ATLANTIS plans to invest around $135m over the next three years in a near-total overhaul of its Cove resort despite a modest fall in revenue per available room (RevPAR), it was revealed yesterday.
Analysts at DBRS Morningstar, in evaluating the creditworthiness of mortgage-backed securities that underpin the latest refinancing of the Paradise Island mega resort’s debt, disclosed that the hotel and its owner, Brookfield Asset Management, invested more than half-a-billion dollars in refreshing multiple aspects of its product and guest experience.
‘Pull
The anticipated Cove improvements thus appear to be one of the biggest capital expenditures that Atlantis will have undertaken
over the past ten to 15 years. The outlay comes after “strong performance since COVID-19” with RevPAR, despite a slight yearover-year decline of 2.2 percent for the 12 months to end-May 2025, still some $49 ahead of prepandemic levels for the entire resort.
RevPAR is a key indicator of hotel pricing power and visitor demand, as its measures yields from available room inventory. Morningstar attributed the decline from a peak of $274 in 2023, down to the present $260, on “the phasing out of pent-up transient demand” from leisure visitors that built up due to the COVID-related travel restrictions
stops’ on local vacation rental ownership
By NEIL HARTNELL
THE Government was yesterday urged to “pull out all the stops” for Bahamian ownership and participation in vacation rentals amid expectations its tax compliance push may drive some to exit the market.
Thomas Sands, the Eleuthera Chamber of Commerce’s president, told Tribune Business that The Bahamas needs to balance adherence to the applicable tax laws with the provision of incentives that “empower” Bahamians to gain an ownership stake in tourism which is the country’s largest industry and economic driver. He argued that this was the only way “to retain as much of the capital being spent in this space in local communities and the domestic economy”, as opposed to it leaking out of The Bahamas as foreign currency, adding that vacation rentals play a valuable role in “filling the void”
‘Subdued’ tourism hits growth ahead of better second half
By FAY SIMMONS Tribune Business Reporter
THE Central Bank’s governor yesterday said “subdued” tourism growth meant the Bahamian economy expanded at a “slightly moderated speed” during the 2025 first half.
Unveiling The Bahamas’ economic performance for the 2025 second quarter, John Rolle revealed that despite the “increased headwinds” due to global uncertainty this nation is still on track to hit its full-year growth forecast of around 1.8 percent.
He explained that “uncertainty” due to the Trump administration’s tariffs and global trade disputes is expected to slow tourism, while rising global inflation would delay a reduction in international interest rates making The Bahamas’ foreign currency debt more costly to service.
“As we observed from earlier in the year, there are still increased headwinds facing the economy, but these do not extinguish the growth forecast. Uncertainties from increased tariffs on global trade are expected to slow global growth below what would have otherwise been its potential, and this
when Family Island resort inventory cannot meet visitor demand.
Speaking as the Department of Inland Revenue launched a review of “taxpayers’ compliance with the tax laws”, specifically in a bid to crack down on non-compliance in the vacation rental sector, Mr Sands told this newspaper that - while he supported
the need for all legitimate businesses to pay their fair share - there was a likelihood that perceived or real “red tape” will force some owners to close their doors.
“The reality is that if you operate a business you have got to be compliant,” he said. “I think there are a lot of people who want to find the correct approach to compliance as a business, and we encourage
Gov’t sells 130 Crown Land acres for $18m egg venture
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government has approved the purchase of 130 Crown Land acres on Andros to facilitate development of an $18m egg production farm, the Central Bank revealed yesterday.
The banking regulator, in a presentation accompanying its 2025 second quarter and first half economic developments report, disclosed: “The Bahamas Blue Hole Farms was approved for the acquisition of 130 acres of Crown Land at Stafford Creek, Andros, for the commercial development of an egg production farm at an estimated value of $18m.”
No further details were provided with the Central Bank describing the Bahamas Investment Authority (BIA) as the source of this information. Efforts to track down Bahamas Blue Hole Farms and/or its principals proved unsuccessful up to press time, although this newspaper located a website for Blue Hole Farms that, while confirming the project’s aims, was little more than a home page. The initiative is potentially tied to the Government’s Golden Yolk initiative and ambitions to drive The Bahamas to self-sufficiency
in egg production. Elsewhere, the Central Bank confirmed that Disney Cruise Line has been approved for $250m worth of infrastructure and other upgrades to its Castaway Cay private island destination.
And a $35m “boutique residential and members club with leisure/fitness related amenities on Big Point, Elbow Cay”, has also received the go-ahead from the Government. The developer was named as Pieces of Eight Ltd, although it could not be confirmed whether this is the Bahamian tour operator of the same name.
Other investment projects include “approval to construct and operate two lounges located at the Lynden Pindling International Airport (LPIA)” for Global Lounge Network, a developer of high-end lounges for VIP passengers and travellers.
A $200m mixed-use resort and commercial complex for western New Providence, known as Brickell Square Commercial & V’Orsay Residential Resort, to be developed in partnership with Eco Green Properties, has also been approved for a Heads of Agreement signing and its Hotels Encouragement Act tax breaks and concessions.
‘Eyeballs back’: PI reignites after ‘pretty dead’ 10 years
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A “PRETTY dead” Paradise Island property market has been “reignited” by a $550m investment that has “put eyeballs back” on nearby developments such as Ocean Club Estates, realtors asserted yesterday.
Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business that the construction start for the Four Seasons Ocean Club
Residences is acting as “a rising tide that is lifting” activity elsewhere on Paradise Island following a ten-year period when international buyers have mostly been drawn to gated communities in western New Providence. Amid the ongoing competition with the likes of Albany, Old Fort Bay and Lyford Cay, he added that Paradise Island’s “storied history” as a destination for high-end clients, coupled
RYAN KNOWLES MARIO CAREY
THOMAS SANDS
CENTRAL BANK EYES ‘FAST PAYMENTS’ IN TWO YEARS
By FAY SIMMONS
THE Central Bank wants all regulated financial institutions to start offering “fast payments” within the next two years, its Governor confirmed yesterday, as it targets greater uptake of digital wallets.
