‘Dismiss $600m damages bid over Supreme Court slip-up’
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RESORTS World Bimini’s majority owner is demanding that the $600m damages claim launched against it by the project’s original developer be dismissed because it failed to obtain the Bahamian Supreme Court’s permission prior to bringing the action. Genting Americas, which owns 78 percent of Bimini’s largest resort and ‘anchor property’, is arguing that the lawsuit brought against it by RAV Bahamas, the corporate vehicle owned by Cuban-American developer Gerardo Capo and his family, should be struck out because the nature of its claim requires the Supreme Court’s go-ahead before it can be pursued in a foreign court.
RAV Bahamas, since launching its action alleging
Genting: Strikeout Capo claim as Bahamian court not asked
Says nature of Resorts World case needed judicial go-ahead
RAV and Capo: ‘This is not about ordinary business losses’
that the Malaysian conglomerate has turned Resorts World Bimini into a “financial wasteland” by dumping hundreds of millions of dollars in liabilities incurred elsewhere in its global hospitality empire
on the property’s books, has joined BB Entertainment to its south Florida federal court claim as a fellow plaintiff.
BB Entertainment, which is a Bahamian-domiciled company, is the immediate
holding entity for Resorts World Bimini that is jointly owned by Genting Americas and RAV Bahamas - the latter wth a 22 percent minority
Opposition seeks answers on ‘ballooning’ Gov’t debt
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE OPPOSITION yesterday said it will demand “answers” from the Government on why the “ballooning” national debt is increasing at a much faster rate than its annual fiscal deficits and its continued reliance on borrowing amid record revenues.
Michael Pintard, the Free National Movement (FNM) leader, speaking to Tribune Business ahead of Wednesday’s 2026-2027 Budget, said several pledges in the Speech from the Throne “didn’t ring true” - especially when
it came to improving the transparency and financial performance of state-owned enterprises (SOEs) and so-called public-private partnerships (PPPs).
He also argued that the Government “has to explain” the continued growth in its direct debt, which expanded by $704m or 6 percent in the nine months to end-March 2026 to hit $12.473bn, against the backdrop of both the forecast $75.5m fiscal surplus for the current Budget year and record revenue projections of $3.887bn. The latter figure, if achieved, would represent a $1.281bn or 49 percent increase in the Government’s
Construction feels pressure from 30% aggregate jump
BY FAY SIMMONS Tribune Business
Reporter jsimmons@tribunemedia.net
THE BAHAMIAN Contractors Association’s president yesterday warned that price hikes of up to 30 percent for aggregate materials, such as sand, and growing shortages of limestone fill are placing mounting pressure on construction with little sign that cost pressures will ease soon. Leonard Sands told Tribune Business that the prices of sand, rock, fill and other bulk construction materials have climbed sharply in recent months, rising by up to 30 percent as supply becomes more constrained.
“Aggregates are going up every month. The price of sand, the price of bulk materials - sand, rock, fillthat’s all seen at least a 20 percent to 30 percent price increase in the last quarter, and it’s increasingly harder to get bulk materials
Food store employees shaken by armed theft
BY ANNELIA NIXON Tribune Business Reporter
anixon@tribunemedia.net
EMPLOYEES at the Buy 4 Less food store on Blue Hill Road South were left shaken after an armed robbery on Wednesday afternoon. Ellis Major, proprietor of Buy 4 Less, Budget Foods, and Xtra Value, said that around 2pm on Wednesday a lone gunman entered the business and targeted cashiers. “I know it was around 2pm,” he said. “A lone
gunman was able to rob two of the cashiers.”
According to Mr Major, after obtaining cash, the suspect fled through the rear of the property. “And then they ran on the easterly area in the back of the store, and they jumped into the bushes,” he said.
Mr Major said he missed the incident, explaining he had been visiting other store locations and arrived around 30 minutes after the robbery occurred.
income from the COVID-impacted $2.605bn that it generated in fiscal year 2021-2022.
Mr Pintard, voicing scepticism to this newspaper that the Government will meet
its Budget surplus target for the year to end-June 2026, especially given the doubts over whether it will collect the projected $130m from the implementation of 15 percent corporate income tax due to the absence of a collection mechanism, argued that the second Davis administration must explain where the record revenue income has been spent. “They have a ballooning national debt against the backdrop of collecting extra revenue,” he asserted. “The revenue, compared to previous years, seems to have
DIR VAT disputes a ‘huge confusion’ in real estate deals
Realtor: ‘Everybody loses’ when sales delayed, fall apart
Making valuation process ‘seamless’ should be top priority
Investor-financed development fund no ‘deterrent’ on growth
BY NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net
A BAHAMIAN realtor yesterday warned that disputes over property sale valuations are delaying transactions to the point where “everybody loses” as he urged the Government to place priority focus on making the Department of Inland Revenue’s (DIR) acceptance process as “seamless” as possible.
Mario Carey, president and chief executive of Better Homes & Gardens Real Estate MCR Bahamas, told Tribune Business that the tax authority’s frequent rejections of real estate sales prices - and the amount of VAT due to the Public Treasury - are causing “a huge confusion” in the marketplace that, ultimately, break deals.
He warned that no party wins from such a situation, as the payment of VAT on the purchase price is held-up and delays the Government’s receipt of much-needed tax revenues, while buyers, sellers, banks, realtors, attorneys and the wider Bahamian economy all miss out if such disputes prove a deal-breaker.
Mr Carey suggested that the Department of Inland Revenue be more willing to accept valuation reports and confirmations by licensed appraisers - especially since the Bahamas Real Estate Association’s (BREA) Multiple Listings System (MLS) provides a wealth of data for price comparison purposes. And he also recommended that the tax authority hire its own licensed and qualified appraisers to help speed-up the valuation and tax approval process. Multiple other realtors have previously told Tribune Business that one of their biggest
LEONARD SANDS
MICHAEL PINTARD
MARIO CAREY
RESORTS WORLD BIMINI
Manufacturing hubs key to drive self-sufficiency
As the dust settles after another general election, the national focus must now shift from politics to production. The Bahamas stands at a defining moment where the conversation must shift towards practical economic transformation.
