New Category : Finance

$100 mil. invested into British Colonial Hotel renovation 

Thu, Sep 21st 2023, 06:50 AM

The owners of the British Colonial Hotel have sunk $100 million into its renovation, the hotel's General Manager Craig Martin said yesterday, explaining that the hotel is set to open at the beginning of December.

Martin, who spoke at a Department of Labour press conference on new labor initiatives, contended that the hotel has not just been repainted and fixed up, but has undergone a "complete renovation".

He said the transformation of the hotel was not just a "quick fix-up".

"This is a whole new re-envisioning of the British Colonial Hotel," said Martin.

"Our corporate parent has put in over $100 million into this project to not just paint the project but do a complete renovation.

"So, I think people of Nassau are going to be surprised when this opens up in the beginning of December this year. They're going to see a brand new hotel inside.

"The new lobby is outstanding and stunning. They just finished it."

Martin added: "This time it's a complete renovation, brand new lobby, five new restaurants in the hotel, brand new meeting space and completely renovated guest rooms and hallways.

"So, basically, it's going to be a new package. On the front of the hotel, you'll see a new porte cochere. That's just coming in place right now."

According to Martin, the hotel will be replete with all new landscaping, two new swimming pools, a new beach bar restaurant and a completely renovated beach area.

The property closed as a Hilton-branded hotel on February 15, 2022 and has been closed ever since.

It is part of the portfolio that includes The Pointe, which incorporates the Margaritaville hotel, luxury condo hotel One Particular Harbor, a marina, parking garage and offices.

Martin said the British Colonial is preparing to hire some 300 employees for its December opening and will hold a job fair next week at Andre Rodgers Baseball Stadium.

Building Construction Statistics Annual 2022 Report

Fri, Sep 1st 2023, 02:46 PM

The Bahamas National Statistical Institute is pleased to announce the release of its BuildingConstruction Statistics, 2022 Report.

The data is collected and summarized on a monthly basis by the Ministry of Works (New Providence& Grand Bahama), the Department of Local Government, the Family Island Administrators, and theGrand Bahama Port Authority Ltd. The data is then forwarded to the BNSI, where it is processed,data entered, analyzed and published. The Permits data is All Bahamas, while the Starts andCompletions only reflect New Providence and Grand Bahama.

The data highlighted are based on the comparison of Annual 2021 versus Annual 2022.

The total number of Permits Issued for All Bahamas was 1,584 for the period 2022, an increase of 6projects when compared to 1,578 projects issued in 2021. There was also an increase in the value ofPermits during this period of approximately $338 million. In the Private/Residential Sector, the numberof Permits Issued in 2022 was 1,266 compared with 1,285 in 2021, which showed a decrease of 19projects and a corresponding decrease in value of $45 million. The Commercial/Industrial Sector hadan increase of 5 projects while the Public Sector Permits Issued doubled when compared to 2021moving from 20 projects to 40 in 2022. The Commercial/Industrial and the Public Sectors both hadincreases in the value of Permits issued of $373 million and approximately $9 million, respectively.

The total number of Construction Starts showed a decrease of 58 projects when compared to 601projects started in 2021, however, there was an increase in the total value of $26 million. ThePrivate/Residential Sector Starts decreased by 28 projects, while showing an increase in the value ofapproximately $142 million. The Commercial/Industrial Sector Starts decreased by 33 projects andthe value also decreased by approximately $118 million. Conversely, the Public Sector had anincrease in the number of projects started by 3 units and an increased value of approximately $2million.

The Construction Completions increased in its total number by 75 projects completed. The numberof Private/Residential Sector completions increased by 90, while the Commercial/Industrial Sectordecreased by 12 and the Public Sector by 3. There was an increase in the value of Completions inthe Private/Residential Sector of approximately $41 million and the Commercial/Industrial Sector ofapproximately $101 million while the Public Sector Completions value decreased by approximately$14 million.

