05082026 BUSINESS by tribune242

Family Guardian to buy 20% of Bahamas First

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FAMILY Guardian is poised to acquire a 20 percent ownership stake in fellow BISX-listed insurer Bahamas First, Tribune Business can reveal, with all regulatory approvals received and only the transaction’s closing awaited.

The move, if completed, will see the life and health insurer acquire the largest shareholding in the property and casualty underwriter as its Canadian investor, Definity Insurance Company (formerly Economical Mutual Insurance Company), seeks an exit route from The Bahamas.

Family Guardian, which is also a publicly-traded company listed on BISX, alluded to the deal at the bottom of its just-released 2025 audited financial statements although it was as vague as possible as to the identity of its target.

“On February 27, 2026, the group’s insurance

Deal involving two BISX-listed insurers has regulatory approval

Family Guardian chief signals could close ‘as early as next week

Life and health insurer would acquire largest stake from Canadians

subsidiary [Family Guardian Insurance Company] entered into a definitive agreement to acquire a 20 percent equity stake in another entity,” the ‘subsequent events’ section of its financials, signed-off on April 30, said. “As at the date of authorisation of these consolidated financial statements, all applicable regulatory approvals have been obtained. However, the transaction has not yet been completed, and the financial impact has not been recognised in the accompanying consolidated financial statements.” Insurance and financial industry sources, though, confirmed yesterday

this is indeed referring to Definity’s 20 percent equity interest in Bahamas First, although the latter’s own 2025 financials made no mention of it.

Both top Bahamas First and Family Guardian executives were tight-lipped when contacted by Tribune Business yesterday but neither denied or refuted the deal. Alison Treco, Bahamas First’s executive chairman, declined to comment while Glen Ritchie, Family Guardian’s president, wrote in an e-mailed reply that a press release confirming the transaction will be released imminently.

Opposition fearing ‘fiscal minefield’ on election win

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

THE Opposition’s chairman yesterday asserted it will likely inherit “a fiscal minefield” if it wins the May 12 general election after The Bahamas’ top watchdog unveiled concerns over a potential $130m ‘hole’ in the Government’s Budget forecast plus $682m in unbudgeted loans and guarantees.

Dr Duane Sands, also the Free National Movement’s

(FNM) Bamboo Town candidate, told Tribune Business his party is “under no false pretences” or illusions as to what it might inherit or uncover should it take office after the Fiscal Responsibility Council warned the Government’s failure to-date to enact the regulatory framework for collecting 15 percent corporate income tax means it could miss out on $130m in projected revenues for the current 2025-2026 fiscal year. Describing the Council’s revelations as “concerning but

World’s major billionaires in Bahamas Internet fight

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

TWO of the world’s wealthiest billionaires are poised to go head-to-head in competing to provide satellite-based broadband Internet services to Bahamian businesses, households and government entities. The Utilities Regulation and Competition Authority (URCA), in its just-released ‘statement of results’ on the National Spectrum Plan 2026-2029 consultation, revealed that a subsidiary of Amazon, which is owned by Jeff Bezos, one of the world’s wealthiest men, has made “significant strides” in its plans to offer such

‘Absoutely no update’ on Freeport’s Bazaar

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

A SHAREHOLDER in Freeport’s International Bazaar yesterday said there has been “absolutely no update” on its proposed acquisition by the Government despite expectations the deal would be completed before the May 12 general election.

services to The Bahamas and the rest of the world. Leo Amazon, previously known as Project Kuiper or Kuiper Systems, has already launched 302 production satellites into orbit as part of a multi-billion plan to deploy broadband Internet connectivity to the world below. And, in feedback to the URCA spectrum plan consultation, it confirmed that The Bahamas is among the countries it is targeting for the provision of services. This will bring it into direct competition with Starlink, the rival satellite Internet provider owned by Elon Musk. However, increased competition promises better

Darrin Woods, the Bahamas Hotel Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that uncertainty continues to surround the International Bazaar’s purchase for the site to be transformed into the Government’s longtouted Afro-Caribbean Marketplace.

not surprising”, he added that its report highlights “a toxic brew” and suggested that the Government is effectively treating itself to “interest free loans” through the accounts payables it owes to many small and medium-sized businesses for goods and services provided to it.

Dr Sands told this newspaper that forcing Bahamian companies to carry these unpaid bills, or accounts receivables, for months and even years is effectively imposing an additional tax

“We are not in a position to disclose details at this time,” Mr Ritchie said. “However, we anticipate that we would be able to revert as early as next week.” Based on its 20 percent interest, Definity holds some 7.302m shares in Bahamas First given that the latter has some 36.512m outstanding common shares issued. And, given that Bahamas First shares closed at $2.70 per share on BISX yesterday, Family Guardian will have to pay $19.175m for the Definity bloc if the deal is at prevailing market price.

Family Guardian’s healthy 2025 year-end balance sheet, which showed cash on hand of almost $20m and $81.916m in retained earnings, suggest that has sufficient financial firepower to complete the deal following a year in which profits rose by 37.8 percent or more than $2.6m to $9.74m compared to $7.066m in 2024.

“You’re spot on with that,” one source told Tribune Business of Family Guardian’s

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upon them besides creating major liquidity and cash flow problems for the private sector itself.

“We expect to find a fiscal minefield, we expect to find a fiscal mess,” the Opposition’s chairman said in response

Morton Salt buyer to ‘draw clear line’ with $125m outlay

Lusca Group: Purchase to close June 1 after tax dispute resolved

Targets production doubling in 2 years, rebrand, packaging facility

Also pledges solar energy plant, improvements to Inagua’s airport

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MORTON Salt’s purchaser yesterday pledged a $125m investment in its Inagua plant and the wider island as it unveiled plans for a rebranding once the acquisition closes on June 1, 2026.

Lusca Group, and its Grand Bahama Salt Company, confirmed that all regulatory approvals for the facility’s purchase from Morton Salt have been received from the Government following resolution of the dispute over how much VAT was payable on the Inagua real estate that is being sold as part of the deal.

The two entities, which are linked to the Liwathon Group, which has acquired and restarted operations at Grand Bahama’s former South Riding Point oil storage terminal, said the Inagua operation will be rebranded as Lusca Salt Bahamas with its salt products carrying the ‘Bahamas Salt’ brand. And, noting the “significant headwinds” that have “constrained salt production” in recent years, such as the heavy rainfall from hurricanes Oscar

DR DUANE SANDS

MORTON SALT PLANT

DARRIN WOODS

Tourism workers fully engaged despite Mid-East fall-out fears

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMIAN hotel and tourism workers have yet to feel the knock-on effects of rising fuel prices and a travel slowdown, a union president asserted yesterday, with his members still enjoying full work weeks and overtime.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) chief, said that - as The Bahamas heads into its peak summer season - his members are still working full hours despite wider concerns over higher travel costs and geopolitical uncertainty.

“As it relates to the tourism industry, people have still pretty much been working full weeks and, in some instances, they have even been able to pick up overtime,” said Mr Woods. “So far, the increase in gas prices and the hesitation surrounding travel has not negatively impacted workers, but we still have to wait and see because we are just coming through Spring Break and heading into our busiest period of the year.” His comments come as tourism-dependent economies across the Caribbean monitor the possible effects of higher oil prices, geopolitical tensions and broader uncertainty in the global travel market - factors that

can influence airline costs, ticket prices and consumer vacation spending.

Despite those concerns, Mr Woods said current booking trends remain encouraging heading into the summer period for Bahamian tourism. “By all indications, bookings for June, July and parts of August remain solid. We have not heard of any cancellations up to this point, so we are looking ahead with anticipation for a pretty good season,” he added.

The BHCAWU president said the fact hotel workers and tourism employees are continuing to see stable schedules is an important sign for an industry that

remains the country’s largest private sector employer.

Mr Woods said there is also cautious optimism that The Bahamas could benefit if travellers reconsider trips to destinations perceived as being closer to geopolitical flashpoints.

“We are even hopeful that The Bahamas could benefit from the ongoing conflict abroad, with some travellers who may have planned trips further east instead deciding to travel here instead,” he said. “We are waiting to see what happens as we get deeper into the busy season.”

Mr Woods said the key test for the sector will come later in the summer as the industry gauges whether

current booking momentum can be sustained through these travel months. For now, however, he said workers remain encouraged by steady occupancy levels, continued work opportunities and the absence of significant cancellations.

Tourism industry executives have previously indicated that summer bookings were pacing ahead of expectations at several major resort properties, although some have also warned the industry remains vulnerable to external economic shocks and changes in consumer spending behaviour.

The Central Bank has warned that while tourism performance remained

Airport upgrades drive Bahamian jobs, airlift

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Government’s aviation chief says airport redevelopment projects across the Family Islands are already driving new airlift, jobs and economic activity as construction and repair works spread throughout the nation.

Dr Kenneth Romer, director of aviation, said the Family Islands Renaissance Project is delivering economic stimulus across The Bahamas as the Government advances upgrades for more than 19 airports.

“The Family Islands Renaissance represents more than just the remediation of critical airport infrastructure,” said Dr Romer. “Since its launch we have witnessed new and expanded airlift, creation of jobs and entrepreneurial

opportunities and, most importantly, an economic stimulus to communities through our archipelago.”

The initiative, launched initially with three airports, has since expanded to projects impacting 21 islands including Abaco, Acklins, Andros, Bimini, Cat Island, Eleuthera, Exuma, Grand Bahama, Long Island, Mayaguana, Ragged Island, Rum Cay and San Salvador.

The Davis administration describes the programme as the “largest investment in Family Islands airport infrastructure in Bahamian history”, with works ranging from runway remediation and terminal construction to flood mitigation and solar lighting installations.