John Rolle, speaking at the banking supervisor’s 2025 half-year and second quarter media briefing, said the Central Bank plans to further accelerate adoption of the Sand Dollar digital currency and digital banking platforms to allow for greater financial services inclusion among Family Island residents.
“We’ve given ourselves a target in the next two years to transition The Bahamas to fast payments, which means.. that the population more universally are using their smart phones and other technologies to send and receive payments in real time across the digital wallet space and the bank deposit space,” said Mr Rolle.
“We think, from a revolutionary perspective, that
is going to accelerate the digital currency use, as well as other digital payments’ use, because it’s going to push all of our financial institutions in the space of providing the mobile apps for peer-to-peer and B2B business transactions.”
Mr Rolle said there must be a “greater push” towards the use of digital payments and the Sand Dollar, which can be used to solve some of the financial inclusion woes of Family Island residents.
“The issue of adoption is not just an issue of Sand Dollar adoption. There are some elements that we have
BTC moves to set new customerfocused ‘vibe’
THE Bahamas Telecommunications Company (BTC) says last week’s launch of its ‘Feel the Vibes’ initiative signals the carrier’s renewed focus on the consumer through an improved network and services.
The communications provider, in a statement, said the launch also involves a refreshed brand identity with rebranded retail stores, new staff uniforms and cultural entertainment. It added that ‘Feel the Vibes’ was introduced following the recent rebrand that transformed BTC’s immediate parent, C&W Communications, into Liberty Caribbean.
Sameer Bhatti, BTC’s chief executive, said, “Feel the Vibes wasn’t just a marketing decision; it was a deeply intentional choice rooted in our understanding of the Bahamian people and culture. We’re not only recreating our image, but we also wanted to reflect who we truly are and how we aspire to serve.
“This movement is about amplifying the warmth, creativity and rhythm that define our people. Whether
it’s through the smile of our frontline staff, the beats playing in our stores, or the way we respond to our customers’ needs, we are committed to ensuring that our vibe is incorporated into every touchpoint.
“This is BTC, embracing the future while celebrating everything that makes The Bahamas special. On the heels of ‘Feel the Vibes’`, we also have two major announcements of new technology in Bimini and upgrades on Grand Bahama, so stayed tuned.”
BTC said ‘Feel the Vibes’ signals its desire to move beyond the boundaries of traditional telecommunications by showcasing its deeper community focus, underpinned by a digitalfirst strategy.
Keisha Edwards, BTC’s director of commercial operations, said: “We spent a lot of time listening to what our customers were telling us. They wanted more connection, more personality and more relevance. With ‘Feel the Vibes’, we’ve taken that feedback to heart. It’s not just a theme; it’s an experience.
to continue to work on to improve the ease of access to digital currency in terms of the business environment, as well as how people get funds in digital wallets,” he added.
“But, more important than that, in so far as we are concerned, in The Bahamas there’s a need for a greater push for the use of digital payments on the whole and that, I think some of what we’ve done in terms of the role of Sand Dollar, has improved the Central Bank capacity to tackle those issues.
“It has improved the Central Bank’s understanding of the landscape, and we feel that if we address those we are going to see results. We also believe that it’s important that whatever the resources that we achieve, they are reflected in the Family Islands, particularly in those remote island communities, because a lot of the logistical challenges that summarise as financial inclusion access tend to concentrate in those remote communities,” Mr Rolle added.
“And so, we’re also focused on how we can break through the challenges in those communities so that we can get more traction.” The Central Bank is also exploring agency banking and has recently completed a public consultation on the issue.
Mr Rolle said the feedback was “very constructive” and will be taken into consideration before releasing the final regulatory framework, but added that services will have to align with improvements to the digital infrastructure to be “most impactful”.
“We’ve just completed the public consultation, so we’re going through the
“Our staff are energised, our stores feel alive, and our customers are at the centre of every decision we make. We want every interaction with BTC to feel authentic and uplifting. This is our promise to The Bahamas; to show up in ways that matter and to always feel the vibes.”
La’Shawn Cartwright, a BTC manager attending the launch, said: “Being part of the ‘Feel the Vibes’ event was truly inspiring. There was a real sense of pride in the air, knowing that BTC is not only evolving technologically but also embracing the soul of The Bahamas.
“For me, ‘Feel the Vibes’ signals a deeper commitment to our people, showing that every call answered, every smile shared and every service provided carries the heartbeat of our culture.”
feedback, and that’s going to help us make any sort of tweaks that we need to make in terms of the framework. It is expected that agency banking will make it easier for financial institutions to have contact points with customers, particularly in the remote communities,” said Mr Rolle.
“But it is still going to be the most impactful when it is cleared with all the other improvements in our digital infrastructure, because still we’re going to have to deal with the efficiency of providing services overall, as well as the resiliency of the infrastructure in the platforms that services are provided through.”
Mr Rolle said the regional cross-border payment solution facilitated by the Africa Export-Import Bank is still being organised, but it is anticipated that The Bahamas will work with regional partners to develop the platform further.
“We’re still organising ourselves in terms of how we execute at a pilot level, but the intention would be that The Bahamas, along with several of the other Caribbean countries, would set up an infrastructure
where their locals can send funds directly between themselves, and those funds would be routed and settled within a facility that the Central Bank maintains with the help of Afreximbank,” said Mr Rolle.
“It would mean as well that those payments are not reliant on the traditional correspondent banking channels through which payments are being routed now to reach a lot of these countries, and it’s anticipated that if you can make a lot more of those direct payments in a multilateral setting, countries can at least reduce the gross volume of certain foreign exchange that they need for payments.
“But we anticipate that The Bahamas, along with several of the other countries, will work together, and in The Bahamas’ case it offers the potential for any of our financial institutions to do those types of tests. It will involve financial institutions in the respective countries including, in the Bahamian case, some of our digital wallet providers.”
CENTRAL BANK
JUNKANOOERS line up to perform at the ‘Feel the Vibes’ event on July 24 at the courtyard of Fusion Superplex.
MEMBERS of BTC’s call centre team enjoy the
‘Feel the Vibes’ event on July 24 at the courtyard of Fusion Superplex.
L to R: BTC staff members Delmaro Duncombe, Najah Finlayson, Sherrylyn Fowler and Valerie Wallace.