The Bahamas National Statistical Institute is pleased to announce the release of its Building Construction Statistics, 2022 Report. The data is collected and summarized on a monthly basis by the Ministry of Works (New Providence & Grand Bahama), the Department of Local Government, the Family Island Administrators, and the Grand Bahama Port Authority Ltd. The data is then forwarded to the BNSI, where it is processed, data entered, analyzed and published. The Permits data is All Bahamas, while the Starts and Completions only reflect New Providence and Grand Bahama. The data highlighted are based on the comparison of Annual 2021 versus Annual 2022. The total number of Permits Issued for All Bahamas was 1,584 for the period 2022, an increase of 6 projects when compared to 1,578 projects issued in 2021. There was also an increase in the value of Permits during this period of approximately $338 million. In the Private/Residential Sector, the number of Permits Issued in 2022 was 1,266 compared with 1,285 in 2021, which showed a decrease of 19 projects and a corresponding decrease in value of $45 million. The Commercial/Industrial Sector had an increase of 5 projects while the Public Sector Permits Issued doubled when compared to 2021 moving from 20 projects to 40 in 2022. The Commercial/Industrial and the Public Sectors both had increases in the value of Permits issued of $373 million and approximately $9 million, respectively. The total number of Construction Starts showed a decrease of 58 projects when compared to 601 projects started in 2021, however, there was an increase in the total value of $26 million. The Private/Residential Sector Starts decreased by 28 projects, while showing an increase in the value of approximately $142 million. The Commercial/Industrial Sector Starts decreased by 33 projects and the value also decreased by approximately $118 million. Conversely, the Public Sector had an increase in the number of projects started by 3 units and an increased value of approximately $2 million. The Construction Completions increased in its total number by 75 projects completed. The number of Private/Residential Sector completions increased by 90, while the Commercial/Industrial Sector decreased by 12 and the Public Sector by 3. There was an increase in the value of Completions in the Private/Residential Sector of approximately $41 million and the Commercial/Industrial Sector of approximately $101 million while the Public Sector Completions value decreased by approximately $14 million.

Hodari Prince is the 2023 All Bahamas Merit Scholar

Mon, Aug 14th 2023, 10:39 AM

Queen's College graduate Hodari Prince, 17, is the newest All Bahamas Merit Scholarship (ABMS). He has been awarded $140,000 ($35,000) per year in scholarship money towards his studies at the University of Guelph where he will pursue biomedical engineering.

Hodari is the country's 29th ABMS recipient in 28 years.

The ABMS is the most prestigious national scholarship awarded to a Bahamian candidate.

"It truly does mean a lot for me to be named the All Bahamas Merit Scholar in 2023. It is a great honor to be bestowed upon me, and is one which I do not take lightly. My country has now formally bestowed its trust and faith in me to go out into the world, get an education and pay back dividends towards the advancement of The Bahamas," said Hodari.

He also was not quite surprised to hear his named called as the newest ABMS, but he said he was taken by surprise.

"I knew that the competition was a field full of very accomplished and stellar young people, and thus I was nowhere near sure I would receive the scholarship."

He was one of 23 candidates - 12 males and 11 females - that had qualified for the prestigious award.

Hodari scored 1,440 on the Scholastic Aptitude Test (SAT), and graduated high school with a 4.19 cumulative grade point average (GPA).

He also passed 10 Bahamas General Certificate of Secondary Education (BGCSE) exams with A grades - English literature, English language, mathematics, biology, chemistry, physics, combined science, religious education, French, and geography.

His AP subject scores were psychology-5, human geography-5, biology-4, English literature and composition-4, French language and culture-3, and calculus AB-3.

Hodari's AP awards included AP Scholar with Distinction, and AP International Diploma.

The Queen's College graduate said the ABMS award was not necessarily one he aspired to achieve, but that it was something he always knew was attainable. When the time came, Hodari said it was fitting that he "threw his hat in the ring" and give it his best shot at trying for the scholarship.

Hodari did not apply for any other scholarships, but is the recipient of an entrance scholarship from the University of Guelph, valued at $7,500CAD per year, approximately $5,600BSD.

The son of Sheldon Prince and Mystee Spencer-Prince who plans to pursue studies in biomedical engineering said he has always wanted to be behind the development of, and advances in, medical technology, especially with things like prosthetics and organ development.

"I would say that I have been influenced by my parents, who both work in the healthcare field, and have dedicated their lives to helping people. Coupled with my fascination for biology and biochemistry, biomedical engineering felt like the field for me.

"I plan to help turn The Bahamas into a hub for scientific research and development, with a strong base in biomedical research and development. My goal is to eventually establish this nation as a leading country in the Caribbean and maybe the world in biomedical advances, a country which may even develop groundbreaking technology such as fully functioning organs made from scratch which do not face rejection and have no need for harmful immunosuppressants in patients."

Education is important to Hodari not only as a means to a job, but he said as a mindset and way of life.

"Education is not simply studying in college or a doctorate's degree, but the everyday commitment to learning more about your passion and enriching one's mind with new and challenging information as an expression of who one truly is."

Hodari said his parents never forced him to study, nor to pick a career path for college. But he said they encouraged him in reading and "fostering my gifting wherever they may lie".

"To me, education and good grades were always important, as it did not go without saying that giving my best in my studies was not an option. However, that was less of a spoken principle in my home and more of a tacit agreement. My parents never worried about my grades, and they encouraged me to also do the same. They only asked that I focus, give everything my best shot, and if confused or stuck, reach out for help.

"In fact, my father recounts the time when I was two years old, and I was trying to read Robert Kiyosaki's, 'Rich Dad, Poor Dad' (the book was apparently upside down though!)."