The airport redevelopment drive has an estimated collective investment value exceeding $260m, according to previously released government and bid documents

Small Business Centre passes $100m funding

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

THE Small Business Development Centre (SBDC) has facilitated more than $100 million in funding for Bahamian entrepreneurs, it was announced yesterday, at a ceremony recognising 80 recipients of the InPower Grant Programme.

Samantha Rolle, the SBDC’s executive director, said the agency had exceeded this figure through the the InPower Project, the latest round of grant funding, which aims to support entrepreneurs in inner-city communities.

The InPower Grant Programme awarded more than $300,000 to entrepreneurs from Bain and Grants Town, Centreville, Englerston,

Freetown, Fox Hill, Marathon and St. Barnabas, with the monies intended to strengthen small businesses and encourage inner-city development.

Ms Rolle said the $100m achievement reflected years of institutional reform and restructuring at the SBDC. “When I assumed the role as executive director in 2022, I made an ambitious statement that there would come a day when the SBDC would not only stabilise but scale,” she said.

“A day when we would not just be discussing support in theory, but producing results at a national level.” Ms Rolle explained that the SBDC underwent significant transformation, including refining processes, strengthening strategy, improving service delivery and expanding entrepreneurial support systems.

RM Bailey vendors eyeing Mother’s Day sales boost

BY ANNELIA NIXON Tribune Business Reporter

RM BAILEY Park vendors yesterday revealed they suffered a “terrible” Easter as they hoping for better with Mother’s Day approaching following a “terrible” Easter.

Karen Brown, president of the RM Bailey Park Association, ,said vendors have begun setting up for the Mother’s Day holiday rush expecting shoppers to wait until the last minute before making purchases.

“We are just getting started,” Ms Brown said. “Bahamians are last minute. So I guess tomorrow [today] we will be able to see how it’s looking. But Mother’s Day is one of those seasons where people will always come and purchase for mom.”

Ms Brown said changing economic conditions

have forced both vendors and customers to adjust their spending. While some shoppers once purchased elaborate $100 baskets, many are now looking for more affordable options.

“Someone who probably could’ve purchased a basket for $100 now wants a $50 basket,” she said. “So we have to become creative and watch the community.”

According to Ms Brown, many customers are choosing to pair smaller gift baskets with cash, dinner outings or other gestures for their mothers. Vendors, she said, have had to redesign baskets to fit tighter budgets while still maintaining the quality of it.

“The basket may not be as big as it was last year, but you can still give them a nice basket for the price that they’re looking for,” she said.

Ms Brown pointed to rising airline, shipping and Customs costs, along with

tied to the Family Island airport programme.

Completed works include the new terminal at Duncan Town, Ragged Island; terminal and airside upgrades at Great Harbour Cay; renovations to the Grand Bahama domestic terminal; and phase one airside remediation works at Lynden Pindling International Airport.

Tribune Business previously reported that Great Harbour Cay’s airport upgrades involved an estimated $15m investment, while redevelopment plans for Deadman’s Cay in Long Island were also pegged at about $15m.

Additional completed projects include Treasure Cay airside remediation, Stellar Maris airside and terminal improvements, the $2.1m Mayaguana airport terminal and the newly-completed Arthur’s Town airport project in Cat

She described the InPower initiative as more than a grant programme, noting that it was created to provide opportunities in communities that have historically lacked adequate resources.

“InPower is not just about issuing grants,” Ms Rolle said. “It is about creating access where barriers once existed. It is about empowering entrepreneurs in communities that have historically been under-resourced, but never lacking in talent, creativity and ambition.

“It provides not only financial support, but also the structure, guidance and capacity building needed to turn ideas into sustainable businesses because true empowerment is not just giving resources. It is about equipping people to grow, to scale, to exceed long after this moment.”

The programme was developed in partnership with the Urban Renewal

SUPPORT - See Page B6

VAT and higher fuel prices, as major challenges affecting vendors’ bottom lines.

“When you look at adding up all the costs, and that’s from your airline ticket, car rental, hotel, buying the items, bringing it back, shipping, Custom duties, VAT, all of that you have to take into consideration,” she said. “So you have to price your items accordingly.”

Despite those challenges, Ms Brown remains optimistic that Mother’s Day sales will outperform Easter, which she described as “terrible”.

“This is political season, and everybody and their mama was giving out Easter baskets,” she said. “So for us, the profit margin wasn’t good at all. Some people barely made back what they spent.”

Ms Brown suggested that political groups, who often buy and distribute baskets to constituents for some holidays, work directly with the RM Bailey

PARK - See Page B7

Island, which included airside remediation and a new terminal.

The administration is also advancing multiple active construction projects across The Bahamas, including airport works in Bimini, Cat Island, Eleuthera, Exuma, Grand Bahama, Long Island, Crooked Island, Rum Cay and San Salvador.

Among the largest projects is phase one redevelopment of Grand Bahama International Airport, which includes the construction of new US and domestic terminals, runway remediation and flood mitigation works.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said last year that the South Bimini airport redevelopment alone is valued at about $80m, while previous government estimates placed the Exuma and North Eleuthera

airport redevelopments at around $65m each.

Tribune Business previously reported that projected capital investment costs for six major Family Island airport redevelopments - including Exuma, North Eleuthera, Abaco, Long Island, San Salvador and Great Harbour Cay - totalled about $183m.

Projects in the pipeline include upgrades and terminal works for Marsh Harbour, Moore’s Island and Sandy Point in Abaco; Fresh Creek and San Andros in Andros; Matthew Town in Inagua; Acklins airport; and a proposed expansion of Lynden Pindling International Airport.

The Government has also reported that runway solar lights have been installed at multiple Family Island airports including Stella Maris, Mayaguana, Acklins, Crooked Island, Sandy

strong during the 2026 first quarter, rising geopolitical tensions and higher oil prices are creating increased risks for the second half of the year.

John Rolle, the Central Bank Governor, said stopover and cruise tourism continued to drive economic growth, supported by stronger visitor spending and increased non-US arrivals, particularly from Canada.

However, he warned that higher fuel costs linked to conflict in the Middle East could impact airline ticket prices, freight costs and broader inflationary pressures, while continued weakness in the US market remained an emerging concern given its importance to sustaining airlift capacity.

Mr Rolle added that The Bahamas could still benefit if travellers seek closer and potentially more affordable destinations amid rising global uncertainty.

Point, Moore’s Island, Treasure Cay, San Andros, Congo Town, Mangrove Cay, Fresh Creek, Great Harbour Cay, Black Point and Staniel Cay.

All Gov’t approvals received within hours of PM’s pledge

and Melissa, they promised to “draw a clear line under the past”.

Targeting a doubling of salt production volumes over the next two years, while maintaining product quality and standards, Lusca Group and its affiliates said they will study whether it is feasible to develop an Inagua upgrading and packaging facility to produce “food quality sold” as a value-added supply chain improvement.

And, apart from the plant itself, Lusca Group said it plans to invest in the wider Inagua community via the development of a utility-scale solar electricity generation plant for which it says it has already received “approval in principle”. This will supply excess electricity back to the Inagua grid to other homes and businesses, reducing reliance on fossil fuel-driven energy.

Other plans revealed yesterday were Lusca Group’s ambitions to take over management of Inagua’s airport, with the goal of improving the facility to international standards in a bid to increase flights and open the island up to greater tourism numbers. The Inagua General Store will be refreshed, and the island’s original salt storage facility converted to a leisure and tourism centre.

Richard Muckle, director of Lusca Group, said: “Closing this transaction is a

significant milestone, but the real work begins now. Great Inagua has an extraordinary heritage in salt production, and we intend to honour that legacy by building on the operational standards we have inherited. “The rename to Lusca Salt Bahamas represents a fresh start - a new chapter for the business and, we hope, for Inagua itself. Our investment will extend well beyond the salt facility, because we believe the facility and the island succeed together. We are grateful to the Government of The Bahamas, and we look forward to many productive years ahead working alongside the people of Inagua.”

Lusca Group’s confirmation it has received all necessary Bahaman government regulatory approvals comes just hours after Prime Minister Philip Davis KC told a Wednesday night Progressive Liberal Party (PLP) election campaign rally on Inagua that his administration had “resolved the outstanding issues” with both Morton Salt and the Lusca Group that had delayed the sale’s closure.

Morton Salt had recently given employees two options - terminating 75 percent of the workforce by June 5, or retaining all workers but cutting everyone’s work week by 50 percent to 20 hours. The Chicago-headquartered salt producer acted to cut costs and losses amid frustration, and a feeling it was running out of time, to

Hotel union chief hoping deal moves after election

PURCHASE - from page B1

seal the deal with the Lusca Group amid a seven-month wait to close following the sale’s announcement last September.

The two parties had hoped to complete before year-end 2025, or early 2026 at latest, but progress stalled due to a dispute with the Government over how much VAT was due and payable on the Inagua real estate assets being sold as part of the deal. That, seemingly, has now been resolved.

“I came with news for the people of Matthew Town. For every salt worker who has spent their life in those ponds,” Mr Davis said. “You know what this past year has been. Seven months without production. Your workers told 75 percent of them could lose their jobs in 45 days. Or keep their jobs at 20 hours a week.

“Either way, Bahamian families facing the worst. The Trades Union Congress (TUC) came to my office. And I told them this Government was not going to stand by and leave the workers of Inagua in the cold. So we engaged Morton. We engaged the new owners [Lusca Group]. We brought every party to the table.

“And tonight, here is the announcement. The Government has reached agreement with the new owners and with Morton. The outstanding issues are resolved. The workers are protected. The local economy is protected. The lifeblood of this island is protected,” he added.

“And the new agreement brings $200m of investment to Great Inagua. It will double the workforce. It will build a Salt Centre of Excellence to train young Bahamians right here at home. It will help rebuild the island school. It will back a third weekly flight to Inagua.”