MEMBERS of BTC’s call centre and mobile team pose for a photo at the launch of the company’s ‘Feel the Vibes’ event on July 24 at Fusion Superplex.
BTC team members enjoy the ‘Feel the Vibes’ event on July 24 at the courtyard of Fusion Superplex.
LIVE straw dolls dotted BTC’s ‘Feel the Vibes’ event on July 24 at the courtyard of Fusion Superplex – an indication of the infusion of Bahamian culture into many of its services.
THE ‘Feel the Vibes’ launch offered a number of giveaways to staff and guests. An attendee is seen here receiving a gift card from host Bodine Johnson.
TAXI CAB UNION TO ‘TURN UP HEAT’ OVER ITS GRIEVANCES
By ANNELIA NIXON Tribune Business
THE Bahamas Taxi Cab Union (BTCU) yesterday said it expects “to turn up the heat in short order” to advocate for itself and as it prepares for industrial action with other Trades Union Congress (TUC) affiliates.
Speaking after Obie Ferguson KC’s threat of industrial action over longstanding grievances that the Bahamas General Workers Union (BGWU) has with the Bahamas Agricultural and Industrial Corporation (BAIC), other TUC members pledged their support to stand in solidarity if the issues are not resolved.
Mr Ferguson, the TUC president, said essential workers such as doctors, nurses and taxi drivers will stand with their fellow TUC affiliates. “We are part of
the Trade Union Congress and our support is with the Congress,” BTCU president, Tyrone Butler, said.
“So any harm to one affiliate member is a harm to all. And so there’s no division between us and the members of the Trades Union Congress. Whatever support we can give, we will do our best to support our colleagues because we are one Congress. So it’s not for us to be on the sideline when our brothers are out on the street.
“We don’t have a singular strategy that we use. We look at what is in front of us. So once we would have gotten all the information from Mr Ferguson on what the issue is, and what level that we want to commence any action, that would determine what it would look like,” Mr Butler added.
“So it would be premature to say that we’re going to stop here or stop there,
AG: SWITCH TO NEW LAND SYSTEM TO START IN 2026
By FAY SIMMONS Tribune Business Reporter
THE Attorney General yesterday voiced optimism that adjudications as part of the Davis administration’s land reforms will begin in the 2026 first quarter.
Ryan Pinder KC, leadingoff Senate debate on the Land Adjudication Bill and Registered Land Bill, said that while the reform is a “big project” the Government is confident it can be implemented and plans to begin the process early next year.
He described The Bahamas’ present land law and administration as “precarious, confused and far less than desirable”, making change necessary. The new registered land system, complete with land registry, will run alongside the existing paper-based title deeds system for the “foreseeable future” while the accuracy of the land register will be guaranteed by the Government.
“Under a system of registered land, all parcels are
clearly identified and all the information relating to it is included in the land register. The accuracy of the register is guaranteed by the Government. There will be no need for the tracing of title through the back title deeds to satisfy oneself that the title to the land is ‘good and marketable’. Instead, in essence, land buyers will rely on the Government and not on an attorney to ascertain all rights and interests in land,” said Mr Pinder.
“The system of land registration will, for the foreseeable future until the title to all land is eventually registered, run concurrently with the existing system of recorded titles, and I expect a smooth transition from recorded to registered land eventually.”
During his contribution, Mr Pinder said the Land Use Policy and Administration Project Completion Report 2010, sponsored by the Inter-American Development Bank (IDB), revealed that 15 percent of land parcels in the country are under dispute. That amount could be higher as
or we’re going to do this. We would have to look at the whole scope of what the industrial action will entail, and then we will strategise our response based on that.”
Mr Butler, speaking on behalf of his union specifically, noted the longstanding issues taxi drivers have faced regarding livery drivers allegedly “operating illegally”. He also called out hotel properties for allowing livery drivers to “steal” jobs from taxi drivers. Mr Butler said he and his members’ patience has grown thin, and they are working with Mr Ferguson to “see some movement on those issues”.
“We’re not going to sit around and wait for the minister or any other agencies to string us along with promises. We’ve been given a lot of empty promises up to this point, and we’ve seen the results. Our patience basically run
out with this government and its response to a lot of the things that we’ve been asking them to address. And so we’re at that point now where we expect to turn up the heat in short order,” Mr Butler asserted. “It’s not just the Government that we have issues with. We have issues with singular properties, hotel properties also, and the airport, and so all of these areas that are challenging to us we’re going to seek to do what we need to do to have them addressed one way or the other. I mean, we’re not going to sit around and allow persons to just want to have meeting and talk and talk and no results.”
Mr Butler reiterated that livery drivers operating in a space reserved for taxi drivers is against the law. “One of the things the Government and all of these property operators have to understand is taxi drivers are part of the landscape of
many disputes do not arise until a party moves to clear the land for development or sale.
The Attorney General said the Registered Land Bill ensures a formal record of ownership, possession and other rights in land, while the Registered Land Bill establishes the formal legal process of determining boundaries and establishing the ownership of land and related rights binding on the parties for the purpose of registration of the title.
“Land adjudication is a way of resolving land disputes and establishing clear titles for recording in the Land Register to be guaranteed by the Government. Together, the Bills will establish a secure and publicly accessible record of land ownership and will facilitate transparent, reliable and accessible land administration across the length and breadth of The Bahamas,” said Mr Pinder.
He added that the land registration system will be compulsory to accelerate the registration of land, and the Government intends to avoid a voluntary system.
Referencing Jamaica’s experience with a voluntary system, Mr Pinder said both Jamaica and the Cayman Islands’ implementation of a land registry system were studied and the voluntary system was found to be “ine icient and under-utilised”.
“We heard discussion in that other place about implementation and some experiences of other countries. We have visited both Cayman Islands and Jamaica to meet and learn on their experiences. For example, Jamaica operates a dual system of land tenure, comprising both registered and unregistered land. In practice, the voluntary system has proven to be ine icient and underutilised,” said Mr Pinder.
Legal Notice NOTICE
CRANE CAPITAL LTD. (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, 2000, CRANE CAPITAL LTD. is in Dissolution. Te date of commencement of dissolution is the 25th day of July, 2025.
