Issuu

business@tribunemedia.net

Monday, July 6, 2026

$ 6.75

$ 6.93

$ 7.03

$ 6.70

$ 6.87

Taxpayers put on hook for $105m guarantees BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS POWER & LIGHT HEADQUARTERS

BPL pain failure: $38m arrears left despite 163% hike BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE pain inflicted on Bahamian businesses and consumers by up to 163 percent hikes in BPL’s fuel charges failed to achieve the Government’s goal of wiping out the utility’s fuel arrears as a near-$38m unpaid bill remained. The Utilities Regulation and Competition Authority’s (URCA), in an eight-page summary on the probe it commissioned into Bahamas Power & Light’s (BPL) so-called 2022-2024 ‘glide path’ strategy, which was implemented to recoup under-recovered fuel costs, reveals that it missed the Davis administration’s main objective of eradicating unpaid arrears that peaked at close to $120m in February 2023.

URCA pledges new fuel charge regulations in 2027 The report also affirmed that the burden imposed on BPL customers, namely Bahamian businesses and consumers, to pay-off the utility’s past due fuel bills to its supplier, Shell, “became onerous”. And this impact “was magnified” because the Davis administration and BPL elected to impose the peak hike - an up to 163 percent increase in the latter’s fuel charge compared to October 2022 levels - between June and August 2023, when summer consumption was at its highest. URCA’s summary also backed the former Minnis administration

PROBE - See Page B8

Gov’t insurance resumption ‘test’ amid $100m concerns BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN surgeon yesterday said the Government’s pledge that health insurance coverage for hundreds of public sector workers has “resumed” will be “tested” today amid assertions that premium payment arrears could be as high as $100m. Dr Duane Sands, also the Opposition’s chairman, told Tribune Business that an open heart surgery he is due to perform today on a patient from one of the impacted government agencies has been “put back on schedule” after initially being cancelled/[postponed

on Friday after it emerged that the medical coverage provided by Colina Insurance Company had been suspended for hundreds. Public sector union leaders accused the Government of playing with the lives and health of their members, including hundreds in the uniformed security services who place themselves in potential harm’s way daily, prompting Senator Latrae Rahming, communications director in the Prime Minister’s Office, to describe the “temporary suspension” of health insurance coverage as “an administrative matter involving co-ordination

CARE - See Page B9

URCA backs Cable, BTC on local satellite ‘contact’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have accepted arguments from Cable Bahamas and the Bahamas Telecommunications Company (BTC) that they should retain the power to mandate that satellite operators appoint a local representative over the latter industry’s opposition. The Utilities Regulation and Competition Authority (URCA), unveiling the results of its consultation on the proposed regulatory framework for satellite

operators providing Internet and other services into The Bahamas, said the issue of whether it should have the ability to require such providers to establish a local ‘point-of-contact’ for supervisory purposes was the source of greatest division between the industry and its terrestrial rivals. It ultimately decided to take BTC and Cable Bahamas’ advice, and retain such power - but only to be used on a risk-based basis according to the potential dangers a particular operator and its activities

PROVIDE - See Page B12

BAHAMIAN taxpayers have quietly been placed on the hook for a further $105m in government borrowing guarantees needed to underwrite new debt, refinance existing liabilties and pay-off prior defaults by the Bahamas Mortgage Corporation and Education Loan Authority (ELA). Three borrowing resolutions, part of a seven-strong package introduced in, and passed, by the House of Assembly immediately after the Budget debate completed on Thursday, June 18, commit the Bahamian people - in their capacity as taxpayers - to step in and pay these debt obligations should either agency default on repayment to lenders who include the National Insurance Board (NIB) and Royal Bank of Canada (RBC). Opposition MPs contacted by Tribune Business after it uncovered the borrowing resolutions, which have now been approved by Parliament, told this newspaper that they were another example of the Davis administration “governing in the dark”. Adrian White, the St Anne’s MP and leader of Opposition business in the House, said he and fellow FNM MPs were only told

Mortgage Corp, Education Loan Authority ‘slipped in’ at Budget end Near-$25m NIB refinancings as resolutions admit repaying ‘difficulty’

KWASI THOMPSON

Opposition renews accusations of Gov’t of ‘operating in the dark’ about the resolutions on the day they were passed - right at the end of the Budget debate. While the possibility of government guarantees for both Mortgage Corporation and Education Loan Authority financing during the 2026-2027 fiscal year was signalled in the Budget documents, the Government did not confirm its intentions to proceed until the last minute. “A Government guarantee refers to debt obligations for which the Government of The Bahamas has provided a legally binding commitment to assume repayment in the event of default by the borrowing entity,” the Budget affirmed.

DR DUANE SANDS The first of two Mortgage Corporation resolutions underwrites the issuance of $15m in new “government guaranteed” bonds to NIB “to satisfy” the agency’s obligations to the nation’s social security system. And it also provides for the further issuance of new bonds to refinance some $61.5m of existing debt securities whose

BONDS - See Page B5

PAGE 2, Monday, July 6, 2026

THE TRIBUNE

Strong discipline required to stop company’s drift I T is unusual for a company to fail due to a single bad decision. More often, they fail because small compromises become accepted practice. An unresolved client complaint becomes "an isolated incident”. A missed deadline becomes "understandable”. Individually, these moments seem insignificant. Together, they reshape how a company operates. Organisational drift begins in this way - by gradual normalisation of decisions that were once viewed as unacceptable versus dramatic failures. This article examines how organisational drift develops through the gradual normalisation of small compromises, why strong performance often conceals weakening standards, and why leadership must continually challenge accepted behaviours to prevent gradual decline from becoming the institution's culture. Drift begins quietly The danger is that organisational drift is difficult to recognise from inside the company. When viewed separately, each compromise appears reasonable. Managing competing priorities, responding to commercial pressures and working with limited resources are all challenges faced by leaders. The immediate decision often makes sense. However, the cumulative effect may not. Over time, standards shift without anyone consciously deciding they should. In her analysis of the Challenger space shuttle disaster, sociologist Diane Vaughan described this phenomenon as the "normalisation of deviance". Her research demonstrated how repeated acceptance of small departures from established standards gradually changed what decision-makers considered acceptable. What began as isolated exceptions eventually became routine. There are many

become structural problems. Sustainable success is rarely the result of maintaining the status quo. It comes from questioning it. Leadership shapes the outcome

