BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ROYAL Caribbean has closed its $30m acquisition of Freeport’s long-shuttered Xanadu Beach Hotel, it has been revealed, and is near to completing the purchase of adjoining land parcels from the Royal Oasis owner.
Well-placed Tribune Business sources, speaking on condition of anonymity, told this newspaper that the cruise giant closed the resort’s purchase from the family of late businessman, Mario Donato, at the end of May 2026 as part of its ambitions to establish a private Grand Bahama destination for its passengers that will be similar to both its own Royal Beach Club on Paradise Island and Carnival’s $600m Celebration Key project.
And Royal Caribbean is also understood to be in the fnal stages of completing its separate deal with Harcourt Developments, the Irish-headquartered property developer that owns the Royal Oasis, and its fnanciers to complete the necessary land
BY NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
Completes long-shuttered hotel’s acquisition at end-May
‘Very close’ to buying 10 acres from Royal Oasis owner
Cruise line says: ‘We continue to explore future projects’
assembly for a development that the Central Bank last year said involves a $348m investment.
Royal Caribbean, in a guarded response to Tribune Business inquiries, neither confrmed nor denied the Xanadu’s purchase had closed but signalled that it is making moves. “We are always assessing our portfolio and continue to explore future projects to ofer the best vacation experiences for our guests and drive economic growth in the communities we visit,” a Royal Caribbean Group spokesperson said. However, it was confrmed to this newspaper that Royal Caribbean
is the new owner of the Xanadu and 18 associated acres since the beginning of this month. “The property has changed hands. It’s all done. It’s all up to them now,” one contact said of the cruise line. “It was $30m, and they also bought 18 acres.”
Tribune Business understands that the cruise line and its high-end afliate, Celebrity Cruises, are in the fnal phase of acquiring around a further ten acres from Harcourt Developments, which owns multiple land parcels running down to Princess Isle. These will be combined with the Xanadu to create a 28-acre beach break and entertainment destination
catering to the cruise line’s passengers. Well-placed sources confrmed to this newspaper that the Harcourt Developments part of the transaction is now just awaiting sign-of and execution of the necessary documents. “I believe the Xanadu hotel is closed,” one said. “I believe the other lands on Xanadu Beach are very close to being closed. I believe the documents have been sent to Europe, and it’s very close if not closed already. If it hasn’t closed, it’s very close.”
However, the contact tempered expectations by predicting that Royal Caribbean will take its time to develop the project and any development is unlikely to be completed until 2028 at the earliest. The cruise giant is also involved, and remains a partner in, plans to upgrade Freeport Harbour’s berthing capacity alongside Mediterranean Shipping Company (MSC), which is investing $450m to develop Billy Cay into a tourism destination.
Web shop formerly headed by minister’s spouse tied to $3m business incubator
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A WEB shop operator, formerly headed by the husband of a now-sitting Cabinet minister, is working with the Government to develop the $3m Business Innovation Centre located on Freeport’s East Mall Drive. An afliate of Asure Win was identifed in the House of Assembly on Thursday night as the private sector partner in a venture that is being partially funded by the Saudi Fund for Development - the investment fund owned and controlled by the Saudi Arabian government. Leander Brice, spouse of Leslia
Miller-Brice, minister of culture, arts and heritage, was the president and chief executive of Asure Win at the time the deal was struck, although he later resigned from these posts. Asure Win’s connection to the project, which is designed to foster and develop entrepreneurial ventures and start-ups in the tourism industry, emerged during probing by Opposition MPs during the debate on the 2026-2027 Budget’s funding allocations for various ministries and departments.
Dr Andre Rollins, the Free National Movement (FNM) MP for Long Island, said disclosure of
“The one thing that stood out to me in the legislative amendments, not one that FNM MP: Gov’t reversal on ‘invalid’ conveyances
THE Government has performed an abrupt u-turn on reforms enacted just 12 months ago that made a real estate conveyance “invalid” until it was recorded in the Registry of Records, an Opposition MP is asserting. Adrian White, the Free National Movement (FNM) MP for St Anne’s, told Tribune Business that legislative amendments quietly introduced during the 20262027 Budget debate reduce the “risk” associated with real estate transactions by reverting to the pre-July 1, 2025, position where conveyances are recognised as valid and legally binding at the time of signing and execution - not when they are recorded.
Auto dealers chief: ‘Nice to avoid confusion’ over titles
BY NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
THE Bahamas Motor Dealers Association’s (BMDA) president says “it would be really nice to avoid confusion and uncertainty” as he pleaded with the Government to consult the industry over planned vehicle title certifcate reforms prior to their July 1 implementation. Ben Albury, also Bahamas Bus and Truck’s general manager, told Tribune Business that the sector is seeking to avoid being “blindsided or caught of guard” amid the lack of clarity over how the legal requirement for all imported vehicles to obtain a title certifcate before they
ADRIAN WHITE
Doctors to de-risk Out Islands with air ambulance expansion
BY ANNELIA NIXON Tribune Business Reporter
DOCTORS Hospital is expanding its air ambulance network in a bit to become more than a healthcare service by helping to unlock investment, tourism and economic growth across the Family Islands.
Tawari Rodgers, manager of emergency transport services (ETS) and a fight medic at Doctors Hospital, told the Andros Business Outlook conference that reliable air ambulance connectivity for reducing the risks posed to residents and visitors in remote communities by a life-threatening health emergency. He added that the provision of such services makes Family Island locations more attractive to investors, tourism operators and researchers.
“We’re systematically de-risking small communities like Mangrove Cay for
economic development,”
Mr Rodgers explained.
While Doctors Hospital’s current air ambulance service is limited to transporting patients from local clinics to hospitals in Nassau or overseas, he said its long-term vision is to create a fully integrated national air medical emergency response network.
“We’re not currently positioned to provide immediate unmanaged roadside or feld emergency response yet,” he said. “Instead, our mandate today is clinic-to-hospital connectivity… That is the foundational stepping stone toward our true ‘North Star,’ which is a fully integrated national air medical emergency response network.”
Mr Rodgers said access to advanced emergency medical care is often an overlooked factor in investment decisions. “Think about the industries represented in this room today,” he said. “We have
leaders from tourism development, marine sciences and agriculture.
“When a developer looks to build a boutique resort in Andros, or when scientists and students venture into remote locations for marine research, they evaluate risk. One of the highest invisible barriers to Family Island investment is the question: ‘What happens to my guests or what happens to my team if there’s a catastrophic medical event?’”
Once a patient is transferred from a Family Island clinic, Mr Rodgers said Doctors Hospital co-ordinates specialist care before the aircraft even departs. “Our communications team matches the patient with receiving specialists in Nassau before the plane even leaves the tarmac,” he said. “The continuity of care is never broken.”
He described fight medicine as a highly specialised discipline requiring extensive investment in personnel because medical conditions
Improved transport connectivity vital to unlock Andros potential
BY FAY SIMMONS Tribune Business Reporter
A CABINET minister says improved air and sea connectivity is vital to supporting investment and tourism growth in Andros and unlocking the island’s economic potential.
Leon Lundy, minister of transport and also the south Andros and Mangrove Cay MP, told the Andros Business Outlook conference that his ministry is exploring ways to strengthen inter-island transportation while also participating in discussions aimed at improving air access to Andros.
"As minister of transport, I'm acutely aware that connectivity is the lifeblood of any island economy," he said. "You cannot sell what visitors cannot reach, and you cannot grow what investors cannot access."
Mr Lundy said improving airlift remains a priority for the island, noting that discussions are taking place with airlines, tourism ofcials
and aviation stakeholders.
"Air access to Andros must improve," he reiterated. "The conversations happening today with Makers Air, with the Ministry of Tourism and with aviation stakeholders are exactly the right conversations that we need to be having." Mr Lumdy added that better air access is about more than tourism, and said: "Improved airlift is not just a tourism issue. It is an economic justice issue for communities like ours."
Responding to a question about the possibility of ferry connections throughout Andros, Mr Lundy said the Government is studying opportunities to expand inter-island transportation based on lessons learned from pilot programmes already operating elsewhere in The Bahamas.
"We're doing a pilot programme now between Grand Bahama and Abaco, and Grand Bahama and Bimini, and it's serving us well," he said. "There is research going on right now to determine which islands
could beneft from that type of inter-island connectivity."
Mr Lundy also stressed the importance of co-ordination among government agencies responsible for transportation, tourism and aviation. Responding to concerns that multiple ministries could pursue separate strategies, he said regular meetings are already taking place to ensure a unifed approach.
"The minister of tourism, the minister responsible for aviation and I have a standing meeting every month so that we can discuss issues such as these for each and every island," he said.
Mr Lundy added that any major transportation discussions involving Central Andros, Mangrove Cay and South Andros would involve local representation. During the question-and-answer segment, an attendee also raised the possibility of developing a marina in Mangrove Cay as part of eforts to expand economic activity and attract more visitors.