One of the most important strategies for long-term prosperity is the deliberate development of manufacturing hubs throughout The Bahamas.
For too long, the Bahamian economy has relied heavily on tourism and imports. While tourism remains essential, recent global disruptions reminded us of the dangers of depending too heavily on one industry. Manufacturing hubs spread across New Providence, Grand Bahama, Abaco, Andros, Eleuthera, Exuma and the far-flung islands would diversify the economy, strengthen
IAN
FERGUSON
national resilience and create thousands of sustainable jobs. The opportunities are already before us. Renewable energy manufacturing is one of the clearest examples. Electricity costs throughout the Caribbean remain among the highest
in the world, creating strong demand for affordable solar products. Establishing micro-assembly plants for solar panels, inverters, batteries and LED lighting systems would position The Bahamas as a regional supplier of green energy solutions while reducing local dependence on imported products. Such industries would also encourage innovation among young Bahamian engineers, electricians and technicians.
Another major opportunity lies in pharmaceutical and nutraceutical processing. Grand Bahama already possesses a foundation of skilled pharmaceutical labour through the Freeport free trade zone. Combined with natural resources such as Aloe Vera and medicinal plants, The Bahamas could expand into medical-grade powders, supplements and chemical manufacturing
for export. This industry would create highly skilled employment opportunities and attract international partnerships and research investment.
Aquaculture and seafood processing also present enormous potential. Our pristine waters and geographic proximity to North America make The Bahamas ideally positioned for seafood packaging, freezing and export operations. Rather than exporting raw products, Bahamians should capture more value by processing seafood locally. Manufacturing hubs dedicated to seafood would create employment for fishermen, packagers, quality control specialists, transport workers and exporters throughout the islands.
The agricultural sector also stands to benefit. Manufacturing facilities producing Bahamian hot sauces, citrus concentrates,
tomato purees, coconut products, bottled spring water and egg powders could connect Bahamian farmers directly to regional and international supply chains. This would empower Family Island farmers while reducing food waste and increasing national food security. Equally important is the expansion of cottage industries. Nearly 13m visitors enter The Bahamas annually seeking authentic Bahamian products. Manufacturing hubs for straw goods, conch shell jewellery, weathered glass art, coconut crafts and recycled products made from tyres and fish scales would empower artisans and small entrepreneurs, particularly women and young people. These industries preserve culture while generating income and export potential.
The path forward is clear. Manufacturing hubs
would stimulate innovation, expand employment, empower communities and strengthen national economic independence. The Bahamas has the talent, resources and market access necessary to succeed. The election is over. Now is the time to build, produce and create a more self-sufficient Bahamian economy for generations to come.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
A BAHAMIAN realtor has spoken at two international conferences on how blockchain and tokenisation are set to reshape the handling of land and property transactions.
Rosalyn Brown, of Berkshire Hathaway HomeServices Bahamas, spoke at the Blockchain Futurist conference where she shared the podium with the likes of Eric Trump. She also spoke on a panel at Future PropTech Miami, whch focused on how blockchain is reshaping property transactions.
Ms Brown said: “Real estate tokenisation is no longer a futuristic concept. It is a fast-growing, multi-billion dollar industry. From Miami and Dubai to Singapore, developers and investors are using tokenisation to unlock liquidity, attract global capital and streamline deals.”
She added that the global market for tokenised assets has surged from $5bn in 2023 to more than $24bn in early 2025, with forecasts suggesting it could reach $4trn by 2035.
Bahamas regains eligibility for US quality ship initiative
THE Bahamas has regained eligibility for a US Coast Guard initiative that “recognises and rewards” flagged states and their vessels for “commitment to safety and quality”.
The Bahamas Maritime Authority (BMA), in a statement, said this nation has qualified for the US Coast Guard’s QUALSHIP 21 programme for 2026–2027 period after
just one of 591 Bahamian-flagged vessels was detained as a result of port state control (PSC) safety inspections conducted at American ports. This resulted on a detention ratio of 0.55 percent, although 166 Bahamian-flagged vessels were identified as having some kind of deficiencies. However, as a result of the Bahamian-flagged
fleet’s relatively strong safety performance, the US coast guard’s 2025 port state control annual report listed The Bahamas as one of the flag administrations eligible for the QUALSHIP 21 programme between July 1, 2026, through to June 30, 2027.
“The flag administrations of The Bahamas, Comoros, Curacao, Italy and Latvia were removed from the
targeted flag list this year,” the US Coast Guard report said. “We would like to welcome the flag administrations of The Bahamas, Germany, Italy and the Philippines for becoming QS21 eligible this year.”
The Bahamas Maritime Authority (BMA) said QUALSHIP 21 is the US Coast Guard’s quality recognition programme for ships and flag administrations that demonstrate a high level of compliance with international safety, security and environmental protection standards.
Stephen Keenan, senior deputy director of the Bahamas Maritime
Authority (BMA), said:
“This recognition reflects the collective commitment of our shipowners, managers, seafarers, Bahamas recognised organisations and Bahamas-approved Inspectors to maintaining high onboard operational and regulatory standards.
“Strong port state control performance is important not only from a compliance perspective, but also in supporting the efficient operation of ships and minimising unnecessary disruption to trade. We appreciate the continued co-operation and commitment of all stakeholders who contribute to
BAHAMIAN realtor, Rosalyn Brown, speaks at international conferences discussing how blockchain and tokenisation can change the industry’s future.
the quality performance of The Bahamas flag.”
Captain Dwain Hutchinson, the BMA’s managing director and chief executive, said the result comes during an important period of regulatory modernisation for The Bahamas, including the recent implementation of updated Merchant Shipping Regulations 2026. He also reaffirmed the BMA’s commitment to supporting quality shipping through clear guidance, responsive service, digitalisation initiatives and ongoing engagement with industry stakeholders.
Security executive not ‘big advocate’ for armed guards
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
BUSINESSES con-
cerned about robberies and violent crime should prioritise stronger security procedures, surveillance and staff training instead of choosing to arm security guards, an industry executive argued yesterday.