Aegis Corporate Services Limited Building Six, Caves Village West Bay Street, P.O. Box SP-63771 Nassau, Bahamas Liquidator
the visitor vacation experience,” he said. “Transportation to and from certain destinations that is designated for taxis should be done by taxis, not by unscrupulous drivers who were given permission by authorities to operate contrary to what the law says. And so that’s the biggest problem.”
Hinsey McKenzie, the Bahamas Air Traffic Controllers Union’s (BATCU) president, added that his union has “no problem at all” standing with the BGWU especially since it also has unresolved grievances.
“Yes, we would, because we have issues as well,” Mr Mckenzie added. “Because remember, the access road is one of our main contentions. It hasn’t been resolved as yet. Our industrial agreement has expired since May, and we haven’t been called to the table as yet.
“The associated expenses discouraged many landowners from participating, and the process was further hampered by a limited pool of qualified referees, leading to delays. Moreover, the ad hoc selection of parcels for registration contributed to a lack of systematic progress in regularising land tenure across the country.
“We will have a compulsory system to accelerate the registration of parcels of land in The Bahamas. We intend on avoiding a voluntary system.” Mr Pinder said land adjudications will begin in areas where there are fewer land disputes and will hold “more intense” adjudication panels for more difficult areas.
“Systematic adjudication allows us to commence land registration in areas of the country where there may be fewer land disputes because much of the surveying required has been done and lots identified, for example, Freeport or one of the many subdivisions in New Providence that are clearly laid out and whose title has been repeatedly approved,” said Mr Pinder.
“Other issues are still there. We have salary anomalies that haven’t been dealt with as yet. So it’s a whole bunch of issues that we have as well. So it isn’t only the general workers having issue. We have issues too.”
Bahamas Nurses Union president, Muriel Lightbourn, said: “If there comes a time that we have to stand together in solidarity, that’s what we would do.” However, she said she “pray that that’s something that don’t have to happen”.
The Consultant Physicians Staff Association (CPSA) president, Dr Charelle Lockhart, said that while she has not yet had the opportunity to speak with Mr Ferguson, as part of the TUC “that would be a part of our conversation”. She added: “With all our other actions, we have stood together.”
“We would want to populate the registry with these properties quickly. We will also have to have more intense adjudication panels focused on the more difficult areas to ensure that differing claims are resolved and title is secured on the register.”
Mr Pinder added that a request for proposal (RFP) to provide a digital land registration platform will soon be released, and a digital platform to search registered land will be launched.
“We also believe, and the Jamaican experience reinforces this belief, moving to registered land should be done in an online digital environment. We will be releasing shortly an RFP for the provision of a digital land registration platform. We would implement a comprehensive digital platform to facilitate the registration of land, allow for proper searches of registered land, and be able to properly manage the transfer of land on the register,” said Mr Pinder.
Share your news
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
RYAN PINDER KC
Rejected e-mail replies cause public suspicion
COMPLIANCE - from page B1
them to do that. Compliance is important.
“I think, though, that some people will find it burdensome and not worth making, so I think some properties will exit. That will affect the market. We already have a challenge with accommodation period. I think a lot of people may, more as a result of what they perceive as red tape, make a decision not to do it and some percentage of people will decide to sell their properties if that’s the driving force.
“But the reality is, if I’m operating a business, I try to make sure we are compliant and pay the due taxes and fees. That’s the normal way to operate whichever country you are in. It’s also important to discuss it and make it as easy as possible to comply. Yes, there will be some people electing to exit the market, and that will have a net negative effect.”
Mr Sands, whose island is home to a significant vacation rental presence, told this newspaper that the Government, in effect, has
to ensure it does not throw the baby out with the water through enforcement mechanisms that make it too costly, difficult and timeconsuming for vacation rental property owners to pay their taxes and file their returns.
Calling for a balanced approach, he added: “We’re back on these incentives and concessions for Bahamians to participate in this economy as owners. I think Bahamians should be incentivised to build more vacation homes through the Family Island Development Act; through its full intended use, and make it easier for Bahamians to participate by lowering the cost so they can fill the void.
“The opportunity is to incentivise domestic investment in this field. Pull out the stops to encourage more Bahamian participation, and understand the market and what the market needs so we fill the gap and retain as much of the capital being spent in this space as possible in local communities and the domestic economy.
“The reality is most of the homes in that space are foreign-owned, the
‘Talk of school’ on Paradise Island
REVITALISE - from page B1
with per square foot prices that offer buyers “more bang for the buck” than western New Providence rivals, have “revitalised” the location’s high-end market.
“Ocean Club Estates went through a period when, for a couple of years, it was pretty dead coming off the COVID pandemic,” Mr Knowles told this newspaper. “Now, with Four Seasons doing a project there with the Residences - I think it’s over a $300m project - it’s revitalised, reignited the Paradise Island luxury market and Ocean Club Estates is the prime community there. It’s reaping the benefits.”
Maison Bahamas, in a recent e-mail entitled The Ocean Club Insider, said some 11 property transactions have either closed or are pending completion in that community for 2025 to-date. And a further 20 homes and units are being marketed for sale to potential buyers.
The median Ocean Club Estates sales price yearto-date is $3.538m, with properties spending an average of 200 days on the market and sellers receiving the equivalent of $872 per square foot. The 91 percent list-to-sales price ratio detailed in the report signals that buyer demand remains strong and that sellers in the community are, on average, receiving more than nine-tenths of their asking price.
“Market activity in Ocean Club Estates or Paradise Island is quite sturdy. Sturdy would be the
best way to describe it,” Mr Knowles added. “There’s a lot of positive outlooks for the property market primarily due to the Four Seasons project that is now underway. That project has already broken ground. They’ve started to do site work and prepare it for vertical construction.
“What we’ve seen in Ocean Club Estates specifically is that market participants, because it’s so close from a proximity perspective, the rising tide is lifting the market because people are putting attention back on Paradise Island. For the last ten years they all searched out west because there was more development. You had projects like Albany which were new and had exciting amenities.
“A lot of the luxury shifted west for the past ten years, and what we’re seeing with Four Seasons is that it’s putting eyeballs back on Paradise Island. Paradise Island has a storied history with all the ‘A list’ celebrities visiting the destination, the Fortune 500 leaders. The Ocean Club resort has a history of attracting those guests.”
