Don’t ‘bottleneck’ a property market at 95% of sale price
By NEIL HARTNELL
A PROMINENT Baha-
mian realtor yesterday
warned tax administration reforms must not create “bottlenecks” that slow a “strong” property market where sellers are getting up to 95 percent of the asking price.
David Morley, Morley Realty’s owner/broker, told Tribune Business that while he backed the Government’s ambitions to collect all due VAT on property sales it must not allow the changes to “further delay the time it takes to complete” a transaction to nine months or more.
He added that such an outcome would frustrate both buyer and seller, eager to close on their new asset and receive the due sales proceeds respectively, and potentially threaten their desire to participate in Bahamian real estate market activity that
Yacht
owners:
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
YACHT owners and managers are warning that The Bahamas is increasingly viewed as “an unpredictable and difficult destination for charter operations” due to consistent tax and fee hikes and other reforms.
The newly-formed Bahamas Charter Yacht Owners and Managers Association,
• Realtor warns against tax reforms slowing ‘strong’ sales
• Changes cannot ‘further delay time to close transaction’
“continues to strengthen” following a 2025 second quarter in which New Providence home sales increased almost 40 percent year-over-year. Mr Morley forecast that, while the overall market will likely remain “consistent” with such trends during the 2025 second half, it will be critical for all participantsthe Department of Inland Revenue, attorneys and realtors - to speedily work out the “growing pains” and “wrinkles” associated with the new VAT transfer tax regime that is now just 18 days old.
“My concern for the real estate business in the country is, with the changes that they did, the procedural changes they implemented with regard to conveyances, my concern is it may delay further the time it takes to complete sales,” Mr Morley told this newspaper.
Setting out the basis for his concern, he explained that it was vital the Department of Inland Revenue provide guidance notes to both attorneys and realtors on how the new regime for reporting and administering property sales - and collecting the VAT due on the transaction - is to
$600m Carnival port contract at legal fight heart
• New Providence up near-40% on contracted home sales • GB shipping agent accuses ex-general manager • Claims used its confidential info to launch rival
• Bar on Carnival payments removed by judge
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
work and be implemented in practice.
“I know that the Bahamas Real Estate Association has written to the Department of Inland Revenue to seek guidance for real estate agents and our involvement,” Mr Morley said. “We’re only 17 days into the new procedures. We have sales contracted from before June 30, and are now subject
‘Growing sense of uncertainty about Bahamas’
responding to Tribune Business inquiries, said the new and increased fees imposed in the 2025-2026 Budget - following closely behind the 14 percent all-in rate imposed on foreign yacht charter contracts - has created “a deepening sense of uncertainty” in the industry about The Bahamas’ future prospects. It added that members are reporting that “higher taxes, unclear anchoring fees, the unpredictability of plans for
mooring implementation, and rising fishing license costs make it nearly impossible for operators to plan or price their trips effectively”, with many questioning if they will continue to operate in The Bahamas as “regulatory burdens and costs mount with no clear path to compliance”.
The Association told this newspaper: “The primary concern across our membership is a deepening sense of uncertainty - among owners, managers and especially
charter brokers - stemming from abrupt regulatory changes imposed without industry consultation or clear guidance.
“This pattern began with sudden tax rule changes in 2022, for which the Government provided no pathway for enrollment or compliance. These changes positioned The Bahamas as the highest-taxed
Judge rejects injunction bid in Exuma family land battle
By NEIL HARTNELL Tribune Business Editor
THE Supreme Court has refused to grant an injunction barring a nephew from “forcibly evicting” his relatives and family members from an Exuma property used for a water sports and tourism business.
The seven-strong McKenzie family - Leslie McKenzie, Freeman McKenzie, Marvin McKenzie, John Olson McKenzie, Bessie Curtis, Jennifer McKenzie and Patrece McKenzie-Darling - are alleging that they were “wrongly dispossessed” by their nephew, Dwayne Gardiner, from the location where Barraterre
Bone Fishing Lodge was established. However, Mr Gardiner is countering that the property was conveyed to his now-deceased mother by two of his uncles after they were unable to raise the financing to complete the project. He is asserting that documentary title, and ownership, have passed to himself and his sister, with his mother having been advised on the transactions by former Exuma MP, Elliott Lockhart KC. Justice Carla CardStubbs, in a July 17, 2025, verdict said the bitter family dispute concerns a property located 0.3 miles from Barraterre. The
By ANNELIA NIXON Tribune Business
Reporter anixon@tribunemedia.net
A BAHAMIAN realtor yesterday asserted that the Government’s land reforms “will be remembered as one of the most important legal and economic milestones in Bahamian history” if implemented correctly. Kyle Barnett, a real estate agent with Condo Vikings and Jolie Luxury Homes, added that the changes envisioned by the Land Registry Bill and Land Adjudication Bill were long overdue and “a step in the right direction”. He voiced hope that implementation of a registered
land system will continue regardless of which administration is in office. “But again,” Mr Barnett added, “the Government must ensure systems are in place. Even if their party loses the next election the work must continue. If done right, this reform will be remembered as one of the most important legal and economic milestones in Bahamian history. But success depends on more than just passing law.” Christopher Adderley, an agent with Maison Bahamas Real Estate, said of the Government’s plans for a phased approached with
THE port services contract for Carnival’s $600m Celebration Key project is at the heart of a bitter legal dispute between a Freeportbased shipping agent and its former general manager.
BMLS Ltd, known as Bahamas Maritime and Logistics Services, initiated legal action against Philip Pinder, a now-former senior executive, in late October 2024 alleging he had breached his “duty of fidelity” and “fiduciary duty” by using the company’s confidential financial and proprietary information to launch his own shipping agency and compete directly with it for contracts.
One of those contracts is the provision of port services for Celebration Key, Carnival’s new Grand Bahama-based cruise port, which is set to officially open to thousands of visiting cruise passengers tomorrow. The Supreme Court, on November 14 last year, granted BMLS Ltd an injunction that effectively blocked Mr Pinder and his firm from receiving payment for services provided under the contract.
The injunction, issued by Justice Andrew Forbes, as an alternative stipulated that the former BMLS general manager pay his former employer “any profits” received from the Celebration Key deal with the cruise giant. This was on the basis that Mr Pinder had allegedly used BMLS Ltd’s “confidential information” to help win the Carnival contract. Frederick Smith KC, the Callenders & Company attorney and partner, who is Carnival’s legal adviser, is then understood to have informed Mr Pinder that the injunction prevented his client from paying him for services rendered under the Celebration Cay contract. The cruise line had itself been served with the
DAVID MORLEY
WORKPLACE AMENITIES CAN AID EMPLOYEE PRODUCTIVITY
Offering extra workplace amenities can be an effective way to incentivise staff by boosting morale, improving their well-being and fostering a sense of value and belonging. These services will ultimately increase productivity levels.
By offering amenities as part of the employee benefits package, companies can create a positive work environment, foster loyalty and, ultimately, achieve better business outcomes.
Here is a more detailed look at some key amenities that companies can explore:
* Ergonomic Furniture
Adjustable desks and chairs that support posture
and comfort help to reduce strain and promote focus.
* Wellness Facilities
On-site gyms or access to fitness classes promote physical and mental well-being.
* Healthy Cafeterias/ Food Options
Providing access to nutritious meals and snacks can improve energy levels and overall health.
* Natural Light and Green Spaces
Access to natural light and outdoor spaces can improve the mood and reduce stress.