DEREK

SMITH applications of this principle beyond aerospace. Every company develops informal operating norms. The question is whether those norms strengthen performance or quietly weaken it. Performance hides weakness Financial results do not always reflect corporate drift. A client issue that should trigger immediate escalation is handled through e-mail because "that is faster”. A policy exception is approved because "we know the customer”. Performance concerns remain unaddressed because "the team is already under pressure”. None of these decisions appears significant on its own. Collectively, they redefine the company’s tolerance for risk, accountability and execution. It can be even harder to detect this if you are successful. Revenue continues to grow. Clients remain loyal. Targets are achieved. By looking at those outcomes, it appears that existing practices are working. The reality is that strong performance can conceal a weakening of operational discipline. McKinsey & Company's ‘State of Organisations 2023’ research found that companies sustaining long-term performance consistently challenge existing assumptions, review operating practices and address emerging weaknesses before they

This places an important responsibility on leadership. Leaders often ask whether the company is performing well. A more revealing question is whether today's accepted behaviours would have been accepted two years ago. The answer often reveals far more than a dashboard ever could. Governance, strategy and culture are frequently discussed as separate disciplines. In practice, they are connected by one common factor - the behaviours that leaders repeatedly accept. Every tolerated short-cut, every unresolved issue and every deferred conversation gradually shapes the company that follows. In short, organisational drift is therefore not inevitable. It is the cumulative outcome of decisions leaders stop questioning. Strong companies recognise this. They understand that maintaining high standards requires more than monitoring results. It requires the discipline to challenge what is gradually becoming normal before "normal" becomes the company’s greatest risk. Jr

• NB: About Derek Smith

Derek Smith Jr has been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified antimoney laundering specialist (CAMS) and holds multiple governance credentials. He can be contacted at hello@ pineapplebusinessconsultancy.com

THE TRIBUNE

Monday, July 6, 2026, PAGE 3

whenever power fails because customers expecting immediate responses simply move on to competitors. She also questioned recent increases in electricity bills while companies continue to contend with unreliable service. “My light bill at the office went up almost $300,” she said, adding that her household electricity bill had also increased by roughly the same amount despite maintaining similar electricity usage. Ms Cambridge said recurring outages have also forced businesses to invest in surge protectors after previously losing appliances to power fluctuations. “We lost a brand new fridge before,” she said. “Even inside our office all the computers have surge protectors for the same reason.” Ms Cambridge said businesses located along Shirley Street, and in the Palmdale area, experience energy outages too frequently.

“Anyone who has a business on Shirley Street can attest to what I’m saying,” she said. “The electricity goes off too much… We lose, and no one will come and say this is to give back for our losses. We can never get back what we lost.” Ms Cambridge urged more business owners to publicly voice their concerns. “People are afraid to speak out, but we need to speak out,” she said. “We pay a lot of money for Business Licences. We pay a lot of money on VAT, so we should definitely be given more for our money. We’re not getting our money’s worth.” Yesterday’s BPL outage affected multiple areas across New Providence. BPL said preliminary assessments found that a lightning strike caused an explosion at its Blue Hills power station, disrupting supply to the island’s electricity network.

Jeffery Davis, BPL’s director of energy supply, said: “At 10:06am this morning, amidst reports of severe lightning activity in the area, there was a system disturbance that impacted all generation at Blue Hills power station and some other generation at the Clifton Pier power station, with accompanying reports of an explosion at 33 KV substation B at Blue Hill power station. “After the area was declared safe, a team inspected and discovered a severe fault on Ernest Street South Circuit at Substation B at Blue Hills power station, and then immediately began efforts to restore supply. “Due to ongoing upgrades on our main interconnector, we weren't able to immediately supply auxiliaries at Blue Hills power station to begin the restoration process. But the team was able to successfully back feed through an alternative circuit, and we are now in the process of restoring the assets at Blue Hills power station, so we hope to have the system restored as soon as possible and we'll update as necessary.”

"Ever since, I noticed slight victimisation in the way they're handling me and handling the department I work in," Mr Wilson said, adding that he understood senior officials at BPL had recently been asked to resign. Calling for the removal of Christina Alston, BPL's board chair, Mr Wilson alleged the matter extended beyond management. "You all did not finish that investigation with the man who

tried to bribe me," he said. "Take that investigation to the police." There is no suggestion that Ms Alston is involved or has done anything wrong. The Ministry of Energy, Utilities and Aviation did not directly address the allegations in its statement, saying only that it intends to discuss the issues with union representatives before determining its next course of action.

Responding to the Ministry's statement, Mr Wilson told Tribune Business that he has already been contacted by Jobeth Coleby-Davis, minister of energy, utilities and aviation, on the matter. "I got a message from the Minister to meet with her this upcoming week as she is off the island," he said. Mr Wilson said he intends to outline the allegations and the union's concerns during that meeting.

Tourism operator loses 15% of July 4 sales to BPL woes BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net A BAHAMIAN tourism operator estimates it lost 15 percent of US Independence Day sales due to Friday’s electricity woes with yesterday’s power outage continuing to disrupt commerce during one of the busiest periods for American visitors. For businesses already reeling from Friday’s Bahamas Power & Light (BPL) outage, which occurred one day before the US Independence Day holiday, Sunday’s interruption compounded frustrations over lost revenue, rising electricity costs and recurring service disruptions. Cheryl Cambridge, owner of Cheryl’s Bahamas Taxi & Tours, said the Friday outage struck during a crucial booking period when US visitors

traditionally make last-minute reservations for the holiday weekend. “I’m losing about 15 percent of my business right now,” Ms Cambridge said. She explained that about 90 percent of her bookings are received by e-mail, leaving her business at a standstill once power was lost. “Electricity is off by my office and my girls can’t get to finish,” she said. “This a busy weekend. I am angry right now. My staff sitting outside, and they haven’t done the spreadsheet for tomorrow. There were a lot of e-mails. It’s the Fourth of July. A lot of people are last-minute booking, and they can’t get to finish their work.” The outages also affected operations beyond the office. “This Fourth of July weekend we’re busy, and right now the traffic is a nightmare,” Ms Cambridge said. “We were late picking up our guests because the lights are off, and got to be

careful when the lights are off.” She said that when power was restored, her company started receiving multiple customer inquiries but, by then, many prospective clients had already booked elsewhere. “When the electricity came on on Friday we were bombarded with e-mails,” Ms Cambridge said. “But when we contacted the people, it was already too late. They had already booked with other companies because we took too long to answer them. “My office was off for three hours. That was a crucial time that they were answering e-mails. The last-minute people, if you don’t catch them, they’re searching around. If we don’t answer them right away, they’re searching someplace else.” Sunday’s outage further compounded those losses. Ms Cambridge said her business loses business

Gov’t to meet union chief on BPL bribe accusations BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE GOVERNMENT yesterday said it will meet with the Bahamas Electrical Workers Union’s (BEWU) president after he alleged he was offered hundreds of thousands of dollars in bribes to "sell out" his members and has since been subjected to victimisation after refusing the pay-off. In a brief statement, the Ministry of Energy, Utilities and Aviation said it had taken note of the comments made by Kyle Wilson and will engage the union to better understand the allegations. "The Ministry will speak directly with the union's representatives to better understand the concerns raised and to determine the appropriate next steps," it said.

