06182026 BUSINESS

Thursday, June 18, 2026

$360m project terminates sta , splits with contractor

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE developer behind a $360m Eleuthera resort project last night asserted it remains “fully committed” despite recently terminating multiple staf amid a break-up with its main contractor that has stalled critical construction work.

Cotton Bay Holdings, which is developing a Ritz-Carlton Reserve resort touted as creating 250 to 300 full-time posts when completed, as well as some 450 construction jobs, confrmed in response to Tribune Business inquires that it is “currently managing a transition” to a new general contractor following the departure of Greython Construction in a move that has halted all work on the hotel component.

Ritz-Carlton Reserve developer ‘fully committed’ despite stall

Seeking replacement for Greython over hotel’s construction

Chamber chief: Cotton Bay critical to ‘Eleuthera’s evolution’

Lets Canadian energy giant focus on core operations

The developer, which is headed by Colombian billionaire, Dr Luis Carlos Sarmiento, and his family declined to comment directly on lay-ofs which well-placed sources, speaking on condition of anonymity, said occurred in mid-May just after the general election. It described “personnel adjustments” as “internal decisions” for Cotton Bay Holdings but did not deny that redundancies have occurred.

Cotton Bay Holdings operating with a small two-strong skeleton team in Nassau. The developer’s Eleuthera ofce has largely been emptied, contacts have confrmed.

However, this newspaper can reveal that numerous Colombian workers, as well as four out of a total six Bahamian staf, have been terminated to leave

Auto dealers blindsided by title certi cate reform

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AUTO dealers yesterday revealed they have been blindsided by legal reforms that threaten to create “more and more bureaucracy” by changing how vehicle imports are cleared when they arrive in The Bahamas.

Fred Albury, principal for the Auto Mall, which holds the Toyota, Hyundai and BMW dealerships, told Tribune Business that much depends on implementation of the requirement that a title certifcate - confrming ownership - must be obtained and paid for before any vehicle imported into The Bahamas is released by Bahamas Customs. Confrming that himself and other dealers were

Realtors warn Bahamians face higher tax rate than foreigners

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

REALTORS yesterday confrmed they have recommended the Government correct “inconsistencies” with its real property tax reforms that could result in Bahamians being taxed at a higher rate than their foreign owner counterparts.

David Morley, Morley Realty's broker/owner, told Tribune Business via e-mail that the Government’s 2026-2027 Budget plan to create a new “foreign owner-occupied” property tax category would impose a “fat rate” 0.625 percent levy on those who qualify with no exemption. This rate does not change according to valuation.

BY NEIL HARTNELL

THE Opposition’s fnance spokesman yesterday blasted the Government’s “tardy” last-minute bid to obtain Parliamentary approval for an extra $250m spending in the current 2025-2026 Budget year.

Kwasi Thompson, the east Grand Bahama MP, slammed the Davis administration for tabling the enabling legislation on the last day of the 2026-2027

Budget debate in the House of Assembly. He argued that this was designed to avoid Opposition and public scrutiny of “extravagant spending” by the Government in the run-up to the May 12 general election. “The Opposition decries in the strongest terms the Government's tardy submission just today of supplementary budget requests that total close to $250m in additional spending,” he added.

One source described the split between Cotton Bay Holdings and Greython as “the perfect storm”, arguing that it stemmed from mistakes on both sides. Revealing

unaware of this requirement, until this newspaper brought it to their attention, he said more clarity is needed on the proposed process and how it will work and be executed in practice.

In particular, Mr Albury queried whether legitimate new and used car dealers, who often import in bulk, will be treated diferently from individuals who are typically bringing in just one to two autos at a time. And he also raised the issue of how autos placed in bonded storage, before being transferred to dealerships, will be treated.

The Auto Mall chief explained that, under the present system, with new vehicle imports he typically

that the two broke-up in the 2026 frst quarter, they added:

“Everything is on stop. The only thing they are doing is that Emile Knowles, the contractor, is out there doing some roadworks but the hotel is on hold.”

Cotton Bay Holdings, in its statement to Tribune

- See Page B11

presents their overseas title certifcate or certifcate or origin to Bahamas Customs. Once the due VAT and import duties are paid, dealers are issued with a “duty paid receipt’ by Customs and the auto is released to be taken to the Road Trafc Department for inspection and completion of the licensing/registration process. However, under the Road Trafc (Amendment) Bill 2026 that was tabled in Parliament alongside the 2026-2027 Budget, a new section 30A will be created in law to mandate that importers of motor vehicles into The Bahamas must obtain a certifcate of

Ex-Chamber chief: ‘Lot of unanswered questions’ on deal ‘Rate decrease but also reliability issue last thing we need’

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EMERA’S top executive says Grand Bahama Power Company’s sale has enabled it to “further de-risk” its business with a former Chamber of Commerce president warning “there are a lot of open-ended questions” on the utility’s and island’s energy future. Scott Balfour, the Canadian utility giant’s president and chief executive, in a recent 2026 frst quarter results conference call with fnancial analysts signalled its Grand Bahama exit will enable Emera to better focus on core energy operations at home and in Florida. And GB Power’s sale to the Government will also reduce the risks associated with operating in a small market that has sufered limited economic growth, and which remains vulnerable to devastation from major hurricanes. Mr Balfour and his fellow executives declined to reveal the purchase price paid by the Davis administration (Bahamian taxpayers), although the Government has raised a $200m syndicated bank loan to fnance the deal, but they said the GB Power sales proceeds will be used to pay down Emera’s existing debt.

CONSTRUCT

DAVID MORLEY

CARLA SWEETING

GRAND BAHAMA POWER COMPANY

Groundbreaking ceremony for the Ritz-Carlton Reserve at Cotton Bay.

Photo:Sophia Taylor

Shop counter moves into the smart phone

The shop counter has moved into the smart phone and, increasingly, into the social media app. Social commerce, the practice of selling products directly through platforms such as Instagram, Facebook and TikTok, has become one of the fastest-growing

channels in global retail. For Bahamian entrepreneurs, this shift represents both an enormous opportunity and a quiet warning. In the simplest terms, social commerce removes the steps between discovering a product and purchasing it. A customer scrolling through Instagram sees a Bahamian-designed swimsuit, taps the photo, views pricing, adds to cart and pays without ever leaving the app. The friction that once killed online sales for small operators has been engineered out of the experience.

For a country whose creative class has long produced beautiful things in small batches, this is transformational. Junkanoo-inspired jewellery, locally-crafted leather goods, sea glass art, hot sauces,and rum cakes can now reach audiences from Toronto to Tokyo without a warehouse, a website or a wholesale broker. The Bahamian craft economy, which has historically depended on cruise port foot trafc and seasonal markets, suddenly has a global storefront.

The numbers behind this shift are striking. Industry analysts estimate that social commerce sales worldwide will exceed $2 trillion in the next few years. Younger consumers, particularly those aged under 30 yearsold, increasingly expect to discover and purchase products within social platforms. They do not separate browsing from buying the way previous generations did.

Bahamian businesses already living in this world are seeing the benefts. Boutique fashion lines, food truck operators, ftness coaches and small importers have built sustainable enterprises using little more than consistent posting, attractive photography and responsive direct messaging. The barrier to entry is genuinely low. The skills required are story-telling, customer service and reliable fulflment.

Yet social commerce also exposes weaknesses in our local infrastructure. Reliable courier services for inter-island shipping remain inconsistent. Payment processing for small operators still carries higher fees than larger jurisdictions. Customs documentation for international shipments can frustrate frst-time exporters. These are problems our policy makers should solve urgently, because every friction point is a Bahamian

sale lost to a competitor in another country. The economic implications run deeper than individual entrepreneurs. A vibrant social commerce sector diversifes our export base, brings foreign exchange into the country, and creates jobs that do not depend on tourism arrivals or commercial real estate. A single successful Bahamian brand selling internationally through Instagram can support photographers, packagers, courier drivers and content creators. The multiplier efect is real.

For owners considering this channel, the playbook is approachable. Start with one platform that suits your product. Visual goods do well on Instagram. Younger demographics gather on TikTok. Established networks of older buyers are still live on Facebook. Post consistently, ideally daily, with photographs that show your product in context rather than studio isolation. Respond to every direct message within hours. Treat your followers as a community rather than a sales list.

Above all, tell your Bahamian story. International buyers are not searching Instagram for generic merchandise they can fnd anywhere. They are searching for authenticity, for places, for makers. The accent, the islands, the techniques passed down, the

colour palette of our seas, all of these are competitive advantages that no algorithm can manufacture.

The shop counter has moved into the phone. The question for Bahamian enterprise is whether we will move with it, or watch the sales pass us by.

• NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.

Minister: Zero tolerance for water sports ‘recklessness’

BY FAY SIMMONS and Annelia Nixon Tribune Business Reporters

A CABINET minister yesterday asserted "recklessness" on Bahamian waters will no longer be tolerated as he pledged that the Government is moving to tighten maritime safety laws with new speed restrictions, tougher penalties and stronger enforcement powers.

Leon Lundy, minister of transport, in contributing to the 2026-2027 Budget debate in the House of Assembly outlined a package of maritime safety measures that will afect private boats, commercial recreational watercraft and motorboats operating throughout The Bahamas.

The proposals come one day after the US Embassy in Nassau issued a security alert warning American citizens about the ongoing dangers associated with jet ski rentals in The Bahamas, citing a history of serious injuries, sexual assaults

and inadequate industry enforcement.

While Mr Lundy did not specifcally reference the US embassy advisory, he said the Government's legislative agenda is designed to improve safety and accountability across the country's waterways.