* Quiet Rooms/ Break Areas
New farmers’ markets set for the Mall and PI
FARMERS’ markets
will be held on consecutive weekends at key New Providence locations in a bid to satisfy growing public interest in living healthy and eating fresh.
Philip Smith, the Agricultural Development Organisation’s (ADO) executive chairman, unveiled the plans for farmers’ markets at the Mall at Marathon and another, the fourth of its kind, on Paradise Island.
“This Saturday, July 19, the Mall at Marathon will host a farmer’s market with more than 15 participants offering a range of goods from produce to homemade jams and beverages, honey to Bahamian straw baskets,” said Mr Smith.
“ADO was invited back to the Mall based on the popularity of the first indoor farmer’s market a few weeks ago. The crowd that packed the space of a former store transformed into a colourful display of farm fresh produce and homemade goods was amazing. The best part was that it was a clear sign of growing interest in eating fresh and living healthier lives.”
The following Saturday, July 26, the ADO market will move to a green space in front of the Straw Market on Paradise Island. This will be the fourth time that Atlantis has supported local farmers through ADO. The Mall at Marathon market tomorrow will run from 10am to 5pm, while the Atlantis market the following week will be held from 8am to 4pm.
“We encourage everyone to support the farmers’ markets whether at the Mall, on PI, Gladstone Road or Yamacraw,” said Mr Smith. “We are all in this together, working to transform a nation riddled with too many cases of noncommunicable diseases like diabetes and heart disease into one of a healthy population by growing what we eat and eating what we grow.”
The ADO works closely with the Ministry of Agriculture and Marine Resources and Bahamas Agricultural and Marine Science Institute (BAMSI) to support farmers and reawaken an interest in agriculture and agribusiness, especially among young Bahamians.
Two years ago, it was reported that 90 percent of the nation’s farmers were over 60 years of age.
That is already beginning to change, says the ADO, which has distributed more than 3,500 backyard farming kits, started or expanded farms in more than 35 schools around the country and created or enhanced six community farms.
Spaces for relaxation and focused work, away from the main workspace, can enhance productivity.
* Collaborative Spaces
Well-equipped meeting rooms and open areas can assist teamwork and brainstorming.
* Kitchen and Break Areas
Communal spaces for socialiaing and informal interaction foster a sense of community.
* Flexible Work Options
Offering remote work possibilities or flexible scheduling can increase employee satisfaction and enhance the work/life balance.
* Childcare Facilities
On-site or subsidised childcare can alleviate a major stressor for working parents.
* Pet-Friendly Policies
Allowing employees to bring their pets to work can boost morale and create a more relaxed atmosphere.
* Bike Storage and Showers
Encouraging alternative transportation and providing amenities for cyclists.
* Employee Assistance Programme (EAPs)
Offering confidential support for personal and work-related issues
can significantly benefit employees.
* Employee Discounts
Providing access to discounts on company products or services can be a valuable perk.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
CONTAINER PORT AIMS TO FILL 120 POSITIONS
FREEPORT Container
Port has partnered with the Department of Labour to hold a second job fair as it aims to fill 120 posts linked to its $100m expansion project.
Following a strong turnout at the first job fair, held in Eight Mile Rock earlier this month, the two hosted a second event on Tuesday, July 16, at the Department of Labour and Public Service’s offices in the Winn Building, downtown Freeport.
Princess Flowers, officer in charge of the department’s Public Employment Services Unit, said the fair aimed to fill more than 120 positions including roles such as berth operators, crane operators, straddle drivers and more. This comes as the port’s majority owner, Hutchison Port Holdings, has unveiled a $100m investment designed to modernise the transhipment hub and boost efficiency.
Hutchison, in a statement, said the investment in new equipment will “usher in a new era of growth, marking the beginning of a transformative chapter focused on expansion, enhanced efficiency and modernised infrastructure”.
The first shipment of new equipment is set to arrive on Saturday, including two shuttle carriers and 12 straddle carriers. Two gantry cranes are scheduled for delivery in September, with two more to follow in October. Another 20 straddle carriers are expected in November.
As part of the expansion, Freeport Container Port will receive an additional
ten straddle carriers and four Super Post-Panamax semi-automatic Remote Operating Station (ROS) cranes, bringing the latter’s fleet to seven. Four existing gantry cranes will be decommissioned to make room for the expanded crane inventory, increasing the total to 14 and raising terminal capacity.
Supporting infrastructure will also be upgraded. Two new maintenance bays will be built to support the expanded straddle carrier fleet, alongside upgrades to electrical substations and the installation of a new substation to enhance power reliability.
Hutchison said the Freeport Container Port will increase its cold chain capacity by 1,000 new reefer points, and install a new fibre optic ring to enhance digital connectivity and enable smart terminal technologies. Besides new jobs, the investment will also create opportunities for local contractors and
suppliers while helping to build a skilled workforce.
“This investment is also aligned with the Freeport Container Port’s long-term sustainability goals,” the company said.
“The new equipment includes advanced energyefficient technologies, and the infrastructure upgrades will support greener operations. The project reflects the company’s commitment to environmental responsibility and reducing emissions.”
“These upgrades are a major step in making our terminal more modern, efficient and ready for the future,” said Freeport Container Port chief executive, Godfrey Smith. “This investment strengthens our operations, increases productivity, supports environmental sustainability, and opens doors for job creation and long-term economic growth in our community.”
PAYMENTS PROVIDER ‘LEADING CHARGE’ ON AGENCY BANKING
By FAY SIMMONS
A LOCAL payments provider says it is “leading the charge” for agency banking in The Bahamas.
Sean Smith, SunCash’s business development manager, said it is advocating to commercial banks and the Central Bank for the implementation of agency banking so under-banked and unbanked Family Island consumers can access a broader range of financial services.
Speaking to Tribune Business, Mr Smith said SunCash currently has more than 85,000 active users and up to 125,000 clients that use its 250 banking kiosks throughout The Bahamas. He added that many Family Island users had no banking
alternatives after commercial banks pulled out of their branch locations to leave a void that digital and agency banking services can fill.
“We’re the ones who are leading the charge for that simply because we’re in all of these islands when nobody else is. So we are going to be the ones who are leading that. We’re the ones who really pushed with the Central Bank. We were the ones who are knocking on all of the banks’ doors and saying: ‘We can help you in these areas’,” said Mr Smith.
“We had conversations with the commercial banks and told them: ‘In our physical stores we can facilitate everything for you’. Then we made it to the Central Bank, and they put out a new ‘white paper’ and, hopefully, next year at some point the legislation comes into light.”
Mr Smith said SunCash’s intent is not to compete with
commercial banks but to partner with them to provide technical solutions to an issue that has plagued many Family Island residents.
“We’re interested in it. We’re the ones who actually initiated it, and we’re the drivers of it, most of the catalyst, because we believe that there’s a symbiotic relationship with the banks and we asked where we can partner and help each other,” said Mr Smith.
“We’re not coming to compete in their space. We couldn’t. We want to see where we can grow the market and provide the solutions through what we have in technology that supports what they have in knowledge, experience and their larger licensing.”
Mr Smith said SunCash has launched a public education initiative to familiarise communities with digital banking platforms
End to Long Island airport airlift capacity limitations
By FAY SIMMONS Tribune Business Reporter
THE Government’s aviation chief yesterday asserted that the “obstacle limitations” of Long Island’s airport are being eliminated through its runway expansion project.
Dr Kenneth Romer, director of aviation, speaking at the first official site meeting in Long Island said the Davis administration realises the island’s economy has been “crying out for attention” and is now expanding the Deadman’s Cay airport to accommodate more traffic.