"The Ministry's focus is on ensuring that concerns are addressed through proper channels, with respect for all parties involved and with the interests of BPL employees and the Bahamian public at the centre." Mr Wilson made the allegations during a press conference on Friday, claiming he was offered a substantial bribe about a year ago in exchange for betraying the union's members. "I must come clean. About a year ago, I was offered bribes in the terms of hundreds of thousands of dollars to sell out the membership," he said. "I refused the bribes." Mr Wilson said he subsequently wrote to Toni Seymour, Bahamas Power & Light's (BPL) chief executive, requesting that an investigation be launched, and claimed he identified the individuals he had been

told would share in the alleged payments. "I wrote a letter to the CEO asking for an investigation to take place. I named the names of all the persons who I was told I'll be sharing this money with," he said. Mr Wilson alleged that he has never been informed of the outcome of any investigation. "There's never been anything concerning that investigation brought back to the union or brought back to me or any conclusion," he said. The BEWU president further claimed he has sufferrd retaliation since rejecting the alleged bribe, alleging that management has targeted both him and employees within his department.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

PAGE 4, Monday, July 6, 2026

THE TRIBUNE

Mayaguana fears outsiders Retailer: Independence to beneft more from growth sales ‘really good’ BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

MAYAGUANA residents are voicing concerns that outsiders will benefit more than locals from the latest development plans for the island, adding that land ownership disputes and limited access to financing threaten their ability to capitalise on future investments. The concerns emerged during a Town Hall meeting held as consultants finalise a long-term development plan for Mayaguana, with residents repeatedly stressing that local entrepreneurs must be equipped to own businesses and supply services rather than simply work for outside investors. One resident argued the community needs to shift away from a "looking for me a job" mentality, and instead be encouraged to establish businesses that can benefit from new developments. "We still have the level of ‘looking for me a job’ when we should be initiating our

business," he said. "We have to encourage more persons to come set up business." However, participants said one of the biggest obstacles to local entrepreneurship remains the inability of many residents to obtain clear title to land. One noted that unresolved land ownership issues directly affect residents' ability to secure financing for larger business ventures. "Through SBDC, in most cases grant funding is only up to $10,000,” she said. "But if you're talking about accessing $100,000 or $250,000 for some Airbnbs or for a car rental business, the banks are going to want to know that you legitimately own the land, so you can't access funding for your business if you don't own the land." She added that one of the central questions facing the community is "how do you put the pressure on the Government to give you the land ownership so that you can qualify for significant funding opportunities?" The discussion prompted one resident to recount his decades-long effort to obtain Crown land in

Solar energy to expand to more Gov’t buildings BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Bahamas is preparing to expand the installation of roof-top solar energy to more government facilities, including the Ministry of Education, Science and Technology’s offices, as part of a broader

push to modernise energy infrastructure and reduce dependence on imported fossil fuels. The proposed expansion was announced by JoBeth Coleby-Davis, minister of energy, utilities and aviation, announced the proposed expansion during the commissioning for a 291 kilowatt (KW) rooftop solar system at the University of

Mayaguana. "I've been applying every year... for 33 years," he said. "Every year I reapply for land in Mayaguana." He also lamented that previous investment proposals had proceeded without sufficient benefits flowing to Mayagua residents, arguing that future developments should create opportunities for persons to own franchises, supply goods and participate in the local economy rather than see those opportunities captured elsewhere. Residents also noted that the island must better prepare its workforce before significant investment arrives. "I would say that in terms of infrastructure we are lagging. In terms of skills we are lagging," one resident said, adding that locals need greater education, training and preparation to take advantage of future opportunities. Others stressed the importance of attracting successful Mayaguana residents living abroad to invest their skills and capital back into the island, while encouraging more

entrepreneurship among residents already living there. Some residents also questioned why they had only recently become aware of the planning process. One attendee said she came to the meeting because she "knew nothing about it" and wanted to understand what was happening on the island, prompting organisers to explain that the committee had first focused on conducting its initial due diligence before presenting its work more broadly to the community. Residents said resolving the island's economic challenges extends beyond producing a written development plan. Among the key questions still facing the community are how to rebuild pride and hope, unite around a shared vision, resolve land ownership challenges and "start to prioritise and put Mayaguanians first." Participants agreed that unless those issues are addressed, the island risks being unprepared to capture the full economic benefits of future investment.

The Bahamas’ Oakes Field campus. This was billed as the largest operational renewable energy asset completed under the European Union (EU) grant programme administered by the Inter-American Development Bank (IDB). “As we look to the future, proposed plans also include roof-top solar installations at the Ministry of Education, Science and Technology headquarters, extending renewable energy deployment across the Government’s public building facility,” Mrs Coleby-Davis said. The UB installation is part of the ‘Reconstruction

with resilience in the energy sector in The Bahamas’ programme, an initiative financed through an IDB loan plus an $8.2m EU grant aimed at rebuilding and strengthening the country’s energy system in the wake of 2019’s Hurricane Dorian. The entire project nationwide is expected to generate approximately 467.5 Mega Watt (MW) hours of electricity annually while eliminating an estimated 335 tonnes of carbon dioxide emissions each year, according to the IDB’s Bahamas country representative, Shirley Gayle. “The University of The Bahamas roof-top solar installation is significant as the largest roof-top solar project completed under the EU grant programme administered by the IDB, and it is also the largest operational renewable energy asset supported to date by the programme,” Ms Gayle said. The commissioning also marked the completion of rooftop solar systems at C.I. Gibson Senior High School, C.H. Reeves Junior High School, the Carmichael

TRUST & CLIENT ACCOUNTANT Build Your Future with Leno

ENERGISE - See Page B9

At Leno Corporate Services Limited, we’re more than a financial services provider. Since 2010, we’ve been helping clients achieve their goals through trusted accounting, corporate, and fiduciary services, guided by our promise: “Your Bridge to the Future.” We believe the same commitment extends to our employees by providing opportunities to grow, develop, and build rewarding careers. We’re seeking an experienced accountant to support our growing outsourced accounting and trust services business.