"The recklessness that has too long been tolerated on our waters will now meet the frm hand of the law," he told Parliament.

Among the proposed changes is a maximum speed limit of fve miles per hour within Nassau Harbour under the Boat Registration (Amendment) Bill 2026. The legislation would also require operators to maintain safe speeds throughout port areas, and imposes signifcant penalties for violations.

Mr Lundy said similar provisions will be applied through amendments to the Commercial Recreational Watercraft Act and the Water Skiing and Motorboat Control Act, creating what he described

Eleuthera hit with 14-hour islandwide power outage

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

ELEUTHERA residents and businesses across yesterday sufered an island-wide power outage that forced public ofces to close early, left some without electricity for more than 14 hours and intensifed calls for Bahamas Power & Light (BPL) to provide a clear plan for restoring reliability.

The outage, which began around 8pm on Tuesday, afected communities across North and South Eleuthera after what BPL described as a series of equipment and network failures that became a near island-wide blackout. While power was gradually restored to some areas throughout Wednesday, several southern communities remained without electricity late into the afternoon as repair crews continued restoration eforts.

The prolonged outage also disrupted government operations. In a public notice issued yesterday, the Department of Local Government advised that the Governor’s Harbour administrator’s ofce and the Ministry of Works ofce would close early because of the ongoing outage. The notice said normal services were expected to resume Thursday at 9 am provided electricity had been fully restored.

For residents and businesses, however, the latest outage represented more than another inconvenience.

Aldred Albury, former local government representative for The Current settlement, said the prolonged blackout and repeated power fuctuations have become a near-daily occurrence that is damaging appliances, disrupting commerce and placing an increasing fnancial burden on families who already plagued with high living costs.

“Residents and businesses throughout

as a co-ordinated approach to harbour safety. "The Commercial Recreational Watercraft (Amendment) Bill 2026 mirrors these provisions for commercial recreational craft," he said. Mr Lundy also announced tougher measures targeting abandoned vessels, which he described as hazards to navigation and the marine environment.

Under the proposed framework, owners who leave vessels abandoned for extended periods could face fnes of up to $100,000, while serious violations under the Water Skiing and Motorboat Control Act could attract penalties including imprisonment.

Mr Lundy said abandoned vessels obstruct channels, create environmental risks and impose unnecessary costs on taxpayers when removal becomes necessary.

He said the reforms form part of a broader modernisation of the country's

SAIL - See Page B13

Eleuthera are once again expressing serious concern over the persistent and unreliable electricity supply being provided by Bahamas Power & Light (BPL),” Mr Albury said in a statement.

“The prolonged outage experienced last night, followed by repeated on-and-of fuctuations, reportedly wreaked havoc on household appliances, electronics, refrigeration systems and business equipment. For many residents, these incidents are no longer occasional disruptions; they have become an almost daily reality.”

He added that “at any given point, it appears that at least one community on Eleuthera is without electricity”, arguing that the instability is creating unnecessary fnancial hardship for residents and business operators.

“Reliable electricity is not a luxury,” Mr Albury said. “It is essential for homes, schools, clinics, hotels, restaurants, grocery stores, water systems and every sector of Eleuthera’s economy.”

Mr Albury accused BPL of failing to keep promises made during a Town Hall meeting in Rock Sound late last year, where ofcials committed to providing regular updates on the island’s

electricity challenges. A planned follow-up meeting in North Eleuthera was later cancelled and residents, he said, have received little substantive information since.

Mr Albury called on BPL to publicly disclose the causes of the recurring outages, the condition of the island’s generation system, maintenance and equipment replacement plans, expected timelines for restoring reliable service, the process for claiming compensation for damaged appliances and how frequently residents can expect future updates.

DENNIS O’SULLIVAN,US Embassy; Kimberly Furnish, deputy chief of mission, US Embassy; Herschel Walker, US ambassador to The Bahamas; Leon Lundy, minister of transport; Donella Bodie, permanent secretary, Ministry of Transport; Jerusa Ali, director-general, Ministry of Foreign Affairs; Berne Wright, acting port controller, Ministry of Transport; Betty Kerr, under-secretary, Ministry of Transport.

SENIOR Lieutenant Adrien Stubbs; Chief Petty Officer Osworth Smith, harbour patrol unit; Inspector of Police Domenico Boyd, tourism police, Tidal Wave Jet Ski operations joint task force; M’Kyle Rigby; Devon Burrows, manager of visitor safety and security, Ministry of Tourism; Petty Officer Eric Rolle, port security, Port Department; Senior Commander Berne Wright, acting port controller; Craig Curtis, senior deputy port controller; Foreign Affairs director-general Jerusa Ali;

Dale Roye, assistant port controller; and Lonna Bethel, assistant port controller.

and maintenance projects for 28

Shipyard’s Bahamian hires rise 24% in 28-vessel cruise repairs

GRAND Bahama

Shipyard has completed overhauls for 28 vessels during the 2026 cruise ship repair season to generate a major economic boost and reinforce the island's position as a top maritime services hub.

The cruise repair season, which typically runs from November through May, is the period when the major lines such as Carnival and Royal Caribbean schedule major repairs, refurbishments and maintenance projects in preparation for

the industry's peak operating months.

Grand Bahama Shipyar said repair teams worked through a demanding schedule to meet customer requirements while maintaining the standards expected by the cruise lines.

"The combination of a demanding repair schedule and the integration of new dry dock infrastructure has made this one of the busiest periods we have experienced in recent years," said Chris Earl, Grand Bahama Shipyard’s chief executive.

Multiple de ciencies spark isand’s outages

ENERGISE - from page B3

Heather Carey also voiced frustration as the outage extended into Wednesday amid excessive heat. “Fourteen hours and counting, no power,” Ms Carey wrote on social media Wednesday morning. “The stress, anxiety, trauma of living this way daily is real.”

She said residents were left without updates for hours while enduring sweltering conditions, adding that many families were struggling to care for

children, elderly relatives and vulnerable residents.

“People are sleeping in their cars,” Ms Carey said. She also questioned why BPL continues relying on refurbished generators instead of investing in new equipment, saying reliable infrastructure is essential for an island that depends heavily on tourism and small businesses.

In another post, Ms Carey urged residents to speak publicly about the deteriorating service. “Without power many communities have no water, no Internet, no phone,” she said. “This is dangerous.”

"Meeting customer deadlines while maintaining our safety and quality standards required extraordinary efort and commitment from our entire workforce.

I am pleased to report that our Bahamian hires during this time increased by 24 percent, and our utilisation of local sub-contractors increased by 65 percent.”

Grand Bahama Shipyard said that, during the seven-month cruise repair season, more than 15,000 crew members, specialist contractors and sub-contractors associated with

The prolonged outages occurred as the Department of Meteorology maintained an excessive heat warning for Eleuthera and several northern islands, forecasting heat index values between 102 and 110 degrees through Wednesday, further worsening conditions for residents left without electricity or air conditioning.

BPL’s frst public advisory on its WhatsApp channel was issued shortly after 8.40 pm on Tuesday, when it reported a power outage afecting areas from Rainbow Bay to Windermere after a power supply trip. Minutes later, the utility reported a separate outage in James Cistern caused by a downed neutral line.

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vessels undergoing repair were present in Grand Bahama. Their extended stays generated signifcant economic activity across the island, benefting hotels, vacation rentals, restaurants, supermarkets, transportation providers and other local businesses.

"Our ability to successfully manage a high volume of projects further strengthens our position as a premier destination for marine repair services in the region," Mr Earl said. In August 2024, the company signed a Heads

By 9.20 pm, BPL said a series of operational events had caused widespread outages across North and South Eleuthera after eforts to restore the Hatchet Bay South feeder resulted in the entire electrical system tripping ofine.

The utility later reported that repairs were complicated by problems involving generating units at the Hatchet Bay power station and an operational fault at the Rock Sound power station.

of Agreement with the Government for the redevelopment and expansion of its facilities, representing a $665m investment in critical infrastructure, new dry dock capacity and long-term employment opportunities for Bahamians. The frst of two new foating dry docks, East End, which measures 357.39 metres in length and 70 metres in beam, arrived in November 2025. The arrival of the East End dock gave the yard two docks to work with this cruise ship repair season, and now the Lucayan dock, which arrived just weeks ago, and is currently undergoing preparations for integration into the yard's operations, will signifcantly expand capacity.

Throughout Tuesday night and into Wednesday morning, BPL repeatedly advised customers that restoration eforts had been unsuccessful and acknowledged there was no estimated restoration time for several afected communities.

At 3.45 pm yesterday, BPL issued a comprehensive update explaining that repairs to a generation unit had been completed earlier in the afternoon, but crews subsequently discovered

Description

The third dock is the largest in the region and will enhance Grand Bahama Shipyard’s ability to service the world's largest cruise and commercial vessels. "We are extremely proud of our operational achievements this season, but our greatest accomplishment remains the people who made them possible," said Mr Earl.

"The dedication, resilience and sacrifce demonstrated by our employees enabled us to meet our commitments and achieve these results. We are deeply grateful for their hard work and unwavering commitment to the success of Grand Bahama Shipyard."

a faulty neutral line in the Rainbow Bay area and another suspected issue involving a utility pole, requiring additional repairs before service could be fully restored.

By late afternoon, electricity had been restored to customers from Hatchet Bay to Governor’s Harbour. Up to press time, communities south of Governor’s Harbour remained without power as restoration work continued.

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GRAND BAHAMA Shipyard has concluded a successful 2026 cruise repair season, completing repair

vessels. Pictured is the Carnival Elation, the first vessel dry-docked at the East End dock, a structure measuring 357.39 metres in length and 70 metres in beam.

