BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government has ignored Opposition protests by injecting the majority of $300m in surplus bond proceeds into the National Investment Fund with its direct debt having now breached the $12bn threshold.
The Ministry of Finance, unveiling its report on fiscal developments for the first quarter of the 2025-2026 Budget year, confirmed that $265.3m of the surplus $300m generated by last year’s $1.067bn external foreign currency bond issue have been placed into the National Investment Fund to help finance critical infrastructure projects -despite the Free National Movement’s (FNM) arguments that such a move must first be approved by Parliament.
And, according to the report, the Davis administration is also treating the $265.3m as “equity” even though it seemingly
Put into National Investment Fund despite Parliament approval call
represents the proceeds of borrowing given that a bond is a debt security, or IOU, obligating the issuer to repay investors interest and principal. However, the National Investment Fund injection is classified as “equity” in the fiscal summary for the three months to end-September 2025.
“The financing position also includes the $265.3m that was placed into the National Investment Fund to be used for strategic infrastructure investments,” the Ministry of
Govt’s direct debt breached $12bn threshold at endSeptember ‘25
Finance affirmed. “Approximately $265.3m was placed in the National Investment Fund to be used for strategic investments in infrastructure.”
This move, though, has been the subject of political controversy both inside and outside the House of Assembly.
With the first $767m generated by last years bond placement used to rollover, or refinance, existing debt, the Opposition has said it has no problem with using the excess $300m as the Government plans to do via the National
‘mechanism’
Central Bank advances at limit; $57m loaned to Gov’t enterprises
Investment Fund. Rather, its objections lie with the mechanism the Government is using because it believes it must first, under the constitution and statute law, place all borrowing proceeds in the ‘consolidated fund’ and then obtain Parliament’s permission for how they are used.
Kwasi Thompson, the Opposition’s finance spokesman, previously voiced fears voicing fears that the Government would circumvent the
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Grand Bahama Chamber of Commerce’s president yesterday asserted that Freeport “was made” for the Government’s proposed Afro-Caribbean Marketplace although he questioned “the mechanism” being used to create it.
“If the Government has identified a private investor with both the interest and Freeport
Warning that this could deter private sector investment, and is a concern Freeport has experienced before, Mr Knowles also argued that it would be preferable for the Government to act as facilitator for the Marketplace’s development rather than as the actual developer/investor itself.
Dillon Knowles told Tribune Business that, while he and the Chamber support the concept of a establishing a large product emporium to attract international trade and buyers, they have have reservations about the Government’s use of its compulsory acquisition powers to purchase the International Bazaar site for the development.
Gov’t ‘comforts’ energy reform partners on BPL
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government has issued a ‘comfort letter’ promising BISX-listed FOCOL Holdings and all renewable energy generation providers that itself and Bahamian taxpayers will step in if Bahamas Power & Light (BPL) is unable to meet its financial obligations to them.
Included in the 3,260 pages of documents released yesterday by the Prime Minister’s Office, and which detail the Davis administration’s energy reform dealings and negotiations, was a standard letter promising that the Government will inject cash or loans into BPL should the state-owned energy monopoly be unable to pay any of the private sector producers for electricity purchase from them. The document was labelled as a ‘form of letter of comfort’, a document typically designed to secure a borrower or party’s ability to pay, rather than a government guarantee. “This letter is not a guarantee,” it stipulated, likely in a bid to ensure any financial support provided to BPL
THE deputy prime minister yesterday slammed as “completely false” e-mails circulating on social media which allege he met the convicted paedophile financier, Jeffrey Epstein, who was then eager to donate $200,000 to his upcoming political campaign.
He and the Chamber urged “caution” if the Government continues in the latter role given The Bahamas’ historic challenges with state-owned enterprises (SOEs), which they described as having a “mixed” financial performance track record at best, and suggested that it would be better for private sector investors to ultimately take over and spearhead the Marketplace’s build-out.
Agreeing that redevelopment of the International Bazaar property “is in the long-term best interest of
Grand Bahama”, Mr Knowles and the GB Chamber said in a statement: “If this initiative forms part of a broader strategy to position Grand Bahama as a gateway for African and other global trade in the region, it is a positive and forward-thinking concept.
“However, the Chamber does not support the use of compulsory acquisition except in cases where projects deliver essential public services. The prospect of compulsory acquisition can discourage private investment, and Freeport has historical experience with this concern.
THE Government has given a majority private sector-owned company “sole dominion and control” over electricity grid revenues with Bahamas Power & Light (BPL) reduced to merely a billing and collection agent, documents released yesterday reveal, although this income is “capped” at $75.16m for the first five years.
Details of Bahamas Grid Company’s 25-year deal to take over New Providence’s electricity grid, or transmission and distribution network, were finally disclosed in a massive 3,260-page document release by the Prime Minister’s Office following several days of controversy over the Government’s failure to meet previous promises of full transparency over its wide-ranging energy reforms.
Prime Minister Philip Davis KC was seemingly contradicted by Jobeth Coleby-Davis, minister of energy and transport, over whether the Bahamas Grid Company documents, in particular, had been disclosed and - with a general election looming - the Government seemingly sought to end the matter with a ‘document dump’ similar to the US Justice Department’s release of all files relating to the late convicted paedophile financier, Jeffrey Epstein. A so-called servicing agreement, signed by BPL and Bahamas Grid Company on
Chester Cooper, also minister of tourism, investments and aviation, said there were major questions over the e-mails’ authenticity given that the first batch were purportedly sent on Tuesday, March 14, 2016, and Monday, March 20, 2016. He said the days were inaccurate, as the correct ones for that year and date were Monday and Sunday - something this newspaper was also able to confirm.
Tribune Business research also called into question
BAHAMAS
& LIGHT (BPL)
AML Foods unveils fourth Family Island acquisition
AML Foods has continued its Family Island acquisition spree by announcing it has reached an agreement to acquire Harbour Island-based Captain Bob’s Seafood & Meat Market.