Pointing to other recent investments by the likes of Sterling Global Financial, which has invested several hundred million in transforming the former Hurricane Hole into Paradise Landing, Mr Knowles added: “Paradise Island has a lot going for it and, in the case of Ocean Club Estates, if you compare it to Albany, Old Fort Bay or even Lyford Cay, on a price per square foot basis you get a
very successful ones, but we need to build an industry that’s conducive and encourages domestic investment, and keeps the bulk of these revenues in the country. If we want our people to participate legitimately, we provide empowerment so we retain as much revenue as possible in the country. That comes from empowering the Bahamian population.”
Tribune Business can reveal that the Department of Inland Revenue, working with the Government’s US-based consultant on vacation rental taxation, has issued a letter that Bahamian property owners started to receive last week.
The letter, which has been obtained by this newspaper, says the assessment’s “primary purpose” is to identify short-term vacation rentals that are either operating without a valid Business Licence or failing to levy, collect and remit VAT on the rent paid by tourists to the Public Treasury.
It adds that those receiving the letter are being targeted because “a recent review” indicates they either own, and/or have
advertised and listed, a short-term vacation rental without it being registered with the Department of Inland Revenue and Ministry of Finance. Even those who have been targeted incorrectly, and do not own a short-term vacation rental property, are required to reply to the Department of Inland Revenue with “a written statement describing your circumstances”. Also, property owners who are registered and fully paid up-to-date with their taxes, will now have to submit proof of this to the tax collection agency. Persons who are noncompliant are being given just seven business days to complete the registration process. They will also have to provide a copy of their rental agreement; real property tax certificate; and a “consent letter” from their community’s developer or copy of its “ordinance”. The latter is likely designed to check compliance with zoning regulations. However, the Department of Inland Revenue letter was met with scepticism by some because it contained what appeared to be an incorrect e-mail address that resulted in their replies bouncing back.
Pam Burnside, of Doongalik Studios, told Tribune Business she was fearful
lot more value, a lot more bang for your buck.
“When folks hear this new Four Seasons Residences is being built in a place such as Paradise Island in The Bahamas, a lot of them pay attention and come and see for themselves. Those people who do not purchase there will look elsewhere. I think it’s great for Paradise Island.”
Mario Carey, principal of MCR Better Homes and Gardens Real Estate Bahamas, who specialises in Paradise Island real estate sales, confirmed to Tribune Business that he and other realtors are “seeing a lot of activity. That is a very real trend, and we will see more as that project move along”.
He also backed Mr Knowles over Paradise Island’s price comparisons, noting that condominium units are selling for between $800 to $1,000 per square foot compared to $1,500 at Albany. And, with talk of a school being developed on Paradise Island, Mr Carey said the only thing lacking was a gas station for the destination to provide a full suite of amenities and services to guests.
“There’s not a lot of inventory, but the Four Seasons, we are all speaking
the language,” the MCR Better Homes and Gardens principal said. “We know it will have a positive impact. There’s a lot of activity on the condos. We’ve been selling quite a lot. There’s been an active condo market.
“People tend to base things on price per square foot in condos. It’s anything from $800 to $1,000 per square foot for a condo on the harbour waterfront. That’s a pretty good deal. Four Seasons is getting up to $3,500 per square foot.”
Mr Carey said Paradise Island is also benefiting from new restaurants, such as Carnivale at Paradise Landing, with that same destination’s food store now also open. Doctors Hospital’s recently-opened facility, together with a physiotherapist’s office and pharmacy, also mean medical services are readily available for residents.
Suggesting that the Four Seasons project will create “another level of excitement”, Mr Carey added: “It’s all good for Paradise Island. Paradise Island is a special place. It’s over the bridge. It’s a different market. We have talk of a school that keeps coming up.
her e-mail and computer may be compromised after her reply was rejected. It caused her to question whether it was genuine.
“The e-mail address they had listed for you to write in and say you are not involved with it is not correct. My e-mail bounced back,” she said. “The problem is that is where people send it if they are compliant or not involved in vacation rentals. I was a little bit suspicious, especially in this day of artificial intelligence (AI). I tried to say I’m not in the vacation rental business.”
Ms Burnside agreed that the Department of Inland Revenue letter appeared to be a “fishing expedition”, with other contacts telling this newspaper it seemed as if the tax authority and its US consultant, Avenu Insights, had just dispatched it to anyone they have an e-mail address for regardless of whether there is any evidence they have a vacation rental and are non-compliant.
“Obviously they are just sending it out to anybody on their list,” Ms Burnside added. “They are probably looking for the taxes with people who have second homes here. Then we, the innocent public, get put through all of this foolishness because of what other people are doing in
“We have all the services; food stores, pharmacies, restaurants, cafe places. If you have a school, all you need is a gas station and you are really set. That seems to be getting some momentum. I don’t have too many details but there is talk of a school.”
The $550m “total investment” in the Four Seasons Ocean Club Residences is forecast to deliver a “resounding” $721m boost for the Bahamian economy during its first 20 years in operation.
The projected impact from the project, which is to be constructed on a 6.15 acre site on Paradise Island’s Casino Drive, was disclosed in the development’s Environmental Impact Assessment (EIA) which revealed that the 391 full-time employees will enjoy a combined $223m in income spread over its first two decades.
Some $340m, or 62 percent, of the $550m upfront investment is earmarked for “local construction” spend with an “average” 827 workers required over the 43-month build-out.
The EIA forecast the project will generate some $67m in income for Bahamian construction workers.
Access Industries, the existing Ocean Club’s owner, has partnered with Florida-based real estate developer, Two Roads Development, and the highend Four Seasons resort brand to develop the 67 private residences that will be priced between $6.5m and $23m.
not following the law, and we’re trying to do our bit to be honest citizens. It’s not right.”
As with the recent boating fees controversy, The Bahamas has a sovereign right to determine who, where and how it taxes and set the rates accordingly.
The Ministry of Finance has been targeting the short-term vacation rental industry for some time, viewing it as an untapped lucrative source of new revenue, especially multimillion foreign-owned homes rented out for thousands of dollars per say.
