private

I visited the new Caribbean private island only open to cruise passengers

I’M dancing in the midday sun, frozen margarita in hand, while the DJ plays top tunes to complement the incredibly beautiful Bahamian backdrop.

I’m at the new Royal Beach Club, on Paradise Island, a private party pad in the Bahamas owned by cruise company Royal Caribbean.

Royal Caribbean’s Royal Beach Club Paradise Island Credit: Supplied
The beach club is exclusively for passengers travelling on board Royal Caribbean ships Credit: Royal Caribbean

This 17-acre stretch includes three differently-themed areas and the world’s largest swim-up bar.

And the beach club is exclusively for passengers travelling on board Royal Caribbean ships.

It’s booked similarly to a cruise excursion, and the £126 fee buys you food, and drink all day, as well as access to three temperature- controlled pools and two huge white-sand beaches.

For those who don’t want alcoholic drinks, it’s £96.

WAIL OF A TIME

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TEMPTED?

Tiny ‘Bali of Europe’ town with stunning beaches, €3 cocktails and £20 flights

Transfer to the club from ships docked at Bahamian capital Nassau are by bright-pink water taxi — ours was dubbed Flirty Flamingo.

After a few daiquiris by lunchtime, we were loving the upbeat atmosphere, with a real Las Vegas pool-party vibe.

As well as the Party Cove — by far the liveliest zone on the island — there is the Family Beach, designed with kids in mind.

The pool is perfect for younger children who want to play in shallow water and there is live music, and games, so parents can have fun, too.

For those who would rather kick back with a book and a beer, the Chill Beach is more relaxed.

But most come here to party and, with ten bars dotted around the island, it’s very easy to do that.

The food didn’t disappoint either.

Each area has an island grill, serving Bahamian favourites like coconut shrimp and jerk chicken.

Make a splash in the luxury pool Credit: Supplied
Ride the waves on the surf simulator Credit: sbw-photo

After a day dancing in the sun, we were grateful to be able to amble on to one of the multi- coloured ferries back to the ship.

We were sailing on the 18-deck Wonder of the Seas, one of the world’s largest cruise vessels — and there was plenty on board to keep us busy, including 20 restaurants, five live shows, a surf simulator, zipline and ten-storey slide.

The ship is capable of hosting almost 7,000 passengers, in its 2,600 cabins.

Our balcony stateroom was bright and breezy, with the benefit of some outside space.

While there are plenty of venues for you to enjoy the tasty included dining, we splashed out on one of my favourite venues that come at an extra cost.

Seafood restaurant Hooked is around £36 extra per person if booked in advance, but is definitely worth it.

Delicious menu options included Alaskan salmon, Maine lobster and freshly shucked oysters, as well as a fantastic surf-and-turf.

After dinner, we managed to get a seat at the popular inTENse show, whose all-female performers include synchronised swimmers, acrobats and martial-arts specialists.

The Sun’s Helen Wright, right, enjoys a sip at cocktail hour Credit: Supplied
Helen and her pal get the party started Credit: Supplied

With a larger ship, the challenge can sometimes be getting your bearings, but on Wonder of the Seas the eight “neighbourhoods” mean you quickly get into the swing of things.

My favourites included Central Park, a serene open-air courtyard, adorned with trees and plants; The Boardwalk, a fun, fairground-themed zone; and the Royal Promenade, a social space with shops, bars and restaurants.

It’s easy to see why a Royal Caribbean cruise appeals to a wide range of holidaymakers.

Whether you are cruising as a family, a couple or with friends, there is a lot of fun to be had.

The karaoke lounge is a must — even if you don’t want to roll out your inner Jane McDonald.

The entertainment value for the audience here is high — with some very interesting performances from guests that have been sipping rum punch all afternoon.

There is more fun to be had off the ship, too.

All Royal Caribbean cruises to the Bahamas also stop at the cruise line’s own private island, Perfect Day at CocoCay, which is included in the cost.

The perks included with your cruise continue on the island, too.

If you want a break from sunning yourself by the turquoise sea, you can also embrace your inner kid at the Thrill Waterpark, which does come at an extra cost.

Here, you can take on the third-highest waterslide on the planet.

This tube-slide is shockingly fast, with riders hurtling down at more than 30mph — taking just seconds to splash-land.

Which is a lot faster than it takes to climb the 255 steps to get to the top.

Back on the Wonder of the Seas, guests can take advantage of their last night at sea with the bars, pools and decks full of life.

With lots of fun things to see and do on board — and now with the Royal Beach Club giving you even more fun on land — a Royal cruise definitely offers the best of all worlds.