Asked about potential government support, Mr Lundy said any proposed
change signifcantly once an aircraft reaches altitude.
“The patient isn’t just surviving the fight to Nassau,” Mr Rodgers said. “They’re actively being treated.” Doctors Hospital has also been expanding its broader emergency transport network. Mr Rodgers said the hospital currently operates six ground ambulances throughout New Providence, and completed more than 4,000 patient transports in 2025, up from more than 2,000 in 2023.
He said the hospital has already expanded its footprint into Grand Bahama, Exuma and Eleuthera, with additional islands planned as part of what he described as a nationwide healthcare strategy.
marina development would frst require environmental approval from the Department of Environmental Planning and Protection (DEPP).
"Because this is Mangrove Cay, and we know now we're preserving a lot of the mangroves, we have to ensure that the environment is not being harmed in any way," he said.
Mr Lundy suggested that developers seeking fnancing for a marina project approach the Bahamas Development Bank, describing it as the most appropriate institution for a project of that scale. He added that Mangrove Cay already holds ‘port of entry’ status, allowing vessels arriving from the United States to clear directly into the area.
“Our strategic road map recognises that national prosperity requires economic equity across all of our islands,” Mr Rodgers said. “By establishing these localised footprints and anchoring them to our central tertiary assets via the air ambulance, we’re ensuring that the baseline of medical security rises uniformly across The Bahamas.”
Looking ahead, Mr Rodgers said Doctors Hospital is exploring subscription-based models that would allow businesses and individuals to access the service directly instead of frst having to seek treatment at a clinic.
“Our utilisation team is currently in the process of reaching out to the various
clinics throughout the country,” he said. “In the future we hope to branch out and obtain subscription-based models and direct patient contact, or direct contact to business owners, so that if there is a patient in need we can immediately respond, as opposed to having to go through a clinic.”
The forum’s moderator urged lodge owners and tourism stakeholders to work with the Ministry of Tourism to strengthen emergency response planning, noting that serious accidents can have lasting consequences for a destination’s reputation.
“One accident can destroy the reputation of a destination,” the moderator said. “So we really, really, really, really need to pay attention to this.”
Mr Rodgers argued that healthcare investment should be viewed as an economic development strategy rather than simply a medical service.
“As we continue to deliberate on how to strengthen small, beautiful communities like Mangrove Cay, I ask that we keep in mind that health and wealth are fundamentally linked,” he said. “We’re here to invest in safety, to secure growth and to ensure that as our country moves forward, no Bahamian or guest is left behind.”
Minister: ‘Overlooked’ Andros now nally getting due attention
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday asserted that Andros is fnally receiving long-awaited attention from the Government after years of being overlooked, pointing to infrastructure, healthcare and agricultural investments now underway across the island.
Addressing the Andros Business Outlook, Leon Lundy, minister of transport and the south Andros and Mangrove Cay MP, said residents across the island have long questioned when meaningful development would arrive, but argued that government initiatives are beginning to change that reality.
"We are an island of tremendous natural wealth, and yet for too long we have shared the same sentiment: We have been overlooked," he said.
"I've heard it from the fshermen in South Andros, from the lodge owners in Mangrove Cay and Central Andros, from the farmers in North Andros, and from the mothers and fathers throughout the island who want better opportunities for their children."
Mr Lundy said the Government's budget theme, ‘Expanding opportunities, island by island’, applies directly to Andros and the wider Family Islands. "I'm here today to tell you that our turn is now, but we must make the most of it," he said.
"The Davis administration's Budget theme this
year is 'Expanding opportunities, island by island'. That was not written for New Providence alone. It was written for Andros and all of the Family Islands." Among the developments highlighted by Mr Lundy were road rehabilitation projects, healthcare investments and agricultural initiatives aimed at expanding economic opportunities on the island. He said infrastructure improvements were essential to supporting future growth.
"Infrastructure investment is not glamorous, but it is foundational. You cannot grow a tourism economy, attract investment or connect communities when the roads tell visitors and residents that they are an afterthought," he said.
The South Andros and Mangrove Cay MP also pointed to the Government's commitment of $11.6m for the construction and upgrading of health clinics throughout the Family Islands.
"Quality healthcare is not a luxury; it is a right. It is also a practical necessity for a community that wishes to retain its workforce and attract new residents," he said.
Mr Lundy highlighted eforts to strengthen the agricultural sector, noting that farmers in North Andros are already supplying produce to national buyers through government-supported programmes designed to provide guaranteed markets.
THE Bahamas International Securities Exchange (BISX) has added another listing to its investment fumds roster. The exchange, in a statement, said the Sunset Valley Fund has completed its mutual fund listing process and has been listed on BISX. The fund is incorporated as a Bahamian-domiciled International Business Company (IBC). This fund is also licensed as a Smart Fund SFM007 under the SMART funds rules attached to the Investment Funds Act 2019. Keith Davies, BISX’s chief executive, said: “We are happy to welcome this fund to the exchange. We are proud of the work that we have done creating deep partnerships with our sponsor members and the beneft that this has been
LEON LUNDY
KEITH DAVIE
Gov’t takes ‘far too long’ to pay for compulsorily-acquired land
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister has conceded that it takes “far too long” for the Government to compensate Bahamian land owners for property it compulsorily acquires from them as an Opposition MP warned it is “a hot button issue” in his constituency.
Michael Halkitis, minister of fnance, speaking during the 2026-227 Budget debate on spending allocations for various ministries and departments, acknowledged that many Bahamians wait years - sometimes decades - to be paid what is due to
them when the Government uses the Acquisition of Land Act to purchase their properties for the public good or interestsuch as road construction or other public infrastructure. He spoke as Dr Andre Rollins, the Long Island MP, asserted that families whose land has been taken for the $15m Deadman’s Cay airport expansion have yet to receive “the frst dollar” in compensation for the loss of their properties. He had challenged where the Government has allocated monies in the 2026-2027 Budget to compensate his constituents, and other Bahamians, for
Arawak Cay blaze victims payout ‘within two weeks’
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Government could begin paying compensation to Arawak Cay vendors whose stalls were destroyed in last year’s devastating fre within two weeks, it has been revealed.
Jomo Campbell, thr agriculture and marine resources minister, provided the update during debate on the 2026-2027 Budget after Long Island MP, Dr Andre Rollins, asked whether any government funding had been directed towards rebuilding stalls burnt down in the November 2025 blaze.
Mr Campbell said legal issues surrounding some leaseholders have largely been resolved and owners will be compensated shortly. "We are now fnalising those payments, and they will be forthcoming," he said.
Mr Campbell explained that delays were linked to legal matters involving some of the businesses operating at the site. "There were certain legal issues that had to be addressed by the Ofce of the Attorney General regarding some of the leases at the Arawak Cay site and some of the persons holding those leases," he said.
"That is now being ironed out and they will be compensated, perhaps within the next two weeks." Mr Campbell did not disclose the amount of compensation expected to be paid to afected vendors.
When pressed by Dr Rollins for a fgure, Mr Campbell replied: "I can't say at this time, but when it happens, you will defnitely
see it. It will be public."
The exchange began when Dr Rollins questioned whether government funds have been allocated toward reconstruction eforts following the fre.
Referring to a budget line item related to the redevelopment of Potter's Cay Dock, Mr Rollins asked whether any money had been directed to rebuilding the stalls afected by the blaze at Arawak Cay.
However, Leon Lundy, minister of transport, clarifed that the Budget allocation in question related to infrastructure improvements at Potter's Cay rather than reconstruction work at Arawak Cay. "This actually has to do with the lighting and the security cameras out there. It doesn't have to do with the stalls itself," Mr Lundy said.
Mr Rollins then renewed his question about assistance for vendors impacted by the Arawak Cay fre, prompting Mr Campbell's update on compensation payments.
The November 2025 fre destroyed several businesses at Arawak Cay, one of New Providence's bestknown tourism and dining destinations. In the aftermath of the blaze, afected operators vowed to rebuild while government ofcials pledged support for those who sufered losses.
Mr Campbell's comments represent the clearest indication yet that compensation payments are close to being distributed. However, he did not provide details on how compensation amounts were calculated or how many vendors are expected to receive payments.
land acquired via compulsory purchase. Mr Halkitis, in reply, pointed to the Ministry of Finance’s $50m Budget reserve, which is used to meet unforeseen expenses during a particular year, and the $8m allocated to the Attorney General’s Ofce for “legal orders” to pay judgments and legal claims against the Government, as two potential sources of compensation.
“There is this vexing and long-standing issue of outstanding claims, the amount that the Government… owes,” Mr Halkitis conceded. “We’ve always spoken about being able
to pull together some sort of ledger to make sure we know the amount for all of these settlements to make certain things go. As it stands, it’s still a work in progress, but as they come through there are items there to pay them.”