Gamal Newry, president of Preventative Measures, said businesses often overlook fundamental security practices that can reduce crime risks before incidents escalate. “We’re not big advocates of arming security officers with firearms, at least not as the first line of defence,” he said.
He argued that many vulnerabilities stem from inadequate access control measures and insufficient staff training rather than a lack of armed persons.
“In many instances, there’s a failure of having proper access control, training of officers,” Mr Newry said.
“Those are the things that are more delinquent than say having an officer armed with a firearm to engage an armed assailant who already has the advantage.”
Mr Newry warned that introducing firearms into retail and customer-friendly environments could increase the risk to clients and expose businesses to costly legal consequences.
“The last thing you want is your security officer now to go for their firearm, because the advantage is already lost,” he said, referring to robbery situations where criminals already have weapons drawn.
Instead, Mr Newry said businesses should emphasise deterrence and prevention through trained personnel, security technology and operational controls. He also recommended stronger cash management procedures, including limiting cash kept on-site, using drop safes and scheduling frequent armoured cash pick-ups.
“A fundamental thing that we’re all moving towards is limit the amount of cash,” he said. Mr Newry encouraged businesses to promote digital payment options including credit cards, debit cards and mobile payment platforms, such as Kanoo, adding that they must “limit the reward for the criminal”.
He also stressed the importance of surveillance systems and proper access control measures. “Many times you walk in the stores and they have this buzzer system, but nobody checks,” Mr Newry said. “You ring that bell, nobody checks to see who you are outside, and the door is just released.
“So practice good access control. If you have an access control device, when that buzzer goes off, someone should take a look to get an idea or feel for the individual on the other side of the door.”
Mr Newry advocated for visible surveillance and monitoring systems that show customers and potential offenders they are being recorded. “Make persons
aware that this shop is under surveillance,” he said. “That’s a deterrent.”
He also urged business owners to move security footage storage to cloudbased systems rather than relying solely on physical digital video recorders that criminals can steal or destroy.
Mr Newry said businesses that employ security guards should focus on professionalism and vigilance rather than weaponry. He described the ideal officer as “vigilant, professional, alert” and visible enough to discourage criminal activity.
“Security guards’ main purpose is to be a deterrent,” he said. “They are a prevention mechanism.” While Mr Newry acknowledged there are situations where armed security may be appropriate, such as cash transit operations or other ‘high-risk’ assignments, he said those decisions should follow detailed risk assessments.
“If you’re moving cash, if you’re working in a nightclub, if you’re working in a high-risk environment, and you did a proper risk assessment that demands the firearm, then let’s do that,” he said.
However, Mr Newry said low-risk environments with heavy customer traffic, schools or locations involving children carry greater liability concerns. “If you’re working in an environment that is low risk, heavy customer traffic, minors are involved, and there’s a great potential for collateral damage, then I’m not a big advocate for that,” he said.
Mr Newry also raised concerns about police officers competing directly with private security officers. He argued businesses should carefully weigh the financial and legal consequences associated with armed security.
“You can't bankrupt the Bahamas government,” he said. “But you can bankrupt a ‘mom and pop’ and banks and food stores because the officer took the wrong action. Those are the things you have to weigh outside of practical, proper due diligence in your security procedures. Do you have the right procedures in place? Those are the things you have to look at.”
Looking ahead, Newry said he hopes newly-appointed minister of national security, Myles Laroda, continues efforts to strengthen standards within the security industry. “Raising the bar for the security profession,” he said, should include stronger certification requirements and training standards.
Chamber urges productivity, business ease Budget focus
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE BAHAMAS Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday urged the Government to use next week’s Budget to deliver reforms that strengthen productivity, improve transparency and create a more business-friendly economy.
Speaking to Tribune Business, Don Williams said the private sector is looking for action in several critical areas that businesses believe are necessary to improve economic growth and competitiveness while easing operational burdens.
Among the BCCEC’s priorities, he identified “improvement of fiscal monitoring and reporting”, stronger investment in education and workforce development, support for entrepreneurs and business expansion, and revenue
reforms that do not place additional pressure on the private sector.
Mr Williams said businesses also want to see increased infrastructure spending, the establishment of a properly-funded Productivity Council and movement on the National Development Plan
The issue of productivity also featured prominently in the Government’s Speech from the Throne earlier this week, where the Davis administration pledged to establish a National Productivity Council “with clear public benchmarks, to improve public sector performance and national efficiency”.
Mr Williams specifically called for a “funded and enabled Productivity Council”, signalling that the business community wants to see the initiative backed by meaningful resources and implementation rather than existing only as a policy proposal.
Family Islands: Execution critical for Gov’t pledges
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
FAMILY Island officials yesterday said the Davis administration’s new development agenda could bring much-needed infrastructure and economic opportunities but warned that implementation and local consultation will determine whether the promises produce real results.
Jeremy Sweeting, Abaco’s chief councillor who ran for the FNM in the recent general election, said he remains “cautiously optimistic” about the Government’s Family Island proposals outlined in the Speech from the Throne, but argued local government is still waiting for reforms promised nearly two years ago to take effect.
“We welcome anything that improves the lives of Family Islanders, but I remain cautiously optimistic because they passed the Local Government Act in November 2024 with the intention of allowing local governments to raise their own revenue,” Mr Sweeting told Tribune Business.
The Government’s legislative agenda pledged to create individual Family Island development plans and pursue a “more structured strategic approach” to Out Island growth through infrastructure, airport and economic development initiatives.
However, Mr Sweeting said local governments still cannot fully utilise powers intended under the Local Government Act because critical approvals remain outstanding. “As of today, May 2026, we are still fighting to open what they call a general account under the Act where we could raise revenue,” he said.
“We can’t even raise revenue under the Act because they are dragging their feet
The Government similarly promised to continue work on a National Development Plan designed to guide long-term economic growth and infrastructure planning, and pledged to introduce a National Development Framework to improve co-ordination between ministries and agencies, modernise investment incentives,= and create mandatory timelines for development approvals to improve efficiency and transparency.