“This is a significant project for Long Island. We do know that the economy of
Long Island has been crying out for attention, and the growth in Long Island has really been constrained by capacity. We looked at the state of your airport. We heard the cries now that you’re only bringing in a sometimes 40 percent to 50 percent load factor for Bahamasair because of the obstacle limitation,” he added.
“But that is going to be immediately addressed. The first thing we’re really going to do is create now a pathway for Long Island to benefit from greater economic activities by increasing our airlift, by giving you phase one of an extended runway of removing the obstacle limitation.” The infrastructure upgrade will extend the elevated asphalt runway
MP CHALLENGES STRATEGY FOR LAND REFORM IMPLEMENTATION
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Opposition’s finance spokesman has challenged the Government’s land reform implementation strategy while voicing fears there may be insufficient personnel to effectively implement the changes.
Kwasi Thompson, also the MP for East Grand Bahama, told the House of Assembly that while he supports the reforms’ intent the has doubts about the government’s ability to execute the switch to a registered land system effectively.
Noting that countries such as the UK and Jamaica, which currently operate a registered land system, still have unregistered properties after many years, he added that it is a long-term process and the Government must ensure its proper implementation.
Mr Thompson, in particular, asked how the land adjudication areas will be selected and prioritised, and how large they would be.
“If you are allocating for adjudication areas, how big are these areas that we are speaking about? So, for example, will the entire island of Andros be in the adjudication area, or are we talking about subdivisions? Are we talking about constituencies?” he asked.
“We need to understand what area, and how big are these areas, are we looking at. Because, obviously, if you are looking at dealing with subdivision by subdivision, or if you’re looking at dealing with constituency by constituency, or you’re looking at dealing with island by island, it is a different process in terms of how you proceed.
“So we need to understand that process and how large of an area we are talking about when they deal with these adjudication
to 6,100 feet, enabling it to accommodate regional jets from the US and Canada and attract more frequent flights and increased seat capacity from private aviation and Bahamian carriers.
Bahamas Hot Mix, the contractor for the $19.8m project, has confirmed receipt of mobilisation funds, clearing the way for active construction work to begin within the next two weeks via site clearance and bulk cut of earthworks.
Dr Romer said the Government’s airport revitalisation programme is working to attract more airlift and increase capacity for all Family Islands, allowing them to attract more traffic and generate more economic activity.
“All across our islands, we’re creating economic
areas” In addition to clarity on the size and scope of adjudication areas, Mr Thompson also questioned how the Land Adjudication Tribunals will operate in different communities across the country.
“As you can imagine, this is a monumental task if not properly planned and resourced. While you may start with a pilot, how many tribunals do you anticipate will be needed? How many tribunals will be needed in Andros? How many tribunals will be needed in east Grand Bahama? How many tribunals will be needed in Eight Mile Rock and West End? How many tribunals will be needed in New Providence?” he asked.
“So what is the plan moving forward for how many tribunals will be needed in these different islands? Again, if we are anticipating this is not going to be a quick process, but this is going to be a long process, a long-term process, we need to understand the plan on how this is going to be implemented.”
Mr Thompson also pressed for more details about the training and availability of staff that will
and demonstrate that most banking services can now be offered remotely, eliminating the need for physical locations.
“Some people call it digital banking, some people call it FinTech or innovative banking. You have to look at all the services that the bank is doing, and the world is saying that those services are being evolved through technology and digital platforms that’s allowing you to achieve the same thing: Faster, easier, sometimes even more secure and cheaper,” said Mr Smith “We’re trying to change the mindset of the people to realise what were you going in the bank to do, the rest of the world is doing from their devices. We’re trying to get consumers to see that the world is evolving, and the request that you’re aggressively making has already been addressed by the world
opportunities for entrepreneurs and stakeholders. We’re seeking ways now to increase airlift, putting more butts in seats, heads in beds and monies into the pockets of our Family Island local communities,” said Dr Romer.
“Beyond that, we’re looking at how we could really address the state of our airport infrastructure, our road infrastructure, our dock infrastructure across the Family Islands. This again emphasises the importance of our Family Islands, and the Government has demonstrated a commitment to the total renaissance of these islands.”
Airside works for Long Island are targeted for completion by June 2026. According to project officials, plans are also in place to sign the contract and commence work for the new airport terminal building.
Thomas Cartwright, a lifelong resident of Long
be required to implement the new system, noting that surveyors, attorneys and demarcators must be sourced.
“The Bills also detail the vital roles, which will require personnel who are well-trained in this new system. For example, the Bill refers to demarcators who are registered and licensed land surveyors, with at least five years of experience tasked with physically marking and indicating land boundaries. Well, the first question is do we have them? Are they trained on this new system?” he asked.
“The Bill also speaks to records officers who are counselling attorneys with at least three years
who’s more advanced than we are.
“They’ve already moved past that, and they understand that technology has enabled us to achieve pretty much whatever you can do in the bank you could do through other platforms.”
Mr Smith added that SunCash has already received approval by Cabinet to provide banking alternatives to consumers paying for government services, as many agencies strive to become cashless.
“We’ve already been approved by Cabinet to take Road Traffic cashless by putting in solutions where the goal is for them not to accept cash any more, and so we’re in the process of rolling that out also, with the courts doing the same thing and many of the other government agencies,” said Mr Smith.
Island, said they were put on the “backburner for years” so he is excited to have work on the airport begin.
“I was very happy to hear what was happening. Ever since I was a young man, I hear them talking about fixing this airport and I’m 84 years-old now. It looks like it will start now. I wish I could live long enough to see it finish,” said Mr Cartwright.
“It’s good for the young people because Long Island was on the backburner for years and years and years. This party was in power. We still ain’t got nothing. We still ain’t got nothing from none. So I think it’s a good thing. I hope it come true and we’ll have a good airport here for once.” He added that the renovated airport will attract more visitors and open up employment opportunities for youth in the community.
“Long Island is a nice place. Come and enjoy what’s happening up here.
of property experience, responsible for investigating claims and preparing the official adjudication record. They must be trained. We have lawyers. We have a lot of lawyers, but how many of those lawyers have been specifically trained on this new system. When will that training start?
“Surveyors will also be appointed for essential survey work and the creation of demarcation index maps. Hopefully these maps will be digital. But do we have them? Do we have sufficient surveyors? And the surveyors that we have, are they trained? Or when will they be starting the training on this process?”
Mr Thompson said that while he understand the
He said the company’s new $3m regional expansion will begin in Jamaica and Trinidad, and further expand the range of services local users can access digitally.
“A parent in The Bahamas would not have to go into a commercial bank to send money to their child who is a student in Jamaica. They could go to the Sun Cash App and send money. It’s still going to be going through the banking rails, but that person doesn’t have to physically move and the person in Jamaica doesn’t have to then physically go to the bank to go collect this money any more. It’s just coming through on the app itself. It’s almost like you’re in the US and you have Cash App, or you have Zelle,” said Mr Smith
I’m sure if the airport gets finished, we’ll have more employment here and more tourists will come here, and Long Island will be somewhere to go back to,” said Mr Cartwright Mertrand Turnquest said he is “elated” that the airport is undergoing renovations after the neglect the island suffered under multiple administrations. “I’m elated honest to God. We waited for this for so long. You know, we was neglected. Both governments did it to us,” said Mr Turnquest.
“It’s very important, because look at the island. The island is stagnant. Long Island was always a farming land. It was known for farming; it was known for sheep raising. No more sheep running in Long Island and the farms are gone. Like I said before, both governments neglected Long Island, whether they want to admit it or not.”
