New Category : Finance

RCI to spend $50 million removing derelict PI homes

Wed, May 31st 2023, 08:57 AM

Royal Caribbean International (RCI) will spend close to $50 million removing the derelict, collapsing, and decaying former private homes from the property they hope to turn into their Royal Beach Club in the next two years, the company's Chief Product Innovation Officer Jay Schneider told Guardian Business yesterday.

Schneider, along with other RCI executives, gave members of the media a tour of the company's privately held 13 acres slated for development into the beach club, and the four acres of Crown land that will also be converted into part of the beach club property.

Media were shown a property once owned by renowned actor Nicholas Cage, which is now in a state of extreme disrepair, with pools overflowing with mosquito larvae and algae.

Some homes are still filled with photographs and remnants of a privileged life once lived on a now deserted part of Paradise Island.

The former owners have left elliptical machines, Hi-Fi players and old video tapes to the mercy of elements on the island.

Royal Caribbean hopes to clean up the houses whose docks, the only access to the properties, are sliding into Nassau Harbour.

Schneider hopes RCI can keep at least a small piece of Paradise Island's history that was sold to private interests years ago.

A former armory that sits on the shore of Paradise Island will be salvaged by RCI.

The company released its 89-page public consultation report on Friday and reported that the Antiquities, Monuments and Museums Corporation (AMMC) did not find any structures on the property that need to be protected.

However, Schneider said RCI has determined that the former armory and Bahamas Customs building are worth saving and refurbishing, and will use the buildings as part of the Royal Beach Club.

Atlantis has been the biggest voice of protest against the development of the beach club on the western end of Paradise Island, following the protest of local entrepreneur and developer Toby Smith, who also proposed a Paradise Island beach club, and whose proposed Crown land leases overlapped with Royal Caribbean's. RCI decreased its Crown land holdings, which no longer overlap with the other developer.

Environmentalists continue to protest the RCI project and took the media to part of the property looking toward the beach club area, explaining that much of the western end of Paradise Island needs to be protected.

Schneider explained that invasive species on the property will be removed, because the company has been asked to remove any invasive species on the property.

However, he said that RCI wants its beach club to be an experience where guests are surrounded by plant life, and will therefore plant trees on the property where trees are removed.

"Non-native invasive trees were taken out, and that's just been an effort that the government has, and we're living up to that effort or helping with that effort," said Schneider.

"Our plan is to remove all of the invasive, non-native species, and then protect all of the native species. The challenge is if you remove all of the invasive, non-native species, this would be a barren strip of land because there's so much of it.

"And so one of the significant parts of the budget is to put landscaping back in, because what we essentially want is a complete, lush forest."

RCI will have another public consultation on the project on June 8 at Queen's College, to answer any further questions on the project.

There were concerns that the project might affect the coastline of Paradise Island. However, RCI said they will be removing sea walls as part of recommendations by their engineers, in order to improve the coastline at the western end of the island.

Many of the changes made when the private properties on the island were acquired already negatively affected the coastline, Schneider said.

Prime Minister Davis Lauds the Financial Services Industry in The Bahamas

Prime Minister Davis Lauds the Financial Services Industry in The Bahamas

Fri, May 26th 2023, 01:30 PM

Prime Minister and Minister of Finance the Hon. Philips Davis said, on May 24, 2023, that the “remarkable gathering” of the 2023 Financial Services Week Conference was “a testament to our collective commitment to celebrating the pivotal role of the Financial Services Industry and recognizing the unparalleled contributions of the Bahamas Institute of Financial Services”. 

“In light of the profound impact financial services have on our economy and their undeniable influence on many Bahamian professionals' lives, it's an inescapable truth that every week in our vibrant nation should, in essence, be considered financial services week,” Prime Minister Davis said, during his Keynote Address at the event, held at the Baha Mar Convention Centre.

 “In the face of adversity brought on by recent crises, our financial services industry has stood as a pillar of strength and resilience,” he added.  “This sector, which indeed serves as the bedrock of our economy, continues to offer unwavering support to our broader economic framework.”

 Prime Minister Davis pointed out that such resilience and stability had spurred the promotion of The Bahamas as a “safe harbour” for financial services.

 “We want to assure every investor who chooses The Bahamas that they are investing in a nation renowned for its resilience, stability, and unyielding resolve to weather any storm that comes our way,” he said.

