Category: BusinessDayTest

BML Properties Ltd. (BMLP) says it has reached a ‘comprehensive agreement’ with a number of stakeholders, including China Construction America (CCA),a subsidiary of China State Construction Engineering Corp. Ltd. (CSCEC), to resolve their legal dispute over the construction of the Baha Mar resort.

In a statement, the parties said that the agreement is subject to United States Bankruptcy Court approval and that in accordance with the agreement, BMLP is dropping all claims in the United States and The Bahamas against CCA, CCA Bahamas Ltd (Bahamas) Ltd and CSCECB and their respective affiliates without any admission of liability on their part.

‘The agreement is subject to approval by the US Bankruptcy Court in New Jersey, which CCA hopes to obtain in the coming days. CCAB will retain its ownership interest in the British Colonial and Margaritaville Beach Resort hotels, which the company believes will benefit the entire Bahamian community well into the future.’

The statement said that the resolution follows CCA, CCAB and CSCECB’s motion to appeal the New York State Supreme Court’s prior decision and CCA’s filing for chapter 11, which had been pursued in parallel to protect the interests of the co-defendants’ stakeholders.

‘We are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,’ said Yan Wei, chairman and chief executive officer of CCA.

‘While we remain convinced by the strength of our legal arguments, bringing this matter to a close is in the best interests of our stakeholders and will allow us to focus fully on our strategy for delivering world-class construction projects and hospitality operations to our customers. We thank our team and partners for their continued support and look forward to many opportunities together.

‘We also want to extend our appreciation to the people and businesses of The Bahamas for their continued friendship and trust as we look to deepen our relationships in the country,’ Wei added.

The settlement comes months after the Appellate Division of the New York Supreme Court upheld a ruling that awarded BMLP US$1.6 billion in damages after finding that CCA breached its contract and committed fraudulent acts, ultimately forcing BML out of its Baha Mar investment.

‘We are pleased to have put this matter behind us and reached a resolution that meets our expectations. The economic impact of Baha Mar will be felt for decades to come, and we remain proud to have been the visionaries behind this landmark development,’ said BMLP’s Sarkis Izmirlian.

‘I want to extend my heartfelt thanks to the people of The Bahamas for their unwavering support and the many letters of encouragement throughout the past decade,’ Izmirlian added.

The litigation stemmed from disputes that arose during the final stages of developing the Baha Mar resort.

The two-day warmup match between a New Zealand XI and West Indies ended in a draw here at the Bert Sutcliffe Oval on Thursday.

Scores

WEST INDIES 346-5 dec’d in 96 overs (Tagenarine Chanderpaul 85 retired out, Brandon King 79, John Campbell 68, Kavem Hodge 55 not out, Tevin Imlach 25, Alick Athanaze 23).

NEW ZEALAND XI 264 in 73.4 overs (Cam Paul 91, Muhammad Abbas 61, Thomas O’Connor 35, Sam Cassidy 28, Raunaq Kapur 19; Johann Layne 3-33, Kavem Hodge 2-32, Jomel Warrican 2-45).

The Belize government Thursday said it has received a US$300,000 grant from the World Trade Organization (WTO) Fish Fund to help the country build the legal and institutional capacity needed to manage emerging fisheries subsidy programmes responsibly, while ensuring they support livelihoods without inadvertently encouraging harmful fishing practices.

The WTO has approved the ‘Building Legal Understanding and Enforcement Capacity for Fisheries Subsidies Reform in Belize (BLUE-CAP) project that the government says complements ongoing Blue Economy initiatives, such as the Inter American Development Bank (IDB)-supported programme to expand artisanal fisheries and the national Blue Economy Development Policy and Strategy.

‘Together, these efforts reinforce Belize’s vision of a blue economy that is both economically empowering and environmentally sustainable,’ the government said, adding that ‘the success of this application reflects the close collaboration of the Directorate General for Foreign Trade, the Ministry of Blue Economy and Marine Conservation, the Fisheries Department, and the High Seas Fisheries Unit, in partnership with the Caribbean Regional Fisheries Mechanism (CRFM).