To relax, he said he likes doing things like watching geopolitical videos on YouTube, reading his world atlas, playing chess and spending time with his sisters and parents over board games like Monopoly, or video games like Mario Kart 8 Deluxe. He also enjoys reading other books about vexillology (study of flags), science, and learning languages, such as French and Korean.

As he prepares to depart for his freshman year, Hodari's advice to his peers for their final three years of high school is to stay focused, at all costs.

"Your last three years of high school can make or break your future, so don't let anyone try to take you off of the path that you have set for yourself. Once you finish high school, even if you are not sure of what you want to do in your life, there will always be the firm foundation you laid for yourself in high school, which will pay more dividends than you might think."

While the ABMS has been announced, the ABMS runner up, the second highest level of merit scholarship awarded by the government, has not been announced publicly; neither have the recipients of the National Merit Scholarships (NMS).

The ABMS scholarship has a maximum value of $25,000 per year for up to four years and is tenable at accredited universities locally or abroad.

To be considered for the ABMS award, applicants must have a GPA of 3.7 and above, a minimum of eight BGCSE's with at least eight A passes, have applied or been accepted to an academically prestigious accredited college or university, have an SAT score of 1,220 and above, demonstrate excellence in co-curricular activities, possess an unwavering dedication to improving the lives of Bahamians and demonstrate a strong moral character and the potential to lead.

To be considered for the NMS, applicants must have a GPA of 3.5 and above, achieve an SAT score of 1,220 or higher, possess a minimum of seven BGCSE A passes and have applied or been accepted to an academically prestigious accredited college or university.

The ABMS is a collaboration between the Central Bank of The Bahamas and the Ministry of Education.

The candidate who is awarded the ABMS is exceptionally well rounded and has applied or been accepted to an academically prestigious international college or university.

In 2019, two ABMS were named for the first time in the award's history in Mahlia Neely, a 2019 Queen's College graduate, and Dehron Smith, a 2017 Nassau Christian Schools (NCS) graduate.

Smith was a 2017 NCS graduate who received the award two years after graduating high school. He was the first NCS student to be awarded the ABMS.

Neely and Smith were the 24th scholars to receive the ABMS award after its 1993 introduction.

Bahamian high school graduates may still be eligible for the scholarship if they continue in any high school extension program (approved by the committee) for a maximum of two years after graduating from an approved Bahamian high school. The students must apply during the second year of their studies. Candidates must have a cumulative GPA of 3.7 and above, a minimum of eight BGCSEs with at least eight A passes, SAT score of 1,220 or higher or an ACT (American College Test) score of 25 or higher.

Smith was a United World College (UWC) Hong Kong scholarship recipient. He was eligible to receive the ABMS in 2019, two years after graduating high school and after completing the UWC program, which is considered an extension of a high school program. Applicants for the ABMS and NMS can apply once the two UWC years are completed.

Candidates for the 2023 award came from three islands - New Providence, Grand Bahama and Eleuthera.

Participating schools were Bishop Michael Eldon School, Queen's College, St. Augustine's College, St. John's College, Sunland Baptist Academy, St. Anne's School, and Central Eleuthera High School. The Central Eleuthera High School student was the lone public school candidate.

The ABMS is the highest level of merit scholarship awarded by the government. It is valued at $35,000 per annum for up to five years depending on the degree pursued and is valued between $140,000 over four years; or $175,000 over five years dependent on the degree program, and tenable at accredited universities locally or abroad.

ABMS candidates wait with bated breath

ABMS candidates wait with bated breath

Mon, Jul 31st 2023, 08:26 AM

The candidates that have met the qualifications for the All Bahamas Merit Scholarship (ABMS) are waiting with bated breath to see who will be awarded the prestigious $140,000 scholarship.

Among the graduated high school seniors that qualified to be able to make application were 22 candidates - 12 males and 11 females. They have gone through the interview process by the All ABMS Committee, with each deserving student now having the opportunity to be awarded the $35,000 per year in scholarship money intended for undergraduate studies, tenable at accredited international colleges and universities.

The ABMS is the most prestigious national scholarship to be awarded to a single Bahamian candidate.

Ministry of Education officials in the Scholarship and Educational Loan Division, has said there is "diversity" in the candidate pool with applicant cumulative grade point averages (GPA) ranging between 3.70 and 4.19, and Scholastic Assessment Test (SAT) scores ranging between 1,220 to 1,360.

"The competition is extremely fierce," said officials after they interviewed the candidates.

The candidate who will be awarded the 2023 ABMS will also be exceptionally well rounded and have applied to or been accepted to an academically prestigious international college or university.

Candidates making the 2023 cut come from three islands - New Providence, Grand Bahama and from Eleuthera.

Participating schools include Bishop Michael Eldon School, Queen's College, St. Augustine's College, St. John's College, Sunland Baptist Academy, St. Anne's School, and Central Eleuthera High School. The Central Eleuthera High School students is the only public-school candidate.