The BISX-listed food retail and franchise group said its latest purchase is expected to close on May 4 this year. It has embarked on an opportunistic expansion-by-acquisition strategy in the Family Islands, with the Harbour Island deal marking its second such transaction on Eleuthera to complement two others on Exuma.
“We are pleased to expand into Harbour Island and build on the strong legacy established by Captain Robert ‘Bob’ Griffin and his partners, and we are committed to continuing that tradition of service to Harbour Island and Eleuthera”, said Gavin Watchorn, AML Foods president and chief executive.
“Captain Bob’s has been a trusted and well-respected business for many years, playing an important role in serving the Harbour Island community. We thank Captain Bob, his partners, and the management and staff for their dedication and for entrusting AML Foods to carry forward this proud tradition.”
Once the deal closes, the acquisition will mark AML Foods’ fourth location in the Family Islands. It has also recently announced plans to acquire Prime Island Meats & Deli in Exuma.
Mr Watchorn added that the Harbour Island store will operate under a model similar to AML Foods’ existing Eleuthera Markets store in Governor’s Harbour, with a full remodel planned for 2027. “We remain confident in the growth opportunities across the Family Islands, and look forward to further strengthening our presence within these communities,” he said.
How small Bahamian firms can leverage research data
We know that micro, small and medium-sized enterprises (MSMEs) are the backbone of the Bahamian economy. From family-owned restaurants and tour operators to creative entrepreneurs and retail shops, these businesses generate employment, drive innovation and support community development.
Yet in a small, open and tourism-driven economy such as The Bahamas, survival is never guaranteed. Market shifts, global shocks, seasonality and changing consumer preferences can quickly disrupt even the most promising venture. That is why market and economic research is not a luxury; it is a necessity.
Market research helps MSMEs understand who their customers are, what they want, how much they are willing to pay, and how often they purchase. Economic research, on the other hand, provides insight into broader trends such as inflation, visitor arrivals, employment levels and foreign exchange flows. Together, these forms of
research enable entrepreneurs to make informed decisions about pricing, staffing, inventory, expansion and investment.
For example, data published by the Central Bank of The Bahamas can help businesses track economic trends, while reports from the Ministry of Tourism, Investments and Aviation provide insights into visitor performance and tourism source markets. Leveraging such information reduces guesswork and strengthens long-term viability.
West GB resort heads for auction with $13.5m price
A 30-unit west Grand Bahama resort, with room for expansion, is set to be sold-off at auction next month with a starting listing price of $13.5m.
The Blue Marlin Cove Resort & Marina will be sold via Sotheby's Concierge Auctions in co-operation with Christopher and Vanessa Ansell, of The Ansell Group, and Bahamas Sotheby’s International Realty. Bidding is scheduled to launch on
Here are five practical ways MSMEs in The Bahamas can conduct effective market and economic research:
1. Use government and public dataAccess free economic reports, labour statistics and tourism data from government agencies. These sources provide reliable macroeconomic indicators that help entrepreneurs anticipate demand cycles.
2. Conduct simple customer surveysWhether online through social media or in-person at the point of sale, short surveys can reveal customer satisfaction levels, spending habits and unmet needs.
3. Monitor competitors and pricing trendsRegularly review competitors’ offerings, pricing structures and promotions. In small island markets, competitive intelligence can be gathered simply by visiting other businesses or tracking their digital presence.
4. Engage industry associationsMembership and registration with organisations such as the Bahamas Hotel and
Tourism Association (BHTA) and the Tourism Development Corporation provides access to industry briefings, networking events and sector-specific data.
5. Leverage digital analyticsSocial media insights, website traffic data and online booking analytics provide real-time information about customer demographics and behaviour patterns. In an era of economic uncertainty and global competition, MSMEs that prioritise research position themselves not only to survive but to thrive. Evidence-based decision-making transforms risk into strategy and uncertainty into opportunity.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
March 18 and will close on 25 March via the firm's online marketplace, conciergeauctions.com.
The resort includes 20 fully-finished condominium residences within a 30-unit property, three oceanfront development parcels and a fourth fuel station parcel for yachts. It also possesses extensive waterfront and canal frontage, deep-water access and majority declarant rights within the homeowners' association.
"’Blue Marlin Cove Resort & Marina is the type of multi-use asset that warrants expansive exposure and a clearly defined sales timeline," said Chad Roffers, chief executive and co-founder of Sotheby’s Concierge Auctions.
"With its operating marina, income-generating residences and significant expansion potential, the property appeals to a wide buyer pool. Our platform is designed to surface that demand, bring qualified buyers to the table quickly and delivering a transparent, efficient path to sale."
"This is a property that calls for a highly considered sales strategy," said Christopher Ansell. "Partnering with Sotheby's Concierge Auctions allows us to leverage their global buyer network with a time-certain process and level of
execution to bring clarity and momentum to resortscale offerings like this."
"What makes Blue Marlin Cove Resort & Marina so compelling is the balance it strikes between lifestyle and utility," said Vanessa Ansell. "Owners have immediate access to world class fishing, a protected marina and fully finished residences, while also holding the potential to enhance and evolve the property."
The residences feature open-plan layouts, supported by resort amenities including a swimming pool
with Jacuzzi spa, tiki bar and restaurant and outdoor kitchen areas. The resort’s freehold marina has deep-water channel access for vessels up to 100 feet in length. There are 30 existing slips, with infrastructure in place to add another 15 or more additional perimeter berths, bringing total potential capacity to over 45 slips. Blue Marlin Cove Resort & Marina is situated just 68 nautical miles east of Palm Beach, Florida, and just minutes from West End Airport with on-site Customs and Immigration.
Position: Sales Associate
Charles E Carey & Son is an established hardware and plumbing store in search of a sales associate.
We are a family business which provides quality products and service to our customers. We have been serving the Bahamas for over 70 years. The qualities we are looking for in a sales associate include:
• Experience
• Responsible
• Reliable
• Hard-working
• Excellent interpersonal skills
Ideally the candidate would also be able to perform various duties including quotes and placing product orders.