This sparked Dr Rollins’ frst intervention. “This is a problem and something that is a hot button issue in the constituency I represent,” he told the House of Assembly. “Many of the members on the side opposite have reminded me that this government is doing great work constructing a brand new airport in Long Island, and we the people of
New liquor regulator’s size slashed for more e ciency
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Government has moved to slash the size of the newly-proposed Liquor Review Board in a bid to speed up licensing decisions amid concerns the latest reforms to the approval process could delay renewals for businesses.
Michael Halkitis, minister of fnance, introduced amendments during the 2026-27 Budget debate to shrink the Board's membership, saying the change was intended to make the process more efcient.
"The idea is to provide for actually fewer members of the Board to make the whole process more streamlined, and so that these licences can be dealt with in a more expeditious manner," Mr Halkitis told the House of Assembly.
Under the changes, the Board will consist of a chairman, an attorney of at least seven years' standing who would serve as secretary and a voting member, and fve persons representing the public interest.
Mr Halkitis said the reduction in membership was specifcally aimed at addressing concerns about efciency. "This is intended to reduce the number of members on the Liquor Review Board in an efort to streamline and make the process more expeditious," he said.
Kwasi Thompson, the East Grand Bahama MP, questioned whether the new review process could create additional bureaucracy and delays for liquor
Long Island thank you. We thank you. “The concerns that the people in Long Island have… The compulsory acquisition of this land efectively has already happened. It has already been gazzetted. However, the land owners who have been impacted have yet to see the frst dollar. I can go over the names of the families that are so afected… The Government is compulsorily acquiring, or has acquired, but yet not a single dollar of that $50m has been spent.” Mr Halkitis clarifed that the $50m Budget reserve in the Ministry of Finance’s allocation is “not solely for
that purpose” of compensating Bahamians whose land has been compulsorily acquired by the Government. “It’s a provision that can be drawn from,” he explained.
“As I indicated, as these claims come through, and sometimes it’s not as simple as acquiring the land. Sometimes there’s a court action, it takes time, and when they come to a head there may
COMPENSATE - See Page B6
businesses renewing their licences.
Mr Thompson noted that some business owners have already expressed concerns about additional steps being added to the licensing process, and asked whether the Government could assure Bahamians that renewals will continue to be handled without undue delays.
While acknowledging those concerns, Prime Minister Philip Davis KC said the Government expected the process to operate efciently. "We trust that it will be seamless," Mr Davis said. He added that Board members will be expected to appreciate "the need for expedition" when reviewing applications. Mr Davis also suggested businesses would not be left in limbo while applications are under consideration.
"I think the law would be that until the review Board makes a decision, the status quo would remain," he said. Mr Davis argued that the review Board was intended to restore greater oversight and public input into the licensing process amid growing complaints about the proliferation of liquor stores in residential communities.
"The complaints are piling up about liquor stores popping up all over the place," he said.
OVERSIGHT - See Page B6
MICHAEL HALKITIS
Vehicle industry questions ‘strain’ Road Tra c reforms may impose
can be cleared and released by Bahamas Customs will operate in practice.
Acknowledging that his “frst reaction” to the Road Trafc Act amendments was “what kind of strain is this going to impose on top of everything else”, he argued that The Bahamas always seems to be introducing new measures and compliance mandates rather than fxing systems that are “broken” or failing to deliver the results envisaged.
Mr Albury spoke out amid multiple unanswered questions over how the vehicle title certifcate requirement will work in practice and impact dealers’ vehicle import clearance operations. The BMDA chief explained that, currently, all they require is a slip from Customs confrming that the necessary import duties and VAT have been paid to remove an auto from the dock and take it to the Road Trafc Department for inspection, licensing and registration. Now, with the new vehicle title certifcate mandate, Mr Albury said it is unclear whether dealers such as Bahamas Bus & Truck will have to be registered as the
owner until an auto is sold to a purchaser and the title transferred. Other uncertainties involve whether it will be Customs or Road Trafc issuing the title certifcate upon importation, and if vehicles will have to be inspected at the Arawak Cay port dock - something Road Trafc will have to be capacity for.
Dealers also place some imported vehicles into a bonded warehouse in a bid to better manage cash fow by not having to pay due taxes upfront, only removing them when they need to replenish stock, and it is unclear whether they will need to have a title certifcate prior to being placed in bond or after.
“We wish there was more consultation, more opportunity for us to come in and discuss these things with the Government. We’re always happy to come in,” Mr Albury told this newspaper. “It would be nice to have a good understanding of it. I have had people coming in and calling me, messaging me with questions, including other people in the industry.”
Acknowledging that, to-date, he has been unable to provide many answers, the BMDA chief added: “It would be nice if the Government would pause and
just go over these changes. We don’t want to be blindsided or caught of guard when these things come into place. A lot of times these things are not there one day and there the next.
“It would really be good to avoid confusion and uncertainty and what have you, and then these things they [the Government] are trying to accomplish can be accomplished without having to take certain measures. The BMDA is always willing, and would love to sit down and work with the Government when major changes are taking place.
“Government has to do certain things, that’s to be expected, but we’d like that to be done with some clarity and information. This is nothing new; this is successive administrations. We would love an opportunity to sit down and have some discussions. I reached out last year to try and have get a meeting to discuss some points and concerns we have, but we have not had that opportunity.”
Mr Albury said that, with regard to new car sales, no title certifcate is presently obtained and issued until the auto is sold to its frst purchaser. 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 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.
“If all that is is trying to grab more revenue, that could be done by adding a small fee,” Mr Albury argued. “I don’t know, Neil, you have as much information as I do. That’s the problem. It makes me wonder whether Customs brokers know what’s going on. Are they educated on this? Is this going to be phased in, or is it that I come to work on Monday and there’s a shipment of vehicles to be cleared? Is it going to cause clutter and chaos out there?
“It’s just uncertainty and a lot of unknowns, which is an avoidable problem to have. I think it’s long overdue to have a number of conversations, like the reduction in licence fees for electric vehicles, which are known to be heavier vehicles. Why that tax should be lower than a small gasoline or diesel-powered car? It doesn’t make any sense. It seems like in our industry we’re always the last ones to know.”
Noting that the auto industry contributes significant tax dollars annually to the Public Treasury, but struggles to catch the Government’s attention, Mr Albury said his initial thoughts when he heard of the vehicle title certifcate reforms was the impact on the ease of doing business.
“That was my frst reaction, my frst thought,” he told Tribune Business. “What kind of strain is this going to be when it goes in on top of everything else that has to be done. There’s always something.
“It seems like there are always so many things that are implemented in this country that are broken. We ought to be good to go after some of these before we introduce a lot of new things that don’t really seem to be necessary. I just have to go down the road. Where do I start?”
The Road Trafc (Amendment) Bill 2026 also introduces a $125 vehicle licensing fee for electric
autos, which is lower than all gasoline and diesel-powered rivals, plus a new category for such autos weighing between 3,000 and 5,000 pounds. Gasoline and diesel auto owners, from July 1, face having to pay $160 if they weigh up to 3,000 pounds; $215 if they weigh between 3,000 and 5,000 pounds; $610 if they weigh between 5,000 and 15,000 pounds; and $760 if over 15,000 pounds.
Bahamian motorists face having to pre-pay for their vehicle’s annual inspection, and fnes if they fail to renew its licence and registration on time, as part of the Government’s drive to boost road safety and compliance with a “modernised” trafc regime.
The Road Trafc (Amendment) Bill 2026’s ffth clause is designed to amend section 32 in the existing Act by requiring vehicle owners to pay the annual inspection fee to the Road Trafc Department “before the inspection is conducted”. This will mark a major cultural shift, as both Bahamians and residents have grown accustomed to paying this fee after the inspection - and only if their auto is deemed roadworthy enough to pass,
However, the proposed Road Trafc Act change stipulates that the inspection fee “shall be payable whether or not a certifcate of ftness is issued” - meaning that no refund is available for motorists whose vehicles fail to pass. And, for those owners whose autos are deemed not roadworthy, they will have to pay the inspection fee again whenever these defciencies are fxed and they present the vehicle for a fresh examination by Road Trafc Department ofcials. And, apart from paying inspection fees in advance, the Bill also inserts new sections into the Road Trafc Act that will impose a “penalty” on motorists who fail to bring their vehicle forward for inspection, and the annual renewal of its licence and registration, before the latter expires. In other words, if a vehicle’s licence and registration expires in January, but it is not presented to the Road Trafc Department until March that year, a fne equal to the annual registration fee will be triggered. The only way for Bahamian motorists who fnd themselves in this predicament to escape the fne, according to the Bill, is for an “approved mechanic” to verify that their vehicle had broken down during this period or the owners supply evidence of “any other reasonable cause” why it was not drive-able. The Bill, though, does not defne who is an “approved mechanic”.