GO: CARIBBEAN CRUISE

GETTING THERE: Virgin Atlantic fly daily to Miami from Heathrow with return fares from £548.

See virginatlantic.com.

ALL ABOARD: A three-night full-board sailing on Royal Caribbean’s Wonder of the Seas is from £343pp, based on departure from Miami on September 25, 2026.

Includes calls at Nassau and Perfect Day at CocoCay.

For details see royalcaribbean.com/gbr/en.

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Suntera’s Von Bevern on the ‘Speed’ Advantage of Private Credit

Home Private Credit Suntera’s Von Bevern on the ‘Speed’ Advantage of Private Credit

Michael Von Bevern of Suntera breaks down how private credit lenders are faster and act more like business partners than banks in a tightening global market.

As traditional banks continue to retreat from risk, private credit is stepping in to provide the speed and execution that entrepreneurs desire. Global Finance spoke with Michael Von Bevern, Global Head of Funds at Suntera Global, about why this “unregulated” sector has become a permanent fixture in the funding landscape.

Global Finance: What are the benefits of being a private credit borrower?

Michael Von Bevern: The big benefit is speed. It can be relatively simplistic, depending on what type of borrowing you’re going for. In a direct-lending situation, like a senior term loan, it is usually simple because your risk profile is clear. For anything less senior, such as mezzanine or subordinated debt, the advantage is that it provides capital without diluting ownership. That’s important for entrepreneurs. They just need cash flow to grow and don’t necessarily want to give up equity. And they don’t want to be taken to the cleaners for raising equity. In those cases, mezzanine or subordinated debt can be a really effective solution.

In our business, we see a lot of NAV (Net Asset Value) lending, where a fund’s assets serve as collateral. This helps borrowers boost returns and navigate tricky markets, especially when raising equity is difficult. I also see a lot of action in specialty finance, or the asset-based lending space. The borrower is unlocking liquidity at usually more favorable rates than going to banks.

GF: Are banks really that cumbersome?

Von Bevern: Well, they don’t take risks. That’s not what they do. They bet on sure things, whereas in our industry, we fill the gap for high-growth companies seeking custom, quick solutions. We have a lender at Suntera — Carlyle Group. They’re extremely helpful. It’s like having a business partner.

GF: You wouldn’t get extra assistance with, say, JPMorgan Chase or Morgan Stanley?

Von Bevern: We bank with JPMorgan here in the U.S. Don’t get me wrong — I love JPMorgan. But, they’re not the risk-takers. If you need speed, if you need execution quickly, banks aren’t known for that. Specialty lenders — whether focused on a particular sector or type of credit — can move much faster than a bank. That speed can make the difference in whether a deal gets done. There’s a lot of competition out there, especially with the IPO market drying up. Finding ways to create liquidity and still grow your company is critical. At the end of the day, banks are regulated. These lenders aren’t, so they just view credit differently than your average fund lender.

GF: Is the unregulated party going to end soon?

Von Bevern: I don’t think so.

GF: Why not?

Von Bevern: I’ve been doing this for 20 years, and people have been talking about regulating private credit the whole time. I just don’t see it happening. If you did regulate it, you’d basically be regulating private equity and venture capital, too. What makes it work is that there are highly skilled, disciplined people in this industry who can lend responsibly while helping companies achieve their goals — whether it’s M&A, expansion, or growth. I can’t see regulation coming in and dampening that.

GF: How do you pay back a private credit lender like Ares, Blackstone, KKR, or Carlyle?

Von Bevern: I can’t speak to the Carlyle loan specifically, but in general, we see lots of different loan agreements as a fund admin and loan agent. The key thing is flexibility—these agreements are designed for repayment, but they give you options: payment-in-kind (PIK) interest option, rollovers, and adjustable-to-fixed contracts. They’re structured to support your growth while giving you room to navigate the business.

GF: So, with Suntera and Carlyle, is there someone on the ground at Suntera who can offer expertise or perspective, given how sector-specific it is?

Von Bevern: I can’t speak to Suntera and Carlyle, but large private credit lenders work across multiple industries and verticals. That means when you’re in a specific sector and need liquidity, they bring a wealth of experience from similar companies. They can act almost like a business partner — advising on how you use the proceeds, what your expected returns might be, and even on covenants in loan agreements.

Over the years, I’ve seen lenders in areas like recycling, renewables, and reusability not only provide capital but also offer extensive guidance about the business itself. It’s similar to what private equity would provide — but without the dilution.

GF: Wouldn’t these companies get money from a traditional bank if they could? And are these companies already a credit risk?