To apply please send CV, with a cover letter, and the contact details of two references to sales@cecarey.com by 28 February 2026.
GAVIN WATCHORN
Gov’t digital chief says its critical to build trust
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Government’s parliamentary secretary responsible for digital development yesterday said it was critical to improve trust in technology with Bahamians concerned about switching from manual voter registration to a biometric voter identification card.
Wayde Watson, also MP for Bain and Grants Town, voiced the importance of persons becoming comfortable with digital systems. He said there is a phobia when it comes to this, and some Bahamians would rather continue with manual voter registration versus the biometric voter registration.
“From a government's perspective, when you look at digital trust, we want to take into consideration the parties involved in the transaction itself,” he said. “You have the person accessing or trying to access a particular system, and then you have the systems provider or the applications provider. And we want to make certain that… those persons are who they say they are or purport to be who they say they are.
“And I think that's very important to ensure that persons are comfortable interacting with these systems, and the systems responsible are providing the right information or the right service or the right transaction that they are required to perform, are responsible to perform. So digital trust is basically based on trust, and it's based on ethics as it relates to these systems, and the transactions that we expect to happen with regards to these systems.
“And mitigation of phobia as it relates to the use of these systems is very, very critical, because we have
some people who have a fear of using these new systems. As a matter of fact, we’re talking about the implementation of a biometric voter registration. And so we have a lot of persons who are concerned, and we have a lot of persons who would like to stick with the manual voter registration. And, again, that's based on the trust and ethics of the system. They want to make certain that those things are in place.”
Mr Watson pointed to The Bahamas’ Cyber Security Strategy and the Data Protection Act, which is now enacted, as measures the Government has looked into as it pertains to cyber security.
“Just Monday night, the Prime Minister spoke about his mandate, which is to look at the enhancement and the regulation of artificial intelligence, not so as to pigeon-hole the country as to what it can do, but also to take into consideration the economical benefits associated with artificial intelligence,” Mr Watson said. “But we understand and we appreciate that artificial intelligence can both be good or bad.
“And so therefore we are ensuring that this government, in this country, is placed in a position where we can manage digitisation in government, ICTs and artificial intelligence. And again, I want to go back to the issue as it relates to being comfortable, users being comfortable with systems, and utilising these systems, and again, not only within government, but also within the private sector. Identity is key, and we want to make certain that we put policies in place to make certain that once we transition from our manual systems to our digital systems, that identities are protected on both sides.”
Online child protection plans targeted for Cabinet approval
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Government’s cyber response team is is drafting a Child Online Protection Strategy that it hopes to have approved by Cabinet this year.
Sametria McKinney, the National Computer Incident Response Team of The Bahamas (CIRT-BS) director, yesteray told a conference organised by Aliv that the children of today are digital natives and part of the future workforce, so they must be protected while online.
CIRT-BS is responsible for developing and implementing an national cyber security strategy that was launched in 2024, and Ms McKinney said child online protection is embedded in this. Ms McKinney said he team is working to ensure the draft has legal instruments in placed to protect children.
“And then education awareness is really the first pillar for us,” she said. “The way how we do this is by making you all aware that this issue exists and it's important to the country, it's important to me.
“We need them in your business. We need them at the policymaker level. And then international collaboration, because we can't invent the wheel. We are a small island state. We don't have all these resources. So we need to partner with people who have done this work. There are programmes and policies designed specifically to protect children online, and this is who we're working with now for the strategy as we drive the strategy.
“The goal here is to make sure that this is at the national level, and this is why we are publishing a national strategy on child online protection. I'm going
to be coming around. You're going to hear me talk about this more and more, because this child online protection strategy is one of our gold star projects this year out of CIRT-BS,” Ms McKinney said.
“I'm pushing the agenda, because I want to make sure that children are safe online, but also that their rights are protected; that online is a place where they can thrive, where they can learn, where they socialise, they can play. They can be children without being harmed. I want to give a call of action to all of you, because this education and awareness system, this is the big, big piece of the pie…”
Many children, according to Ms McKinney, are suffering from online abuse and not reporting it because The Bahamas has no mechanism in place for this. She said businesses play a role in protecting children and must protect themselves from reputational damage that may occur if children happen to be harmed while using a company’s online platform.
CIRT-BS, in an assessment to support its Child Online Protection Strategy, found that 94.4 percent of all Bahamians have access to the Internet. Ms McKinney said child sexual exploitation and abuse involves online grooming, cyber bullying, exploitation, manipulation and exposure to harm.
Michael Halkitis, minister of economic affairs, said cyber security “shapes investor confidence, financial system stability, trade facilitation and the overall competitiveness of our nation”. He added that digital adoption is accelerating across sectors, especially financial services, tourism, e-commerce and small business operations, bringing with it increased exposure to cyber risks.
Mr Halkitis said cyber threats are growing across
Latin America and the Caribbean, costing the region billions of dollars annually in direct losses, operational disruption and reputational damage. He said the most prevalent attacks include ransomware, business e-mail compromise, and financial fraud.
With finance and tourism representing the “central pillars” of the Bahamian economy, Mr Halkitis said this nation needs secure digital infrastructure and trusted data environments otherwise the country may face economic consequences.
“The Organisation of American States recently completed a maturity assessment of member states across the region,” he added.
“The findings highlight encouraging progress in national strategy development and incident response capacity. At the same time, the assessment points to continued gaps in workforce development, sector level risk management and regulatory alignment. For small states, in particular, resource constraints and limited specialised expertise remain key challenges.
“The Bahamas recognises these realities. Through our already-launched National Cyber Security Strategy and our Digital Transformation Strategy, currently under development, we are strengthening governance structures, expanding technical capacity and enhancing co-ordination across ministries and with the private sector.