Mr Albury argued that the provision stipulating that owners of vehicles that fail inspections must pay again is “harsh” when set against many Bahamians struggles with the cost of living, fuel, auto insurance and other costs. He added that some may “not realise their tail light is out”, or sufer such mechanical defects on their way to the inspection.
However, Leon Lundy, minister of transport, in written replies to Tribune Business, 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”.
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.”
Customs Act reform to plug Trump tari s gap
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Prime Minister has confrmed that Customs Management Act reforms are designed to plug a gap in Bahamian law that has resulted in the Trump administration threatening to impose 12.5 percent tarifs on crawfsh and other exports to the US.
Philip Davis KC said the Government is specifically amending the law to prohibit the importation of goods into The Bahamas that are produced by forced or child labour. The move comes after The Bahamas was named among 54 countries deemed by the US Trade Representative’s Ofce (USTR) to have neither enacted, nor enforced, a legal and regulatory regime that bans such products.
Speaking during the 20262027 Budget debate, Mr Davis said The Bahamas was among several countries asked by US ofcials whether domestic legislation specifcally prohibited goods produced using forced labour or child labour.
"It is true that an inquiry was made of our country as to whether our laws prohibited goods produced by forced labour and child labour," Mr Davis said. "That inquiry was made of many countries."
He said Bahamian ofcials, including the Attorney General, engaged with US authorities and outlined the country's trade relationship with the US. "Our Attorney General [Ryan Pinder] engaged with the authorities and explained that the majority of our goods come from the United States, and we believe we made our case and that it was understood," he said.
Mr Davis said ofcials believed they have adequately addressed the concerns raised during the discussions. However, the USTR, in its June 2, 2026, report, said: “USTR found that The Bahamas has failed to impose, and efectively enforce, a prohibition on the importation of goods produced with forced labour. We found that the failure to impose and efectively enforce a forced labour import prohibition is unreasonable.
“We found that the failure to impose, and efectively enforce a prohibition on the importation of goods produced with forced labour, burdens or restricts US commerce. For the foregoing reasons, the results of this investigation indicate that the acts, policies and practices of The Bahamas related to the failure to impose and efectively enforce a forced labour import prohibition are unreasonable and burden or restrict US commerce.”
But Mr Davis told the House of Assembly: "We think we satisfed the authorities when we appeared before them, along with other countries. It was what I would call a preliminary inquiry rather than an investigation. We participated in that discussion and believe we addressed their concerns."
The Bahamas is in good company because the likes of Canada, Australia, the UK, the European Union (EU), Israel, New Zealand, Saudi Arabia, the United Arab Emirates and Singapore are among the other jurisdictions also set to be hit with tarifs. Those that have enacted prohibitions on forced labour goods, or made commitments to do so, will face a lower 10 percent tarif rate, but those who have neither laws nor enforcement - such as The Bahamas - face being subjected to the higher 12.5 percent rate.
The Bahamas, though, and other nations now have just weeks to initiate further eforts to head-of, and prevent, the Trump administration turning its threatened tarif imposition into action. The planned measures must now undergo a further round of consultation in Washington D.C., with the deadline for written submissions to the USTR set as July 6, 2026, with public hearings set to begin one day later.
Based on feedback sub-
mitted by Ryan Pinder KC, The Bahamas’ former attorney general, in March to the frst round of USTR consultation, up to $985m worth of Bahamian to the US could be hit by the proposed 12.5 percent tarif based on 2024 data. This nation’s major export was refned petroleum, valued at $610m, while other categories included documents of title ($95.2m), styrene polymers ($55.7m) and pearl products ($39m). While these tarifs would increase the cost of Bahamian goods exports for both US importers and consumers, thus threatening to make them uncompetitive on price and losing sales and market share, it is not clear whether all will be impacted. The USTR signalled that some would be exempt given their importance to the US economy and the supply chain/ production process, as well as on national security grounds.
Refned petroleum, which likely refers to products
blended and composed at Buckeye Bahamas (the former Bahamas Oil Refning Company) in Grand Bahama, would be a potential exemption candidate given that California was last year sourcing up to 40 percent of its gasoline needs via this nation due to the loss of production capacity at its own refneries.
Mr Davis said the Government decided to strengthen the law to remove any uncertainty. "To remove any doubt and ensure there is law on our books for that purpose, we did this now," he said. "It appeared to us there was a small gap, and we wanted to make sure it was enshrined in our law."
Earlier in the exchange, Mr Davis acknowledged the issue was connected to broader concerns surrounding international trade and supply chains, though he stressed the amendment was ultimately being made in the national interest.
"Our law does outlaw forced labour," he said. "As a consequence, it is a natural fow from that that we ought not to be importing and/ or encouraging other jurisdictions to engage in forced labour for our purposes."
The Prime Minister said the Customs Management Act amendment was intended to ensure there could be no ambiguity about the country's position. "We decided to ensure that we close this lacuna so that there is no doubt that we will not permit the importation of goods produced through what we call forced labour," he said. "This is our law. We are doing it for ourselves. We are simply closing that gap." The amendment forms part of a package of legislative changes accompanying the Government's 2026-2027 Budget, and is designed to strengthen Customs enforcement relating to goods entering The Bahamas.
be some amount to pay at that time. It’s somewhere funds can be sought.”
Kwasi Thompson, the Opposition’s fnance spokesman, challenged the use of the Budget reserve’s $50m on the grounds this was to only cover expenses that are unforeseen. He argued that compulsory land acquisition payments did not fall into this category because the Government knew in advance which real estate it is purchasing and from whom.
But Mr Halkitis pushed back, asserting: “Like I said, sometimes these pieces of land acquired, there might be a dispute about the value, it might end up in court, all of these things, so the actual time it’s concluded might not be predictable. There are a number of factors that would make them unpredictable.”
Dr Rollins said he understood that, in the case of Deadman’s Cay, his constituents may be compensated by a land swap rather than a cash payment by the Government. “I would like an undertaking from the Government that this matter is going to be resolved speedily because there is a lot of optimism about the completion of the project,” he added.
“But we have difculty understanding how the project, the new airport, will function when we have persons still residing in the [area] right around the runway, and crossing the runway with their motor vehicles from one side to the other, which presents grave risks. We’ve had issues
in the past where we have had accidents. We’d like to know if these people have to be relocated, because this is where they live, and when they will receive their monies so that they can start to plan their lives.
“And secondly… we’d like for this matter to be dealt with very transparently so it is known what persons receive and when they receive it. I think that’s a very fair arrangement.”
Mr Halkitis, in reply, said:
“We are in agreement that sometimes these issues of acquisition and compensation go on for far too long. I am advised, member, that those residents who stand to be impacted are in active conversation with the Attorney General’s Ofce and the Airport Authority and the indication is some of them may have to be moved, but all this is subject to discussion and agreement. The idea is to settle the matter speedily if at all possible.”
Meanwhile, Chester Cooper, deputy prime minister and minister of education, science and technology, was forced to assert he has no personal interest in the Deadman’s Cay compulsory acquisition compensation, nor is he seeking to beneft from it, after coming under fre from Dr Rollins, who asserted his family owns some of the land involved.
Mr Cooper confrmed that his mother is a Taylor from Deadman’s Cay, and that some of the family and their land have been afected by the airport project, but described them as “distant” relatives and said he has no interest, ownership or involvement with the impacted properties.
PM: ‘Complaints piling up’ on liquor store proliferation
OVERSIGHT - from page B3
“People don’t even know that a licence is about to be granted.”
Cruise giant closes on project Central Bank valued at $348m
DEAL - from page B1
“Royal Caribbean will be able to tie their boats up in the harbour and ferry people around,” one source said. “They will have their own private destination for their passengers. Royal Caribbean were the frst to make that concept work. Things are moving ahead quite well for Freeport. I think that, in the next three months, it will all come together.”
The Central Bank of The Bahamas, in its presentation on 2025 frst quarter economic developments, disclosed that Royal Caribbean and its Celebrity Cruises afliate have received the Davis administration’s permission to proceed with the acquisition of a total 40-acre site that
they intend to transform into “recreational and entertainment facilities”.
“Royal Caribbean Cruise Lines - Celebrity Cruises Inc obtained approval for the acquisition of 40 acres of privately-owned land for the development of recreational and entertainment facilities. The investment is valued at $348m,” the Central Bank confrmed. Should the Royal Caribbean/Celebrity Cruises transaction close, and the development proceed, Grand Bahama and Freeport could potentially become host to not just one but up to three private cruise ports and destinations.
Besides Carnival’s $600m Celebration Key, the island could now ultimately play host to both the Royal Caribbean/Celebrity Cruises project as well as MSC’s
Andros must make most of its natural resources
GROWTH - from page B2
He also referenced plans to introduce hydroponic farming to the island through a recently signed memorandum of understanding. Mr Lundy said more than $600m in infrastructure investments have either been completed or are underway nationally, with more than $500m directed toward Family Island projects.