Grand Bahama Shipyard says it increased Bahamian hires by 24 percent, and use of local sub-contractors by 65 percent, during the recent 2026 cruise ship repair season. Photos:Grand Bahama Shipyard/Barefoot Marketing

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National Investment Fund sparks Parliamentary clash

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Minister of Finance and Opposition’s leader yesterday clashed in the House of Assembly over the National Investment Fund (NIF) with the latter pressing for answers over how hundreds of millions of dollars in borrowings and development fnancing will be managed and overseen.

The exchange came during Michael Halkitis' wrap-up of the 2026-2027 Budget debate as he sought to rebut concerns raised earlier by the Opposition over the legal structure and governance arrangements surrounding the fund.

The National Investment Fund was established by the Davis administration as a vehicle intended to fnance major national development projects and

support investments pursued through public-private partnerships (PPPs), and Mr Halkitis argued that Parliament had already approved the framework through a borrowing resolution passed last year. "Last year this House approved a specifc borrowing resolution which authorised the Government to raise funds from the international markets for national development purposes, including infrastructure," he said. Reading from the resolution, the fnance minister noted that it also approved the deposit of borrowed funds into the National Investment Fund. However, Michael Pintard challenged that interpretation, arguing that while Parliament authorised borrowing, it did not authorise the transfer of funds from the Government’s consolidated fund into the National Investment Fund.

Minister reveals retirement age rise proposal for NIB

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

A CABINET minister yesterday revealed National Insurance Board (NB) employees could soon remain on the job until age 65 instead of retiring at 60, arguing the change will help retain experienced staf and preserve institutional knowledge.

Pia Glover-Rolle, the labour and public service minister, in her contribution to the 2026-2027 Budget debate said NIB's current

retirement policy was established decades ago under circumstances that no longer refect today's workforce.

"Today, however, Bahamians are living longer, healthier and more productive lives," she said. "Many employees reach age 60 possessing invaluable institutional knowledge, technical expertise, leadership experience and professional judgment that simply cannot be replaced overnight."

Mrs Glover-Rolle said many workers are required to leave the organisation

"The borrowing resolution permits the gGovernment to borrow the funds," said Mr Pintard. "The funds are then deposited in the consolidated fund, but that resolution itself does not authorise the Government to transfer those funds to the National Investment Fund."

The Opposition leader argued that Article 130 of the Constitution requires explicit parliamentary authorisation through an appropriation Act before public funds can be withdrawn from the consolidated fund and redirected elsewhere.

Mr Pintard also questioned whether the governance structure for the fund has been properly established. "We still have not heard about the establishment of any Board," he said. "The persons have not been identifed, certainly not publicly."

Mr Halkitis acknowledged that the Board has not yet been fnalised. "The composition of the Board has not yet been fnalised. That is being fnalised," he told Parliament.

The exchange intensifed when Mr Pintard suggested that the absence of a Board raised concerns about the fund's operational readiness and oversight mechanisms.

"For all intents and purposes, they could just put it in anybody's account because that is not an entity that has been appropriately set up," he said.

The National Investment Fund has emerged as one of the most contentious elements of the Government's strategy for fnancing major development projects.

The Davis administration has argued that the fund will provide a mechanism for mobilising capital and supporting long-term national investments, particularly

through infrastructure and public-private partnership (PPP) initiatives. The Opposition, however, has repeatedly questioned the governance framework, parliamentary oversight and legal authority underpinning the vehicle.

Earlier this month, Mr Pintard called for greater transparency surrounding approximately $700m in borrowing and contingent liabilities linked to government development initiatives, arguing that Parliament and the public require a clearer understanding of how the funds will be managed and what obligations taxpayers could ultimately face.

despite being capable and willing to continue contributing. "That approach is no longer practical. It is no longer efcient. And it is increasingly inconsistent with workforce realities throughout the world," she said.

Mrs Glover-Rolle disclosed that NIB's Board intends to move towards aligning the retirement age for employees with the national pensionable age of 65. "The national pensionable age remains 65. Most Bahamians continue working until at least that age. There is no compelling reason why National Insurance should continue operating under a signifcantly diferent standard,” she added.

The minister emphasised that the proposed change would not be imposed abruptly on employees nearing retirement. "The

Gov’t eyes next year for annual plan compliance

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE Government expects all ministries and agencies to comply with annual planning requirements under the Public Finance Management Act by next year, a Cabinet minister said yesterday as he defended the administration's record against Opposition criticism. Wrapping up the 20262027 Budget debate in the House of Assembly, Michael Halkitis, minister of fnance, responded to concerns raised over the implementation of annual plans by government ministries and departments.

The issue has become a point of contention between the Government and Opposition, with critics arguing that a number of agencies have failed to meet planning requirements established under the Public Finance Management Act.

Mr Halkitis argued that while the legislative framework was enacted under the previous Free National Movement (FNM) administration in 2021, the systems required to implement annual planning across government were not in place.

"The mechanism existed in law, but not in practice," he said. According to the fnance minister, the Davis administration strengthened and

modernised the framework in 2023, and has since been working to build the systems, training and oversight necessary to implement the requirements.

"We have moved from zero to a functioning framework," said Mr Halkitis. He added that the government has conducted workshops with permanent secretaries, ministry ofcials and agency representatives to build capacity and align planning processes throughout the public sector.

While acknowledging that some ministries have yet to achieve full compliance, Mr Halkitis said the administration intends to work with those agencies rather than impose punitive measures. "We expect to

reach full compliance in the coming year," he said.

Mr Halkitis also tabled annual plans for a number of ministries and government agencies, including the Ministry of Finance, Ministry of Immigration and National Insurance, Ministry of National Security, Ministry of Energy and Transport, Ministry of Labour and the Public Service and the Road Trafc Department. He said additional plans are expected to be tabled in the coming weeks, noting that ministerial changes and the recent general election contributed to delays in some cases.

During yesterday's exchange, he renewed those concerns, maintaining that questions surrounding the legal authority to transfer funds into the NIF and the absence of a publicly identifed board remain unresolved.

Mr Halkitis rejected suggestions that the Government had acted improperly, insisting that the borrowing resolution approved by Parliament provided the authority required to proceed and noting that work to fnalise the fund's governance arrangements remains ongoing.

transition will be managed carefully and responsibly," Mrs Glover-Rolle said, adding that grandfathering provisions, legal obligations and fnancial implications would all be considered before implementation. She said the initiative is aimed at retaining experience, preserving institutional knowledge and strengthening operational continuity at the country's social security institution. Her comments came during a broader review of National Insurance operations, sustainability and modernisation eforts outlined in the Government's 2026-2027 Budget. NIB currently provides benefts to more than 50,000 pensioners, and processes thousands of claims annually, according to Mrs Glover-Rolle.

The fnance minister argued that the Government has made more progress in implementing annual planning requirements than any previous administration, and said accountability measures, including midyear reporting, are now being reinforced across government.

MICHAEL HALKITIS

MICHAEL PINTARD

PIA GLOVER-ROLLE

‘Do it for good of consumer’ via wrecked auto crackdown

CHANGE - from page B1

title for every auto before they are released by Customs.

No vehicle can be registered, licensed or driven on the road unless such title certifcate is frst acquired, and any violators of this proposed legal requirement face a fne of up to $1,000, imprisonment of up to six months or both. The Bill also seemingly does not distinguish between bulk vehicle importers, such as new and used car dealers, and Bahamian residents and citizens importing just one auto for their personal use.

This adds another step to the vehicle import clearance process. Leon Lundy, minister of transport, in written replies to Tribune Business inquiries justifed the changes as part of eforts to improve safety and compliance with the road trafc regime, plus boost administrative efciency and “modernise” the vehicle licensing, registration and inspection process.

The South Andros and Mangrove Cay MP said mandating that vehicle importers obtain a certifcate of title before Customs clearance is approved will help to create “a more secure and reliable vehicle ownership system within The Bahamas” and “reduce opportunities for fraud”.

But Mr Albury, while backing the Government’s plans in principle, said much depends on how the new certifcate of title procedures are implemented in practice otherwise “they are just creating more and more bureaucracy and avenues to collect money”.

Confrming that the Bill has been circulated among Bahamas Motor Dealers Association (BMDA) members, but acknowledging it may be too late now to infuence the Government on the legislation, the Auto Mall chief told Tribune Business: “The concerns we would have would be how they handle the new car dealers, or used car dealers, the licensed dealers because

FNM MP asserts attempt to avoid election spend scrutiny

SPENDING - from page B1

“They have laid the related Bills and estimates on the last day of the Budget debate in the House of Assembly when most members of Parliament would have already spokenand without any time for the Opposition to scrutinise.”

Mr Thompson branded this as an “intentional omission” on “a critical matter” for MPs that was “hidden until the last minute”. He added: “Clearly the Davis administration had known long ago that it needed an

additional $250m to meet its extravagant spending in the lead-up to the election.

“Yet neither the minister of fnance [Michael Halkitis] nor any Cabinet minister made it known that the Government had overspent its Budget sums. Why was this not stated during the Budget communication?

“And even though they were aware of this over-spending long before the Budget exercise got started, none of them could explain to the Bahamian people the magnitude of their overspend,” Mr Thompson further asserted.

when we import it will be for stock and onward sales.

“Are they going to title them in the dealer’s name and transfer it over to the client? Then, on top of that, we have vehicles that go into bond. How are they treated? I wish there had been some consultation between the dealers and Ministry of Transport and Road Trafc Department before it was fnalised.”

Mr Albury also challenged whether it will be Customs or the Road Trafc Department issuing the import title certifcates, adding that - if it was the latter - it would need to have vehicle inspection facilities down at the Nassau Container Port where virtually all new car imports to New Providence enter this nation.