The government said as a result of the grant, it is looking forward to working with national and regional partners to safeguard marine resources for future generations.

More than 103,000 voters are going to the 250 polling stations here on Thursday to elect a new government in St. Vincent and the Grenadines, in an election that political observers say could signal the end of the political career of Prime Minister Dr. Ralph Gonsalves.

Gonsalves, 79, the longest serving head of government in the Caribbean Community (CARICOM), is leading his ruling Unity Labour Party (ULP) into the election, hoping for a sixth consecutive victory, but he faces an uphill task as the main opposition New Democratic Party (NDP) seeks to end their 25 years in the political wilderness under the 66-year-old attorney Dr. Godwin Friday.

Both the ULP and the NDP are fielding candidates in all 15 constituencies.

The National Liberation Movement (NLM) is being represented by its leader, Dr. Doris Charles, who is contesting the South Leeward seat, while another female candidate, Kenna Questelles, the lone independent in the race is contesting the West St George.

In the last general election, thje ULP won nine of the 15 seats.

According to the Electoral Office, the number of persons eligible to cast ballots is 103, 524 as compared with 101, 744 in the 2024 general election, with the East St George constituency, which had the largest number of registered voters in the last general election, still occupying that position with a total of 9,369 registered voters.

It is the only constituency with more than 9,000 registered voters with the closest constituency being South Leeward with a total of 8,927.

The polling stations open at 7.00 am (local time) and closes 10 hours later, with the Supervisor of Elections, Dora James, reminding the public that proxy voting is not permitted in St. Vincent and the Grenadines and all eligible voters, including those who are blind or living with disabilities are being urged to make arrangements to visit their polling stations.

James said that every voter must be physically present to cast a ballot, adding that assistance will be provided at polling stations for those who need help.

She added that while the Electoral Office does not provide transportation for disabled voters, it is customary for political parties and community groups to offer support to ensure their supporters get to the polls.

The polls are being monitored by a CARICOM Electoral Observer Mission (CEOM) and the National Monitoring and Consultative Mechanism.

The International Monetary Fund (IMF) has approved the second review of Haiti’s Staff-Monitored Programme (SMP), including a request for a nine-month extension of the SMP through September 19, next year.

SMPs are informal agreements between countries and the IMF to monitor the implementation of their economic programme and build a track record of policy implementation that could pave the way for financial assistance from the IMF’s upper credit tranche (UCT).

Haiti’s SMP is tailored to its context of acute security challenges, institutional fragility, and capacity constraints and the Washington-based financial institution said that it supports Haiti’s priorities of economic stabilisation, improved governance, anticorruption, and strengthening the social safety net.

According to the IMF, the economic conditions in the French-speaking Caribbean Community (CARICOM) country remain fragile amid persistent domestic and external shocks, and rising uncertainty.

It said against the backdrop of intensifying gang violence, real gross domestic product (GDP) contracted in the 2025 financial year for the seventh consecutive year, while annual inflation remained high at around 32 per cent.

The IMF said that the expiration of the Temporary Protected Status (TPS) for Haitians in the United States in February 2026, the non-renewal of the HOPE/HELP preferential trade agreement which ended in September 2025, and the impact of Hurricane Melissa in late October 2025, which caused significant loss of life and widespread damage to infrastructure and agricultural areas, exacerbating humanitarian needs and further constraining resources, are expected to further strain the Haitian economy.

But the IMF said despite the challenging conditions, programme implementation has been encouraging and that all quantitative and indicative targets for the end-June test date were met.

‘Monetary financing of the fiscal deficit has been maintained at zero, social spending reached the programme’s targets, and revenue performance stayed on track. International reserves continued to accumulate, supported by strong remittance inflows and foreign exchange purchases.

‘Net international reserves reached almost US$1.5 billion by end July 2025. The reform agenda, covering governance, public financial management, safeguards, and data provision, continues to advance, although with delays in some areas. The authorities continue to demonstrate strong ownership and engagement, including through the high-level SMP Monitoring Committee. ‘

The IMF said that the nine-month extension of the SMP will help support macroeconomic stability, preserve reform momentum, and allow for political and security conditions to stabilize.