Lusca Group’s investment figures, unveiled with its statement yesterday, were somewhat below the Prime Minister’s but no less substantial. It pledged: “Lusca Group will invest up to $125m across the salt facility and the wider island over the coming years.

“The programme reflects the group’s long-term confidence in Inagua and its people. Investment will be directed not only at the salt operation, but at the island as a whole, because a thriving facility depends on a thriving community around it.” Confirming that the acquisition’s closing, and name change to Lusca Salt Bahamas “marks the start of a new chapter for the business”, the buyer promised to build on both the heritage and legacy left by Morton Salt.

“It must also be acknowledged that the asset and the island have faced significant headwinds in recent years, with constrained salt production and a number of operational challenges weighing on performance,” Lusca Group added.

“The change of ownership presents an opportunity to

draw a clear line under the past, refresh the company’s identity and reintroduce the business to its customers, its workforce and the Inagua community with renewed purpose. Lusca Group looks forward to working with all stakeholders to invest in the asset and the island, and to set the business up for longterm success.”

It promised to maintain the “best practice” quality, safety and environmental standards that Morton Salt has established “in full”, and added: “The immediate operational focus will be on expanding production capacity, with the objective of doubling production volumes over the next two years while preserving the quality and consistency for which the facility is internationally known.

“In parallel, an in-depth study will be undertaken into the construction of an on-site salt upgrading and packaging facility to produce food-quality salt. Investing across the value chain is central to the long-term success of the salt operation on the island. The Great Inagua operation is intended to serve as the foundation for Lusca Salt’s wider expansion across the Caribbean and into global markets in the years ahead.”

As for its community-related investment plans, Lusca Group said its incoming salt operation has “received approval in principle to construct a dedicated

solar power plant to serve the salt facility and related operations, with the intention of connecting surplus electricity to the Inagua Town grid. Once delivered, the plant is expected to reduce the facility’s reliance on imported fuel, improve resilience, and contribute clean energy to the wider community”.

Turning to the airport, it added: “Lusca Group has also confirmed its intent to assume responsibility for the management and modernisation of Inagua airport, with the goal of bringing the facility up to international standards for business travellers and tourists.

“A comprehensive proposal will be submitted to the Government of The Bahamas in due course. The group’s objective is to improve passenger experience, expand the number of scheduled flights serving the island and support Inagua’s broader economic development.” Lusca Group said other community investments will be developed in partnership with residents and the Bellaria Foundation, a London-based entity described as the Rowland family’s charitable organisation.

Besides approvals from the National Economic Council (NEC) and the Bahamas Investment Authority (BIA), Lusca Group said it has also received the necessary exchange control approval from the Central Bank and other regulatory agencies.

“There has been absolutely no update. I thought they wanted to have that completed before the election, but the election is next week and, unless they turn something around quickly, we haven’t heard anything different,” said Mr Woods. His comments follow the Davis administration’s push to acquire the International Bazaar site in Freeport through a compulsory acquisition process even though most property owners had reportedly agreed to sell voluntarily.

Mr Woods said he hopes whichever administration forms the next government will continue efforts to redevelop the area, arguing that revitalisation of the International Bazaar remains important for Grand Bahama’s economy and tourism product.

Tribune Business previously reported that the Government argued the compulsory acquisition was necessary to advance efforts to redevelop the long-dormant tourism and entertainment hub, which has remained largely abandoned for decades.

“At the end of the day, if the same administration returns, hopefully they will move forward on what they were talking about. And if a new administration comes in, hopefully they will see the wisdom in trying to revitalise that area in Grand Bahama,” he said. “Whichever administration comes

in, hopefully they will recognise the need for it.”

The Davis administration has said it plans to transform the International Bazaar into an Afro-Caribbean Marketplace and logistics centre designed to showcase African and Caribbean culture, trade and tourism.

The proposed redevelopment has been viewed by many Grand Bahama stakeholders as a potentially significant economic catalyst for Freeport, particularly as the island continues efforts to expand tourism activity and attract new investment.

Ginger Moxey, minister for Grand Bahama, said the development will include exhibition pavilions representing 54 African countries, 20 Caribbean nations and the islands of The Bahamas, along with amphitheatres, performance spaces, food concessions and areas for cultural displays and commerce.

The Government has argued the project will help position Grand Bahama as a trade and logistics hub linking Africa, the Caribbean and North America, while also creating a new tourism attraction tied to cruise visitors and broader

Canadian investor seeking exit route from Bahamas for years

ACQUISITION - from page B1

imminent Bahamas First investment. “That’s definitely the target. My understanding is that an agreement has been reached. There hasn’t been anything published in the public domain because it’s a material development and both companies have to do it because of BISX Rules.

“They’ve applied to the Insurance Commission of The Bahamas for approval because of the size of the transaction and potential concentration of risk because it’s in the same sector. I’ve heard that this has been going on for at least a month now. I’m not aware of why it’s taking so long.

“I’m not entirely sure what the strategic plan is there, buying a substantial minority share in a company, unless you are doing it for investment purposes and the investment return. I’m not sure what the play is. It makes sense to do a merger. I wouldn’t necessarily advocate taking a minority stake.”

Tribune Business records show that Definity has been seeking to offload its Bahamas First 20 percent ownership interest, and exit The Bahamas, for some time. This newspaper reported in 2023 that the Canadian insurer said it was in negotiations with an unnamed purchaser to sell its equity interest in the Bahamian property and casualty underwriter.

“The ultimate beneficial owner of The Economical Insurance Group (TEIG) Holding Company (Barbados) Ltd, which holds just under 20 percent of the issued ordinary shares of Bahamas First Holdings, is in discussions with an international property and casualty and reinsurance investor (the acquirer) to sell either TEIG or TEIG’s 20 percent interest in Bahamas First Holdings’ shares,” a notice issued at the time said.

“The acquirer has also expressed interest in acquiring additional shares in Bahamas First Holdings.” Definity, and before it The Economical Insurance Group, likely hold its

redevelopment efforts on the island

The Davis administration said bringing the fragmented property ownership under one structure was critical to moving redevelopment plans forward. However, some property owners objected to the compulsory acquisition process, prompting concerns over whether the administration was forcing the sale despite broad agreement from many stakeholders. No timeline has yet been given for when the acquisition process will be completed or when redevelopment plans could begin.

Bahamas First stake via a Barbados holding company so it can exploit the double taxation treaty that Caribbean state has with Canada. This would ensure dividends paid by Bahamas First were taxed only at the lower Canadian rate. That deal never seemingly materialised, thus opening the way for Family Guardian. At the time in 2023, Bahamas First’s shares were trading at $2 om BISX meaning, Definity’s stake is now worth more than the $14.605m valuation attached then due to the increase in its share price. Another insurance industry source, speaking of Definity, said: “They’ve been trying to divest themselves for a long time. That 20 percent has been on the market for the longest. They have always wanted to divest themselves of that.” Bahamas First and Family Guardian have something of a history. A merger between the two was planned and proposed more than a decade ago through the creation of a holding company, but the deal was never ultimately sealed. If the present one is, Family Guardian representatives will likely replace Definity’s on the Bahamas First Board.

BISX unveils latest mutual fund listing

THE Bahamas International Securities Exchange (BISX) yesterday confirmed it has added another investment fund to its listings portfolio. The exchange, in a statement, said the LATAM Green Fund – Class A shares has successfully completed its mutual fund listing process and been listed on BISX.

The fund is incorporated as a Bahamas-domiciled International Business Company (IBC). It is also licensed as a Smart Fund SFM007 under the SMART Funds Rules created by the Investment Funds Act 2019. Keith Davies, BISX’s chief executive, said: “We are happy to welcome this fund to the exchange. Our mutual fund listing facility

KEITH DAVIES

continues to gain traction in this market and be used as a value-added service by BISX sponsors. We commend Winterbotham for having been a consistent partner to the exchange and to the Bahamian financial services industry.

“At BISX we are currently working on several initiatives that will allow us to add further value to

our capital markets. We will shortly begin speaking more to them. But for now we would encourage everyone to read the editorials that BISX has published over the last few weeks as we seek to encourage the discourse around our capital markets. BISX will be publishing more of these as we take our position as a

thought leader in the Bahamian marketplace.” The Winterbotham Trust Company served as the BISX sponsor member that brought the fund to the exchange. The Winterbotham Trust Company has been appointed to serve as the fund’s administrator.

Payables mean Gov’t taking ‘interest free’ loans from business suppliers

FINANCES - from page B1

to the Fiscal Responsibility Council’s findings. “That we will find our fiscal house in order is not our expectation. So, if by the grace of God and the support of the Bahamian people we have an opportunity to fix the mess, certainly we plan to do so.

“We are under no false pretences that this will be a small problem, a fixable problem. It’s expected that this will be an absolute disaster. It’s going to be an absolute disaster. One of the reasons I can say that is because things are just not adding up. On the one hand we have rhetoric saying everything is well, everything looks great but, even in the language of the Fiscal Responsibility Council they are showing storm clouds. I expect those storm clouds are the tip of the iceberg, forgive the metaphor. This is going to be a mess.”

Generating the extra $130m income anticipated from the Qualifying Domestic Minimum Top-Up Tax (DMTT), or 15 percent corporate income tax levy, is critical to helping the Government convert its $342.4m mid-year fiscal deficit into the full-year $75.5m Budget surplus it forecast in May 2025 - a target that the Council fears is now in jeopardy. It added that receipt of the $130m by end-June 2026 “is in doubt” because the Davis administration has yet to put in place mechanisms and processes for collecting it.

The Davis administration needs a major second-half fiscal swing to hit its muchtouted surplus goal, and this will be made even more challenging if the $130m corporate income tax revenue cannot be collected. While the revenue-rich period between January and April, in particular, traditionally helps governments to narrow first-half deficits, the Council warned that the Davis administration must generate primary and full fiscal surpluses of $746.6m and $417.9m, respectively, to hit its goals. Its report, which has been released at an inconvenient time for the Government less than a week before the May 12 general election, also casts doubt on whether

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the Government will meet its 2025-2026 fiscal yearend direct debt target of $11.387bn.