“If they are going to this extent, do it for the good of the consumer,” he argued. “This is an opportunity to capture stuf like wrecked vehicles coming into this island as rebuilt vehicles. Right now, it’s not done like that at all. These wrecked vehicles need to have some

“Now, Parliament will be expected to vote on these additional sums without any clear justifcation as to how the Government managed to blow its expenditure budget without ever letting the Bahamian people at any time that $250m in new bills were on the way.

“The Government has also projected an equal amount in additional revenue even though through nine months of the year they remained far behind their original target. The FNM demands the Government provide a full explanation and justifcation for why it just discovered it needs close to $250m in the very fnal month of the fscal year.”

sort of engineer’s report when they are taken for inspection.

“These vehicles come in, they get duty paid on them, go to a body shop and are ftted up like brand new and sold to the unsuspecting public unless the vehicle has a Carfax report from the US that the insurer can use to determine if they are wrecked or rebuilt.”

Speaking to the title certifcate as a concept, Mr Albury told this newspaper: “I think that, in a nutshell, it’s a good idea if implemented correctly and people do what they are supposed to do.

“But you have a very limited window of time to remove vehicles from the dock. We have to take into consideration that, if Customs has to do this, how long it will take them. Is it going to hold up shipments at the port? It might cause us to incur a storage fee. It’s how it’s implemented and how it’s going to be looked at. It’s clarity in how it’s implemented and works in practice. It’s another blow

to not consulting with the industry out there. There should have been some consultation.”

Ben Albury, the Bahamas Bus and Truck general manager and BMDA president, told Tribune Business he was unaware of the title certifcate reforms until informed by this newspaper. “This is news to me,” he said.

Mr Lundy said the Government and road trafc authorities are aiming to “establish a clear chain of ownership from the moment a vehicle enters The Bahamas”, improve “the integrity and accuracy of the national vehicle registry” and “reduce opportunities for fraud, ownership disputes and unauthorised transfers” with the title certifcate change. This, he added, will “strengthen the ability of law enforcement and regulatory agencies to trace vehicle ownership” plus “improve confdence for fnancial institutions, insurers and consumers by providing a secure ownership record”. And it will also pave the way for further digital vehicle

registration and title management initiatives.

“This amendment forms part of a broader efort to establish a more secure and reliable vehicle ownership system within The Bahamas,” Mr Lundy said. “Requiring a certifcate of title before a vehicle is released from Customs ensures that ownership information is captured and verifed at the earliest point of entry into the country.

“Administratively, this approach eliminates the need to retroactively establish ownership records after vehicles have already entered circulation. It ensures that all vehicles entering the jurisdiction are properly documented before they are registered and licensed for use on public roads.

“Ultimately, the measure supports the Government’s long-term objective of creating a modern, transparent and efcient vehicle registration system that enhances public confdence, strengthens regulatory oversight and improves service delivery.”

KWASI THOMPSON

GB Power must be managed with no ‘political interference’

“The transaction is expected to close by the end of May and, while not a material fnancial impact, it is a further example of our focus on optimising Emera’s portfolio and focusing our eforts on our core utility operations in Florida and Atlantic Canada,” Mr Balfour said of Emera’s objectives.

“While it is never easy to part ways with a company and team that have been part of the Emera family for 15 years, this sale provides support for the Government’s National Energy Policy while - at the same time - further simplifying and de-risking Emera’s portfolio. We want to thank the Grand Bahama team for their unwavering commitment to delivering safe and reliable energy to customers.”

Rob Hope, a Scotiabank analyst, questioned Mr Balfour and his colleagues on “the expected proceeds from the Grand Bahama sale” and whether the sale had been included in Emera’s previous funding and fnancing plans for 2026.

Jared Green, Emera’s chief fnancial ofcer, responded that the purchase price was confdential until the sale to the Government closed. “We haven’t stated what the proceed levels are at this point in time. So, they are still confdential during the closing side. But you would be correct,” he said.

“The proceeds on that wouldn’t have been in our original funding plan. We will use the funds, though, to just go into the normal corporate funding. So, it will go to repaying debt, and we will still be executing our capital programme and the rest of the funding plan as originally stated.”

It is unclear whether the $200m that the Davis administration has allocated to cover GB Power’s purchase is the actual sum that Emera will receive. It is more likely that this fgure also includes funds

to pay legal fees and other expenses associated with a commercial transaction of this nature, thereby meaning that the net proceeds received by Emera will be less.

However, Dillon Knowles, the Grand Bahama Chamber of Commerce’s immediate past president, told Tribune Business yesterday that - despite GB Power’s much-touted switch to the same rate and tarif structure as Bahamas Power & Light (BPL) - there are multiple unanswered questions surrounding the utility’s sustainability moving forward.

While the now-government owned utility last week unveiled projections that Grand Bahama residential consumers will enjoy savings of between 35.1 percent and 48.7 percent on their monthly base rate payments, via the switch to the same BPL rates paid by the rest of The Bahamas, Mr Knowles questioned how GB Power will remain commercially viable due to the reduction in top-line revenue income while costs remain unchanged.

Pointing out that Bahamian residents and businesses will have to cover GB Power’s costs regardless, whether as consumers or through taxpayer subsidies, Mr Knowles reiterated: “The last thing we need is to have a rate decrease but also a reliability issue both short-term and long-term”.

Noting that GB Power will no longer be able to rely on Emera’s support and provision of manpower, plus fnancial and technical assistance when needed, the ex-Chamber president said Grand Bahama’s status as an industrial hub with reliable energy - and minimal to no outages - was even more important than on New Providence and other Bahamian islands.

Voicing fears that GB Power could ultimately become another BPL, or loss-making state-owned enterprise (SOE) that burdens Bahamian taxpayers,

COMMONWEALTH OF THE BAHAMAS

Mr Knowles reiterated it was critical that the utility’s newly-appointed Board and management have freedom to operate as a business without “interference from the body politic”.

“There’s been no response to the sustainability of GB Power, and how that is going to be impacted by the rate change,” he told Tribune Business. “We know it’s going to be funded by GB Power and/or the taxpayer. There’s been nothing I’ve seen that explains that at all.”

GB Power, as with BPL under the Equity Rate Adjustment (ERA) tarif structure, will not impose a base tarif on the frst 200 kilowatt hours (KWh) consumed by residential customers - a move that will beneft an estimated 25 percent of them from the June billing cycle onwards. And some 90 percent of residential consumers are estimated to fall into the VAT-free category.

Yet Mr Knowles, and others in the private sector, are questioning how GB Power can remain commercially sustainable due to the sudden drop in revenues caused by adopting BPL’s lower tarif ratesespecially as no sources of replacement income have been identifed, while costs remain unchanged.

As a result, concerns are being voiced that Bahamians, in enjoying the upfront benefts of lower energy bills, may fnd themselves paying extra on the back end to subsidise and cover GB Power’s losses in similar fashion to BPL.

Questioning whether GB Power will remain under its own fuel hedge or transition to BPL’s structure, Mr Knowles told this newspaper: “There are a lot of open-ended questions from my perspective that need to, and should be, addressed as to how exactly GB Power will operate. There are a lot of questions about how it’s going to be managed.

“I know they have appointed a Board. Does

2019/No. 01238 IN THE SUPREME COURT Equity Side

IN THE MATTER of the Petition of GILGAN COMPANY LIMITED AND IN THE MATTER OF THE Quieting Titles Ac,t 1959 AND

IN THE MATTER OF ALL THAT piece parcel or part of a larger Tract of land situate on the Northern side of Prince Charles Drive in the Eastern District of the Island of New Providence, The Bahamas. NOTICE

The Petition of GILGAN COMPANY LIMITED acompany incorporated under the laws of The Commonwealth of The Bahamas and carrying on business within the said Commonwealth in respect of:-

ALL THAT piece parcel or part of atract ofand formerly a portion ofa four (4) acre tract originally owned by the late Josiah Rahming and situate in the Eastern District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas containing Sixty-one Thousand One Hundred Twelve (61,112) square feet and being bounded on the NORTH by vacant land formerly the property ofJosiah Rahming and running thereon One Hundred and Twenty-four (124) feet on the EAST by land formerly the property ofJohn Rahming and now said to be the property of one Antonio Bullard running thereon Three Hundred and Eighty-two and Sixty-one Hundredth (382.61) feet and on the SOUTH by a Public Road formerly known as the Pine Barren Road now known as Prince Charles Drive and running thereon One Thousand Three Hundred and Ninety-nine and Sixty-nine Hundredths (1,399.69) feet on the WEST by land formerly the property of Thomas A. Rahming now said to be the property of one Rolle and running thereon Four Hundred and Five and Forty-three Hundredth (405.43) feet which said piece parcel or part of a tract of land has such position boundaries shape marks and dimension as are shown on an Amended Plan of the said property and is delineated on that part which is coloured Pink on the said Amended Plan.

GILGAN COMPANY LIMITED claims to be the owner of the unencumbered fee simple estate in possession of the said piece parcel or lot of land and made application to the Supreme Court of The Bahamas under Section Three (3) of The Quieting Titles Act, 1959 to have its title to the said piece parcel or tract of land investigated and the nature or extent of ti determined and declared ni a Certifcate of Title to eb granted by the Court in accordance with the provisions of the said Act.

Copies of the fled Amended Plan may be inspected during the normal ofce hours at the following places:

(a) The Registry of the Supreme Court, Ansbacher House, East Street in the City of Nassau, The Bahamas; and (b) The Chambers ofMalcolm E. Adderley & Co., Yoruba House, Elizabeth Avenue, Nassau, The Bahamas.