“The work of the National Computer Incident Response Team plays an important role in this digital journey and continues to contribute to improved readiness and structured response mechanisms.” Cyber security should be seen an investment, as investors are now assessing cyber resilience, Mr Halkitis said.
“Small and medium-sized enterprises remain the backbone of our economy. Many are embracing new digital platforms to expand market access and streamline operations. However, smaller enterprises often face limited resources to manage cyber risk,” he added.
“Strengthening awareness, promoting practical risk management frameworks, and encouraging adoption of baseline security standards will be critical to protecting this segment of our economy.
“Cyber security also presents opportunity. Regional projections show steady growth in demand for cyber security services, digital compliance expertise and secure cloud infrastructure. This represents potential for job creation, professional services expansion and technology driven entrepreneurship within The Bahamas.”
Mr Halkitis said: “Data protection and digital trust will remain central to sustainable economic growth. We are confident that the soon-to-be-completed new Digital Transformation Strategy will bring all of these elements together into a single national framework with digital public infrastructure and data security at its core.”
PUBLIC NOTICE
REAL ESTATE BOARD
NOTICE
NOTICE is hereby given that ROSANNE JEAN BAPISTE CANTON of #3 Yumetto Close, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that SOLANGES AXI of Maxwell Avenue & Farrington Road, Nassau,The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that FENTCHY LOVE FERTILUS of Fox Hill Bernard Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 212025 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the
Incorporated
of the Commonwealth of The
(In Voluntary Liquidation)
Notice
NOTICE is hereby given that RODNIQUE SALNAVE of Charles Saunders Highway Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that DORMEUS TALA DESINETTE of Faith Ave. Carmichal Road Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CLORIDIA LOUIS of Palm Tree Avenue, P.O. Box N-7060, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that WAN LEE ERVILUS of Spanish Wells, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Notice
AFRICOIL DEVELOPMENT FUND LIMITED
NOTICE IS HEREBY GIVEN as follows:
(a) AFRICOIL DEVELOPMENT FUND LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 11th day of February, A. D., 2026, when the Articles of Dissolution were submitted and registered by the Registrar General.
(c) The Liquidator of the said company is Stephan Gerlofs of 59 2231 SH Rijnsburg, Netherlands.
Dated this 16th day of February, A. D., 2026. Stephan Gerlofs Liquidator
Swordfish Capital Investments Ltd.
NOTICE IS HEREBY GIVEN as follows:
(a) Swordfish Capital Investments Ltd. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the 19th day of February 2026.
(c) The Liquidator of the said Company is Delco Investments Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated this 18th day of February A.D. 2026.
Delco
stays off the Government’s balance sheet and does not add to the $12bn-plus national debt. It also promised to seek parliamentary approval if any extra borrowing or allocations are required to support BPL.
Likely issuing the comfort letters to give private sector generation partners confidence that cash-strapped BPL, with its present $500m debt, will not sink the energy reform drive and leave them exposed through an inability to pay, the Government letter stated: “In recognition of the critical nature of the PPA (power purchase agreement) and the project for The Bahamas generally, the Government confirms its commitment to supporting the development, construction and long-term operation of the project.
“The Government commits to assist in funding BPL’s (and its successors or assigns, if applicable) obligations under the PPA throughout the full term thereof, to the extent not otherwise satisfied by BPL. Such support shall include but shall not be limited to the funding of additional cash amounts to be contributed or loaned by the Government to BPL in order to enable BPL to satisfy its obligations under the PPA in a timely manner.
“The Ministry of Finance confirms that it will support BPL in fulfilling all the rights and obligations undertaken by BPL arising from the PPA, and shall continue such support, as stated herein until BPL’s obligations under the PPA are fulfilled,” the ‘comfort letter’ states.
“The Government’s support as set out in this letter is irrevocable and unconditional until such time as BPL’s obligations under the PPA are fulfilled. The Government acknowledges that seller has relied on the Government’s assurances to support BPL as indicated herein in entering into the PPA. This letter is provided solely to the Seller in order to support BPL’s obligations under the PPA.
“Subject to any applicable laws or the provisions of the PPA, the Government, including the Ministry of Finance, shall not take or permit to be taken any action which would prevent or interfere with the development, construction, ownership and operation of the plant.”
The Government’s generation partners will likely have sought this letter to appease their own financiers and investors, who may otherwise have lacked the confidence to participate in funding their projects without confirmation that the Government would step in and provide BPL with sufficient financial support so that they earn a return on their investment.
“Where necessary, the Government will prepare and obtain approvals for any necessary Budget allocation and appropriations in order to fund the support described herein.” The letter’s issuance to FOCOL Holdings, and its Bahamas Utility Company subsidiary, which will be responsible for New Providence’s baseline generation, as well as the renewable providers, highlights the concern over BPL’s financial condition and its potential to undermine the much-touted reform benefits.
NOTICE
NOTICE
JEAN BAPTISTE of
to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that DUMITH PIERRE of Palmetto Point, Eleuthera, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CHRISTIAN JOSEPH of Palmetto Point, Eleuthera, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that FRANCIOS DESIR of Bacardi Road, Union West, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
US trade deficit declined in 2025, but gap for goods hits a record despite Trump tariffs
By PAUL WISEMAN AP Economics Writer
THE U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries. But the gap in the trade of goods such as machinery and aircraft — the main focus of Trump's protectionist policies — hit a record last year despite sweeping import taxes.
Overall, the gap the between the goods and services the U.S. sells other countries and what it buys from them narrowed to just over $901 billion, from $904 billion in 2024, but it was still the third-highest on record, the Commerce Department reported Thursday.
Exports rose 6% last year, and imports rose nearly 5%.
And the U.S. deficit in the trade of goods widened 2% to a record $1.24 trillion last year as American companies boosted imports of computer chips and other tech goods from Taiwan to support massive investments in artificial intelligence.
Amid continuing tensions with Bejing, the deficit in the goods trade with China plunged nearly 32% to $202 billion in 2025 on a sharp drop in both exports
to and imports from the world's second-biggest economy. But trade was diverted away from China. The goods gap with Taiwan doubled to $147 billion and shot up 44%, to $178 billion, with Vietnam.