Candidates are in a holding pattern, as they await the BGCSE (Bahamas General Certificate of Secondary Education) examinations national results which will play an integral role in who will be the named the country's 29th All Bahamas Merit Scholarship recipient in 28 years.

"There is ardent competition among the candidates and it is possible that more than one student may be granted the ABM award in a particular year," said officials.

This is the exception rather than the rule, but came to be in 2019, when two ABMS were named for the first time in the award's history in Mahlia Neely, a 2019 Queen's College graduate, and Dehron Smith, a 2017 Nassau Christian Schools (NCS) graduate.

Neely and Smith were the 24th scholars to receive the ABMS award after its 1993 introduction.

Smith was a 2017 Nassau Christian Schools (NCS) graduate who received the award two years after graduating high school. He was the first NCS student to be awarded the ABMS.

Bahamian high school graduates may still be eligible for the scholarship if they continue in any high school extension program (approved by the committee) for a maximum of two years after graduating from an approved Bahamian high school. These students must apply during the second year of their studies. Candidates must have a cumulative GPA of 3.7 and above, a minimum of eight BGCSEs with at least eight A passes, SAT score of 1,220 or higher or an ACT (American College Test) score of 25 or higher.

Smith was a United World College (UWC) Hong Kong scholarship recipient. He was eligible to receive the ABMS in 2019, two years after graduating high school and after completing the UWC program which is considered an extension of a high school program. Applicants for the ABMS and National Merit Scholarships (NMS) can apply once the two UWC years are completed.

The ABMS is the highest level of merit scholarship awarded by the government. It is valued at $35,000 per annum for up to five years depending on the degree pursued and is valued between $140,000 over four years; or $175,000 over five years dependent on the degree program, and tenable at accredited universities locally or abroad.

NMS is the second highest level of merit scholarship awarded by the government, and can be awarded to multiple Bahamian applicants.

The scholarship has a maximum value of $25,000 per year for up to four years and is tenable at accredited universities locally or abroad.

To be considered for the ABMS award, applicants must have a GPA of 3.7 and above, a minimum of eight BGCSE's with at least eight A passes, have applied to or been accepted to an academically prestigious accredited college or university, have an SAT score of 1,220 and above, demonstrate excellence in co-curricular activities, possesses an unwavering dedication to improving the lives of Bahamians and demonstrate a strong moral character and the potential to lead.

To be considered for the NMS, applicants must have a GPA of 3.5 and above, achieve an SAT score of 1,220 or higher, possess a minimum of seven BGCSE A passes and have applied or been accepted to an academically prestigious accredited college or university.

The ABMS is a collaboration between the Central Bank of The Bahamas and the Ministry of Education.


All Bahamas Merit Scholars

2022 - Alexis Godet, University of South Florida, chemical engineering and music performance, classical violin

2021 - Maya Tilberg, University of Miami, biology

2020 - No award given

2019 - Mahila Neely, Vassar

College, English and Dehron Smith, Ithaca College, athletic training

2018 - Aaron Edgecombe, University of Miami, electrical engineering

2017 - Paloma Cartiwrtight, McGill University, engineering/computer science

2016 - Simone, Cambridge, McGill University, art history and urban studies

2015 - Domonic McDonald, University of Western Ontario, Canada, political science with a specialty in international relations

2014 - Gabrielle Moss, Johns Hopkins University, mathematics and statistics with a focus on actuarial science

2013 - Shannon Butler, University of St. Andrew's, medicine

2012 -Theophilus Moss, Johns Hopkins University, mechanical engineering

2011 - Jamia Moss, College of St. Benedict, biochemistry and Spanish

2009 - Jenna Chaplin, University of The Pacific, fine arts and psychology

2008 - Genymphas Higgs, Drexel University, biomedical engineering

2007 - Lisa Rodgers, Brown University, education

2006 - Kyle Chea, Vassar College, pre-med and foreign languages

2005 - Andrea Culmer, McGill University, Chemistry and Pre-Med

2004 - Sharelle Ferguson, Harvard University, social studies

2003 - Sebastian Hutchinson, University of Pennsylvania, finance and accounting

2002 - Peter Blair, Duke University, physics and mathematics

2001 - No award given

2000 - Ricardo Davis, Queen's University, Ontario, biochemistry

1999 - Ryan Knowles, Boston University, accounting and finance

1998 - Damian Archer, University of Western Ontario, University of the West Indies, Mona Campus – 1 year, chemistry, medicine

1997 - Jehan Unwala, Tufts University, international relations and economics

1996 - Rhys Powell, Massachusetts Institute of Technology, electrical engineering and computer science

1995 - Damian Forbes, Yale University, economics

1994 - No award given

1993 - Shireen Denise Donaldson, Johns Hopkins University, biochemistry