Notice is hereby given that any person having dower or right of dower or an adverse claim or a claim not recognized ni the said Petition shal on or before hte 16 day of June, A.D., 2026 fle in the Supreme Court and serve on the Petitioner or the undersigned a Statement ofhis Claim in the prescribed form verifed by an Afdavit to be fled therewith. Failure of any such person to fle and serve a Statement of his Claim on or before the 16th day of June, A.D., 2026 will operate as a bar to such claim.

Dated this 21" day of May, AD. ,. 2026

MALCOLM E. ADDERLEY &CO., Chambers. Yoruba House, Elizabeth Avenue, Nassau. The Bahamas.

Attorneys for the Petitioner.

that mean it will operate totally independent from BPL, or will there be room for BPL involvement in making decisions about GB Power. There are many operational issues that we as an island would like to have addressed, and that we have an assurance that we are not going to shortly fnd ourselves in the same situation BPL fnds itself in.

“We still have to pay the cost of producing the power regardless of what we charge for production of power,” Mr Knowles added. “There are lots of other things that we need to understand and appreciate. We no longer have the expertise of Emera available to us unless we have a contractual agreement for them to provide it and act upon matters that come up from time to time, like the need to bring in rental generation from time-to-time to ensure the reliability industrial operators absolutely need.

“One of the things that most people don’t seem to appreciate is that Grand Bahama is not a tourism-based economy. It is an industrial economy. While outages in New Providence are an inconvenience, a power outage in Grand Bahama is a real critical issue for industry.”

As for GB Power’s governance moving forward, Mr Knowles asserted: “We are extremely hopeful that GB Power is not run like a typical state-owned enterprise which has interference from the body politic and is allowed to run properly as a business with the necessary technical and commercial decisions being made…..

“My prayers are with the new Board because they have a hard task ahead of them to do what Emera was doing with the revenue it was generating. The new Board will have to do that work with less revenue. The Prime Minister said little revenue was trickling down to the bottom line, which suggests they were on razor thin margins to start with. The last thing we need is to have a rate decrease but also a reliability issue both short and long-term.”

Emera’s fnancials for the 12 months to year-end 2025 show that GB Power generated a $10m Canadian dollar contribution to the utility giant’s “consolidated adjusted net income” for the period - a fgure that was slightly down on the prior year’s $11m. Using the current exchange rate, that $10m Canadian dollars translates into about US $7.3m.

Those profts were generated from $162m Canadian dollars worth of revenue, which represented a 16.5 percent year-overyear increase compared to 2024’s $139m Canadian dollar top-line. The increase is likely due to increased economic activity among GB Power’s 20,000-strong customer base, with Carnival’s $600m Celebration Key destination having opened last July. The exchange rate conversion means GB Power generated $118.26m worth of revenues in US dollars last year. The value of the Grand Bahama-based electricity provider’s physical assets, namely property, plant and equipment, narrowed slightly last year from $371m Canadian dollars at year-end 2024 to $361m Canadian dollars some 12 months later.

To give an idea of what the Government has acquired, Emera said: “With $378m US dollars of assets, and approximately 20,000 customers, GB Power owns 98 mega watts (MW) of oil-fred generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GB Power’s approved regulatory return on rate base is 8.52 per cent.”

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THE ALPHAPUZZLE

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TV CROSSWORD

Across: 5 Lobb, 7 Malice, 8 Chase, 11 Steel, 12 Prophecy, 13 Edie, 15 Sara, 16 Osborne, 17 Ewan, 18 Culkin, 21 Nash, 22 Anne. Down: 1 Bart, 2 Scales, 3 Theo, 4 Jeremy, 5 Landman, 6 Bake, 9 Spartacus, 10 Cyrus, 14 Crook, 17 Evan, 19 Una, 20 Ice.

TV show: Man vs. Baby

TYPES OF BOAT

ARROW-WORD

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Governance reformer fears on ‘optional’ EIA consultation

However, he pointed out that this would leave middle and upper class Bahamian owner-occupied properties paying a higher 1 percent rate on the portion of their value greater than $500,000 - a discrepancy that he and the Bahamas Real Estate Association (BREA) have pointed out to both the Ministry of Finance and Department of Inland Revenue.

Suggesting that it makes no sense for Bahamians to “pay a higher rate”, Mr Morley said the issue has been raised by BREA with both Simon Wilson, the Ministry of Finance’s fnancial secretary, and Shunda Strachan, the Department of Inland Revenue chief.

“The point we already raised… is that the new category for foreign owned owner-occupied property is a fat rate of 0.625 percent with no exemption,” he explained. “For a Bahamian there is the owner-occupied exemption, which they are increasing in the Bill, but the remainder is a scale that starts at 0.625 percent and then increases to 1 percent.

“So how can they expect a Bahamian to pay a higher rate? We suggested that the Bahamian rate should be amended to refect the

new foreign owned owner-occupied property fat rate above the Bahamian exemption at a fat rate of 0.625% too.”

Carla Sweeting, BREA’s outgoing president, yesterday confrmed the push for equality between Bahamian and foreign owner-occupied tax rates. “We have discussed the proposed amendments that are in the Budget, and there are some inconsistencies we have pointed out,” she told this newspaper.

“We have not done anything formal yet. We simply pointed it out. We’re hoping that when they see the inconsistencies they’ll correct [the legislation] before they pass it.” Ms Sweeting said BREA and the real estate community will now wait to see if the necessary changes are made before deciding whether further action is required.

“We have notifed the Department of Inland Revenue of the inconsistencies we have found, and we are just hoping they will correct them,” he added. “This way we don’t have ambiguities, we don’t have the backlash coming from the public, and it’s good business practice. It’s very important, very important. It’s a necessity; absolutely.

“We have to protect our Bahamian people, and we

have to preserve their right to invest and get a return on their investment, and we should not be giving all the concessions to the foreigners. Bahamians should not be subject to these things. It’s important that we look after our people frst.”

Mr Morley said Mr Wilson had indicated the Department of Inland Revenue had received BREA’s recommendations and was working to address them.

Meanwhile, governance reformers yesterday voiced concerns that proposed reforms to the Environmental Impact Assessment (EIA) regulations could make public consultation optional during the review process.

The Organisation for Responsible Governance (ORG) said that, among its primary concerns, is a proposed change to regulation seven of the EIA Act 2020 that would allow public consultation to be determined on a case by case basis, rather than maintaining it as a standard part of the environmental review process. It also voiced fears about the proposed removal of mandatory public notice requirements when EIAs and Environmental Management Plans (EMPs) are submitted for review.

ORG said the proposed amendments come after

The Bahamas signed The Escazú Agreement in June 2025. This is the region’s frst legally binding treaty focused on access to environmental information, access to justice in environmental matters and public participation in environmental decision-making.

The Bahamas recently hosted the fourth meeting of the Conference of the Parties (COP4) to the Escazú Agreement, which brought together regional governments, civil society organisations and international partners to advance environmental rights across Latin America and the Caribbean.

ORG said COP4 emphasised the importance of transparency, accountability and meaningful citizen engagement in environmental governance. Against this backdrop, it added that The Bahamas’ proposed amendments represent not just a step “but leaps away” from the principles recently championed before international stakeholders.

“There’s a lot in these proposed amendments that moves environmental management in the right direction,” said Mat Aubry, ORG’s executive director. “But there is a concern about changes that could make public consultation optional rather than

US o cials say Iran deal calls for diluting uranium at minimum, waiving sanctions, opening strait

By MICHELLE L. PRICE, MATTHEW LEE, JON GAMBRELL, SAMY MAGDY and MIKE CATALINI Associated Press

A DRAFT agreement by the United States and Iran calls for Tehran to dilute its stockpile of highly enriched uranium and would waive, but not permanently end, sanctions on the country, according to U.S. ofcials who read the language of

the memorandum on ending the war to journalists. The agreement would also open the Strait of Hormuz toll-free for two months and afrm a commitment to Lebanon’s territorial integrity in the face of Israel’s invasion against the Hezbollah militant group.

U.S. ofcials dictated the language to journalists Wednesday after days of secrecy, speaking on condition of anonymity. Iranian state TV later released text

that largely tracks what the U.S. put out.

Meanwhile, Iran suggested the document could be signed by Presidents Donald Trump and Masoud Pezeshkian. Such a signing ceremony would represent a major step for the two countries, which saw diplomatic relations break of in 1980 over the U.S. Embassy hostage crisis in Tehran. According to the ofcials, the draft agreement includes language that Iran agrees not to develop or

procure nuclear weapons. It also addresses Tehran’s highly enriched Iranian uranium, requiring that it be downgraded on site as a minimum.

In return, the U.S. will move to waive, but not eliminate, some wide-ranging sanctions against Iran once the deal is signed. The agreement also secures free passage of the strait for only 60 days, and it does not preclude fees in future, according to the U.S. ofcials and the Iranian draft.

expected. The people who will live with the impacts of a development should have a meaningful early stage opportunity to understand what’s being proposed, ask questions and share their perspectives.

“Good consultation isn’t about slowing projects down. In fact, it often helps projects succeed in the long run. When people are engaged early, concerns can be addressed before positions harden, misinformation is reduced and decisions are generally stronger because they’re informed by both technical expertise and local knowledge.

“At the end of the day, this is really about trust. People don’t have to agree on every project, but they should have confdence that decisions are being made transparently, consistently and with opportunities for meaningful public input.”

ORG praised changes that include stronger environmental screening; increased attention to environmentally sensitive areas; and the introduction of operational environmental management plans. “However, we believe additional safeguards can ensure transparency and public trust remain central to environmental decision-making,” it added.