Davis administration’s “thrust” to implement the new land reforms, the process will be difficult and take time.
“This process will not be an easy process. This will not be an easy transition. So I understand the Government’s thrust and the Government’s excitement that this will change The Bahamas and empower all Bahamians. I understand that, but the process of this piece of legislation is a long and, in some cases, it will be a difficult process to deal with, and a difficult process to transition from the unregistered land to a registered land system,” said Mr Thompson.
RE-IMAGINED MAHOGANY CLUB REOPENS AT THE BRITISH COLONIAL
ousted from the property which my family possessed for over 70 years and told that if we were to enter the premises again we would be placed in jail and ordered to pay costs.
TITLE - from page B1
family, which claimed to have been in possession of the site since 1973, are alleging that Mr Gardiner around April 30, 2022, entered the property without their permission and has taken control of it until now.
As a result, they applied to the Supreme Court for an injunction that would prevent Mr Gardiner from “taking possession of the claimants’ land situated in Barraterre, by wrongfully entering into possession of the said property and forcibly evicting the claimants and other authorised occupants thereof”. They also sought the return of appliances, furnishings and fittings from the restaurant located on the site.
“By affidavit of John Olson Mckenzie, the claimants assert that the land has been in the family’s possession since 1973, and that in 1978 the family completed construction of the building known as ‘Sailor’s Cove’,” Justice Card-Stubbs recorded.
“He avers that, in 1980, Freeman McKenzie, brother
of the affiant and uncle to the first defendant [Mr Gardiner], received the first Business Licence for operation of ‘the family business known as ‘Sailor’s Cove’ and ‘Barraterre Bone Fishing Lodge’, which included a restaurant, gift shop and guest houses’.
“His evidence is that other Business Licences ‘to operate the business from the subject land’ were granted to his siblings, including the mother of the first defendant and later the defendant, which he avers was ‘with permission from the claimants’.”
Mr Olson Mckenzie alleged that his family “have never vacated the land or given up possession”. They agreed to allow Mr Gardiner to “operate and assist us with the day-to-day operations of the restaurant and renting the guest houses, as he complained of not having employment and being in need of financial assistance.
“The first defendant was allowed to operate Exuma Sport Rental between the periods from 2016 to 2022 with our permission as our nephew in need of assistance, and not a possessor
of the land. The first defendant never had and or was given possession to the subject land, and simply ran the day-to-day operations with our consent.”
However, after Mr Gardiner presented a proposal to develop the location in April 2022, and was told he had “no authority” to do so, he then presented documents purporting to show that Freeman and Laverne McKenzie had conveyed the land to his mother, Marjorie. Freeman, though, denied any knowledge of such a transaction and said he received no compensation for the sale.
Mr Gardiner then asserted that he and his sister were the true owners of the property, and served his relatives with a Magistrate’s Court summons that they be “bound over to keep the peace” and no longer enter the disputed property.
“Shortly thereafter, the first defendant along with his agents came in and began to demolish the property, erect unauthorised structures, sold our equipment which we had in the restaurant and destroyed our personal belongings. Additionally, the first defendant entered into a lease agreement with Rubis, which has a gas pump on the land we possessed as mentioned,” Mr Olson McKenzie further claimed.
“To-date we have no access to the land due to the bound over in place in addition to our family being deprived of their right to continue occupying the land which we are in possession of.”
property’ in 1990. He alleges that Lavern Mckenzie was resident in Nassau and ‘never moved to Exuma’.
“Dwayne Gardiner alleges that his mother bought the interests of Freeman Mckenzie and Lavern McKenzie in the subject property and that she subsequently conveyed the subject property to” Garco Investments Ltd, a company now jointly owned by himself and his sister.
Mr Gardiner, in his evidence, revealed that his mother was advised by Elliott Lockhart KC, the former MP and ex-judge whose assets are now being sold-off to repay multi-million sums purportedly owed to clients.
Justice Card-Stubbs, though, noted that Mr Gardiner was asserting documentary title that meant his uncles and other relatives have “no interest” in the property. “Dwayne Gardiner avers that Freeman McKenzie, second-named claimant, was in possession of the property but failed to develop it because of a lack of finance,” she wrote.
Mr Olson McKenzie alleged: “Not having an understanding and appreciation of the Order, my family continued operating their business and I continued to operate my boat tours from the manor. This continued until my brother and I were arrested and placed in jail in Exuma, and we were flown to New Providence and brought before the Magistrate Court regarding the breach of the order.
“As a result of the same, my brother and I were
“He avers that in 1983, Freeman’s brother Lavern injected capital into the project but failed to complete it due to inadequate financing. His evidence is that his mother Marjorie (McKenzie) Gardiner stepped in to assist tin 1985 and that Freeman McKenzie ‘left Exuma thereby abandoning the
Busy Optometry office in New Providence looking for full time
“In 1997 my mother, Marjorie Mckenzie Gardner, became employed in Exuma and proceeded to renovate the building on the property in dispute but, in speaking with Mr Elliott Lockhart who was her legal advisor, he informed her that she should purchase the interest of Freeman and Laverne Mckenzie who are her brothers before she invested any more monies in the property in dispute,” Mr Gardiner alleged.
“Following on the advice given to her by Mr Lockhart she then obtained a conveyance of the property shown on the plan attached thereto from Freeman McKenzie and Laverne McKenzie, both of whom claimed the land and were residing in New Providence.
“They sold all of their shares and interest in the property described in the schedule to the conveyance, which is the property now in dispute. None of the other claimants ever had any interest in the property as each of them own property in the same area.” Mr Gardiner said it was his mother who renovated the property and opened the bonefish lodge in 2003 with all the necessary government approvals.
“In 2022, I received a letter requesting me to vacate the property. At that time my family’s combined occupation of the property amounted to 25 years plus the property was vested in the second defendant [Garco Investments].
“I consulted with Mr Lockhart, my mother’s attorney, with respect to the actions of the claimants and he presented me with a copy of the conveyance and I obtained an order from the Magistrates Court in Exuma against all the claimants on June 13 last year to prevent them from interfering with my business on the property,” he added.
“The claimant, John McKenzie, breached the court order on two occasions and he was fined by the magistrate accordingly.” The McKenzie family, in evidence before Justice Card-Stubbs, alleged that the livelihoods of Freeman and John Olson had been “severely impacted” by the dispute as the property was “their sole source of income”.
They added that Mr Gardiner had “inflicted significant and irreparable harm to the subject property and to the claimants’ reputations”, and challenged the validity of the conveyance. Mr Gardiner, though, refuted all these claims and argued that there was no serious issue that merited a Supreme Court trial. Justice Card-Stubbs ruled that the seven-strong McKenzie family had failed to prove their “bald assertion” that the property had been in their possession for 70 years. “I find that the assertion of the claimants to possession as a family since 1973 have not been substantiated on this application based on the affidavit before me,” she wrote. However, she said it was “notable” that Mr Gardiner’s documentary title only emerged after he was given notice to vacate the property. And the judge agreed with the McKenzie family that the dispute does deserve to go to Supreme Court trial, although she declined to grant an injunction given the damage it would inflict on Mr Gardiner’s business operations. Ex-MP and judge advised on property’s conveyance
Must have Doctorate of Optometry degree from an accredited college of Optometry or trained at a college of Optometry from the UK. Must be licensed to practice in country of training. Must be proficient in OCT and Humphrey’s Visual Field.