Mr Williams also called for reforms to simplify the ease of doing business, noting that one specific concern remains the difficulty associated with opening bank accounts and navigating increasingly complex compliance requirements.
He highlighted a long-standing frustration among Bahamian businesses and entrepreneurs who argue that increasingly strict compliance and due diligence requirements have complicated access to financial services.
Town Hall meetings, hear the concerns, hear the issues the people are facing, and hear first-hand exactly what it is that we need for the development and future success of our islands.”
on allowing us to open these accounts.” Mr Sweeting said uncertainty also remains over what revenue streams local governments will ultimately be allowed to collect.
“The minister has failed to approve different areas where we could raise revenue. There’s still a grey area around what we can collect,” he said. “We put forward ideas to the minister for orders to be issued under the Act so we could start raising revenue, but nothing has moved forward.”
Despite those frustrations, Mr Sweeting said the Family Islands still stand to benefit if the Government follows through on its latest commitments. “So I remain cautiously optimistic about what they propose for the Family Islands,” he added.
Gwendolyn Patram, island administrator for North Eleuthera, said meaningful consultation with residents and local officials will be essential to ensuring development plans reflect the actual needs of Family Island communities.
“One of the things that I envision when they talk about the Family Islands is getting someone on the ground to actually have conversations with the people on the islands to know what the islands need, not just sit in Nassau and assume an island needs this or needs that,” Ms Patram said.
“We have local government, we have leaders, everyone. Come and bring
Ms Patram pointed to several major infrastructure needs in North Eleuthera and Harbour Island that are either underway or still needed, including airport, dock, banking and healthcare improvements.
“The North Eleuthera Airport, as you know, has outgrown itself and is almost becoming like the third busiest airport in The Bahamas, so we have a new airport coming,” she said. “Harbour Island, one of the busiest docks for persons traversing, has outgrown itself as a dock, and so they are now getting a new dock.”
Ms Patram also argued the area would benefit from additional banking facilities and upgraded healthcare infrastructure as development continues.
“When it comes to banking, we can use some additional banks in the north. There is a lot of construction, so having additional banks to facilitate the people on the island would help,” Ms Patram said.
“We do have clinics. I can tell you that they’ve done clinics in Central and South Eleuthera, so having a modernised clinic or hospital in this area would be very nice as well.” Ms Patram said she was encouraged by the Government’s emphasis on including Family Islands in its broader development strategy.
“It was good hearing that in the Speech from the Throne, and hearing that the
Mr Williams also stressed the need for “equitability in service contracts, PPPs and governmental support”, reflecting ongoing concerns among some Bahamian businesses that smaller local firms often struggle to access major contracts and partnership opportunities.
The Chamber chief also called for “diversification of revenue measures that do not burden businesses”, a recommendation likely aimed at encouraging the Government to broaden its revenue base without increasing taxes or fees on the private sector. The Government, meanwhile, has signalled that expanding economic opportunities for Bahamians and improving the ease of doing business will remain central to its agenda.
In the Speech from the Throne, the administration said “too many small businesses still face barriers to growth” and pledged reforms aimed at creating “a stronger, more modern, more resilient Bahamian economy”.
Family Islands are part of the blueprint to move us in a better direction and move us forward,” she said. “That was very reassuring that the Family Islands will not be left out.”
Meanwhile, Vincent Murphy said additional investment and economic activity are critical for Mayaguana, particularly if the island is to attract residents back home.
“Whatever the Government can do for the Family Islands, especially Mayaguana, would be very helpful because Mayaguana is really far back,” said Mr Murphy. He pointed to marina developments and other proposed projects as opportunities to strengthen the local economy and create jobs.
“With the developments going on right now, we have the marina start-up in place, and that should be a good boost for our economy,” said Mr Murphy. “With the new developments, it will increase the population because a lot of folks from Mayaguana went into Nassau or Freeport to live. If there’s nothing for them to come back to, no jobs, then it’s hard for them to return home.” Mr Murphy also highlighted ongoing concerns over healthcare infrastructure on the island. “Our clinic right now really needs repairs. The roof is leaking, but I know the Government promised there’s going to be a new clinic just before the election, so we’re looking forward to seeing them continue with that,” he added.
GAMAL NEWRY
‘Profit margins way too high’ for fund to threaten invesment
headaches has been the frequency with which the Department of Inland Revenue disputes the value of property transactions when the conveyance is presented for stamping and the payment of due VAT tax.
“I think there are certain things that are working and certain things that are not working,” Mr Carey told this newspaper.
“What’s not working is when there’s a sale and the Department of Inland Revenue seems to distrust the sale. That creates a huge confusion for the deal. The deal has been negotiated, and then it’s left up to a government entity that has limitations on its response time and ability to assess value. Who knows value better than appraisers? The data is there. It’s so easy to access and is available with the MLS, going online and looking at previous transactions.
“A lot of effort should be put into making that process more user-friendly,” he added. “If there’s a dispute over value it creates a huge mess. If the Department of Inland Revenue says they don’t agree with that, it can create all kinds of hell. It’s a big problem.”
Mr Carey reiterated that the Bahamian real estate market itself “speaks to you about value” and sets the price of transactions. He added that realtors frequently supply data to clients to show the price range between where their properties will likely sell quickly and smoothly if listed at that valuation, and noted that some real estate remains on the market for months - even years - before a transaction is ever agreed. “The process of validating the contract price needs to be worked on a bit before everybody loses,” he told Tribune Business. “VAT loses, real property tax loses, the banks lose, real estate professionals lose,
Gov’t ‘very vague’ over SOE productivity pledge
FISCAL - from page B1
increased drastically. The question is: Where is that money going?” The $704m increase in the Government’s direct debt for the nine months to end-March 2026 is more than double, some 140.8 percent higher, than the $293m deficit for the eight months to end-February. These two numbers should be more closely aligned, given that it is largely increases in the GFS deficit that fuel growth in the national debt as the
former measures by how much the Government’s spending raises the latter. The substantial jump in the national debt - by almost three-quarters of a billion dollars - during the first nine months of the present fiscal year is also occurring at a time when the Davis administration is forecasting a surplus. Calling on the Government to explain the discrepancy between national debt growth and the projected deficit reduction during Wednesday’s Budget and the subsequent
lawyers lose” if a property deal is held up significantly, or even collapses, because a valuation dispute with the Department of Inland Revenue drags on for too long.