 Prime Minister Davis added that, in the aftermath of challenging times, such as those brought on by Hurricane Dorian and the COVID-19 pandemic, the financial services industry stood ready to lead the nation towards recovery and renewed growth.

 “The Bahamas Financial Services Institute serves as a linchpin in maintaining our excellence in the realm of financial services,” he said.  “By actively promoting quality training and educational opportunities for local professionals, this institute plays an invaluable role in strengthening our industry and guiding its future development.”

 “Under the dynamic and visionary leadership of esteemed individuals such as Jermaine Williams and Kim Bodie, our financial services sector has grown stronger, more innovative, and more resilient than ever before,” Prime Minister Davis added.

 “The BIFS is our steadfast partner in our pursuit of innovation and jurisdictional excellence. Together, we continue to hold our own as formidable contenders on the international financial services stage.”Prime Minister Davis pointed out that The Bahamas’ steadfast stance not only arose from its status as a tax-neutral jurisdiction, but also from the nation’s unwavering commitment to principles of transparency, accountability, and integrity. Those values, he added, were ingrained in “the DNA of our financial services sector” and were the foundation upon which the industrystood.

 “Our impressive pool of world-class expertise allows us to remain at the forefront of developing market-responsive, client-centric financial services products,” he stated.  “These include innovative solutions like Smart Funds and ICONs, which are designed with the needs of our clients at their core.”

 Prime Minister Davis noted that, per capita, The Bahamas boasted an unrivalled concentration of financial services talent.

 “Bahamians are making their mark in various fields, from accountancy and trust management to law, insurance, and wealth management,” he added.  “This rich talent pool is a testament to our nation's capabilities and potential.”

 Prime Minister Davis noted that, as The Bahamas prepared for the introduction of the Global Minimum Corporate Tax and work towards resolving remaining issues with OECD Common Reporting Standards and EU Economic Reporting Standards, the nation remained “resolute and focused”.

 “Thanks to the diligent efforts of our financial services and compliance experts, we stand proud as one of only six nations worldwide that comply with all 40 FATF Recommendations,” he said.

 “Looking ahead, we are determined to maintain our position as a global leader in the regulation of digital assets,” he added.  “With the fintech industry experiencing rapid growth, we must continue building on our early strengths and remain competitive in the emerging digital era of financial services.”

 Prime Minister Davis noted that the Government was refining legislative framework to better accommodate and protect emerging crypto-based technologies, while also safeguarding market integrity in the decentralized crypto sphere.
 “As we navigate the ever-evolving landscape of global standards, we place the utmost importance on maintaining compliance,” he said.  “We are committed to advocating for a fair and balanced approach to how these changes are enacted and enforced, to ensure that all nations, large and small, play by the same rules.”

 “Our success to date has been a balancing act of maintaining compliance while preserving our competitive edge on a global scale,” Prime Minister Davis added.  “Despite occasional challenges, we continue to ascend, with our financial services sector demonstrating unwavering strength and robust growth.”

He stated that the key to The Bahamas’ success within the financial services sector, as well as across the wider policy spectrum, laid in “our willingness to remain open to feedback and input."

“We are a government that values active listening and learning,” he said.  “I assure you that the openness and receptiveness that marked our first year will continue undiminished into the fifth year and beyond.  Your perspectives and insights are invaluable to us.”

 Prime Minister Davis expressed his “profound appreciation” to organizations such as BIFS, BFSB, STEP Bahamas, BACO, among others.  He said that the technical support they provided, coupled with their efforts to develop and promote the sector, were major factors contributing to The Bahamas’ success as a financial services jurisdiction.

 “It is through the tireless work of these distinguished organizations that we are able to forge such strong partnerships with the private sector,” he said.  “This enables us to ensure that their needs are met, their concerns addressed, and their innovative ideas integrated into our policymaking.

 “The private sector’s influence is evident in our legislative framework and policies.”
 Prime Minister Davis noted that engagement with stakeholders was “absolutely vital” in his Government’s quest to create effective, responsive policies.  He added that his Government remained committed to deep, inclusive engagement with all of The Bahamas’ financial services stakeholders.

 “This is the bedrock upon which we will develop policies that are grounded in the realities of practitioners and their clients, ensuring their intended effectiveness,” he said.