“During a time when public trust in institutions is on a global downward spiral, and mechanisms that support transparency are needed more than ever, amendments such as these completely oppose good governance, efective and fair democratic processes and sustainable national development.

“If The Bahamas wishes to continue to position itself as a regional leader in environmental governance, our policymakers must uphold the principles of openness, accountability and fair and inclusive public participation - all of which are central to both democratic governance and the country’s commitments under the Escazú Agreement,” ORG continued.

“ORG urges the Government to carefully consider the impacts of these amendments, and to ensure that communities remain an integral part of environmental decision-making processes. Passage of regulations that fully support environmental transparency and protection gives The Bahamas the opportunity to live up to international best practices.”

The document also has provisions to ensure the territorial integrity of Lebanon after Israel’s latest attacks against Hezbollah in Lebanese territory. Israel has rejected the prospect of withdrawing from Lebanon, but the agreement expressly states in its frst point that military operations in Lebanon must stop with the signing of the memorandum. Under the Obama-era nuclear agreement with Iran that Trump pulled out of in his frst term, Iran also agreed to restrictions on its nuclear program and promised never to build an atomic weapon. The Islamic Republic maintains that its nuclear program is peaceful. Trump casts uncertainty on signing plans Trump, meanwhile, cast some uncertainty on whether the signing would happen as planned. Asked how confdent he was that the ceremony would take place, Trump said: “You never know with deals, do you? But you’re going to fnd out pretty soon.”

The U.S. and Israel went to war on Feb. 28 in part to prevent Iran from ever getting a nuclear weapon, although Trump’s goals in the confict have repeatedly shifted.

Chamber con dent developer still locked in ‘otherwise they’d be gone’

Business, largely confrmed this is the situation that exists. It afrmed that “active works are currently underway” on the relocation of Chris Brown Boulevard - the former Coco Plum Road - and the golf course while it seeks to replace Greython, which was the main contractor for Carnival’s $600m Celebration Key project in Grand Bahama, via an open, competitive tendering process.

Another well-placed contact, also speaking on condition of anonymity, said just two of Cotton Bay Holdings’ four Bahamian staf based in Nassau remain employed with the developer in legal and accounting functions. They added that both the terminated workers worked in the procurement department, which they suggested signals construction of the hotel is unlikely to resume any time soon.

And both Bahamians based in Eleuthera, including Cotton Bay Holdings’ ofce manager and chief real estate sales liaison, have also been released along with numerous Colombian employees. The developer was said to have blamed the redundancies and terminations on a “restructuring”.

“They let all Bahamians go apart from two in legal and accounts in Nassau,” the source revealed. “They also let quite a few Colombians go. The Colombian surveyors here were terminated immediately, and they had to leave within

two days. The Bahamian staf got their notices on May 15th; they obviously weren’t happy. They dismissed the ofce, so quite a few Colombians went back that week.

“They didn’t share much with the Bahamian team. They were just told the company was going to be restructuring and that was it. I know there were also concerns about the loss of the Ritz-Carlton Reserve brand” over the construction delay and development halt.

Cotton Bay Holdings last night rejected these concerns in its statement to Tribune Business, asserting: “Any personnel adjustments associated with Cotton Bay Holdings are internal decisions.

“Contractor transition is a normal part of a project of this scale, and does not afect Cotton Bay Holdings’ long-term commitment to the development, its stakeholders or the community. Cotton Bay Holdings also remains fully committed to its agreement with the Ritz-Carlton Reserve brand.

“Cotton Bay remains one of the most signifcant resort and residential developments underway in The Bahamas. The company remains focused on delivering a world class destination for South Eleuthera while creating long-term economic opportunities through investment, employment and tourism development.”

However, one source told Tribune Business of the resort development halt: “This has a big efect for

the community. To let go the Bahamians tells me this is for longer. If it was only for four to six months, they could have kept them on. It was an immediate termination for the workers that day, which is an awful thing to do. If it was for a few months they would not have let everyone go.

“What will be interesting is, when and if they try to pick things up, will they bring in more of their people from Colombia? I understand that the oversight from Colombia has been incredible.”

Cotton Bay Holdings confrmed it has notifed the Government that itself and Greython have parted ways. “Cotton Bay Holdings is currently managing a transition of its general contractor and has commenced an open selection process, inviting qualifed general contracting frms to participate,” it said.

“This process is progressing and refects the company’s commitment to ensuring the project is completed as planned to the quality and standards of a Ritz-Carlton Reserve. Cotton Bay Holdings has informed the Government of The Bahamas, through the Ofce of the Prime Minister and the Ministry of Works, of its general contractor transition and afrmed commitment to reach completion.” The project was previously billed as a four-year build out, placing completion around 2029.

The challenges for a project, frst conceived more than 25 years ago in the late 1990s, have emerged

French president urges US to share cutting-edge AI and democracies to cooperate on regulation

By JOHN LEICESTER and KELVIN CHAN Associated Press

FRENCH President

Emmanuel Macron on Wednesday urged the world’s wealthy democracies to work together on regulating advanced artifcial intelligence systems, speaking at a high-level meeting that included top AI executives.

OpenAI CEO Sam Altman issued a similar plea at the Group of Seven summit of major industrialized nations in France, saying an “international forum” is needed for countries to draw up AI guardrails. He said the task of AI safety should not be left to tech companies.

PUBLIC NOTICE

e owner/s of Lot #20 on the Eastern Side of (Rupert Dean Lane) O Meadow Street, BLOCK NO#184

Please contact MR MICHEAL MOSS within 14 days at 421-1782

just over one year after Cotton Bay Holdings held its ofcial ground-breaking that was attended by both Prime Minister Philip Davis KC and Chester Cooper, deputy prime minister and then-minister of tourism, investments and aviation.

The construction hold-up represents delayed jobs, economic activity and growth that is badly needed on south Eleuthera and the wider island. Thomas Sands, the Eleuthera Chamber of Commerce’s president, yesterday told Tribune Business that the Ritz-Carlton Reserve project is a critical “part of the evolution of Eleuthera’s economy and that brand is very important”.

“What we observed was the general contractor on the hotel has left. Greython has left,” he confrmed. “We are not sure of the details related to them leaving. That was never shared, and we were not privy to that information. What we observed on-site is the golf course construction is still going, and Emile Knowles has the perimeter roadworks that he has been executing prior to Greython coming in.

“Those two things are still ongoing, and the in-house project management team is still on the ground. We are uncertain what has happened to the general contractor; of course, we would like to know, but it’s a very delicate thing and we wait to hear from them. We don’t want to disturb the construction.”

Mr Sands said he and the Eleuthera Chamber did not believe Greython had

started construction on the resort component “in earnest”, instead focusing on site clearance and building a camp to house its workforce that was “partially completed” before it pulled out.

“We’d like to understand what the plan is moving forward,” he added. “We look forward to them moving forward. They are a very important part of the evolution of Eleuthera’s economy, and that brand is very important to Eleuthera. Whatever the Chamber can do to assist, we are available.

“I think the developer is still committed otherwise they would be gone. There is still some level of works going on at the site. We consider this a pause, and look forward to them moving forward as quickly as possible.”

Mr Cooper, speaking at the 2025 Eleuthera Business Outlook conference, said the Ritz-Carlton Reserve project was increasing its planned investment by $160m - from an originally-planned $200m to $360m - and expanding the number of residences by 35 percent.

Conceding that the project has existed in various forms since 1997, when its backers obtained a Heads of Agreement with the-then Ingraham administration, Mr Cooper said then: “Cotton Bay Holdings has been a fxture here for 25 years and I am delighted that it has fnally set to take-of. But you have seen and heard much about this development before, and I know you want to see the

ground-breaking before you get too excited.

“They are currently employing 30 employees, and we expect the number in the construction phase to increase. At its peak, to 450, and during its operations to peak at 550 or 650.. during the height of construction. Already the plan is expanding, and we expect the proposed number of residences to increase from what was announced.

“Originally they had indicated 72 residences and that now increased to 97. They had originally forecasted overall investments of $200m, and I’m now reliably advised that has increased to $360m. So, ladies and gentlemen, this is real, and we want Eleutherans to be positioned to have frst dibs at the jobs and the spin-of business opportunities in Eleuthera,” he said.

“It is necessary for us to seize the opportunities and not just be standing by but engaged and participate and fnd out how you may beneft.” Daniel Zuleta, Cotton Bay Holdings’ construction managing director, told the same conference that the developer was planning to supply 100 percent of its 10 mega watt (MW) energy needs from its own 47-acre solar farm following Eleuthera’s recent history of power outages and energy blackouts. And, pledging that the Ritz-Carlton Reserve will seek to set “the gold standard” for environmental sustainability, he added that the project is targeting a 40 percent reduction in its carbon footprint.

Overshadowing the discussion on AI was President Donald Trump’s administration’s directive last week, preventing foreign nationals from using Anthropic’s newest and most powerful artifcial intelligence models.

Macron said it was a “good thing” that U.S. ofcials recognize that so-called frontier AI models could be dangerous, but he also criticized it as a “strictly nationalist” reaction.

The remarks followed a G7 working lunch that brought together AI industry fgures, including leaders of three of the most powerful AI companies — Altman, Google DeepMind CEO Demis Hassabis and Anthropic CEO Dario Amodei — on the theme of “ensuring a safe, rapid and efective deployment of artifcial intelligence.”

Trump’s feud with Anthropic has unsettled many outside the US

Ahead of the meeting, the White House’s dispute with Anthropic fueled distrust in Europe about American dominance of AI and tech ecosystems.