To do so, the Council warned that it will have to make a net debt repayment of more than $1bn during the six months to end-June 2026, as it also voiced concern about the Government’s ever-increasing reliance on short-term financing, driven by Central Bank advances and Treasury Bills, to meet its funding needs. It noted that the Government’s gross borrowings in the domestic capital markets during the 2025-2026 first-half was more than double the fullyear target - 138 percent higher at $1.92bn.

And the Council also pointed out that, during its final year in office, the Davis administration entered into $682.2m worth of unbudgeted borrowing and guarantees, including the Chinese loan for the new hospital and underwriting Grand Bahama Power Company’s purchase.

It added that - while the second New Providence hospital and GB Power’s acquisition fit with the Government’s healthcare and energy reform policy priorities - they and other previously-unplanned financings threaten to “increase the fiscal risk” and “depart” from the target of achieving a 50 percent debt-to-GDP ratio by 2030-2031.

Breaking down the $475.9m in recently-approved guarantees that did not form part of the Government’s initial plans for the 2025-2026 fiscal year, the Council said 58.8 percent or more than half of this sum was the $280m to underwrite the acquisition of GB Power and provide working capital for the utility moving forward. A further $160m worth of loan guarantees not budgeted for were to finance the Government’s obligations in the deal to provide liquefied natural gas (LNG) fuelled power for Nassau. And the total $550.9m in guarantees exceeds the previously budgeted amount by more than $200m or 60.2 percent. One financial source, speaking on condition of anonymity, said the report was “about as

scathing as you can expect from a Fiscal Responsibility Council. It is not a good report”. They singled out, in particular, the increasing reliance on short-term “unplanned” Central Bank advances to meet the Government’s financing needs, which totalled $918.3m during the 2025-2026 first-half.

“The reliance on shortterm advances from the Central Bank is just printing money. It signals to me they are having a real struggle getting long-term paper placed as you see the shortening of the maturities,” the source said of the Government. The Council said the Government’s debt financing plans appeared to have altered significantly from what was set out in its previously-published annual borrowing plan for the 2025-2026 fiscal year.

“During the first six months of fiscal year 20252026, the Government raised $1.92bn in domestic financing, which was 137.8 percent of the planned amount for the fiscal year,” its report said.

“The 2025-2026 indicative Bahamian dollar bond issuance calendar schedules bond issuances totalling $259.6m, with $138.5m scheduled during the first six months of the fiscal year. Total actual bond issuances for the period were $486m or 87.1 percent of programmed financing for the year.

“Treasury Bills, which were recorded on a net basis, totalled $277.2m, or 86.7 percent of programmed financing for the fiscal year.

Total foreign currency bank loans were $238.1m or 104.4 percent of the planned amount, while unplanned Central Bank advances amounted to $918.3m.” The Council said no rationale or explanation had been provided for the significant change in the Government’s borrowing strategy, and said the increasing reliance on short-term funding was contrary to its debt management strategy.

Dr Sands, meanwhile, reiterated previously-expressed concerns that the Government has in recent years come in close to its deficit and other fiscal targets only because it has been kicking payables

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- meaning monies owed to Bahamian businesses for goods and services supplied to it - into the following fiscal year. The present cashbased accounting system in the public sector enables the Government to do this legally.

“I suspect the report understates the magnitude of the problem,” Dr Sands said. “I know it does. The Government has taken out an amount of non-interest bearing loans from local businesses. What do I mean by that? The Government has payables that have not been paid, and a litany of promises not kept. Businesses are carrying those receivables for months and months, and sometimes years, thereby giving the Government of The Bahamas interest free loans.

“I suspect that dollar amount is in the hundreds of millions of dollars. It equates to a tax on small, medium and large businesses in The Bahamas.” Dr Sands argued that the Davis administration is “reaching the end of the road”, and added: “We have no expectation that the fiscal house is in order. We expect the place to be condemned. That the authorities will come in and put yellow tape around it.

“It will be a matter of prioritising what needs to be settled. First, to keep the functions of government a going concern, to make sure public officers and pensions get paid, the power stays on, state-owned enterprises (SOEs) continue to function. We did it in 2017 and will soldier on. There will have to be some challenging decisions made… I would say there’s nothing that’s going to be taken off the table.”

Dr Sands again suggested that many public-private partnership (PPP) agreements entered into by the Davis administration are really ‘off-the-books loans’ designed to keep liabilities off the Government’s balance sheet and from adding to the national debt. However, he argued that these still remain liabilities and spending commitments that the Bahamian taxpayer has to meet.

“The fact it doesn’t show up on the balance sheet doesn’t mean it’s not due

and payable,” Dr Sands said.

“The Bahamian people still have an obligation to pay.

All this angling, juggling and manoevering is to hide debt which will eventually have to come to light.”

The Council’s report repeated its call for greater transparency over the Government’s PPP deals given that several had not been included in the 20252026 Budget. “The draft estimates of revenue and expenditure 2025-2026 highlights five proposed PPP projects, with an estimated total cost of $437m,” it said.

“Further PPP projects were announced which were not included in the 2025-2026 Budget. At present, there is no mechanism for public disclosure of

matters such as contract dates, duration, whether the project is revenue generating or not, and the nature and extent of any debt obligations associated with PPPs.

“Consequently, based on the information available, the Fiscal Responsibility Council is unable to assess the impact of PPPs on the overall fiscal performance or any other matters contained in this report… The Fiscal Responsibility Council recommends that reforms to the current framework include the publication of a schedule of all payment and debt obligations associated with PPPs to align with the general principles of responsible fiscal management.”

Bezos to compete with Musk on satellite service provision

prices, more choice and improved service quality for Bahamian business, household and government agency consumers - especially in remoter parts of the Family Islands - while increasing the challenge for land-based fixed infrastructure providers such as BISX-listed Cable Bahamas and the Bahamas Telecommunications Company (BTC).

The former Kuiper Systems, whose name was changed to Leo Amazon around the time it submitted feedback to the URCA consultation, was said by the Bahamian regulator to have “endorsed” The Bahamas’ moves to align its signal frequency spectrum with international and regional standards. And it hailed URCA for proposing to allocate extra Ka-band frequencies to support satellite Internet providers.

“Kuiper also supported URCA’s proposal to allocate the 17.3-17.7 GHz (space-to-Earth) band for fixed-satellite service use in The Bahamas on a co-primary basis,” URCA added of the Bezos-headed firm’s feedback to the consultation.

“Kuiper stated that its ‘Project Kuiper’ is designed to provide high-speed, affordable broadband to

unserved and under-served communities globally, including in The Bahamas, and that it began launching its NGSO satellite constellation in April 2025.

“Kuiper indicated it has made significant strides in deployment since committing to invest over $10bn in the system, including expanding its terrestrial infrastructure and developing customer terminals intended to offer high performance in small form factors at affordable price points,” the Bahamian regulator added.

“Kuiper’s stated goal is to ultimately provide high-speed, low-latency broadband services to residential, governmental and enterprise customers in The Bahamas and worldwide, with commercial service beginning in certain parts of the world as deployment continues.”

URCA, in its response, nodded to the potential for satellite-based Internet service providers to deploy their products in The Bahamas. However, it added that Leo Amazon would need to join Starlink in becoming licensed to operate in The Bahamas, and said that it is currently in consultations on the development of a new regulatory regime for satellite-based communications.

“URCA acknowledges the potential for NGSO

Grants initiative aims to develop inner-cities

SUPPORT - from page B3

Authority to target underserved communities identified as needing additional support. Ms Rolle said the current initiative represents phase one of the programme, with plans already underway for a second phase to expand assistance to other communities in need. She also highlighted the importance of partnerships

in helping the SBDC grow its reach and impact, acknowledging support from the Inter-American Development Bank (IDB), World Bank, Fidelity Bank (Bahamas), Bahamas Development Bank (BDB) and Eugene Dupuch Law School.

According to Ms Rolle, the SBDC has supported more than 2,700 clients across 45 industries on 16 islands throughout

satellite systems to provide connectivity solutions, particularly in archipelagic nations like The Bahamas,” the Bahamian regulator said.

“URCA is presently consulting on the development of a regulatory framework for satellite-based electronic communications services, which is intended to be technology-neutral and structured to accommodate new and innovative satellite offerings capable of serving the Bahamian public.

“URCA notes that the provision of satellite-based electronic communications services to customers in The Bahamas currently requires licensing under the existing licensing framework. The forthcoming regulatory framework is intended to ensure that all satellite-based operators providing electronic communications services to customers in The Bahamas are subject, where applicable, to appropriate regulatory obligations.

“URCA will continue to monitor technological and market developments in the satellite-based services in the electronic communications to ensure that its regulatory framework remains fit for purpose and supports the broader policy objectives of the Communications Act and the Electronic Communications Sector Policy.”

The Bahamas as of May 2026. Funding distribution includes more than $17m in Grand Bahama, $5m in Abaco, $3m in Eleuthera and $2m in Andros.

She revealed that the agency stood at $99.906m in funding just one day before the ceremony. “But today, through the InPower programme and all the grant recipients awarded here today, I am proud to announce that we have officially surpassed and have funded over $100m to entrepreneurs,” Ms Rolle added.

She explained that the funding comes from a

Cable Bahamas, and to a lesser extent BTC, have repeatedly warned that URCA must ensure it must create a regulatory environment where they can compete on equal terms with Starlink, and now Leo Amazon, plus other service providers.

The BISX-listed communications provider, in feedback to the URCA’s consultation on creating a regulatory regime for satellite-based communications services in The Bahamas last year, argued that the likes of Starlink enjoy “a significant business advantage” because they do not have to invest in building and maintaining on-ground network infrastructure.