Some have also blamed short-term vacation rentals for creating shortages of local housing, especially long-term rentals and particularly in the Family Islands, as landlords opt for the greater yields available from tourists. This is also seen as having driven up long-term rental rates and priced Bahamians out of the market.
However, there have also been calls for a balanced approach amid fears that the Government, in its desire to attract more revenue from short-term vacation rentals, could overtax visitors and owners and, in so doing, shrink a valuable tourism market segment that helps to spread tourism dollars at much lower community level.
Once fully completed, an economic impact assessment by Tourism Economics projected that visitors attracted by the Ocean Club Residences will grow by more than 3,000 or 53.8 percent during the first five years in operationfrom 5,695 to 8,760 in 2031. And, over that same period, total spend by these visitors will expand by $8m or 67 percent - from $11.9m to $19.9m.
Visitor volumes, including both unit owners and guests, are ultimately forecast to stabilise at around 8,800 per annum. The biggest boost to government revenues would occur during the three-year construction phase, according to Tourism Economics’ analysis, with tax breaks or incentives/concessions slightly exceeding revenues to the Public Treasury during the first 20 years of full-time operations.
These incentives will likely include a real property tax waiver, but the assessment projected that the $197.2m in total government revenues generated by the project in its first 23 years - construction and full-time operations - will “outweigh” the cumulative $158.9m in tax breaks/concessions by a factor or ratio of 1.2 times.
The jobs and economic activity generated by the extra visitors attracted by the Ocean Club Residences will be used to justify the tax incentives received by the project, which are estimated at around $6m-$7m per year during the first 20 years of operation.
PUBLIC NOTICE
The public is hereby advised that I, LISTIA SHANICOLE MUTHRA a.k.a LISTIA SHANICOLE MOORE of #10 Beach Way Drive, Freeport, Grand Bahama, Bahamas intend to change my name to LISTIA SHANICOLE MUTHRA. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-74 , Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice. NT NT TO N N B PO
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I,KYRON BAIN of P.O. Box CR-5406 South Ocean , New Providence, Bahamas intend to change my name to KYRON MILLER. 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.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CARMEL JOY ROLLE of Faith Avenue, Shrimp Road, P.O. Box CR-54870, Nassau, Bahamas, mother of CHRISTIAN NICHOLLAS ROLLE intend to change my child’s name to CHRISTIAN NICHOLLAS BETHEL. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Offcer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.
OCEAN CLUB ESTATES
Coral Towers among assets securing debt
REFINANCE - from page B1
and lockdowns imposed from 2020 to early 2022.
The mortgage-backed securities, which are divided into five classes, attracted credit ratings ranging from ‘AAA’ to ‘BBB’, are secured against the collateral provided by certain Atlantis real estate assets. Morningstar said it holds “a positive view” on the debt security given the mega resort’s “ownership history” and performance.
However, it added that it expects Atlantis’ RevPAR to moderate further and settle at a “sustainable” $256, which is just $4 below what was achieved for the 12 months to end-May 2025.
The present $260 RevPAR is some $14, or 94.9 percent, below the 2023 peak but still 23.2 percent ahead of
the $211 achieved in 2019 prior to COVID.
“The property has demonstrated strong performance since the COVID-19 pandemic. In 2019, prior to the pandemic, the collateral reported an occupancy rate of 71.2 percent and an average daily rate of $296, resulting in revenue per available room (RevPAR) of $211,” Morningstar said.
“The property exhibited performance disruptions stemming from the pandemic from 2020 to 2022, with achieved RevPAR of $44, $118 and $213, respectively. While the collateral realised a 79.1 percent reduction in RevPAR from 2019 to 2020, the property’s performance continued to struggle in 2021 as a result of international travel restrictions, with a year-end
Stopover visitors down by just 0.1% in first half
INVESTMENT - from page B1
The Central Bank, in its June report, disclosed that stopover tourism numbers for the five months to endMay 2025 declined by the narrowest of margins - 0.1 percent. Essentially flat year-over-year, growth in arrivals to Grand Bahama and the Family Islands was more than cancelled out by a 1.5 percent year-over-year fall-off on New Providence.
“Economic indicators suggest that the domestic economy sustained its tempered pace of growth during June, as indicators continued to normalise closer to their expected mediumterm potential. Tourism output reflected healthy but moderated activity, as the high value-added stopover segment continued to experience constrained momentum, although the cruise sector registered robust growth,” the Central Bank said.
“Indications are that tourism earnings moderated overall, as activity in the stopover segment was constrained. Nevertheless,
the cruise segment continued to register healthy gains and attract foreign investments in the development of onshore private destinations.
“Official data provided by the Ministry of Tourism showed that total visitors rose by 6.1 percent to one million in May vis-à-vis the comparable period in 2024. In particular, the dominant sea segment grew by 7.2 percent to 0.8m, while air arrivals increased by 1 percent to 200,000,” the regulator continued.
“A breakdown by major port of entry indicated that total arrivals to New Providence advanced by 11.6 percent to 500,000 relative to the previous year. Notably, sea passengers expanded by 15.8 percent to 400,000. and air traffic, by 0.4 percent to 100,000.
“In addition, overall visitors to the Family Islands increased by 5.1 percent to 400,000 vis-àvis the prior year, owing to the 5.6 percent rise in sea arrivals to 400,000, which overshadowed the 0.4 percent decline air traffic to
NOTICE
NOTICE is hereby given that JULISSA ROLLE of Ringstrasse 25A, 91187 Roettenbach, Germany is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ROLAND CADET of P. O. Box EL-29921, Dry Hill Road, Palmetto Point, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ASSABE ALCE of P.O. Box: General Delivery, The Bluff, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
2021 RevPAR of $118, representing a 43.9 percent reduction in RevPAR compared with year-end 2019.
“Despite pandemic disruptions persisting into 2022, the property achieved a year-end 2022 RevPAR of $213, an 80.1 percent increase between 2021 and 2022 and a 1 percent increase from year-end 2019 figures. RevPAR subsequently increased rapidly in 2023 to $274, a 29.8 percent increase from the year-end 2019 RevPAR before decreasing 2.8 percent to $266 RevPAR in 2024.”