“Andros is defnitely a part of that story,” he said. “These are not promises. These are programmes in
Mr Davis said the reforms are designed to ensure residents have a greater voice in decisions afecting their neighbourhoods while maintaining an efcient process for businesses seeking approvals and renewals. The legislation also provides for the Liquor Review Board to consult with agencies including the Royal Bahamas Police Force, the Ministry of Health, the Bahamas Agricultural and
plans to develop Billy Cay into a new cruise port and amusement park. The latter is also acquiring the 20-acre Breaker’s Cay portion of Freeport’s Grand Lucayan resort from Concord Wilshire for development into a beach break-style excursion for its own cruise passengers. The Harcourt Developments land parcels are also vital to Royal Caribbean and Celebrity Cruises’ ambitions. “If you look at the map you will see Xanadu at one end and four more ten-acre pieces going down to the west to Princess Isle. Harcourt Developments owns the next two,” one source told this newspaper. Tribune Business was subsequently informed that Harcourt controls all the property between Xanadu and Princess Isle. Built
as
for the so-called “Rat
- the likes of Frank Sinatra, Sammy Davis Jnr, Cary Grant and Dean Martinas well as accommodating reclusive billionaire Howard Hughes, who once lived in its 13th storey penthouse.
The 184-room property was acquired by Mr Donato in 1987, but it ultimately closed in 2011. The Xanadu was in late 2023 listed for a $25m asking price on Bahama Islands Properties’ website, which says: “The 184 rooms has it all.
“Set on a world class beach, it also boasts a 75-slip marina with incredible potential, and in addition more than 20-plus acres strategically located near downtown and the airport. It is perfect for aggressive rooms and amenities expansion or adding condominiums.” Another realtor, James Sarles Realty, had the resort listed for $35m.
motion.” Turning to tourism, Mr Lundy argued that Andros possesses a unique advantage rooted in its natural environment and culture.
“Andros has something money cannot manufacture, and that’s authenticity,” he said, pointing to the island’s bonefshing industry, blue holes and distinctive culture. However, Mr Lundy cautioned that tourism expansion must directly beneft residents.
“Tourism growth that does not beneft Androsians is not success,” he
Food Safety Authority, the Department of Physical Planning and local government ofcials when reviewing applications.
said. “Success is when the person guiding that fshing boat owns a piece of the business. Success is when the young woman from Nicholls Town is running the front desk at the lodge she helped to build.” He added: “We welcome investment. We want partners. But Androsians must be active participants and primary benefciaries in everything that grows here.”
Mr Lundy said the island is approaching a pivotal moment, with growing investor interest, government spending and community support creating what he described as genuine momentum for development.
“Andros deserves greatness, and I believe - actually, I know - that greatness is within our reach,” he said.
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
Real estate law changes ‘can’t be made overnight’
came up at the committee stage, was the Property (Execution of Deeds and Documents) (Amendment)
Bill 2026,” Mr White, an attorney and real estate conveyancing specialist, explained. “In their frst term, contrary to everyone’s conveyancing practice, they introduced a provision that made a conveyance invalid until it was recorded.
“I pointed out that the process in The Bahamas involves some persons having to get a certifcate of recognition from the Investments Board, and that requires you to stamp an instrument. They were asking you to pay thousands of dollars to stamp a document which, by their law, would be invalid until it’s recorded. You were spending thousands of dollars on an instrument which, according to their law, is deemed invalid.”
The St Anne’s MP added that last year’s amendments, which were designed to boost government revenues and cash fow by forcing real estate purchasers to bring their conveyances forward quickly for stamping, recording and payment of VAT on the transactions, as opposed to holding of and delaying collection of due taxes, also created a dilemma for Bahamian commercial banks and other mortgage lenders.
“You would have banks which held title to the property in order to release funds under the mortgage,” Mr White added. “The bank would not release funds on an invalid instrument. Vendors and their attorneys would have to convey the property to the buyer before they received payment.” The amendments passed with last year’s Budget efectively left fnanciers without collateral security for their mortgage
loans for a potentially signifcant time period until the relevant conveyances were recorded.
This had threatened to disrupt mortgage lending and, by extension, the wider residential housing market, commercial development and the construction industry. “Now, during this Budget debate, was an amendment to the Property (Execution of Deeds and Documents) Act which reverts back to the approach that a conveyance is valid at the time of execution,” Mr White told this newspaper. “They have gone back to what to what it has always been and should remain.
“They came up with that amendment last year in efect to collect revenue in an expedited manner, or thought it would ft nice and tidily under the new laws to adjudicate and register land title. Either way, they didn’t speak to the industry,
MP: Deal a rms FNM ‘reservations’ over gaming connections to Cabinet
DEVELOP - from page B1
the Bahamian web shop operator’s involvement had revived the “reservations” he and his party harbour about persons with strong, long-standing ties to the gaming industry being included in the Davis administration’s 29-member Cabinet.
Asure Win’s ties were revealed after Michael Pintard, the Opposition’s leader, queried whether any private sector partners were involved in redevelopment and construction activities at the the former Royal Palm Resort site, which was once owned by the late businessman, Mario Donato.
“With respect to the incubator that is being built on the Mall Drive, is it a building being funded by the Government of The Bahamas, both the acquisition and then the renovation and construction, and then the programming going into it?” the Marco City MP asked. “Are all three components funded by the Government of The Bahamas, or are there private connections in that partnership, in that building?”
Ginger Moxey, MP for east Grand Bahama, replied that the Tourism Development Corporation (TDC) was sponsoring and funding the project. “It’s a one-stop shop for business development, and it’s also going to be the Grand Bahama Centre for Sustainability because we know the island is resilient, so all that is going to be there,” she said. “It’s going to have tourism and the TDC on the upper foors. That’s what
the building’s for, and it’s a TDC development.”
Mr Pintard, seemingly dissatisfed with the answer, repeated his question over whether the renovations and start-up incubation initiative is being fnanced solely by the Government. And, after Mrs Moxey referred him to the TDC, Frazette Gibson, the newly-elected central Grand Bahama MP, followed up by asking who owns the former resort site and structures that sit on it.
It was only then that Chester Cooper, deputy prime minister, and who would have had ministerial oversight for the initiative during the Davis administration’s frst term when he sat as minister of tourism, investments and aviation, confrmed the involvement of a private entity.
“It’s a PPP (public-private partnership),” he acknowledged. “It’s a PPP on the construction.
“The Saudi Fund for Development is providing some funding. The TDC is the project sponsor. It will be developing the entire project. The Ministry of Tourism will be a tenant, and all the elements presented by the minister for Grand Bahama comprise the operation of the unit.”
Kwasi Thompson, the Opposition’s fnance spokesman, then asserted:
“You indicated it is a PPP. Who is the owner? That project has clearly started. Folks have already started work. I’m sure I have seen drawings. The project is well on its way. Can you say who is the owner of this private partner that [the Government] has apparently already signed the
PPP with. Who is the private owner that is involved in the project?”
Mr Cooper then rose to admit that the Government’s partner is “connected with one of the gaming operators; not Island Luck”. This appeared to be an immediate refex response to crush any notion that the Business Innovation Centre has ties to Sebas Bastian, the minister for innovation and national development, who co-founded Island Luck but resigned and stepped down from any role with that web shop chain prior to the May 12 general election.
“It’s related to Asure Win. A company related to Asure Win is the private partner, is the entity,” Mr Cooper then admitted. This prompted Mr Pintard to intervene by saying: “The Government has already obviously signed an MoU (memorandum of understanding) as well as, we presume, a partnership agreement. We are asking simply: Who is the partner? What company is listed?”
The deputy prime minister, who is now minister for education, science and technology, said he was unable to recall the Asure Win afliate’s name but could remember “the association of that company”. He confrmed it was a “sole partner” of the Government’s rather than a member of a consortium.
Mr Rollins then noted the connections between Asure
and passed an amendment which they now have to come back and remove at the beginning of this term.”
The Government has efected the reverse via reforms to the Conveyancing and Law of Property (Amendment) Bill 2026 and the Statute of Frauds (Amendment) Bill 2026, which afrm that the requirement for a conveyance to be “duly registered” before it is valid and legally enforceable have been removed.
Speaking to the benefts of reverting to the pre-July 2025 system, Mr White said: “It will re-enact what had previously been the process. It brings clarity back to the existing market trends as far as conveyancing is concerned, which is better for attorneys and better for the overall market.
“Attorneys are always left to fnalise legal provisions that are not necessarily the responsibility carried by a purchaser, vendor or realtor through the transaction to the recording phase. The fact it’s going back, it ensures there’s less risk hanging over all transactions and there’s less risk a
Win, its former president and chief executive and Mrs Miller-Brice. He acknowledged that the Business Incubator Deal “pre-dates” Mrs Miller-Brice’s Cabinet appointment and her husband’s subsequent resignation, with Mr Cooper then promising to provide all details related to the PPP and lay them in the House of Assembly.