“When she died in 2015 her insurance paid off a part of the loan obtained from the Bahamas Development Bank,” Mr Gardiner alleged. “My father put me in charge to run the business until he died in 2018, and thereafter the shares in the company were left to my sister and myself, with two-thirds to me and one third to her.
THE newly re-imagined Mahogany Club has welcomed guests back to downtown Nassau’s British Colonial resort with a refined dining experience that blends Bahamian tradition and modern culinary innovation.
AARON MOSS, director of food and beverage at the British Colonial, welcomes guests to the Mahogany Club’s soft opening. He described the concept as “heritage reimagined one bite at a time”.
ELEMENTS of the Mahogany Club experience include immersive, table-side touches that reflect the restaurant’s commitment to service and storytelling through food.
EXECUTIVE chef, Antonio Williams, explains the inspiration behind Mahogany Club’s offerings, which are designed to reflect the ingredients, traditions and daily food rituals of Bahamian life.
Photos: British Colonial/Fincastle Media Group
‘Irreparable harm and ruin’ fear if injunction unchanged
CONFIDENTIAL - from page B1
November 14 injunction, which Mr Pinder had been unsuccessful in overturning on appeal.
However, Mr Pinder and his attorney, Osman Johnson, seized upon Mr Smith’s letter to appear before a different Supreme Court judge and argue - this time successfully - for the injunction to be “varied or discharged” on the basis that the ex-BMLS general manager “would suffer irreparable harm or be ruined” if it remained in force as is and he could not receive payment from Carnival.
Justice Constance Delancy, in a July 15, 2025, verdict altered but did not eliminate the injunction. However, she did strike out the sections preventing Mr Pinder from being paid by Carnival for services rendered or having to transfer the profits to BMLS Ltd. Her ruling disclosed that BMLS is seeking damages from Mr Pinder for the alleged “conversion” of its external hard drive plus “deleting... confidential commercial and financial information” from the company’s hard disks. It also wants an Order to prevent Mr Pinder “undertaking shipping agency business which has the benefit of the contract for
‘We won’t
the.. Celebration Key port services”.
Accusing Mr Pinder of breaching his “duty of fidelity” and “fiduciary duty”, BMLS Ltd sought to resist the injunction’s discharge or changes being made to its terms by arguing that there had been no “change in circumstances” to justify any adjustments.
Gail Lockhart-Charles KC, representing BMLS Ltd, also argued that Mr Pinder was effectively seeking “a second bite at the cherry” after the Court of Appeal had dismissed his challenge to the injunction’s granting and initial terms.
However, Justice Delancy ruled that Mr Smith’s letter disclosing that Carnival
finish this by sitting on couch’
CHANGE - from page B1
“pilot” testing: “This will allow systems to be built around the most challenging landscapes in the archipelago”.
He added that “bringing these issues to the forefront with the passage of the Land Adjudication and Registered Land bills transforms industry concerns from internal debate into national awareness en route to solutions”.
Mr Barnett agreed that “the phased approach and pilot adjudication are not only sensible - they’re essential”.
Mr Adderley agreed that taking on land reform will be an “immensely challenging task”. He added: “Any government willing to tackle the issue of land reform should expect that
it will be an immensely challenging task and work accordingly.
“At this stage in our development as a country, steps in the right direction are key to building solutions that will spawn professional development, empowerment and deliver dividends to the real estate industry and public at large.
“I think it goes without saying that there is much work to be done. Systems should be built to adapt and manage processes progressively better over time. In either case, moving forward to address the problem is the first step in a long journey. Done is better than perfect.”
Mr Barnett added:
“While Mr [Adrian] White could possibly be right, I still see it as a step in a positive direction and, if you’re running a marathon, you
won’t finish it by sitting on the couch. The Government must continue to put these innovative systems in place and with the proper infrastructure, financing, accountability and actions, one day we will look back and ask who’s smart idea was this.
“My advice is to do it in phases and set timelines. If they need help I can extend my services.” Mr White, the St Anne’s MP and a real estate conveyancing attorney by profession, told Tribune Business that while he supported the two Bills debated in the House of Assembly it will “take decades” to adjudicate title ownership for every land parcel in The Bahamas and accurately record this in the Land Registry. As a result, he argued that Bahamian companies and citizens will have to
Netflix delivers another strong performance in second quarter while following a familiar script
By MICHAEL LIEDTKE AP Technology Writer
NETFLIX on Thursday
announced another quarter of steady growth as the video streaming service's more than 300 million subscribers have become increasingly attractive to advertisers.
It's a familiar script that Netflix has followed for the past three years to widen
its lead in video streaming while delivering financial results that have usually easily exceeded the analyst projections that steer investors.
While Netflix's profit eclipsed Wall Street's expectations by a wide margin in the April-June quarter, its revenue came in right around the bar set by analysts. The Los Gatos, California, company earned
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 31st day of July A.D., 2025. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
Dated the 18th day of July , A.D., 2025.
Kirvy Ferguson Liquidator Unit 8 Caves Village Professional Center West Bay Street, Nassau, The Bahamas
O T I C E TAMA STAR SHIPPING COMPANY LTD.
N O T I C E IS HEREBY GIVEN as follows:
(a) TAMA STAR SHIPPING COMPANY LTD. is in dissolution under the provisions of the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the 16th day of July 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Kirvy Ferguson, Unit 8 Caves Village Professional Center, West Bay Street, Nassau, The Bahamas.
Dated the 18th day of July, 2025.
HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
could not pay Mr Pinder because of the injunction amounted to just such a “change in circumstance” that warranted varying the initial terms.
“The defendant [Mr Pinder] submitted that he would suffer irreparable harm or be ruined if the interim injunction is allowed to stand in its present iteration,” the judge wrote. She added that “it is now apparent that the defendant is being restrained from executing rights and obligations under a commercial contract vital to his enterprise” even though the injunction was designed to merely preserve the status quo.
As a result, Justice Delancy struck out or amended multiple terms in the original injunction. Besides eliminating the bar on Mr Pinder receiving payment for services provided under the Celebration Key
contend with “duplicate land systems working in tandem” for many years until the transition to a system of registered land is completed.
This, Mr White added, will require attorneys to continue with paper-based title searches under the present deeds-based system for the foreseeable future while, at the same time, the Land Adjudication Tribunals set up under the new regime are also determining who owns real estate parcels in a specific area. As a result, costs and the amount of work performed by attorneys will increase rather than reduce.
And the St Anne’s MP also told this newspaper that, during the transition to registered land, businesses and homeowners may have to “prove their ownership twice”. Despite possessing a certificate of title, pronounced as clear and marketable by an attorney, and a bank having lent mortgage financing secured on the same property, he said this will now have to
$3.1 billion, or $7.19 per share, a 46% increase from the same time last year. Revenue rose 16% to $11.08 billion. Management also slightly raised its revenue forecast for the entire year, citing a belief that its programming lineup will reel in more subscribers in the second half than the first.
"We're really incredibly excited about the back half of this year and confident
that it keeps rolling in '26," Netflix co-CEO Ted Sarandos told analysts during a Thursday video conference. Although he believes Netflix remains "perfectly positioned to keep thriving," Investing.com analyst Thomas Monteiro said investors were disappointed that the company didn't boost its full-year guidance for revenue and its profit margins by even more against the backdrop of its accelerating momentum. Netflix's shares slipped 1% in extended trading, indicating investors
NOTICE DANUBE LTD.
Pursuant to the Provision of Section 138(8) of the International business Companies Act 2000 notice is hereby to a Certificate of dissolution issued by the Registrar General on the 28th day of May 2025.