Turning to the present, Morningstar’s report said: “As of the trailing 12-month period ended May 31, 2025, RevPAR declined an additional 2.2 percent to $260 from the 2024 achieved RevPAR. Morningstar believes this
35,336, as compared to the same period in 2024.
“In contrast, total arrivals to Grand Bahama reduced by 35.8 percent to 30,175 from a year earlier, owing primarily to a 42.7 percent reduction in sea passengers to 24,232, which eclipsed the 25.8 percent growth in air traffic to 5,943.”
As for the first six months of 2025, the Central Bank added: “On a year-todate basis, total arrivals expanded by 10.7 percent to 5.3m visitors relative to the comparative 2024 period. Underlying this outturn was a 12.9 percent growth in sea traffic to 4.5m, which
normalisation of RevPAR is due to the phasing out of pent-up transient demand witnessed in 2022 and 2023 following the removal of pandemic-related travel restrictions.
“Morningstar expects moderate RevPAR growth in the future because of the subject property’s desirable location, recently completed capital improvements, contemplated future capital improvements, and diversified amenities and offerings.
Morningstar concluded to a sustainable RevPAR figure of $256, which is 1.4 percent below the RevPAR figure as of the trailing 12-month period ended May 31, 2025.”
As for Atlantis’ planned capital works, Morningstar said: “Between 2012 and 2024, the sponsor spent approximately $519.3m across the resort to renovate hotel rooms, lobbies, food and beverage offerings, and the casino, among other improvements.
“Between 2025 and 2027, the borrower plans to renovated the guest rooms, pool deck and public areas at the
outweighed a 0.1 percent fall-off in air passengers to 800,000.
“Preliminary data from the Nassau Airport Development Company (NAD) indicated that total departures - net of domestic passengers - [at Lynden Pindling International Airport] fell by 2.6 percent to 147,872 in June relative to the same period in 2024. This corresponded to a 3.8 percent decrease in US departures to 130,326, offsetting the 6.6 percent strengthening in non-US departures to 17,545.
“For the first half of 2025, total outbound traffic
NOTICE
NOTICE is hereby given that HERMEZY RENE of Marsh Harbour, Abaco, 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 22nd 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 DARLINE PRATT-DUFRANCE of Garden Hills #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 29th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that BENDREY JEANITH of Claridge Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that JEAN JOHNSON of Garden Hills, 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 22nd day of July, 2025 to the Minister responsible for
Cove hotel tower with an anticipated capital expenditure spend of $135m. This translates into the equivalent of $225,000 per key.”
Among the assets upon which the mortgage-backed securities are secured is the Coral Towers, which Atlantis last week confirmed is set to close from August 17 for what could be an eight-week period. “The transaction is secured by the borrowers’ fee-simple interest in Atlantis, a luxury beachfront resort comprising 3,317 keys, of which 2,430 keys - 73.3 percent of total keys - are collateral for the transaction,” Morningstar said.
“Morningstar has a positive view of the collateral considering its ownership history, capital expenditure history, prime beachfront location and strong postpandemic recovery, as well as the significant historical and ongoing capital investments to be made at the property...
“The hotel keys that serve as collateral for the loan represent 73.3 percent of the total units and are in
reduced by 2.3 percent to 900,000. Specifically, US departures declined by 2.9 percent to 700,000 relative to the comparative 2024 period. Conversely, non-US departures increased by 1.5 percent to 100,000 from a year earlier.”
When it came to the short-term vacation rental market, the Central Bank added: “Data provided by AirDNA revealed that, in June, total room nights sold rose by 5.8 percent to 79,849 relative to the prior year. However, given increased inventories the occupancy rate for entire place listings declined marginally to 53.4
the Coral, the Royal, and The Cove. The 887 condominium hotel units that are not included in the collateral consist of timeshares and condominiums owned by guests at The Reef and Harborside, which contain 495 units and 392 units, respectively. However, these are part of a revenue sharing programme with the resort, which will be included as collateral.”
Detailing Atlantis’ various amenities, Morningstar said these included the 41-acre Aquaventure water park; recently renovated 60,000 square foot casino; a 63-slip marina; a fitness centre equipped with a fourlane pool, six tennis courts and personal trainers; a movie theatre; 11 swimming pools; over 40 restaurants and bars; and 35,000 square feet of leased retail to over 68 international brands.
The mortgage securities will be issued by an entity called the BHMS Commercial Mortgage Trust 2025-ATLS, with BHMS and ATLS likely standing for Bahamas and Atlantis.
percent from 54.2 percent; and for hotel comparable listings to 46 percent from 47.9 percent in the previous year.
“Alongside higher sales volumes, the average daily room rate (ADR) firmed for entire place listings by 7.9 percent to $586.44, but decreased for hotel comparable listings by 0.3 percent to $184.55. On a year-todate basis, total room nights sold increased by 9.8 percent, while the average daily rates rose for entire place and hotel comparable listings by 8.5 percent and 3 percent, respectively.”
NOTICE
NOTICE is hereby given that WILSON ISNORD of #13 Chenille Avenue, Gardens Hills #2, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that KIM FRANCIS ROLLE of Ringstrasse 25A, 91187 Roettenbach, Germany is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MATTHEW RASHARD PETIT-CHARLES of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that GEFFRARD FRITZ of P. O. Box CR-55963, Mackey Street, 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 22nd day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Room rates will drive uptick, not occupancy
RESERVES - from page B1
will be, or this will continue to be, a drag on tourism,” said Mr Rolle.
“Any escalation of trade tensions would add to the economic strain of the ongoing wars in the Middle East and Europe. In the meantime, tariffs, supply chains, disruption and the potential diversion of trade are collectively channels for increased inflation, which could postpone any anticipated further reduction in international interest rates.
“And this would keep both public and private
sector debt costlier than it would otherwise have been, and it would constrain the ease of funding for foreign direct investment on which our economy depends heavily.”
Mr Rolle said the Bahamian economy is expected to grow at a slower pace this year mainly due to a reduction in US stopover visitors, but added that the impact was somewhat mitigated by higher room rates. “As to tourism, the continued gains reflected a combination of a subdued expansion in stopover receipts compared
to a steady and healthy increase in cruise visitor earnings in the stopover segment, where the bulk of the industry’s receipts were recorded. Inflows were boosted because of higher average pricing, despite a slightly reduced number of visitors,” said Mr Rolle.