During the exchange between Mr Cooper and Mr Rollins, Mrs Miller-Brice could be seen looking over the deputy prime minister’s right shoulder paying close attention to the Long Island MP’s utterances and shaking her head. For Mr Rollins suggested the situation underscores the Opposition’s concerns about persons with close ties to the gaming industry serving in Cabinet posts.
“I think the member for Sea Breeze is a hard-working member of Parliament,” Mr Rollins said in relation to Mrs Miller-Brice. “I see
transaction will be deemed invalid before it’s recorded.
“There is a strong beneft for the real estate market to go back to long-standing practices that have long been in place until the fnal year of their last term.”
Mr White added that, too often, The Bahamas passes laws without having the mechanisms, resources and procedures in place to ensure their efective implementation. He added that old systems should be retained alongside new concepts until it was proven the latter works efectively and all parties involved have adjusted.
“In my opinion, there shouldn’t be changes made to the practice of real estate law in The Bahamas overnight,” Mr White told Tribune Business. “They need to be held up by process, tested and proven to be possible, proven to be true, before they are implemented and we change our law in such a drastic way.”
The Government last year addressed the concerns over invalid or void conveyances through changes to the VAT Act. The duty to ensure all due
she is being cautioned by the member for Exuma [Mr Cooper], which is important, but one of the reservations this side had about her inclusion in the Cabinet is precisely because of her husband or spouse’s connections…. wait, this is very important….”
This prompted an intervention from the House speaker’s chair by Jamahl Strachan, the Nassau Village MP, who described Mr Rollins’ assertion as “not relevant” - a phrase that was then parroted by Mr Cooper, who said the gaming-related issues have already been addressed by Prime Minister Philip Davis
KC.
Mr Rollins then asked whether Mr Cooper has an interest in the PPP, to which the latter rebutted: “No. The member is now going into a dark area. I regret that he is so angry.”
The deputy prime minister then ended the exchange by reiterating his pledge to lay
VAT is paid within the stipulated 180-day target timeline was spread among all parties involved in property and land transactions - the buyer and seller, their respective attorneys, and any realtors who are involved. The Government also retained the amendment requiring realtors to notify the Department of Inland Revenue of all transactions, and changes in ownership, within 30 days of completion. Wayne Munroe, then-leader of government business in the House of Assembly, said at the time: “The import of it is that you have to get an invoice for the VAT 30 days before you come to close and then, when you close, you have 180 days to pay and everybody has an obligation to see it’s paid.” The legal changes accompanying this year’s Budget reforms also “clarify” that the VAT invoice to be issued by the Department of Inland Revenue 30 days before a real estate purchase closes is “a provisional invoice” rather than the fnal amount of tax to be paid.
all documents related to the Business Innovation Centre in the House of Assembly and provide full disclosure and transparency. Concerns were previously voiced by the FNM and others that the Cabinet appointments of Mr Bastian and Mrs Miller-Brice may violate the Gaming Act, but the Gaming Board, which regulates the sector, issued a statement denying that there was any legal impediment to them serving.
“The Gaming Act does not create any bar or qualifcation for appointment to the Cabinet,” the Board said. “The Act restricts and regulates who may hold the types of licences provided for thereunder, not who may serve in Cabinet.”
The Board pointed to the Gaming Act’s contentious sections 25 and 26. Section 25 says a person may not hold an employment
Warsh’s gamble: A quieter Federal Reserve could mean volatile markets, higher rates
By CHRISTOPHER RUGABER AP Economic Writer
THE Federal Reserve has for decades moved steadily from a remote, opaque government agency that shared little about what it did or why to a more transparent institution willing to explain how it makes decisions and what it thinks about the economy.
But in his frst press conference Wednesday, new chair Kevin Warsh began to reverse some of those steps.
Warsh, like many economists, thinks the fnancial markets have become too dependent on Fed guidance, and that such direction is more efective in fnancial crises or economic downturns.
Warsh quickly made changes: The Fed’s statement on its interest-rate decision was slashed to 132 words, from 341 in April. And Warsh pointedly noted that the statement excluded any hints, or “forward guidance,” about what the Fed’s next moves might be.
In short, Warsh rapidly delivered on a promise to slash the Fed’s communications, particularly the guidance it gives to fnancial markets about its next
interest-rate moves. Yet such an approach carries the risk of more violent swings in stock and bond prices, analysts say, and ultimately could lead to higher interest rates for consumers and businesses.
“Forward guidance in general has served to suppress volatility and anchor market expectations,” said George Pearkes, global macro strategist at Bespoke Investment Group. “And that has led to lower borrowing rates, relative to alternatives.”
Still, the impact on consumers is likely to be modest, Pearkes added, with mortgage rates perhaps a quarter-point higher than they would be otherwise.
Financial markets seesawed, then fell Wednesday after the statement and news conference. The yield on the 10-year Treasury, which strongly infuences mortgage rates, jumped Wednesday to 4.49% from 4.43%, though it fell back in Thursday trading. The yield on the 2-year Treasury, which closely tracks expectations for Fed action, was 4.16% Thursday, up sharply from 4.05% before the Fed’s meeting. The broad S&P 500 stock index dropped 1.2% Wednesday.
Warsh may be headed back to 1990s
Such swings could be a sign of things to come. Previous chairs have signaled the Fed’s next moves clearly enough that fnancial markets have largely anticipated the central bank’s actions. But Warsh has frequently cited as a model former chair Alan Greenspan, whose circumspect comments often kept investors guessing.
France restricts public alcohol consumption and outdoor sports as heat wave bakes parts of Europe
By OLEG CETINIC and ANGELA CHARLTON Associated Press
FRANCE endured siz-
zling temperatures on Sunday, with trains, concerts and sports events canceled and authorities cracking down on drinking alcohol in public, as an exceptional heat wave unfurled across parts of Europe. Multiple drownings were reported as people sought
relief in whatever water they could fnd.
About a third of France is under a “red alert” for heat, and high temperatures reached 40 C (104 F) in some areas, in a country where air conditioning isn’t widespread. The forecast for Monday is even hotter. The Eifel Tower and other Paris venues set up misting stations to cool
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, BRANDON ADRIAN CAREY of Nassau, New Prvidence, intend to change my name to CEVN CAI CAREY. 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.
down crowds. Tourists in Rome dunked in fountains.
Over the last four years, more than 200,000 people across Europe died from heat-related causes, and most of the fatalities were preventable, the World Health Organization’s Europe ofce said this month. More above-average temperatures are expected this summer, which can cause heat exhaustion and life-threatening heat stroke.
Human-caused climate change is tied to increasing extreme weather, and U.N. climate agency projections say the next fve years should shatter more heat records. A rapid study found that human-caused climate change was responsible for killing about 1,500 people in an unusually early European heat wave in May.
Greenspan, who served as chair from 1987 to 2005, did usher in the statement the Fed now issues after each meeting announcing its decision. The frst statement was issued Feb. 4, 1994, and said the Fed would increase its key rate for the frst time in fve years. The move caught investors of-guard and the Dow Jones Industrial Average plunged 2.4% that day. The paring back of Fed communications is part of a larger package of potential reforms to the central
Waterways ofer comfort, and dangers
In this latest European hot spell, French media reported that four children drowned Saturday. Summer drownings are an annual problem that health authorities say worsens during hot spells. One man drowned in southwestern Germany and three others were missing after swimming in the Rhine River, the German news agency dpa reported.
Canal Saint Martin in Paris drew throngs Sunday splashing and diving of a bridge, despite authorities’ attempts to control the crowds.
“With this heat, it’s the only way to have fun while going out,” swimmer Nicolas Cruz told The Associated Press.
Zouzou Hobbs was skeptical at frst of swimming in the murky urban canal.
“But it’s hot. I’m going to risk it,’’’ she decided. ‘’We need to cool of before tonight when we’re gonna be dancing.’’
Solstice parties draw large crowds in extreme heat France’s annual Music Day on Sunday was of particular concern. The nationwide summer solstice celebration involves thousands of concerts in village squares, rave venues
bank’s operations that Warsh signaled Wednesday. He announced that the Fed will set up fve task forces to examine the Fed’s communications, its balance sheet, how it analyzes and gathers economic data, the impact of AI on productivity and jobs, and the frameworks it uses to analyze infation.
Warsh said the communications task force would consider changes to the quarterly economic projections the Fed issues as well as look at other recent innovations, including press conferences. Former chair Ben Bernanke was the frst to hold them, though he did so only after every other Fed meeting. Warsh’s predecessor, Jerome Powell, shifted to holding them after every meeting.
Such steps are a sharp contrast with the 1990s, when Greenspan never explained a Fed decision, on the record, to reporters. Warsh could ultimately dial back some of the Fed’s increased transparency.