Von Bevern: There’s some risk in every loan. The less risky borrowers are usually the ones banks handle. Banks set strict guardrails and count on repayment. Private credit, on the other hand, often funds the next level down or borrowers that need speed of execution that banks can’t offer. The risk depends on the loan structure — whether it’s collateralized or uncollateralized, senior or mezzanine — and is managed through interest rates, covenants, and other terms.

Looking ahead, we’re approaching a refinancing cycle that will make the embedded risk in today’s market clearer — probably by the end of 2027. Even so, defaults remain rare, and most borrowers are likely to refinance without issue. Of course, there will always be cases, like Blue Owl, that attract attention, but those don’t indicate a broad crisis.

GF: U.S. small business insolvency filings jumped 67% year over year. Many point to inflation, geopolitical instability, and tightening credit as key factors.

Von Bevern: A few years ago, when interest rates were historically low, it was easier to match lenders with portfolio companies in a way that worked for both sides. Today, with interest rates much higher, we’re entering a cyclical period that naturally creates stress for these businesses. Your stat isn’t surprising, but structurally, the market remains sound. It’s also hard to know how many of these insolvencies were directly due to loans or credit constraints.

GF: The European Central Bank’s fourth-quarter data shows euro-area banks are tightening credit standards. Are you seeing private credit growth globally as a result?

Von Bevern: The expansion of private credit is definitely a global trend. We operate in the U.K., the Channel Islands, the U.S., Singapore, Hong Kong, the Bahamas, and other markets, and the trends are similar across regions — interest rates have risen everywhere. Even with higher rates, defaults haven’t spiked as some might have expected. Lending today is often collateralized, not just unsecured, and large funds, like BlackRock’s $20 billion credit fund, are expanding the pool of borrowers, which naturally introduces a wider spectrum of risk — but that’s manageable. Competition among private lenders has increased significantly, thanks to abundant dry powder and a mature, experienced market. Looking ahead, the refinancing cycle over the next year or two will be interesting to watch, but I don’t see it as a systemic problem.

GF: Should ETFs, retirement accounts, and pension funds incorporate private credit companies?

Von Bevern: They already are. Private credit exchange-traded funds (ETFs) are definitely among the fastest-growing segments of the business. And they can be either directly with the lender or the stock of a company that does a lot of private credit lending. So it’s a sort of direct and indirect way to get into the ETF part of it.

GF: So you’re clearly bullish about private credit. Is there anything you’re bearish about?

Von Bevern: Going into 2026, I expected it to be a strong fundraising year. There’s a lot of dry powder, and many managers still have to fully invest the funds they raised in prior years before starting new ones. Overall, that made me bullish.

What concerns me is emerging managers. With so much dry powder flowing to established names, it’s harder for new managers to raise funds. It’s going to the sort of household names. Intense selectivity and abundant opportunities are making it harder for emerging managers in our space to gain attention. It’s not that they can’t be successful; there just won’t be that many of them. I’ve worked with hundreds of emerging managers over my career, and many struggle to get off the ground even with strong pedigrees.

Emerging managers often provide more specialized attention to portfolio companies, which can translate into better returns. If this segment struggles, it could constrain that part of the alternatives market. But hopefully this too will pass.

Editor’s note: This interview has been edited for length and clarity.

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Ultra-rich are taking more private jet flights as fuel supplies run out

Normal flows of fossil fuels from the Gulf have effectively been at a standstill since the war broke out and the Strait of Hormuz was blockaded, leading to shortages and flight cancellations

Billionaires and the ultra-rich are taking more and more private jet flights despite a jet fuel crisis in commercial aviation.

While major airlines cancel tens of thousands of flights due to jet fuel issues caused by the Iran War, chartered and private aviation is booming, according to analysis shared with the Mirror.

“Aside from the Middle East, the global private jet industry has not been affected by rising fuel costs,” Nick Koscinski, analyst at WINGX Advance aviation data firm, told the Mirror. “In fact, global private jet flights are up 4.7% year-to-date through 19 April.”

In US cities that have been hit by Transportation Security Administration staff shortages amid a pay freeze, there have been much higher usage rises, with a 17% yearly increase in Washington, DC, and Houston.

Normal flows of fossil fuels from the Gulf have effectively been at a standstill since the war broke out and the Strait of Hormuz was blockaded. A fifth of the world’s oil and gas typically flows through the Strait.

Last week, global jet fuel shipments fell to the lowest recorded level. Just under 2.3m tonnes of jet fuel and kerosene were transported on ships in the seven days to 26 April, according to data company Kpler. The figure represents less than half the average weekly volume shipped before the war. Earlier this month, the International Energy Agency warned that Europe could run out of jet fuel in weeks.