It said the extension will consolidate recent achievements and advance key priorities, including strengthening governance and institutional safeguards, enhancing revenue mobilization, and improving the efficiency of public financial management.

‘The additional time will also allow for a more thorough assessment of the impact of ongoing international initiatives, including the United Nations’ Gang Suppression Force and the Organization of American States” Haitian Led Roadmap for Recovery and Peace’.

The IMF said that while security remains the top priority, the SMP will continue to focus on key policy areas and reforms critical to Haiti.

The Washington-based financial institution said that reform efforts should be coordinated and anchored in the Governance Diagnostic Report, including enhancing transparency and accountability in public financial management; mitigating corruption risks in revenue administration; and ensuring accountability for serious corruption, organised crime, and money laundering.

‘The authorities are encouraged to complete the national assessment for money laundering and terrorist financing, and to continue addressing strategic deficiencies in Haiti’s anti-money laundering/combating the financing of terrorism (AML/CFT) framework to support its exit from the Financial Action Task Force (FATF) grey list. ‘

The IMF said that fiscal policy remains constrained by institutional weaknesses that hinder revenue mobilization and spending efficiency.

It said immediate priorities include operationalizing automated monthly data exchanges between the tax and customs systems and completing the rollout of tax declarations and payments services for all large taxpayers across all commercial banks.

‘Strengthening budget execution-especially for social and security spending-is essential to adequately support vulnerable populations and advance critical infrastructure. This requires improved treasury cash management and robust project appraisal and budget prioritization, in line with the 2022 IMF Public Investment Management Assessment.’

The IMF said monetary policy credibility has improved with the elimination of monetary financing of the budget deficit.

‘Given the challenging and uncertain environment, foreign exchange interventions should remain focused on supporting the accumulation of international reserves and preserving exchange rate stability. Advancing the financial system’s regulatory and supervisory reform is essential, particularly by enhancing both on-site and off-site supervision.’

But the IMF said, despite the authorities’ continued efforts, Haiti requires international financial support to address its significant development needs.

‘To safeguard debt sustainability and build on progress under the SMP, this support should come as grants rather than non-concessional loans. Grant financing is essential to meet immediate humanitarian, social, and economic needs, and to place the economy on a steady and sustainable medium- and long-term growth path, which is essential for improving living conditions for the Haitian people.’

The IMF said that in line with its ‘Strategy for Fragile and Conflicted-Affected States,’ the the IMF staff will maintain close collaboration with Haiti’s main development partners, particularly on governance and capacity development.

Barbados says it is no longer regarded as a low tax jurisdiction after having put in place the global minimum taxes giving foreign investors the confidence that the island has undertaken the necessary reform.

Minister in the Ministry of Finance, Ryan Straughn, addressing the Global Forum on Transparency and Exchange of Information for Tax Purposes 21st Automatic Exchange of Information Peer Review Group (APRG) meeting, said the peer review would look at Barbados’ status in 2026

Minister in the Ministry of Finance, Ryan Straughn, speaking at the 21st Automatic Exchange of Information Peer Review Group (APRG) Meeting

The meeting brought together delegates from across the world working collaboratively to strengthen international cooperation, combat tax evasion, and advance global tax transparency.

Straughn said that the Mia Mottley government has been participating in reform under the Barbados Economic Recovery and Transformation (BERT) programme, initiated in 2018, to restore macroeconomic stability and drive inclusive growth.

The programme involved a comprehensive debt restructuring and fiscal measures, supported by the International Monetary Fund (IMF) through an Extended Fund Facility (EFF) and a Resilience and Sustainability Facility (RSF).

‘Barbados is no longer a low tax jurisdiction because we have the global minimum tax in place., that validation is important to give investors confidence that Barbados has done all the reform.

‘We, as small states, attempt to ensure that we can deliver on our development objectives, that the commitments that we’ve made with respect to tax transparency, as well as exchange of information on the Common Reporting Standards are key for us to be able to unlock investment.’