AMICORP BAHAMAS MANAGEMENT LIMITED Liquidator of Danube LTD
contract, she also removed the section requiring him to return to BMLS Ltd “all the commercial and financial information” that was allegedly “stolen” and deleted from the company’s computers. The justification for this was that it is “an impossibility” to recover deleted information. Mr Pinder, though, was ordered to return the back-up hard drive previously located at the home of BMLS’ principal, the late Michael Hall, and provide the password to unlock the company-provided cell phone. He also cannot participate in shipping agency business that “has the benefit” of existing BMLS contracts, while the Supreme Court has also permitted “the confiscation of all confidential commercial and financial information and property of the claimant, and for the
be confirmed again by a Tribunal.
Both Prime Minister Philip Davis KC and Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, yesterday acknowledged that the Land Adjudication Bill and Registered Land Bill will not reform what they described as a broken system “overnight”.
But they argued that “the fog of land uncertainty will be lifted” through initiating a regime that will uphold property owners rights; give developers, businesses and homeowners assurance that they have good title and secure ownership; eliminate frivolous rival property claims; and help end multiple ownership disputes that the Inter-American Development Bank (IDB) estimates affect 50 percent of private land. The Land Adjudication Bill, if passed into law by Parliament in its current form, provides an adjudicator - who must be an attorney with at least
expected an even more robust performance. But that is a minor stumble, given Netflix's stock price has soared 43% this year. The stock's strong run began during the second half of 2022 when the company introduced a low-priced version of its service with commercial interruptions as an antidote to an abrupt downturn in subscribers. The video streaming service is also faring well in Hollywood, as evidenced by the 120 Emmy nominations showered upon its programs earlier this week – second
same to be seized from the defendant”.
“This includes but is not limited to all statutory financial information such as all tax returns and Business Licences, all information relating to the financial statements of the company/the claimant, balance sheet, profit and loss accounts, actuals, budgets, forecasts, all information relating to the vendors of the claimant, all information relating to the contracts of the claimant, all information relating to the clients of the claimant, and all information relating to any tender submitted by the claimant,” the surviving Supreme Court injunction said of the information to be confiscated. It is understood that BMLS is likely to appeal the injunction variations to the Court of Appeal.
seven years’ conveyancing experience - and two other persons with the authority to form an adjudication tribunal. This tribunal will then assess and determine claims to land ownership in a particular area designated by the responsible minister. Once these claims are adjudicated, they will be entered into a Land Registry whose creation is backed by statute law as opposed to the present system of lodging and recording conveyancing deeds in the registry of records at the Registrar General’s Department. The two Bills tabled by the Davis administration will thus work hand-inhand, complementing each other to bring Bahamian land administration into the 21st century. Mr Davis, in leading-off debate on the two Bills, reiterated his belief that the present land law system has contributed to The Bahamas’ economic “stagnation” through unresolved title uncertainties that impede wealth creation and development.
only to Warner Bros. Discovery's HBO Max. In the past quarter, Netflix hailed "Sirens," "Ginny & Georgia" and "The Four Seasons" as being among its most watched programming. The popularity of Netflix's scripted programming combined with weekly World Wrestling Entertainment spectacles, high-profile boxing matches and periodic National Football League games have enabled its service to retain subscribers while its prices rise, including on the cheapest tier.
Legal Notice
International Business Companies Act (No. 45 of 2000)
TURIN GROWTH CAPITAL LTD. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of TURIN GROWTH CAPITAL LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 3rd day of July 2025
WND LIMITED Liquidator
N O T I C E IS HEREBY GIVEN as follows:
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 31st day of July A.D., 2025. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
Dated the 18th day of July , A.D., 2025.
Kirvy Ferguson Liquidator
Unit 8 Caves Village Professional Center West Bay Street, Nassau, The Bahamas
(a) TAMA HOPE SHIPPING COMPANY LTD. is in dissolution under the provisions of the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the 16th day of July 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Kirvy Ferguson, Unit 8 Caves Village Professional Center, West Bay Street, Nassau, The Bahamas.
Dated the 18th day of July, 2025.
HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
Full boating reform impact may not be visible for now
CHARTERS - from page B1
charter destination in the Western Hemisphere, significantly impacted bookings, and drove many yachts - and the tourism spending they bring - out of the market to other destinations.
“The most recent changes, including shifts in the tax structure such as the loss of VAT input credits, unclear rules surrounding anchoring fees and sharp increases in fishing license costs with no clear or efficient online renewal process, were imposed with minimal notice and without operational clarity,” the Association added.
“These moves have only deepened the perception of The Bahamas as an unpredictable and increasingly difficult destination for charter operations. The exclusion of charter vessels between 45 and 55 feet from operating trips shorter than 48 hours, regardless of whether those
trips are booked through a Bahamian broker, also undermines the industry’s ability to support the growth of homegrown Bahamian brokerages and the development of young Bahamian yacht crew, as most Family Island sailing charter catamarans fall within this size range.” The Association acknowledged that the full fall-out from the combined regulatory changes may not have been experienced yet as charter yachts tend to book their trips six to 12 months in advance, meaning this may only become apparent in 2026. “As a result, the immediate effects of these policy shifts may not be fully visible yet. However, many members report a sharp decline in broker confidence and an increasing number of inquiries about moving operations to other destinations in future seasons,” it added. “Several unresolved issues are making it difficult for operators to plan ahead.”
These, the Association said, include uncertainty around mooring and seabed lease fees. “Without a clear framework or cost structure, operators cannot forecast or adjust pricing to recover potential new costs,” it asserted. Meanwhile, the decision to eliminate 10 percent VAT on foreign yacht charter contracts in favour of a 14 percent all-in fee means boats will be unable to reclaim the tax paid on their inputs.
“This change increases the cost of doing business and reduces already tight margins, making The Bahamas a less competitive destination,” the Association warned. “The mandate to broadcast AIS (automatic identification systems) at all times, including while stationary in marinas or designated anchorages, raises safety, privacy and compliance concerns with the risk of fines or vessel impoundment.
“Some smaller operators are already weighing
whether to cancel upcom-
ing seasons or withdraw from the Bahamian market altogether due to the growing regulatory burdens, operational costs and persistent uncertainty.”
None of those voicing concern about the revised boating fees and their impact are disputing that The Bahamas has a sovereign right to determine and set these levies at the level it deems appropriate, or that visiting boaters should pay their fair share in taxes and fees in return for commercial exploitation of this nation’s waters and environment.
Instead, the main issue has been the zero consultation with boaters and industry, coupled with the lack of notice and time to adjust, as well as the scale and breadth of the changes and how they have been implemented in practice. This has led to significant uncertainty and confusion, with The Bahamas not providing a timely or coherent message to its visitors.
However, despite the outcry, the Government is forecasting the reforms will more than triple annual revenues generated by this earnings stream compared to the old fee structure.
and focus to run it properly so we avoid delays.
The 2025-2026 Budget estimates disclose that cruising permit fees generated a combined $6.223m in the 2023-2024 fiscal year, and were forecast - under the old structure and levies - to produce $5.518m in the just-closed 2024-2025 Budget period. That represented a yearover-over decline of 11.3 percent, although $4.064m or 73.7 percent of the 20242025 full-year target had been collected during the first nine months of the last fiscal year through March 2025.
However, with the addition of the two-year frequent digital cruising card (FDCC) and new anchorage fees in particular, the Ministry of Finance is forecasting that the Public Treasury during the current 2025-2026 fiscal year will generate a total $17.868m from cruising permits and related levies.