“That needs a seamless process,” Mr Carey added. “A solution to that is the appraiser, and then reporting in a timely manner to the appraiser. If the appraiser comes in, gives an opinion, they need to give value and weight to that and not dispute and say: ‘We don’t believe it’.
“Are the persons giving opinion on value in the Department of Inland Revenue qualified? I don’t think they are. I don’t know of any that have accreditation on appraisals. The Government should make that a priority to have professionally-trained evaluators working on real estate sales. That will make everything function a bit better. That nexus there, there needs to be some thinking and improvements made.”
debate, Mr Pintard also challenged why the Government continues to borrow so heavily despite enjoying record revenue income that is forecast to exceed $4bn in the upcoming 2026-2027 fiscal year.
“The vast majority of projects they are doing are being funded by loans, whether it’s the acquisition of Grand Bahama Power Company or financing roads. They are all loan agreements,” the Opposition leader said. “Clearly, this massive amount of money they’ve bragged about collecting through VAT, the question is where is the money going?
“We don’t expect a surplus. We want an explanation relative to this massive increase
Meanwhile, Mr Carey renewed his call for The Bahamas to establish a special development fundindependent of government, and professionally managed and overseen with proper governance procedures in place - that would receive contributions from major investors and their projects, and be used to fund healthcare, education and Family Island development needs. Suggesting that such contributions could be set at the equivalent of 0.5 percent to 1 percent of an investment project’s value, he argued that The Bahamas should not be swayed by arguments this will be a “deterrent” to attracting job-creating growth as “the profit margins are way too high for that”.
“I still feel, and feel strongly about this, that there should be an independent fund that, when a developer comes in and you have these $80m, $200m, $300m projects, that a percentage of that should go
in revenue collected yet they have continued to borrow monies for a wide range of things - from the $1.9m and change on feasibility studies for the Afro-Caribbean Marketplace in Freeport to hundreds of millions spent on various infrastructure developments for the Family Islands.
“If you have made tons of extra money, yet at the same time you are borrowing money for almost every major initiative you are doing, what have you done with the VAT receipts. They should give a fulsome explanation on the revenue collected, how it has been disbursed, and what the true debt and deficit numbers are for the country for the last fiscal period,” Mr Pintard added.
“If you look at the numbers from 2021 to the time of the election, the debt they have added is north of $1bn with no major hurricane like Dorian, no COVID that shut down the economy. How does the Government explain the increased debt accumulation yet tells the same old, tired story of meeting an economy under great pressure and reviving it when all that happened was that the economy opened.”
Mr Pintard said the Opposition also has “concerns” with how the Government plans to deliver on
into a social development fund,” Mr Carey told Tribune Business. “That will be applied strictly to development. A percentage of whatever comes in has to be allocated to Family Island development.
“Everybody knows we need good infrastructure, good roads, good healthcare. A lot of people don’t buy real estate in remote parts of The Bahamas because they don’t have medical facilities and don’t have access to healthcare. That fund can finance healthcare, education, environmental protection. And we cannot go into the posture that will scare investors away.
“Investment margins are high enough to absorb that type of type of expenses, especially when we are giving them so many concessions in the Heads of Agreement. Look at what we’re giving away - real property taxes, sometimes Crown Land, Customs duties. When they come to
its Speech from the Throne pledge that “state-owned enterprises submit binding business plans, with clear performance milestones aimed at reducing long-term dependence on government subsidies”.
“The Government talked about SOEs and they were, in my view, very vague about how exactly they are going to make these enterprises more productive,” he told Tribune Business, referring to the likes of Bahamasair and the Water & Sewerage Corporation.
“What precise measures are the Government going to take to ensure greater productivity from SOEs, and how is the Government going to better manage the reporting of SOEs since it failed miserably when it came to reporting on SOEs and their financial performance. The little that was mentioned in the Speech from the Throne didn’t ring true as they have a miserable record over the last four-and-a-half years.
“They have given, in terms of the amount of funds made available to SOEs, a lot of subsidies and loans. The loans were disingenuous because the likes of the Bahamas Public Parks and Beaches Authority have no means of repaying the Government. These are things the Government is trying
do a development, a contribution of 1 percent of the project is not a deterrent. Their profit margins are way too high,” Mr Carey added. “It can be something simple. Every time there’s a lot sale 0.5 percent goes to a development fund. You always get the best traction during the negotiating phase when people try to make the decision to engage. It’s just a missing component in the Heads of Agreement negotiations, and is something the country can benefit from. It’s all about development of the country, especially medical facilities that everyone can benefit from - the elderly, children and mothers.”
Mr Carey said the proposed fund would ease the burden on the Government from having to replicate critical infrastructure and public services on every Bahamian island. And he also called for The Bahamas to build bicycle lanes, especially on the Family Islands, as another added-value component for the Bahamian tourism product.
to hide. They don’t want the bottom line and balance sheet to be impacted.”
Mr Pintard said the same concerns applied to the Government’s PPP deals, which he again signalled are - in the Opposition’s eyessimply off-the-books loans designed to keep liabilities off the Government’s balance sheet and from adding to the growing national debt. And he argued that the Government’s large Cabinet, with all 33 Progressive Liberal Party MPs appointed either as ministers or parliamentary secretaries (non-Cabinet), will clamp down on differing opinions within government.
“We believe this government is not interested in transparency and differing views on good governance,” he added. “They are trying to stifle dissent not only within their organisation but also Parliament. Parliament, the legislative arm of government, is being held hostage to the whims and views of Cabinet. It is my view that they have taken the country backwards in terms of having a healthy debate and room for dissent on matters where people see things fundamentally differently.”
Limestone fill shortage sparks further concern
for construction,” said Mr Sands.
He warned that dwindling access to limestone fill could eventually create a serious challenge for the sector.