Straughn said that although Barbados is a small country from a capacity perspective, it is important to recognise that small states have peculiarities with being able to effectively monitor and maintain global standards.

‘How does a country ensure that it has enough resources to not just sustain its development effort, but as we have committed, to building climate resilience?

‘It means that our fiscal circumstance, our tax circumstance, must be relatively certain, given all that’s happening across the world, and therefore events like these help us to.share and understand the circumstances and the impact that these reforms will have on small states like Barbados’ Straughn said.

He said that there are ‘aggressive’ plans regarding the government’s intention to meet the BERT programme, which is hinged on the country’s ability to attract additional businesses in key sectors, and build an export-driven economy.

‘We are engaging in that particular space, that means collaboration with international companies and agencies to be able to help unlock those unique opportunities that help us to build resilience,’

Straughn reaffirmed Barbados’ dedication to the journey and stated that there have been significant improvements to metrics like improving transparency, better governance, investor confidence, better business and consumer confidence.

‘We remain committed to this process simply because the long-term sustainable viability of Barbados relies on us having a clean bill of health, because when disruption occurs you must be able to have a policy buffer within which to be capable of operating,’ he added.

The APRG comprises 30 members and is responsible for drawing conclusions on the legal frameworks of the Global Forum members who have committed to implementing the Common Reporting Standard and assessing the effectiveness of its implementation.

The leader of the main opposition New Democratic Party (NDP) Dr. Godwin Friday, comfortable won his Northern Grenadines seat for the sixth consecutive time in Thursday’s general election as his party seems heading towards ending 25 years in the political wilderness.

Friday polled 2,183 votes as against for the Unity Labour Party’s (ULP) candidate, Carlos Williams, who could only muster 339 votes, and in the processing losing his deposit, according to the preliminary results announced here.

The NDP is seeking to prevent the ULP, headed by Prime Minister Dr. Ralph Gonsalves from winning an unprecedented sixth consecutive term in office, and according to the preliminary results so far, the NDP is heading towards forming the government, leading in as many as 12 seats.

Gonsalves is leading comfortably in his Windward seat, polling 1815 to 791 for the NDP’s Cheftain Neptune with the results of one polling station yet to come in.

Among the NDP candidates leading is the President of Cricket West Indies, who is enjoying a comfortable lead over the Minister of Tourism, Carlos James by more than 200 votes with two polling stations yet to declare.

In the 2020 general election, the ULP won nine of the 15 seats.

More than 103,000 voters are going to the 250 polling stations here on Thursday to elect a new government in St. Vincent and the Grenadines, in an election that political observers say could signal the end of the political career of Prime Minister Dr. Ralph Gonsalves.

Gonsalves, 79, the longest serving head of government in the Caribbean Community (CARICOM), is leading his ruling Unity Labour Party (ULP) into the election, hoping for a sixth consecutive victory, but he faces an uphill task as the main opposition New Democratic Party (NDP) seeks to end their 25 years in the political wilderness under the 66-year-old attorney Dr. Godwin Friday.

Both the ULP and the NDP are fielding candidates in all 15 constituencies.

The National Liberation Movement (NLM) is being represented by its leader, Dr. Doris Charles, who is contesting the South Leeward seat, while another female candidate, Kenna Questelles, the lone independent in the race is contesting the West St George.

In the last general election, the ULP won nine of the 15 seats.

New York Attorney General, Letitia James, is leading a coalition of 21 attorneys general in filing a lawsuit to stop the Trump administration from unlawfully cutting off Supplemental Nutrition Assistance Program (SNAP) benefits for tens of thousands of lawful Caribbean and other permanent residents.

James said the coalition is seeking to block new guidance from the US Department of Agriculture (USDA) that ‘wrongly declares several groups of legal immigrants ineligible for food assistance, including permanent residents who were granted asylum or admitted as refugees’.