And, with such operators already possessing a network “built in space” above this nation, Cable Bahamas asserted that this “robs the country of revenues” because none of the required investment and maintenance costs will be spent in The Bahamas.

It sounded the alarm that, should URCA implement a flawed regulatory regime for satellite communications, it may be forced to halt network expansion and improvements and dragged “into an unsustainable pricing war” with the likes of Starlink that could undermine “Cable Bahamas’ ability to stay in the market”.

combination of government support, private sector partnerships and micro-lending initiatives. The SBDC, which will celebrate eight years in operation this September, overcame significant challenges in its formative years before reaching the milestone, Ms Rolle added.

Michael Halkitis, minister of economic affairs, praised the SBDC’s work, calling the initiative “real economic empowerment” taking place across Bahamian communities.

“I also want to acknowledge and congratulate the SBDC team, because

While some observers will likely view its feedback as alarmist and self-serving, and designed to encourage the imposition of restrictions on the competitive threat posed by satellite technology, Cable Bahamas did gain backing from BTC over concerns about the spectrum fee URCA plans to charge for such services.

The BISX-listed provider argued that the annual 70 cents per megahertz (MHz) spectrum fee that URCA proposes to levy on satellite providers is a “whopping” 13,000 times less than what it pays for mobile services. And BTC, too, said it “strongly opposes” this fee structure on the basis that it is anti-competitive and discriminates against incumbent legacy carriers such as itself and Cable Bahamas.

Cable Bahamas argued that the “horse has fled the stable” because URCA licensed Starlink to provide retail broadband services throughout The Bahamas in 2023 and is only now attempting to establish a proper regulatory regime after-the-fact.

“Cable Bahamas is operating in a soon-circulating market for electronic communications services, with individuals using the Internet at 94 percent as a percentage of the population, and with mobile cellular subscriptions (per

milestones like this are never accomplished by one person,” Mr Halkitis said. “Behind every client supported, every programme executed, and every dollar in that $100m deployed is a team that continues to show up, push forward and remains committed to the mission of empowering Bahamian entrepreneurs.

“The work is helping to shape real outcomes for people and communities across this country. I want to, at this time, publicly reaffirm our commitment to supporting the work of SBDC and supporting the Government’s continued

100 people) at 99,” the BISX-listed communications provider added.

“Moreover, the category of operating licence issued to Starlink allows them to offer fixed broadband services anywhere in The Bahamas. In many respects, the licence issued to Starlink gives them as much leverage, if not more, than Cable Bahamas, but without the corresponding obligations. Whereas Cable Bahamas’ licence is 15 years, the licence for Starlink is perpetual.

“The scope of both licences allows the holder to provide any ‘carriage services’, and to establish, maintain and operate one or more networks,within, into, from and through The Bahamas,” Cable Bahamas continued.

“Giving the right to LEO (low earth orbit) satellite operators to provide any carriage service to end-users in The Bahamas, including fixed broadband Internet without any investment in network infrastructure on the ground in The Bahamas, puts them at a significant business advantage but robs the country of revenues (import taxes, equipment type approvals etc) and jobs that would be generated though the supply value chain when implementing network roll-out.”

investment into entrepreneurship and small business development.”

Mr Halkitis also emphasized that many aspiring business owners require only modest financial assistance to launch their ventures successfully.

“When we invest in entrepreneurs, we invest in jobs, innovation and economic growth,” he said. “And so I for one will continue to advocate for increased support and funding to ensure that the SBDC can continue expanding its reach and deepening its impact across The Bahamas.”

Vendors bemoan ‘terrible’ Easter

PARK - from page B3

instead of distributing them independently.

“If you truly care for the small business, some of that money could stay right here,” she said. “You could come to the association and say, ‘I need XYZ,’ and we can share that up amongst however many vendors doing the baskets.”

The Saturday before Mother’s Day, Ms Brown said, is typically the busiest day for vendors leading up to the holiday. However, she added that rallies for the upcoming general election could become stiff competition. for customers’ attention on Saturday.

“Saturday would usually be our biggest day where people buy baskets all day, all night,” she said. “So now that there’s going to be rallies all around on Saturday, I guess if they don’t get it Saturday, they’ll come and get it Sunday morning.”

Meanwhile, florists are also preparing for one of their busiest times of the year. James Whitehead, owner of the Nassau Florist, said Mother’s Day ranks just behind Valentine’s Day and Christmas in terms of sales.

“Well, it’s going very good in here,” Mr Whitehead said. “It’s the next busiest time of the year after Valentine.”

Mr Whitehead said customers typically begin

placing Mother’s Day orders from the start of May, with roses and lilies being the most requested flowers this season. He added that many customers are willing to spend significantly on arrangements for their mothers.

“It’s starting at $150 and up,” he said. “A lot of people are spending $200 or $300 on their mother.”

Like basket vendors, Mr Whitehead said rising fuel and shipping costs are beginning to affect the floral industry as well. “I think after this Mother’s Day we have to look at that,” he said, when asked about the impact of higher shipping expenses on flower prices.

By DEE-ANN DURBIN AP Business Writer

MCDONALD’S posted better-than-expected sales in the first quarter but said high gas prices and consumer anxiety over the Iran war could dent sales this spring.

The average price of a gallon of gas in the U.S. was $4.55 on Thursday, according to AAA. That was 44% higher than a year ago.

McDonald’s Chairman and CEO Chris Kempczinski said the company has been making progress bringing lower-income customers back into its stores with value meals. But fast food visits by customers with household incomes of $45,000 or less are still declining overall, and the spike in gas prices won’t help, he said.

“Clearly, when you have elevated gas prices... that is going to disproportionately impact low-income consumers. And so we expect the pressures there are going to continue,” Kempczinski said Thursday during a conference call with investors.

McDonald’s said samestore sales, or sales at locations open at least a year, fell in the U.S. and some international markets in April. That was partly due to a big surge in sales last April, when a popular Minecraft meal drove traffic. Kempczinski said it’s too early to get a read on sales

in May and June, although the company is hoping a new beverage lineup which launched in the U.S. this week will generate interest.

“Certainly consumer sentiment is heightened anxiety, let’s just say, and it may have an impact. But, you know, our focus is on controlling what we can control,” Kempczinski said. McDonald’s shares were flat in early trading Thursday.

In the January-March period, McDonald’s global same-store sales rose 3.8%. That was better than the 3.7% increase Wall Street was expecting, according to analysts polled by FactSet. The company kept customers interested with limited-time menu items like the Big Arch burger, a 1,020-calorie behemoth that went on sale in the U.S. in March. The burger became a viral sensation after Kempczinski posted a video of himself taking a nibble from one and was mocked for his tentative bite. Tom Curtis, president of rival Burger King, posted his own video taking a vigorous bite of his chain’s new Whopper.

The Big Arch burger costs well over $8 in many U.S. markets. So McDonald’s is trying to emphasize value in other parts of its menu. The company cut prices on some U.S. combo meals in September, and starting April 21, McDonald’s U.S. stores

began offering 10 items that each cost less than $3.

Kempczinski said McDonald’s experience in other markets like Germany and Australia has shown that the combination of meal deals and lowpriced individual items is the best value strategy.

“You need to have a meal deal offering there to be able to drive interest and excitement around some of our core menu items,” Kempczinski said. “But you also need entry-level price points for those folks who are maybe a little bit more stressed around affordability and are looking for, you know, ‘What can I get for $3 or less?’”

The Chicago chain said its revenue rose 9% in the first quarter to $6.52 billion. That was also higher than the $6.47 billion Wall Street was expecting, according to FactSet.

McDonald’s net income rose 6% to $1.98 billion.

Adjusted for one-time items, the company earned $2.83 per share. That was also higher than analysts’ forecast of $2.74.

A MCDONALD’s logo is shown at a restaurant in Warren, Mich., Tuesday, Sept. 2, 2025. Photo:Paul Sancya/AP

One Tech Tip: Why digital devices and online accounts need spring cleaning

By KELVIN CHAN AP Business Writer

IF THE spring season has brought an urge to scrub your living space from top to bottom, why not clear out the digital detritus cluttering your electronic devices and online accounts at the same time?

Carrying out the digital equivalent of spring cleaning a home isn’t just an opportunity to tidy up our online lives. Eliminating dust bunnies like dormant accounts and forgotten files can help protect personal data, according to cybersecurity experts.

“Clutter is fuel for scammers. Old accounts, exposed data and forgotten apps give them more ways in,” Michael Sherwood, a product vice president at cybersecurity firm Malwarebytes, said. “Cleaning up your digital life is one of the simplest ways to shrink your attack surface in a threat landscape that’s getting smarter, faster, and more automated.”

Here is a digital spring cleaning checklist: Free up storage space

Does it seem like your phone or laptop is always running out of storage space? All those photos, videos and other big files that we share or download add up over time. Running out of internal storage can slow down devices or prevent them from downloading essential operating system updates. Personal gadgets usually come with built-in tools that instruct users on how to free up space. On iPhones, go to your settings menu, then General, and then iPhone Storage, where you’ll see how much storage is left and which apps and files are eating up the most space. On Android devices, the Storage tab in settings provides a similar breakdown, with options to free up space manually or automatically. Windows and Mac computers have similar dashboards and controls in their settings menus to identify the biggest hoggers of storage space. Archive important files by copying them to an external drive, cloud storage or both, and then delete them from the device.

Declutter your inbox

Your inbox is probably a mess: notifications and reminders, receipts, newsletters, tickets, bank and credit card statements and security warnings, many of them left unread. You might have a few personal missives you want to keep along with spam to purge.

Culling the clutter can help boost productivity and focus, and there are tricks to make the process less tedious and time-consuming.