“At some point in time, there’s going to come a place where you cannot get limestone fill. I don’t know how the construction sector is going to be able to deal with that,” said Mr Sands. “There are fewer and fewer pits that are able to produce
and supply that material, and it makes the cost go up because it’s scarce.”
Mr Sands argued that higher material prices, combined with global economic pressures, will continue driving up construction costs across The Bahamas.
“It will make your cost of construction go up, which we will not be able to accommodate for, and couple that with the challenges happening in the global environment, construction prices won’t be going down,” he added.
Original developer in furious counter-attack on strike-out
LEGAL - from page B1
interest. It was added as a party after the south Florida court determined that the claim launched by Mr Capo and his family is a so-called “derivative” action - meaning that the alleged injury they have suffered flowed from the alleged liability-dumping’s impact on BB Entertainment.
However, Genting is arguing that established legal precedent involving UK common law jurisdictions such as The Bahamas required Mr Capo’s company to first obtain permission from this nation’s Supreme Court before it can bring such a “derivative” action - especially since BB Entertainment is domiciled here. This, it claims, was not done and thus RAV Bahamas’ claim should be dismissed for this legal procedural failing - something the latter is furiously resisting.
“RAV’s derivative claims on behalf of BB Entertainment must be dismissed because RAV has failed to seek or obtain leave of the Bahamian court,” Genting Americas os arguing.
“Bahamian law clearly mandates litigants to obtain leave of the Bahamian Supreme Court as to any claims pled derivatively. As multiple US courts have held, this pre-requisite simply cannot be waived or forfeited, and RAV must seek leave of the Bahamian court in order to pursue its claims derivatively.” It added that the south Florida court had previously determined that Bahamian law is triggered because BB Entertainment is based in this nation.
RAV Bahamas, though, in legal filings obtained by Tribune Business, is countering furiously that its Resorts World Bimini partner, with whom it has fallen out spectacularly, is
effectively making a ‘mountain out of a mole hill’ by turning a Bahamian legal procedure into a major problem that warrants its claim being struck out.
“Defendants’ threshold argument that this action cannot proceed absent leave from the Bahamas Supreme Court fails for several independent reasons. The argument is inconsistent with this court’s prior Order, mischaracterises a purported foreign procedural mechanism as a substantive defect, and seeks an extraordinary remedy not supported by controlling law,” Mr Capo and his family are asserting.
“Federal procedural rules govern how derivative claims proceed in this court, and even assuming some foreign law consideration ultimately proves relevant, dismissal at the pleading stage is not warranted.” The south Florida federal court has yet to rule on whether RAV Bahamas’ claim can survive this latest knockout bid.
The dispute, which has now dragged on for some 18 months, threatens to paralyse Board decision-making for the 300-plus room property, which features amenities such as a casino and marina. It has yet to impact staff-related decisions, but this could become more of an issue the longer the Miami courtroom battle drags on.
“With respect to whether RAV’s claims are derivative, ‘Bahamian law applies’ because ‘BB Entertainment is a Bahamian company’, Genting Americas reiterated. “Consistent with this principle where, as here, the law of the place of incorporation requires leave of a local court to proceed derivatively, US courts have dismissed purported derivative actions where such leave had not been obtained….
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The BCA president’s comments came after the Government’s Speech from the Throne pledged to complete and enforce an updated Bahamas Building Code as part of wider national resilience and disaster preparedness reforms.
However, Mr Sands said long-standing concerns over industry regulation and oversight remain unresolved.
“I have not seen the proposals for the revised building codes, so I can’t speak to that, but I can say that until the [Construction
“Bahamian law mirrors that of the British Virgin Islands and Antiguan law by requiring leave of a local court in order to pursue a derivative claim. Under Bahamian law, the court’s permission is no mere formality; rather, it is a mandatory step that permits the court to ensure that certain thresholds have been met, including whether the purported derivative claim has a sufficient interest to initiate these proceedings, and whether a reasonable Board of Directors could conclude that the pursuit of such claims is appropriate.
“Under Bahamian law, ‘derivative claims are an anomaly or exception because they potentially enable a litigant to prosecute a claim which does not belong to it’. The requirement to seek leave serves a dual purpose: It ‘enables the court’ to promote the public interest in ‘prevent[ing] abuse’ of narrowly-tailored exceptions to its corporate law while ‘protect[ing] the interests of the company and other shareholders’ — here, BB Entertainment and BBIH respectively.”
The latter entity, BBIV (BB Investment Holdings), holds Genting Americas’ 78 percent stake in Resorts World Bimini. The Malaysian conglomerate added: “RAV is bound by this requirement, and may not pursue its claims derivatively absent leave from the Bahamian Supreme Court. Because it is undisputed that RAV has not obtained, or even sought, leave of the Bahamian court, its claims should be dismissed on that basis.”
Mr Capo and RAV Bahamas, though, have
Contractors] Board is formed to give proper oversight, whatever calamities are happening in the construction sector will remain,” he said.
The Bahamian Contractors Association and other industry stakeholders have for years pushed for the establishment of the Construction Contractors Board as the last step in the legel process to regulate the industry, improve accountability and strengthen standards across the sector.
Industry groups have previously argued that the
counter-attacked by arguing that a previous Order from the south Florida court did not mean they had to obtain the Bahamian Supreme Court’s permission before proceeding. “Defendants attempt to transform a purported foreign procedural mechanism into a dispositive defect on the merits. That approach is inconsistent with the settled distinction between substantive rights and procedural rules,” they argued.
“Nothing in the Order imposed a requirement that plaintiff first obtain leave from a Bahamian tribunal. At most, defendants have identified a potential procedural issue that might be addressed later in the litigation. It does not render plaintiff’s claims implausible or deficient…
“Ultimately,defendants’ position would create a sweeping rule that derivative claims involving foreign corporations cannot proceed in US courts without prior approval from a foreign tribunal. That rule has no basis in federal law and is inconsistent with this court’s prior ruling. Because plaintiff has.. followed the court’s directive to proceed derivatively, dismissal on this ground should be denied.”