“This is a big change in how the Fed has conducted itself since the (2008-2009) global fnancial crisis,” Matthew Luzzetti, chief U.S. economist at Deutsche Bank, said. “Since then
and Paris clubs, bringing communities together and increasingly drawing British and other international visitors. Some concerts were canceled.
The French government banned drinking booze in “red alert” zones, and ordered organizers of music day events to limit alcohol consumption to “preserve emergency services and allow medics to concentrate on taking care of the most vulnerable.”
Authorities are notably worried about people living in the baking streets, and elderly people in nursing homes or isolated in their homes. About 15,000 older people died in France in a 2003 heat wave that became a national reckoning.
The government mobilized emergency services and military forces for reinforced wildfre readiness, imposed tightened surveillance of water supplies to France’s many nuclear reactors, and ordered 845 schools to close Monday.
Spain, Italy, Germany swelter as tourists seek relief
Spain kicked of the summer with large parts of the country on alert because of temperatures expected to hover around 40 C (104 F) — even in the interior of the Basque region, an area
there has been a one-way train to greater communication, more transparency, and more forward guidance. Warsh has now put that train in reverse.” Fed chairs have seen benefts to forward guidance Previous Fed chairs, starting with Bernanke, have seen a clear beneft to more communication: It helps guide the markets in the direction the Fed wants. Fed ofcials control a shortterm interest rate, but the rates that afect the economy — such as the yield on the 10-year Treasury — are heavily infuenced by investors’ expectations for infation and economic growth. By telegraphing their next moves, policymakers can cause those longer-term rates to change even before the Fed adjusts its own benchmark rate. Yet Warsh’s view is that fnancial markets have become too dependent on Fed guidance. Instead, he wants investors to gauge where the Fed may move next by examining economic data and making their own judgments, which the Fed can then consider as part of their assessments of where the economy is headed.
in the north of the country, which typically experiences cooler temperatures. Authorities have suspended outdoor sports and cultural activities in the region. The heat wave is expected to scorch Spain at least through Wednesday. In Italy, authorities expanded heat warnings — referred to locally as “red fags” — to eight cities Sunday in northern and central parts of the country. Temperatures there are mostly in the upper 30s C (high 90s to low 100s F).
At one farm outside Milan, owners set up fans and sprinklers to keep cows cool, while visitors to Milan Fashion Week huddled under parasols and clutched fans. In Rome, tourists dunked their arms and occasionally their faces into the city’s famed fountain pools.
German meteorologists are forecasting temperatures of up to 37 C (98 F) for Monday and Tuesday, and up to 39 C (102 F) on Wednesday. The U.K. weather ofce has issued an “extreme heat” warning for much of southern England and parts of Wales from Monday until Thursday, saying temperatures could reach 38 C (100 F). The current record for a June day is 35.6 C (96 F), reached in 1976.
FEDERAL Reserve Chair Kevin Warsh’s press conference appears on screens on the floor of the New York Stock Exchange, Wednesday, June 17, 2026. Photo:Richard Drew/AP
Starmer is on the precipice as pressure builds for the UK leader to resign
By JILL LAWLESS Associated Press
U.K. Prime Minister
Keir Starmer is facing a career-defning decision: step down or fght a possible challenge from Labour Party rival Andy Burnham.
Starmer has publicly vowed to stay in ofce, but pressure is building as more and more Labour Party colleagues conclude that his time is up. Expectation is growing that he will announce a timetable for his resignation as soon as Monday. That’s the day Burnham will be sworn in as a lawmaker in the House of Commons after winning a special election last week.
Business Secretary Peter Kyle said Sunday that Starmer is “making time to refect on the political realities, challenges and opportunities that he fnds himself in.”
“I know he is a prime minister who always puts his country frst,” Kyle told the BBC, though he said that reports that Starmer will resign are “speculation.”
Starmer is spending the weekend at Chequers, the
country mansion used by prime ministers, with his family. He gave no public hint about his decision, but sent a Father’s Day message on social media.
“Being a dad is my greatest joy. Today, I’m thinking about my dad, and the father I am to my children because of him,” he wrote on X.
U.S. President Donald Trump weighed in even before an announcement, linking Starmer’s potential exit to two of his recurring bugbears: immigration and renewable energy.
“Keir Starmer will resign as Prime Minister of The United Kingdom. He failed badly on two very important subjects- IMMIGRATION AND ENERGY (OPEN NORTH SEA OIL!). I wish him well! President DJT,” Trump posted on his Truth Social network. It was unclear whether Trump was responding to media reports about Starmer’s plans. The two leaders haven’t spoken over the weekend.
Starmer’s initially warm relationship with the
missteps, including his decision to appoint Peter Mandelson, a scandal-tarnished friend of Jefrey Epstein, as the U.K. ambassador to the United States.
Labour is losing liberal voters to the growing Green Party and facing a rising Reform UK, the Nigel Farage -led anti-immigration party that consistently leads in nationwide opinion polls.
that the country isn’t where it should be. Tonight could, just could, be the turning point.”
It’s unclear whether Burnham would face a coronation or a challenge, if Starmer steps aside. Wes Streeting, who resigned as health secretary last month to protest Starmer’s leadership, has said that he will run in a contest if there is one.
Starmer congratulated Burnham on Friday, but insisted that he would fght any attempt to oust him.
BRITAIN’s Labour party candidate Andy Burnham speaks to supporters after the Makerfield by-election in Ashton in Makerfield, England, Friday, June 19, 2026.
president has soured in recent months over issues including the Iran war, which the U.K. didn’t join.
If Starmer quits, he will be the sixth prime minister to leave ofce in the past 10 years, an extraordinary rate of churn for the United Kingdom.
Discontent with the prime minister has been building for months, with
Jon Super/AP
Labour lawmakers desperate to reverse the government’s decline in popularity since Starmer led the center-left party to a landslide election victory in July 2024.
He has struggled to deliver promised economic growth, repair tattered public services and ease the cost of living, and has been hamstrung by repeated
Black bank card program to steer cash payments to single mothers in government housing
By COREY WILLIAMS Associated Press
Burnham, until this week the popular mayor of Greater Manchester, decisively won the seat of Makerfeld in northwestern England in a special election held Thursday. He took almost 55% of the 45,510 votes cast, over 9,000 more than the Reform UK runner-up. Now that Burnham is becoming a lawmaker, he’s in a position to challenge Starmer for leadership of the Labour Party. Burnham’s acceptance speech left no doubt that he wants to lead both the party and the country.
“Everyone knows that politics isn’t working,” he said. “Everyone can feel
of card purchases, according to Redemption Bank.
“I will run, I will stand,” if there is a Labour leadership contest, Starmer said. “I’ve said repeatedly I’m not going to walk away from that.”
But Charlie Falconer, a senior Labour member of the House of Lords, said Saturday that Starmer has “absolutely no authority” left.
“There should be an agreed transition process in which Andy and Keir cooperate as to when the handover should take place,” he told the BBC.
ONE of the few Blackowned banks in the United States is introducing a debit card aimed at helping single mothers who live in government-subsidized housing escape poverty. The Bank King Card debit card will be ofered beginning Friday in honor of Juneteenth by Redemption Bank, which will make a donation from every account opened to nonprofits that will steer the funding to needy families.
of poverty, and opening up
America’s vaults of opportunity that have been closed to too many for too long,”
“Bank King Card represents a new regenerative banking model that starts with investing in mothers who are a few hopeful dollars away from breaking out
Redemption Holding Co. chair and Chief Executive Ashley Bell said.
A 2026 report by the Urban Institute and the Jeremiah Program says households led by single mothers experience
widespread economic and caregiving hardship.
Redemption Bank, based in Holladay, Utah, says it intends to make fxedamount donations based on new Bank King Card account openings. The amount will be determined annually by the bank’s board of directors and will not be based on the amount
Nonprofts that provide direct-cash services would apply for grants through a foundation developed to make sure the money gets to those who need it most.
“What we’ve seen is these guaranteed income programs have been a jolt out of poverty for women around the country, including many women of color,” Bell said.
Every dollar helps
Money given directly to needy mothers and children is overwhelmingly spent to cover necessary goods or services, according to Chastity Lord, president and chief executive of the Jeremiah Program, which works to improve economic mobility for single mothers. But it also does so much more, she said.
“It provides dignity,” Lord continued. “It ensures summer learning, not leaving kids at home. It increases nutrition. It allows the mom to make powerful decisions that beneft their children and their families instead of making decisions to just get by.”
A pilot program through the Ohio Mother’s Trust funneled $500 each month
for a year to 32 single mothers in the Columbus, Ohio, area. For Juanita Amakor of Columbus, the cash she received through the Ohio Mother’s Trust allowed her to catch up on bills and pay rent.
