500. The bill also blocks for 10 years a first-ever fee on excess methane emissions from oil and gas production. Industry groups fiercely opposed the methane fee, which was authorized by Democrats in the 2022 climate law but
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never implemented. The GOP bill also increases oil and gas leases on public lands and revives coal leasing in Wyoming and other states.
"Today, the Senate moved President Trump's agenda forward,'' said West Virginia Sen. Shelley Moore Capito, a Republican who chairs the Senate environment committee.
Clean energy advocates were deeply disappointed by the bill, which they argue
undoes much of the climate law before it fully takes effect. "By eliminating a number of clean energy incentives and slashing others, this bill represents a significant step backward for America's energy future," said Nathaniel Keohane, president of the Center for Climate and Energy Solutions, a nonprofit that seeks to accelerate the global transition to net-zero greenhouse gas emissions.
N O T I C E
RS Holdings Corporation
NOTICE IS HEREBY GIVEN in accordance with Section 138(4) of the International Business Companies Act, (no. 45 of 2000) as follows:
(a) RS Holdings Corporation (the “Company”) is in dissolution under the provisions of the International Business Companies Act, 2000.
(b) The dissolution of the said Company commenced on the 25th day of June 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Mr. Brian Selvadurai.
Dated the 1st day of July 2025.
H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certifcate of Dissolution issued by The Registrar General on the 29th day of May 2025.
Dated the 2nd day of July A.D., 2025.
Marie Ximena Storni Liquidator of PlusPetrol Holdings Ltd
NOTICE IS HEREBY GIVEN as follows:
(a) PW Mining International (Ethiopia) Limited is in dissolution under the provisions of the International Business Companies Act, 2000.
(b) The dissolution of the said Company commenced on the 27 June 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Brian Selvadurai.
Dated the 30th day of June 2025. H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
A BLOCK Island Wind Farm turbine operates, Dec. 7, 2023, off the coast of Block Island, R.I., during a tour organized by Orsted. Photo:Julia Nikhinson/AP
Lululemon's lawsuit against Costco highlights the rise of fashion 'dupes'
By WYATTE GRANTHAMPHILIPS and ANNE D'INNOCENZIO AP Business Writers
FASHION "dupes," or less expensive versions of high-end clothing and other accessories, are just about everywhere these days. They're also drawing some businesses into legal battles.
In the latest example, Lululemon slapped a lawsuit against Costco on Friday, accusing the wholesale club operator of selling lower-priced duplicates of some of its popular athleisure apparel.
Across the retail industry, it's far from a new phenomenon. But social media is pushing the culture of online dupe shopping to new heights as influencers direct their followers to where they can buy the knockoffs. Want a taste of Hermès' $1,000 fuzzy slippers? Target has a version for $15. Looking for a $2,800 price Bottega Veneta hobo bag? There's a version for $99 on online clothing and accessories upstart Quince, which has become a go-to for fashionistas.
It's not even the first time
Lululemon has encountered what it says are knockoffs of its clothing, which often carry steep price tags of over $100 each for leggings and sporty zip-ups. Without specifying additional sellers beyond Costco in Friday's complaint, Lululemon noted that a handful companies have "replicated or copied" its apparel to
sell cheaper offerings — including those popularized online through hashtags like "LululemonDupes" on TikTok and other social media platforms. Dupes aren't new For years, companies have rolled out a range of cheaper option for consumers to buy instead of pricey name-brands or designer labels — often through retailers' house or generic brands. Unlike more direct copies of the product with an unauthorized trademark or logo of a patented brand, "pure" dupes that just resemble certain features are generally legitimate. They can even spark awareness of the original items. But the rising frenzy for dupes, particularly in the fashion space, signals that many shoppers want a taste of luxury, but no longer want to pay for (or care about) getting the real thing.
Late last year, for example, discount chain Walmart created a buzz when it started selling a leather bag online that resembled Hermès' coveted Birkin bag. The $78 item — sold by Kamugo, which doesn't appear to have its own website — was a fraction of the price of the original, which goes from $9,000 to hundreds of thousands of dollars on resale and auction sites. Influencers labeled the leather bag a "wirkin." Other suppliers including BESTSPR, YMTQ and Judy were
listed on Walmart's site selling similar totes.
While popular among shoppers, these kind of look-alikes can frustrate the targeted companies. Following the viral fame of the "wirkin," Hermès Executive Chairman Axel Dumas shared his annoyance, for example.
"Making a copy like this is quite detestable," Dumas said in a corporate earnings call in February. Still, he acknowledged that it was "quite touching" to see so many consumers want a bag with the Birkin style — and that "difference in quality" was still evident, noting that nobody bought the dupe thinking it was from Hermès.
When dupes venture into uncertain legal territory
Alexandra Roberts, a professor of law and media at Northeastern University, said that "the term 'dupe' itself doesn't tell us much
about legality," noting the word has also been used to describe more traditional counterfeits.
But overall, dupes can move into shaky legal territory, including copyright and trademark infringement, particularly if a dupe marketer makes false claims about the duplicate or the original.
"With fashion, in particular, we're going to get into some thorny questions," Roberts said. That includes what intellectual property rights exist and how enforceable they are, she explained, and whether there is actual infringement or if a product is just "positioning itself as a less expensive alternative."
Often such disputes boil down trademark questions around consumer confusion or patented product designs. Several businesses have already put this to the test, but not always successfully.
Anne Wojcicki’s nonprofit gets court approval to buy 23andMe for $305 million
By WYATTE GRANTHAM-PHILIPS
AP Business Writer
ANNE Wojcicki's bid to buy 23andMe, the genetic
testing company she cofounded nearly 20 years ago, has received the court greenlight. That means Wojcicki's nonprofit TTAM Research
Institute will purchase "substantially all" of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months
after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks. "I am thrilled that TTAM will be able to build on the
In December, for example, Benefit lost a lawsuit in California over E.l.f.'s $6 Lash 'N Roll mascara, which is similar to Benefit's $29 Roller Lash mascara. The judge's decision was "a resounding win for us," E.lf. CEO Tarang Amin previously told The Associated Press.
"The basic reality is we always put our E.l.f. twist on it," he said. "It's an E.l.f. product that's a much better value."
Lululemon sues Costco
In its lawsuit, Lululemon argued that Costco had "unlawfully traded" on Lululemon's reputation and that it was suing as part of wider intellectual property enforcement "directed to retailers who have chosen to copy rather than compete."
Lululemon accuses Costco of making duplicates of several products, including its popular Scuba hoodies, Define jackets and ABC pants. Lululemon says one of the duplicates that Costco sells is the Hi-Tec Men's Scuba Full Zip, with the lawsuit showing a screenshot image of Costco's website showing the item priced at $19.97. Roberts said she was "a little skeptical" of some of Lululemon's claims, noting that the design patents in particular could be hard to challenge. And she pointed to Lululemon's asserting common law trade dress over a "triangle kind of shape in the crotch region" of the ABC pants.
mission of 23andMe to help people access, understand and benefit from the human genome," Wojcicki said in a statement Monday — later adding that, "the future of health care belongs to all of us."
The sale, which was approved by U.S. Bankruptcy Judge Brian C. Walsh on Friday, marks the end of a monthslong bidding war between TTAM and Regeneron Pharmaceuticals — a biotech company that had previously agreed to buy most of 23andMe's assets for $256 million in May. But Wojcicki's nonprofit later topped that offer, winning the final round of bidding held last month.
Under the deal, TTAM will acquire 23andMe's signature "Personal Genome Service" provided through the company's saliva-based DNA testing kits — as well as research operations and its Lemonaid Health subsidiary, a telehealth services provider that 23andMe previously planned to wind down.
Wojcicki had worked to take 23andMe private for some time. With the company struggling to find a profitable business model since going public in 2021, she's maintained that it would operate better outside market pressures. But that endeavor proved to be tumultuous — notably in September of last year, when all of 23andMe's independent directors resigned from its board citing a "clear" difference of opinion with Wojcicki on the company's future following drawn-out negotiations.
Leading up to 23andMe's March bankruptcy filing, subsequent efforts from Wojcicki to acquire the company were unsuccessful. And when 23andMe filed for Chapter 11 in late March, Wojcicki resigned as CEO — noting at the time that she was stepping down to be "in the best position" as an independent bidder. Now that Wojcicki's nonprofit will acquire 23andMe, it's unclear whether the cofounder will step back into the CEO seat. But despite stepping down from the top post months ago, Wojcicki has remained on the company's board throughout the bankruptcy process. Beyond financial strains leading up to 23andMe's bankruptcy, privacy concerns related to customers' genetic information also emerged — dating back to even before the bankruptcy process, notably with a 2023 data breach. But concern
"My first reaction as a trademark expert is that looks pretty functional," she said, and functional matter is not protected under trademark law. "I was just cracking up because that particular claim seemed really farfetched to me. Those pants look really basic."
Still, Roberts noted that Lululemon had some plausible claims.
Lululemon alleges that Costco is known to use manufacturers of popular branded products for its private label Kirkland brand, although the companies involved don't clearly reveal that information to customers. Due to this, Lululemon claims some shoppers may believe that Kirkland-branded products are made by the authentic supplier of the "original" products.
Roberts said this could rule in Lululemon's favor as something that "weighs toward consumer confusion." Still, she noted that most of the products Lululemon mentioned in its complaint weren't sold under the Kirkland brand, which could undermine the argument.
A message was left Tuesday seeking comment from Costco on the lawsuit.
Lululemon found itself in a similar dispute with Peloton in 2021, when it sued the exercise bike company over alleged "copycat products" in its then-new clothing lines.
what new ownership could mean for 23andMe users' personal data has bubbled up in recent months. The genetic testing business had about 13 million customers at the time of its sale hearing, court documents note. In June, 27 states and the District of Columbia filed a lawsuit seeking to block the sale of personal genetic data by 23andMe without customer consent. And in a memorandum opinion outlining his approval 23andMe's sale to TTAM on Friday, Walsh acknowledged these states' objections to the acquisition — but that noted many had since been resolved. Still, California, Kentucky, Tennessee, Texas, and Utah "remain actively opposed to the sale."
In a statement, California Attorney General Rob Bonta's office maintained that 23andMe's sale "does not comply" with genetic privacy law in the state — and said it was "disappointed" with the court's approval.
"We are evaluating next steps and remain committed to protecting the data of Californians," Bonta's office added.
When announcing its intended sale to Wojcicki's nonprofit last month, 23andMe confirmed that TTAM "has affirmed its commitment" to comply with the company privacy policies and applicable law. That means TTAM will honor existing policies around consumer data, which includes allowing users to delete their data and "opt out" of research. The company added that TTAM will offer customers two years of Experian identity theft monitoring at no cost.
23andMe reiterated those privacy policies on Monday. And Wojcicki added that, "Core to my beliefs is that individuals should be empowered to have choice and transparency with respect to their genetic data and have the opportunity to continue to learn about their ancestry and health risks as they wish."
23andMe also said that all customers would be emailed before the acquisition closes — with details on TTAM's privacy commitments and instructions on how to delete data or opt out of research. Those emails appeared to begin going out on Tuesday, with a handful of consumers sharing images of the message online.
LULULEMON fashions are displayed in company store windows, March 25, 2021, in New York. (AP Photo/Mark Lennihan, File)
Wall Street is split as Tesla and tech drop while most other US stocks climb
By STAN CHOE AP Business Writer
A MIXED day of trading left the U.S. stock market split on Tuesday as Wall Street's momentum slowed after setting record highs in each of the last two days.
The S&P 500 dipped 0.1% for its first loss in four days. The Dow Jones Industrial Average rose 400 points, or 0.9%, and the Nasdaq composite fell 0.8%.
Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there's potentially "BIG MONEY TO BE SAVED" by scrutinizing subsidies, contracts or other government spending going to Musk's companies.
Tesla fell 5.3% and was one of the heaviest weights on the S&P 500. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk's and Trump's feud.
Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia's decline of 3% was the heaviest weight on the S&P 500. But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing betterthan-expected growth in overall gaming revenue in Macao, China's casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.
Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.
All told, the S&P 500 slipped 6.94 points to 6,198.01. The Dow Jones Industrial Average rose 400.17 to 44,494.94, and the Nasdaq composite fell 166.84 to 20,202.89. The overall U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the
continued threat of Trump's tariffs.
Many of Trump's stiff proposed taxes on imports are currently on pause, and they're scheduled to kick into effect in about a week. Depending on how big they are, they could hurt
that tries to show how much "excess optimism" is in the market is not far from the peaks seen during the "meme stock" craze that sent GameStop to marketbending heights or to the dot-com bubble at the turn of the millennium.
Other signals include demand for what are known as "blank-check companies," which are essentially piles of cash that hunt for privately held companies to buy. When too much optimism is in the market, it can inflate stock prices to toohigh levels in what's called a "bubble."
the economy and worsen inflation.
Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government's debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.
Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure
Of course, "market bubbles are infamously difficult to predict and can endure far longer than anticipated before correcting," according to the Barclays strategists led by Stefano Pascale and Anshul Gupta. In the bond market, Treasury yields swiveled following some mixed reports on the U.S. economy. One said U.S. employers were advertising more job openings at the end of May than the month before and than economists expected.
MARINE FORECAST
WALL Street sign hangs next to the New York Stock Exchange on Monday, June 30, 2025, in New York. (AP Photo/Yuki Iwamura)