Economist Chad Bown, senior fellow at the Peterson Institute for International Economics, said the widening gaps with Taiwan and Vietnam might put a "bulls eye'' on them this year if Trump focuses more on the lopsided trade numbers and less on the U.S. rivalry with China.
In 2025, U.S. goods imports from Mexico outpaced exports by nearly $197 billion, up from a 2024 gap of $172 billion. But the goods deficit with Canada shrank by 26% to $46 billion. The United States this year is negotiating a renewal of a pact Trump reached with those two countries in his first term. The U.S. ran a bigger surplus in the trade of services such as banking and tourism last year — $339 billion, up from $312 billion in 2024.
The trade gap surged from January-March as U.S. companies tried to import foreign goods ahead of Trump's taxes, then narrowed most of the rest of the year.
NOTICE
NOTICE is hereby given that FRISNEL PRUDENT of P.O. Box N-7060, Poinciana Avenue, Coconut Grove, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that DJOUVENSY ROBERT of Walnut Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RODNIECE SALNAVE of Charles Saunders Highway Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RODNEL SALNAVE of Charles Saunders Highway Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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Templeton Hutchinson
Demetri Huyler
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Carl Christian Illing
Dena Ingraham
L. Desiray Ingraham
Kirk Stephen Ingraham
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Deron Isaacs
Muna Issa
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Steven Harold Johnson
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the capacity to successfully execute this development, it would be more appropriate for the Government to facilitate the acquisition and investment rather than undertake the development itself. Historically, outcomes involving state-owned enterprises (SOEs) have been mixed and caution is warranted.
Tribune Business revealed earlier this week that the Government is invoking its compulsory acquisition powers, as provided under the Acquisition of Land Act, to acquire the 11.541-acre International Bazaar site so it can be transformed into the much-touted Afro-Caribbean Marketplace project. The latter would act as a showcase for the Bahamas, other Caribbean and African nations to expose visiting international buyers to their indigenous products and wares, thereby exploiting Freeport’s US proximity and free trade zone advantages to develop a trade, logistics and distribution hub in the northern Bahamas.
Ginger Moxey, minister for Grand Bahama, said the Government had deemed it necessary to use its compulsory acquisition powers - despite the majority of the Bazaar’s owners having already agreed to sell and the $2.8m purchase price - because the company owning the property had been struck off the Companies Registry. Under reforms to the Companies Act that were passed in 2019, the assets of struck-off companiesincluding real estate - do not automatically vest in the Government. It first has to hold them in trust for 20 years via the Treasurer, and Mrs Moxey said the Government was concerned this meant it may take two decades to obtain full ownership of the Bazaar site unless compulsory acquisition powers were used.
Mr Knowles, who said he was unaware of Mrs Moxey’s explanation, nevertheless told Tribune Business that the Afro-Caribbean Marketplace appeared to be both a good fit for Freeport and a return to the the city’s and International Bazaar’s roots.
“I think that Grand Bahama has been ripe for decades to be the launching point for global trade in our region,” he said.
“This seems to fit that as a project. This appears to comport well with that. The Chamber supports it as an initiative. We’re questioning the mechanism. We don’t know the details of it, but I understand the concept. A project of this nature will be valuable.
“This was actually the concept of the Bazaar in the first place when it was the
world-famous International Bazaar. It represented an opportunity for nations from around the world to show their wares to people visiting Grand Bahama back in the day when the Port and DevCo (Grand Bahama Development Company) were busy bringing in outsiders to Grand Bahama as investors, business owners and potential property owners. The concept, as I understand it, is not a new concept.
“The opportunity to do bilateral business with Africa and other nations is something we should definitely look into and maximise to the benefit of the economy of Grand Bahama. That’s what it was made for.”
While agreeing that both the Royal Oasis and International Bazaar sites need to be demolished, Mr Knowles said he was unsure if there is “an urgency” to do so as their locations are “not in the way of anything”, but reiterated that the GB Chamber “fully supports utilising” the latter for the Afro-Caribbean Marketplace - particularly as part of wider strategic development.
The Davis administration has acted on the compulsory acquisition despite “98 percent” of the Bazaar’s owners, who include the likes of the Bahamas Hotel, Catering and Allied Workers Union, John Bull and the Chee-A-Tow family, agreeing to the $2.8m purchase price and the accompanying sale terms and conditions.
And the move coincides with the tabling of a Parliamentary resolution, yet to be debated by either house, to approve the Government guaranteeing a $1.86m loan from the Africa Export-Import Bank to finance the Marketplace’s development. The borrower is named as ACMLC Grand Bahama Ltd, a private company incorporated under the Companies Act, which is 100 percent owned by the Government.
The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further blows as a result of two fires that further devastated what remained of many buildings.
The Government, meanwhile, has also moved to improve accessibility and transportation connectivity to the planned Afro-Caribbean Marketplace site through another compulsory land purchase - this time the 4.435-acre site that presently blocks-off West Sunrise Highway and prevents it from linking West Atlantic Drive and the Mall Drive. It had been closed off by Driftwood Freeportm, not Harcourt Developments, the former operator of the Royal Oasis.
BPL relegated to acting as Bahamas Grid agent
October 15, 2024, makes clear that the latter is in charge and overall control when it comes to New Providence’s energy grid and the revenues generated.
And Island Grid, which is the Bahamas Grid Company’s manager and an entity headed by Eric Pike, Pike Electrical’s chief, also has a “first lien” on all transmission and distribution revenues billed and collected by BPL.
The servicing agreement’s ‘section 2.03’, headlined ‘Dominion and control over the transmission and distribution system revenues’, stipulates: “Notwithstanding any other provision herein, Bahamas Grid Company solely shall have dominion and control over the transmission and distribution system revenues, and the servicer, in accordance with the terms hereof, is acting solely as the servicing and collection agent and custodian for Bahamas Grid Company with respect to the transmission and distribution system revenues and the transmission and distribution system revenue records.”
