05292025 BUSINESS

THURSDAY, MAY 29, 2025

‘Hard

to understand’ how Gov’t will strike $3.9bn revenue goal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN banker was yesterday “struggling to understand” how the Government will achieve a near-18 percent increase in its forecast 2025-2026 revenues amid the present tax and economic climate.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, and a former Fiscal Responsibility Council member, told Tribune Business that the Davis administration is targeting $3.887bn in revenues for the upcoming fiscal year

that starts on July 1 even though it appears unlikely to hit its goal for the current 2024-2025 Budget period.

Three-month $364m surplus gives PM deficit confidence

By NEIL HARTNELL Tribune Business Editor

THE Prime Minister yesterday voiced confidence the $363.6m Budget surplus generated between February and April this year will enable the Government to hit its deficit target amid Opposition scepticism.

Philip Davis KC, unveiling the 2025-2026 Budget in the House of Assembly, asserted that the traditionally revenue-rich period in the fiscal year will enable his administration to bring

the current year’s deficit - which measures by how much the Government’s spending exceeds revenue - in within range of the original $69.8m target. For the second consecutive Budget, though, he avoided giving a projected figure for the 2024-2025 deficit, instead providing a range of between 0.3 percent to 0.7 percent of gross domestic product (GDP) or economic output. Using GDP data, Tribune Business calculates this as being

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday touted that his administration will achieve The Bahamas’ “first-ever” Budget surplus in the upcoming 2025-2026 fiscal year despite slashing its size by almost $373m.

Philip Davis KC, unveiling the Government’s revenue and spending plans for the 12 months to end-June 2026, told the House of Assembly that the forecast $75.5m surplus for that period - meaning that his administration’s tax and other revenue income is projected to exceed public spending - proves “fiscal discipline can co-exist with a bold vision for national progress”.

However, the figures revealed yesterday represent a massive revision - equal to an 83.2 percent reduction - in the size of the 2025-2026 Budget surplus

compared to what the Government was forecasting just one year ago. For in the 2024-2025 Budget estimates, the Davis administration predicted that the surplus would be

almost six times’ higher at $448.2m as opposed to the now-revised $75.5m.

The 2025-2026 spending and revenue estimates also reveal a more cautious outlook on the Government’s

Key tax arrears increase $104m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

OUTSTANDING tax

arrears owed to the Government in three key revenue streams increased by more than $104m during the nine months to March 2025, it was revealed yesterday. Data released with the 2025-2026 Budget revealed

that combined VAT, real property tax and Business Licence arrears totalled $1.43bn during the onetime snapshot taken at that point, representing a 7.9 percent increase compared to the $1.325bn said to be outstanding from the previous 2023-2024 fiscal period as at June last year. However, amid the seeming mountain of ‘red ink’, there were initial

signs that the Department of Inland Revenue’s real property tax crackdown - and use of its statutory ‘power of sale’ to auction off properties to recover debts from tax deadbeats - is having some success. Because the arrears for both commercial properties and foreign-owned vacant land - the initial auction targets - were down year-over-year.

fiscal performance beyond next year. Having forecast a $457.8m surplus for the following 2026-2027 fiscal year just 12 months ago, the Davis administration is now projecting that this will now come in almost 35 percent, or $156.8m, less at $291.4m.

With the estimated 20272028 surplus, which did not feature in last year’s Budget projections, forecast to be only slightly bigger than the prior year at $299.6m, the Davis administration appears to be adopting a less bold and ambitious outlook - and possibly a more realistic approach - on the pace and extent of The Bahamas’ fiscal consolidation moving forward given global economic realities. However, the revised projections do not necessarily diminish the achievement of a Budget surplus - provided it comes true and is attained.

Outstanding real property tax said to be owed on commercial properties declined by almost $19m over the nine-month period to March, falling from $360.324m in June 2024 to $341.331m, a drop of 5.3 percent. And sums due on foreign-owned vacant land fell more narrowly, by $2.75m or 1 percent, from $309.945m in June 2024 to $307.173m in March 2025.

Gov’t ‘undoing half the trauma’ through VAT medicines slash

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s chairman yesterday accused the Government of taking credit for “undoing half the trauma” it had caused by imposing 10 percent VAT on medicines, feminine and baby products.

Dr Duane Sands, reacting to the Prime Minister’s Budget announcement that the VAT rate is being slashed in half to 5 percent for baby diapers, women’s hygiene products, medicines and medical and

dental equipment, also challenged why the Government could “not go all the way” and eliminate the tax entirely as the Opposition has been urging since early 2022.

He hit out after Philip Davis KC, in his 2025-2026 Budget unveiling, disclosed several measures designed to ease the cost of living crisis for Bahamian families while acknowledging that all citizens are not feeling the impact from the multiple economic benefits and

PHILIP DAVIS KC MICHAEL PINTARD

GOWON BOWE

BY ANNELIA NIXON

Water sports operators back stricter penalties for offenses

JET ski operators say they are “on board” with the implementation of stricter and fixed penalties as announced during yesterday’s 2025/2025 Budget Communication.

During the delivery of the 2025/2026 budget, Prime Minister Philip Davis said the protection and sustainability of the marine environment is a priority. He added that jet ski and motorboat operators who violate the laws of the industry will see fines and fixed penalties. He also stated that a Maritime Revenue Unit will be put in place.

“As we continue to prioritise the protection and sustainable use of our marine environment, this administration is taking decisive action to strengthen safety and accountability on our waters.

“Jet ski and motorboat operators will now face fines and fixed penalties for violations of the laws and regulations governing their operations.

“To strengthen enforcement, we will create a Maritime Revenue Unit within the Ministry of Finance. In addition, members of the Royal Bahamas Police Force, the Royal Bahamas Defence Force, Port Officers, and other designated authorities will be empowered to issue notices, impound noncompliant vessels, and, where necessary, dispose of such vessels at the owner’s expense.

“Operators of motorboats and jet skis have a duty of care to their passengers and to the public. They are expected to be fully informed of, and compliant with, all relevant safety protocols and regulatory requirements. Amendments to the law have been made to provide for fixed penalty and fixed penalty notice. The government is committed to ensuring that our marine spaces remain

safe, orderly, and enjoyable for all.” Astra Charlton, director of business development for My Own Water Sports Ltd, noted her hope for funds collected from the Maritime Revenue Unit be pumped back into the jet ski industry.

“The Prime Minister’s reference to a dedicated Maritime Revenue Unit is a positive step, provided it is developed through open consultation and collaboration,” Ms Charlton said. “Ongoing dialogue will enable policymakers to craft legislation that is both robust and practical while providing businesses with sufficient time to adjust to any new requirements. We are eager to participate in those conversations and to share data or insight that might assist, and urge the government not to make them in isolation.

“Ultimately, our goal is to ensure that The Bahamas’ jet-ski product is recognised worldwide as not merely exciting but also responsibly managed and thoroughly regulated.

“Just as importantly, we hope that a meaningful share of the income the Maritime Revenue Unit collects will be reinvested directly [into the] tourism sector, specifically jet ski operations, so businesses like ours can continue to thrive and deliver a secure, world-class experience for every guest.”

Ms Charlton who added that she supports the decision to “reinforce the existing regulatory framework to safeguard our guests” she noted her “hope” that it helps to crack down on “the small minority of operators who disregard safety rules”.

“We welcome and fully support the government’s decision to reinforce the existing regulatory framework to safeguard our guests,” Ms Charlton said.

“As service providers, we unquestionably owe every rider a duty of care; equally, we believe the Government has a parallel responsibility to ensure that Bahamian

FNM: ‘PRE-ELECTION’ BUDGET - BUT LACKLUSTRE AND RECYCLED

By FAY SIMMONS Tribune Business Reporter

OPPOSITION leader

Michael Pintard said the Prime Minister’s Budget address was “lacklustre” and filled with promises that he is skeptical they will deliver on.

Speaking to reporters yesterday, Mr Pintard branded the Prime Minister’s 2025/2026 budget address as a “pre-election budget” filled with recycled initiatives.

“Make no mistake - this is a pre-election budget. In this year’s annual performance, they will promise even more. They will promise the moon and stars. The question isn’t what the government will promise on budget day – it’s how many more promises they’ve failed to deliver,” said Mr Pintard.

“It was lacklustre, he recycled a tremendous amount of ideas, and so specifically in the area of agriculture, he mentioned pretty much the same kinds of initiatives that he had talked about before in the poultry sector, the golden yolk programme. Remember, this was announced before and was capitalised at that time, I believe with $15m, we are unclear on whether the $9m he mentioned today is $9m on top of the $15m and so again, at best, lacklustre. And again, we say we’ll give him a D.”

Mr Pintard called the Davis administration’s VAT tax breaks on medicine and feminine hygiene products “damage control” as those items were already VAT free under the previous Minis administration.

“When the FNM left office, feminine products and medicine were VAT free. The PLP slapped on 10 percent and then turned around, dropped it to five percent and called it relief. That’s not help. That’s damage control,” said Mr Pintard.

“Now they want to they want credit for cleaning up a mess that they created

when they came to office. They beat the termiteinfested desk to pieces today, crediting themselves for a problem they created that they must now come and correct.”

He said that the average Bahamian household is not feeling the impact of the economic numbers presented by the government as many are still unemployed or underemployed and find it hard to take care of their basic needs.

“On job creation, ask the thousands still unemployed or underemployed, almost 20 percent of young Bahamians are still unemployed, and those fortunate enough to find work quickly discover that their wages cannot keep up with today’s inflation. The government talks a lot about the numbers, but the real question is, do Bahamians feel it in their everyday lives? The answer is clearly no,” said Mr Pintard.

Calling again for more transparency in the procurement process, Mr Pintard noted that 80 percent of the contract awarded from December 2023 to March 2025 were no bid contracts given to a “select few”.

“By their own reports, for the period of December 2023 to March of this year, this government has awarded 80 percent of the dollar value public contract to no bid contracts. In other words, without any competitive bidding, they’ve spent a remarkable amount of money with a selection of service providers,” said Mr Pintard.

“Up to $517m in contracts reportedly awarded some $415 m worth of contracts were labelled as single source, direct awards with no bidding we expect this year, it will only get worse. Please hear me carefully. This is not the new day we were promised. It’s a Bahamas for the few, but not for you.”

Cruise ship islands facing tax compliance crackdown

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Prime Minister yesterday unveiled a tax compliance crackdown on the private island cruise line destinations that will be “the biggest driver” of Bahamian economic growth over the next five years.

Philip Davis KC, unveiling the 2025-2026 Budget in the House of Assembly, said the cruise industry’s tax contribution to the Public Treasury “has not kept pace” with its explosive growth that saw passenger volumes increase by more than 20 percent to 9.4m in 2024.

As a result, he added that the Government has held tax compliance discussions with the cruise lines that are focusing on the payment of VAT on all imports to their Bahamian private island destinations; the levying of VAT on “all services offered for value” to guests; Customs duty enforcement; the payment of work permit fees for expatriate

employees; and watercraft activities being reserved for Bahamians only.

Asserting that the move was designed to encourage “fairness and equity” in tourism, especially when it came to taxation, and provide oversight of the cruise sector, Mr Davis said: “Cruise tourism in The Bahamas has come a long way. What began as a modest stream of floating leisure has now become an economic powerhouse.

“In 2024 alone, cruise visitors numbered 9.4m — an increase of 20.3 percent over the previous year and representing a staggering 83.4 percent of total tourist arrivals. These numbers are not just impressive; they are transformative.

“But while cruise volumes have soared, the sector’s direct contribution to government revenue has not kept pace. We’ve seen exponential growth in private cruise destinations, where premium onshore activities like cabana rentals now fetch as much as $4,000 per day, yet these

earnings often flow offshore with limited benefit to the Bahamian taxpayer,” he continued.

“Today’s cruise ships are not just modes of transport. They are floating resorts, complete with their own entertainment, retail and shore excursion operations. When they dock at our shores, particularly at private islands, they often offer excursions from horseback riding and nature trails to zip lining, balloon rides, beach clubs and shopping villages. These experiences have contributed to the growth of GDP over past three years.”

With Carnival poised to open its $600m Celebration Key destination this summer, and Royal Caribbean’s $110m Paradise Island Beach Club targeting a December completion, the cruise industry’s private Bahamian island network is set to expand further.

“This Budget reflects our intent to modernise and regulate this critical sector,” the Prime Minister added. “In keeping with

these principles, our Budget introduces targeted compliance measures to ensure cruise-related activities contribute fairly and meaningfully to our national development.

“Recently, the Government has been meeting with the cruise lines to streamline compliance in this sector. The cruise lines have acknowledged the importance of compliance and will continue to work with the Government to ensure that this happens in a sustainable manner....

“We expect that the economic activity on the private cruise destinations will be the biggest driver of GDP growth in the next three to five years, which underscores the importance of the information I’ve just shared.”

Elsewhere, Mr Davis said the Government is “increasing support to farmers by 200 percent and expanding the overall agriculture budget from $25m to $35m” as part of its drive to boost

PM: Minimum wage rise 'not high enough'

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE increase in the minimum wage was a "step in the right direction", said Prime Minister Philip Davis yesterday - but still is not enough.

While giving his 2025/2026 budget address in Parliament yesterday, Mr Davis said his administration has made several choices that “fuelled” the country’s economic recovery.

He said the government pulled the country from a “fiscal cliff” - while also raising the minimum wage, signing several industrial agreements and strengthening the country’s finances.

“It’s a recovery that independent experts have called remarkable precisely because the pace and magnitude of the recovery was in no way inevitable. We made policy decisions –about curfews, and travel visas, and free testing – that were distinct from those of

our predecessors. We ended policies that were keeping businesses closed down and people out of work,” said Mr Davis.

“And even as we pulled the country back from a fiscal cliff – we raised the minimum wage, it’s not high enough yet – but raising it was a step in the right direction, we signed new labour agreements, we approved new forms of relief. The decisions we made and the polices we carried out ended the speculation about downgrades and currency devaluation, and – as you will hear in more detail shortly, we have since then continued to strengthen

considerably our country’s finances.”

During his speech, he criticised Opposition spokesman Kwasi Thompson’s critique of the “statistical discrepancies” found in the Bahamas National Statistical Institute (BNSI) GDP report. He said the BNSI clarified that statistical discrepancies or errors and omissions do not imply numbers have been misrepresented but reflect the differences between the two methods used to calculate GDP – the production approach and the expenditure approach

“It is important that we trust in the professionals at BNSI. It’s unfortunate that a former Minister of State for Finance would choose to undermine the technical staff of the very institution he once depended on while in office,” said Mr Davis. “If he had any concerns, the appropriate course of action would have been to address them directly with BNSI’s technical team. These are the same experts whose work he relied upon during his tenure. Undermining their credibility without just cause is disrespectful and risks eroding confidence in our country’s economic data.”

‘HARD TO UNDERSTAND’ HOW GOV’T WILL STRIKE $3.9BN REVENUE GOAL

2025, he explained that the Government is on track to generate around $3.3bn in total income for the 2024-20255 full-year - an outcome that would be around 6.7 percent, or $237m, off the $3.537bn target.

Should this become reality, Mr Bowe told this newspaper that the Davis administration would have to increase its revenue income by around 20 percent year-over-year to hit the 2025-2026 target. And it would have to achieve this against the likelihood, which the Government acknowledged yesterday, of a US and global economic slowdown sparked by uncertainty surrounding Donald Trump’s tariff policies.

Any US woes will inevitably impact Bahamian economic activity and economic growth, which is the

key driver of the Government’s revenues. Should its 2024-2025 full-year income come in at $3.3bn, it will need to increase revenues by 17.8 percent or $537m - more than half-a-billion dollars - to hit next year’s fiscal targets.

“There are significant sensitivities that are not discussed at this point,” Mr Bowe said of yesterday’s Budget. “The revenue for 2025-2026 jumping to $3.9bn... If you extrapolate from the first nine months [of 2024-2025], they are on target for $3.3bn. If they are likely to come in around $3.3bn, that is a 20 percent increase.

“That’s not to say that’s not achievable, but if you spoke about a potential economic slowdown in the US, that will impact GDP and GDP growth in the country” and cause a possible reduction in economic

activity and the Government’s tax revenues.

And, with no major revenues unveiled by the Government in the form of new and/or increased taxes, Mr Bowe said: “I have difficulty in understanding how we get to the higher revenue numbers. The [Budget] surplus is heavily contingent on achieving that revenue target.

“The one thing I do know in government finances is that the expenditure is never predicated as a percentage. It’s always hard numbers. Each ministry or agency says this is what they want to spend. On the expenditure side, very rarely do you see underbudgeting. That only comes with revenue. The revenue side is the one that has sensitivity.”

The Prime Minister, in unveiling yesterday’s Budget, asserted that the Government’s strong second-half performance had continued into April with the $352.7m in collected revenue aligned with historical trends showing that around 12 percent of its income is collected in this month. He added that April had generated a $135.4m monthly surplus, meaning the Government’s revenues had exceeded spending.

But, while Philip Davis KC said April’s performance suggested the final three months of the 20242025 fiscal year “will be very strong as well”, Mr Bowe noted that less than 70 percent of the full-year

revenue total had been collected as at end-March. This, he said, suggested that the Government is not likely to hit its full-year revenue goal with threequarters or nine months of 2024-2025 already completed.

“It indicates it’s unlikely to hit 100 percent because the bulk of the revenues are not in April-June,” the Fidelity Bank (Bahamas) chief told Tribune Business the revenue rich third quarter having closed. “Why? There may be plausible reasons. There’s still a fair amount of information that still needs to be laid.”

Mr Davis, meanwhile, set out several economic indicators that the Government is targeting to achieve its ambition of returning The Bahamas to ‘investment grade’ status with the international credit rating agencies, Moody’s, Standard & Poor’s (S&P) and Fitch, within three years by the 2028-2029 fiscal year.

These include a 13.1 percent, or $5,100, increase in Bahamian per capita gross domestic product (GDP) to $44,000 by 2029, plus a more than 50 percent reduction - in percentage terms - in the Government’s debt interest expense as a percentage of GDP within the same timeframe.

Mr Davis, adding that the Government also expects to be “near” its 50 percent debt-to-GDP target by the 2028-2029 fiscal year, some two years ahead of its 2030-2031 goal, said: “This

Water sports operators back stricter penalties for offenses

FROM PAGE B2

businesses operate within a well-regulated environment that international visitors can trust. Agencies such as the Royal Bahamas Defence Force and the Port Authority have long possessed both the authority and the expertise to assist

administration remains resolute in its commitment to securing an investment grade credit rating within the next three years, starting in the upcoming fiscal year, 2025-2026.

“Achieving this milestone by fiscal year 2028-2029 is not merely symbolic; it is a strategic imperative that will unlock greater economic opportunity, reduce borrowing costs and enhance investor confidence in our nation’s future....

“With our GDP projections expected to fully capture economic activity within the next three years, we have confidently set the following targets to reach ‘investment grade’ status. GDP per capita has risen by 27.7 percent, increasing from $30,400 in 2021 to $38,900 in 2024. On a year-over-year basis, it grew by 2.7 percent, up from $37,900 in 2023,” he added.

“Based on regional benchmarks, long-term growth prospects and the current economic environment, we are targeting an annual GDP per capita of approximately $44,000 by 2029.” The Bahamas is presently some four notches below ‘investment grade’ status with the rating agencies, having been marooned in ‘junk’ status for some years.

Mr Davis, identifying the Government’s revenue-toGDP ratio, or its percentage of economic output, as another targeted indicator, said: “Revenue-to-GDP has

feel secure choosing water sports adventures in The Bahamas.”

with day-to-day oversight of the water, and we are encouraged by signals that their enforcement role will be sharpened.

“Meaningful, consistently applied penalties for infractions will, we hope, deter the small minority of operators who disregard safety rules. Effective enforcement not only protects visitors but also safeguards the reputation of lawabiding, Bahamian-owned companies like ours, whose staff work hard to deliver safe and memorable experiences. When guests know that operators comply with clear rules and that consequences follow for those who do not, they

A jet ski operator also believes the penalties will do the industry justice as “there’s a lot of slackness and there’s a lot of unstableness going on”.

“I’m on board with whatever they’re doing,” a jet ski operator said. “There’s a lot of slackness and there’s a lot of unstableness going on, a lot of bribes, a lot of under the table. So if they can do this right, and if they trying to do this right, let’s do this right. And what they do, sometimes, they mix up because if you go and you buy a jet ski, you don’t licence it, or you licence it, when you go underwater, they consider you as a jet ski operator. Now, a lot of incidents would be going on. They were

also improved significantly, rising from 17 percent in fiscal year 2020-2021 to 19.7 percent in fiscal year 20232024. For the current fiscal year, as previously planned, we had set a target of 22.1 percent.

“To meet the requirements of an investment grade rating we must continue to enhance our revenue mobilisation efforts. Accordingly, we project that total revenue will reach 23.5 percent of GDP in fiscal year 20252026 and increase to 25 percent thereafter.”

The Prime Minister added that “international best practices” showed a country’s debt should not exceed half its economic output or GDP. The Bahamas’ debt-to-GDP ratio stood at 72.4 percent at end-June 2024, and Mr Davis added: “The Fiscal Strategy Report 2025 outlines our commitment to reducing the central government debt-to-GDP ratio to 50 percent by fiscal year 2030-2031.

“Based on internal estimates and expected policy changes, we expect to be near this target by fiscal year 2028-2029. In addition to reducing the size of our debt, we are also focusing on reducing the cost of carrying it.

“In fiscal year 2020-2021, interest expense accounted for approximately 22.1 percent of total government revenue, decreasing to 20 percent in fiscal year 20232024. Our objective is to further reduce this ratio to 10 percent by fiscal year 2028-2029.”

jet ski operators but they weren’t commercial jet ski operators. When I say commercial jet ski operators, I mean the jet ski operators like myself what is rent to the tourists, or what is rent to Bahamians. Now, private use jet ski owners, that’s an empty number. You can go buy a jet ski, go to the Port Authority, license it just to go for a little ride, or whatever. But when you try to get a jet ski and then solicit it. there’s procedures and there’s things you have to go through and grant permission to come out here and to be out here to provide your services. They really mix up a private owner buying a jet ski and coming out here to do what we do, and then getting caught up with whatever foolishness.”

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Eleuthera fire brings down power lines

BY ANNELIA NIXON

BPL is tackling yet another outage on Eleuthera as a brush fire reported on Tuesday afternoon took down three utility poles off Banks Road, Palmetto Point.

Receiving the report of the fire on Tuesday, BPL updated the public yesterday morning to inform them that keeping safety in mind, their linesmen were preparing to restore power to the area.

BPL said that “three utility poles are down off Banks Road. Our teams are currently preparing to access the area and begin restoration efforts”.

The statement added: “We are closely monitoring conditions to ensure the safety of our crews, especially as visibility remains low due to residual smoke from the fire. Restoration work will proceed once the area is safe and accessible.”

Eleuthera resident

Josette Major told Tribune Business that the main Banks Road has remained unaffected but the area near Carey’s Pond has seen outages.

“The area that was affected were mostly foreign residents who have the houses on the beach,”

Ms Major said. And at that time, yesterday at one, my children sent me a video saying, ‘Mommy, there’s a fire across from the pond. You need to call somebody, because it’s catching quickly.’ So then I went ahead and I contacted the guy that does the fire truck, and I contacted the guy that does the water truck, and I called the police station. And meanwhile, my sister was going on to the BPL group, telling them to shut down that grid that’s on the back there before it could affect anywhere else. And he was like, ‘Do you have proof?’ And so she sent him the video, and he said, ‘Okay, fine.’ And they shut that grid down.

“So because BPL shut the grid down in the back, then, even though the fire was going on from yesterday one o’clock, the rest of Banks Road has not been affected, the main Banks Road. So it’s the main Banks Road, and then you kind of go up on a side road that goes up around Carey’s Pond and all along the back there of Carey’s Pond on the beachfront properties, is probably about five houses, and they are the

five that’s been affected by power because the fire was literally consuming the bush there where the power lines were. But I know that BPL has been over there all day, because from my back porch, I could see the BPL truck, the crane truck, and they’re all across there. And in fact, the fire is still going on, and they’re still over there trying to put all the embers out.”

Clay Sweeting, MP for Central and South Eleuthera, posted to Facebook thanking volunteer firefighters for their efforts adding that they “continuously respond with bravery to help our communities and our island”. In an earlier post, the Eleuthera MP revealed that an additional fire truck would come online to aid in extinguishing the fire.

“In response to the ongoing battle against bushfires caused by dry conditions, I am pleased to announce that an additional fire truck has been secured for Central and South Eleuthera,” the post read. “This new asset will boost our island’s firefighting capacity and help protect residents, homes, and businesses.

“The fire truck is expected to arrive on the island within the next week

BAHAMAS POWER & LIGHT HEADQUARTERS

and will be officially handed over shortly thereafter.

“At present, volunteer firefighting teams—including Men of Faith—alongside Royal Bahamas Police Force officers and community members, continue to fight tirelessly on the front lines.

“To support their work, we have also secured heavy-duty equipment to dig firebreaks and trenches to help contain the blaze.

“My commitment remains steadfast: to provide every resource necessary to keep our communities safe. As a reminder to the public: Please do not light fires,

Bonaby: FNM criticism ‘political noise’

By FAY SIMMONS Tribune Business

PARKS & Beaches

Chairman McKell Bonaby yesterday dismissed the Opposition’s criticism of the 2025/2026 budget as political “noise”.

Speaking to reporters yesterday, Mr Bonaby said while there are some families “still struggling”, recovery takes time and the country is “in a far better place” than it was under the former Minnis administration.

“We know there are still challenges. We know some families are still struggling, some communities still waiting. And we know that recovery, real recovery, takes time, care, and commitment. But let’s be honest about one thing: this country is in a far better place today than where the FNM left it,” said Mr Bonaby.

He said the Davis administration has delivered the first budget with a surplus

in the country’s history as well as lowering VAT on several items and investing in public infrastructure.

“The Opposition says we aren’t doing enough. But let me remind them and the country what we have done. This Government has delivered the first budget surplus in the nation’s history not by cutting services, but by investing wisely and governing with care. We’ve lowered VAT on essentials medicine, hygiene products, baby supplies because we know what people are carrying,” said Mr Bonaby.

“We’ve doubled funding for school meals. We’ve raised wages for public servants. We’ve launched funding to help farmers. We’ve invested in clinics, water systems, roads, and aviation. We’ve put real money behind real things that matter. And we’ve done all of that while restoring confidence both at home and abroad that The Bahamas is being governed responsibly. That’s not noise. That’s delivery.”

Mr Bonaby said the budget is “not about theatrics” or political scoring but to deliver a clear sense of direction to the public.

He said that contrary to the Opposition’s opinion that Bahamians aren’t feeling the economic impact of the rebound the Davis administration has delivered relief that the public can feel at the grocery store and through opening new medical facilities.

“Now, the Opposition says Bahamians ‘aren’t feeling it’. But here’s what Bahamians are feeling: They’re feeling the price of bread is a little lower. They’re feeling more of their roads are being paved. They’re seeing clinics finally being opened. They’re seeing school breakfast programmes in every constituency,” said Mr Bonaby. “They’re seeing this government show up and follow through. No, not every challenge has been solved. And we would never claim that it has. But what this Budget says

— what this Government has proven is that when you govern seriously, when you plan carefully, and when you put people first, progress happens.”

Mr Bonaby said although the Davis administration came in during a “crisis” they were able to achieve a budget surplus, improve access to healthcare and invested in Family Island infrastructure and education.

“We came in during a crisis. But we didn’t use it as an excuse. We used it as

leave them unattended, or litter—especially during these dry conditions.

“I also take this moment to express my sincere thanks and appreciation to the men and women who bravely volunteer their time and energy in service to our communities. Your dedication does not go unnoticed.” BPL was successful in restoring power on Paradise Island yesterday after the island experienced more than 48 hours without power due to a fault on one of the main underground cables as well as another fault detected later on. Coupled with generator

a reason to get serious — and get to work. And now, we’ve produced a budget surplus. We’ve restored credibility. We’ve improved access to healthcare, invested in Family Island infrastructure, expanded education support, and brought real relief to everyday Bahamians,” said Mr Bonaby.

He criticised the Opposition for being against progress for the Bahamian people as it “leaves them with nothing to run on” and indicated their criticism of the Davis administration is for political gain.

“The real problem for the Opposition isn’t the

woes, Atlantis’ Marina Village was left without power and businesses on that strip were closed. The manager of Kay’s Fine Jewelry, Amit Kumar, confirmed that business took a hit after losing a day of work from having to shut down operations.

“There was a power outage, and we had to close the store,” Mr Kumar said.

“Once we closed the store, I think maybe one or two of the restaurants were open, but everything was closed on the Marina Village side. We normally open here by 12 o’clock in the afternoon. When we came in, the light was here.”

Budget. The real problem is that what’s good for The Bahamas is bad for the FNM. Every time the economy improves, every time we lower a tax, every time we open a clinic or repair a road or create a new job - their chances of winning the next election slip a little further away,” said Mr Bonaby.

“Because progress for the Bahamian people leaves them with nothing to run on. They’ve built their entire playbook on the idea that nothing will change — that the government won’t deliver, that people will give up hope. But the problem is: we are delivering.”

PM TOUTS ‘FIRST EVER’ BUDGET SURPLUS DESPITE $373M CUT

Michael Pintard, the Opposition’s leader, yesterday said the fiscal forecasts only represent a “future possibility” and have yet to become reality as he accused Mr Davis and the Government of giving the “misleading” impression it has already been achieved.

The Prime Minister returned several times to the projected 2025-2026 surplus during his House of Assembly presentation which sought to talk up his administration’s achievements during its three-and-a-half years in government ahead of the upcoming general election.

“For the very first time since Independence, we have finally secured the achievement of a balanced Budget. More than a balanced Budget – a Budget with a surplus,” Mr Davis said as he launched into the Budget address, although he was referring to the

upcoming fiscal year rather than the current 2024-2025 period.

Then, giving a broad overview of the 2025-2026 fiscal projections, the Prime Minister later added: “The 2025-2026 Budget estimate for total revenue amounts to $3.89bn or 23.6 percent of GDP (gross domestic product). Total expenditure is estimated to amount to $3.82bn or 23.1 percent of GDP.

“Of this, recurrent expenditure accounts for $3.44bn or 20.8 percent of GDP, and capital expenditure for $376.3m or 2.3 percent of GDP. The fiscal surplus is estimated at $75m or 0.5 percent of GDP, with the primary balance showing a surplus of 4.5 percent of GDP. Given this, the debt-to-GDP ratio has been projected at 68.9 percent of GDP at the end of fiscal year 2025-2026.”

Lauding the fiscal projections for the upcoming fiscal year, Mr Davis added: “For the first time in our history

as an independent nation, a minister of finance will be tabling a balanced Budget - evidence that fiscal discipline can co-exist with a bold vision for national progress.

“We accomplished this without sacrificing development priorities or slowing the pace of investment. We did it without resorting to reckless cuts, or firing dedicated employees, just to claim a quick win. This balanced Budget is the result of careful planning, responsible leadership and a steadfast commitment to the Bahamian people.

“And it is our continued commitment to fiscal responsibility that will allow us to continue making gamechanging investments in our country and in our people.”

Mr Pintard, though, argued that the Prime Minister’s comments suggested that the Budget surplus had already been achieved even though it is only a future projection that has to be executed on.

“The Prime Minister, in my view, was intentionally

KEY TAX ARREARS INCREASE $104M

While the reductions remain small, they nevertheless suggest incremental progress. However, real property tax arrears for residential property were said to have increased by 5 percent or almost $10m over the nine-month period, from $192.531m to $202.394m, while outstanding owneroccupied liabilities jumped from $190.107m at June 2024 to $208.549m this March, a 9.7 percent or near-$18.5m rise.

As for VAT arrears, those increased by 43.3 percent or more than $95m over the nine months to March to stand at $309.24m compared to $215.834m in June 2024. And outstanding Business Licence fees rose by some $4.5m during the same period, from $56.503m to $61.036m, although the latter figure - as well as many of the others - are likely to be reduced by collection efforts. The March 2025 tax arrears figures, though, did

not include the $357m that the Government is demanding from the Grand Bahama Port Authority (GBPA) to cover the cost of providing public services in Freeport over and above tax revenues generated by the city. That sum was included in the prior year’s numbers, and the Government yesterday said it intends to bill the GBPA for another $75m next fiscal year.

“Reported values represent outstanding balances as of March 2025,” the

misleading,” the Opposition leader blasted to Tribune Business. “He sought to give the impression that the Government had balanced the Budget and achieved the surplus when, in fact, he was talking about a future possibility.

“It was intentionally, in our view, misleading and disingenuous... The bottom line in actual numbers is they have not achieved the reduction in the deficit [for 2024-2025] they had projected, and they will not achieve the balanced Budget and surplus forecast given the fact they are not making any fundamental adjustments in their behaviour - the way they are spending, entering into PPPs without us knowing what the terms are. These are off-the-books loans.”

Mr Pintard, in a later statement, asserted that “nobody is buying any talk of a fiscal surplus next year” given the Government’s prior fiscal performance, and added: “Any discussion about a

Government said. “Arrears are reported by fiscal year based on the period in which the tax liability originated. All outstanding balances are included starting one day past due. Amounts reported include principal plus applicable surcharges, fines, fees, penalties and interest.”

Elsewhere, the 20252026 Budget revealed that $1.118bn, or almost onethird or one out of every $3 in the Government’s recurrent spending over the 12 months to end-June next year will be allocated to paying interest on The Bahamas’ national debt and subsidies to keep

surplus for the upcoming fiscal year 2025-2026 is nothing but a sad farce and diabolically misleading.” Gowon Bowe, Fidelity Bank (Bahamas) chief executive, and a former Fiscal Responsibility Council (FRC) member, told Tribune Business that he, too, found the “first-ever” Budget surplus assertion “a bit overly optimistic because this is what has been forecasted, projected, but the Government or administration has to actually execute on the Budget to achieve that surplus”.

The Government’s fiscal projections have significantly increased its forecast recurrent spending for both the 2025-2026 and 20262027 fiscal years compared to the estimates released 12 months ago. Recurrent spending, which covers the Government’s fixed costs such as salaries and rents, has been raised by almost $300m for 2025-2026 to $3.445bn compared to last year’s $3.154bn estimate.

loss-making state-owned enterprises afloat.

Together, they account for a combined 32.5 percent of the Government’s fixed-cost spending, with interest costs taking a 19.4 percent share at $668.045m and subsidies making up the balance at $450.585m or 13.1 percent.

Total subventions, or subsidies, to SOEs are set to increase by 11.7 percent or more than $57m year-overyear, compared to what was approved in the 20242025 Budget. The greatest increases are for the Public Hospitals Authority (PHA), whose taxpayer support is rising from $232.456m to $247.856m; Water &

As for 2026-2027, recurrent spending is currently pegged at $3.58bn - again almost $300m higher than the estimate produced at the same time last year. And, after lowering the 2025-2026 revenue forecast by $62.6m, dropping it to $3.887bn compared to $3.95bn just 12 months ago, the Government is forecasting a major 2026-2027 revenue surge to $4.254bn that is higher than its previous projection. Mr Davis yesterday said the Government had developed the 2025-2026 Budget “with a full appreciation of the risks and uncertainties” surrounding the global economic outlook due to the ongoing upheaval caused by Donald Trump’s trade and tariff policies. The Bahamas, as a small, open economy with the US as its major trading partner, cannot escape “a notable slowdown..now widely anticipated”.

“Needless to say, the global economic environment that we confront as we set our policy and fiscal priorities for the 20252026 Budget is one replete with challenges,” Mr Davis acknowledged in his Budget statement.

Sewerage Corporation development projects, which are jumping to $48m from $36m; and a $5m rise for the Bahamas Public Parks and Beaches Authority to $29m.

Some $343.781m in proposed guarantees for SOE financing are also before the Government. These include $75m to underwrite the PHA’s repairs to the Princess Margaret Hospital (PMH) and Rand Memorial Hospital, plus an $80m guarantee for the Glass Window Bridge replacement and $76m to backstop a Bahamas Mortgage Corporation refinancing by issuing new bonds.

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Gov’t ‘undoing half the trauma’ through VAT medicines slash

improvements touted by his administration.

“We have made substantial gains strengthening our country’s fiscal outlook and our economy,” he told the House of Assembly. “But before I share the good news, I want to say this. We know that our country’s recovery and growth have not yet reached all Bahamians.

“Good numbers on a spreadsheet are better than bad ones, but we talk to Bahamians every day who are still under a lot of pressure, people struggling to find good-paying work they can rely on, people who worry about how or even whether they can build a secure future.”

In a bid to further combat the inflation, and high prices, which have plagued The Bahamas and the wider world post-COVID, Mr Davis moved to expand the VAT relief beyond the 50 percent rate cut - also to 5 percent - that took effect on all uncooked food items with effect from April 1, 2025.

“Bahamian families have struggled under the weight

of high prices for food, household items and basic hygiene necessities. This administration understands their difficulty, and in this Budget, we are acting decisively to bring relief to the people,” he added.

“As part of the ongoing efforts to promote affordability, we will be reducing the VAT rate to 5 percent on a range of products that are crucial for the well-being of our citizens.”

Besides diapers and women’s hygiene products, those items set to enjoy a VAT rate cut from September 1 include both prescription and non-prescription drugs, including those for persons with chronic illnesses.

Mr Davis added that “medical and dental supplies such as needles, blood pressure machines, lancets, dental cements and other dental fillings” are also included in the five percentage point rate cut, along with other medical and therapeutic products such as cell therapy items.

“These reductions, which will take effect on September 1, 2025, are aimed at ensuring that Bahamians of all ages and stages of life can access essential

THREE-MONTH $364M SURPLUS

FROM PAGE B1

between $52.35m and $122.15m, meaning that the Government could either beat or miss its forecast.

Based on the figures disclosed by Mr Davis yesterday, the Government’s fiscal deficit for the nine months to end-March 2025 stood at around $38.3m after the revenues generated during the peak winter tourism season, traditionally the high point of annual Bahamian economic activity, coupled with Business Licence fees and the bulk of real property tax collections, slashed the $402m deficit at end-January.

In addition to the $58.6m surplus, where revenues exceeded total government spending, in February, further monthly surpluses of $169.6m and $135.4m were achieved in March and April, respectively, to bring the 10-month deficit down below the $69.8m full-year target. May and June, though, have traditionally been deficit and heavy spending months, so the Government will have to focus on cost control.

Mr Davis, though, said the Government expects to get a further boost from the fact that 50 percent of the $100m worth of disputes before the Tax Appeals Commission have been settled. “Revenue receipts demonstrated strong performance during the nine months leading up to March 2025, as well as in April 2025,” he said.

“This momentum, coupled with the successful resolution of tax tribunal cases, where 50 percent of the $100m in dispute has been settled, is expected to drive a late surge in tax collections and improve overall revenue performance for the year.

“Despite a notable shortfall in VAT collections

from the real estate sector, revenue is still projected to be near its annual forecast. On the expenditure side, public spending has remained aligned with the Budget, even after an initial front-loading of payments earlier in the fiscal year and is expected to remain contained within its annual forecast,” the Prime Minister continued.

“As a result, the fiscal deficit will fall within a range of 0.3 to 0.7 percent of GDP. However, if we use last year’s performance to extrapolate the projected fiscal balance outturn for this current fiscal year, the fiscal deficit will be estimated to fall under 0.3 percent of GDP. As such, my administration is confident that we will hit our deficit target for the full 2024-2025 fiscal year.

“In the first half of this fiscal year, we experienced a six-month deficit of $404.1m. However, for the majority of the second half of this current fiscal year, we have witnessed monthly surpluses. The month of February 2025 experienced a surplus of $58.6m. The month of March 2025 settled at a surplus of $169.6m.

“Earlier in this communication I mentioned the fiscal performance for April 2025. With the strong revenue performance, preliminary data shows April 2025 at a surplus position of $135.4m. So, again, Madam Speaker, it is due to this second half performance that we feel confident in reaching a deficit within our target range of 0.3 to 0.7 percent of GDP.”

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, yesterday suggested that the nine-month data suggests the Government’s total revenue income - which stood at $2.5bn then - was likely to under-shoot the $3.537bn

products without the added burden of high taxes,” Mr Davis said.

The Opposition, which had eliminated VAT on medicines under the Minnis administration, immediately went on the attack by arguing that the Government has finally acted on what it had been calling for from at least early 2022 after the 10 percent levy was reimposed.

“We’ve been calling for it for some time,” Dr Sands added. “They put VAT on those items and are now reducing it by half. Why couldn’t they have gone all the way and taken it off completely? It certainly doesn’t go far enough, and they’re congratulating themselves for undoing half the trauma they themselves caused. But I guess late is better than nothing.

“They also talk about a Budget surplus. There is no surplus in the home Budget of an ordinary Bahamian right now. Many Bahamians are finding it extraordinarily difficult to make ends meet. While these tokens will be appreciated, it’s only a drop in the bucket compared to the red ink that

individuals and families see every week, every month....

“Overall, I’m sure people will be happy to see VAT is down to 5 percent on items that should not have been VAT-able in the first place, and let’s hope they have a conscience and eliminate VAT completely as we had recommended.”

Mr Davis made no mention of how much revenue the Government estimates it will forego by reducing the VAT rate to 5 percent on these items. The reduction was likely delayed until September 1 to give food stores, pharmacies and other merchants a chance to adjust their point-of-sale and other systems, with the changes likely to add a little more complexity to VAT’s administration.

“Budgets are about choices, and there are other ways they [the Government] could save money as opposed to grabbing it from the pockets of struggling Bahamians,” Dr Sands added. “There are many, many examples of expenditure overruns, cost overruns where with a little bit of discipline they could save money and give the average Bahamian a break.

GIVES PM DEFICIT

full-year target given that final quarter collections are not expected to be as strong as during the tourism winter peak.

In particular, while VAT collections expanded by $50.8m year-over-year to hit $1bn, this sum amounted to just 68.9 percent of the total full-year projection with three-quarters of the fiscal year already passed. Total revenue for the nine months to end-March hit $2.5bn, an increase of $266.3m or 12.2 percent year-over-year, standing at 69.4 percent of the full-year target.

Still, Mr Davis added of April: “It is important to highlight that the revenue performance for the month of April 2025 is at a high level. Typically, the month of April contributes approximately 12 percent to the total revenue intake over a ten-month period.

“According to the latest preliminary financial data, April 2025 is consistent with this trend, accounting for approximately 13 percent of total revenue over the ten-month period. The preliminary financial data shows revenue specifically for the month of April 2025 at $352.7 million. The strong revenue performance in April suggests that fourth quarter revenue performance will be very strong as well.”

And, turning to the Government’s primary balance, which measures by how much the Government’s revenues exceed its

We didn’t hear enough of that. As a matter of fact we didn’t hear any of that.’

Michael Pintard, the Opposition’s leader, echoed Dr Sands’ response to the VAT rate cut by telling Tribune Business: “They are congratulating themselves for a problem they created because some of those items were zerorated when they came into government.

“It was they who put 10 percent on it and now, under duress and pressure, are taking it off after creating a set of circumstances that they themselves were responsible for. They are attempting to create the impression they are doing something novel and different when it was them that created the problem.”

Mr Davis, meanwhile, yesterday also unveiled a series of Customs duty reductions and eliminations. “We are also taking steps to reduce the cost of fuel sources used by numerous households. We are removing the 45 percent excise duty on butane fuel mostly used in portable stoves,” he added.

“Many Bahamians rely on this fuel for a hot meal,

CONFIDENCE

non-interest (debt servicing) spending, Mr Davis added: “At end-March 2025, the primary balance reflected an increase in the surplus position, equating to $268.4m or 1.7 percent of nominal GDP.

“This equated to 45.7 percent of the Budget forecast. This also represents an improvement over the primary surplus of $194.6m or 1.3 percent of GDP in the prior fiscal year.” However, Michael Pintard, the Opposition’s leader, yesterday suggested that the

2024-2025 fiscal deficit will be closer to $200m.

Given that May and June are typically high-expenditure months, when bills that the Ministry of Finance knows nothing about are presented for payment, he suggested that the Government will likely exploit its cash-based accounting system to roll payables owed to its vendors over into the 2025-2026 fiscal year - something it is suspected to have done last year to stay within range of its deficit targets.

“This is a government with record revenues that also managed to take on record spending,” Mr

whether day-to-day or during emergencies. This is part of our broader commitment to build resilience and affordability into everyday life, especially where it may help the most.” Customs duties are also being removed on refractory cement, mortars and concrete; copper fittings; screws; and nuts and bolts, plus “simple but essential hardware”. Rates are also being cut for filters of all kinds, including those used for water and air conditioning; cleaning products; electric or battery-operated shavers; juice extractors; and trucks weighing 20 tons and above.

“Duty exemptions on household appliances with the highest level of energy efficiency will be granted. Freezers, air conditioners, freezers and gas and electric water heaters will be duty free, once confirmed that the appliance will make a positive impact on climate change initiatives,” Mr Davis added.

“These exemptions encourage Bahamians to adopt cleaner technologies, directly contributing to our climate goals and a sustainable future.”

Pintard said in a statement.

“By the Prime Minister’s own projection, the deficit is expected to come in at up to 0.7 percent of GDP this year, which is well over $100m.

“Of course, we expect the figure this year to be closer to $200m. We recall their mid-term budget report in December; they ran a deficit of $395m and had some $122 million in outstanding bills and arrears. So nobody is buying any talk of a fiscal surplus next year when, just this past December, the Government was facing a fiscal hole of over $500m when unpaid bills are factored in.”

Cruise ship islands facing tax compliance

food security, lower food costs and create job and entrepreneurial opportunities for Bahamians.

He added: “Over the past year this administration has transformed our agricultural and marine sectors through decisive action and strategic investment.

We launched our National Layer and Piggery Programme, distributing over 10,000 chicks and 3,000 adult chickens. We also equipped farmers across Cat Island, Exuma, and Acklins with tractors and other essential equipment.

“Today, we are scaling these initiatives while making vital new investments. The Golden Yolk project has a large role to play in our plans for food security. We are investing $9m in the construction of pullet buildings capable of housing 25,000 chicks, dual layer houses for 20,000 hens, and an egg processing facility with capacity to process 8,000 eggs per hour.

“This past week, we signed an MoU (memorandum of understanding) to construct five hydroponic farms in New Providence, Grand Bahama, Abaco, Andros and Cat Island and embrace modern farming techniques that can provide healthy produce to even our most remote islands.”

Mr Davis said the Government and Water & Sewerage Corporation intend to “buy out” Aqua Design’s ownership of multiple Family Island reverse osmosis water plants to bring an end to their troubled relationship. Roadworks on Exuma, Eleuthera and Cat Island, with a total value of $250m, were said to be progressing to completion, and a contract has been signed for $22m in Long Island road upgrades.

The Government has also secured a $90m Inter-American Development Bank (IDB) loan to strengthen Bahamix, the state-owned road paving and building company. “This investment will enhance project management systems such as the launch of a comprehensive road and drainage improvement programme in New Providence,” the Prime Minister added.

“It will be focused on resurfacing major thoroughfares, improving drainage in flood prone

areas, and upgrading sidewalks, signage and lighting near schools, clinics and key public facilities.” Mr Davis also pledged that The Bahamas will make it easier for regular private boat and aviation visitors to enter this nation.

“The Bahamas has long been a haven for private yachts and aircrafts. But our administrative systems have not kept pace with this reality. That changes now,” the Prime Minister added.

“We will introduce the Frequent Visitors Digital Card to make entry smoother, and compliance simpler, for private vessels and aircraft that visit our shores regularly.

“For private boats, each vessel will be required to have its own card, linked directly to its registration number. This card will be valid for two years and is intended exclusively for cruising, not for fishing or anchoring.

“For private aircraft, a separate FVDC will be introduced for propellerdriven planes, tied to the plane’s serial number. And just as with boats, the card is strictly for leisure travel, it does not cover commercial activities or charters.”

Mr Davis said the Government will also create the Asset Disposal Assessment Unit to “examine physical government assets and recommend the optimal method for disposal”. He explained: “They will recommend whether a public asset should be transferred to another public entity, sold, recycled, destroyed or any other method they will see fit.

“The Asset Disposal Assessment Unit will assist in the promotion of accountability, honesty and transparency for public assets which are no longer of its purposed use. Not only will the process be streamlined, but there will also be a record of government disposals. Public officers will be required to report if they have received overpayments for the disposal of non-financial government capital.

“For too long, certain systems have remained outdated with inefficiencies that frustrate Bahamians and drain public resources. In this Budget, we are taking meaningful steps to modernise how government works; how it taxes, how it charges, and how it serves.”

Truckers' protest in Iran gathers steam and wins support from prominent dissident voices

By MELANIE LIDMAN Associated Press

TRUCK drivers in Iran blocked roads and ports Wednesday as part of their strike action protesting low salaries, high insurance rates, and a possible hike in fuel prices.

The strikes, which began last Thursday in the southern port city of Bandar Abbas, one of the country's main transportation and shipping hubs, have now spread across Iran. The protests are slowly gaining steam, supported by prominent dissident voices, and could morph into more serious protests against the government.

Last week, the Iranian government announced plans to increase the price of fuel for trucks from 4 cents per liter (15.14 cents per gallon) to nearly 50 cents per liter (about $1.90 per gallon) in late June. With massive resources of oil and gas, Iran has some of the lowest fuel prices in the world. The average price for a gallon of gas in the United States on Wednesday was $3.16, according to AAA, a drivers' assistance and advisory service.

Dissident Iranians expressed their support for the truckers. Film director Jafar Panahi, who last week won the prestigious Palme d'Or award at the Cannes Film Festival, encouraged the truck drivers to start a nationwide strike.

"The strike is a loud cry to the government: enough is enough! Stop the massive suppression and plundering before everything is lost and nothing remains

for people," he wrote on Instagram.

Nobel Peace Prize laureate Narges Mohammadi, who was imprisoned on charges of collusion against state security and propaganda against Iran's government, also expressed her support for the strike on X.

Videos circulating on social media showed lines of trucks parked on the sides of major roads. Iran said the plan is intended to prevent fuel smuggling into neighboring countries. Fuel in neighboring Pakistan costs more than a dollar per liter ($4 per gallon).

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In 2019, anger over the government eliminating the gasoline subsidy also sparked nation-wide protests. More than 1,000 people were arrested and the country temporarily shut down the internet.

Protests also rocked the country in 2022 over the death of 22-year-old Mahsa Amini, who died in Iranian security custody after morality police detained her for improperly wearing her headscarf, or hijab.

On Saturday, Jalal Mousavi, an official in the truckers' union, said truckers are striking because they are struggling with the rising costs of fuel, spare parts and repairs. The strike underscores the mounting economic

Many of Iran's previous rounds of anti-government protests started out as economic protests over local issues, including demonstrations in 2017 and 2018. Those protests were met with a heavy reaction by the police and the Basij, the all-volunteer force of Iran's paramilitary Revolutionary Guard.

pressures on Iran as it struggles to secure relief from crippling sanctions in the ongoing negotiations with the United States. Iran's oil sector, the lifeblood of its economy, has been damaged by the impact of American sanctions over Tehran's nuclear program, and it is one of the central issues under discussion in the Iran-U.S. negotiations.

On Wednesday, Fatemeh Mohajerani, the spokesperson of the government's Cabinet, said lawmakers had discussed the strike in the Cabinet meeting and the administration will consider the truckers' needs. State TV showed footage of routine activities in truck terminals and ports.

IN this photo taken by a person not employed by the Associated Press and obtained by the AP outside Iran, a university student attends a protest inside Tehran University after a smoke grenade was thrown by anti-riot Iranian police, in Tehran, Iran, Dec. 30, 2017. Photo:File/AP

Air traffic control system must be improved to prevent problems like Newark airport, officials say

By JOSH FUNK Associated Press

THE problems that disrupted flights at New Jersey's largest airport this spring could be repeated anywhere across the country, so Transportation

Secretary Sean Duffy is trying to sell Congress on his plan to overhaul the nation's air traffic control system that will cost "tens of billions."

Duffy provided an update Wednesday on the repairs and staffing efforts that are underway to help eliminate the problems affecting Newark Liberty International Airport, which has been running more smoothly in the past few weeks since the airlines started to cut the number of flights they operate there.

And Duffy emphasized that the Newark radar outages and air traffic control shortage are a prime example of why the antiquated system needs to be improved.

"I'm concerned that we could have more Newarks. And again, why it's so important that we actually begin this build with the money that Congress is going to send us," he said.

Duffy still wouldn't give a price tag of his expansive overhaul of the air traffic control system that he said is clearly needed after the deadly midair collision over Washington, D.C., in January that killed 67 people and all the problems affecting Newark this spring. But he said the $12.5 billion the House included President Donald Trump's massive bill won't be enough because "it's going to be tens of billions of dollars."

Duffy has been meeting privately with lawmakers since he unveiled the plan. But he said he wants to let Congress "do the dance the way the Congress dances" to develop a plan to pay for the program. Problems ease at Newark airport

The problems that led to hundreds of cancellations and delays at Newark do seem to have improved since the Federal Aviation Administration limited the number of flights at the airport so they could handle it with the number of controllers available. The already short-staffed air traffic control facility in Philadelphia that directs planes in and out of Newark lost five controllers to trauma leave after the first radar and communications outage on April 28 and another one is out on medical leave.

That left the facility with only 16 certified controllers and five supervisors. But Duffy said there are another 16 experienced controllers in training that he hopes will start to get certified between now and October.

That is an example of how the FAA remains about 3,000 short on the number of air traffic controllers it wants, so Duffy has also tried to speed up the hiring and training process while offering incentives to keep experienced controllers from retiring early.

The FAA has said that it expects to be able to bump up the number of flights daily in Newark to 34 arrivals and 34 departures once a runway construction project is completed in midJune. That is also about the time that some of the controllers on a 45-day trauma leave might be scheduled to return. The FAA will revisit the limits in October because it hopes to have more controllers trained by then.

The government also upgraded the software at the air traffic control facility after a second radar outage

on May 9. That helped prevent a repeat problem on May 11.

FAA addresses telecommunications problems

The FAA is also working on the telecommunications problems. Duffy said Verizon worked quickly to install a new fiber optic line between Philadelphia and New York over the past month, but the FAA wants to thoroughly test it out before switching over, so that likely won't be available until July. After that, the FAA plans to also improve the lines between New York and the Newark airport because some of them are still copper wires.

"Clearly something wasn't going right when we experienced these outages," acting FAA administrator Chris Rocheleau said.

"Right now, part of this effort, part of this initiative, is to ensure we're acting with decisiveness, right — with focus — to make sure the lines get in, to make sure those redundancies are put in, to make sure the controllers have the tools they need to make the system safe, to operate safely."

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WHY 'WRENCH ATTACKS' ON WEALTHY CRYPTO HOLDERS ARE ON THE RISE

By ALAN SUDERMAN AP Business writer

THE headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets.

The alleged attempted robbery is known as a "wrench attack." It's a name popularized by an online comic that mocked how easily high-tech security can be undone by hitting someone with a wrench until they give up passwords.

Wrench attacks are on the rise thanks in part to cryptocurrency's move into mainstream finance, Phil Ariss of the crypto tracing firm TRM Labs said in a recent blog post.

In the meantime, Duffy said it would be a good idea for pilots to brush up on their procedures of how to handle an outage because they can happen.

In addition to the problems in Newark, controllers in Denver lost their radios for a couple minutes earlier this month. Duffy said there were also several other outages affecting Newark last year that didn't get public attention.

"We have to look at the real world around us and some of the issues that come up and make sure we are brushed up and ready to go, should there be a

"Criminal groups already comfortable with using violence to achieve their goals were always likely to migrate to crypto," Ariss said.

Some of the crypto's key characteristics help explain why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks.

Cryptocurrencies like bitcoin offer traders full control of their funds without the need for a bank or permission from a government to buy, sell or hold it. The trade-off is that if funds are lost or stolen, there can be no way to get them back.

Self-reliance is a key ethos of crypto. Securing and controlling one's private keys, which are like passwords used to access one's crypto holdings, is viewed as sacrosanct among many in the crypto community. A popular motto is "not your keys, not your coins."

Transactions on the blockchain, the technology that powers cryptocurrencies, are permanent. And unlike cash, jewelry, gold or other items of value, thieves don't need to carry around stolen crypto. With a few clicks, huge amounts of wealth can be transferred from one address to another. In the case in New York, where two people have been charged, a lot of details have yet to come out, including the value of the bitcoin the victim possessed.

Stealing cryptocurrency is almost as old as cryptocurrency itself, but it's usually done by hacking. North Korean state hackers alone are believed to have stolen billions of dollars' worth of crypto in recent years.

In response to the threat of hacking, holders of a large amount of crypto often try and keep their private keys off the internet and stored in what are called "cold wallets." Used properly, such wallets can defeat even the most sophisticated and determined hackers.

But they can't defeat thieves who force a victim to give up their password to access their wallets and move money.

SECRETARY of Transportation Sean Duffy speaks during a news conference to provide a status update on Newark Liberty International Airport at the Department of Transportation in Washington, Wednesday, May 28, 2025.

Photo:Rod Lamkey, Jr./AP

Wall Street drifts lower as US stocks slow their roll

Trump rejects claim he’s ‘chickening out’ on tariffs just because he keeps changing rates

By JOSH BOAK Associated Press

PRESIDENT Donald Trump wants the world to know he's no "chicken" just because he's repeatedly backed off high tariff threats.

The U.S. Republican president's tendency to levy extremely high import taxes and then retreat has created what's known as the "TACO" trade, an acronym coined by The Financial Times' Robert Armstrong that stands for "Trump Always Chickens Out." Markets generally sell off when Trump makes his tariff threats and then recover after he backs down.

Trump was visibly offended when asked about the phrase Wednesday and rejected the idea that he's "chickening out," saying that the reporter's inquiry was "nasty."

"You call that chickening out?" Trump said. "It's called negotiation," adding that he sets a "ridiculous high number and I go down a little bit, you know, a little bit" until the figure is more reasonable.

Trump defended his approach of jacking up tariff rates to 145% on Chinese goods, only to pull back to 30% for 90 days of negotiations. He similarly last week threatened to impose a 50% tax on goods

from the European Union starting in June, only to delay the tariff hike until July 9 so that negotiations can occur while the baseline 10% tariff continues to be charged. Similar dramas have played out over autos, electronics and the universal tariffs that Trump announced on April 2 that were based in part on individual trade deficits with other countries. In each case, Trump generally took the stock market on a roller coaster. Investors sold-off when the tariff threats were announced as they implied slower economic growth and higher prices, which would hurt companies' profits. Stocks

then rebounded after Trump stepped back.

As of Wednesday afternoon, the S&P 500 stock index was up slightly so far this year. But the index was down as much as 15% on the year on April 8, a reflection of the volatility that Trump's changing policies have created.

He said that approach has led to $14 trillion in new investment in the U.S., a figure that appears to be artificially high and has not been fully verified by economic data.

"Don't ever say what you said," Trump said with regard to the notion of him chickening out. "To me, that's the nastiest question."

By STAN CHOE AP Business Writer

U.S. stocks drifted lower on Wednesday, cooling down a day after leaping within a few good days' worth of gains from their all-time high.

The S&P 500 fell 0.6%, but it's still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by President Donald Trump's trade war may have passed. It had been roughly 20% below the mark last month.

The Dow Jones Industrial Average dipped 244 points, or 0.6%, and the Nasdaq composite slipped 0.5%.

Trading was relatively quiet in the countdown to Wednesday's main event for financial markets, the latest quarterly earnings release for Nvidia. That came after trading ended for the day. Before that, the AI darling's stock slipped 0.5%.

Expectations were high for the bellwether of the frenzy around artificialintelligence technology. So are worries that its stock price may have run too high, even after it has largely stalled this year.

Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected.

The retailer maintained its forecast for revenue this year, but it cut its profit forecast in part because of tariffs and some moderation of spending by consumers. Its stock ended the day down 0.3%.

Several other retailers likewise delivered betterthan-expected results for the latest quarter. Abercrombie & Fitch soared 14.7% after its profit and revenue topped analysts' expectations. CEO Fran Horowitz credited broadbased growth across its business around the world, and strength for its Hollister brand offset weakness for its Abercrombie brand.

Dick's Sporting Goods added 1.7% after topping analysts' expectations for the latest quarter, and it stood by its financial forecasts it earlier gave for the full year. On the losing end of Wall Street was Okta, which fell 16.2% even though the identity and access management company reported better results for the latest quarter than Wall Street expected. Analysts called it a solid performance, but investors may have been looking for even more after its stock came into the day up nearly 60% for the year so far. Video-game retailer GameStop fell 10.9% after saying it had bought 4,710 bitcoin, which is worth more than $500 million at its current price. The company said in late March that it could begin buying bitcoin to store some of the cash in its treasury. All told, the S&P 500 fell 32.99 points to 5,888.55. The Dow Jones Industrial Average dropped 244.95 to 42,098.70, and the Nasdaq composite fell 98.23 to 19,100.94. In the bond market, the yield on the 10-year Treasury rose to 4.47% from 4.43% late Tuesday.

The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. Sharp swings in Treasury yields last week rattled markets worldwide, as they rose in part on worries about the U.S. government's rapidly rising debt levels. Such swings have also hit Japan, where an auction of 40-year Japanese government bonds on Wednesday drew less interest from potential buyers than it's seen since July. After years of pumping money into the economy by buying loads of Japanese government bonds, Japan's central bank has been gradually cutting back, undermining demand at a time when other institutional investors also have been buying fewer Japanese government bonds. Fewer buyers for bonds pushes up their yields. In stock markets abroad, indexes were modestly lower across much of Europe and Asia.

South Korea was an exception, where the Kospi jumped 1.3% thanks in part to gains for Samsung Electronics and other tech companies.

SPECIALIST MICHAEL PISTILLO, left, and trader Michael Capolino work on the floor of the New York Stock Exchange, Tuesday, May 27, 2025.

Photo:Richard Drew/AP

PRESIDENT Donald Trump speaks during a swearing in ceremony for interim U.S. Attorney General for the District of Columbia Jeanine Pirro, Wednesday, May 28, 2025, in Washington.

Photo:Evan Vucci/AP

Nvidia overcomes tariff-driven turbulence to deliver Q1 results that eclipsed projections

By MICHAEL LIEDTKE AP Technology Writer

ARTIFICIAL intel-

ligence technology

bellwether Nvidia overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth amid feverish demand for its high-powered chips that are making computers seem more human.

The results announced Wednesday for the February-April period came against the backdrop of President Donald Trump's on-again, off-again trade war that has whipsawed Nvidia and other Big Tech companies riding AI mania to propel their revenue and stock prices upward.

But Trump's tariffs — many of which have been reduced or temporarily suspended – hammered the market values of Nvidia and other tech powerhouses heading into the springtime earnings season as investors fretted about the trade turmoil dimming the industry's prospects.

Those worries have eased during the past six weeks as most Big Tech companies lived up to or exceeded the analyst projections that steer investors, capped by Nvidia's report for its fiscal first quarter. Nvidia earned $18.8 billion, or 76 cents per share, for the period, a 26% increase from the same time last year. Revenue surged 69% from a year ago to $44.1 billion. If not for a $4.5 billion charge that Nvidia absorbed to account for the U.S. government's restrictions on its chip sales to China, Nvidia would have made 96 cents per share, far above the 73 cents per share envisioned by analysts.

In another positive sign, Nvidia predicted its revenue for the May-July period would be about $45 billion, roughly the level that investors had been anticipating. The forecast includes an estimated $8 billion loss in sales to China due to the export controls during its fiscal second quarter, after

the restrictions cost it about $2.5 billion in revenue during the first quarter.

In a conference call with analysts, Nvidia CEO Jensen Huang lamented that the U.S. government had effectively blocked off AI chip sales to China — a market that he estimated at $50 billion. Huang warned the export controls have spurred China to build more of its own chips in a shift that he predicted the U.S. will eventually regret.

"The U.S. based its policy on the assumption that China cannot make AI chips. That assumption was always questionable, and now it's clearly wrong," Huang said.

Despite Nvidia's lost opportunities in China, investors were heartened by the company's first-quarter performance. Nvidia's shares gained more than 4% in extended trading after the numbers came out. Nvidia's stock price ended Wednesday's regular trading session at $134.81, just slightly below where it

Turkey will fine airline passengers

who unbuckle before the plane stops

ANKARA, Turkey (AP)

— Passengers on flights to Turkey who unbuckle their seat belts, enter an aisle or open overhead compartments before their plane has stopped taxiing upon arrival are eligible for fines under new regulations issued by the country's civil aviation authority.

Under the updated rules, commercial airlines operating flights in Turkey are required to revise their standard in-flight announcements telling passengers to remain seated with seat belts fastened until the aircraft has reached a gate or other final stopping point.

Airlines now need to warn that violations of the procedure will be documented and reported, according to a circular issued by the Turkish Directorate of Civil Aviation. The announcements also are supposed to remind passengers to let the people sitting in the rows ahead of them exit first.

Turkish media reports have said rule-breakers could be fined up to $70. The civil aviation directorate did not specify the amount but said it updated the regulations following passenger complaints and flight inspections that indicated a growing number of safety violations.

"Despite announcements informing passengers of the rules, many are standing up before the aircraft reaches its parking positions and before the seat belt sign is turned off," the directorate said. "This behavior compromises the safety of passengers and baggage, disregards the satisfaction and exit priority of other travelers."

Passengers who race to stand up and grab their possessions the second the seat-belt light goes off — often referred to as "aisle rushers" or worse — are the bane of many travelers.

Many countries have regulations to deter unruly passengers, and most have regulations requiring people to follow instructions for when to stay buckled up. However, Turkey's threat of financial repercussions for post-landing misbehavior is unusual enough to have attracted notice.

The regulations took effect earlier this month. There have been no immediate reports about people getting fined or airlines enforcing the regulations by reporting violators. Turkey is a popular travel destination that draws millions of tourists every year.

The Associated Press reached out to Turkish Airlines and Pegasus Airlines,

NOTICE

NOTICE is hereby given that THEODULE GEORGES of P.O. Box N356 Malcolm Road,Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

a low-cost carrier also based in Turkey, for comment on Tuesday.

In the U.S., Federal Aviation Administration regulations require passengers to have their seat belts "properly secured during taxiing, takeoff, landing, and any other time when instructed to by crewmembers," the agency confirmed via email. A failure to obey safety instructions can result in a hefty civil penalty. But reports of the FAA and other aviation agencies actually fining passengers for not wearing their seat belts are rare — and, if such enforcement is taken, it's usually paired with additional "unruly" behavior.

In 2021, for instance, the FAA proposed a $14,000 civil fine for an Endeavor Airlines passenger who allegedly unfastened her seat belt while the "fasten seat belt" sign was illuminated and also refused to wear a mask properly despite repeated instructions from flight attendants.

Aviation agencies worldwide reported a concerning uptick in disruptive passenger behavior during the COVID-19 pandemic, largely due to travelers who refused to follow mask policies.

As incidents skyrocketed in 2021, the FAA

stood before Trump's Jan. 20 inauguration. The price had plunged to as low as $86.62 last month during a nosedive that temporarily erased $1.2 trillion in shareholder wealth.

The outlook began brightening for Nvidia last month after AI leaders such as Microsoft, Alphabet and Meta Platforms reaffirmed their plans to invest heavily in AI. That spending has been a boon for Nvidia because its chipsets provide the technology's brainpower, an advantage that has helped the company's annual revenue from $27 billion to $130 billion in just two years.

Wedbush Securities analyst Dan Ives estimates Big Tech companies will spend about $325 billion on long-term investments primarily revolving around AI this year, with a substantial chunk of that money budgeted for Nvidia's chips "There is one chip in the world fueling the AI revolution and it's Nvidia. That narrative is clear from these

results," Ives wrote in a research note.

Trump's trade war has been raising doubts about Nvidia's ability to maintain its astounding momentum by threatening to close off other key markets besides China.

In apparent attempt to curry favor with the president, Huang last month announced Nvidia will help boost U.S. manufacturing by building some of its AI chips and supercomputers in plants located in Arizona and Texas. Huang also accompanied Trump on a trip to Saudi Arabia earlier this month, signaling Nvidia's ambitions to sell more of its AI chips in the Middle East as that region

attempts to lessen its economy dependence on oil.

Trump also extended a helping hand to Nvidia of by rescinding the scheduled start export controls that had been drawn up under President Joe Biden's administration that would have broadened the restrictions on chips sales in foreign markets beyond the limits already in place on deals with China and Russia.

"The U.S. will always be Nvidia's largest market and home to the largest installed base of our infrastructure," Huang said. "Every nation now sees AI as core to the next industrial revolution."

implemented a "zero-tolerance policy" of issuing fines instead of giving unruly passengers warning letters or the option of remedial counseling. These days, unruly passengers can face FAA fines of up to $37,000 per incident as well as criminal prosecution, the agency said via email.

Airlines, aviation regulators and safety organizations alike have long-expressed the importance of remaining seated wearing a seat belt while a plane is in motion to avoid injuries from in-flight disruptions like turbulence. After a plane lands, passengers are at risk of falling or other injuries if they stand and attempt to move while the aircraft taxis to the gate.

Sara Nelson, president of the Association of Flight

NOTICE

NOTICE is hereby given that TITO WILLIAMS of Major Road, Yellow Elder, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

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, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Attendants-CWA — a union representing more than 55,000 flight attendants — reiterated that passengers must remain seated with their belts fastened when a plane is on an active runway and until it comes to a complete stop. She again pointed to the consequences of failing to comply under U.S. aviation regulations. "Listen to your flight attendants and follow crewmember instructions to get to your destination safely and to avoid unnecessary delay," Nelson said in a statement.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DOMINIQUE TAYLOR, of Speerstrasse 99, 8820 Waedenswil, Switzerland intend to change my name to DOMINIQUE SCHROEDER If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that BENGY DANIEL of East Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PEOPLE take a look to Nvidia’’s new products during the Computex 2025 exhibition in Taipei, Taiwan, Wednesday, May 21, 2025. Photo:Chiang Ying-ying/AP

A TURKISH Airlines plane takes off from Istanbul Airport near the Black Sea shores, in Istanbul, on April 6, 2019.

Photo:Lefteris Pitarakis/AP

ELON MUSK CRITICIZES

‘BIG BEAUTIFUL BILL,’ A FRACTURE IN A KEY RELATIONSHIP

By CHRIS MEGERIAN and KEVIN FREKING Associated Press

ELON Musk is criticizing the centerpiece of President Donald Trump's legislative agenda, a significant fracture in a partnership that was forged during last year's campaign and was poised to reshape American politics and the federal government.

The billionaire entrepreneur, who supported Trump's candidacy with at least $250 million and has worked for his administration as a senior adviser, said he was "disappointed" by what the president calls his "big beautiful bill."

The legislation includes a mix of tax cuts and enhanced immigration enforcement. While speaking to CBS, Musk described it as a "massive spending bill" that increases the federal deficit and "undermines the work" of his Department of Government Efficiency, known as DOGE.

"I think a bill can be big or it could be beautiful," Musk said. "But I don't know if it could be both."

His CBS interview came out Tuesday night. Trump, speaking in the Oval Office on Wednesday, defended his agenda by talking about the delicate politics involved with negotiating the legislation.

"I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it," he said.

Trump also suggested that more changes could be made.

"We're going to see what happens," he said. "It's got a way to go."

Republicans recently pushed the measure through the House and are debating it in the Senate. Musk's concerns are shared by some Republican lawmakers. "I sympathize with Elon being discouraged," said Wisconsin Sen. Ron Johnson.

Speaking at a Milwaukee Press Club event on Wednesday, Johnson added

he'll reduce his political spending, because "I think I've done enough."

At times, he's seemed chastened by his experience working in government. Although he hoped that DOGE would generate $1 trillion in spending cuts, he's fallen far short of that target.

"The federal bureaucracy situation is much worse than I realized," he told The Washington Post. "I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least."

Musk had previously been energized by the opportunity to reshape Washington. He wore campaign hats in the White House, held his own campaign rallies, and talked about excessive spending as an existential crisis. He often tended to be effusive in his praise of Trump.

"The more I've gotten to know President Trump, the more I like the guy," Musk said in February. "Frankly, I love him."

Trump repaid the favor, describing Musk as "a truly great American." When Tesla faced declining sales, he turned the White House driveway into a makeshift showroom to illustrate his support.

It's unclear what, if any, impact that Musk's comments about the bill would have on the legislative debate. During the transition period, he helped whip up opposition to a spending measure as the country stood on the brink of a federal government shutdown. His latest criticism could embolden Republicans who want bigger spending cuts.

Republican Utah Sen. Mike Lee reposted a Fox News story about Musk's interview while also adding his own take on the measure, saying there was "still time to fix it."

“Hopefully, the Senate will succeed with the Big Beautiful Bill where the House missed the moment. Don’t hope someone else will cut deficits someday, know it has been done this Congress.”

Reps. Warren Davidson

that he was "pretty confident" there was enough opposition "to slow this process down until the president, our leadership, gets serious" about reducing spending. He said there was no amount of pressure Trump could put on him to change his position.

Speaker Mike Johnson has asked senators to make as few changes to the legislation as possible, saying that House Republicans reached a "very delicate balance" that could be upended with major changes. The narrowly divided House will have to vote again on final passage once the Senate alters the bill.

On Wednesday, Johnson thanked Musk for his work and promised to pursue more spending cuts in the future, saying "the House is eager and ready to act on DOGE's findings."

The White House is sending some proposed rescissions, a mechanism used to cancel previously authorized spending, to Capitol Hill to solidify some of DOGE's cuts. A spokesperson for the Office of Management and Budget said the package will include $1.1 billion from the Corporation of Public Broadcasting, which funds NPR and PBS, and $8.3 billion in foreign assistance.

Musk's criticism come as he steps back from his government work, rededicating himself to companies like the electric automaker Tesla and rocket manufacturer SpaceX. He's also said

"The Senate version will be more aggressive," Lee said. "It can, it must, and it will be. Or it won't pass."

Only two Republicans — Reps. Warren Davidson of Ohio and Thomas Massie of Kentucky — voted against the bill when the House took up the measure last week.

Davidson took note of Musk's comments on social media.

"Hopefully, the Senate will succeed with the Big Beautiful Bill where the House missed the moment," he wrote. "Don't hope someone else will cut deficits someday, know it has been done this Congress."

The Congressional Budget Office, in a preliminary estimate, said the tax provisions would increase federal deficits by $3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would reduce spending by slightly more than $1 trillion over the same period.

House Republican leaders say increased economic growth would allow the bill to be deficit-neutral or deficit-reducing, but outside watchdogs are skeptical. The Committee for a Responsible Federal Budget estimates the bill would add $3 trillion to the debt, including interest, over the next decade.

ELON Musk looks

as President Donald Trump meets South African President

Cyril Ramaphosa in the Oval Office of the White House, Wednesday, May 21, 2025, in Washington.

Photo:Evan Vucci/AP

Vance urges crypto industry to stay involved in politics as he touts Trump administration's record

By ALAN SUDERMAN AP Business Writer

VICE President JD Vance praised the cryptocurrency industry Wednesday and urged it to remain active in U.S. politics and policymaking, highlighting the Trump administration's close ties to a deep-pocketed industry that's become a powerful force in Washington.

Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives and enthusiasts to keep pressure on Congress to pass pro-crypto legislation supported by the White House.

"We have a once-in-ageneration opportunity to unleash innovation and use it to improve the lives of countless American citizens," Vance said in his address. "But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction."

Vance's speech comes after Trump promised to make the U.S. the "crypto capital of the planet" when he addressed the same bitcoin conference in Nashville last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attacked by the Biden administration, spent heavily to help Trump and pro-crypto lawmakers win election.

Vance praised how quickly the crypto industry was able to organize and influence U.S. politics during last year's election, giving special credit to Cameron and Tyler Winklevoss, the billionaire founders of the crypto exchange Gemini.

"You chose to speak up and you chose to get involved and I believe you changed the direct trajectory of our country because of it," Vance told the crowd

gathered at the Venetian Hotel.

Vance hailed crypto as a hedge that can help conservative populists protect themselves against bad politicians, overly aggressive regulators and unethical elites. He predicted its continued assimilation into the financial mainstream and said it was strategically important for the U.S. to be a world leader in the industry, noting that the Chinese government is hostile to crypto.

Vance also touted the Trump administration's record at fulfilling the campaign promises made last year.

As president, Trump has established a strategic bitcoin reserve for the federal government and pardoned Ross Ulbricht, the founder of Silk Road, a black market website that was key to the early growth of bitcoin. Trump has also staked his administration with outspoken crypto backers while his administration has undone or paused several enforcement actions taken against large crypto companies.

Several other Trump officials are speakers at the bitcoin conference, as are his sons Don Jr. and Eric. The president and his family's use of crypto as a platform to make money for the Trump brand has drawn criticism from Democrats and even crypto enthusiasts as corrupt and unseemly.

The Trump family holds about a 60% stake in World Liberty Financial, a crypto project that recently launched its own stablecoin, a fast-growing form of cryptocurrency whose values is often tied to the U.S. dollar. The U.S. Senate advanced legislation earlier this month that creates a federal framework to regulate stablecoins, a bill that Vance said the Trump administration wants passed into law quickly.