“It’s the breathing room it gives you, knowing there is something extra coming in. It relieves a lot of anxiety,” said Amakor, 36, who has a 7-year-old daughter. “This help goes a long way, even if it was for something as little as being able to take my child to the grocery store, to the clothing store.”
In Michigan, Rx Kids gives women a one-time allocation of $1,500 during pregnancy, followed by $500 per month throughout the child’s frst months. The $1,500 can be used on food, prenatal care, rent, cribs or other needs. The $500 monthly stipend can be spent on formula, diapers or childcare.
Kinea Wright and her family received funding through the Rx Kids program in Flint. It helped with some bills, diapers for her newborn daughter and other needs, especially after her husband was injured in a forklift accident.
Photo:
By JAKE COYLE AP Film Writer
“Toy Story” still has a friend in moviegoers.
The ffth installment in the Pixar series debuted with $160 million in domestic ticket sales, according to studio estimates Sunday, easily setting a new franchise record and notching the biggest opening weekend of the year.
Launching 31 years after the original “Toy Story” frst landed in theaters, “Toy Story 5” far surpassed the previous series-best debut: $120 million for “Toy Story 4” in 2019. Internationally, it was just as successful, with $152 million in opening-weekend sales,
for a worldwide haul of $312 million.
The “Toy Story” franchise is one of the most proftable for The Walt Disney Co. Before “Toy Story 5” launched, the movies had collectively grossed more than $3 billion, while also pulling in billions from merchandising.
Though the series seemed to reach a conclusion with 2010’s “Toy Story 3,” the decision to revive the franchise almost a decade later — while controversial — has been extremely lucrative. “Toy Story 4” exceeded $1 billion in ticket sales, and “Toy Story 5” is all but certain to as well.
Among animated flms, only 2018’s “Incredibles 2” had a bigger opening
weekend ($182.7 million) than “Toy Story 5.”
These toys aren’t cheap
Keeping the “Toy Story” movies going has gotten more expensive, though. The ffth movie cost $250 million to make, not including marketing. It returns a voice cast led by Tom Hanks (as Woody), Tim Allen (as Buzz Lightyear) and Joan Cusack (as Jessie).
In the sequel, the toys are pushed aside when Bonnie gets a new tablet. It’s directed by Andrew Stanton, the Pixar veteran who helmed “Finding Nemo” (2003) and “WALLE” (2008). “Toy Story 5” also features a new song by Taylor Swift, “I Knew It, I Knew You.”
Reviews have been very good and audiences gave “Toy Story 5” an “A” CinemaScore, suggesting it should remain a force in theaters for weeks.
After its chart-topping debut, Steven Spielberg’s “Disclosure Day” slipped to second place with $17 million in its second weekend. That’s not the hold that Universal Pictures was hoping for. Dropping 61% from its frst weekend suggests “Disclosure Day” might not fnd the legs Spielberg’s sci-f thriller needs to break out this summer.
Still, the $115 million budgeted movie, starring Emily Blunt, Josh O’Connor and Colman Domingo, has grossed $160.4 million globally in two weeks. “Disclosure Day” stands a good chance of remaining the top adult-oriented option in theaters in the coming weeks.
“Toy Story 5” faced little competition from newcomers.
‘Robin Hood’ misses the bullseye A24’s “The Death of Robin Hood,” a violent revisionist approach to the old legend, fopped with $2.6 million on 1,762 screens. The flm, starring Hugh Jackman and directed by Michael Sarnoski, was modestly budgeted at $20 million. But after fnding mixed reviews, audiences didn’t go for the movie, either. It earned a “C+” CinemaScore. Neon’s “Leviticus” came out just ahead of “The Death of Robin Hood,” with $2.7 million from 1,076 theaters. Written and directed by Adrian Chiarella, the buzzy low-budget horror flm is about two teen boys who meet at conversion therapy. It’s a fne start for an indie with a small budget of $3.5 million and good word-ofmouth. But “Leviticus” also faced unusually strong competition in the still-potent horror hits “Obsession” and “Backrooms.”
The top horror choice remained “Obsession,” the
THE WEATHER REPORT
microbudget phenomenon by 26-year-old Curry Barker. In its sixth weekend, it nearly equaled its $17 million opening weekend from mid-May. The Focus Features release, which cost less than $1 million to make, added $14.2 million to bring its domestic total to $215.8 million and its global haul to $333.3 million. With “Toy Story 5” and “Obsession” driving sales, the summer box ofce is up 15% from the 2025 summer, according to Rentrak. More impressively, summer ticket sales are nearly equal to the 2019 summer at the same point, not accounting for infation. The summer to date is just 1.9% down from that year.
Paul Dergarabedian, head of marketplace trends for Rentrak, expects that Hollywood is heading for its best summer since before the pandemic. And the success is coming from both expected and unexpected places.
What full-time working moms and dads want, by the numbers
By ALEXANDRA OLSON and CLAIRE SAVAGE AP Business Writers
MOST mothers and fathers who work fulltime say they sometimes parent while at work and vice versa. Most are upset to miss out on events with their kids, and many don’t have enough time to exercise. But moms and dads seem to have diferent perceptions on who does most of the chores, and mothers were more likely than fathers to say that having children made it harder to advance at work.
Research Center study, which surveyed 2,242 working parents between March 2-15.
Here’s a look what fulltime working parents want, by the numbers:
Those are some of the fndings about full-time working parents from a newly released Pew
Households where both the mother and father work full time: 52%
That’s according to a Pew Research Center analysis of U.S. Census Bureau data looking at the work arrangements of mothers and fathers with children under 18 who are married or live together. A decade ago, 46% of such families had two full-time working parents. In 1975, it was just 31%.
The increase has been driven largely by mothers who have bachelor’s or postgraduate degrees. It has occurred during a period when women have
outpaced men in obtaining college educations.
In families where mothers and fathers live together, about 56% of moms with bachelor degrees and 69% of mothers with postgraduate degrees worked full time in 2025. That’s an increase from 50% and 59% in 2000, respectively.
In contrast, the number of mothers without college degrees working full time stayed largely constant at 43%, compared to 46% in 2000.
Many parents are single, divorced or live with samesex partners. In total, 89% of fathers and 59% of mothers with children under 18 work full time.
Parents who sometimes juggle work and child duties simultaneously: 70% In the new survey, moms were more likely to say they sometimes handle parenting tasks at work at least “sometimes,” at 81%. But a majority of dads — 62% — said they same. Most moms and dads — 63% and 57% respectively — say they sometimes take on work tasks while they are with their kids.
“One of the major fndings we have from this study is just a large share of parents who experience these blurred boundaries between family and work. And we fnd that moms often carry more of the mental load that comes with trying to balance what their family needs with what their work demands,” said Luona Lin, a Pew Research Center research associate who co-authored the study.
Parents who are upset by missing their children’s activities because of work: 92%
Full-time working moms and dads almost universally dislike missing out on a child’s concert, sporting match or other activity thanks to their jobs. About 9 in 10 said they were “extremely,” “very,” or “somewhat” upset when this happened, including 55% who were “extremely” or “very” upset.
But the unhappiness is deeper among full-time working mothers: 65% said they were “extremely” or very” upset when they missed out, compared 45% of fathers who said the same. About 31% of mothers said they were “somewhat upset,” compared to 42% of dads who said the same.
“It’s not to say dads aren’t experiencing any of challenges in balancing work and family lives. It’s just that moms are experiencing more of it,” Lin said.
Parents who have a hard time fnding time to exercise: 58%
This was a bigger issue for moms than dads. While 65% of moms who work full time said they didn’t have enough time to exercise, 52% of dads said the same. Full-time working moms were also more likely to say they had too little time for hobbies, friends, relaxing and spending time with their spouse or partner.
Parents who say moms do most of the chores: 52%
But mothers and fathers seem to disagree here.
Among full-time working mothers, 63% say they do most of the chores. However, 50% of working fathers said chores were equally divided and only 25% said moms do most of it.
A similar dynamic plays out when it comes to parenting. About 63% of moms say they do most of the daily parenting tasks but only 41% of dads agreed. Instead, about 47% of dads say daily parenting tasks are split equally.
Parents who say having kids makes it harder to advance at work: 45%
This was another area with a sharp gender divide. While about half, 52%, of full-time working mothers said being a parent made it “a lot” or “somewhat” more difcult to advance in their job or career, only 38% of fathers said the same. And while 61% of mothers said their job made it “a lot” or “somewhat” harder to be a good parent, 45% of fathers felt that way.
About 52% of full-time working mothers and 38% of fathers said they felt they couldn’t give 100% at work mainly because of juggling work and family responsibilities. While 67% of mothers said they felt they couldn’t give 100% at home, 50% of fathers said the same. Despite their growing labor rate participation rate and college education levels, women are still far behind men when it comes to wages and career advancement. The so-called “motherhood penalty” has long been a major factor in the persistent wage gap between men and women.