Sort or filter your inbox by size to float the biggest messages — usually those with oversized file attachments — to the top for deletion. Do the same by sender or date so you can delete old and unneeded emails, or big batches from prolific senders.

Now might also be a good time to unsubscribe from any mailing lists or newsletters you don’t read anymore.

App check

Another way to free up space is to go through the apps on your phone and delete the ones you no longer use.

Auditor’s

of the

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Credit Suisse Trust Limited (the “Company”) and its subsidiaries (together, the “Group”), which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated statement of comprehensive loss, consolidated statement of changes in shareholder’s equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2025, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards.

But don’t stop there. If any of those apps required you to sign up for an account, don’t forget to log in and delete the account as well. Otherwise, any details you provided will remain on file and vulnerable to hackers.

“Every dormant account is an open door. Scammers actively target abandoned logins because no one’s watching,” Sherwood said. Update apps and software

Make sure the apps you’re keeping are the latest version by checking for app store updates. Same goes for the operating systems on your phone and computer. Check for the latest software updates and patches for the best performance and security.

Social media review

Cybersecurity experts advise taking the time to audit your digital footprint to see how exposed you are on Facebook, Instagram, TikTok, LinkedIn and other social media platforms.

The idea is to “review what personal info is out there and limit what apps and services can access,” Sherwood said.

You should check the privacy settings for each account and even consider deleting older posts.

“Limiting what personal information is publicly available helps to reduce the risk of falling victim to cyberattacks such as phishing and identity theft,” said Chad Thunberg, chief information security officer at cybersecurity company Yubico.

Third parties

Has a website ever suggested logging in with your Facebook or Apple account? Did your smart thermostat or doorbell camera request access to your Google account?

It’s worth checking which third-party apps and services have access to your accounts. Removing unneeded ones is another way to tighten up your online privacy. When I checked my Google account’s “Thirdparty apps & services” tab, I found only three and still need them.

My Facebook settings revealed 18 connected apps and services, though all but one were expired. I removed the remaining active connection, for a photobook service I don’t remember ever using but still had access to my name and profile photo.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

•Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with management and the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw your attention to Note 1 to the consolidated financial statements, which describes the Company’s plans to wind down its remaining business activities in an orderly manner while continuing to operate as a going concern in the near term. Further, the Group incurred a net loss of US$ 3.5million during the year ended December 31, 2025 (2024: US$ 2.1million). These events or conditions indicate that material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Responsibilities of Management and the Board of Directors for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that is free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

This report is made solely to the Board of Directors, as a body. Our audit work has been undertaken so that we might state to the Board of Directors those matters we are required to state to them in an auditor’s report and no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Board of Directors as a body, for our audit work, for this report, or for the opinions we have formed.

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

IN this March 21, 2016, file photo members of the media and invited guests take a look at the new iPhone SE during an event at Apple headquarters in Cupertino, Calif.

Photo:Marcio Jose Sanchez/AP

US jobless claim applications rise to 200,000 but remain historically low despite economic headwinds

By MATT OTT AP Business Writer

U.S. jobless claim applications rose last week but remain at historically low levels despite elevated inflation and other economic headwinds.

The number of Americans filing for unemployment benefits in the week ending May 2 rose by 10,000 to 200,000, the Labor Department reported Thursday. That’s fewer than the 205,000 new applications analysts surveyed by the data firm FactSet were expecting.

The previous week’s new claims figure, which was the fewest since 1969, was revised up by 1,000 to 190,000.

Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.

Despite dwindling layoffs shown in government data, the Iran war, now in its third month, has injected a large degree of uncertainty about how it will affect the U.S. and global economies even as Iran and the U.S. remain under a ceasefire agreement with growing optimism that an end to the war is near.

U.S. financial markets have rebounded near

record levels and prices for a barrel of U.S. crude oil remain elevated around $90 per barrel. That’s down from highs of $112 last month, but still 36% higher than before the war began. Gas prices also much higher since the war began — AAA says the national average Thursday was at $4.56 a gallon —- saddling

businesses and consumers with higher costs.

Last week, the government reported that a key inflation measure jumped in March as gas prices soared, the latest sign that the Iran war is driving the cost of living sharply higher.

An inflation gauge monitored by the Federal Reserve rose 0.7% in March

from February, up sharply from the previou s month, the Commerce Department said. Compared with a year ago, prices rose 3.5%, the biggest increase in almost three years.

Excluding the volatile food and energy categories, core inflation was also up in March.

Federal court rules against new global tariffs Trump imposed after loss at

WASHINGTON Associated Press

A FEDERAL court ruled Thursday against the new global tariffs that President Donald Trump imposed after a stinging loss at the Supreme Court.

A split three-judge panel of the Court of International Trade in New York found the 10% global tariffs were illegal after small businesses sued.

The court ruled 2-1 that Trump overstepped the tariff power that Congress had allowed the president under the law. The tariffs are “invalid” and “unauthorized by law,” the majority wrote.

The third judge on the panel found the law allows the president more leeway on tariffs.

If the administration appeals Thursday’s decision, as expected, it would first turn to the U.S. Court of Appeals for the Federal Circuit, based in Washington, and then, potentially, the Supreme Court.

At issue are temporary 10% worldwide tariffs the Trump administration imposed after the Supreme Court in February struck down even broader

double-digit tariffs the president had imposed last year on almost every country on Earth. The new tariffs, invoked under Section 122 of the Trade Act of 1974, were set to expire July 24.

The court’s decision directly applied only to three of the plaintiffs — the state of Washington and two businesses, spice company Burlap & Barrel and toy company Basic Fun!

“It’s not clear’’ whether other businesses would have to continue to pay the tariffs, said Jeffrey Schwab, director of litigation at the libertarian Liberty Justice Center, which represented the two companies.

“We fought back today and we won, and we’re extremely excited,” Jay Foreman, CEO of Basic Fun!, told reporters Thursday.

The ruling marked another legal setback for the Trump administration, which has attempted to shield the U.S. economy behind a wall of import taxes. Last year, Trump invoked the 1977 International Emergency Economic Powers Act (IEEPA) to declare the nation’s longstanding trade

IN THE MATTER OF ARBOR CORPORATION LIMITED

NOTICE TO CREDITORS

TAKE NOTICE that creditors having debts or claims against ARBOR CORPORATION LIMITED (registration number 35,028) are required to send particulars to its registered office situated at Cumberland House, 15 Cumberland & Duke Streets, Nassau, The Bahamas, or via P O Box SS 6836 or via email: rrigby@baycourtlaw.com by or before 1 June 2026

DATED this 8 day of May, 2026

BCS Corporate

BCS CORPORATE GROUP LTD.

Registered Agent Cumberland House 15 Cumberland & Duke Streets Nassau, The Bahamas

the Supreme Court

deficit a national emergency, justifying sweeping global tariffs.

The Supreme Court ruled Feb. 28 that IEEPA did not authorize the tariffs. The U.S. Constitution gives Congress the power to establish taxes, including tariffs, though lawmakers can delegate tariff power to the president.

Dave Townsend, a trade lawyer at Dorsey & Whitney, said the ruling will open the door for more companies to request that the tariffs be thrown out and that any payments they’ve made be refunded.

“Other importers likely will now ask for a broader

remedy that applies to more companies,” Townsend said, though he cautioned the case could also reach the Supreme Court.

Trump is already taking steps to replace the tariffs that were struck down by the Supreme Court in January. The administration is conducting two investigations that could end in more tariffs.

The Office of the U.S. Trade Representative is looking into whether 16 U.S. trading partners — including China, the European Union and Japan — are overproducing goods, driving down prices and putting U.S. manufacturers

NOTICE

FERREIRA INVESTIMENTOS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 206937 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of May A.D. 2026.

CELSO RICARDO FERREIRA LIQUIDATOR

NOTICE

IN THE ESTATE of TREVIS FRANCIS CURRY, late of the Settlement of Marsh Harbour in the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 28th day of May A.D., 2025, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO.,

Attorneys for the Executor

This comes at a time when U.S. inflation is already above the Federal Reserve’s 2% target.

Last week, the Fed opted to leave its benchmark rate alone, citing economic uncertainty caused by instability in the Middle East and still-elevated inflation.

Lower interest rates can boost the economy and hiring, but also tend to fuel inflation. Fed officials voted to cut rates three times to close 2025 out of concern for a weakening job market.

The Labor Department reported last month that U.S. employers added an unexpectedly strong 178,000 new jobs in March, nudging the unemployment rate back down to 4.3%.

That followed a surprisingly large loss of 92,000 jobs in February. Revisions also have trimmed 69,000 jobs from December and January payrolls, a sign that the labor market remains under strain.

The government issues its monthly jobs report for April on Friday. A number of high-profile companies have cut jobs recently, including Morgan Stanley,Block, UPS, Amazon and Disney.

Weekly jobless aid applications have stabilized in a range mostly between 200,000 and 250,000 since

the U.S. economy emerged from the pandemic recession. However, hiring began slowing about two years ago and tapered further in 2025 due to President Donald Trump’s erratic tariff rollouts, his purge of the federal workforce and the lingering effects of high interest rates meant to control inflation.

Employers added fewer than 200,000 jobs last year, compared with about 1.5 million in 2024, according to the data firm FactSet.

Economists say the American labor market appears stuck in a “low-hire, low-fire” state that has kept the unemployment rate historically low, but has left those out of work struggling to find a new job. The recent artificial intelligence boom and the investment required to develop it is also making companies reluctant to hire.

The Labor Department’s report Thursday showed that the four-week moving average of jobless claims, which evens out some of the weekly ups and downs, fell to 203,250, down 4,500 from the previous week. The total number of Americans filing for unemployment benefits for the previous week ending April 25 declined by 10,000 to 1.77 million.

at a disadvantage. It is also investigating whether 60 economies — from Nigeria to Norway and accounting for 99% of U.S. imports — do enough to prohibit the trade in products created by forced labor.