 “As we approach the upcoming budget season and look towards the next fiscal year, I am filled with optimism for the continued economic success of The Bahamas,” Prime Minister Davis added.  “I foresee a prosperous and thriving nation that continues to demonstrate its resilience and tenacity.”

 Prime Minister Davis pointed out that his Government’s forthcoming legislative reforms and the revamp of our National Investment Framework through Bahamas Invest will create a “fertile ground” for investment.  He added that, by capitalizing on the country’s potential, The Bahamas aimed to position itself as a regional leader in Alternative Dispute Resolution and a global hub for arbitration.

 “These positive changes are auspicious signs for our financial services sector,” he said.  “They offer compelling reasons for clients to choose The Bahamas for their trust, estate, and wealth management needs.”

 “They assure those seeking an innovative, stable, and successful environment to protect and grow their wealth, that The Bahamas is indeed the destination of choice.”

 Prime Minister Davis noted that the vital role of financial services as the second pillar of the Bahamian economy remained unshakeable.  He added that, as his Government continued to innovate and evolve, that pillar will only become stronger and more robust.

 “I am deeply committed to working in close partnership with the private sector to further grow this industry,” he said.  “Together, we can create abundant opportunities for our talented Bahamian professionals and ensure that we continue to develop innovative, market-driven vehicles for wealth generation and management.”

 Prime Minister Davis added: “In this gathering, we are fortunate to have some of the world's best and brightest minds in financial services. With such formidable support, we are filled with confidence and optimism for our future.

 “Thank you, each and every one of you, for your dedication, hard work, and continued faith in the potential of our nation.”