YOU’LL BE RESPONSIBLE FOR:

• • • • • •

Preparing financial statements and management reports for external accounting clients Reconciling brokerage, trading, and client accounts Maintaining accurate accounting records and supporting schedules Supporting client reporting and month-end activities Preparing working papers and documentation for audits and regulatory reporting Responding to client and stakeholder financial information requests with professionalism and accuracy

WE’RE LOOKING FOR:

• • • • • •

Bachelor’s degree in Accounting or Finance Minimum five (5) years’ accounting experience Strong reconciliation and financial reporting experience Advanced Microsoft Excel skills QuickBooks experience preferred CPA, ACCA, or CA designation, or active pursuit of a professional qualification, is an asset

WHY JOIN LENO?

• • • • •

Competitive compensation Group Life, Disability & Comprehensive Medical Benefits Group Pension Plan Waived and reduced fees on selected Leno financial products A collaborative, professional environment where your contributions are valued and your career can grow

If you’re ready to take the next step in your career, we’d love to hear from you. PLEASE SUBMIT YOUR RÉSUMÉ TO

hr@lenogroups.com on or before July 09, 2026. Please note that only those individuals short-listed for an interview will be contacted.

Leno Corporate Services Limited 5th floor, Leno Corporate Centre | Third Terrace & Collins Avenue P.O. Box N-8339 | New Providence, The Bahamas Phone: (242) 396-3225 | hr@lenogroups.com

Leno - Your Bridge To The Future

for past 3 weeks

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net A BAHAMIAN retailer says early shopping and growing demand for patriotic apparel has helped fuel strong Independence Day sales despite the squeeze imposed on profit margins by higher fuel prices and rising shipping costs. Sharlene Bridgewater, owner of Fancy’s Boutique, said this year’s Bahamas Independence collection has been selling steadily since mid-June, with customers beginning their shopping much earlier than in previous years to avoid missing out on popular designs. “We’ve been selling for the last three weeks,” she said. “Sales are really good. Bahamians are usually last minute, but I guess they’ve learned from last year. They don’t want to come in and I have to tell them I’m sold out in certain items.” Ms Bridgewater said the shift towards earlier purchasing was most noticeable among Family Island customers and Bahamians travelling overseas. “Persons from the Family Islands wanted to get their stuff before they left,” she said. “But this week it’s been like our usual last week of Independence sales.” She attributed much of this year’s demand to changing consumer tastes, arguing that Bahamians are increasingly willing to spend on Independence apparel because it has become more fashionable than in years past. “I try to go for more stylish selections,” Ms Bridgewater said. “Years ago, Independence shirts were just white t-shirts with ‘Happy Independence’ on them. Now they’re trendy and fashionable, so more Bahamians are purchasing.” She said her latest collection is her strongest to-date, adding that one of this year’s signature designs had originally been intended for the 2025 celebrations but was delayed until she was satisfied with the final product.

Ms Bridgewater has also expanded her corporate wear line, offering women’s button-down Independence shirts in eight different prints - a move she said has resonated with professionals looking to celebrate throughout the work week. “I have some customers who purchase every single design I have in every style because they’re dressing up to work every single day,” she said. The strong sales come despite higher costs facing retailers this year. Ms Bridgewater said global uncertainty, including the Middle East conflict, contributed to rising shipping expenses and forced her to begin ordering inventory much earlier than usual. “That affected me this year,” she said. “I knew there were going to be problems with the war going on and prices rising, so I started earlier.” Ms Bridgewater’s first shipment arrived around June 12 after months of advance planning, thus helping her avoid the delays that affected some businesses. Although higher costs forced modest price increases, Ms Bridgewater said she deliberately absorbed much of the additional expense to keep products affordable. “Some of my prices went up just a little, but I still try to stay affordable because, honestly, I’m in the business because of the pride of producing Independence products,” she said. Several designs have already sold out, although Ms Bridgewater said she intentionally carries extra inventory because demand for Bahamian-themed clothing extends beyond the Independence season, with schools, travellers and other customers purchasing merchandise throughout the year. Looking ahead, she expects sales to receive another boost during the final days leading up to Independence. “There are some persons shopping early,” she said, “but there are Bahamians who wait until the last minute.”

THE TRIBUNE

Monday, July 6, 2026, PAGE 5

Opposition: Extend VAT school relief to gasoline BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net OPPOSITION senators yesterday urged the Government to extend its annual VAT holiday beyond school supplies to gasoline, arguing that a projected $200m-plus fiscal surplus gives it room to provide temporary relief from rising fuel costs. Speaking during the Senate debate on the ‘Speech from the Throne’, Senator Arinthia Komolafe said the Government should provide temporary fuel tax relief as global conflicts continue to place

upward pressure on energy prices. "We know that in the upcoming weeks we hope that we will continue the tradition of the VAT holiday that is extended on school supplies, and we would petition that that holiday is extended to other items, including gas," she said. "While we cannot have control over the conflict that is taking place in the Middle East... we can do whatever is possible for us to do here on the local front. If that means taking a discount or giving up some revenue for a defined period at the pumps for

Bahamians, then we should do that." Mrs Komolafe argued that the projected fiscal surplus gives the Government room to provide temporary assistance. "Might I remind the chamber that there is a projection of a $200m-plus surplus in the next fiscal year, and so I think it's possible,” she added. The Opposition senator also repeated the FNM's criticism that VAT on unprepared food should be restored to zero-rated status rather than remaining exempt, arguing that retailers cannot recover input taxes paid under the current system and ultimately pass those costs to consumers.