“The vacation rental segment contributed, notably with an expanded listing of properties supporting a nearly 10 percent increase in average room sales, and further appreciation and average nightly room rates occurring alongside the room sales increase
Wall Street kicks off a week full of potential flashpoints with a whisper
By STAN CHOE AP Business Writer
U.S. stock indexes drifted through a quiet Monday after the United States agreed to tax cars and other products coming from the European Union at a 15% rate, lower than President Donald Trump had earlier threatened. Many details of the trade deal are still to be worked out, and Wall Street is heading into a week full of potential flashpoints that could shake markets.
The S&P 500 was nearly flat and edged up by less than 0.1% to set an all-time high for a sixth straight day. The Dow Jones Industrial Average dipped 64 points, or 0.1%, while the Nasdaq composite added 0.3% to its own record.
Tesla rose 3% after its CEO, Elon Musk, said it signed a deal with Samsung Electronics that could be worth more than $16.5 billion to provide chips for the electric-vehicle company. Samsung's stock in South Korea jumped 6.8%.
Other companies in the chip and artificial-intelligence industries were strong, continuing their run from last week after Alphabet said it was increasing its spending on AI chips and other investments to $85 billion this year. Chip company Advanced Micro Devices rose 4.3%, and server-maker Super Micro Computer climbed 10.2%. But an 8.3% drop for Revvity helped to keep the market in check. The company in the life sciences and diagnostics businesses reported a stronger profit for the latest quarter than Wall Street expected, but its forecast for full year profit disappointed analysts. Companies are broadly under pressure to deliver solid growth in profits following big jumps in their stock prices the last few months. Much of the gain was due to hopes that Trump would walk back some of his stiff proposed tariffs, and critics say the U.S. stock market looks expensive unless companies produce bigger profits.
All told, the S&P 500 added 1.13 to 6,389.77 points. The Dow Jones Industrial Average dipped 64.36 to 44,837.56, and the Nasdaq composite rose 70.27 to 21,178.58.
More fireworks may be ahead this week. "This is about as busy as a week can get in the markets," according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
Hundreds of U.S. companies are lined up to report how much profit they made during the spring, with nearly a third of the businesses in the S&P 500 index scheduled to deliver updates. That includes market heavyweights Apple, Amazon, Meta Platforms and Microsoft. Those companies have grown so huge that their stock movements can almost dictate what the overall S&P 500 index does. Microsoft alone is worth $3.8 trillion.
On Wednesday, the Federal Reserve will announce its latest decision on interest rates.
challenges. Overall, though, it reflected constrained hotel room inventory and increased uncertainty in the US markets, which accounts for the majority of the visitors.”
Mr Rolle said future bookings indicate the 2025 second half will see more tourism earnings than last year, but this will be due to an increase in room rates not occupancy.
“The Central Bank analysis of online travel sites, and forward-looking bookings and pricing data, forecast better sector revenues over the remainder of this year as compared to the second half of last year. And the results last year were impacted by greater uncertainties around the potential outcome in the US presidential elections,
as well as disruptions from a relatively busy start to the 2024 hurricane season,” said Mr Rolle.
“So those factors are not present or, in terms of gauging the consumer sentiments going into the second half of the year, nevertheless the forecast of improved earnings really focuses only on the likely improvement in average room rates in the sector, without any forecasting uptick in occupancy compared to the same period in 2024.”
Mr Rolle also revealed that external reserves were 2 percent lower than the same period in 2024, which had stronger tourism growth and benefited from external fiscal borrowing.
“The Central Bank made a net sale of foreign
currency to the Government and public enterprises over this period, as opposed to a net purchase of foreign exchange from these entities last year. So, correspondingly, we noted that the seasonal growth and external reserves over the first half of the year was more than one-third lower than in the first half of 2024,” said Mr Rolle.
“As we neared the end of July 2025, external reserves were estimated at $2.95bn, which was almost about 2 percent lower than at the same point in 2024 when the outcome had benefited from comparatively healthier tourism growth and some net inflows received from the Government’s external borrowing activities.”
Trump has been angrily calling for the Fed to cut interest rates, a move that could give the economy a boost. But Fed Chair Jerome Powell insists that he wants more data about how Trump's tariffs are affecting the economy and inflation before the Fed makes its next move. Lower interest rates can fuel inflation, and the economy only recently came out of its scarring run where inflation briefly topped 9%.
The widespread expectation on Wall Street is that Fed officials will wait until September to resume cutting interest rates, though a couple of Trump's
appointees could dissent in the vote. The Fed has been on hold with interest rates this year since cutting them several times at the end of 2024. This week will also feature several potentially market-moving updates about the economy. On Tuesday will come reports on how confident U.S. consumers are feeling and how many jobs openings U.S. employers were advertising. Wednesday will show the first estimate of how quickly the U.S. economy grew during the spring, and economists expect to see a slowdown from the first three months of the year.
On Thursday, the latest measure of inflation that the Federal Reserve prefers to use will arrive. A modest reading could give the Fed more leeway to cut interest rates in the short term, while a hotter-thanexpected figure could make it more cautious. And Friday will bring an update on how many
more workers U.S. employers hired during June than they fired. Treasury yields held relatively steady in the bond market ahead of all that action. The yield on the 10-year Treasury edged up to 4.41% from 4.40% late Friday. The two-year Treasury yield, which more closely tracks expectations for Fed action, rose to 3.92% from 3.91%. In stock markets abroad, indexes dipped in Europe following the announcement of the trade deal's framework.
Chinese stocks rose as officials from the world's second-largest economy prepared to meet with a U.S. delegation in Sweden for trade talks. Stocks climbed 0.7% in Hong Kong and 0.1% in Shanghai. Indexes were mixed across the rest of Asia, where Japan's Nikkei 225 fell 1.1% for one of the world's bigger losses.
N O T I C E
RH SERVICES INC
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 24th day of June 2025.
Mark Richford Liquidator of RH
Services Inc
CURRENCY traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 28, 2025.