The company was forced on Friday to take its latest artifcial intelligence models, known as Fable 5 and Mythos 5, ofine to

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In the Estate of VERNON J. SYMONETTE late of #76/78 Killdeer Drive, Monastery Park, in the Eastern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased

NOTICE is hereby given that all persons having any claims or demands against the above Estate are required to send the same duly certifed in writing on or before 5:00pm on Friday the 15th day of May, A.D., 2026.

NOTICE is hereby given that after the expiration of the time mentioned above, the assets of the late VERNON J. SYMONETTE will be distributed among the persons entitled thereto having regard only to the claims of which the Executors of the Estate shall then have had Notice.

AND NOTICE is hereby given that all persons indebted to the above-named Estate are required to make full settlement or arrangements with the Executors for the full settlement of the same on or before the date mentioned above.

Monique V. A. Gomez & Co. Chamber

The Oschloe Building #73 East St. & Cordeaux Ave. Nassau,The Bahamas

comply with the directive.

The AI giant said it did not believe the steps taken by the government were warranted by the concern it fagged about a potential security issue.

When asked by a reporter whether France and other G7 countries had asked Trump to permit access to Anthropic’s latest AI models, Macron said he made a forceful plea for the U.S. not to keep cutting-edge AI to itself. Macron warned of a possible drop in value for U.S. frms pioneering the disruptive technology if they switch of access like a light switch. Macron backed

his appeal for partnership among key democracies with an insurance policy: France, he said, will boost funding for its own AI industry, so it’s not left behind if international cooperation breaks down. Democratic countries ultimately want to prevent authoritarian regimes from getting access to advanced AI systems, Macron said.

“So let us move forward together,” he said. “Our relevant agencies must frst cooperate so that, in the areas of security and cybersecurity, we have a smooth government-to-government relationship.”

NOTICE

Bahamas First Holdings Limited (“BFH or the “Company”) wishes to advise that Mr Liam McFarlane resigned as a Director of the Company on 19 May 2026

FRENCH President Emmanuel Macron greets President Donald Trump, right, during the official arrivals ceremony for the G7 summit in Evian-les-Bains, France, Monday, June 15, 2026. Photo:Isabel Infantes/AP

Retail sales up a strong 0.9% in May, underscoring the resilience of the US consumer

By ANNE D’INNOCENZIO

AP Retail Writer

SHOPPERS stepped up their spending in May and surpassed expectations as temperatures warmed and gasoline prices leveled of.

Retail sales rose 0.9%, up from a revised 0.4% gain in April, according to Commerce Department data released Wednesday. Sales got a boost from generous government tax refunds in both April and May, though economists say that cash cushion is starting to fade.

Excluding sales at gas stations, retail sales in May rose 0.7%.

The fgures aren’t infation-adjusted so higher prices likely helped boost sales. But economists point to healthy spending with increases that were broadbased. Business at clothing, accessory and furniture stores all posted sales gains. Online sales rose 1.5%.

There were a few weak spots. Electronics and appliance stores and department stores both registered slight sales declines.

The data ofers only a snapshot of consumer spending and doesn’t include activities like travel and hotel stays. The lone services category – restaurants – registered a 0.1% decline. That might have refected how high gas prices forced shoppers to cut back on driving to eating establishments, according to Sam Tombs, chief U.S. economist at Pantheon Macro.

But the so-called control group—which excludes food services, autos, building materials and gas station sales and is used to calculate economic growth—rose 0.7%. That suggests solid spending, economists said. Consumers are the engine of the American economy, driving most of the nation’s economic growth. And the

latest retail sales report underscores that spending has remained resilient so far this year despite rising prices. Solid increases in hiring have also buoyed spending, economists said.

“The stronger-than-forecast and broad-based gains in May retail sales show that consumers continued to spend strongly despite higher gasoline prices in the month,” Nationwide Chief Economist Kathy Bostjancic writes. “The large tax refunds and overall tax reductions for households this year and the recent strengthening in employment growth helped bufer the negative drag from higher gasoline prices.”

Tombs was more cautious about the spending outlook.

“Consumption regained some momentum over the spring, but the sugar rush from bigger-than-usual tax refunds will wear of soon,” Tombs wrote in a report.

Rising gas prices pushed infation to its highest level in three years, U.S. data showed last week, with consumer prices rising 4.2% in May, compared with last year. On a monthly basis, prices rose 0.5% last month, after big gains of 0.6% in April and 0.9% in March. There is a tentative deal to end the Iran war and reopen the Strait of Hormuz, but even after oil starts fowing again from the Middle East it could

take awhile for the supply crunch to ease.

Gas prices fell about a penny overnight to $4.02, down 11% from a month ago, according to motor club AAA. The national average for a gallon of gasoline has not been below $4 since March, according to AAA.

“While the deal is encouraging, our industry is still holding its breath,” said Steve Lamar, the CEO of trade group American Apparel & Footwear

Bernie Sanders unveils plan to give the public direct ownership of AI companies

By JOEY CAPPELLETTI Associated Press

AS ARTIFICIAL intel-

ligence companies reshape the economy and race toward trillion-dollar valuations, Sen. Bernie Sanders is proposing a sweeping transfer of wealth and power from the industry to the American public.

The legislation, shown frst to The Associated Press, would create a sovereign wealth fund overseen by an independent commission and fnanced through a one-time 50% tax on the stock of the largest AI companies. Sanders estimates that the tax would create a nearly $7 trillion fund that would generate hundreds of billions of dollars annually in direct payments to Americans and programs such as health care, education and housing.

“The benefts cannot simply go to the handful of wealthy corporations. They will be shared by the American people,” the independent Vermont senator said in an interview Wednesday.

The idea of giving the public a stake in AI has recently drawn interest from fgures as ideologically diverse as President Donald Trump and OpenAI CEO Sam Altman. But Sanders’ proposal goes much further, calling for public ownership of half of the largest AI companies and direct infuence over corporate decision-making.

“The public has got to have a signifcant seat at the table to make sure

that terrible things do not happen to ordinary people, and that in fact, AI benefts ordinary people, not hurts them,” Sanders said. How the fund would work Sanders has previously proposed the sovereign wealth fund, but the bill summary obtained by the AP is the frst legislative attempt to make it a reality. The 50% tax would apply to AI companies that reach $200 million in annual AI sales. Any new AI company that reaches that benchmark would also be subject to the tax. It would create a sovereign wealth fund — similar to those used by countries

NOTICE

NOTICE is hereby given that I YOBIN LUTIS of Carmichael Road, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that I MANNUR VENKATRAM REDDY of P.O.Box SS-19987, #21 Cable Beach, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 11th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

around the world and some U.S. states — that Sanders estimates would be worth around $7 trillion. Unlike a traditional tax, the proposal would require companies to transfer stock rather than cash, efectively making the American public a major shareholder in the country’s largest AI frms.

A seven-person independent commission — nominated by the president and confrmed by the Senate — would manage the fund and use its voting shares “to block decisions that hurt the American people and to push for policies that help them,” the bill summary says.

Sanders proposes that a 5% annual dividend from the fund would provide direct payments of more than $1,000 to every American. If companies grow, the gains would be used for

public goods such as education, housing and health care.

Sanders argues taxpayers would not bear the losses if AI company valuations decline.

“We’re not going to lose any money, even if there is a bust in the bubble,” Sanders said.

The commission would be directed to “to block decisions that hurt the American people and to push for policies that help them,” according to the summary.

Sanders emphasized that the proposal is just a start.

“We think this is the best that we could do at the moment, and it’s certainly a major, major, major step forward from giving unilateral and total power to a handful of multi-billionaires,” Sanders said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, EVANGELYN ROLLE of P.O.Box CR55503, 11 Bridge Close, Mermaid Blvd, Nassau, Bahamas intend to change my name to EVANGELINE ROLLE. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. o N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that I WILFRID PASTERIN of Second Street, The Grove, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Association. “Our question now is, will this agreement be strong enough for our global industry to begin recovering?”

Lamar noted that unplanned costs continue to squeeze proft margins, with companies facing higher expenses for ocean freight, air cargo and packaging. He said that even under the best-case scenario, it will take time to stabilize.

The spike in gas prices this year due to the Iran war may alter some behavior, peace deal or not.

Even as gas prices continue to retreat, analysts say some shoppers will stick to habits they picked up as prices soared, like flling up the car at big box stores where they can get discounts.

Visits to gas stations operated by big box chains like BJ’s, Costco and Sam’s Club, which ofer discounts to members, began to accelerate in early March, aligning with a sharp rise in fuel prices, said R.J. Hottovy, the head of analytical research at Placer.ai, which tracks people’s movements based on cellphone usage.

buy of the public. We will give 5% of our profts back into the government,’” said Sanders.

“That’s not what we’re talking about. What we’re talking about are two very diferent things.”

The idea has supporters in the White House and Silicon Valley Sanders is not alone in pushing for a public stake in the companies that develop AI.

Trump, who recently signed an order to have new AI models voluntarily vetted by the government, has also mused about the government owning a stake in the companies that develop AI, saying “there’s something very interesting about it, where it almost becomes a partnership with the American public.”

OpenAI — led by Altman — in April proposed to “create a public wealth fund that provides every citizen — including those not invested in fnancial markets — with a stake in AI-driven economic growth.”

Anthropic, one of OpenAI’s top competitors and recently valued at $965 billion, has been open to similar ideas, with CEO Dario Amodei writing recently that “universal basic income could be fnanced through taxes on relevant companies.”

Trump on Wednesday attended a session focused on AI at the G7 summit in France with top industry leaders, including Altman and Amodei.

Still, Sanders’ push is much more aggressive than any of these. In Sanders’ meeting with Altman, they remained far apart on how large of a stake the public would get, according to those in the room.