This arrangement could potentially last for 35 years if Bahamas Grid Company, the Government and BPL agree to extend it for a further ten years beyond the original 25-year term.
The Heads of Agreement between the Government on one side, and Bahamas Grid Company and Island Grid on the other, which was signed on June 3, 2024, as well as the “servicing agreement” make clear that the much-needed energy grid overhaul has been de-risked heavily in favour of the two private sector entities.
Besides granting Mr Pike and Island Grid a “first lien” on the transmission and distribution (T&D) revenues, which effectively guarantees they will always be paid first, the Heads of Agreement stipulates that BPL - and its household and business consumers - “shall be liable for any deficiency” if expenses associated with the New Providence electricity grid exceed revenues generated after Island Grid’s management fees are paid.
“The parties acknowledge and agree that the management fee payable to the T&D manager [Island Grid] shall be deducted from, and shall represent a first lien, on the T&D system revenues,” the Heads of Agreement states in clause 5.6.
“In the event that in any month BPL billing and collections are such that the T&D system revenues, after deducting the management fee discussed above, are insufficient to settle the T&D system expenditures in full, BPL shall remain liable for any deficiency.”
The deal, though, does allow Bahamas Grid Company to reallocate some of the revenue portion due to it to cover any shortfall between grid revenues and expenses.
Bahamas Grid Company, which is 60 percent majority-owned by private sector investors, with the remaining 40 percent owned by the Government via BPL, is also locked into paying Mr Pike’s Island Grid a management fee equal to 5.8 percent of transmission and distribution revenues during the first five years of its deal with the Davis administration.
Thereafter, for every 5 percent increase in annual grid revenues when compared against the first-year performance, Island Grid’s management fee will be reduced by 0.25 percentage points per year “until such time” as this income has “increased by 20 percent in the aggregate” compared to the base case. When that is achieved, the management fee will be held at 4.8 percent of annual top-line income.
The documents released by the Government also reveal that, for the first five of Bahamas Grid Company’s 25-year deal, transmission and distribution revenues “shall be capped at $75.16m per year”. Further confirming that it is now Bahamas Grid Company which is in charge, the
Head of Agreement added: “ All transmission and distribution system revenues shall be the sole property of SPV and shall be collected by BPL exclusively for the account of SPV.”
The ‘SPV’ is Bahamas Grid Company, which was created as such to takover New Providence’s electricity grid and own and manage it. “ All transmission and distribution system revenues shall be deposited for the account of the SPV,” the Heads of Agreement stipulates.
“All transmission and distribution system revenues are, and shall remain, the property of SPV at all times. BPL undertakes and agrees to grant to SPV unrestricted access to daily billing information and all other system Information as may be necessary from time to time so as to enable SPV to verify and prove the calculation of transmission and distribution system revenues payable to it…”
The Heads of Agreement mandates that electricity grid revenues will be calculated based on kilowatt hours billed by BPL, and not on what is billed and collected, which has important implications for Bahamian households and businesses when it comes to the timely payment of their light bills in full becauseto meet its obligations to Bahamas Grid Company and its financial demandsthe state-owned utility will likely now be much quicker to disconnect for outstanding bills.
“BPL shall co-operate with SPV and the T&D manager [Island Grid], and use commercially reasonable efforts to take all actions requested by SPV and the T&D Manager in all collection matters, including without limitation, the exercise of all authority conferred upon it pertaining to any and all remedies granted to it for purposes of collection,” the Heads of Agreement warned.
The deal also requires Bahamas Grid Company to establish a so-called ‘sinking fund’, financed by contributions from its revenues equivalent to a quarter-of-a-cent per kilowatt hour, which will help to pay-off and retire BPL’s legacy $500m debt. And it will create a second fund, financed by contributions equal to 2.5 cents per kilowatt hour of its income, as a disaster relief fund to pay for infrastructure and network rebuilding after a “catastrophic” hurricane hits New Providence.
While the Government pointed to delivering on its promises of full disclosure and transparency, there appeared to be no study or valuation assessment that justified the $100m price tag placed on the legacy BPL transmission and distribution assets that were transferred to Bahamas Grid Company. This in-kind contribution was what gave BPL and the Government its 40 percent equity ownership interest in Bahamas Grid Company. Bahamas Grid Company’s ownership split has already aroused controversy given that the Government/BPL are getting the minority interest despite seemingly contributing more via the $100m “book valuation” of New Providence grid assets. By contrast, the private investors, who include the likes of BISX-listed Arawak Port Development Company, gained a collective 60 percent majority stake via just a $30m equity investment. Equity means that investors are contributing their own money to a project. However, several Cabinet ministers have valued the private sector’s 60 percent at $130m by adding Bahamas Grid Company’s subsequent $111m bond raise to the $30m equity capital. Given that bonds are a form of debt, since capital is being borrowed from investors and lenders, several sources have privately told this newspaper the $100m cannot be treated as equity. As a result, they have suggested that the Government/BPL interest is really $20m, not $100m, so as to produce the 40/60 ownership split at Bahamas Grid Company in favour of the private sector.
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provisions of the Public Debt Management Act by directing the $300m excess sovereign bond proceeds directly into the National Investment Fund as opposed to first going into the ‘consolidated’ fund.
“Any government spending ought to be approved by Parliament,” he told this newspaper last year. “The way government spending is appropriated by Parliament is through the Budget process. The Government has to get parliamentary approval to borrow funds and to spend funds
“The law obligates the Government to come to Parliament to get approval to spend government monies. If the Government wants $300m to invest in the National Investment Fund, which we have no difficulty with, it must be approved by Parliament. And to be approved by Parliament it must be in the Budget.”
The Government’s treatment of the National Investment Fund’s $265.3m as “equity”, rather than borrowing or debt, will likely be viewed by the Opposition as a further device to keep these proceeds off its balance sheet and from adding to the ever-increasing national debt. This accounting treatment also ensures it does not impact what would be a projected first-ever Budget surplus for the 2025-2026 fiscal year of $75.5m.