Seeking to uphold their claim, and signal they are not backing down, Mr Capo and RAV Bahamas reiterated their complaints about Genting’s conduct. “Defendants attempt to reframe this case as nothing more than a failed business venture and a routine dispute over accounting judgments. That characterisation is wrong,” they argued.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, MELIKA LATISHA PINDER AKA MELIKA WALLACE MELIKA WALLACE PINDER of West P.O. Box EE 16576 Lake Grove, of Carmical Road, Nassau, Bahamas intend to change my name to MELIKA LATISHA PINDER. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
absence of formal self-regulation leaves the industry vulnerable to poor workmanship, disputes and insufficient oversight.
Mr Sands voiced frustration over what he described as repeated delays by successive administrations in advancing the reforms.
“This is continuous. Every single time you meet them, they keep promising, but when do you think they are no longer serious and you’re not going to commit any of your time to hearing whatever they have to say?” he said.
“This case is not about ordinary business losses. It is about a years-long scheme through which Genting systematically burdened BB Entertainment with illegitimate and undisclosed liabilities, misrepresented the nature of those charges, and concealed the resulting financial harm from BB Entertainment and its minority shareholder, RAV.
“Defendants also attempt to trivialise the allegations by pointing to the scale of Genting’s investment and BB Entertainment’s financial under-performance. But the size of defendants’ investment does not immunise them from liability; if anything, it underscores their ability to manipulate BB Entertainment’s finances without meaningful oversight,” RAV Bahamas added.
“Nor does business failure excuse fraud. The issue is not whether BB Entertainment struggled, it is whether defendants exploited that struggle to obscure improper conduct and transfer costs to BB Entertainment that did not properly belong there.”
RAV Bahamas said the liabilities on BB Entertainment’s books hit $890m by 2022 after loans and
“For us, it’s been 20 years and several governments, but with this government, five long years, and even a promise from the Prime Minister back in August.” Despite his frustration, Mr Sands said establishing the Board would still ultimately benefit both the industry and the wider public. “If it happens, it’d be good for the community. If it doesn’t happen, I certainly don’t want to hear anybody else complain about it. The only people who suffer are the Bahamian people. That is the problem,” he added.
financial support from other Genting entities financed Resorts World Bimini’s construction from 2013 onwards. Some 99.4 percent of these liabilities were owed to Genting affiliates, it claimed.
“In addition to loan obligations, BB Entertainment was charged for services and expenses allocated by Genting Americas and affiliated entities, including personnel costs, shared services and administrative support,” Mr Capo and RAV Bahamas alleged.
“Because BB Entertainment lacked independent infrastructure, it relied on employees and functions performed by affiliated entities.
“The allocation of those costs, however, was determined by defendants [Genting Americas], who exercised control over BB Entertainment’s financial reporting and accounting treatment. Defendants caused BB Entertainment to incur excessive or unsupported allocations, including portions of employee compensation and other overhead costs, resulting in increased liabilities and expenses recorded on BB Entertainment’s financial statements.”
Notice NOTICE
NOTICE IS HEREBY GIVEN as follows:
(a) MOORGREEN SECURITIES LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the 20th day of May 2026.
(c) The Liquidator of the said Company is Paladin Nominees Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Dated 21st day of May A.D. 2026 Paladin Nominees Limited Liquidator
Store owner says that ‘these guys don’t care’
“I missed it by about a half hour, because I went to a couple other of my stores yesterday and when I came in… I came upstairs, and I had to make a couple phone calls. So I came in the office upstairs, and I heard the guy call me and say ‘We’re getting robbed.’ I said ‘Oh shoots’.”
Mr Major said the incident had taken an emotional toll on staff, while expressing gratitude that no one was physically harmed. “It’s something you have to live with,” he said. “It’s sad
but very disgusting. All they did was terrify these staff members. Nobody got hurt. Thank God.”
He added that employees reacted quickly as the situation unfolded. “The manager was at the front and a few others, and all of them scattered,” Mr Major said. “They ran toward the back. So there was only one of the cashiers. She was really brave. She was at her register and let them have whatever was in there.”
Mr Major said a second cashier managed to flee from her station, and the first employee assisted by opening an additional
register. “The other cashier who was next to her, she was able to get the hell out of there,” he said. “She ran. And the cashier left from her station to go to the other station and opened the register for him… Thank God nothing happened.”
Following the ordeal, Mr Major said he instructed staff that if confronted during future robberies, co-operation is the safest response. “We closed for about 45 minutes because the police had to come in and do what they got to do,” he said.
US stocks edge higher following the latest U-turn for oil prices
By STAN CHOE AP Business Writer
HOUR-to-hour swings for oil prices keep jerking financial markets around, and U.S. stocks wavered Thursday following the latest reversal.
The S&P 500 rose 0.2% and inched closer to its alltime high set last week. The Dow Jones Industrial Average added 276 points, or 0.6%, and the Nasdaq composite climbed 0.1%.
All three indexes erased early drops and gained strength following the latest U-turn for oil prices. Brent crude oil briefly got above $109 per barrel in the morning, threatening to worsen the world’s already high inflation, before quickly erasing all its gains in
midday trading and falling 2.3% to settle at $102.58. Oil prices are yo-yoing because of uncertainty about how long the war with Iran will keep the Strait of Hormuz shut. The closure has prevented oil tankers from exiting the Persian Gulf to deliver crude to customers worldwide, driving up oil’s price. As oil prices eased Thursday, so did pressure on Wall Street that’s been building from the bond market. Yields had climbed so high that they threatened to slow economies worldwide and undercut prices for stocks, bitcoin and all kinds of other investments.
They’ve already forced the average long-term U.S. mortgage rate to its most expensive level since last
NOTICE is hereby given that SHERONDA VERNEUS of, Minnie Street & Balfour Avenue, 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 22nd 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 KERBY DUCTAN of, #10 Abundant Life 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 22nd 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 KEISHA BRYAN LIGHTBOURN of P.O. BOX N-8441, #21 Allen Drive, 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 15th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Mr Major noted that the suspect escaped with what he described as a relatively small amount of money.
“That was a small amount he got away with, Thank God,” he added.
Despite security infrastructure being in place, Mr Major acknowledged the challenges businesses face when suspects conceal their identities. He said the person who robbed his store wore a long sleeved shirt and a mask.