The attorneys general warn that the guidance would ‘saddle states with catastrophic financial penalties unless they immediately implement the unlawful restrictions’ and are urging the court to strike down the guidance ‘before it can cause lasting harm’.

Letitia James

‘The federal government’s shameful quest to take food away from children and families continues,’ James told the Caribbean Media Corporation (CMC).

‘USDA has no authority to arbitrarily cut entire groups of people out of the SNAP programme, and no one should go hungry because of the circumstances of their arrival to this country. My office will always fight to protect Americans’ SNAP benefits, and I will do everything in my power to shield New Yorkers from this unlawful policy,’ she added.

James said that, on October 31, USDA issued new guidance to state SNAP agencies describing changes under the so-called ‘One Big Beautiful Bill,’ which narrowed SNAP eligibility for certain non-citizen groups, including refugees, asylum recipients, and others admitted under humanitarian protection programs.

The New York Attorney General said the memo went far beyond the statute Congress enacted, asserting that anyone who entered through these humanitarian pathways would remain permanently ineligible for SNAP, even after becoming lawful permanent residents.

James and the coalition emphasise that nothing in the ‘One Big Beautiful Bill’ or any other federal law supports USDA’s new position.

‘Federal law is clear that refugees, asylees, humanitarian parolees, individuals whose deportation has been withheld, and other humanitarian entrants become eligible for SNAP once they obtain their green cards and meet standard program requirements,’ they said, adding ‘USDA’s memo attempts to rewrite those rules, ignoring Congress and threatening to cut off food assistance for people who are fully eligible under the law’.

The attorneys general argue that USDA’s guidance also ‘blatantly misapplies the agency’s own regulations’ and that federal rules guarantee states a 120-day grace period after new guidance is issued to update their systems without facing severe financial penalties.

The attorneys general say USDA now claims that this period expired on November 1, just one day after the memo was released, over a weekend, and in the middle of a federal shutdown.

‘This reading is impossible to implement under USDA’s regulations. it renders the guidance unlawful on its face.

‘States have already begun implementing the statutory changes enacted earlier this year, but USDA’s abrupt and incorrect directive now forces them to overhaul eligibility systems overnight,’ the coalition say, warning that the directive threatens to destabilise SNAP nationwide, increase the risk of wrongful terminations, and create widespread confusion and distrust among families who rely on the program.

‘Even more alarming, under the ‘One Big Beautiful Bill’ penalty scheme, USDA’s interpretation could saddle states with fines so extreme that some warn they could be forced to shut down their SNAP programs entirely – a disastrous outcome that would leave millions of Americans without access to the nation’s most essential anti-hunger program,’ the coalition adds.

In New York alone, James said compliance with USDA’s ‘unlawful guidance would force the state to cut off SNAP benefits for as many as 35,000 lawful permanent residents, leaving families without food and pushing thousands into immediate crisis.

‘The sudden loss of benefits would deepen hardship across the state and place monumental strain on other safety-net and emergency food assistance programs,’ she said.

Last week, James and 20 other attorneys general formally called on the Trump administration to withdraw and correct the memo. They said the USDA did not respond.

The leader of the New Democratic Party (NDP), Dr. Godwin Friday, Thursday ended 25 years of being in the political wilderness after voters in St. Vincent and the Grenadines gave his party an overwhelming victory in the general election and in the process prevented the longest serving government leader of extending his hold on power.

Preliminary results show that the NDP won at least 11 of the 15 seats in the general election putting a halt to outgoing Prime Minister Dr. Ralph Gonsalves’ desire of leading the Unity Labour Party (ULP) to a sixth consecutive victory.

Gonsalves was among the ULP candidates to have retained their seats, but among the casualties were his son and Finance Minister, Camillo Gonsalves, who lost to to the NDP’s Laverine Gibson-Velox.

‘I believe the voter is always right and the voice of the people is the voice of God and even inmy disappointment today, I hold fast to those beliefs as the foundation of our democracy,’ the outgoing Finance Minister said, congratulating Gibson-Velox on her victory

‘They said sometimes you win and sometimes you lose and I am definitely learning a lot tonight,’ he added.