Prime Minister and Minister of Finance the Hon. Philips Davis said, on May 24, 2023, that the “remarkable gathering” of the 2023 Financial Services Week Conference was “a testament to our collective commitment to celebrating the pivotal role of the Financial Services Industry and recognizing the unparalleled contributions of the Bahamas Institute of Financial Services”.   “In light of the profound impact financial services have on our economy and their undeniable influence on many Bahamian professionals' lives, it's an inescapable truth that every week in our vibrant nation should, in essence, be considered financial services week,” Prime Minister Davis said, during his Keynote Address at the event, held at the Baha Mar Convention Centre.   “In the face of adversity brought on by recent crises, our financial services industry has stood as a pillar of strength and resilience,” he added.  “This sector, which indeed serves as the bedrock of our economy, continues to offer unwavering support to our broader economic framework.”   Prime Minister Davis pointed out that such resilience and stability had spurred the promotion of The Bahamas as a “safe harbour” for financial services.   “We want to assure every investor who chooses The Bahamas that they are investing in a nation renowned for its resilience, stability, and unyielding resolve to weather any storm that comes our way,” he said.   Prime Minister Davis added that, in the aftermath of challenging times, such as those brought on by Hurricane Dorian and the COVID-19 pandemic, the financial services industry stood ready to lead the nation towards recovery and renewed growth.   “The Bahamas Financial Services Institute serves as a linchpin in maintaining our excellence in the realm of financial services,” he said.  “By actively promoting quality training and educational opportunities for local professionals, this institute plays an invaluable role in strengthening our industry and guiding its future development.”   “Under the dynamic and visionary leadership of esteemed individuals such as Jermaine Williams and Kim Bodie, our financial services sector has grown stronger, more innovative, and more resilient than ever before,” Prime Minister Davis added.   “The BIFS is our steadfast partner in our pursuit of innovation and jurisdictional excellence. Together, we continue to hold our own as formidable contenders on the international financial services stage.” Prime Minister Davis pointed out that The Bahamas’ steadfast stance not only arose from its status as a tax-neutral jurisdiction, but also from the nation’s unwavering commitment to principles of transparency, accountability, and integrity. Those values, he added, were ingrained in “the DNA of our financial services sector” and were the foundation upon which the industry stood.   “Our impressive pool of world-class expertise allows us to remain at the forefront of developing market-responsive, client-centric financial services products,” he stated.  “These include innovative solutions like Smart Funds and ICONs, which are designed with the needs of our clients at their core.”   Prime Minister Davis noted that, per capita, The Bahamas boasted an unrivalled concentration of financial services talent.   “Bahamians are making their mark in various fields, from accountancy and trust management to law, insurance, and wealth management,” he added.  “This rich talent pool is a testament to our nation's capabilities and potential.”   Prime Minister Davis noted that, as The Bahamas prepared for the introduction of the Global Minimum Corporate Tax and work towards resolving remaining issues with OECD Common Reporting Standards and EU Economic Reporting Standards, the nation remained “resolute and focused”.   “Thanks to the diligent efforts of our financial services and compliance experts, we stand proud as one of only six nations worldwide that comply with all 40 FATF Recommendations,” he said.   “Looking ahead, we are determined to maintain our position as a global leader in the regulation of digital assets,” he added.  “With the fintech industry experiencing rapid growth, we must continue building on our early strengths and remain competitive in the emerging digital era of financial services.”   Prime Minister Davis noted that the Government was refining legislative framework to better accommodate and protect emerging crypto-based technologies, while also safeguarding market integrity in the decentralized crypto sphere.   “As we navigate the ever-evolving landscape of global standards, we place the utmost importance on maintaining compliance,” he said.  “We are committed to advocating for a fair and balanced approach to how these changes are enacted and enforced, to ensure that all nations, large and small, play by the same rules.”   “Our success to date has been a balancing act of maintaining compliance while preserving our competitive edge on a global scale,” Prime Minister Davis added.  “Despite occasional challenges, we continue to ascend, with our financial services sector demonstrating unwavering strength and robust growth.” He stated that the key to The Bahamas’ success within the financial services sector, as well as across the wider policy spectrum, laid in “our willingness to remain open to feedback and input." “We are a government that values active listening and learning,” he said.  “I assure you that the openness and receptiveness that marked our first year will continue undiminished into the fifth year and beyond.  Your perspectives and insights are invaluable to us.”   Prime Minister Davis expressed his “profound appreciation” to organizations such as BIFS, BFSB, STEP Bahamas, BACO, among others.  He said that the technical support they provided, coupled with their efforts to develop and promote the sector, were major factors contributing to The Bahamas’ success as a financial services jurisdiction.   “It is through the tireless work of these distinguished organizations that we are able to forge such strong partnerships with the private sector,” he said.  “This enables us to ensure that their needs are met, their concerns addressed, and their innovative ideas integrated into our policymaking.   “The private sector’s influence is evident in our legislative framework and policies.”   Prime Minister Davis noted that engagement with stakeholders was “absolutely vital” in his Government’s quest to create effective, responsive policies.  He added that his Government remained committed to deep, inclusive engagement with all of The Bahamas’ financial services stakeholders.   “This is the bedrock upon which we will develop policies that are grounded in the realities of practitioners and their clients, ensuring their intended effectiveness,” he said.   “As we approach the upcoming budget season and look towards the next fiscal year, I am filled with optimism for the continued economic success of The Bahamas,” Prime Minister Davis added.  “I foresee a prosperous and thriving nation that continues to demonstrate its resilience and tenacity.”   Prime Minister Davis pointed out that his Government’s forthcoming legislative reforms and the revamp of our National Investment Framework through Bahamas Invest will create a “fertile ground” for investment.  He added that, by capitalizing on the country’s potential, The Bahamas aimed to position itself as a regional leader in Alternative Dispute Resolution and a global hub for arbitration.   “These positive changes are auspicious signs for our financial services sector,” he said.  “They offer compelling reasons for clients to choose The Bahamas for their trust, estate, and wealth management needs.”   “They assure those seeking an innovative, stable, and successful environment to protect and grow their wealth, that The Bahamas is indeed the destination of choice.”   Prime Minister Davis noted that the vital role of financial services as the second pillar of the Bahamian economy remained unshakeable.  He added that, as his Government continued to innovate and evolve, that pillar will only become stronger and more robust.   “I am deeply committed to working in close partnership with the private sector to further grow this industry,” he said.  “Together, we can create abundant opportunities for our talented Bahamian professionals and ensure that we continue to develop innovative, market-driven vehicles for wealth generation and management.”   Prime Minister Davis added: “In this gathering, we are fortunate to have some of the world's best and brightest minds in financial services. With such formidable support, we are filled with confidence and optimism for our future.   “Thank you, each and every one of you, for your dedication, hard work, and continued faith in the potential of our nation.”
Ground broken on $10 mil. restaurant project for PI

Ground broken on $10 mil. restaurant project for PI

Fri, May 12th 2023, 08:02 AM

The owners of Carnivale restaurant in Chicago, Illinois broke ground on the $10 million Carnivale Bahamas project yesterday and explained during a press conference to announce the restaurant prior to the groundbreaking, that they expect the waterfront restaurant to be open within one year and employ 120.