Mortgage Corp set to refinance $61.5m due in next 18 months BONDS - from page B1 existing debt securities whose principal is scheduled to come due for repayment within the next 18 months. The resolution also acknowledged that the Mortgage Corporation, which was established to provide loan financing that allows public officials, plus low and middle income Bahamian families, to purchase their home “has experienced financial difficulties with meeting certain debt obligations, including its obligations to NIB”. The second Mortgage Corporation instrument, meanwhile, will enable it to raise some $7.5m in new financing from RBC Royal Bank (Bahamas) by issuing government-guaranteed bonds. And a further $11m will be released to refinance existing debt securities held by the Canadian bank - a rollover move which, if completed, would extend the date when the principal matures and comes due for repayment by three years. However, to participate, RBC wants a government guarantee as security that its $18.5m loan will be repaid. “The Bahamas Mortgage Corporation requires capital funding to facilitate

the completion of its mandate in advancing national policy objectives related to the provision of sustainable financing options, the promotion of economic development and support for housing initiatives,” the second Mortgage Corporation resolution states. “The Bahamas Mortgage Corporation is desirous of raising capital in the sum of $7.5m through the issuance of new government-guaranteed bonds. Bahamas Mortgage Corporation is also desirous of refinancing $11m of existing government-guaranteed bonds with new bonds whose maturity dates would be extended by three years to better manager Bahamas Mortgage Corporation’s refinancing risk “It is a pre-condition to both the raising of the new capital and the refinancing of the existing debt that the Government of The Bahamas guarantees repayment to the RBC Royal Bank (Bahamas) of the aggregate principal amount of $18.5m or any part thereof which the Bahamas Mortgage Corporation may fail to repay.” That also includes any interest due and payable to RBC on the bonds, and took the total guarantees or underwritng for the

Mortgage Corporation to $95m. The third and final resolution acknowledges that, in common with the Mortgage Corporation, the Education Loan Authority has “also also experienced financial difficulties with meeting certain debt obligations, including its obligations to the NIB” from the latter’s financing of government educational scholarships. The Authority will issue “replacement government guaranteed bonds” worth $9.75m to NIB to make good its obligations to the social security system. Thus Bahamian taxpayers have been called upon to underwrite a combined $24.75m of past due repayments to NIB on behalf of these two government entities. One financial source, speaking on condition of anonymity, questioned whether the new NIB bonds are “captitalising” past due interest and late fees, and added: “They [the Government] are trying their best to clean up really messy balance sheet situations that exist in these entities.” Dr Duane Sands, the Opposition’s chairman and a former Mortgage Corporation chairman, told Tribune Business that the resolutions relating to the

Turning to digital government, Mrs Komolafe said the MyGateway platform has failed to deliver on its promise of providing efficient online public services. "The e-government MyGateway has been a welcome development, but it's not lived up to its potential," she said. "I tried to use it on multiple occasions. I find myself still going into

the establishment to conduct the work that they said is online." Mrs Komolage added that she once received an e-mail informing her an application was under review three months after submitting it. "If I had to wait on that, madame president, I would be in contravention of the law." The Opposition senator also urged the Government to ensure adequate safeguards accompany plans for a national digital ID system and proposed artificial intelligence (AI) legislation, arguing that data protection and security concerns must be addressed without stifling innovation. She also criticised the pace of governance reform, noting the full implementation of the Freedom of Information Act (FOIA) remains incomplete alongside several other reforms promised

by the Government. "The implementation of FOIA should be prioritised by the Government during this term," Mrs Komolafe said. "This should be part of the implementation of a broader good governance framework." The Opposition senator acknowledged Finance Minister Michael Halkitis's indication during the Budget debate that additional funding for FOIA implementation is provided through other spending allocations, but said the Government must now demonstrate tangible progress. She added that the Opposition will closely scrutinise proposed legislation on competition policy, investment incentives, land adjudication and land registration to ensure such reforms ultimately benefit ordinary Bahamians rather than "a select few”.

agency are “not surprising” given that $110m worth of bond principal it owed was due to mature and be repaid in the four years up to and including 2026. Just 52 percent of the total principal repayment was covered by the Corporation’s ‘sinking fund’ at the end of its 2017 financial year, raising serious doubts over whether it would have the necessary cash flow and resources to meet its obligations as they became due - especially since it has a 30-40 percent delinquency rate among its borrowers. “We are in the period now, particularly with the Mortgage Corporation, where a large number of bonds become due,” Dr Sands told Tribune Business yesterday. “This would create serious problems for the solvency of the Mortgage Corporation. I’m not surprised that they have quietly slipped this in without calling attention to what the fundamental issues are. “Here we have a situation where the taxpayer is being forced to underwrite this. It is clearly a bad investment, yet the political patronage that arises from continued investments without dealing with the fundamental challenges of the Mortgage Corporation

and, by extension, NIB, is continuing.” Dr Sands voiced suspicions that the $7.5m raised by issuing new guaranteed bonds to RBC is to cover “every day expenses at the Corporation, which at this point is probably not generating enough to keep it as a going concern without additional funds”. “I guess they are hoping to kick this can down the road a lot further and the consequences are felt when they are long retired,” he added. “We still haven’t realised that 2030 is right around the corner and the predicted solvency issues at NIB loom very large since nothing substantial has been done to solve the problem. “We have set up our own sub-prime mortgage disaster in The Bahamas. The belief is that because we have done this for so long, we will continue to do well and that’s a fallacy.” Kwasi Thompson, the Opposition’s finance spokesman and east Grand Bahama MP, told Tribune Business that he and his party “have a huge difficulty with the way the Government has presented these resolutions” and the supplementary appropriations Bill permitting it to spend

an extra $250m in the justclosed 2025-2026 fiscal year. All were presented towards the end of the Budget process, allowing little time for study and debate. “They changed the Government’s Budget projections for the previous fiscal year,” Mr Thompson added. “They just enacted where they were spending an additional $250m. It was introduced at the end of the debate when most of the Opposition had already spoken. “They introduced them at the very end of the debate, and with this huge spending increase they didn’t have evidence that the Government would make it up in terms of revenue. The way they have done this is a tragedy. At the last minute they presented these documents without explanation. This is not how it goes. This is governing in the dark. This is not the way a government intending to do things transparently operates.”

SENATOR ARINTHIA KOMOLAFE

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

PAGE 6, Monday, July 6, 2026

THE TRIBUNE

Bahamians are urged: Don’t leave ‘last counter standing’ BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A GOVERNMENT senator yesterday argued that Bahamian banks must stop viewing entrepreneurs as lending risks and instead see them as future customers, noting that access to financing - not a lack of capital - is

holding back the country's small businesses. Contributing to the Senate debate on the ‘Speech from the Throne’, Kevin Simmons said one of the biggest barriers facing Bahamian entrepreneurs is obtaining financing despite the country's banking sector remaining profitable and well-capitalised.

NOTICE Brotox Asset Management Ltd. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Brotox Asset Management Ltd. has been completed and the company was struck from the Register on the 3rd day of June 2026.