The Ministry of Finance report revealed that, despite a $36.5m year-over-year reduction in the 2025-2026 first quarter’s fiscal deficit, which fell from $177.6m in the prior year to $141.1m this time around, the Government’s direct debt - excluding liabilities it had guaranteed on the behalf of state-owned enterprises (SOEs) and agencies - had risen by almost a net $300m during those three months.
“Consequent on these developments, the direct charge on the Government, inclusive of exchange rate adjustments, increased by $297.8m to an estimated $12.07bn at end-September 2025. This corresponded to an estimated 73.4 percent of GDP, compared to 72.1 percent of GDP at endJune 2025,” the Ministry of Finance said.
Total gross borrowings of $552.9m exceeded debt repayments during the period of $255.1m, with Bahamian dollar liabilities increasing by a net $338.9m during the July to September 2025 period. Much of the latter increase was driven by a net $290.3m surge in short-term Central Bank advances - something that has previously drawn scrutiny from the likes of the International Monetary Fund (IMF).
The Washington D.Cbased Fund, in its latest Article IV report on The Bahamas released earlier this month, produced a chart showing that the Government had again hit its legal limits, or effectively maxed out its ability to borrow further from the Central Bank as at end-September last year - the same
timeframe as the Ministry of Finance report. These borrowings had again risen to around 15-16 percent of government revenues, representing the legal limit, with the Bahamian government’s reliance on Central Bank advances shown to be much greater than its Caribbean and Central American counterparts in Barbados, Belize and the Eastern Caribbean Currency Union (ECCU). “Reducing the ceiling on Central Bank advances to the Government would support the exchange rate peg,” the IMF urged in its latest Bahamas’ assessment.
The Ministry of Finance report, meanwhile, revealed that the Government had loaned a collective $57m to five unidentified government business enterprises (GBE) during the three months to end-September 2025. These appear to have been classified as investments in the fiscal summary, but some will view them as subsidies disguised to keep them off the Government’s balance sheet and from adding to the national debt given the poor repayment track record of many stateowned enterprises (SOEs).
And, elsewhere, previous drawdowns meant the Government was only able to use a near-$3m from “sinking funds” established to repay future bond issues when they mature to cover its immediate financial needs. Less than a net $30m remains accessible in these funds because the majority are still tied up as collateral for the Goldman Sachs ‘repo’ arrangement that the Davis administration previously entered into.
“During the first quarter of fiscal year 2025-2026, drawings on the sinking fund for the servicing of debt obligations totaled $2.9m,” the Ministry of Finance said. “The four sinking fund arrangements earmarked for scheduled retirement of external bonds, along with the Goldman Sachs repurchase agreement, held a cumulative value of $125.1m, of which $95.6m is subject to the repurchase agreement.” However, the Government’s fiscal performance was showing positive signs.
“Total revenue aggregated $789.6m, a strong increase of $107m (15.7 percent) over the prior year and equated to 20.3 percent of the Budget target,” the Ministry of Finance said.
“Tax revenue improved by $101.6m (16.5 percent) to $717.8m, associated with notable gains in taxes on international trade and transactions ($15.5m), VAT collections ($70m), and taxes on use and permission to use goods ($5.8m).” As for its spending, the Ministry of Finance said:
“ Aggregate expenditure increased by $70.6m (8.2percent) to $930.7m, accounting for 24.4 percent of the Budget target.
“Recurrent spending rose by $64.6m (8.7percent), led by a $17.9m (11.3 percent) boost in outlays for the use of goods and services. There were also notable increases posted for compensation of employees ($8.9m), other payments ($28.2m) and subsidies ($13.8m).”
Cooper: I’ve never met or got campaign donation from him
the legitimacy of the widely-circulating e-mails, which claimed Epstein planned to contact Mr Cooper again in 2018, as none of them could be found among the three million documents released by the US Justice Department despite multiple and extensive searches being performed.
The deputy prime minister, hinting that their appearance could have something to do with the upcoming general election and ongoing political campaign, added that he “categorically rejects” any attempt to link him to Epstein and affirmed he never received any financial contribution “directly or indirectly” from the financier.
“These claims are completely false,” Mr Cooper said in a statement. “The document being circulated contains basic factual errors that call its authenticity into question. The fake e-mail is
dated ‘Tuesday, March 14, 2016’, when March 14, 2016, was in fact a Monday. “The other is dated ‘Monday, March 20, 2016’, when March 20, 2016 was a Sunday. When a document cannot correctly identify something as simple and independently verifiable as calendar dates, it raises serious concerns about its reliability.”
He added: “Let me state unequivocally: I have never met Jeffrey Epstein or anyone who claimed to be associated with him. I have never communicated with him or anyone who claimed to be associated with him.
I have never received any campaign contributiondirectly or indirectly - from him or anyone acting on his behalf.
“As we move deeper into an election season, I urge the public to exercise caution. We are living in a time when AI-generated documents, manipulated screenshots and fabricated images can be created and circulated within minutes.
Not everything that appears formatted or official is authentic.
“Knowingly spreading false information that damages reputations is not harmless - it may constitute criminal libel and is an offense under the law. I encourage everyone to think carefully before sharing or amplifying unverified material,” the deputy prime minister continued.
“My public record and campaign disclosures are transparent and available for review. I categorically reject any attempt to associate my name with Mr Epstein or his activities and remain focused on serving the people of the Exumas and Ragged Island and The Bahamas.”
Mr Cooper’s push back came after Island Luck’s co-founders recently both slammed claims they were involved in human and firearms trafficking as alleged in a Federal Bureau of Investigation (FBI) report released in the so-called Epstein files.
Sebas Bastian and Adrian Fox both told Tribune Business in separate statements that they had never “met or associated” with the late financier after their named were both included in September 30, 2021, FBI document which detailed how an informant had alleged in an interview that “Epstein controlled the Bahamian and US governments”.
Mr Bastian, currently campaigning as the PLP’s Fort Charlotte candidate, asserted “I don’t do fool” and added: “The closest I come to Epstein, Jepstein or any Stein is the stain on my shirt.” Signalling that he will not be distracted from the upcoming election, he added: “We have a country to build and I’m focused on helping with that.”
Mr Fox, meanwhile, voiced “grave concern” about the FBI report’s contents, and said: “I want to categorically state that I have never had any personal interaction with him [Epstein], nor have I
Tariffs paid by midsize US companies tripled last year, a JPMorganChase Institute study
shows
By JOSH BOAK Associated Press
TARIFFS paid by midsize U.S. businesses tripled over the course of past year, new research tied to one of America’s leading banks showed on Thursday — more evidence that President Donald Trump ‘s push to charge higher taxes on imports is causing economic disruption.
The additional taxes have meant that companies that employ a combined 48 million people in the U.S. — the kinds of businesses that Trump had promised to revive — have had to find ways to absorb the new expense, by passing it along to customers in the form of higher prices, employing fewer workers or accepting lower profits.
engaged in any activities that could be construed as illegal, including the sale or trafficking of firearms or women.”
The two web shop gaming moguls were far from the only Bahamians named in the same FBI report. Also featuring was Craig Flowers, principal of the rival FML Group of Companies, though he was mentioned separately from Messrs Bastian and Fox and not linked, or connected to, claims of arms and human trafficking. Mr Flowers did not respond to requests for comment so Tribune Business is not detailing what was reported about him, but there is no suggestion that he has comitted any wrongdoing.
Also included, although his name was spelt incorrectly, was Marvin Dames, the former national security minister and an ex-deputy commissioner of the Royal Bahamas Police Force who, like Mr Bastian, is standing as a candidate in the upcoming general election
“That’s a big change in their cost of doing business,” said Chi Mac, business research director of the JPMorganChase Institute, which published the analysis Thursday. “We also see some indications that they may be shifting away from transacting with China and maybe toward some other regions in Asia.”
The research does not say how the additional costs are flowing through the economy, but it indicates that tariffs are being paid by U.S. companies. The study is part of a growing body of economic analyses that counter the administration’s claims that foreigners pay the tariffs.
The JPMorganChase Institute report used payments data to look at businesses that might lack the pricing power of large multinational companies to offset tariffs, but may be small enough to quickly change supply chains to minimize exposure to the tax increases. The companies tended to have revenues between $10 million and $1 billion with fewer than 500 employees, a category known as “middle market.”
The analysis suggests that the Trump administration’s goal of becoming less directly reliant on Chinese manufacturers has been occurring. Payments to China by these companies were 20% below their October 2024 levels, but it’s unclear whether that means China is simply routing its goods through other countries or if supply chains have moved.
The authors of the analysis emphasized in an interview that companies are still adjusting to the tariffs and said they plan to continue studying the issue.
White House spokesman Kush Desai called the analysis “pointless” and said it didn’t “change the fact that President Trump was right.”
The study showed that U.S. companies are paying tariffs that the president had previously claimed would be paid by foreign entities.
Trump defended his tariffs during a trip to Georgia on Thursday while touring Coosa Steel, a company involved in steel processing and distribution. The president said he couldn’t believe the Supreme Court would soon decide on the legality of some of his tariffs, given his belief that the taxes were helping U.S. manufacturers.
“The tariffs are the greatest thing to happen to this country,” Trump said.
- for the Free National Movement (FNM) in Mount Moriah.
The FBI report said Mr Dames, who was named as ‘Marvin James’, brought the informant who made the allegations against the web shop gaming chiefs to the US embassy in Nassau who “took her information”. The ex-Cabinet minister yesterday confirmed to Tribune Business that this element of the report was accurate, although he challenged the document’s authenticity. The informant’s name was redacted, or blacked out, in the FBI report. However, Tribune Business knows her identity and she is a wealthy US expatriate resident of The Bahamas who owns property, and lives in, Paradise Island’s high-end Ocean Club Estates. This newspaper has chosen not to name the woman, who is a fitness trainer by profession, for legal reasons.
The president imposed a series of tariffs last year for the ostensible goal of reducing the U.S. trade imbalance with other countries, so that America was not longer importing more than it exports. But trade data published Thursday by the Census Bureau showed that the trade deficit climbed last year by $25.5 billion to $1.24 trillion. The president on Wednesday posted on social media that he expected there would be a trade surplus “during this year.”
The Trump administration has been adamant that the tariffs are a boon for the economy, businesses, and workers. Kevin Hassett, director of the White House National Economic Council, lashed out on Wednesday at research by the New York Federal Reserve showing that nearly 90% of the burden for Trump’s tariffs fell on U.S. companies and consumers.
“The paper is an embarrassment,” Hassett told CNBC. “It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system. The people associated with this paper should presumably be disciplined.”
Trump increased the average tariff rate to 13% from 2.6% last year, according to the New York Fed researchers. He declared that tariffs on some items such as steel, kitchen cabinets and bathroom vanities were in the national security interest of the country. He also declared an economic emergency to bypass Congress and impose a baseline tax on goods from much of the world in April 2025 at an event he called “Liberation Day.”
The high rates provoked a financial market panic, prompting Trump to walk back his rates and then engage in talks with multiple countries that led to a set of new trade frameworks. The Supreme Court is expected to rule soon on whether Trump surpassed his legal authority by declaring an economic emergency.
Trump was elected in 2024 on his promise to tame inflation, but his tariffs have contributed to voter frustration over affordability. While inflation has not spiked during Trump’s term thus far, hiring slowed sharply and a team of academic economists estimate that consumer prices were roughly 0.8 percentage points higher than they would otherwise be.
PRESIDENT Donald Trump visits Coosa Steel Corporation in Rome, Ga., Thursday, Feb. 19, 2026.