The restaurant is part of Sterling Global's Sterling Commons development on Paradise Island and will be only the second Carnivale restaurant and the first outside of the US.

Carnivale co-owner Bill Marovitz told the media yesterday before the groundbreaking ceremony that the company is working on a Carnivale Miami.

Marovitz said they chose The Bahamas because of its natural beauty, the people and the proximity.

"I love The Bahamas, I love the Bahamian people," said Marovitz.

"The climate, the ambiance here is spectacular. It's 30 minutes from Miami Beach.

"I'm surrounded by a marina with some of the biggest boats in the Caribbean on all sides. What could be wrong with that?

"When I saw the location, I thought, my gosh, this is fantastic."

Marovitz said the almost 15,000 square foot indoor/outdoor restaurant will feature Latin cuisine mixed with some Bahamian cuisine. He said he and his co-owner Jerry Cataldo plan to outfit the establishment with Bahamian art and source local produce for their dishes.

Acting Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said during the press conference to announce Carnivale that Sterling Commons has become known as the downtown of Paradise Island, and he lauded the introduction of a restaurant to the mix.

"Paradise Island in The Bahamas is the ideal location for Carnivale's first expansion outside the United States. And this is a significant point, the first expansion outside of the United States happens to be right here in The Bahamas, right here on Paradise Island, and we welcome you," said Cooper.

"Bill, as a businessman, you have great instincts, as I can see, from selecting Paradise Island as the first place outside of the US, and I am sure that this will be a very profitable venture in an environment itself that has been very high-end and very lucrative."

Cataldo said while he and his co-owner want to create a top tourism destination with Carnivale, one of their main focuses will be on Bahamians and their experience with the restaurant.

"And it's our goal, to have a wonderful, exciting experience with engaging and enlightened service and an experience that people will want to come back to more and more each time they're here, he said.

"But most importantly, for the residents and the people of The Bahamas to want to be here.

"Of course, we want to welcome and support the tourism industry as much as we possibly can, but we also know that this is for the community."

Colina secures stable outlook despite AM Best downgrade

Wed, May 10th 2023, 08:21 AM

Despite the negative impact of the government's sovereign credit rating downgrade on its business, Colina Insurance Limited (CIL) secured a stable outlook from credit ratings company AM Best.

Colina Holdings Bahamas Limited (CHBL) Chairman Terry Hilts, in the company's 2022 annual report, noted AM Best's opinion that CIL has a good ability to meet its ongoing insurance policy and contract obligations despite the downgrade the company faced from A1 to B++.

"In 2022, following its annual review, CIL's AM Best credit ratings were negatively impacted by The Bahamas' sovereign ratings downgrade. AM Best acknowledged that CIL's balance sheet strength remained strong, as evidenced by its capital ratios which had been steadily increasing and were at their highest levels ever," he said.

"AM Best further assessed CIL's operating performance as strong, its business profile as neutral and its enterprise risk management as appropriate. Nevertheless, the company's financial strength rating (FSR) went from A- (Excellent) to B++ (Good). AM Best adjusted the outlook of CIL's ratings from negative to stable."

CHBL reported that it ended 2022 with total revenues up, at $180.8 million, compared to $174.6 million in 2021.

"The company's revenues reflected an increase over 2021 attributable to new lines of medical and general insurance business. Net premium revenues were $126.6 million for the 12 months ended December 31, 2022 compared to $116.1 million in the prior year. The company's general insurance company, Indigo, has had a full year of operations contributing positively to the complement of financial services offered by the group," the annual report noted.

"Revenues in 2022 also included a temporary boost in premiums from a COVID-related trip interruption product issued to assist travelers to The Bahamas until travel restrictions were fully lifted mid-2022. The new lines of business have had a modest impact on net policyholder benefits which totalled $91.7 million for the period, compared to $89.6 million in the prior year. In addition to insurance claims activity related to the general and medical insurance products discussed above, claims activity for 2022 reflected a full year of 'normalized' post-pandemic claims life and medical insurance activity. Additional net reserves of $12.1 million were booked during the period, reflecting the growth in business and changes in the actuarial liabilities."