Delnom Limited Liquidator

"We sometimes speak as though this country has no money," said Mr Simmons. "That has never been the problem. The problem is where the money sits and what it is permitted to do." Using remarks previously made by Prime Minister Philip Davis KC at the Bahamas Business Outlook conference, Mr Simmons argued that even the Government has acknowledged financing remains difficult to access for Bahamians seeking to build businesses. "The Prime Minister put it plainly himself at the Business Outlook," he said. "He said Bahamians have no credible access to funding beyond consumer loans and mortgages, and that our own banks will not lend to our farmers and our fishers. "When the head of a government says that out loud, it is not a complaint, it's a diagnosis, and every Bahamian who has been turned away at a counter knows how accurate it is." Mr Simmons stressed he was not advocating that regulators loosen the rules governing commercial banks or compromise financial stability. "Let me be careful with the word reform, because it is easily twisted," he said. "I'm not asking anyone to weaken

the rules that keep our banks safe. The soundness of our financial system was hard won, and it should be defended in this chamber." Instead, he argued that banks should make greater use of their liquidity by financing viable Bahamian businesses. "Our banks are sound and they are profitable. They hold substantial liquidity idle... and they post strong profits year after year, while a young Bahamian with a real plan, a real market and no collateral still cannot get past the counter,” Mr Simmons said. "We are not a country short of capital. We are a country whose capital has been taught to sit still." Mr Simmons said institutions such as the Small Business Development Centre (SBDC) have already demonstrated that Bahamian entrepreneurs are capable of building successful enterprises when financing is available. He noted that the agency has channelled more than $100m to Bahamian entrepreneurs, adding that commercial lenders should view start-ups differently. "Financial institutions need to see a Bahamian start-up as a customer to win rather than a risk to refuse," he said. Mr Simmons also linked the Government's proposed land reforms to improved access to financing, arguing that many Bahamians are unable to borrow because they cannot establish clear

KEVIN SIMMONS title to family land. "Land is one thing that is vital to most people in securing loans," he said. "For most Bahamians, family land is the only collateral they will ever have." Mr Simmons said a farmer who has occupied family land for decades often cannot use that property to secure financing because ownership has never been regularised. "A man who cannot prove what he owns cannot borrow against it, and no bank will lend to him without it," said Mr Simmons. "Picture the Family Island farmer who is asking to grow more food. He sits on family land he has worked for 40 years, and he cannot pledge an inch of it because the title was never made clean." Mr Simmons argued that land adjudication and title reform could transform

dormant assets into productive capital. "Clean up the title and you have done more than tidy a registry," he said. "You clean up the title, that person can pull up to the bank. You have now turned that farmer into a borrower, and his land is now capital." Mr Simmons said this was one of the reasons he welcomed the Speech from the Throne's commitment to advance land adjudication and land registration legislation, arguing such reforms will remove barriers preventing Bahamians from building wealth through entrepreneurship. He compared today's financing challenges to earlier struggles for equal opportunity, saying that while previous generations dismantled barriers based on race and political rights, another barrier still remains. "I remember a Bahamas where the counter a man could stand at was decided by the colour of his skin," he said. "My generation tore that counter down. We won the vote and we won the country." "The counter that stops a Bahamian today is a quieter one. It is the bank counter. He cannot get past the loan. He cannot reach the capital that will not see him. We did not build this country to leave that last counter standing."

THE TRIBUNE

Monday, July 6, 2026, PAGE 7

Chamber warns on skills gap while praising jobless figures BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) yesterday welcomed the country’s lowest sustained unemployment levels in years, but warned that skilled worker shortages and widening skills gaps continue to threaten business expansion and economic growth. Responding to the Bahamas National Statistical Institute’s (BNSI) Labour Force Survey for the third and fourth quarters of 2025, the Chamber said it viewed the latest data with “cautious optimism”, praising both the public and private sectors for helping generate new jobs while warning that the headline figures do not reflect the challenges employers continue to face. “The findings signalled continued improvement in employment and labour market participation, reflecting the resilience of

the Bahamian economy and the confidence businesses have demonstrated by continuing to invest, expand and create employment opportunities,” the Chamber said. It added that continued expansion in tourism, construction, financial services and other productive industries has translated into more employment opportunities for Bahamians, demonstrating that the economy continues to recover and mature following recent years’ unprecedented challenges. The BNSI reported unemployment held steady at 8.8 percent in the 2025 third quarter, and 8.7 percent in the fourth quarter, which are among the lowest sustained rates in recent history. The survey showed 3,350 more people entered the labour force during the second half of 2025, while employers hired 3,450 workers, enabling the economy to absorb many persons into the job market. The data also showed a decline

HELP WANTED Established electrical company seeking to hire skilled electricians to join our team.

Contact 466-5632 for more information

NOTICE NANA LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 205818 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 2nd day of July A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. CLAUDIA BLAJ NEUFELD, whose address is Rua Dr. Virgilio de Carvalho Pinto 271, AP 162, CEP:05415050, Sao Paulo, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 31st 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 benefit of any distribution made before such claim is proved. Dated this 2nd day of July A.D. 2026. PRISCILA GONCALVES ROSA LIQUIDATOR

in discouraged workers, with women accounting for the majority of new labour force participants. However, while welcoming the improving employment picture, the Chamber said businesses remain constrained by a labour market that is struggling to produce workers with the skills employers require. “For years, the Chamber has consistently highlighted the growing shortage of skilled labour in The Bahamas,” it said. “That concern remains one of the greatest constraints on economic growth today.” According to the Chamber, employers across hospitality, construction, healthcare, information technology, financial services, manufacturing, retail and professional services continue to experience

significant difficulty recruiting candidates with the technical expertise and practical experience needed to fill vacancies. The Chamber also warned that businesses are finding it increasingly difficult to retain experienced employees as competition for skilled workers intensifies. “Competition for experienced workers has intensified, increasing recruitment and training costs while creating operational challenges for businesses of every size,” it said. “High turnover not only affects productivity but also limits the ability of firms to expand, innovate and deliver consistently high levels of service.” Beyond technical shortages, the Chamber said employers continue to identify a disconnect between

the qualifications many job seekers possess and the competencies businesses require. While educational attainment has improved, employers continue to report deficiencies in workplace readiness, including communication, critical thinking, problem-solving, professionalism, adaptability, punctuality, customer service and other essential soft skills. The Chamber argued that addressing those shortcomings will require stronger collaboration between government, employers and educational institutions to better align courses, apprenticeships, internships and vocational training programmes with the evolving needs of the economy. “The BCCEC believes that labour force development must remain a national priority,” it said. “Investments in technical

and vocational education, digital literacy, management training, entrepreneurship and lifelong learning will strengthen productivity, improve competitiveness and create greater opportunities for Bahamians to access high-quality, sustainable employment.” While the latest labour market data point to a more stable employment environment, the Chamber said the figures should be viewed not as an end point but as an opportunity to strengthen the country’s workforce. “The encouraging labour market results released by the BNSI should be viewed not as the conclusion of our work, but as an opportunity to build a stronger, more skilled and more competitive Bahamian workforce capable of sustaining economic growth for years to come,” it said.