“I think people like Sam Altman and Trump (who) may be sympathetic to this are saying: ‘Okay, look, we’re making zillions of dollars so we’re going to be nice guys and maybe we’ll

Taking the fght to voters

Sanders’ “Fighting Oligarchy” tour drew massive crowds across the country last year as he appeared with high-profle lawmakers such as Rep. Alexandria Ocasio-Cortez, D-N.Y. Asked whether he plans to make AI ownership and wealth inequality part of that message on the campaign trail, Sanders responded, “Absolutely.”

It’s a message other candidates are using ahead of the midterms as they tap into voters’ angst about the technology. Michigan Democratic Senate candidate Mallory McMorrow unveiled a plan to “protect workers in the age of AI,” while New York Democratic House candidate Alex Bores has also made AI regulation a campaign issue.

Data center projects across the country have drawn opposition from residents concerned about electricity demand, water consumption and environmental impacts. Some states once eager to attract the facilities, including Ohio and Virginia, have moved to reconsider tax incentives.

On college campuses, commencement speakers have been interrupted by boos when discussing artifcial intelligence. About 70% of college students see AI as a threat to their job prospects, according to a 2025 poll by the Institute of Politics at the Harvard Kennedy School.

“Workers will be thrown out of their jobs while billionaires, multi-billionaires become even richer,” Sanders said. “The American people are aware of that and don’t want to see it happen.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, SHANNIL OLINKA COLEBROOK of Seaview Drive in the Western District of, Nassau, Bahamas intend to change my name to SHANNEL OLINKA CONLIFFE-CULMER. If there are any objections to challenge the 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 the publication of this notice.

NOTICE

NOTICE is hereby given that I MARC HENRY JEAN of 6 Pioneer’s Way, Grand Bahama, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

A EMPLOYEE works at a cash register in a grocery store in Schaumburg, Ill., Thursday, May 14, 2026.

Photo:Nam Y. Huh/AP

SEN. BERNIE SANDERS I-Vt., speaks about topics including politics and artificial intelligence, Monday, June 8, 2026, at the National Press Club in Washington.

Photo:Jacquelyn Martin/AP

Watersports operators push for seat at table

maritime regulatory framework and are intended to improve safety in one of the country’s busiest marine corridors. “Nassau Harbour is a working harbour. It is a place of commerce and connectivity,” Mr Lundy said.

Mr Lundy has already met with Herschel Walker, US ambassador to The Bahamas, to discuss safety concerns relating to jet ski operators and water sports in general. In a statement issued after the meeting, the Ministry of Transport said visitor safety “is not negotiable” and pledged a “full and immediate response” to concerns raised by Mr Walker earlier this week.

“Deaths that could have been prevented should never have occurred,” the ministry said. “Sexual harassment and assault by any operator is criminal conduct. Unsafe watercraft, unlicensed operators and disregard for weather and marine conditions put lives at risk.”

The Ministry of Transport said discussions focused on immediate measures to improve visitor safety, as

well as structural reforms, including stronger information-sharing on incidents and quarterly meetings with private sector stakeholders and members of the resident consular corps. It added that an interagency enforcement taskforce, established in April 2025 and led by port director, Berne Wright, has already been working to strengthen safety and conduct standards across the industry. According to the ministry, the task force met again on Tuesday with representatives from the Port Department, Royal Bahamas Police Force, Royal Bahamas Defence Force, Ministry of Tourism, Ministry of Foreign Afairs and the Department of Beaches and Parks to examine international best practices in water sports safety and operator training.

Among the measures already being implemented are stricter licensing requirements, mandatory identifcation badges for operators, random compliance inspections and the deployment of beach marshals at heavily trafcked

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CC Business Investment Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CC Business Investment Ltd. is in dissolution as of June 9, 2026

International Liquidator Services Ltd. situated at 3rd Floor Whit eld Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

tourist beaches. The Government also said it is advancing plans to introduce body cameras and GPS tracking for operators as additional accountability measures.

Ofcials warned that any operator found to be unlicensed, uninsured, using unsafe equipment, ignoring marine or weather conditions, or engaging in harassment or assault will have their licence revoked and face prosecution.

While welcoming the Government’s engagement with the US, Astra Charlton, director of business development at My Own Water Sports, argued that industry operators must be included in shaping the reforms.

“We acknowledge the dialogue held today between the minister of transport and the US Ambassador to The Bahamas,” Ms Charlton said.

“We hope that the discussions were productive and that they represent a genuine step toward meaningful

action for the beneft of the industry, our visitors, and The Bahamas as a whole.”

However, she said operators have repeatedly sought a seat at the table. “For some time, we have advocated to be included in the room when these discussions take place,” Ms Charlton said. “We are not observers to this issue; we are the operators and business owners representing our employees and their families, all of whom are most directly impacted by the decisions being made.”

Ms Charlton said any regulatory overhaul must be practical, enforceable and developed with the participation of those working in the industry every day.

“What is needed now is a practical working plan that is viable, enforceable, accepted by stakeholders, and capable of taking immediate efect once the meeting ends,” she said. “The industry cannot aford prolonged bureaucracy while our businesses,

(a) BALTO CAPITAL LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) e Dissolution of said Company commenced on June 18, 2026 when its Articles of Dissolution were submitted and registered by the Registrar General.

(c) e Liquidator of the said company is Helvetic Management Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are required on or before July 18, 2026 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the bene t of any distribution made before such debts are proved.

June 18, 2026

HELVETIC MANAGEMENT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

reputations and livelihoods remain at risk.”

Her comments highlight the risks facing the sector after Mr Walker’s circulating video warning Americans about renting jet skis and swimming in areas where watercraft are operating. The warning came after several incidents involving tourists, raising concerns about visitor safety in one of The Bahamas’ signature tourism experiences.

Ms Charlton cautioned that, despite yesterday’s meeting, the industry’s economic challenges remain.

“The reality is that the warning remains in efect,” she said. “The video remains publicly available. A meeting held today, while welcomed, does not automatically reverse the damage already done or the potential impact many operators may face during what should be the most lucrative months of the season.”

Ms Charlton added that legitimate operators stand

ready to work alongside government to restore confdence in the industry.

“We remain willing and prepared to sit collectively with the relevant stakeholders to ensure that the necessary work is done and that any agreed action is carried from the boardroom to the beach without delay,” she said.

The Ministry of Transport similarly stressed that the overwhelming majority of Bahamian water sports operators comply with the law and maintain high professional standards, arguing that stronger enforcement is intended both to protect visitors and to safeguard the reputation and livelihoods of legitimate businesses.

“The Bahamas and the United States share a deep commitment to visitor safety,” the ministry said, adding that both governments have committed to co-ordinated action and will provide further public updates as reforms progress.

NOTICE SOULS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 203059 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 17th day of June A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Monica Marchett, whose address is Pedroso Alvarenga 260 AP 121, CEP: 04531-000, Itaim Bibi, Sao Paulo, Brazil. Any Persons having a Claim against the above-named Company are required on or before the17th day of July A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 17th day of June A.D. 2026.

MONICA MARCHETT LIQUIDATOR

Man who died in Texas plane crash was a key gure

in seeding Austin’s technology boom

By ED WHITE Associated Press

THE man who died when a small jet crashed on a Texas highway was an entrepreneur well-known in the state for being at the center of Austin’s turbocharged evolution as a technology hub.

Joshua Baer, 50, described himself as an “Austinpreneur,” a reference to the state capital and his enthusiasm for getting people into business. He founded Capital Factory, which has grown into an important Austin-based venture capital frm supporting a range of technology startup companies, from robots to autonomous ships.

Baer’s LinkedIn page shows him wearing a black T-shirt and pointing at the message: “I help people quit jobs.” His email had a similar handle. Capital Factory’s downtown headquarters is among the ofces of tech giants like Google.

“Whether you’re in technology or not, there’s a hole in the heart of Austin today,” Thom Singer, CEO of the Austin Technology Council, which promotes the local tech industry, said of Baer’s death. Baer listed his life strategy as, “Plant lots of seeds. Water everyone’s. Repeat.”

And people noticed: The Austin mayor in 2023 gave him a key to the city, a symbol of civic honor.

Bryan Chambers, co-founder and president of Capital Factory, said his business partner was a “true super connector.”

Baer was aboard a business jet that crashed Tuesday on a highway in Laredo, Texas, after the pilots reported mechanical problems and requested to make an emergency landing at an airport. His LinkedIn profle said he had a wife and three children. It wasn’t known whether three young people who survived the crash were family members.

After graduating from Carnegie Mellon University in Pittsburgh, where he created an email marketing business, Baer moved to Austin in 1996 to work as a

software developer at Trilogy Inc. He started Capital Factory in 2009 and regularly held business chats with people at a cofee shop.

“My hobby is startups,” Baer told the Austin American-Statesman in 2012. “I

don’t watch sports or anything like that. So this is what I do. ... I want to be an investor in every great tech company that comes out of Austin. That’s probably unrealistic, but I’m going to try anyway.”

PEOPLE attempt to pull passengers out of a plane after it crashed on a highway Tuesday, June 16, 2026, in Laredo, Texas. Photo:Zayra

Baer often spoke to high school students and had the title of “entrepreneur in residence” at the University of Texas.

“He was passionate that technology could change the world and make people’s lives efcient and better,” Singer said. “And if entrepreneurs did it right, they could make money and help their communities. He believed in those two things.”

Texas U.S. Sens. Ted Cruz and John Cornyn said they were saddened by Baer’s death. Cornyn wrote on X that Baer was an “innovative & creative leader in Austin’s entrepreneurial culture.”

Garza/AP