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 204600 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 5th day of May A.D. 2026.

BRUNO CONSTANTINO ALEXANDRE SANTOS LIQUIDATOR

NOTICE

IN THE ESTATE of THOMAS CRAIG CURRY, late of the Settlement of Marsh Harbour in the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 28th day of May, 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO.,

Attorneys for the Executors Loyalist Plaza, Don Mackay

A FAMOUS Footwear store is shuttered inside a nearly-empty Lincolnwood Town Center shopping mall Tuesday, May 5, 2026, in Lincolnwood, Ill. Demolition of the mall is slated to begin in May. Photo:Erin Hooley/AP

PRESIDENT Donald Trump adjusts his microphone while speaking during an event for military mothers in the East Room of the White House, Wednesday, May 6, 2026, in Washington. Photo:Julia Demaree Nikhinson/AP

Tech is turning increasingly to religion in a quest to create ethical AI

By KRYSTA FAURIA Associated Press

AS concerns mount over artificial intelligence and its rapid integration into society, tech companies are increasingly turning to faith leaders for guidance on how to shape the technology — a surprising about-face on Silicon Valley’s longstanding skepticism of organized religion.

Leaders from various religious groups met last week with representatives from companies including Anthropic and OpenAI for the inaugural “Faith-AI Covenant” roundtable in New York to discuss how best to infuse morality and ethics into the fast-developing technology. It was organized by the Geneva-based Interfaith Alliance for Safer Communities, which seeks to take on issues such as extremism, radicalization and human trafficking. The roundtable is expected to be the first of several around the globe, including in Beijing, Nairobi and Abu Dhabi.

Tech executives need to recognize their power — and their responsibility — to make the right

decisions, said Baroness Joanna Shields, a key partner in the initiative. She worked as a tech executive with stints at Google and Facebook before pivoting to British politics.

“Regulation can’t keep up with this,” she said. “This dialogue, this direct connection is so important because the people who are building this understand the power and capabilities of what they’re building and they want to do it right — most of them.”

The goal of this initiative, according to Shields, is an eventual “set of norms or principles” informed by different groups and faiths, from Christians to Sikhs to Buddhists, that companies will abide by.

Challenges lie ahead

Present at the meeting were a variety of faith groups, including representatives from the Hindu Temple Society of North America, the Baha’i International Community, The Sikh Coalition, the Greek Orthodox Archdiocese of America and The Church of Jesus Christ of Latter-day Saints, widely known as the Mormon church.

Before these companies initiated outreach, some traditions had issued their own ethical guidance on using AI. The Church of Jesus Christ of Latter-day Saints has given a qualified approval of the technology in its handbook. “AI cannot replace the gift of divine inspiration or the individual work required to receive it. However, AI can be a useful tool to enhance learning and teaching,” it reads.

The Southern Baptist Convention, the largest Protestant denomination in the U.S., passed a resolution in 2023: “We must proactively engage and shape these emerging technologies rather than simply respond to the challenges of AI and other emerging technologies after they have already affected our churches and communities.”

One challenge in creating a list of common principles is that global faiths, despite common ground, differ in their values and needs.

“Religious communities see priorities differently,” said Rabbi Diana Gerson, a roundtable participant and the associate executive vice president of the New York Board of Rabbis.

Whirlpool has been rattled by rising costs and that now means higher prices for customers

By MICHELLE CHAPMAN

AP Business Writer

WHIRLPOOL appeared to be in a prime position to thrive, producing about 80% of its major appliances at American factories at a time when President Donald Trump has emphasized domestic

manufacturing jobs and more production at home.

This week, however, the company said that revenue dropped nearly 10% in its most recent quarter and sales of major appliances in North America tumbled 7%.

The company that also produces KitchenAid and

NOTICE

is hereby given that I RECHADSON JOSEPH of Shahs Drive, Sildier Road, 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 1ST day of MAY, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The partnership highlights a growing coalition between faith and tech, born out of an effort to create moral AI — a contested concept which begs questions about whether that is possible and what it means.

“We want Claude to do what a deeply and skillfully ethical person would do in Claude’s position,” Anthropic states in the public “Claude Constitution” written for its chatbot. That constitution was made with the help of a host of religious and ethics leaders.

In this burgeoning alliance, Anthropic has been the most assertive, at least publicly, in their efforts to court faith leaders. The move follows a public dispute earlier this year with the Pentagon over military use of artificial intelligence after Anthropic said it

global financial crisis and even higher than during other recessionary periods,” he said during a conference call.

Maytag products said that the Iran war has led to a “recession-level industry decline” that has shaken consumer confidence.

Whirlpool announced a 10% price hike in April, its largest in a decade, and said that a separate 4% price increase will happen in July to address “multiyear inflationary cost pressures.”

The company had absorbed the higher costs, choosing not to pass them on to customers, but that must change after the company posted a first quarter loss of $82 million, reversing last year’s gains.

CEO Marc Bitzer said Thursday that the North American slide in sales has a precedent.

“This level of industry decline is similar to what we have observed during the

Whirlpool said that its performance has been impacted by the Supreme Court’s recent decision to strike down Trump’s emergency tariffs. Rival appliance makers are seeking refunds to reduce the impact of those tariffs, disrupting pricing in the industry further.

The Benton Harbor, Michigan, company estimated that the tariff impact on its competitors was about 10% to 15%, while the impact on its business was around 5%, according to details in its earnings presentation.

But with consumers already worried about high grocery prices and escalating gas prices, many are holding off on big-ticket purchases like major appliances and instead trying to make due with what they already have.

NOTICE

NOTICE is hereby given that I ROBENSKY MISCACIN of Henry Street Montel Hieghts, 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 1ST day of MAY, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

International Business Companies Act (No. 45 of 2000)

Registration No. IBC 1500064

Pursuant to the provision of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that SERENITY CAPITAL LTD. has been dissolved and struck off the Register of Companies with effect from the 10th day of April, 2026.

GALNOM LTD. Liquidator

CHANCE INVESTMENTS LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Chance Investments Limited has been completed and the company has been struck from the Register on the 10th day of April, 2026.

would restrict its technology from being used to develop autonomous weapons or for mass surveillance of Americans.

“There’s some aspect of PR to it. The slogan was ‘Move fast and break things.’ And they broke too many things and too many people,” said Brian Boyd, the U.S. faith liaison for the nonprofit Future of Life Institute. “There’s both a moral obligation on the part of the companies that they’re belatedly recognizing, as well as I think, for some members of the companies, an earnest questioning.”

Some skepticism emerges

But other advocates for AI regulation and safety aren’t so sure these efforts are genuine.

“At best it’s a distraction. At worst it’s diverting

attention from things that really matter,” said Rumman Chowdhury, the CEO of the nonprofit Humane Intelligence and the U.S. science envoy for AI under the Biden administration.

Chowdhury says she’s not inclined to believe religion is the best place to help answer questions surrounding AI and ethics, but thinks she understands why companies are increasingly turning to it.

“I think a very naive take that Silicon Valley has had for a couple of years related to generative AI was that we could arrive at some sort of universal principles of ethics,” she said. “They have very quickly realized that that’s just not true. That’s not real. So now they’re looking at maybe religion as a way of dealing with the ambiguity of ethically gray situations.”

“People are looking at the price of replacing appliances and realizing it’s not something they want to deal with right now,” Mark Stevenson, managing director and product designer at Stove Shield, said in a statement. “Instead, they’re asking how to avoid the damage in the first place.”

Whirlpool also announced that it is slashing its full-year earnings forecast to a range of $3 to $3.50 per share, from its prior outlook of $6 per share. It’s also suspending its dividend while it looks to reduce its debt this year. Shares tumbled more than 12% Thursday.

NOTICE

NOTICE is hereby given that ROSE DANA LEVARITY SI of #15 Chippingham P.O.Box CR-55963, 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 twenty-eight days from the 8th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

A LOGO for Whirlpool is seen at Riegelmann’s Appliance on April 3, 2025, in Gresham, Ore.

Photo:Jenny Kane/AP

A LOGO for Whirlpool is seen at Riegelmann’s Appliance on April 3, 2025, in Gresham, Ore.

Photo:Jenny Kane/AP

US stocks fall from their records as oil prices yo-yo

By STAN CHOE AP Business Writer

U.S. stocks fell from their records Thursday after oil prices yo-yoed as Wall Street waits to see whether its hopes for a deal to end the Iran war are warranted or just wishful.

The price for a barrel of Brent crude oil settled at $100.06, down 1.2%, and continued its decline from more than $115 early this week. But it swung sharply before getting there, as Iran said it was reviewing the latest U.S. proposals on ending their war.

The hope is that an end to the war will reopen the Strait of Hormuz and allow oil tankers trapped in the Persian Gulf to deliver crude again to customers. Oil and gasoline are still much more expensive than they were before the war began because of the strait’s closure.

Brent’s price briefly fell near $96 per barrel Thursday after a spokesperson for Pakistan’s Foreign Ministry said, “We expect an agreement sooner rather than later.” Pakistan has been mediating talks

between the United States and Iran. But Brent later erased much of that drop and briefly topped $102, which in turn sent stocks lower on Wall Street. The S&P 500 fell 0.4% from its all-time high set the day before. The Dow Jones Industrial Average dropped 313 points, or 0.6%, and the Nasdaq composite slipped 0.1% from its own record. Wall Street saw even sharper swings earlier in the war, when hopes rallied for a reopening of the Strait of Hormuz, only to get quickly dashed. That could happen again. And Iran has created a government agency to vet and tax vessels seeking passage through the strait, a shipping data company reported Thursday, a move that could add to costs for fuel.

Despite all the uncertainties about the war, a powerful parade of U.S. companies reporting even bigger profits for the start of the year than analysts expected has helped support the U.S. stock market. Stock prices tend to follow the path of corporate profits over the long term.