NOTICE NOTICE is hereby given that I, JASON DAVILMAR of Brougham Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of July, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE BNN INC.

NOTICE TKP Corporation

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 212963 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 212425 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 2nd day of July A.D. 2026.

IRANILSON MEDEIROS GERMANO DOS SANTOS

MARCELO JOSE PICCOLI

LIQUIDATOR

NOTICE A3R CO. LTD.

NOTICE COLABORAMERICAS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207699 B.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 207563 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 2nd day of July A.D. 2026.

VILMAR SZIGEL LIQUIDATOR

LINCONL MORAES ROCHA

LIQUIDATOR

PAGE 8, Monday, July 6, 2026

THE TRIBUNE

BPL’s unpaid fuel bill hit $120m after hedge mess PROBE - from page B1 by asserting that BPL’s first fuel hedging strategy, implemented in 2020 during the COVID-19 pandemic when oil prices were relatively low due to subdued global demand, generated “a net benefit to BPL consumers”. This somewhat contradicts the narrative employed by Jobeth Coleby-Davis, minister of energy, utilities and aviation, during the last parliamentary term when she argued that the Minnis administration’s hedge failed - and produced no savings - because BPL had to rely on more expensive automated diesel oil (ADO) fuel as opposed to the cheaper heavy fuel oil (HFO) on which the strategy was based. While the greater-than-expected use of ADO fuel reduced the anticipated cost savings from the Minnis administration’s hedge, BPL’s former chief executive, Shevonne Cambridge, subsequently said it was “in the money”. However, the summary report released by URCA also defends the Davis administration’s decision in late 2021 and early 2022 not to execute further trades to purchase low-cost oil that would have supported the hedge due to the discrepancy between ADO and HFO prices. The electricity regulator, in an analysis of the findings, said BPL’s ‘glide path’ strategy was ultimately flawed - and did not wipe out the utility’s arrears - because it failed to match customer charges and billings with the actual cost and what it was paying Shell. It added that splitting BPL’s customer base into two groups, those who consumed more or less than 800 kilowatt hours (KWh) per month, resulted in businesses paying more

and “subsidising residential customers”. Pledging to “take regulatory action” based on the findings from the review of events between late 2022 and early 2024, URCA said it will enact “new fuel charge regulations” that deal with issues including how revenues generated from this portion of customer bills are used. The “timing of when fuel charges will be passed through” to BPL consumers will also be addressed to prevent a repeat of early 2023’s near-$120m fuel arrears. Other issues that URCA is promising to address involve “changes to the costs” that factor into the fuel charge’s calculation; how this charge is passed on to consumers to “smooth out recovery”; and the use of incentives/imposition of penalties “regarding the efficient procurement and use of fuel”. It noted that BPL has to submit a full tariff submission to it by next year, including fuel charges, which are set to take effect in 2027. URCA cited the Electricity Act 2024’s section 73, which deals with confidentiality and mandates that it “not be required to publish or otherwise divulge information that in the view of URCA is commercially confidential” for why the consultant’s full report on BPL’s ‘glide path’ strategy has not been published. It added that the goal of its probe was to “ensure BPL delivers value for money for consumers and operates with a framework” that sustain’s its operations in compliance with law and regulations. URCA acknowledged that, at the time BPL implemented and unveiled its ‘glide path’ of fuel charge hikes, it had publicly said it was “satisfied” that the utility “had made an adequate

case for the rate increases”. However, it moved to revisit the situation to ensure BPL was operating efficiently and that consumers were being charged correctly. Unveiling the efficiency-related findings, URCA said BPL did not always use its most efficient generation units first so as to minimise electricity costs for Bahamians. “URCA conducted an audit of BPL’s efficiency,” it added. “It found BPL did not consistently follow its ‘merit order’ approach where the most efficient units are generally intended to be used first to meet the demand for electricity. “Following a strict ‘merit order’ approach would have helped minimise fuel costs. However, there were extenuating factors such as generator demand response and reliability requirements. In the summer, when demand for electricity is highest, BPL is forced to run its less efficient machines to maintain supply to its customers. It was concluded that BPL’s actions reflected a compromise required to maintain reliable service.” As for the charges imposed on Bahamian businesses and households during the ‘glide path’ strategy, URCA said BPL reduced the fuel tariff from its peak for commercial customers in September 2023 and all users come December 2023. However, splitting its customer base into two - based on the 800 KWh threshold - meant that businesses and heavy users paid a higher rate and effectively shouldered the bulk of covering BPL’s unpaid fuel arrears. “As a result, the average unit costs experienced by each rate class diverged from each other upon ‘glide path implementation. The consequence of this was that commercial customers

subsidised residential customers,” URCA said. “While BPL did increase the fuel charge rate in accordance with its glide path, it did not meet its objectives in recovering its current and accumulated fuel costs. At no point during the study period did BPL’s billed fuel adjustment charges reflect the actual cost of fuel. At the end of the glide path period, March 2024, the cumulative remaining under-recovered fuel balance was reported by the independent consultant to be approximately $37.6m.” Tribune Business sources yesterday suggested this outcome was not surprising, and described the ‘glide path’ as a flawed strategy. The unravelling of BPL’s hedge meant it was forced to buy fuel at spot or current market rates, and these would have been impossible to predict. As a result, the exact tariffs needed to cover both BPL’s existing fuel costs as well as the arrears could not have been calculated, leading to only around $80m of the latter being paid off over the 18 months. “URCA conducted town hall meetings in Exuma, Long Island, Abaco and other islands to, among other things, discuss the impact of the glide path charges on customers,” the regulator added. “It found the increased electricity usage in the summer months, coupled with the peak in fuel charges, led to widespread consumer complaints of high electricity bills. Due to the timing of the charge, the burden placed on customers was magnified and became onerous. “In summary, URCA’s ex-post review found that while BPL’s glide path responded to real fuel cost pressures, the approach did not consistently align