“We got everything in place,” he said. “We got all the camera systems, and all that stuff. But the only part of it is, you could have all
That’s down from 4.57% late Wednesday and from 4.67% the day before.
summer, and they could curtail companies’ borrowing to build the AI data centers that have supported the U.S. economy’s growth recently.
The yield on the 10-year Treasury briefly got near 4.63% in the morning before falling back to 4.55% following the midday turnaround for oil prices.
Some of the biggest beneficiaries of lower yields can be the smallest companies, many of which need to borrow money to grow. The Russell 2000 index of the smallest U.S. stocks climbed 0.9%, far more than the rest of the market.
Stocks of companies with big fuel bills also rose because of the easing of oil prices. Southwest Airlines gained 2.7%, and American Airlines flew 4.9% higher.
NOTICE
NOTICE is hereby given that I ELICENE ELIE of, P.O. BOX CR45802, Bacardi 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 22nd day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
the cameras in the world, but the problem is when they come in the mask.
“The only thing you’re looking at with the description of the person is he had on a long-sleeved shirt and he was masked.” Mr Major said public assistance can sometimes help in identifying suspects. “A lot of times somebody, they probably wouldn’t see the face, but somebody could recognise the structure of the person. And sometime they volunteer to give you information,” he added.
Mr Major also revealed no security guard was on
Ralph Lauren jumped 13.9% after reporting stronger profit and revenue for the latest quarter than analysts expected.
They helped offset a 1.8% drop for Nvidia, which is one of Wall Street’s most influential stocks because of its immense size.
The chip company reported stronger profit and revenue for the latest quarter than analysts expected, while also forecasting revenue for the current quarter that cleared analysts’ estimates. “The buildout of AI factories — the largest
duty when the robbery occurred. “No. I think the security was supposed to come on at two,” he said. He added that he was relieved the store’s security guard, whom he described as an elderly man, had not yet arrived.
“Thank God because if he was at the door - normally he would be standing to the door - who knows what would have happened,” Mr Major said. “Their whole thing when they come is they come to get what they want to get, and if anybody get in their way, they got to take them out. These guys don’t care.”
infrastructure expansion in human history — is accelerating at extraordinary speed,” CEO Jensen Huang said.
But such performances and such talk have become routine, and Nvidia’s stock swiveled between losses and gains before falling.
Some analysts said the weakness may have been because investors were locking in profits after Nvidia’s stock had soared nearly 70% over the prior year, more than double the S&P 500’s 27% jump.
NOTICE
NOTICE is hereby given that I MAXWELL ELIE of, P.O. BOX CR45802, Bacardi 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 22nd day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
TRADER Patrick Casey works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026.
Photo:Richard Drew/AP
Newsom’s office warns Californians to avoid Chevron this holiday weekend, citing high
By SOPHIE AUSTIN Associated Press
CALIFORNIA
Gov.
Gavin Newsom is in a spat with a major oil company over who is to blame for the state’s high gas prices, with the Democratic governor’s office urging drivers not to fill up at Chevron stations over Memorial Day weekend.
“Pro tip: unbranded gas comes from the same refineries, storage tanks, and pipelines, and it meets the same state standards to keep your engine running clean,” Newsom’s office posted Thursday on X. “Big Oil is already making billions off Trump’s Iran War; don’t let them rip you off even more by overpaying for the brand name.”
Newsom’s office cited an analysis by a group within the state’s energy commission, which oversees the oil
and gas industry, that found that Chevron averaged more than 60 to 80 cents per gallon above unbranded alternatives. Memorial Day weekend is one of the busiest travel times of the year. The callout by the governor’s office follows Chevron posting signs at California gas stations blaming the state’s climate policies for the high cost of gas. The average price of gas in California sat at $6.14 per gallon on Thursday, about $1.58 higher than the national average, according to the American Automobile Association. The state taxes consumers about 70 cents per gallon of gas, according to the state’s energy commission. That is the highest gas tax in the country.
“California politicians are choosing foreign oil and fuels over local jobs and lower costs,” the signs read.
gas prices
They feature a QR code that directs to a Chevron webpage asking people to “speak up for affordable, reliable energy.”
It is not clear when Chevron put the signs up, but spokesman Ross Allen said they are part of a campaign the company launched three years ago to inform drivers on the price impacts of California policies.
“We’ve been very vocal about the importance of customer education in California so that our drivers and our consumers understand where their tax dollars are going,” Allen said.
There are hundreds of Chevron gas stations operating in California, and most of them are operated independently and set their own prices, he said.
Chevron has also become a point of contention in the governor’s race, with
billionaire climate activist Tom Steyer criticizing former federal health secretary Xavier Becerra for accepting campaign contributions from the company. Steyer and Becerra are both Democrats.
Prices at the pump have swelled nationwide since the Iran war began, launching a global energy crisis. The price of crude oil, which is the main ingredient in gasoline, has climbed during the war because the Strait of Hormuz, the narrow passage of the Persian Gulf through which a fifth of the world’s crude oil normally passes, has effectively been shut. Oil tankers have been stranded there unable to deliver crude.
Newsom, who often touts the state’s status as a global climate leader, has passed policies in recent years aimed at cracking down
on oil company profits and reducing gas prices.
He signed a law in 2023 allowing the state’s energy commission to penalize oil companies for excess profits, declaring the state had “finally beat big oil.” But regulators voted last year to hold off on plans to penalize businesses until 2030 and prioritize other efforts to protect consumers at the pump. The postponement came after two oil refineries that accounted for roughly 18% of the state’s refining
THE WEATHER REPORT
capacity announced their plans to close, reigniting debate over the price impacts of the state’s ambitious climate policies.
Newsom signed another law in 2024 giving the commission the authority to require refineries to keep a certain amount of fuel on hand. The goal is to try to keep prices from increasing suddenly when refineries go offline for maintenance. But that regulation has also stalled.
A SIGN blaming Sacramento policies for high gas prices is displayed at a Chevron gas station in Alameda, Calif., on Thursday, May 21, 2026.