WINGX Advance analysis notes that Jet A1 prices have approximately doubled since January, and they represent about 30% of variable operating costs for private jet operators.

“So this cost is significant. Our impression is that the cost increase has largely been passed through to end-users. As flight activity for private jets is up this year vs last year, clearly demand seems to be inelastic at least for now,” analyst Richard Koe added.

Flying in a private jet is one of the most fuel-intensive, emissions-spewing activities a human can engage in.

Overall, private aviation emissions increased by 46% between 2019 and 2023, with industry expectations of continued strong growth, according to a Nature journal Communications Earth & Environment study.

It also found that most of these small planes spew more heat-trapping carbon dioxide in about two hours of flying than the average person does in about a year.

In 2023, roughly a quarter million of the super wealthy, who were worth a total of $31 trillion, emitted 17.2 million tons (15.6 million metric tons) of carbon dioxide flying in private jets. That’s about the same amount as the overall yearly emissions of the 67 million people who live in Tanzania.

Stefan Gössling, a transportation researcher at the business school of Sweden’s Linnaeus University, said the issue wasn’t so much the emissions, which remain a small part of those produced globally, but the lack of fairness.

“The damage is done by those with a lot of money and the cost is borne by those with very little money,” Gössling said. A separate report by Oxfam claimed that billionaires emit more carbon pollution in 90 minutes than the average person does in a lifetime.

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Defying protocol, Trump relays details of private conversation with King Charles III

In the world of diplomatic faux pas, it could have been a lot worse.

At Tuesday’s state dinner honoring King Charles III and Queen Camilla, President Trump said that during a private meeting earlier in the day the British monarch had agreed with him that Iran should never be allowed to have nuclear weapons.

“We’re doing a little Middle East work right now … and we’re doing very well,” Trump told the audience. “We have militarily defeated that particular opponent, and we’re never going to let that opponent ever — Charles agrees with me, even more than I do — we’re never going to let that opponent have a nuclear weapon.”

While many Britons would agree with the president’s sentiment, the comment triggered mild consternation among pundits in the U.K.

By convention, people aren’t supposed to relay private conversations with the monarch. That is partly because the king has to remain above the political fray, but also because the sovereign doesn’t have the ability to wade into a public debate and correct the record if he’s misquoted.

“Generally, as a matter of protocol, I think I would expect discussions between heads of state to be sort of behind the scenes, in those closed meetings, for those to be sort of kept private,” said Craig Prescott, an expert on constitutional law and the monarchy at Royal Holloway, University of London. “And, you know, this was something that the U.K. government wanted to avoid.”

There had been a fair amount of jitters before the king’s trip to the United States, which comes amid Trump’s very public frustration with U.K. Prime Minster Keir Starmer over his failure to support U.S. actions in the Iran war.

Like all royal visits, this is a carefully choreographed diplomatic event carried out at the request of the U.K. government, which hopes that warm relations between the king and Trump can help repair the rift.

But Trump is an unconventional leader who has a penchant for breaking protocol, and there were concerns about just what he might say or do.

At least in this case, the king’s comments seemed clearly within the bounds of existing U.K. government policy.

“The King is naturally mindful of his government’s long-standing and well-known position on the prevention of nuclear proliferation,” Buckingham Palace said in a statement designed to provide context to the president’s remarks.

Prescott said that “in a sense, this was always the issue, just what Trump would do or say — would he put the king in an embarrassing position?’’ Prescott said.

“You always had that sort of issue of what he would post on social media,” he said. “And I think, you know, this could have been much, much worse.”

Before the state dinner, Charles gave a speech to a joint session of U.S. Congress. The king received repeated standing ovations during the address, which celebrated the longstanding bonds between the U.S. and Britain while nodding to differences over NATO, support for Ukraine and the need to combat climate change.

Now, from the U.K. government’s point of view, the trip is shifting to safer ground as the king and queen leave Washington behind and head to New York, where the focus will be on the city’s creative industries, rather than politics.

The most difficult part of the trip may be over, Prescott said.

“If this is the only controversy arising out of this phase of the state visit, I think overall this has been an enormous success for the king and the British government, because the king was able to make some quite pointed remarks in Congress and it hasn’t really yielded any sort of negative reaction from the president.”

“In a sense,” he said, “you get the feeling that the king rather charmed Washington with his speech to Congress and, you know, his very witty speech at the state banquet.”

Kirka writes for the Associated Press.

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