BISX targets ‘one-stop shop’ via end-June private market
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE BAHAMAS
International Securities Exchange (BISX) is aiming to become this nation’s “one stop shop” for all capital raising activities, its chief executive asserted yesterday, while revealing that its newly-created ‘private listings’ tier could launch as early as end-June 2026.
Keith Davies told Tribune Business that the exchange is seeking “to cover all the bases” involved in capital formation at every conceivable market level, with the ‘rules’ governing ‘private market’ listings, share trading and transfers, and companies continuing obligations having been
Exchange unveils ambition to be Bahamian financing ‘road map’
released for a two-week public consultation period last Friday. Once that process is completed, and any required changes to the rules made, they will be submitted for approval by the Securities Commission’s approval in its capacity as Bahamian capital markets regulator.
Mr Davies voiced optimism that the Commission could provide a relatively prompt approval that will enable BISX to launch the longawaited and planned
Waiting on consultation, regulator to launch first of three new tiers
private listings tier by either the end of next month or early July.
Describing the private listings tier as “an incubator” for Bahamian companies, the BISX chief told this newspaper it is primarily targeted at small to medium-sized businesses which have expansion ambitions and will be seeking “larger capital injections into their operations in the future”. Their participation, he added, will enable them to “establish a track
‘Covering all bases’ with first segment to be ‘incubator’ for SMEs
record” of operational and financial performance in a transparent environment where they are scrutinised by investors - boosting their capital-raising prospects.
Affirming that private listings participants will not be publicly traded, Mr Davies said their shares will be privately held in a “controlled”, tight-knit market although a small number of sophisticated, qualified investors will be allowed to enter and join once they show the necessary level
BISX to ‘show more’ with crowd funding platform 95% ready
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas International Securities Exchange’s (BISX) fledgling crowd funding platform is “95 percent complete”, its chief executive revealed yesterday, while pledging to investors that the exchange will “say more and show more” on the initiative by the 2026 third quarter.
Keith Davies told Tribune Business that the platform will likely go beyond being used for only crowd funding capital raises and facilitate full-blown initial public offerings (IPO) for firms seeking to list on BISX’s
Exchange targets 2026 Q3 for moving towards launch
Asserts platform will ‘cover all bases’ on capital raising
Secondary market ‘White Paper’ also set for unveiling
main board. He added that it will also “cover all the bases” of capital formation - from the marketing and promotion of a planned offering through
the actual raise to financial performance reporting and disclosures to investors.
The BISX chief explained that the crowd funding launch will be the second of three new tiers, or layers, that the exchange is creating for the Bahamian capital markets. Besides the private listings market (see other article on Page 1B), BISX is planning to develop a ‘secondary market’ for IPO-type capital raises after the crowd funding platform makes its debut.
Mr Davies told this newspaper that BISX is aiming to release a ‘White Paper’ on how the secondary market would function, both from a regulatory and
Christian Council: Ministers’ past gaming ties raise FATF concerns
BY FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
THE Bahamas Christian Council yesterday warned that appointing two Cabinet ministers with known past links to the web shop gaming industry could endanger the outcome of an international review of this nations anti-financial crime defences later this year.
The Council, in a statement, said the issue extends beyond domestic politics and legal technicalities, arguing that the appointments of Sebas Bastian, the
Island Luck co-founder, as minister for innovation and national development, as well as Leslia Miller-Brice as minister of culture, arts and heritage, could create unnecessary risks and concerns about governance, transparency and conflicts of interest at a sensitive time for the Bahamian financial services sector.
The Council pointed specifically to The Bahamas’ upcoming Caribbean Financial Action Task Force (CFATF) fifth round mutual evaluation, scheduled for October 19-30, 2026, which will assess the country’s anti-money
laundering, counter-terrorism financing and counter-proliferation financing framework.
“The issue is not whether the appointments will automatically affect the mutual evaluation,” the Council said. “The issue is whether they risk sending a conflicting signal at a time when The Bahamas must demonstrate strong governance, credible safeguards and sensitivity to conflicts of interest involving high-risk and highly-regulated sectors.”
The Christian Council noted that the Central Bank has already described
Green Parrot owner reveals menu rises
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A WELL-KNOWN
Nassau restaurant yesterday said soaring fuel, food and freight costs linked to the Middle East conflict’s global fall-out have forced it to raise menu prices and remove some items altogether. Peter Maury, proprietor of the Green Parrot, said rising operating expenses are putting increasing pressure on restaurants and other hospitality businesses already grappling with inflation and supply chain disruptions.
“We are already seeing increases in costs, and we are now having to source products from different places, particularly seafood,” said Mr Maury. “Prices have gone through the roof.”
Speaking to Tribune Business, Mr Maury said even locally-sourced products have become significantly more expensive and harder to secure consistently. “Even locally, conch prices have increased and seafood costs generally are much higher,” said Mr Maury. “In some cases we cannot even get the products we want, and we have already had to remove
items from the menu because they simply are not available.”
Mr Maury linked many of the supply chain issues to ongoing geopolitical instability affecting global shipping and transportation networks. “A lot of these supply issues are tied to geopolitical tensions and disruptions to shipping routes,” he said. “It is becoming harder to get products consistently.”
Fuel prices, he added, have become one of the largest cost pressures facing businesses. “Fuel costs have become a major burden,” said Mr Maury. “We are paying far more for diesel than what
operational standpoint, by this year’s third quarter. He added that its development will likely take longer than the other capital market layers that BISX is working on due to the need for wider, and more in-depth consultation, with both private sector participants and the Government. While the secondary market would be a step below a full-blown IPO and ‘main board’ listing on BISX, Mr Davies said they would still be able to raise capital from Bahamian investors. Designed to encourage companies to enter the formal capital markets, and facilitate savings and investments
2026 as a crucial year for The Bahamas’ compliance efforts, and warned that international evaluators and financial institutions closely monitor governance standards in countries with major financial services industries.
“The financial services industry is too important to the national economy for government to ignore any action that may raise unnecessary questions about transparency, regulatory credibility or the integrity of public-decision making,” the statement said.
“The Bahamas should be presenting its strongest possible face to the international community, not introducing avoidable
most businesses would have budgeted for, and there are no concessions to offset those increases.”
He also argued that the Government’s VAT relief on unprepared foods failed to provide any meaningful assistance to restaurants and other businesses. “The VAT relief on unprepared foods did not help businesses because it only applied to consumers,” Mr Maury said. “Restaurants still have to pay full price and full VAT, so there was no meaningful relief for us.”
The Green Parrot proprietor said inflationary pressures are affecting every aspect of restaurant operations
of “understanding and competence”.
The private listings tier is the first, and most junior, of three new capital-raising levels that BISX aims to launch as part of its “onestop shop” ambitions. The next phase is the ‘crowd funding’ platform, which will effectively fill the void created by the now-defunct ArawakX, and then the next step-up is the so-called ‘secondary market’ that is set to be the last unveiled (see other article on Page 1B).
The secondary market will be the last of four layers to BISX and the Bahamian capital markets, lying below the top tier which is the existing ‘main board’ of publicly listed
and traded companies such as Commonwealth Bank, AML Foods and Cable Bahamas. The expansion is key to the exchange’s plans to broaden and deepen the Bahamian capital markets, and better match investors with companies seeking financing so as to generate faster economic growth and job creation.
“We’re creating a road map for financing in the country,” Mr Davies told Tribune Business of BISX’s strategy and ambitions.
“We want to cover all bases of capital formation and financing in The Bahamas.
Sebas takes ‘keen interest’ in Development Plan’s progress
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SEBAS Bastian has shown “a keen interest” in the National Development Plan, the initiative’s chairman revealed yesterday, with revised legislation to place it on a sound legal footing received from the Attorney General’s Office on Friday.
Felix Stubbs, who heads the Plan’s steering committee, told Tribune Business that Mr Bastian will have ministerial responsibility for the project under his newly-created Cabinet post as minister of innovation and national development. He added that the justelected Fort Charlotte MP had signalled his interest in the initiative when discussing it with himself prior to the election, and Mr Stubbs said he now needed to brief him on the latest developments.
He added that the latest draft of the National Development Planning Institute Bill 2026 was one that the steering committee “likes”, and it is this version that is likely to be presented to the second Davis administration’s Cabinet and a second, final round of public consultation before being presented to Parliament for debate and passing into law. Mr Stubbs told this newspaper that the legislative reforms correct deficiencies that raised concern about the Planning Institute’s ability to obtain essential data from government
KEITH DAVIES
FELIX STUBBS SEBAS BASTIAN
Position Summary:
The Vice President, Engineering & Planning is a senior executive responsible for leading BGC’s overall engineering, system planning, and grid development strategy for the New Providence electrical network and broader system expansion initiatives. Reporting to the Chief Operations Officer, the VP provides strategic leadership in system planning, protection and control oversight, capital development, and grid modernization. This role ensures the safety, reliability, and future ready development of BGC’s electrical infrastructure by integrating long-term planning, engineering design, operational reliability, and capital investment strategy. The VP serves as the primary technical advisor to executive leadership on system capacity, infrastructure expansion, and network resilience.
Essential Functions:
Strategic Financial Leadership
Lead the development and execution of long term system planning strategies for generation, transmission, and distribution infrastructure.
• Oversee load forecasting, capacity planning, and system expansion studies to ensure alignment with current and future demand growth.
• Direct preparation of integrated system expansion plans, including feeder, substation, and transmission development requirements. Identify system constraints, infrastructure gaps, and investment priorities to support reliable grid performance.
Power System Analysis & Grid Reliability
• Oversee advanced system studies including load flow, short circuit, voltage stability, contingency (N-1/N-2), and reliability assessments. Ensure engineering analysis supports safe, reliable, and efficient operation of the electrical network under normal and contingency conditions.
• Evaluate system performance under growth scenarios, DER integration, outages, and planned maintenance conditions. Provide technical direction on system resilience, reliability improvement, and risk mitigation strategies.
Capital Planning & Infrastructure Development
• Lead engineering input into capital planning, budgeting, and long-term infrastructure investment programs.
Evaluate, prioritize, and justify capital projects including substations, feeder upgrades, transmission enhancements, and system automation initiatives.
• Oversee preparation of technical justification reports, engineering studies, and investment business cases.
Ensure alignment between engineering requirements and financial planning with the Finance function.
Protection, Control & System Engineering Oversight
Provide executive oversight of Protection & Control engineering standards, philosophies, and system reliability strategies.
• Ensure protection coordination, relay settings governance, and system security compliance across the grid.
• Support root-cause analysis of system disturbances, outages, and protection mis-operations.
Oversee integration of SCADA, automation systems, and grid control technologies in coordination with IT and Communications teams.
Grid Modernization & Technology Integration
• Lead grid modernization initiatives including automation, digital substations, advanced metering infrastructure, and smart grid technologies.
• Support integration of distributed energy resources (DER), renewable energy, and energy storage systems.
• Collaborate with Cybersecurity, IT, and Operations teams to ensure secure and resilient digital grid infrastructure.
Regulatory, Stakeholder & Executive Interface
• Serve as the primary technical advisor to executive leadership on engineering, system planning, and capital investment matters.
• Support regulatory filings, technical submissions, and compliance requirements with government and regulatory agencies. Represent BGC in technical discussions with consultants, government bodies, major customers, and industry stakeholders.
Leadership & Organizational Development
Provide leadership, direction, and oversight to engineering teams, including System Planning, Protection & Control, and related technical functions.
• Mentor senior engineers and develop technical leadership capability within the organization.
• Drive a culture of accountability, safety, innovation, and engineering excellence.
• Ensure succession planning and capability development within the Engineering Division.
Operations Support & System Response
Provide engineering leadership during system disturbances, outages, storm response, and restoration activities.
• Support real time operational decision-making in coordination with Control Room and Field Operations.
• Participate in emergency response planning and system recovery initiatives as required.
Other Requirements
• Must be available for emergency response, storm restoration, and critical system events.
• Ability to travel to substations, field sites, and operational facilities across The Bahamas.
Must Have valid Driver’s License
• Ability to work extended or irregular hours during outages or major capital projects.
• Must maintain confidentiality of sensitive system and infrastructure information.
Qualifications:
• Bachelor’s Degree in Electrical Engineering, Power Systems Engineering, or a related discipline. Professional Engineer designation or equivalent professional certification strongly preferred.
• Minimum of 15+ years of progressive experience in power system engineering, system planning, or utility operations, including senior leadership experience.
• Proven expertise in load forecasting, system planning studies, capacity analysis, and grid reliability assessments.
Demonstrated experience developing capital improvement plans, infrastructure investment strategies, and technical planning reports within a utility environment.
What’s In It for You:
Competitive compensation and performance based incentives
• Comprehensive health and wellness benefits
• Retirement savings plan with company matching
• Generous paid time off and leave benefits
• Life and accident insurance coverage
Opportunities for professional growth and career development
• Executive leadership role shaping the future of BGC’s power system, infrastructure, and grid modernization strategy.
• Direct influence on long term capital investment decisions and national energy reliability planning.
Opportunity to lead high impact engineering functions including system planning, protection strategy, and network development.
Applicants please reply to careers@bahamasgrid.net Deadline: May 22nd, 2026
AML Foods opens its renamed Briland store
AML Foods has officially established its presence on Harbour Island through Monday’s opening of the renamed Captain Bob’s Seafood & Meat Market.
Now known as Harbour Island Markets following its acquisition by the BISX-listed food retail and franchise group, the store hosted an opening and customer appreciation event on May 18. It featured an official ribbon cutting ceremony, customer activities and community giving totalling $20,000 in donations to organisations making a meaningful impact throughout Harbour Island and North Eleuthera.
Donations were presented to the Harbour Island Day Nursery & Preschool, the Harbour Island Junkanoo Committee, the
North Eleuthera Regatta Committee, and The Church of God’s food programme to support youth development, cultural preservation and community initiatives.
“We are extremely excited to officially open Harbour Island Markets and continue the legacy of service and community connection that Captain Bob’s has built over many years,” said Gavin Watchorn, AML Foods president and chief executive, said. “This is more than a store opening for us. It represents our commitment to investing in Family Island communities, supporting local initiatives and creating a shopping experience that residents and visitors can continue to be proud of.”
AML Foods said community support and
relationship building remain key pillars of the company’s long-term vision across The Bahamas. “Harbour Island has a strong sense of identity, culture and pride, and we wanted this opening to reflect that,” Mr Watchorn added.
“Supporting organisations that contribute to youth development, cultural preservation and important community needs is important to us because these groups help shape the heartbeat of the community.”
AML Foods said Harbour Island Markets will operate a similar model to its Eleuthera Markets store in Governor’s Harbour, while future plans for a full remodel remain scheduled to begin in 2027.
Marina chief urges simplified taxation and boat fee cuts
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
MARINA operators yesterday urged the Government to simplify tax filings and reduce boating-related fees in next Wednesday’s 2026-2027 Budget, warning that The Bahamas is becoming less competitive as operating costs continue to rise.
Peter Maury, president of the Association of Bahamas Marinas (ABM), said business owners are becoming increasingly frustrated by what they view as growing administrative and tax burdens, particularly as operating costs continue climbing because of inflation and geopolitical instability.
Speaking to Tribune Business, he urged the Government to provide relief in the upcoming Budget, adding that rising global costs are already squeezing local operations. “Everything has become considerably more complicated from a filing standpoint,” said Mr Maury.
“Even for businesses earning more than $5m annually, the audits and higher tax rates create additional burdens. I do not understand why Bahamian businesses are being targeted in that way.”
Mr Maury argued that the Government should be encouraging business expansion rather than introducing additional reporting and tax obligations.
“The Government should want Bahamian businesses to grow because we are among the largest contributors to the tax base,” he said. “Instead, every year
there seems to be new filings, new taxes and new policies hitting businesses.”
Mr Maury also questioned the rationale behind advance tax payments, arguing that the policy creates unnecessary pressure on entrepreneurs and growing companies. “I still do not understand why businesses are expected to pay taxes in advance,” said Mr Maury, referring to the Business Licence fee.
“Imagine young entrepreneurs trying to establish themselves and, after their first year, already being required to pre-pay taxes. I do not see how that makes sense.” Mr Maury said businesses are also being forced to navigate tighter filing deadlines and increasing compliance obligations while dealing with volatile operating conditions.
“Costs have increased across the board - fuel, electricity, food, shipping - and geopolitical tensions are making forecasting even harder,” he said. “Businesses are being asked to comply with tighter filing deadlines and increased tax obligations at a time when operating conditions are becoming more uncertain.”
Speaking specifically on behalf of the marina industry, Mr Maury said operators were encouraged by the Government’s recent decision to provide relief on some boating-related fees, but warned that broader concerns remain unresolved.
“We were relieved in April when the Government provided some reprieve on fees, because we thought that would help,” he said.
“But the big issue remains the 14 percent that boats [foreign yacht charters] are required to remit. It is difficult from an electronic filing standpoint, and it is still higher than any other Caribbean nation we compete against.”
Mr Maury argued that The Bahamas’ boating-related fee structure is undermining this nation’s competitiveness against regional rivals. “If The Bahamas wants to remain competitive, our fee structure has to be comparable to other jurisdictions,” he said.
“We have already lost a fair amount of business to other countries, and that makes no sense at a time when hospitality tourism is already seeing a decline.”
The ABM president said the Association has already sought discussions with the Government ahead of the Budget debate in hopes of securing reforms for the industry.
“We have sent a congratulatory letter to the Government and requested a meeting to present our case,” said Mr Maury. “Our hope is that they take these concerns into consideration in the upcoming Budget, because a lot of Bahamian businesses - not just marinas, but all the supporting industries and Family Island businesses connected to yachting - have felt the pinch.”
HARBOUR Island Markets is officially opened. Pictured from L to R: Vanessa Pinder, vice-president of operations, AML Foods; Scott Miller, chief operating officer, AML Foods; Orlando Mills, store manager, Harbour Island Markets; Captain Bob, former owner of Captain Bob’s Seafood & Meat Market; and Bishop Anthony Dean of the Church of God.
PETER MAURY
Small food stores miss out over election sales boost
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
SMALL food stores yesterday said they experienced no general election sales boost as concerns persist over the Government’s VAT treatment of uncooked food items and the extra pressure it is imposing on already-thin margins.
Operators who spoke with Tribune Business said business activity tied to the May 12 poll was lower than previous general elections as they attempt to shield consumers from rising costs linked to supplier price increases and the fall-out from the VAT ‘exempt’ treatment they must apply to uncooked foods.
Ivan Carey, general manager of Kenneth’s Food Store, said his store did not experience the traditional
election-season lift that he has come to expect.
“Actually, this is one of the first times that I didn’t see that overwhelming support,” he said. “We didn’t really see an increase in sales, per se. Usually we would. Most elections we would, because when they start grilling and giving out all that free food and stuff, we usually benefit from that. We didn’t get, I guess, as much of that as we had gotten in the past.”
Garfield Johnson, proprietor of Amanda’s Convenience Store, reported a similar experience. “This election, I didn’t see any great uptick in the activities that were happening in the east that would have contributed to anything that would have increased sales for me,” he said.
In prior elections, however, he said small retailers often benefited from campaign activity. “Oh yes,
every election,” Mr Johnson said. “Now that could have been because there were a lot of headquarters on Joe Farrington Road in the past. I don’t know where the headquarters were located this time.”
Beyond election activity, small grocers said the Government’s elimination of VAT on unprepared food items has created financial challenges despite offering consumers relief.
The Government is treating the elimination as ‘exempt’ rather than ‘zerorated’. Those in the industry argue that the change prevents grocery stores from reclaiming VAT paid on expenses, thus increasing operating costs.
Mr Carey said Kenneth’s Food Store has already begun seeing supplier increases. “We actually have been getting increases [from suppliers],” he said. “Not that we have increased our price to accommodate any
Fishermen blame poachers and weak enforcement for overfish
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
COMMERCIAL fisher-
men yesterday pushed back against findings that 11 out of 12 Bahamian species surveyed are overfished, arguing that weak law enforcement and foreign poachers pose the greatest threat to the industry’s sustainability and economic future.
The response came after a recent report co-authored by the Perry Institute for Marine Science (PIMS) found that 11 of The Bahamas’ 12 leading fisheries species are overfished. The study warned that signature seafood products including Caribbean spiny lobster,
queen conch, grouper and snapper could face long-term sustainability challenges if management action is not strengthened.
However, Lance Pinder said many Bahamian fishermen disagree with points made in the report and believe enforcement failures are at the heart of the problem. “The lobster numbers and all that, that’s seasonal,” he said. “They go up and down from one year to the next. The biggest thing with all that is law enforcement.”
Mr Pinder argued that existing fisheries regulations are sufficient but authorities need to do more to enforce the law and patrol during closed seasons to crack down on illegal fishing activity.
“We have a big problem in this country where all the Royal Bahamas Defence Force boats are tied to the dock,” he said. “During the off-season for grouper and the off-season for lobster, like right now, April, May, June and July, that’s off-season. My boat don’t leave the dock for four months. I sit home and don’t go nowhere.
“The Dominicans are out there on our banks working now. Talking about being over-fished? Not Bahamians. Foreign Dominican poachers are out there working on banks right now. Not Bahamians.”
The PIMS study estimated that approximately 1.3m tonnes of seafood was removed from Bahamian waters between 1950 and 2022, with recreational
losses. But we continue to see steady increases from our suppliers. We do most of our purchasing locally.”
However, he stressed that increases have so far been manageable. “I would say it’s not been severe,” Mr Carey said. “We’ve noticed it, but it’s not been a severe increase. Not substantial.”
The greatest pricing pressure is on perishable items. “Pricing seems like it’s a little more drastic when it comes to the perishable items, like cold cuts, meats,” he said. “Those items more so than the dry groceries.”
Rather than passing costs directly to consumers, Mr Carey said the store has absorbed some of the burden. “When the Government decided to drop the VAT, we also decreased our mark at the same time to make it even better for our consumers in terms of pricing,” he said.
“With the increases, you may not see a whole lot
fishing linked to tourism and sport fishing accounting for 46 percent of reconstructed catches during that period. Commercial fisheries represented 26 percent, artisanal fisheries 23 percent and subsistence fishing 5 percent.
Mr Pinder also challenged conclusions related to migratory pelagic species, arguing that they do not stay in the same area for long. “The pelagics, they move,” he said. “Pelagic fish like the dolphin and the wahoo and the tuna and all that, they don’t never stay. They go from place to place.”
He argued that stronger enforcement, rather than additional regulations, is the solution. “If the Royal Bahamas Defence Force and the minister of national security got off their butts and enforced the law, and protected our Bahamian banks and kept the Dominican poachers from off our banks, you will have no
BAMSI’s graduates not confined to ‘narrow lens’
BAHAMAS Agriculture and Marine Science Institute (BAMSI) students were recognised for associate degree, national certification and professional training programmes tied to environmental management, tourism and emerging industries - as well as farming and fisheries - at their May 8 graduation.
“BAMSI’s impact can no longer be viewed through a narrow lens,” Dr Raveenia Roberts-Hanna, president of BAMSI, said. “The Institute has evolved into a multi-disciplinary institution that is helping to shape the future capacity and educational landscape of The Bahamas.”
Graduates received associate of science degrees in marine science, animal science and environmental science, with Breann McIntosh and Jaron Sawyer recognised for achieving the highest grade point average in their major courses.
Also among the graduates were 18 persons who completed the National Flats Fishing certification programme; 12 who graduated from the Nature Tour Guide certification programme; and 41 participants who completed certificate training in sustainable land management and climate-smart agriculture.
The nationally-recognised flats fishing and nature tour guide certification programmes, described as the first of their kind globally, also reflected shifting participation within several industries, including a growing number of women entering fields traditionally dominated by men.
“Over the years, BAMSI has intentionally cultivated partnerships, programmes and industry relationships that position our students not only for employment but for leadership and relevance within an evolving global economy,” Dr Roberts-Hanna said.
“Our graduates are contributing not only within
of difference. It may not appear to be a significant difference to the consumer, but we’ve actually taken a cut back on our mark-up.” However, Mr Carey warned that sustainability depends heavily on maintaining sales volume.
“We are monitoring it,” Mr Carey said. “Right now, we’re watching everything. And it really has a lot to do with volume. As long as we can maintain the volume, we can survive. Now, if the volume drops, then that would make it an issue.”
Mr Carey also questioned whether the Government will ultimately provide the relief grocery operators have been seeking. “To be honest with you, I doubt, at this stage, that any compromise will be met,” he said. “I think that they were more open to that prior to the election.”
He argued retailers remain burdened by VAT already paid on inventory purchased before the policy change. “Everybody’s stores were stocked up with merchandise that we paid VAT on, and now we can’t get no VAT return,” Mr Carey said. “So I think it’s unfair, really.”
problem whatsoever,” Mr Pinder said.
He added that commercial fishermen believe they are unfairly blamed for fisheries challenges, while tourism-linked fishing activity receives less scrutiny.
“It’s a proven fact that foreign sports fishermen take more off the banks and the line of the pelagic fish than what the locals do,” he said. “Just go on Facebook every day. You’ll see a picture of a guy with 20 or 30 or 40 tuna laid out on a dock. The picture says ‘Hey, come to The Bahamas.’ But the Government looks the other way on that.”
Mr Pinder said commercial fishermen are long-term stewards of the industry.
“We want our industry to stay, because our children go into it, our grandchildren go into it, and we do all we can to protect it,” he said.
“We know what to do to protect our industry. But everything they want to do, they want to blame on
agriculture, marine science and environmental management, but across business, technology, tourism, entrepreneurship and other sectors essential to national development.”
Dr Roberts-Hanna said the Institute remains focused on developing graduates who are equipped with both technical expertise and strong academic foundations.
“The Bahamas cannot afford to remain dependent on external expertise in areas that are directly tied to our sustainability, economic diversification and long-term national growth,” Dr Roberts-Hanna said.
“Institutions like BAMSI play a critical role in building national capacity by producing graduates who understand the unique opportunities and challenges facing this country.”
The graduation ceremony follows the recent opening of BAMSI’s new student housing and academic complex in North Andros - an expansion aimed at strengthening the Institute’s capacity and student experience.
“The momentum currently taking place at BAMSI is reflected not only in the expansion of our campus, but in the achievements of the students and professionals crossing this stage,” said Cerone Dean, chairman of BAMSI.
“These graduates represent the continued growth of an institution that is preparing Bahamians for industries critical to the country’s future. The work taking place at BAMSI extends far beyond the classroom, and is increasingly connected to the country’s economic and workforce needs.
“These programmes are directly connected to national priorities - from strengthening food production and environmental stewardship to supporting sustainable tourism and national capacity building. The country needs graduates who are equipped with practical skills, technical competence and the ability to contribute meaningfully within their industries.”
Among the graduation ceremony’s highlights was the recognition of several students for academic excellence, leadership and outstanding achievement within their respective programmes.
Jaron Sawyer, associate of science graduate in animal science, and Breann McIntosh, associate of science graduate in marine science, were both recognised for achieving the highest grade point average in their major courses.
Mr Sawyer also received the award for best student project, while Ms McIntosh received the award
for excellence in marine science and the Spirit of BAMSI Award. Mr Sawyer and Ms McIntosh were named co-valedictorians for the graduating class, while Jeremiah Young received the BTC Special Award.
BAMSI officials added that applications for the dall semester remain open as the Institute continues expanding its academic and professional training offerings.
Mr Johnson, who sources locally, said importing directly tends to be more expensive and “has crippled a lot of small businesses”. He said purchasing locally provides credit arrangements that help keep operations afloat. However, he acknowledged the VAT changes do affect cash flow. “Well, it takes away the extra 5 percent that I could have flipped that I would have been holding on for three months,” he said. “You just go up on other items in the store,” Mr Johnson said. “Instead of using a 20 percent mark-up on something that’s 10 percent, now you make it 25 percent mark-up to get your 5 percent back.” Super Value recently disclosed it faces more than $1m annually in additional expenses due to the VAT changes, while owner Rupert Roberts said the policy could ultimately cost the supermarket chain $1.6m annually if no compromise is reached.
Operators in the industry have warned that rising supplier costs, transportation expenses and reduced VAT could eventually cause food prices to rise, cutting into the savings consumers are supposed to receive.
commercial fishing. And commercial fishermen look out for and do more for the fishing industry than anybody.” Mr Pinder also opposed calls for tighter fisheries restrictions, expanded marine protected areas or additional regulatory measures.
“Everything is fine just as it is,” he said. “All that needs to be done is the law enforced on the books. The laws we have on the books now need to be enforced.”
Mr Pinder warned that concerns remain high across fishing communities, particularly in the Family Islands, where marine industries remain a critical source of employment and income.
“We’re very concerned,” Mr Pinder said. “Every fisherman in this country is 100 percent united on the same thing. The biggest problem we have is foreign Dominicans on our banks, destroying our banks, poaching in the off-season.”
JARON SAWYER, co-valedictorian of BAMSI’s 2026 graduating class, delivers remarks during the graduation ceremony. Mr Sawyer earned the highest grade point average in animal science major courses, and also received the award for best student project.
Breann McIntosh, co-valedictorian of BAMSI’s 2026 graduating class, is presented with awards during the graduation ceremony. Ms McIntosh earned the highest grade point average in marine science major courses, and received the Award for Excellence in marine science and the Spirit of BAMSI Award.
BISX says strategy to boost capital access, GDP growth
BISX will be a one-stop shop where everyone comes to raise capital in a fair and transparent way.
“We have completed, and we have published in the regulatory section of the website, the drafts of the private listings rules. They have been approved for publication, and are out for consultation. Once that process is completed we’ll submit them - with any amendments - to the Securities Commission and launch that product. There’s a twoweek consultation period and we published them last week Friday.
“After that, we will send it to the Commission, and it’s our hope the Commission will review it in short order. We hope it is as soon as possible. There is a public
consultation. Once we get the feedback, probably at the end of next week, we’ll submit it to the Securities Commission. It’s as soon as they can turn it around. The Securities Commission approved us moving in this direction already, but they have to see the final product,” the BISX chief added. “Once they see that, I suspect they’ll turn it around quickly, two to three weeks hopefully. We could be looking at the end of June or early July essentially, or quicker.” BISX had initially hoped to launch its private listings market in early 2025, according to Tribune Business records, but now - one year laterthe initiative has forward momentum and appears to be making progress.
Mr Davies said the private listings market is designed to improve access
to much-needed capital for Bahamian small and medium-sized businesses while also providing a pathway to greater finance as they grow. “The whole purpose of this is it creates a framework for these private companies to exist in a singular market where they utilise and follow a set of rules, and demonstrate and display their conformity with transparency through the timeliness of their disclosures in a small market,” they said.
“It also allows qualified individuals to enter that marketplace. Those persons, after demonstrating a level of understanding and competence, are able to participate in and join that marketplace. It’s not a publicly-traded market. It allows companies to expand their base in a controlled and orderly manner
Gov’t consultation required on secondary market ‘incentives’
by
Bahamians, he added that the strategy is for firms exploiting this tier to receive incentives and concessions - possibly in the form of government tax breaks - provided they stay for a yet-to-be determined period of time.
“Our crowd funding platform is 95 percent complete,” Mr Davies told Tribune Business. “We are doing testing. It’s a level of acceptance testing so that, once we introduce it to the public, it has utility right away. This is just another layer of engagement with the public. We are going to have crowd funding, we are going to have the private market, and then we will have secondary market….
“Crowd funding is about to happen. I would say that in the third quarter I’d expect us to begin to say more and show more. We
want to go through the process of engagement. We’ll have preliminary engagement with entities that find this useful to work out any issues and, once we’ve done that, we’ll see a full launch schedule for individuals and companies to participate in the platform. “I can tell you we have been quite active in speaking to companies that will find this useful. I think they’ll be happy to see the approach we have taken.” BISX’s crowd funding product will seek to fill the Bahamian capital markets void caused by the collapse of the ArawakX platform by seeking to marry investors with small and medium-sized enterprises aiming to expand.
Persons will be able to acquire, and trade, shares in these companies although the sums invested will be less than in full IPOs. Offerings will also be less costly in this tier, but participating
companies will still be regulated and held to a standard of disclosure. “We have covered all the bases from the beginning to middle and end,” Mr Davies asserted of the capital raising process.
“The beginning is the marketing of the issuance, the middle is the raising of the capital and the end, now the company has the money, is they have to report and explain what they have done with the investors’ money on a regular basis. We have all the bases covered with this platform. We are going to have the private market, we are going to have the crowd funding and we are going to have the secondary market.
“The private market is tier one, crowd funding is tier two, and the secondary market is the third. What you can expect to see coming out next will be a ‘White Paper’ that speaks to the framework, operations and organisation of
following the rules. It’s almost like an incubator for them.
“The targets are these small to medium-sized companies who are looking at, potentially in the future, seeking bigger capital injections into their operations,” Mr Davies told this newspaper. “This allows them to establish a track record, establish a relationship with members of the financial community. It allows them to demonstrate a level of competence and capacity in the capital markets at an entry level.
“What this all achieves is that it gives companies choice. It’s giving them the ability to make decisions and look at avenues to enter the capital market that may not have existed in the past. The overriding goal for BISX is that there is no doubt we are the primary
that secondary market,” the BISX chief executive added.
“Because this particular market requires engagement with the Government on how companies are charged, taxed and time spent in the market, we want to get broad market consultation and feedback, and get stakeholders involved and present a position on how this market runs to the Government and investors. The secondary market does not have a timeline yet. The steps to get to a timeline have not started yet.
“The ‘White Paper’ has to go out, there has to be consultation and engagement with the broader market, and consultation with the relevant government agencies and central government. Once we have done that, we will create a market that - at that point - has structure, rules and regulations. Let’s take each step at a time; small, positive incremental steps and get there.”
Explaining how the secondary market will function, Mr Davies said: “The
place for IPO listings. The issue is the investing public have long sought for us to become the pathway for capital formation in a number of different ways. This is one way to do it.”
Mr Davies said BISX will also “set the standard” for how private listings market companies disclose and report financial information to their investors and shareholders, and the timelines for doing so. “They are going to be in a controlled, organised and regulated environment,” he added, “and the feeling is it will be beneficial for companies.
“One of the things private companies may have a difficulty with is convincing persons that the information provided is sufficient. One of the things we’ll be doing is setting the standard. It gives people looking at the information
confidence that it’s been vetted and reviewed. For companies standing behind the information, we’ll ensure the information comes out pursuant to the rules that have been set.”
Describing BISX’s goals, Mr Davies added:
“Our mandate is to really strengthen our capital markets by creating standards and creating environments that have an impact on people. Someone called me the other day and asked what inspires me. It’s building things that last beyond me. All of us at the exchange are focused on building services that are impactful for the Bahamian people. Through the development of these products and services we’re achieving that.”
secondary market will be an area where companies raise capital but, by listing and raising in the secondary market, the expectation is these companies will receive concessions for a time. We have to determine how long that is. Because they are offering to the public, this environment gives them capital, time and space to list and expand their business. It’s below the full IPO but above crowd funding.” The BISX chief added that the “expectation” is its crowd funding platform will ultimately be able to facilitate IPOs directly through the exchange. “It’s a matter of the options that exist for each type of offering,” he said.
And Mr Davies added that BISX is also considering creating an “environment” that would enable existing financiers and lenders to private companies to engage with the latter via a formal market structure with rules that have to be followed. He noted that companies often list their shares to help build trust and credibility with investors in a formal market structure that is regulated and has oversight.
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Chair likes revised Bill for Planning Institute
ministries, agencies and state-owned enterprises (SOEs). Describing the National Development Plan as “a high priority” for the second Davis administration, he even voiced optimism that it could reach Parliament and be tabled before it breaks for the summer recess in August.
While hopes that the Planning Institute Bill 2026 could be passed into law before the May 12 general election did not materialise, Mr Stubbs said: “I spoke to the Prime Minister immediately after the election, and the only thing that has happened is the appointment of Sebas Bastian as the minister responsible for national development.
“We haven’t had a meeting yet, but Sebas and I had a lot of discussions before the election on the National Development Plan and I think he has a keen interest in it…. I’ll be calling the minister in the next couple of days to have a meeting with him. We have to bring him up to speed with where we are. All systems will be go. It’s a high priority on the Government’s agenda. I know that.”
Mr Stubbs previously told this newspaper that he opted not to rush legislation that would give the National Development Plan a legal footing through Parliament before the general election because it “needed more teeth” and was critical to “get right”. He explained
then that “based on the feedback we got from the public consultation and feedback from the Attorney General’s Office, the Bill needed more teeth because it didn’t give us enough authority to go into government ministries” and obtain key data. Now asserting that he is “very confident” the Bill will move forward, Mr Stubbs said yesterday: “We now have the final draft of the Bill. We just have to send it to Cabinet and, once approved, it will go to Parliament. We received it last week Friday. We like it. We’re going to go with that. We’re going to give it to Cabinet. They’ll review it. Hopefully they’ll say it’s good and it goes back out to the public one last time.
“The major changes are that it gives the Planning Institute the authority to go into government ministries and agencies and SOEs and ask for data and information. The Bill still says the Institute has autonomy. We can take advice from the minister but that’s all: Take advice.”
Mr Stubbs voiced optimism that the Planning Institute Bill 2026 will reach Parliament within “weeks; six weeks at the most”. He added: “Parliament usually breaks in August. I know that, during June, they will be debating the Budget and that will take up all of Parliament’s time. July would be a good month to put it in but, if not July, it will have to be September.”
The initial Bill was crafted to give the Institute “some autonomy” and prevent the Government from being able to “dictate” to it. The Bahamas National Development Planning Institute will “initiate and co-ordinate” all national planning, and have oversight responsibility for its governance and implementation, while being held accountable by its own Board of Directors.
The proposed legislation, besides creating the Planning Institute, makes it responsible for advising the Government “on major issues relating to governance, the economy, social policy and the environment of The Bahamas”.
And, if passed in its original form, the Planning Institute will also develop a plan “for the most effective use of The Bahamas’ resources by assessing existing and projected social, economic and manpower resources” plus “prepare governance, economic, social policy and environmental models for the guidance of policymakers, investors and other planners”.
Mr Stubbs said yesterday of the National Development Plan’s benefits: “What I think it will do is help to keep us focused on what we’re trying to do. It creates some level of efficiency in government and, based on the tenets of the Bill, it will help management within the Government and the private sector.
“I think what it will do, whatever potential we have,
it will help us maximise that potential. It will help us to achieve many of the goals that have eluded us in the past, and it will help to improve the standard of living for all Bahamians.”
Mr Stubbs said the National Development Plan’s secretariat is continuing to ramp up, with three more hires set to join the team within the next one to two weeks. “As soon as the Bill is passed we will advertise for an executive director and more economists and researchers to complement what we have already,” he added.
“I think that, by the end of the year, we could be at anywhere from 10-15 people. Fifteen would be outside in terms of the number. We’ve developed a very close relationship with the Bahamas National Statistical Institute. They’ll help us to gather
data and work with other agencies to help us gather the data we need.”
The National Development Plan, which was conceived and put together during the last Christie administration, was intended to be a cross-party, non-partisan and non-political effort to develop a ‘road map’ that would guide the country’s direction and progress The Bahamas towards the kind of nation its citizens desire.
However, despite seeking to be non-partisan, the National Development Plan appeared to be shelved under the Minnis administration, with little to no progress made as first Hurricane Dorian, and then the COVID-19 pandemic, dominated its four-and-a-half tenure in office.
The National Development Plan represented
the first ever co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, and input was sought and obtained from multiple stakeholders including the private sector, civil society groups, non-profits and the general public.
Labelled ‘Vision 2040’, it aimed to break with The Bahamas’ past ad hoc approach to national growth by setting a clear path towards a more sustainable future. Its ‘road map’ was designed to feature measurable goals and objectives for the Bahamas to attain, so that its progress towards achieving its development targets can be judged according to set timelines. Vision 2040 focused on four main policy pillars - the economy, governance, social policy and the environment, both natural and built - in its first 400-page draft.
Council voices fall-out fear for financial services sector
INSPECT - from page B1
concerns that require explanation.” Mr Bastian has resigned from his post as Island Luck chief executive, and stepped down from all his other corporate interests, while disclosing prior to the general election he is one of the beneficiaries of some $160m in trust assets he does not control or direct.
Mrs Miller-Brice’s husband, Leander Brice, has
Fuel and freight spikes pressure thin margins
from ingredients to transportation and utilities. “We recently had to print a new menu because the price of almost everything has increased,” Mr Maury said.
“Chicken wings are difficult to source, beef prices are higher, freight costs are up and food supplies generally cost more.” He said many consumers underestimate the thin margins within the restaurant industry despite seeing high customer traffic.
“People often see busy restaurants and assume margins are large, but they do not see the expense side — electricity, refrigeration, staffing, security and rising food costs,” said Mr Maury. “Restaurants operate around the clock, and the margins are actually very tight.”
He warned that consumers ultimately bear the brunt of rising business costs. “At the end of the day, businesses have no choice but to pass some of those costs on to consumers,” he said. “Everybody ends up paying more.”
also reportedly resigned as chief executive of GLK Limited, which trades as A Sure Win, before her appointment. The issue centres on whether the Gaming Act’s restrictions on gaming licences and financial interests, as set out in its sections 25 and 26, were satisfied before the ministerial appointments were made. Both ministers have insisted that they complied with the regulatory requirements before taking office.
Dr Duane Sands, the Free
National Movement chairman, said that while the party has not committed to legal action, the appointments could be challenged under the Gaming Act provisions intended to separate such interests from executive authority. He called for the Government to explain whether the spirit and intent of the law have been followed.
The Christian Council echoed similar concerns, arguing that the Gaming Act’s restrictions were
created not simply as technical rules but safeguards meant to preserve public trust and protect against perceived conflicts of interest in a highly regulated industry often subject to international anti-money laundering scrutiny.
While acknowledging that the individuals involved have indicated they satisfied the legal requirements to serve, the Council said many Bahamians remain unconvinced that all relevant interests or benefits
connected to gaming enterprises have been fully severed “in substance and not merely rearranged in form”.
“The Bahamian people should not be asked to accept what appears to be legal gymnastics crafted to get one over on the law,” the Council said. It warned that perceptions alone can carry consequences for international financial centres such as The Bahamas, particularly during periods
of heightened scrutiny tied to global compliance standards and regulatory assessments.
The Council ultimately urged Prime Minister Philip Davis KC to reconsider the appointments, arguing that doing so would help “protect The Bahamas’ international reputation” and reinforce confidence in the country’s governance framework ahead of the CFATF review.
Google announces slew of AI advances, including a personal AI assistant coming soon
By KAITLYN HUAMANI AP Technology Writer
GOOGLE will soon unleash a wealth of new artificial intelligence-powered tools and systems, including an AI assistant that will help users by proactively performing tasks on their behalf.
“Agentic” AI, the recent buzzword of choice for tech firms, was a central focus of Google’s annual developers conference, Google I/O. The upcoming AI agent, Gemini Spark, was one of many of the company’s announcements from the conference Tuesday.
“We are firmly in our agentic Gemini era,” Google CEO Sundar Pichai said Tuesday before a packed amphitheater near the company’s Mountain View, California, headquarters. “I’ve played around with all sorts of agents and you can really see the potential, but it’s still early days when it comes to making agents easy to use, super secure and truly helpful.”
Google and its corporate parent, Alphabet Inc., have poured billions into AI development. Its top finance executive said on a call with investors in late April that this year’s capital expenditures may climb as high as $190 billion. But the investment seems to be paying off, with its quarterly earnings showing strong growth. The stock has climbed another 11% since the report last month.
Pichai said during the keynote address that the Gemini app had 400 million monthly active users last year, but that usership has now surpassed 900 million, more than doubling in a year.
The latest version of Gemini is here
Google’s latest family of models, Gemini 3.5, is rolling out Tuesday to billions of global users beginning with Gemini 3.5 Flash. The Flash model is focused on speed, and Google says 3.5 Flash is its strongest agentic and coding model yet, but it’s also about four times faster than some competitors.
This model is now the default for the Gemini app and “AI mode” on Google search. The company is also working on the 3.5 version of Gemini Pro, which it says it’s using internally and expects to launch next month.
Gemini 3.5 was developed with new, more advanced safety training
and mitigations, meaning its models are less likely to generate harmful content or to mistakenly refuse to answer safe queries, the company said.
Google also announced a new model, Gemini Omni, which will enable users to create high-quality video by making a query with any input, be it text, images, videos and audio. The video Omni creates can then be edited easily though a conversation with the model. Users will eventually be able to create images and audio with Omni, but there were no details about when those features will be rolled out.
The company said Omni’s videos will appear more realistic than videos created by other models because of its understanding of forces
like gravity, kinetic energy and fluid dynamics. Gemini Omni Flash, the first of the Omni family, is launching Tuesday for Google Al Plus, Pro and Ultra subscribers through the Gemini app and Google Flow. Beginning this week, it will be available at no cost on YouTube Shorts and YouTube Create App.
performing “high-stakes” tasks like sending an email or making a purchase, the company said.
Select testers will have access to the agent beginning Tuesday, and the company plans to roll out the beta mode to U.S.-based subscribers to its Google AI Ultra tier.
Later this summer, Gemini Spark will operate directly within Chrome, the company said.
Among the many AI-centric announcements at the conference was an update on the long-awaited smart glasses from Google, of which there will be two kinds: audio glasses that offer spoken help in your ear, and display glasses that provide information visually. The audio glasses will come first, with the company expecting them to arrive later this fall. Users will be able to say “Hey Google” or tap the side of the frame to access Gemini, which will then assist with navigation, managing communication on their phone, real-time translations and other tasks.
Google partnered with Samsung and eyewear brands Gentle Monster and Warby Parker to create the glasses and gave the first look at two designs on Tuesday, with sunglasses from Gentle Monster and glasses from Warby Parker. Those designs will launch as part of the eyewear brands’ full collections later this year, Google said.
More AI in search and shopping
N O T I C E
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208931 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 18th day of May A.D. 2026.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Priscila Goncalves Rosa, whose address is R Diogo Jácome, 954 Apto 212, CEP: 04512-001, Sao Paulo, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 17th day of June A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 18th day of May A.D. 2026.
PRISCILA GONCALVES ROSA LIQUIDATOR
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 207699 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 18th day of May A.D. 2026.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Vilmar Szigel, whose address is Rua General Carneiro 215, Apto 142, Ponta Grossa, CEP: 84010-370, Ponta Grossa, PR, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 17th day of June A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 18th day of May A.D. 2026.
PRISCILA GONCALVES ROSA LIQUIDATOR NOTICE ROSA INC.
International Business Companies Act (No. 45 of 2000)
FLORIA TECH LTD.
Registration No. IBC 207983 B
Pursuant to the provision of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that FLORIA TECH LTD. has been dissolved and struck off the Register of Companies with effect from the 10th day of April, 2026.
GALNOM LTD. Liquidator
All videos created with Omni will include Google’s imperceptible digital watermark, SynthID, but Google is also adding content credentials verification to the Gemini app. This tool determines if content like photo or video was created by AI or captured with a phone camera and edited with AI tools. It will be available in search in Chrome in the coming months. Google also announced AI companies Open AI, Kakao and Eleven Labs are adopting its SynthID technology to more of their AI-generated content.
A 24/7 agent and wearable AI
Powered by Gemini 3.5, Gemini Spark will be able to complete mundane, routine tasks like sorting through meeting notes, emails and chats and then creating a document with the biggest takeaways and to-dos. Unlike other available agents, Spark is based in the cloud, so it continues working in the background even when users shut their laptops or lock their phones.
The proactive nature of AI agents is what differentiates them from chatbots, and that has also led to some anxieties about the technology’s power. Gemini Spark is designed to ask for permission before
At last year’s conference, the most talked-about development was the introduction and rollout of “AI mode” on Google’s search engine. The feature gives users a more conversational answer to their query before providing relevant links, building on previously implemented changed how users experience and interact with the platform. AI mode queries have more than doubled every quarter since its launch last year, and the tool recently surpassed 1 billion monthly users, according to Liz Reid, Google’s head of search. The new default model in search will now be Gemini 3.5 Flash and the company is introducing what it calls an intelligent search box. This change, which Reid says is the biggest upgrade to the search box in 25 years, means the box will adapt to accommodate longer queries and it can help users write out their questions with AI-powered suggestions instead of traditional autocomplete.
Legal Notice NOTICE
N O T I C E IS HEREBY GIVEN as follows:
(a) LONAK INVESTMENTS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.
(b) The Dissolution of said Company commenced on May 19, 2026 when its Articles of Dissolution were submitted and registered by the Registrar General.
(c) The Liquidator of the said company is Helvetic Management Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.
(d) All persons having Claims against the above-named Company are required on or before June 19, 2026 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. May 19, 2026
HELVETIC MANAGEMENT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
NISHTHA BHATIA product lead, AI & Glasses at Google, left, and Shahram Izadi, of Android XR
Platform & Products, wear intelligent eyewear glasses while speaking at a Google I/O event in Mountain View, Calif., Tuesday, May 19, 2026.
Photo:Jeff Chiu/AP
Oregon voters decide whether to boost their gas tax as Iran war causes prices at the pump to soar
By CLAIRE RUSH Associated Press
OREGON voters are facing a familiar theme on their primary ballot Tuesday — well-financed Democratic incumbents looking to slide past little-known challengers while Republicans attempt to nominate candidates who could put up a fight in November in a heavily blue state.
Much of the Election Day drama will center less on candidate races and more on a referendum seeking to repeal a bill passed last fall by the Democratic-controlled Legislature that raised the state gas tax and hiked a series of fees.
The legislation was Democrats’ answer to help Oregon’s transportation budget as the state projects a decline in gas tax revenue from the shift to more fuel-efficient, electric and hybrid vehicles. The gas tax is the largest funding source for fixing roads and upgrading highways.
The referendum, known as Measure 120, lands on the ballot as the cost of gas is spiking nationwide from the war in Iran. The state’s Democratic governor, Tina Kotek, and other lawmakers from her party
have acknowledged it will be tough for the ballot measure to pass. A yes vote means voters approve of the gas tax increase while a no vote means they reject it.
“It’s going to lose, so we might as well get on to the work of finding alternatives,” said Democratic state Rep. Paul Evans, anticipating that voters will reject the gas tax increase. “It has been a frustrating year.”
Gas tax increase backfired on Democrats’ affordability messaging Republicans began circulating a petition to repeal the tax and fee increases soon after Kotek signed the legislation. It didn’t take them long to gather more than three times the number of signatures required to place the measure on the ballot.
Trump discloses thousands of stock trades, some in companies directly influenced by his policies
By BERNARD CONDON AP Business Writer
CALL him the Trader in
Chief.
Recent presidents have stayed away from trading stocks in companies whose fortunes they could lift or scuttle with the stroke of a pen, but Donald Trump smashed that precedent in the first quarter of this year with more than 3,600 buy and sell orders, many of them involving companies whose profits have been directly impacted by his decisions as head of the government.
Among the Trump trades in a recent report filed with a federal ethics agency was as much as $6 million in Nvidia, whose advanced chips Trump approved for sale to China last year. His portfolio also scooped up stocks of several U.S. military suppliers impacted by the Iran war, including Lockheed Martin, General Dynamics and Northrop Grumman.
“If he were defense secretary, he would be committing a crime,” said Richard Painter, the chief White House ethics adviser in the George W. Bush administration and a big critic of congressional trading, too. “Technically he can
do this, but it is a fundamental breach of trust.”
U.S. law bans federal employees from holding financial assets that could be impacted by their policy work, but there is a carveout for the president.
A spokesperson for the Trump family business said the president’s portfolio is handled by third parties that have “sole and exclusive” authority to make investment decisions.
“Neither President Trump, his family, nor The Trump Organization plays any role in selecting, directing, or approving specific investments,” spokesperson Kimberly Benza said in a statement. “They receive no advance notice of trading activity and provide no input regarding investment decisions or portfolio management.”
Ethics officials have pointed out that just the knowledge of what’s in his portfolio is problematic because it could impact the president’s decisions on everything from health policy to government contracting to war.
The stock trading report filed with the federal Office of Government Ethics runs more than 100 pages, and shows possibly more than $100 million changing
NOTICE
NOTICE is hereby given that I RONALD PETIT-HOMME of General Delivery, Airport Road, Lower Bogue, North Eleuthera, Bahamas, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I TEIA ALESIA THOMPSON of KoolAcres, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
hands over three months as stocks were bought and sold at rapid fire pace — an average of 50 trades every day markets were open.
The report shows more purchases than sales, but the precise ratio is impossible to determine because exact figures for each transaction are not given, just ranges.
Trump has traditionally had very little invested in the stock market relative to his net worth, but that could be changing along with his ballooning wealth, which has included a big cash infusion.
With the referendum going before voters at a time when gas prices are skyrocketing, Republicans are trying to turn the tables on national Democrats’ messaging about affordability and lowering the cost of living during this year’s midterm elections.
“Oregonians are paying more today and not getting more in return,” said Republican state Sen.
A PERSON fills a tank with fuel at a gas station on Wednesday, May 6, 2026, in Portland, Ore.
Bruce Starr, who helped lead the referendum campaign. “So are they going to, at the polls, vote to increase the price of gas another six cents? I doubt it.”
The Democrats’ transportation funding bill raised the state gas tax from 40 cents a gallon to 46 cents a gallon while also boosting a payroll tax for transit projects and vehicle registration and title fees.
At a Portland gas station recently, some voters said they were sympathetic to the need to raise money for road upkeep while others said a tax increase was just too much to swallow.
“At a time when everything is more costly ... nobody wants to pay more for anything,” said Josh Hansen, 39.
Kotek and other Democrats have linked the rise in gas prices to President Donald Trump’s decision to go to war with Iran, yet the party has not organized efforts to support the gas tax increase on the ballot. If the tax and fee increases pass, they would take effect 30 days after approval by voters.
Since he became president again, the Trump Organization has taken in tens of millions in upfront fees from overseas developers that want to put his name on resorts and hundreds of millions from
NOTICE
NOTICE is hereby given that I SHANEL TIA ETIENNE of, Hamster Road, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I KENROY DELANO ALLEN of 12 Wood Creek, Carmichael Road, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I, VILLA GEORGES of General Delivery, Queen’s Highway, Lower Bogue, North Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Trump, for his part, recently said he will move to suspend the federal gas tax of 18 cents a gallon, which would need to be approved by Congress. Kotek is running in the Democratic primary for governor as she seeks reelection. While she faces nine primary opponents, they have reported raising little to no money and don’t have experience in elected office. Republicans have a crowded primary field of 14 candidates vying to run against her in November. They include state Sen. Christine Drazan, who lost to Kotek in the 2022 general election, and state Rep. Ed Diehl, who helped lead the gas tax referendum campaign.
The primary also includes Chris Dudley, a former NBA player whose career included time with the Portland Trail Blazers and who narrowly lost a previous bid for governor in 2010, and David Medina, a conservative influencer who was among those charged after the Jan. 6, 2021, attack on the U.S. Capitol and pardoned by President Donald Trump last year.
cryptocurrency sales, mostly anonymous, making it impossible to know if the purchaser were trying to curry favor with the president.
All recent U.S. presidents have dumped their stocks
before assuming office, put their money in broadly diversified funds or set up a “blind” trust so they couldn’t even know what they owned.
The blind trust route was taken by George H.W. Bush, then Bill Clinton. George W. Bush, the son, dumped his stocks. Barack Obama was in broadly diversified mutual funds. Joe Biden didn’t trade.
In addition to Nvidia, the president’s portfolio includes shares in Apple, Boeing and Tesla. The CEOs of all four companies accompanied Trump on his visit to China recently.
NOTICE
NOTICE is hereby given that I SOPHIA LORRAINE SHAW of, Baillou Hill Road, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I ILYNE JOSEPH of Cowpen Road, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that I STEPHANIE DIEUJUSTE of Marsh Harbour, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Photo:Jenny Kane/AP
PRESIDENT Donald Trump speaks to reporters aboard Air Force One, Friday, May 15, 2026, as he returns from a trip to Beijing, China.
Photo:Mark Schiefelbein/AP
US stocks fall further from their records after bond markets crank up the pressure
By STAN CHOE AP Business Writer
THE U.S. stock market gave back more of its record-setting rally Tuesday after bond markets rattled by high inflation cranked up the pressure.
The S&P 500 fell 0.7% for its third straight loss since setting its latest alltime high. The Dow Jones Industrial Average dropped 322 points, or 0.6%, and the Nasdaq composite sank 0.8%.
The declines followed mixed moves for stock markets abroad, while oil prices eased in their latest yo-yo move. Falling technology stocks in Asia dragged South Korea’s Kospi down 3.3%, but Germany’s DAX returned 0.4%.
Tech stocks are faltering following huge runs made because of excitement around artificial-intelligence technology, runs that critics said made them too expensive. The stumble comes as oil prices swing on uncertainty about how long the Iran war will keep the Strait of Hormuz closed for oil tankers. That in turn has pushed yields higher in bond markets, which is dragging on economies and pressuring all kinds of other investments.
The wait is on, meanwhile, for Nvidia to report its latest quarterly results.
The chip company is due to report on Wednesday, and it’s routinely blown past analysts’ expectations each quarter. Not only that, it’s provided forecasts for future growth that have consistently topped Wall Street’s. How it does could determine whether technology stocks and the larger U.S. stock market can maintain
their rally. Nvidia fell 0.8% Tuesday and was one of the heaviest weights on the S&P 500 because of its immense size.
“Every flow has its ebb,” Rex Feng, Venu Krishna and other strategists at Barclays Capital wrote in a report. They said investors have been pumping more money than usual into U.S. stock funds, which helped fuel “the fastest rebound in decades; now the pendulum could swing backwards.”
Graduates are booing pep talks on AI at college commencements
By HEATHER HOLLINGSWORTH and
GECKER AP Education Writers
AS ARTIFICIAL intelligence casts a shadow
over career prospects, it is becoming an unwelcome subject at this season’s college commencements. At several campuses, graduates have interrupted speakers with stadium-wide boos
when the topic turned to AI.
Former Google CEO Eric Schmidt faced repeated jeers over the weekend during his keynote address to about 10,000 University
Akamai Technologies dropped 6.3% for one of Wall Street’s sharper losses after the cybersecurity and cloud computing company said it wants to raise $2.6 billion through a convertible note offering. Home Depot rose 0.9% after flipping an early loss following its latest earnings report. Its profit and revenue edged past analysts’ expectations, but an important measure for retailers that looks at performance
of Arizona graduates on the rise of AI.
“It will touch every profession, every classroom, every hospital, every laboratory, every person and every relationship you have,” Schmidt said, as booing began to build in the audience.
“I know what many of you are feeling about that. I can hear you,” Schmidt
for stores more than 1 year old came in below some analysts’ expectations.
CEO Ted Decker said Home Depot saw similar demand from its customers as it did throughout last year “despite greater consumer uncertainty and housing affordability pressure.”
So far, many big U.S. companies have been reporting stronger-than-expected profits for the latest quarter thanks in part to their customers continuing to spend in the face of high gasoline prices and other challenges. That’s helped vault U.S. stock indexes to records, but disquiet in the bond market is threatening that. In the bond market, Treasury yields climbed further. The yield on the 10-year Treasury rose to 4.66% from 4.61% late Monday and from less than 4% before the war with Iran began. That’s a notable increase, and it’s part of a worldwide climb that’s making stock prices look even more expensive and threatening to slow the economy.
responded as the boos continued. “There is a fear in your generation that the future has already been written, that the machines are coming, that the jobs are evaporating … and I understand that fear.”
To students the topic felt tone deaf, said Olivia Malone, a 22-year-old University of Arizona graduate bound for law school.
“His speech was incredibly disrespectful to students,” said Malone. “We as students are discouraged from using it and penalized for using it. And then to have our speaker be the champion of AI is just like, OK? Why?”
Similar responses to keynote speakers who touched on AI at other universities highlight a pervasive sense of anxiety among today’s college students. Across campuses and in a multitude of recent surveys, students say they are trying to figure out which skills, majors and jobs won’t be rendered useless by AI.
About 70% of college students see AI as a threat to their job prospects, according to a 2025 poll by the Institute of Politics at the Harvard Kennedy School.
A recent Gallup poll of Generation Z youth and adults, between ages 14 and 29, found increasingly negative attitudes toward AI. About half of Gen Z teens and adults say they use AI daily or weekly. But anger about the technology has increased since a year ago, while excitement and hopefulness about AI is declining.
Another speaker, real estate executive Gloria Caulfield, also faced boos when she highlighted the advent of artificial intelligence during a keynote this month at the University of Central Florida.
“The rise of artificial intelligence is the next industrial revolution,” Caulfield said, as boos erupted, to her surprise. She turned around to ask those behind her, “What happened?”
“OK, I struck a chord. May I finish?” said Caulfield, who is vice
Higher yields can drive up rates for mortgages and loans going to companies to build AI data centers, which has been a big source of growth for the economy.
Yields rose even as oil prices eased. The price for a barrel of Brent crude slipped 0.7% to settle at $111.28, though it’s still well above its $70 level from before the war with Iran.
The average price for a gallon of gasoline rose again overnight to $4.53, according to the AAA motor club, or about 43% more than it cost last year at this time.
All told, the S&P 500 fell 49.44 points to 7,353.61. The Dow Jones Industrial Average dropped 322.24 to 49,363.88, and the Nasdaq composite sank 220.02 to 25,870.71. In stock markets abroad, London’s FTSE 100 edged up 0.1% despite a 2.2% drop for Standard Chartered. The bank said Tuesday it plans to reduce over 7,800 roles as it steps up artificial intelligence and automation uses. It’s the latest big company to cite AI as one of the reasons for cutting jobs.
president of strategic alliances at the Tavistock Development Company in Orlando.
“Only a few years ago, AI was not a factor in our lives,” she said, prompting cheers. “And now, AI capabilities are in the palm of our hand,” she said to more jeering.
A similar response met music executive Scott Borchetta when he spoke to the graduating class of Middle Tennessee State University about how AI is shaping the music industry.
“AI is rewriting production as we sit here,” said Borchetta, the CEO of Big Machine Records, as the students in caps and gowns booed. “I know it. Deal with it … Do something about it. It’s a tool. Make it work for you.”
Schmidt offered a similar message to graduates: Their fear is rational, but they have the power to shape how AI develops.
The advice didn’t land well with students like Malone, who said the former Google executive’s speech was more self-serving than inspirational.
“It felt like a big advertisement. It felt like the longest Gemini ad ever,” said Malone, noting that the choice of Schmidt as keynote speaker had also been controversial because his name appears in a tranche of files on millionaire financier and sex offender Jeffrey Epstein. “Everybody I was sitting by was really hooting and hollering about that, yelling, ‘Epstein files! Epstein files!’”
Simply appearing in the Epstein files doesn’t implicate wrongdoing.
Part of the backlash from graduating students stems from the dismal job market they’re entering. The unemployment rate for college graduates ages 22 to 27 has reached its highest level in a dozen years.
Sami Wargo just graduated from Marquette University in Milwaukee, where an AI expert was the undergraduate commencement speaker despite a student petition demanding that the school find someone else.
SPECIALIST Michael Pistillo. Left, and trader Fred’s Demarco work on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. Photo:Richard Drew/AP