Datadog leaped 31.3% to help lead the U.S. market after the monitoring and security platform for cloud applications topped analysts’ expectations for profit in the latest quarter.

Albemarle rose 3% after the lithium products and specialty chemicals company likewise delivered better-than-expected results. Taser maker Axon Enterprise rallied 10.6% after raising its forecast for revenue this year in part because of big growth for its counter-drone products.

On the losing end of Wall Street was Whirlpool, which tumbled 11.9% after reporting much weaker results than analysts expected. It’s instituting the largest price increases in a decade for its major appliances in North America, while accelerating cuts to its costs, as it contends with weaker confidence among U.S. consumers.

Shake Shack dropped 28.3% after its results for the latest quarter fell well below analysts’ expectations.

McDonald’s stock held steadier and slipped 0.1%

after its revenue for the latest quarter edged past analysts’ expectations. CEO Chris Kempczinski said high gasoline prices and consumer anxiety over the Iran war could dent its sales this spring.

All told, the S&P 500 fell 28.01 points to 7,337.11.

The Dow Jones Industrial Average dropped 313.62 to 49,596.97, and the Nasdaq composite slipped 32.75 to 25,806.20.

In the bond market, Treasury yields rose after oil prices pared their drops. The yield on the 10-year Treasury climbed to 4.38% from 4.36% late Wednesday.

New York to tax luxury second homes in NYC but stops short of hiking income taxes on the wealthy

By ANTHONY IZAGUIRRE Associated Press

PEOPLE who buy luxu-

rious second homes in New York City, but live most of the year elsewhere, would have to pay a new tax on the properties under a tentative agreement — an initiative to appease Mayor Zohran Mamdani and liberal voters who launched him into office with chants of “tax the rich.”

But the deal, part of a sprawling budget plan announced Thursday by Gov. Kathy Hochul, would stop short of a major priority for the mayor: a broad tax increase on the state’s wealthiest residents.

The proposed tax on multimillion-dollar second homes, known as pied-àterres, comes as Democrats are trying to address voter concerns about affordability ahead of this year’s

“Hochul is trying to shove a deal down our throats with no new taxes on the rich besides the pied-a-terre tax, which only fills 10% of NYC’s deficit.”

Gustavo Gordillo

midterm elections without alienating the business community.

Critics, including prominent business leaders, Republicans, and some moderate Democrats, have warned that slapping new taxes on rich people who maintain apartments and townhouses in New York, but don’t consider it their primary home, will just lead the very wealthy to abandon the city. The details of the proposal are not yet finalized, but Hochul said it would apply to homes worth over

$5 million. It would only apply to second homes in New York City, not other state playgrounds for the rich, like Long Island’s mansion-dotted Hamptons. Hochul estimated the tax would bring in at least $500 million for the city annually.

After the governor’s announcement, the state’s legislative leaders warned that much was still left to be negotiated. “There is no budget deal,” said Carl Heastie, Democratic speaker of the state Assembly, adding that much of the financial backbone of the budget had yet to be decided.

Meanwhile, the New York City chapter of the Democratic Socialists of America, of which Mamdani is a member, blasted out text messages to supporters saying the budget proposal doesn’t go far enough to close New York City’s multibillion-dollar budget deficit or fund needed social programs.

“Hochul is trying to shove a deal down our throats with no new taxes on the rich besides the pied-a-terre tax, which only fills 10% of NYC’s deficit,” the organization’s co-chair, Gustavo Gordillo, said in a statement.

Hochul, a Democrat running for reelection, opposes broader tax hikes on the rich, saying it risks encouraging wealthy residents and businesses to flee to lower-tax states.

“We were able to accomplish this extraordinary budget, with all these accomplishments, without raising statewide taxes at all,” Hochul told reporters Thursday.

Mamdani has cast the pied-a-terre tax as a victory, while still pushing — sometimes in personal terms — for more, targeted tax hikes on the very wealthy.

Last month, the mayor, seeking to boost excitement about the new tax plan, posted a video of himself

standing outside a luxury building where billionaire hedge fund CEO Ken Griffin purchased a penthouse for about $239 million.

“When I ran for mayor, I said I was going to tax

the rich,” Mamdani said in the clip, which has been viewed on X more than 52 million times, before mentioning Griffin by name. “Well today, we’re taxing the rich.”

Higher yields can raise rates for mortgages and other kinds of loans going to U.S. households and businesses, which in turn can slow the economy. Higher yields also tend to push downward on prices for stocks and other kinds of investments.

The 10-year Treasury yield was at just 3.97% before the war.

Several reports on the U.S. economy came in mixed. One said more U.S. workers applied for unemployment benefits last week, but the increase was not as bad as economists expected. Another report suggested that productivity

Griffin later said he was shocked by the video, calling it “frightening,” and potentially threatening to his safety. He added that the CEO of UnitedHealthcare, Brian Thompson, had been shot to death in the same neighborhood, allegedly by someone upset about perceived corporate greed.

for U.S. workers improved by only half of what economists expected for the latest quarter.

In stock markets abroad, indexes fell in Europe following a stronger finish in Asia. Stocks dropped 1.5% in London and 1.2% in Paris.

Japan’s Nikkei 225 roared 5.6% higher as trading in Tokyo resumed following a holiday and caught up with big gains for Asian markets from earlier in the week. It has soared nearly 71% in the last 12 months on strength for tech stocks benefiting from the boom in artificial intelligence.

Griffin said his company has decided to expand its operations in Miami.

“What the mayor of New York has made clear to my partners, and principally my New York partners, is we need to double down on our bet in Miami,” he said at an economic conference in California this week. “Because we want to be in a state that embraces business.”

ROBERT FINNERTY, Jr., foreground right, works with colleagues on the floor of the New York Stock Exchange, Thursday, May 7, 2026.

Photo:Richard Drew/AP

NEW York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani arrive to a news conference in the Staten Island borough of New York, Monday, April 27, 2026.

Photo:Seth Wenig/AP

Both engines shut off and cockpit struggle came before 2022 China plane crash, NTSB data suggests

By JOSH FUNK AP Transportation Writer

BOTH engines were shut off and there was a cockpit struggle before a China Eastern Airlines jet slammed into a mountain in 2022 and killed all 132 people aboard, newly released data released by American investigators suggests.

In response to a public records request, the National Transportation Safety Board released a report recently on what the Boeing 737-800’s flight data recorder revealed. The NTSB became involved in the Chinese investigation because the plane and engines were made by American companies and the U.S. investigators are regarded as the world’s leading experts on analyzing black boxes after a crash.

The report offers the best explanation yet about what caused the crash and confirms news stories at the time suggesting the crew

may have played a role after Chinese investigators said they did not immediately find a problem with the plane.

Aviation safety experts agree that the data shows the fuel to both engines was cut off and someone sent the plane into a nosedive and a 360-degree roll, but it does not conclusively show exactly what happened because the Civil Aviation Administration of China has yet to release its final report than four years later.

International standards call for investigators to strive to release their report by roughly a year after a crash.

The NTSB report was released May 1.

Likely intentional fuel cut By design the fuel levers in a 737 cannot be easily bumped or shut off inadvertently — someone has to pull them out to release them before they will move.

John Cox, CEO of Safety Operating Systems, said the levers lock into place, so it’s

likely that someone deliberately moved them both to the cutoff position.

The data ended while the plane was still at 26,000 feet (7,900 meters) of altitude after the flight recorder and all the plane’s hydraulic systems lost power, but the report of the 12 minutes

Lu Boan/AP

before that suggests what happened.

The cockpit voice recorder, which continued working because it had a battery backup, could also help shed light, but the NTSB did not release a transcript of what it found on those recordings. It is up

to Chinese authorities to release those details.

Jeff Guzzetti, who formerly investigated crashes for the NTSB and the Federal Aviation Administration, said the flight data suggests a struggle and the crash could have been a pilot suicide. There have been a number previous instances of that, including a Germanwings flight that crashed into the French alps in 2015, killing everyone aboard.

“Typically when you want to roll an airplane, it’s a smooth movement of the control wheel in one direction. But here you have it moving back and forth, back and forth, as if someone is trying to counter the initial movement of the roll,” Guzzetti said. “So it’s not conclusive, but it sure has the earmarks of a struggle in the cockpit.”

Pilots’ mental health

The details about this crash will renew longstanding industry concerns about how to ensure pilots’ mental health.

Many are reluctant to come forward and seek help for fear they could lose their medical certification and be grounded.

Getting recertified can take months or longer during which a grounded pilot is not getting paid. Meanwhile some countries prohibit pilots from taking common

psychiatric medicines such as antidepressants.

“Clearly pilots — and very understandably so — are oftentimes reluctant to come forward, knowing that to get recertified after having gone through a mental health evaluation, it can be very arduous and very lengthy,” Cox said.

Guzzetti said the co-pilot of an Egypt Air plane that crashed in 1999 is believed to have deliberately sent it into the ocean off New York. In 2023, in an incident that did not end in a crash, an off-duty pilot who took psychedelic mushrooms days beforehand tried to cut the engines of a Horizon Air flight while riding off-duty in the cockpit.

Plane plowed into a mountainside

The jet was flying from Kunming in the southwest to Guangzhou, near Hong Kong, when it went into a nosedive at about 8,800 meters (29,000 feet), appeared to recover but then slammed into the mountain. The crash left a 65-foot (20-meter) crater and set the forest on fire.

The crew reported no problems before losing contact with air traffic control. Chinese investigators said no abnormalities were found among the plane or crew or with outside elements such as bad weather.

MARINE FORECAST

IN THIS photo released by Xinhua News Agency, search and rescue workers search through debris at the China Eastern flight crash site in Tengxian County in southern China’s Guangxi Zhuang Autonomous Region on March 24, 2022.

Photo: