06042025 BUSINESS

‘Phenomenal’ Apple Pay first as bank’s

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

COMMONWEALTH Bank

yesterday disclosed it has become the first bank in the Caribbean to offer Apple Pay to clients after beating first quarter profits from a record-setting 2024 by 6.3 percent.

Tangela Albury, the BISXlisted lender’s chief financial officer, hailed as “phenomenal” the tie-up with Apple’s mobile payment service, which will allow the bank’s cardholder clients to use it as a transaction mechanism for in-store, in-app and online purchases.

Describing the partnership as a “first” for both The Bahamas and the Caribbean, she signalled that it is part of a wider strategy by Commonwealth Bank to

improve access to financial services and payment systems with the consumer-focused lender having installed an automated teller machine (ATM) in North Andros - an area where businesses and residents have decried the absence of physical branches.

Speaking after the bank saw profits for the three months to end-March 2025 increase by $1.1m year-over-year, rising from $17.4m during the same period in

2024 to $18.5m, Ms Albury told Tribune Business it is “reaping the benefits” from growth in its credit portfolio late last year with loan receivables expanding “significantly ahead of the industry average” by more than 6 percent. The increased transaction volume drove a more than $2m, or 30.8 percent, year-over-year growth in Commonwealth Bank’s fee income to $9.2m. And with net interest income up by 6.5 percent

‘Cloak and dagger’ Budget backfires over VAT reclaim

By NEIL HARTNELL

Business Editor

THE Government was yesterday urged to abandon the “cloak and dagger approach” sparking undue business alarm over reforms such as the VAT deduction restriction for “major” construction projects.

Gowon Bowe, Fidelity Bank (Bahamas), told Tribune Business that he understands proposed VAT Act changes appearing to prevent companies from recovering the 10 percent tax they pay on building materials, equipment and other ‘inputs’ for physical expansion valued at $1m and above will not impact legitimate corporate projects. Rather, he explained that the amendments were designed to plug a loophole that has seen some unscrupulous businesses “front”

for construction projects actually being undertaken by individual homeowners so that the latter can claim VAT deductions, or refunds, they are not legally entitled to.

But, while asserting that the Bahamian private sector will still be able to claim construction-related VAT refunds on bona fide expansion projects, Mr Bowe told this newspaper that much angst and confusion could have been avoided if the Government had explained the proposed reforms and consulted with the

construction industry and other stakeholders in advance.

Acknowledging that the change “wasn’t well articulated” in legislation tabled in the House of Assembly last week, the Fidelity Bank (Bahamas) chief said corporate Bahamas had been left to try and determine the basis for, and intent behind, the Government’s policy for itself.

Mr Bowe, who headed the private sector’s Coalition for Responsible Taxation when VAT was first introduced in 2015, also agreed that the Government’s failure to

for the 2025 first quarter, standing at $32m as opposed to $30.056m for the same period in the prior year, its improvement on 2024’s record results is being driven by its core business rather than loan loss reversals.

provide a complete explanation made it seem as it was “contradicting the whole concept of VAT” as this is a tax paid by the end-consumer and not the business community.

“With the $1m ‘major’ construction cap, I know the root cause is a suspicion that some businesses have fronted for development and taken VAT refunds when they are not entitled to do so,” he told Tribune Business. “VAT refunds are for capital development, but homeowners were benefiting from a company claiming the refunds when the

PM: ‘We’ve lived up to worker promises’

By FAY SIMMONS Tribune Business

Reporter jsimmons@tribunemedia.net

THE Prime Minister yesterday asserted that his administration has “lived up to the promise we made to workers” in the August 2021 pact signed with the two umbrella trade union bodies.

Philip Davis KC defended his decision to sign the Memorandum of Understanding with the Trades Union Congress (TUC) and National Congress of Trades Unions of The Bahamas (NCTUB) while serving as leader of the Opposition, describing it as a “wise decision” since it provided a “mechanism” to respond to the challenges workers faced.

“Yeah, it was a wise decision. And we have lived up to the to the promise we made to workers. We signed that the MoU with the TUC for the purposes of ensuring that workers get their just [rewards] in this country,” said Mr Davis.

“The TUC represented them, but this was for the purpose of ensuring that we understand workers’ complaints and concerns, and that we’re able to address it. We were setting up a mechanism to which we could respond to what they claim to be the challenges they face in the workplace, the challenges they’re facing as citizens of this country, and bringing resolution to those challenges.”

The TUC recently announced that itself and its affiliates will not be participating in this year’s Labour Day Parade on Friday, asserting that the Davis administration is not “honouring” their

The recovery of loan loss provisions slowed by more than 70 percent during the three months to end-March 2025, falling from $4.424m during the same period in 2024 to $1.295m. Ms Albury, though, explained that the reduction signals an improvement in Commonwealth Bank’s loan book quality as she predicted the “positive momentum” from the first quarter will carry through the rest of 2025.

Detailing the increased benefits that Commonwealth Bank cardholders will enjoy from the Apple Pay and MasterCard partnership, she told this newspaper: “We are the first bank in The Bahamas to bring Apple Pay to our cardholders in The Bahamas, and the first bank to launch Apple Pay in the Caribbean.

‘Bit of danger’ for banks on conveyancing reform

By NEIL HARTNELL Tribune Business Editor

BANKS and other mortgage lenders will face “a bit of a dangerous scenario” if reforms rendering all real estate transactions as “void” until recorded are passed by Parliament.

Bankers and attorneys yesterday told Tribune Business that this proposed change to the Conveyancing and Law of Property Act threatens to disrupt mortgage lending and, by extension, the wider residential housing market, commercial development and the construction industry by leaving financiers without collateral security for their loans for a potentially significant time period.

Andrew O’Brien, the Glinton, Sweeting & O’Brien attorney and partner, who specialises in conveyancing, called on the Government and Parliament to insert “a cure period” into the Bill presently before the latter so that a real estate transaction’s deeds are treated as valid, and legally enforceable, for either 90 or 180 days immediately post-closing.

This, he explained, would give a buyer and their attorneys sufficient time to lodge the conveyance with the Registry of Records, as required by the new Bill, while also maintaining the confidence of banks and other mortgage lenders as they would know their security is still valid and protected. The 90-180 day period would also protect the rights of all parties involved, including buyers and sellers.

“My big concern is I believe they need to add some period during which an unrecorded deed is valid,” Mr O’Brien told this newspaper, “because the gap between when one closes a transaction and when you have proof the

deed has been recorded can be several months.

“The items that often cause a delay would be if the VAT payment is disputed [by the Department of Inland Revenue], which sometimes arises. That comes with the zerorated transfer of shares or, sometimes, the commercial value is challenged. Getting replies on some of the more unusual transactions, like zero rating, and home owner questions takes the Department weeks, and could take several months.

“The challenge, if a deed is deemed void until registered, is what security does the bank have after it has released and paid the purchase funds? They’ve got no security for a gap period. What happens if the home burns down or a hurricane hits before the deed is recorded?” Mr O’Brien added that the Bill, if passed into law, will likely create difficulties for new homeowners when it comes to obtaining insurance. “An insurance company, from my experience, they won’t issue a policy until someone has a legal interest,” he explained.

“During a sales transaction, the seller - the existing owner - can add a purchaser on to his policy to cover that. But once the transaction is closed that owner no longer has a legal interest, so that policy no longer applies, and if the new owner is holding a void conveyance for a couple of weeks to months, I don’t believe an insurance company will issue a policy.”

The Government’s move is being seen as an attempt to drive purchasers, and their attorneys, to ensure VAT due on real estate acquisitions is paid in a timely manner and in full because they will be unable to register the conveyance - and prevent it from being

PM: Information freedom Act not currently a priority

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Prime Minister yesterday confirmed fully funding the Freedom of Information Act’s implementation and other anti-corruption mechanisms is not a priority for his administration which is focused on relieving the cost of living crisis. Philip Davis KC, defending his administration’s decision to allocate just $140,000 to the Freedom of

Information Act (FOIA) in the 2025-2026 Budget despite criticism this is insufficient to facilitate its full implementation, said the Government is instead focused on “bringing relief to the Bahamian people”. “Well, first of all, there’s a misconception as to what the Freedom of Information Act really entails. It doesn’t give unfettered access to information. And it doesn’t, in the scheme of things, doesn’t make available matters that are not already available to the public,” said Mr Davis.

“It’s just that we are interested in getting other things done. When we came into office, our focus was on righting the ship, cleaning up the mess that we met, and that is our focus.” Mr Davis said that although The Bahamas is in a better position, many Bahamians are still “suffering” and he is too focused on reducing the cost of living and crime to prioritise “esoteric” freedom of information matters.

“Now that we have done that, we could now look at other things that we need to

implement. And the Bahamian people were suffering. Some are still suffering. And until that suffering is alleviated, things as esoteric as matters of freedom of information, they can’t take priority in my mind when a little baby can’t find food tomorrow. That is what worries me,” said Mr Davis.

“When people don’t feel safe in their homes, that is what bothers me. That’s what I buy attention. It’s taking my priorities, trying to make this country a

TANGELA ALBURY

GOWON BOWE

PHILIP DAVIS KC

LPIA EMPLOYMENT FAIR GETS 530 JOB SEEKERS

THE Nassau Airport Development Company (NAD) partnered with the Department of Labour to host a second annual job fair that featured 16 tenants operating at Lynden Pindling International Airport (LPIA).

Held at the National Training Agency, the event attracted around 530 job seekers eager to explore employment opportunities at the airport with its retail and food and beverage tenants. Employers conducted on-the-spot interviews and shared information about the companies with participants.

NAD, in a statement, said the job fair is part of its effort to support airport stakeholders while

enhancing the overall guest experience at LPIA through high service standards and engaged staff, particularly at retail and food and beverage outlets.

LPIA, it added, supports more than 4,300 employees at The Bahamas’ main aviation gateway.

“This year, we were proud to have 16 of our tenants here to help them identify qualified talent for current openings and future career opportunities,” said Charlotte Knowles-Thompson, NAD’s marketing co-ordinator.

Urging job seekers to seize the opportunity offered, she added: “We ask them to broaden their horizons, speak to everybody because you never

know where the opportunity will present itself. This is a moment for you to find gainful employment and to be a part of something bigger than yourself.”

More than 100 attend RF human resource summit

MORE than 100 human resource professionals recently gathered at Baha Mar for a half-day Leadership forum hosted by RF Bank & Trust.

The event, held in partnership with the Bahamas Society for Human Resource Management (BSHRM), was staged under the theme ‘Tools, talent and tomorrow’ in a bid to better prepare human resources executives for the evolving workplace.

Keshelle Davis led a session on artificial intelligence

(AI), demonstrating how tools such as Copilot and ChatGPT can be seamlessly integrated into daily human resource workflows. “You won’t be replaced by AI but you may be replaced by someone who knows how to use it,” she said. Ms Davis challenged attendees to embrace these technologies now, emphasising that “this is the worst AI will ever be”, underscoring its inevitable growth and impact. Christina Sands, RG’s regional manager of group

pensions, focused on financial wellness. She detailed a 12-month Financial Wellness calendar filled with challenges and activities, and explained how a wellrounded benefits package - from employee share offerings to financial education sessions - can give workers a competitive edge.

Two panel discussions drove the message that human resources must be bold, adaptable and humancentered. Paul Haven and Keshala Knowles shared

Simone Thurston, manager of the public employment services unit at the Department of Labour, added: “We are partnering with LPIA in this job

how Commonwealth Brewery and Cable Bahamas are embedding diversity and equity into their total rewards strategies.

With Denise Knowles moderating, the panel also featured Tonya Bethel, who explained how BRON is finding creative ways to reward employees beyond financial compensation. She highlighted its success with offering additional time off as a powerful motivator.

In the closing panel, Khalil Braithwaite, chief executive of Kanoo Innovation Hub, said: “There is no future planning without the human element. We must teach our teams to be resourceful if we want them to remain agile.”

fair exercise. As you are aware, the Department of Labour is in the business of assisting persons with employment opportunities, hence the collaboration and partnership.

“The unemployment rate, as it stands, is at 8.7 percent and we endeavour to decrease that number even further. So, today, we are happy to be able to assist LPIA in this job fair event.” Participating employers also praised the event’s organisation and were impressed with the quality of applicants.

“For us it’s been pretty positive. We’ve had a number of applicants come through our brands and inquire about the possibility of getting employed,

and so we’ve really helped them quite a bit to do that,” said Nina Maynard, director of human resources at The Myers Group of Restaurants.

“We’ve encountered quite a number of young people - and all ages really - but a lot of young people who seem to be eager to start their lives and achieve their goals, and we’re all for that. We want to make sure that when people come to work for us they look at it as not only a job but also a career.”

NAD and the Department of Labour plan to explore future collaborations to support additional job creation at LPIA.

Bahamians among speakers for Turks Business Outlook

TWO Bahamians are among the speakers for the second annual Turks & Caicos Islands Business Outlook that is being organised by Bahamasbased TCL Group.

Dennis Deveaux, Doctors Hospital’s chief financial officer, and Ian Ferguson, the Tourism Development Corporation’s chief executive, will address the event on Friday, June 13, which is being held under the theme ‘Prioritising inclusive, sustainable growth’.

The conference, which will be held at The Palms, aims to bring together senior government officials, business leaders and investors for a discussion on the economic future of the Turks and Caicos Islands.

Charles Washington Missick, the Turks & Caicos premier, who is also minister of finance, economic development, investments and trade, will deliver the keynote address and will emphasise the importance of collaboration between the public and private sectors to ensure long-term, inclusive economic growth.

Jamell Robinson, deputy premier and minister of immigration and border services, said: “Forums like the Business Outlook are important as it provides a platform for public and private sector entities to share ideas and experiences for moving a nation forward.”

He highlighted the Turks & Caicos government’s focus on revenue growth, national security investments including increased tactical officers, vessels and digital borders projects, as well as continued infrastructure improvements such as roads, seaports and airports. When asked what the government is doing to attract new investment, especially beyond tourism, Mr Robinson responded:

“Primarily the review of the inward and domestic investment legislation to ensure that the Invest TC agency can drive investment into the TCI. Additionally, TC Finance was set up to specifically promote the financial services sector.” The morning sessions will explore policy innovation and investment-led development. Dr Darren Hall, medical director at Family Care Medical Services, and Mark Garland, director of education will present on strategies for creating a competitive investment climate that drives both economic and social advancement.

Erwin J. Saunders, minister of innovation, technology and information, will follow with a presentation on enhancing digital technology while Mr Deveaux will focus on prioritising sustainable health services. Zhavago Jolly, minister of tourism, will present on ensuring an inclusive and sustainable tourism sector. Mr Ferguson will focus on growth opportunities in tourism for small island economies.

Arlington “Chuck” Musgrove, the minister of physical planning and infrastructure development, will speak on developing sustainable solutions for affordable housing. This will be followed by a panel on the ease of doing business, featuring Terrance Gibson of CIBC, Na-amh Barker of Scotiabank, and Steward Howard of British Caribbean Bank. Kenva Williams, director-general of the Telecommunications Commission, will address challenges and opportunities in delivering sustainable infrastructure.

A session on real estate investment will be led by Snjezana Andrews of White Rock Realty.

DENNIS DEVEAUX IAN FERGUSON

LPIA hosts its second annual job fair in conjunction with the Department of Labour. MORE than 530 job seekers register for LPIA’s job fair.

LPIA hosts a job fair with the Department of Labour for airport concessionaires.

(L-R) Lashanta Smith, Patrice Taylor, Shervanna Deleveaux and Khalil Brathwaite during one the panel discussions.

KESHELLE Davis on the stage at RF HR Leadership Forum.

FOOD STORES AND PHARMACIES BACK LATEST VAT RATE SLASHES

By ANNELIA NIXON

FOOD stores and pharmacies yesterday backed the Government’s bid to slash the VAT rate by 50 percent on medicines, feminine and baby products having urged such a move for some time.

Both Dr Marvin Smith, president of the Bahamas Pharmaceutical Association (BPA), and Philip Beneby, former president of the Retail Grocers Association and proprietor of Courtesy Supermarket, backed the Davis administration’s decision to cut VAT from 10 percent to 5 percent on

these items with effect from September 1, 2025. With both prescription and non-prescription drugs, and medical and dental supplies, included in the cut, Dr Smith said: “The Association has been calling for a complete elimination of VAT on prescription medications and, to some extent, commonly used over-thecounter medications that are needed, particularly for children.

“So we see this as a positive step. The Government is making some move toward reducing the cost of medications by eliminating or reducing some of the VAT. We’re hoping that, in time, they will take a step even further and remove VAT on something as essential as medications.

PHARMACY CHIEF HAILS DRUG PLAN TALKS MOVE

By ANNELIA NIXON Tribune Business Reporter

THE Bahamas Phar-

maceutical Association’s (BPA) president yesterday said there have been positive talks with the Government over the National Prescription Drug Plan’s incorporation into National Health Insurance (NHI).

Dr Marvin Smith, its president, said communications with Dr Michael Darville, minister of health and wellness, have been positive.

“The first set of discussions have been happening with the pharmacy owners themselves,” he said.

“Everything that I took to the minister on our first engagement, our first meeting, was directly the results of a meeting I had with pharmacy owners, where they said, these are the things we want you to address. I don’t own a pharmacy. So I’m simply the spokesperson for my members. They brought these concerns, and a lot of them are smaller pharmacies.

“We understand that Family Island pharmacies, the cost of transportation, since the majority of our distribution networks are here in Nassau, Grand Bahama… the cost of transportation and the availability of consistent transportation to some of these islands are a critical cost component,” Dr Smith added.

“So I met with the minister on that, and I said an item that’s at a pharmacy in Rock Sound, Eleuthera, is going to cost more than that same item in Nassau. He understood that, and he said to us, ‘Okay, we’re going to come up, and we are working on ways, that we will try to see how we get the transport aspect of it equitably covered’.

“We’ve knocked around a couple of suggestions. We’re working on it. But I’m just saying when a government is open to that sort of conversation with the owners and saying, ‘Hey, let’s protect the big guy as well as the small guy’, that’s a good thing. That’s a very good thing. And so we are having those conversations, and we are working on solutions,” he continued.

“We’ve done the first round of conversations, and then we’ve done the initial discussions with NHI and NIB (National Insurance Board). We’re about to schedule the second group of consultations. We’re hoping that this level of co-operation and mutual dialogue continues, because we think it’s best for the country. And that’s the thing we want. We want to make sure that whatever comes out of this is best for the country.”

Dr Smith said the Association is set to schedule a time with NIB to access a demonstration for the programme’s software. He added that Dr Darville is engaging with the Association and will also include it in the consultation on pharmaceutical-related draft legislation.

“I know a lot of times in the past we felt like the Government has been a little less co-operative, [less] eager to come to the table, but they’ve listened, and they’ve been very open and welcome,” Dr Smith said.

“Every time I place a call or we send an e-mail to get some information in the last month or so, we’ve been

But it’s a step in the right direction.

“I’m sure that some people will say that maybe it wasn’t us who got the Government to reduce the VAT on medicines. But the record is clear; we’ve been calling for it from day one. So if other people also call for it and the Government’s listening...,” he added.

“A lot can get done in this country if people don’t worry about who gets the credit. So we’re not going to worry about who gets the credit. We’re just going to do the work, and we hope that the Bahamian people will get the benefit.”

With other items such as baby diapers, depends and feminine hygiene products making the list, Mr Beneby said his association has for

able to get it. So the process is going on, and what we were hoping to do is work and partner with the Government,” he added.

“So if a programme, and when the programme comes into play, it’s the best for the Bahamian people, and we bring our expertise to it. The Government, I think, has realised that a lot of the expertise lies within the people who are actually working in the industry, and so they’re getting feedback.

“The minister, for example, there’s draft legislation that’s being finished up for the National Health Insurance process moving forward as it relates to pharmaceuticals, in particular, and he has [said] to us that we will get a chance to review that and consult with him before that draft gets released to the public, so that we’re able to help the Government if there’s an issue that has to be resolved.

“We do it before it comes to the public, rather than having to raise it in the public. So we’ve seen some real good improvement from Minister Darville. I have to give him kudos. So, we’re hoping that spirit of co-operation continues.”

Dr Smith noted BPA’s desire to see affordable medication and thriving pharmacies. He said ”there’s a happy medium where the Government can provide the products, the people can get it, and the folk like us who are involved in the industry can still do it at a cost effective price”.

“We understand that health care in this country has to be accessible to everybody,” Dr Smith said. “We’re too small of a country to have a country where the haves get to have health care and the have nots just die. So our whole process is, let’s partner to make sure that it also is done in a way where it doesn’t kill business.

“We believe that there’s a happy medium where the Government can provide the products, the people can get it, and the folks like us who are involved in the industry can still do it at a cost effective price... Keep in mind that every pharmacy employs staff. Every distributor employs staff. They bring in revenue to the country. All of these things are critical.

“They buy trucks to deliver. They pay for securing companies. All of these are things in which we really engage the economic benefit of health care in the country. So we want to make sure that, at the end of the day, we’re not bystanders in this, that we’re working with the Government,” he added.

“So that when we come up with something that we believe can work for everybody. And yeah, everybody’s not going to get everything they want, but everyone’s going to have to sacrifice here or there. But at the end of the day, if we’re able to do that, I think that works for us.”

years been pushing for VAT to be removed from both bread basket items and medication. However, he added that the move to reduce VAT on some items is “a good gesture by the Government” although “they may be able to go a little bit further”. Mr Beneby said he hopes this reduction leads to the complete elimination of VAT “at least on the bread basket items and on the medicines - the over-thecounter medicines”.

Mr Beneby said transitioning to this new rate, especially in time for September 1, may be more difficult for some grocers, noting the need to update their systems. “It may be a bit difficult for some more than others,” Mr Beneby

said. ”But if that’s the date then we would all have to comply. “I think the setting up of some of the registers, and also the way the grocers operate on the Family Islands, most of them don’t have the automated system, the POS systems, that the grocers in the capital and some of the other Family Islands have. So you have to take them into consideration as well.”

Mr Beneby also spoke to inventory brought in at 10 percent that may have to be sold at the lower 5 percent rate, which will place grocery stores at a loss. He added that although he believes sales will remain as they are now, customers will take advantage of the savings.

“I mean that, of course, presents a loss to the grocers, for the reduction from the items that they would have paid the 10 percent on, and then to have to reduce it to 5 percent,” Mr Beneby said. “The only thing that they can do is try to reduce their inventory as much as they possibly can by that time so that they wouldn’t incur a high percentage of loss because of the reduction.

“In terms of sales, I mostly believe it will be basically the same, but at least it would be a savings, some savings, for the customers; for those who need it more, who need it most. It would be more savings for the public.”

GOV’T IN $20M CONTRACT FOR LONG ISLAND INFRASTRUCTURE

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Government yesterday signed a more than $20m contract with Rowdy Boys Construction to rehabilitate Long Island’s road and waterworks networks.

Prime Minister Philip Davis, KC said the agreement will provide job opportunities for Long Island residents and improve the infrastructure necessary for the island’s continued growth.

“Today’s contract for the Long Island road rehabilitation and waterworks project reflects our belief that every island should have smooth roads, accessible potable

water and the necessary infrastructure to support growth,” said Mr Davis. “This project is about more than asphalt and pipes; it’s about people. It’s about progress that is long overdue for Long Islanders.”

Clay Sweeting, minister of works and Family Island affairs, said the project is a “major investment” in Long Island and will include the rehabilitation of 18 miles of road at a cost of $20.511m.

“This undertaking will call for rehabilitation of 18 miles of roads, from Stella Maris Airport to Salt Pond using 1.5-inch-thick hot mix asphalt, not sand and seal. We’ll be conducting verge clearance over more than 100,000 square yards, laying over 253,000 square yards

of new lime rock base and pavement, installing 6,000 cat eyes, 40,000 feet of road striping and 25 regulatory signs,” said Mr Sweeting.

“Equally important, we are modernising the water system with new pipelines and 119 lateral service connections. The scope of this project comes at the tune of $20.511m, a capital project that will be executed by Long Islanders on Long Island and a testament to the hard-working people and progressive companies that are on this island.”

The project is set to begin in July and be completed within 15 months.

Contractors said the project will initially employ 20 to 30 workers, and the number will be increased

as the project proceeds. Mr Sweeting said he will soon be announcing the rebuilding of the dock in Salt Pond, which will improve the conditions for fishermen and mariners on Long Island.

“Investing in infrastructure is not just about asphalt. It’s about capacity. It’s about connecting people to opportunity, and that is why we are also going to not only invest in the roads in Long Island, but this week, I will also speak at the regatta site to announce that in Salt Pond, we will be rebuilding their dock there for the boaters, the fishermen and the sailors in Long Island,” said Mr Sweeting.

PM: Information freedom Act not currently a priority FROM PAGE B1

country where people can strive, people could survive and feel safe in their homes.” Mr Davis added that he is an “accountable person”, and he can defend his actions as they are “all above board”.

“Freedom of Information Act, that’s about accountability, right? I’m not ashamed to say I’m an accountable person, right? I have transparency, and all the negativity that arises on what is transparent, what’s accountability, I’m not worried about that because I can account for my actions,” said Mr Davis. “I could defend my actions, and they’re all above board. But for me, I

am paying more attention, and continue to pay attention, to bringing relief to the Bahamian people, and they can see that in what we have done so far, and we still have more to do. That’s my focus.”

The Organisation for Responsible Governance (ORG) criticised the government for failing to invest in transparency and provide adequate funding for key areas such as the implementation of FOIA, the Office of the Ombudsman and newly-established Independent Commission of Investigations. It added that the $140,000 allocated to FOIA is far below the $1m estimated as needed for execution.

The Office of the Ombudsman has been budgeted $39,890 for the upcoming fiscal year, the Independent Commission of Investigations has been allocated $30,000 and the Public Disclosure Commission was allocated $80,000.

“These figures remain static across the Government’s projected out-years, suggesting limited intention to scale or implement these reforms in any meaningful way,” said ORG.

By BECKY BOHRER and MARK THIESSEN Associated Press

TOP Trump administration officials — fresh off touring one of the country's largest oil fields in the Alaska Arctic — headlined an energy conference led by the state's Republican governor on Tuesday that environmentalists criticized as promoting new oil and gas drilling and turning away from the climate crisis. Several dozen protesters were outside Gov. Mike Dunleavy's annual Alaska Sustainable Energy Conference in Anchorage, where U.S. Interior Secretary Doug Burgum, Energy Secretary Chris Wright and Environmental Protection Agency Administrator Lee Zeldin were featured speakers. The federal officials were continuing a multiday trip aimed at highlighting President Donald Trump's

CORRECTION

push to expand oil and gas drilling, mining and logging in the state.

The trip has included meetings with pro-drilling groups and officials, including some Alaska Native leaders on the petroleumrich North Slope, and a visit to the Prudhoe Bay oil field near the Arctic Ocean that featured selfies near the 800-mile (1,287-kilometer) trans-Alaska oil pipeline.

Calls for additional oil and gas drilling — including Trump's renewed focus on getting a massive liquefied natural gas project built — are "false solutions" to energy needs and climate concerns, protester Sarah Furman said outside the Anchorage convention hall, as people carried signs with slogans such as "Alaska is Not for Sale" and "Protect our Public Lands."

"We find it really disingenuous that they're hosting this conference and

In an article published in Tribune Business on Friday, May 30, 2025, headlined 'Exuma developer renews halt threat over rival hotel', Bob Coughlin, the Turtlegrass Resort and Island Club’s principal, was reported as saying that a resort project on Cave Cay could have 150 foreign work permits.

This is incorrect. The 150 figure refers to the number of employees, not work permits, for Cave Cay. The work permit number, 130, is for Rosewood Exuma, the other resort on Sampson Cay.

“When citizens have equitable access to information and the ability to report inefficiency or wrongdoing, public services improve, trust increases and the investment climate strengthens. While allocations for sidewalks, drainage and social assistance are welcome, greater transparency is needed to ensure these funds are equitably and effectively spent.

not talking about real solutions," she said.

Topics at the conference, which runs through Thursday, also include mining, carbon management, nuclear energy, renewables and hydrogen. Oil has been Alaska's economic lifeblood for decades, and Dunleavy has continued to embrace fossil fuels even as he has touted other energy opportunities in the state.

Another protester, Rochelle Adams, who is Gwich'in, raised concerns about the ongoing push to allow oil and gas drilling on the coastal plain of the Arctic National Wildlife Refuge. Gwich'in leaders have said they consider the coastal plain sacred, as caribou they rely on calve there.

Leaders of the Iñupiaq community of Kaktovik, which is within the refuge, support

“Ensuring meaningful investment in transparency is one of the most important ways we can build a stronger, more inclusive and more accountable Bahamas. While the Prime Minister emphasised that the budget was guided by data and evidence, many key national priorities like institutional strengthening, gender equity, youth development and digital transformation were either lightly addressed or omitted entirely.”

drilling as economically vital and have joined Alaska political leaders in welcoming Trump's interest in reviving a leasing program there.

"When these people come from outside to take and take and take, we are going to be left with the aftereffects," Adams said, adding later: "It's our health that will be impacted. It's our wellness, our ways of life." Zeldin, during a friendly question-and-answer period led by Dunleavy, said wildlife he saw while on the North Slope didn't appear "to be victims of their surroundings" and seemed "happy."

Burgum, addressing a move toward additional drilling in the National Petroleum Reserve-Alaska, said wildlife and development can coexist.

LEGAL NOTICE

CALVINA SHIPPING COMPANY LIMITED (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Members of the above-named company by Resolution passed on the 22nd day of May 2025 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 4th day of July 2025, after which date the books will be closed and the assets of the company distributed.

Dated the 2nd day of June 2025. Bennet R. Atkinson Liquidator

DR MARVIN SMITH

‘Phenomenal’ Apple Pay first as bank’s profit up 6%

FROM PAGE B1

“It is phenomenal for us. Apple Pay is an easy, secure and private way to pay instore, in-app and online, and we expect this to be the preferred experience for electronic payments among tech-savvy Apple iphone users. To pay in-store, customers simply double-click the side button, authenticate and hold their iPhone over the Point-of-Sale device.”

Indicating a renewed focus on improving customers’ access to financial services, Ms Albury added that Commonwealth Bank had “overcome the hurdles” of providing ATM services to North and Central Andros.

“The challenges faced by Bahamians banking on the Family Islands were an area where we didn’t need to introduce fancy

technologies; they simply needed to be able to bank with ease. We are therefore very pleased to have installed a SMART ATM in North Andros for the benefit of both North and Central Andros,” she added.

Turning to the 2025 first quarter results, Ms Albury said: “We fully anticipated that the significant loan growth by the end of 2024 would bolster our future profitability, and we are now reaping the benefits of that in 2025....

“The bank has sustained robust credit quality post-COVID-19, which is reflected in delinquency levels that, at 6 percent, remain impressive and are significantly below the industry average. Nonetheless, we have maintained discipline in our strategy to grow organically, as evidenced by the 11.1

‘CLOAK AND DAGGER’ BUDGET BACKFIRES OVER VAT RECLAIM

FROM PAGE B1

beneficiaries were actually private individuals.

“This wasn’t well-articulated. This is not intended to stop businesses from reclaiming legitimate capital expenses, but it’s been done in a vague manner. If you articulate you have found fraudulent VAT claims, and are seeking to close a loophole that allows that, and expect legitimate business expenses for projects above $1m to be approved via an efficient process, there’d be no concern.

“But this has not been communicated, or properly laid out, and businesses are left to determine if there’s an actual intent to contradict the whole concept of VAT, which is a consumer tax. If businesses lay out capital for goods and services, they should be able to reclaim that amount” of VAT.

The VAT (Amendment) (No.2) Bill seeks to insert several new sub-sections in the existing Act that “restrict VAT input deductions for major construction unless involved in taxable property supply”, meaning developers of subdivisions and other real estate that will be re-sold to new buyers are exempt. Major construction is defined as projects worth $1m or more. It clearly states that tax deductions on VAT inputs “shall not be allowed in respect of any goods or services acquired for use in, or connection with” property construction, reconstruction or renovations deemed to be a “major” project unless this is allowed by the VAT comptroller. This concentrates significant power in the comptroller’s hands, and no exemption qualifying criteria was released.

Apart from the $1m threshold, the Bill lists “major construction” criteria as involving dredging or land reclamation activities; the construction of docks, marinas and other waterfront structures; the building, paving and improvement of roads, driveways “or other access infrastructure”, and “any other construction activity as may be prescribed” by rules and regulations that have yet to be published. Regardless of whether Mr Bowe’s explanation for the amendments is accurate, Bahamian businesses are likely to still be concerned that the decision over whether they can claim VAT refunds or not lies in the hands of one person, namely the VAT comptroller, who is Shunda Strachan, the Department of Inland Revenue’s chief. It is by no means certain they will be able to recover such an outlay.

The Fidelity Bank (Bahamas) chief, meanwhile, argued that the furore surrounding the $1m-plus “major construction” VAT deduction reforms again highlighted the need for the Government to undertake a more transparent, inclusive and collaborative approach to its Budget processes and wider policy-making in an effort to avoid future angst.

“This cloak and dagger approach is almost like an ‘us versus them’ where the tax authorities see bad behaviour and get

percent increase in revenues year-on-year.

“We experienced significant growth in our loans receivable in 2024, particularly in the fourth quarter, with an average of 6 percent - significantly ahead of the industry average for 2024. This is the foundation on which we expect to see future profits as the result of our operations.”

Commonwealth Bank, which saw a significant uptick in general and administrative expenses in both 2023 and 2024, largely held these costs flat during the 2025 first quarter with only a slight increase to $22.999m as opposed to $22.945m in the prior year.

“General and administrative expenses remained relatively stable for the first quarter of 2025, as the bank focuses on controlled expenditures aligned with its operational plans for the

into a ‘gotcha’ moment by making legislative changes as opposed to being very candid and clear that there have been unscrupulous practices identified, this is intended to close the gap, and there’s a consideration to have a process and get feedback,” he told Tribune Business.

“I don’t think anyone would argue against closing loopholes or ensuring the enforcement of tax laws as intended, but sometimes the sledge hammer approach would be more suitable as a scalpel and surgical approach. Rather than throw the baby out with the bath water, use the scalpel to get the bad apples out.”

Leonard Sands, the Bahamian Contractors Association’s (BCA) president, told Tribune Business earlier this week he “did not understand the thought process” behind the proposed VAT Act amendments that seemed to significantly reduce the “deductions” that companies and homeowners can claim on construction project inputs such as building materials and equipment.

Warning that this will act as a deterrent to business expansion, he added that this change - included in the legislative package tabled in the House of Assembly alongside the 2025-2026 Budget - in effect “penalises the sectors that create a lot of work in construction”.

And, should the Government proceed with the amendment as worded despite the potential fallout, Mr Sands urged it to raise the $1m threshold to a much higher level - suggesting $5m or $10m - as the present figure is “simply too low” for the realities of today’s construction costs and would capture small projects covering just a few thousand feet.

Kwasi Thompson, the east Grand Bahama MP and Opposition finance spokesman, also branded the VAT deduction claw back as a “hidden 10 percent tax” on Bahamian businesses that was buried in the Budget’s legislative package and never disclosed by the Government.

Demanding that the Davis administration “come clean”, he said in a statement: “This amendment quietly strips VAT-registered businesses of their right to recover VAT on major construction projects over $1m unless the project is tied to taxable real estate sales.

“It’s a massive tax on investment, masked as reform, and the Prime Minister said nothing about it in his Budget communication. Why was this kept from the public? Why wasn’t this massive new cost on local businesses disclosed?

“This move will drive up the cost of doing business, delay expansions, kill jobs and raise prices for Bahamian consumers. From contractors and clinics to schools and manufacturers, no sector is spared. The FNM will not support this secretive tax grab. Bahamians deserve transparency, not backdoor taxation. We call for its immediate withdrawal and full public consultation.”

current year. Our spending was centred on enhancing the resilience of operations through technology investment, as well as laying the groundwork to take advantage of the pace of innovation,” Ms Albury said.

“We are seeing results. Total income reached $41.2m, marking an 11.1 percent increase compared to the 2024 first quarter. This is driven by net interest income of $32m, which is up 6.5 percent year-onyear, primarily due to the management of the bank’s investments, loan growth, continued improvement in the quality of loan assets and stable funding costs.

“Non-interest income grew by 30.8 percent to $9.2m. We continuously review our fees and rates. However, higher transactional volumes drove our fee income growth, along

with our efforts to expand our services and product offerings over the past 12 to 18 months. We have observed a positive contribution from expanding into merchant-acquiring services,” she added.

“The reversal of impairment expense is important given that it signals the underlying improvement in credit quality related to our loan book. We focus on profitability and growth in a sound way, deploying capital in a way that manages the risk profile of the bank.”

Turning to the outlook for the remainder of 2025, Ms Albury told Tribune Business that shareholders had received a collective $26m in dividend payments during the first five months of 2025. She added that such capital returns were important given that trading activity on the Bahamas International

“Following the strong performance in 2024, we made the single largest extraordinary dividend payment in the Bank’s history of four cents per share, paid to shareholders in May 2025. This was in addition to the two cents extraordinary dividend paid in April 2025 and the regular quarterly dividend of three cents per share in March 2025,” she added.

“By the end of May, we had paid out $26m to investors, reflecting our confidence in the strength of operations... We expect to maintain our positive momentum throughout the remainder of 2025. While hurricane season is upon us, along with the ongoing geopolitical and global trade uncertainty, our disciplined approach to growth will serve as the firm foundation on which we operate.”

PM: ‘We’ve lived up to worker promises’

FROM PAGE B1

agreement. Obie Ferguson KC, its president, said the government has failed to live up to multiple terms including a provision that promises to fund the restoration of the House of Labour.

Mr Davis, though, yesterday reiterated that Labour Day is about workers, not politics, and accused Mr Ferguson of choosing to “abdicate his responsibility to workers”. This, he added, “weakens” the labour movement.

“When I met recently with Mr Ferguson, and he indicated to me what he intended to do, I then encouraged him. I said: ‘But this is not about PLP or FNM, this is about labour’. This is about workers, and he should not abdicate his responsibility of demonstrating to workers the worth of coming together and being able to unify; to demonstrate to the country that the labour movement is what it is, and that the labour movement has a role to play in this country,” said Mr Davis.

“To abdicate that only, to my mind, weakens the movement. This is about showing strength of the movement. That’s what this day is specifically designed for; to demonstrate the strength of the labour movement, to demonstrate the dignity of work, to demonstrate that we as workers are the engine. The country can’t move without workers and that calls for sensitising our people and employers, in particular, that we need to respect and ensure

that the dignity of work is preserved.”

Defending the PLP’s decision to both launch its election campaign on Labour Day and participate in the march, Mr Davis said the PLP and the labour movement have been “joined by the hips from time immemorial”.

He added that the party has been participating in the march since the day was officially marked as a holiday. “The labour movement and the Progressive Liberal Party have been joined by the hips from time immemorial. And yes, there may be issues, as there’ll be any issues in any marriage, but to criticise us for marching?” Mr Davis asked.

“We march in solidarity with workers, and this is to acknowledge the worth of work, the worth of labour and the effectiveness of unity amongst workers, and that’s what we tried to promote.”

The pact between the PLP and two umbrella union bodies, the Trades Union Congress (TUC) and National Congress of Trades Unions of The Bahamas (NCTUB), committed the party to multiple fundamental labour-friendly reforms if it won the Government following the September 2021 general election.

For instance, the MoU “pledged” a PLP government to raising the redundancy cap to 24 months through changes to the Employment Act once elected. And, as “a matter of fundamental principle”, it committed a PLP government to “declaring its unequivocal support for

trade unions in the workplace, including automatic agency shop”.

Agency shop, which is viewed as protecting a union’s security, would result in non-union members in a particular workplace paying service fees to the union to cover costs associated with collective bargaining agreements the latter secures.

Agency shop agreements are highly-regulated in developed countries, and the US Supreme Court in 2018 ruled that such deals are invalid in the public sector for that country.

However, the PLP-union MoU committed both sides to altering the Employment Act’s section 42 such that agency shop becomes “automatic” once a trade union is recognised as the sole bargaining agent for a workplace.

Other areas where the unions and the now-government agreed to work together included changing laws and regulations “where necessary and possible”, such as “allowing for at least 16 hours of rest between shifts for each employee”.

They also committed to “redefine wages to include all forms of income, including tips and gratuities”, and to look at several other potential changes to the Employment Act. These include amending section 26 (4), so that employees are entitled to redundancy pay, gratuity and a pension in cases where the employer provides a non-contributory pension. And the PLP-union MoU also commits the parties to assessing if the Act’s

section 29 can be changed so that redundancy/dismissal is based on wages instead of basic pay. The document also committed the now-government to formally consulting the unions before permits and tax breaks/concessions are granted to foreign investors, and to using its “good offices” to ensure industrial agreements in all sectors are reached. Both sides also agreed to “work towards the enactment of a livable wage”, although no details were given, as well as passing a National Redundancy Fund Act and enabling the Industrial Tribunal’s rulings “to be enforced without delay” rather than litigants having to seek their implementation via the Supreme Court.

The MoU extended well beyond pure labour-related matters, too, calling for the PLP and unions to work on a National Pension Act and Culture, Heritage, Art & Entertainment Encouragement Act. The two parties also agreed to fully implement National Health Insurance (NHI), including hospital and catastrophic care.

In addition, the PLP and umbrella unions agreed that “the heads of registered trade unions and their secretary-generals or designates should be Justices of the Peace”, while a Davisled administration would also provide the TUC and NCTUB each with “a parcel of land” - presumably Crown Land - upon which each can build their respective headquarters buildings.

REFORM

‘BIT OF DANGER’ FOR BANKS ON CONVEYANCING

FROM PAGE B1

treated as “void” - without proof they paid the tax.

The Bill’s new section 40, which will repeal and replace the existing one, stipulates that “all conveyances of land, or of any interest therein, are void for the purpose of conveying or creating a legal estate unless made by deed and duly registered”.

The reforms have also been backdated, as the Bill mandates that all land and property deals since July 1, 2022, will be treated as “void” and of no effect if the deeds have not been brought forward for recording in the Registry of Records.

Mr O’Brien said he was unsure why the Government had picked that date, and it suggested that persons with unrecorded conveyances for real estate deals which had closed before that date will not be impacted or see their conveyances rendered “void”.

Emphasising that he had “no complaints” about the motivations behind the Government’s reforms, namely a desire to crack down on VAT-related evasion on real estate sales, he added: “It seems like there are some unintended consequences if they leave the language the way it is now.

“I think it could be resolved by building in

some period like 90 days or 180 days. The conveyance would be treated as valid for 180 days. Your conveyance, your mortgage is valid for 180 days after the date of the conveyance and it’s void thereafter. That gives people time to take care of most post-closing actions required prior to registration.

“They would also need to build in a time period for those conveyances executed between July 1, 2022, and now which have not been recorded,” Mr O’Brien added. “Right now, they are subject to a penalty [if held out] for more than the statutory period, but if this law passes, persons anticipating paying a penalty will now have a void conveyance.

“How do you resolve that? Is it correctable by recording it? Do you start over from square one, trying to find the vendor who may be outside The Bahamas or even dead? If they don’t have a cure period such as 90 or 180 days from July 1, 2025, there are going to be people holding conveyances that are unrecorded and put in a very awkward position.”

Mr O’Brien said his suggested “cure period” was the same as that contained in the International Persons Landholding Bill 2025, where the Government is introducing reforms that allow expatriate buyers to

apply for an extension of their Investments Board permit for up to 180 days to close their land deals.

“Build in a process for how you resolve a matter if someone is holding a void conveyance, or give people a reasonable time to record before their conveyance is void,” he added. “Otherwise, come July 1, people who have closed their transactions in the last couple of months and not had an opportunity to record the deeds because of multiple reasons that occur, will be holding void conveyances.”

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the Conveyancing and Law of Property Act reforms create “a bit of a dangerous scenario for banks to be in without having perfected collateral” for mortgage lending.

However, while noting that the Government had not consulted the commercial banking industry over the changes, he argued that proposed reforms did not significantly increase the sector’s “risk” given the long wait it already endures for mortgage deeds and conveyances to emerge from recording by the Registrar General’s Department.

Mr Bowe, who also suggested that it was akin to “putting the cart before the horse”, as the Bill appeared to anticipate a switch to the planned Land Registry and system of registered land, a process that could take years to complete, said: “The wider issue is

there seems to have been a number of policy decisions built in as part of the Budget exercise that are not clearly laid out to the public at large.

“The matter you raise has not been discussed with the banking community and the concerns are extremely valid. But the banks have long been in a situation where they have had to accept conveyances that are not yet registered or recorded because the recording takes six to 12 months to complete, so if they wait for a recording to complete, the transaction would never have taken place.

“That was a challenge from the get-ho..... This one, where transactions are deemed void until recorded, begs the question of whether there will be an efficient process at the Registrar General’s Office before we get to a Land Registry.”

Agreeing that the Conveyancing and Law of Property Act reform is designed to drive tax compliance with VAT-related to real estate sales, Mr Bowe added: “The question really being asked is: Does this introduce more risk than is already experienced with a slow registry? Probably not, but the legal fraternity will have to advise.”

He said the change is also being introduced in a policy climate where the Government is seeking to increase home ownership, which requires greater access to mortgage financing.

Texas considers banning products infused with THC derived from hemp, and retailers are worried

By NADIA LATHAN Associated Press

WALK into enough gas stations and they're likely easy to find: gummies, drinks and vapes infused with THC, the compound that gives marijuana its psychoactive properties.

That's given lawmakers across the U.S. headaches over how to regulate the booming market, and it's a conflict now taking hold in Texas, where a proposed ban passed by the Legislature poses another major battle for the industry.

Texas has some of the nation's most restrictive marijuana laws, but thousands of retailers in the state sell THC consumables, underscoring states' struggle to set rules around the products that generate millions in tax revenue.

Republican Gov. Greg Abbott has not indicated whether he will sign the ban. Other states, including California, have imposed restrictions in recent years that include banning underage use and limits on the potency of the products, which are often marketed as legal even in states where marijuana is not.

"Governor Abbott will thoughtfully review any legislation sent to his desk," spokesperson Andrew Mahaleris said when asked for comment on the bill.

Texas tries to crack down

The Texas bill would make it a misdemeanor to sell, possess or manufacture consumable products with tetrahydrocannabinol, or

THC. The proposal shadows several other state efforts to crack down on a market that has exploded since a 2018 federal law allowed states to regulate hemp, which can be synthetically processed to create THC.

Hemp is a plant that is grown to make textiles, plastics, food and several other products. It is related to marijuana and must contain less than 0.3% THC to still be classified as hemp under federal law.

The proliferating market has given residents in states with strict marijuana laws such as Texas a legal way to access products that can give them a similar high.

Nationwide, the substances are often sold through legal loopholes, despite concerns about potential health risks and a lack of oversight of how they're produced.

Republican Lt. Gov. Dan Patrick laid out bags of THC snacks on a table in front of a group of reporters last week to reiterate his determination for Texas to ban the products. He said he wasn't worried about Abbott when asked about the possibility of a veto. "This is serious business," Patrick said.

If enacted into law, Texas would have one of the most restrictive bans in the country, according to Katharine Neil Harris, a researcher in drug policy at the Baker Institute for Public Policy at Rice University. "I'm not aware of any other states without

recreational marijuana markets that also prohibit consumable hemp products from having any THC," Harris said.

A jumbled legal landscape States that prohibit recreational marijuana have also made efforts to regulate the THC market, including Alabama, Kentucky and Tennessee.

In Florida, Republican Gov. Ron DeSantis vetoed a bill last year that would have put in place age restrictions and banned marketing directed toward children, stating that it would hurt small businesses.

"There's such a variety in how states have responded to this," Harris said.

Texas has one of the most restrictive medical marijuana programs in the country, only allowing three licensed dispensaries to operate in the state to sell low-potency marijuana to residents with PTSD, cancer or other conditions. Proposals to expand the state's medical program are a sticking point for some Republican lawmakers.

A total of 38 states and the District of Columbia have laws that allow the medical use of marijuana. About 6 in 10 voters across the country said they favor legalizing recreational use nationwide, according to AP VoteCast, in a 2024 survey of more than 120,000 U.S. voters.

Retailers push back on ban Kyle Bingham, a farmer in the Texas Panhandle,

said he doesn't plan on growing hemp anymore if there's a ban. He has grown the plant on a family farm with his dad for four years and said it is one of many crops they grow, including cotton.

"We've never planted more than 5% of our acres in hemp, and that's part of the business plan," said Bingham, who is also vice president of the National Hemp Growers Association. "So for us, it's definitely hard to walk away from as an investment."

Because of a lack of federal oversight into manufacturing processes and a lack of uniform labeling requirements, it's hard to know what exactly is in THC products sold in stores.

Many dispensaries, worried about their future, have urged the governor to veto the legislation. They have defended their industry as providing medical relief to people who cannot access medical marijuana through the state's restrictive program.

"It's absurd they think they can sign away 50,000 jobs," Savannah Gavlik, an employee at Austin-based dispensary Dope Daughters, said. The store will likely have to close if the ban takes place, but the anxiety has not yet set in, she said.

"One of the biggest things we provide is self care," Gavlik said. "It's people genuinely wanting medical relief."

Meta becomes the latest big tech company turning to nuclear power for AI needs

By MATT OTT AP Business Writer

META has cut a 20-year deal to secure nuclear power to help meet surging demand for artificial intelligence and other computing needs at Facebook's parent company.

The investment with Meta will also expand the output of a Constellation Energy Illinois nuclear plant.

The agreement announced Tuesday is just the latest in a string of technuclear partnerships as the use of AI expands. Financial details of the agreement were not disclosed.

Constellation's Clinton Clean Energy Center was actually slated to close in 2017 after years of financial losses but was saved by legislation in Illinois establishing a zero-emission credit program to support the plant into 2027. The agreement deal takes effect in June of 2027, when the

state's taxpayer funded zero-emission credit program expires. With the arrival of Meta, Clinton's clean energy output will expand by 30 megawatts, preserve 1,100 local jobs and bring in $13.5 million in annual tax revenue, according to the companies. The plant currently powers the equivalent of about 800,000 U.S. homes. George Gross, professor of electrical and computer engineering at the University of Illinois. estimates that 30 additional megawatts would be enough to power a city with about 30,00 residents for one year.

"Securing clean, reliable energy is necessary to continue advancing our AI ambitions," said Urvi Parekh, Meta's head of global energy.

Surging investments in small nuclear reactors comes at a time when large tech companies are facing two major demands: a need

NOTICE

NOTICE is hereby given that DAVID JEUNES-GENS of College Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that DIEUKENSON CLERMINEE of Millar’s Heights, Carmichael Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

to increase their energy supply for AI and data centers, among other needs, while also trying to meet their long-term goals to significantly cut greenhouse gas emissions.

Constellation, the owner of the shuttered Three Mile Island nuclear power plant, said in September that it planned to restart the reactor so tech giant Microsoft could secure power to supply its data centers.

Three Mile Island, located on the Susquehanna River just outside Harrisburg, Pennsylvania, was the site of the nation's worst commercial nuclear power accident in 1979.

Also last fall, Amazon said it was investing in small nuclear reactors, two days after a similar announcement by Google. Additionally, Google announced last month that it was investing in three advanced nuclear energy projects with Elementl Power.

U.S. states have been positioning themselves to meet the tech industry's power needs as policymakers consider expanding subsidies and gutting regulatory obstacles.

Last year, 25 states passed legislation to support advanced nuclear energy, and lawmakers this year have introduced over 200 bills supportive of nuclear energy, according to the trade association Nuclear Energy Institute.

Advanced reactor designs from competing firms are filling up the federal government's regulatory pipeline as the industry touts them as a reliable, climate-friendly way to meet electricity demands from tech giants desperate to power their fast-growing artificial intelligence platforms.

Still, it's unlikely the U.S. could quadruple its nuclear production within the next 25 years, like the White House wants.

NOTICE

NOTICE is hereby given that DANTE HART of 2361 Venetian West, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of June 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

FED LIFTS RESTRICTIONS PLACED ON WELLS FARGO IN 2018 BECAUSE OF ITS FAKE-ACCOUNTS SCANDAL

By KEN SWEET AP Business Writer

THE Federal Reserve said Tuesday that Wells Fargo is no longer subject to harsh restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture. It's a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways. "We are a different and far stronger company today because of the work we've done," said Wells Fargo CEO Charlie Scharf in a statement. Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around.

Wells Fargo used to have a corporate culture where it placed unreasonable sales goals on its branch employees, which resulted in employees opening up millions of fake accounts in order to meet those goals.

Wells' top executives called its branches "stores" and employees were expected to cross-sell customers into as many banking products as possible, even if the customer did not want or need them.

After an investigation by The Los Angeles Times in 2016, Wells Fargo shut down its sales culture and fired much of its leadership and board of directors.

The fake accounts scandal cost Wells Fargo billions of dollars in fines and lost business, and permanently tarnished its reputation, particularly because the scandal broke only a few years after the Great Recession and financial crisis. It was later revealed that Wells Fargo opened up roughly 3.5 million accounts that were not wanted or needed by customers. Wells Fargo, once thought to be the best run bank in the country, was now the poster child of the worst practices of banking in decades.

In order to push Wells to fix itself, the Federal Reserve took the unusual step of placing Wells Fargo in a program where the bank could grow no larger than it was in 2018. No bank had previously been placed into such a program, known as an asset cap. The Fed required Wells to fix it culture and redo its entire risk and compliance departments in order to address its problems.

Since taking over in 2019, Scharf's goal has been to convince the Federal Reserve that Wells Fargo had fixed its toxic banking practices. With the asset cap removed, the bank can now pursue more deposits, new accounts and take on additional investment banking businesses by holding additional securities on its balance shet.

NOTICE

NOTICE is hereby given that DAPHNEY CLERMINE of Millar’s Heights, Carmichael Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Photo:David Zalubowski/AP

EMPLOYEE Savannah Gavlik displays THC products at the Dope Daughters dispensary that Texas lawmakers are seeking to ban, Thursday, May 29, 2025, in Austin, Texas.

Photo:Eric Gay/AP

Trump promises to hike steel and aluminum tariffs to 50% starting Wednesday. Here's what we know

By WYATTE GRANTHAM-PHILIPS

AP Business Writer

U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders, and likely push up prices for consumers.

Foreign-made steel and aluminum is used in household products like soup cans and paper clips as well as big-ticket items like a stainless-steel refrigerators and cars. Economists warn that the latest tariffs will significantly squeeze the wallets of both companies and shoppers alike.

Here's what we know.

What's the tariff rate on imported steel and aluminum now?

Steel and aluminum imports are currently taxed at 25% — a rate that both metals have faced across the board since March 12 when Trump's order to remove steel exemptions and raise aluminum's levy from his previouslyimposed 2018 import taxes went into effect.

That's about to double.

In a proclamation issued Tuesday, Trump confirmed that the U.S. will begin taxing nearly all steel and aluminum imports at 50% after the clock strikes midnight Wednesday. Steel and aluminum from the U.K., meanwhile, will continue to be levied at 25% due to a recent trade deal.

Why is Trump raising these tariffs?

Trump says it's all about protecting U.S. industries. He reiterated that argument on Friday, when he first announced the 50%

tariff during a visit with steelworkers in Pennsylvania, where he also discussed a "planned partnership" between U.S. Steel and Japan's Nippon Steel. In his speech at U.S. Steel's Mon Valley Works–Irvin Plant in suburban Pittsburgh, Trump said that the tariff hike would "further secure the steel industry in the U.S." Shortly after, he took the same tone when sharing plans to also raise tariffs on imported aluminum. In Tuesday's proclamation, Trump also said that the higher tariffs would ensure that imported steel and aluminum would "not threaten to impair the national security."

"In my judgment, the increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States," he said in the proclamation.

How is the industry responding?

While some analysts have credited the tariffs

FEDERAL JUDGE BLOCKS FLORIDA FROM ENFORCING SOCIAL MEDIA BAN FOR KIDS WHILE LAWSUIT CONTINUES

Trump imposed during his first term with strengthening domestic production of steel and aluminum, many others have warned that stark new levies can make it difficult for the industry to adjust.

Some organizations representing metal workers also note that tariffs aren't the only solution needed to boost U.S. manufacturing.

"While tariffs, used strategically, serve as a valuable tool in balancing the scales, it's essential that we also pursue wider reforms of our global trading system,"

David McCall, international president of the United Steelworkers union said in a statement, noting that work must be done "in collaboration with trusted allies" like Canada — the top exporter of steel and aluminum to the U.S. — to help "contain the bad actors."

Matt Meenan, vice president of external affairs at the Aluminum Association, added that the trade group "appreciates President Trump's continued focus

By KATE PAYNE Associated Press

A FEDERAL judge has barred state officials from enforcing a Florida

on strengthening the U.S. aluminum industry," but that "tariffs alone will not increase U.S. primary aluminum production."

"We also need consistent, predictable trade and tariff policy to plan for current and future investment," Meenan said.

What kinds of products could be impacted by heightened steel and aluminum tariffs?

A range of businesses that rely on foreign-made steel and aluminum have already begun feeling the impacts of Trump's previously-imposed levies. But the latest anticipated hikes could drive up costs even more.

Steel and aluminum are used in a range of products like washing machines, consumer electronics and cars. Much of the auto industry relies on a global supply chain. And even if you aren't in the market to buy a new vehicle, repairs could involve parts that use imports of either metal, driving up overall maintenance and ownership costs.

law that would ban social media accounts for young children, while a legal challenge against the law plays out. U.S. District Judge Mark Walker issued the

PRESIDENT Donald Trump talks to workers as he tours U.S. Steel Corporation's Mon Valley Works-Irvin plant, Friday, May 30, 2025, in West Mifflin, Pa.

/AP

Photo:Julia Demaree Nikhinson

In the grocery aisle, steel and aluminum are ubiquitous in the packaging for many foods, including canned tuna, soup and nuts. Experts warn that hiking import taxes on these materials could led to higher grocery prices overall, further straining consumers wallets.

The aluminum and metal tariffs also carry wider implications for construction and transportation as a whole, as many key building parts and materials are made with these metals.

Economists further warn of spillover impacts. Even if a product isn't directly packaged in steel or aluminum, there could be higher costs to build the shelf it's sold on, for example, or truck used to transport it to the store. And all of that could trickle down to the consumer down the road.

If foreign competition becomes "priced out" due to these new tariffs, U.S. steel and aluminum producers may also find room to raise their own prices. As a result, even companies that don't buy these foreign metals could end up paying more.

Steel prices have already climbed 16% since Trump became president in midJanuary, according to the government's Producer Price Index. And as of March 2025, steel cost $984 a metric ton in the U.S., significantly higher than than in Europe ($690) or China ($392), per the U.S. Commerce Department. Will there be any exceptions?

The new 50% tariff rate will apply to nearly all steel and aluminum coming into the U.S. from other countries. But the U.K., which recently reached a sweeping trade agreement with the U.S., will see an exception. As part of trade deal reached between the two nations on May 8, the U.K. said that the U.S. had agreed to eliminate its current 25% duties on British steel and aluminum down to zero. That exemption had yet to go into effect in the weeks following — but in his proclamation issued Tuesday, Trump acknowledged that it was "necessary and appropriate" to implement the deal, and would "accordingly provide different treatment" for these metals coming from the U.K. Per Trump's proclamation, the duty on British steel and aluminum will now stay 25%. But that rates could be adjusted starting on July 9 if the U.S. government determines that Britain has not complied with the framework. Trump's planned hikes for steel and aluminum tariffs for the rest of the world could spark retaliation from other trading partners. In response to levies imposed on these metals earlier in the year, for example, the European Union previously outlined countermeasures. The 27-nation bloc later delayed those actions until July 14 in efforts to ease negotiations, but said on Monday that was preparing a list of measures to enact if a trade deal with the U.S. crumbles.

order Tuesday, blocking portions of the law from taking effect. The measure was one of the most restrictive bans in the U.S. on social media use by children when Gov. Ron DeSantis signed it into law in 2024. The law would ban social media accounts for children under 14 and require parental permission for their use by 14- and 15-year-olds. In his order granting the preliminary injunction sought by the groups Computer & Communications Industry Association and NetChoice, Walker wrote that the law is "likely unconstitutional," but acknowledged that parents and lawmakers have "sincere concerns" about social media's effects on kids. Walker wrote that the prohibition on social media platforms from allowing certain age groups to have accounts "directly burdens those youths' rights to engage in and access speech."

Also Tuesday, a federal judge in Atlanta heard arguments from NetChoice seeking to block a 2024 Georgia law scheduled to take effect July 1 that would require age verification for social media accounts and require children younger than 16 to get parental permission for accounts. Like in Florida and other states where laws have been blocked, the internet trade group NetChoice argues that the Georgia law infringes on free speech rights, is vague, and overly burdensome.

While siding with the industry groups' claims that the law limits free speech, Walker allowed a provision of the Florida law to go into effect requiring platforms to shut down accounts for children under 16, if their parent or guardian requests it.

Parents — and even some teens themselves — are growing increasingly concerned about the effects of social media use on young people. Supporters of the laws have said they are needed to help curb the explosive use of social media among young people, and what researchers say is an associated increase in depression and anxiety.

Matt Schruers, the president and CEO of the

industry association CCIA, praised the judge's order blocking the Florida law.

"This ruling vindicates our argument that Florida's statute violates the First Amendment by blocking and restricting minors — and likely adults as well — from using certain websites to view lawful content," he said in a statement. "We look forward to seeing this statute permanently blocked as a violation of Floridians' constitutional right to engage in lawful speech online."

A spokesperson for Florida Attorney General James Uthmeier defended the law and the state's efforts to insulate kids from social media at a time when platforms like TikTok, Instagram and Snapchat seem almost impossible to escape.

"Florida parents voted through their elected representatives for a law protecting kids from the harmful and sometimes lifelong tragic impacts of social media. These platforms do not have a constitutional right to addict kids to their products," Uthmeier's press secretary Jae Williams said in a statement. "We disagree with the court's order and will immediately seek relief in the 11th Circuit Court of Appeals."

In Atlanta, NetChoice attorney Jeremy Maltz told U.S. District Judge Amy Totenberg that Georgia's law would impermissibly restrict speech by minors, saying that "before you share your art, before you share your political information, you need to produce your papers, please."

Totenberg did not rule Tuesday. But citing rulings against similar laws in other states, she expressed skepticism about Georgia's case, asking Deputy Attorney General Logan Winkles: "What makes today different from all other days?"

Winkles argued the law's requirement of "commercially reasonable" attempts to verify age could be quite cheap and likened it to banning minors from bars serving alcohol, not restricting their speech.

"There are things about social media that make it dangerous," Winkles said. "It's a place where children are being restricted. It's not about speech."

Wall Street rises again as US stocks pull closer to their records

By STAN CHOE AP Business Writer

U.S. stocks pulled closer to their record on Tuesday as the wait continued for more updates on President Donald Trump's tariffs and how much they're affecting the economy.

The S&P 500 rose 0.6%, coming off a modest gain that added to its stellar May. It's back within 2.8% of its all-time high set earlier this year after falling roughly 20% below two months ago.

The Dow Jones Industrial Average added 214 points, or 0.5%, and the Nasdaq composite climbed 0.8%.

Dollar General jumped 15.8% for one of the market's bigger gains after reporting stronger profit and revenue for the start of the year than analysts

expected. The discount retailer also raised its forecasts for profit and revenue over the full year, though it cautioned that "uncertainty exists for the remainder of the year" because of tariffs and how they might affect its customers.

Many other companies have cut or withdrawn their financial forecasts for the upcoming year because of the uncertainty caused by Trump's on-again-offagain rollout of tariffs. The Organization for Economic Cooperation and Development said on Tuesday that it's forecasting 1.6% growth for the U.S. economy this year, down from 2.8% last year.

But while Trump's tariffs have certainly made U.S. households feel more pessimistic about where the

economy and inflation are heading, reports have suggested only a moderate hit so far. Manufacturers have begun to feel the effects, but the overall job market has remained solid overall with layoffs remaining relatively low, and inflation has not taken off.

A report on Tuesday morning showed U.S. employers were advertising more job openings at the end of April than economists expected, another signal that the labor market remains resilient. It set the stage for a more important report coming on Friday, which will show how much hiring and firing U.S. employers did in May.

On the trade front, hopes are still high on Wall Street that Trump will reach trade deals with other countries

that will ultimately lower tariffs, particularly with the world's second-largest economy. The U.S. side said President Donald Trump was expecting to speak with Chinese leader Xi Jinping this week. A Chinese foreign ministry spokesperson said Tuesday that they had no information on that.

All the hope has brought the U.S. stock market almost all the way back to its record heights nearly as quickly as it plunged in April.

"This calm won't last indefinitely, but it will take unexpected policy news or growth and inflation data to inflect the narrative and push the markets outside these ranges," according

to Jason Draho, head of asset allocation, Americas at UBS Global Wealth Management. On Wall Street, tech stocks helped lead the way again as Nvidia rose 2.9%, and Broadcom climbed 3.3%. The chip companies have recovered their sharp losses from earlier this year borne amid worries their stock prices had shot too high. All told, the S&P 500 rose 34.43 points to 5,970.37. The Dow Jones Industrial Average added 214.16 to 42,519.64, and the Nasdaq composite gained 156.34 to 19,398.96. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury

edged down to 4.45% from 4.46% late Monday, though it had been lower earlier in the morning before the stronger-thanexpected report on U.S. jobs openings. It's a cooldown following a sharp rise for yields over the last two months. Yields had been climbing in part on worries about how the U.S. government may be set to add trillions of dollars to its debt through tax cuts. Besides making it more expensive for U.S. households and businesses to borrow money, higher Treasury yields can also discourage investors from paying high prices for stocks and other investments.

In stock markets abroad, indexes rose modestly across much of Europe and Asia.

Hong Kong was an outlier, where the Hang Seng jumped 1.5%. That came despite a report showing Chinese manufacturing activity slowed in May.

South Korean markets were closed for a snap presidential election that resulted in a victory for opposition leader Lee Jaemyung. The election was triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December.

MARINE FORECAST

TRADERS JAMES BODNER, left, and Chris Lagana work on the floor of the New York Stock Exchange, Tuesday, June 3, 2025. Photo:Richard Drew/AP