This represents a 224 percent increase upon, or more than tripling of, the $5.518m cruising permit revenues projected for the 2025-2025 fiscal full-year. The Ministry of Finance is forecasting that the FDCC, which permits vessels “unlimited entry” for a period of two years upon payment of a fee ranging from $1,500
to $8,000, which is linked to vessel size, will generate $9m alone during 2025-2026. And the new anchorage fees, ranging from $200 to $1,500 “for foreign pleasure vessels not mooring at a marina”, and again linked to vessel size, are projected to deliver $2.8m in new revenues. Together, the FDCC and anchorage fees are predicted to produce $11.8m for the Public Treasury, with the new “temporary” 12-month permit for boats below 50-feet forecast to produce $4.417m And the Ministry of Finance, despite all the dire predictions and warnings, is clearly anticipating that The Bahamas’ boating and yachting market will continue to expand as it is forecasting steady growth in the FDCC, anchorage fees and temporary cruising permit revenues through the next two Budget cycles to the close of the 20272028 fiscal year. In particular, FDCC income is forecast to rise from $9m this fiscal year to $10m in 2026-2027, and then to $11.65m in 20272028, while anchorage fees are also projected to move from $2.8m to $3.08m and $3.452m over the same timeframe.
DELAY - from page B1
to these procedures. It’s not like the Government had a transition period.
“As soon as it came it became law we had to switch to the new procedures. There’s going to be some wrinkles we’re going to have to go through and make some adjustments. I hope there’s no significant additional delays caused to these transactions.”
Mr Morley said the reforms now give attorneys up to 180 days from when a conveyance is executed to pay the due VAT on the sale to the Government. While this might delay the Government receiving its taxes, it would at least know the funds are due and coming, but he added that this could also lengthen the time before Bahamian real estate sellers receive the purchase price.
The Morley Realty chief said the changes, which now require attorneys representing parties in a real estate transaction to obtain a VAT invoice
before the conveyance can be executed, mean that the frequent disputes with the Department of Inland Revenue over the purchase price’s validity and amount of tax due must be settled before the invoice is issued and conveyance executed. Prior to June 30, 2025, such disputes were resolved after the invoice was issued, so Mr Morley warned there now may be “a delay of getting that invoice”. He added: “If that’s the case, and you get your invoice and the conveyance is executed the next day, what’s the rationale for giving 180 days to pay the transfer tax?
“The law states that attorneys are not to disburse the proceeds of sale until the receipt of that invoice. I hope the end result of these procedural changes does not cause a reduction in the collection of VAT transfer tax.
“There’s going to be growing pains involved, and I hope the Department of Inland Revenue provides guidance and irons these
NOTICE ANTONOV 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 200464 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 17th day of July A.D. 2025. ANTONIO MARIA VIDIGAL LIQUIDATOR
NOTICE
Vitacura 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 210742 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 17th day of July A.D. 2025
Divaldo Daniel Souza Lima Degli Esposti LIQUIDATOR
things out so it creates an effective path way for getting things done rather than creating additional delays than we were accustomed to prior to June 30.”
Referring to the salesman’s adage that “you always strike a deal while the buyer’s hot”, Mr Morley said nine-month or even greater timelines for closing Bahamian real estate purchases could quickly cool such enthusiasm unless the new VAT procedures are implemented smoothly.
“If the buyer says it takes nine months to close, and the seller says will it take nine months to get my money, they will ask: ‘Do I really want to sell?’,” he added. “I hope the new procedures shorten the closing period required but, at the same time, the Government has to be open-minded.
“There’s going to be a period of adjustment for the coming months. We have to make sure we don’t create a bottleneck, and the Department of Inland Revenue has to add additional staff
“I think the market is strong. It continues to strengthen and look at demand. Demand is up in every aspect and in every market for the five islands. We’re not at the point of demand exceeding supply and we don’t have diminishing inventory. We continue to have a net positive on inventory every single quarter.”
Morley Realty, in its analysis of data from BREA’s multiple listings system (MLS), which now includes 76 percent of the Association’s registered firms as members, said the three months to end-June 2025 had been “one of the strongest quarters” for sellers with New Providence homes on average achieving 93.3 percent of their asking price.
“The list-to-sale price ratio stayed within a tight band but saw notable shifts. New Providence homes climbed to 93.3 percent, and land jumped to 95.9 percent, one of the strongest quarters for sellers. Grand Bahama land also rose to 95.3 percent,” the firm said in its analysis.
“Abaco and Eleuthera homes posted slight declines, while Exuma held
NOTICE BRAINEX CO. 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 202320 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 17th day of July A.D. 2025. RODRIGO TADEU ALVES COLMONERO LIQUIDATOR
NOTICE
Feelings
under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 210577 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.
at a strong 94.5 percent despite the small decline. Most sellers across the islands continued to receive offers close to the asking price. And, while new listings declined for a number of islands, New Providence saw quarter-over-quarter increases of 12.7 percent and 53.1 percent for homes and land coming on to the market, respectively.
“New listings declined across most markets this quarter. Exuma and Eleuthera saw the sharpest quarter-over-quarter drops, with Exuma home listings down 53.8 percent and Eleuthera homes down 20.5 percent. Abaco homes posted a modest 8.6 percent gain, and New Providence homes rose by 12.7 percent, indicating stable seller interest in those areas,” Morley Realty added.
“However, land listings in nearly every market fell significantly - Exuma land fell 52.3 percent - highlighting a tightening of available inventory in that segment.”
Assessing the market’s overall condition, the firm added: “In the 2025 second quarter the Bahamian real estate market continued to show distinct trends by island and property type, with momentum shifting in several key areas.
“The landscape remained varied, as some markets saw cooling activity while others experienced renewed interest, particularly in land sales..... Overall, the 2025 second quarter reflected a more fragmented and localised market. New Providence and Abaco saw growing activity, while Eleuthera homes closed faster.
“Exuma adjusted from earlier highs but saw renewed land interest. Grand Bahama showed consistency with moderate gains. Looking ahead, shifting inventory and price sensitivity will likely shape market behaviour through the second half of the year.”
NOTICE
MZ 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 211365 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 17th day of July A.D. 2025. MICHEL ZOLKO LIQUIDATOR
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Philippe Hawlitschek, whose address is Rua Antônio Tavares 50, Apto 61 – Cambuci, Sao Paulo, SP, CEP: 01542-010, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 16th day of August
UK SIGNS TREATY ON DEFENSE, TRADE AND
MIGRATION
WITH GERMANY AS EUROPE BOLSTERS SECURITY
By JILL LAWLESS and GEIR MOULSON Associated Press
U.K. Prime Minister Keir
Starmer and German Chancellor Friedrich Merz signed a landmark treaty on Thursday that pledges to tighten defense ties, as European nations try to protect Ukraine, and themselves, from an aggressive Russia in the face of wavering support from President Donald Trump's U.S.-focused administration.
Merz said it was "a historic day for GermanBritish relations" as he signed an agreement that also commits the two countries to boost investment and strengthen law-enforcement cooperation against criminal people-smuggling gangs using the English Channel.
"We want to work together more closely, particularly after the United Kingdom's withdrawal from the European Union," Merz said. "It is overdue for us to conclude such a treaty with each other."
A partnership with a purpose
The treaty builds on a defense pact the U.K. and Germany, two of the biggest European supporters of Ukraine, signed last year committing to closer co-operation against the growing threat from Russia. It includes a promise to "assist one another, including by military means, in case of an armed attack on the other," though it's unclear what practical impact that will have, since both countries are NATO members and bound by the alliance's mutual defense pact.
Starmer said the treaty — signed at London's V&A Museum, which is named after Queen Victoria and her German husband, Prince Albert — sealed a "partnership with a purpose."
"We see the scale of the challenges our continent faces today, and we intend to meet them head on," Starmer said during a joint news confernce at an Airbus defense and space factory north of London.
NOTICE
NOTICE is hereby given that ROSEMITHA ALCIN of Johnson Road, New Providence, 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 11th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The U.K.-Germany treaty follows agreements signed during a state visit last week by President Emmanuel Macron, in which France and Britain pledged to coordinate their nuclear deterrents for the first time.
Germany does not have nuclear weapons. The treaty with Britain says the countries will "maintain a close dialogue on defense issues of mutual interest ... including on nuclear issues."
The treaty stressed a "shared commitment to the security of the Euro-Atlantic area, and underpinned by enhanced European contributions" — a nod to Trump, who has demanded European NATO members greatly increase military spending. Germany and the U.K. have both promised to raise defense spending to 3.5% of GDP in the coming years.
Merz, making his first trip to the U.K. since taking office in May, said it was "no coincidence" he traveled to London a week after Macron.
"The E3 – Great Britain, France and Germany — are converging in their positions on foreign policy, on security policy, on migration policy, but also on economic policy issues," he said.
Weapons for Ukraine
Merz and Starmer discussed ways to boost European support for Ukraine, following Trump's announcement of a plan to bolster Kyiv's stockpile by selling American weapons to NATO allies who would in turn send arms to Kyiv.
Merz signaled that those plans are still a work in progress, saying it might take "days, perhaps weeks" before weapons reach Ukraine.
NOTICE
responsible
is
Nationality and Citizenship,
Naturalization
and
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 11th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
He said that "above all, we need clarity on how weapons systems that are given up from the European side will be replaced by the U.S."
During the trip the leaders announced that German defense startup Stark, which makes drones for Ukraine, will open a factory in England. They also agreed to jointly produce defense exports such as Boxer armored vehicles and Typhoon jets, and to develop a deep precision strike missile in the next decade.
Starmer also praised Merz for his help curbing the smuggling gangs that brought 37,000 people across the English Channel from France in small boats in 2024, and more than 22,000 so far in 2025.
Dozens have died attempting the journey. Berlin agreed last year to make facilitating the smuggling of migrants to the U.K. a
criminal offence, a move that will give law enforcement more powers to investigate the supply and storage of small boats to be used for the crossings.
Merz committed to adopting the law change by the end of the year, a move
Starmer said "is hugely welcome."
Srudent exchange trips
Starmer has worked to improve relations with Britain's neighbors, strained by the U.K.'s acrimonious departure from the European Union in 2020. He has sought to rebuild ties strained by years of illtempered wrangling over Brexit terms, and worked to reduce trade barriers and to strengthen defense cooperation. But he has ruled out rejoining the 27-nation bloc's single market or customs union, and has been cool to the idea of a youth mobility agreement with the EU.
NOTICE
NOTICE is hereby given that STEPHEN PIERRE-LOUIS of Bamboo Town, 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 18th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that RENOT BELLOT of Golden Gates #1, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Bahamas.
BRITAIN’s Prime Minister Keir Starmer, right, and German Chancellor Friedrich Merz, left, with Germany’s Minister for Foreign Affairs Johann Wadephul, behind left, and Britain’s Foreign Secretary David Lammy, behind right, as they attend a signing ceremony of a wide-ranging bilateral cooperation treaty in London, Thursday, July 17, 2025.
Photo:Frank Augstein/AP
Wall Street cruises to more records as PepsiCo and tech stocks rally
By STAN CHOE AP Business Writer
WALL Street rose to records on Thursday following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies.
The S&P 500 climbed 0.5% to top its all-time high set a week ago. The Dow Jones Industrial Average rose 229 points, or 0.5%, and the Nasdaq composite added 0.7% to its own record set the day before. Trading was calmer than Wednesday's, when President Donald Trump jolted financial markets by saying he had discussed the "concept" of firing the chair of the Federal Reserve but was unlikely to do so. Such a move could help Wall Street get the lower interest rates it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
A strong profit report from Taiwan Semiconductor Manufacturing Co. helped drive tech stocks,
and its net income soared nearly 61% in the last quarter from a year earlier. The chip maker said it's seeing strong demand from artificial-intelligence and other customers, and TSMC's stock that trades in the United States rose 3.4%. Other stocks involved in AI also climbed, and a 1% gain for Nvidia was one of the strongest forces pushing upward on the S&P 500. PepsiCo jumped 7.5% after delivering revenue and profit that topped Wall Street's expectations. The drink and snack giant also stood by its financial forecasts given in April, which projected lower full-year profit than previous forecasts due to increased costs from tariffs and a pullback in consumer spending. United Airlines flew 3.1% higher after reporting a stronger profit for the latest quarter than analysts expected. It also said it's seen an acceleration in demand from customers that began in early July, and it's expecting less uncertainty about the economy
to hurt its business in the second half of this year.
Lucid Group's stock surged 36.2% after it said Uber Technologies is aiming to use 20,000 or more of its vehicles over six years in a robotaxi program. Using an autonomy system by Nuro, it expects to launch "later next year in a major US city."
Uber, which plans to invest hundreds of millions
of dollars in Lucid and Nuro, saw its stock edge down by 0.3%.
On the losing side of Wall Street was Abbott Laboratories, which fell 8.5% despite delivering results for the latest quarter that edged past analysts' expectations. The health care company cut the top end of its forecasted range for revenue growth over 2025.
Elevance Health dropped 12.2% after reporting a weaker profit than analysts expected. It cut its forecast for profit in 2025 because of rising medical cost trends in its Affordable Care Act business, along with other factors. All told, the S&P 500 rose 33.66 points to 6,297.36. The Dow Jones Industrial Average gained 229.71 to 44,484.49, and the Nasdaq composite climbed 153.78 to 20,885.27.
In the bond market, Treasury yields were mixed following several betterthan-expected reports on the economy.
One said that shoppers upped their spending at U.S. retailers by more last month than economists expected. Such spending, along with a relatively solid jobs market, has helped keep the U.S. economy out of a recession.
A separate report said that fewer U.S. workers applied for unemployment benefits last week, which could be a signal of limited layoffs. A third suggested unexpectedly strong growth in manufacturing in the mid-Atlantic region.
Such solid data could keep the Federal Reserve on pause when it comes to interest rates. The Fed has been keeping rates steady this year, after cutting them at the end of last year. The Fed's chair, Jerome Powell, has been insisting that he wants to wait for more data about how Trump's tariffs will affect the economy and inflation before the Fed makes its next move. That's because while lower interest rates could goose the economy and prices for investments, they would also give inflation more fuel. And prices may already be starting to feel the upward effects of tariffs. Thursday's strong economic helped push the two-year Treasury yield, which closely tracks expectations for the Fed, up to 3.91% from 3.88% late Wednesday. Longer-term Treasury yields held steadier, though, and the 10-year yield edged down to 4.45% from 4.46%. The Fed has less influence over these yields, where investors in the bond market carry more sway.
MARINE FORECAST
FEDERICO DEMARCO, left, and Ed Curran work on the floor at the New York Stock Exchange in New York, Wednesday, July 16, 2025. Photo:Seth Wenig/AP