billed fuel charges with actual fuel costs and created distributional impacts across customer classes. The review also underscored that reliability constraints and operational realities can drive higher fuel use during peak periods, reinforcing the need for a clearer, more predictable framework for fuel cost recovery.” However, the URCA summary appears to have avoided the trickiest and most politically-sensitive questions surrounding the BPL fuel hedge controversy, which created multiple House of Assembly rows during the Davis administration’s first term in office. Its report is likely to revive and reignite this debate, plus the multiple questions that remain unanswered. Tribune Business previously reported that the BPL ‘glide path’ initiative violated the then-Electricity Act and accompanying regulations in at least two instances. In the run-up to the ‘glide path’s’ implementation, the state-owned energy monopoly seemingly breached regulations introduced in 2020 that mandated it pass 100 percent of incurred fuel costs on to consumers via fuel charge portion of their bill. For the period from November 2021 to October 2022, BPL seemingly failed to do this by keeping its fuel tariff at a constant 10.5 cents per kilowatt hour (KWh) even though its fuel hedge was unwinding because the first Davis administration had elected not to carry out the trades required to source more low-cost oil/ fuel to support this price. As the hedge unwound, BPL’s rising fuel costs were not passed to customers. And, in the second instance, several sources suggested there was no legal or lawful basis for BPL to segment clients into two groups based on whether they consumed less or more than 800 KWh per month and charge them different fuel tariffs based on this. They explained that the then-Electricity Act and regulations only allowed BPL to charge the same rate for all customers on the fuel charge portion of the bill. URCA’s eight-page summary does not address any of the legality issues surrounding BPL’s ‘glide path’ strategy. And nor did it address the events, and decisions, that led to BPL’s near-$120m arrears with Shell and the exploding cost of electricity that was imposed on Bahamians over an 18-month period and which wiped out less 75 percent of the unpaid bill. URCA’s report shows that BPL started to fall into arrears with its fuel bill in February/March 2022 - contradicting assertions by Mrs Coleby-Davis and the Davis administration that these began to accumulate under its Minnis predecessor. The arrears steadily increased,

hitting more than $60m by July 2022 and then reaching close to $120m between November 2022 and February 2023, before dropping to just under $40m for the last four ‘glide path’ months to March 2024. BPL’s arrears spiked after the Davis administration elected not to execute the trades that would have secured extra cut-price oil volumes in late 2021, shortly after it took office. When they hedge, utilities such as BPL typically do not lock-in a price that secures 100 percent of their needs. As an example, they may hedge 80 percent of their fuel needs for the first year, 50 percent in the second and 30 percent in the third. These trades that the Davis administration elected not to execute would have filled in the missing percentages of BPL’s fuel needs. However, it argued that it had to prioritise repayment of a $246m BPL loan that was falling due in early 2022, with no funds allocated for this purpose, and thus there was nothing available to finance further hedged fuel purchases. Backing the Minnis administration’s initial hedge, URCA’s report also appeared to endorse its successor’s decision not to execute the additional trades. “The fuel hedge that began in 2020 saved BPL customers a significant amount during the 2022 price spike,” it found. “But there were legitimate reasons not to layer in additional hedge positions in 2021 and early 2022 due to automotive diesel oil’s (ADO) separation from Brent crude oil (an accepted price benchmark), which was the hedged commodity, and concerns about buying into a rising market. Over the course of the study period, the hedge produced a net benefit to BPL customers.” The URCA report, though, did not address how the impact from the Davis administration’s decision not to execute the trades was magnified and worsened. BPL’s Board and management, in around February/March 2022, issued a statement disclosing that the fuel charge would rise from its existing 10.5 cents per kilowatt hour (KWh) in a bid to get ahead of the hedge’s unravelling and cover the true cost of fuel. However, this move was immediately blocked and voided by the Government, which ordered BPL to keep the fuel charge at 10.5 cents per KWh for a further seven to eight months until October 2022. This meant BPL was not covering its full fuel cost, sparking the $120m arrears build-up, ‘glide path’ strategy and imposition of soaring energy costs on Bahamian businesses and households.

NOTICE NOTICE is hereby given that I JOHN THOMPSON DORRANCE of EP Taylor Drive, Lyford Cay, 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 6th day of July, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that I Christobelle Simpson of Queens Highway, Andros, 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 29th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, July 6, 2026, PAGE 9

‘Suspension’ sends wrong message to the ‘front line’ CARE - from page B1 between the relevant parties”. “It is being actively addressed and is expected to be resolved,” he pledged, before later posting: “Progress has been made on the administrative matter regarding group insurance coverage for some public officers. Insurance services have resumed. The Government remains committed to supporting public officers and their families.” The nature of the “administrative matter” was not detailed, and many - including public sector union leaders - voiced scepticism concerning the explanation and argued that it was more likely the Government had neglected to pay the premiums due to Colina, prompting the BISX-listed life and health insurer to suspend coverage. Among the agencies impacted were the Royal Bahamas Police Force and Defence Force, Customs, Immigration, the prison and teachers. Myles LaRoda, minister of national security, did not reply to a Tribune Business message seeking confirmation that the premium arrears owed

to Colina were now as high as $100m, although the two ‘blue ticks’ showed he had read it. Dr Sands, speaking to the extent to which the health insurance has been restored, and whether this has occurred for all who have been affected, told this newspaper: “We’re going to find out on a case-bycase basis. I have a patient scheduled for open heart surgery who has been put back on schedule and we’ve not been told to shut it down. We’re going to test it. “The fact they did not say it has been resumed for all creates a real question for many patients. Is it 5 percent, 20 percent, 50 percent? We will test it and see whether we still have a problem.” Dr Sands also challenged whether health insurance coverage for Cabinet ministers and MPs, which he described as “the most extensive, comprehensive plan that exists”, and is also provided by Colina, has been maintained without interruption. “That will speak clearly in terms of priorities,” he added. “I think we should ask the question: Are Cabinet ministers and MPs still covered, and if many civil servants are not, then

Houston, we have a big problem. If they are covered, why is every single civil servant not.” Documents seen by Tribune Business show there has been a problem with the Colina health insurance coverage for several weeks. A July 3, 2026, sent to Bahamas Department of Corrections staff by Quaid Robinson, a senior executive, revealed that the addition of new persons to the plan had been halted several weeks before in mid-June - a sign of impending trouble. “Further to the suspension of new enrollment effective June 15, 2026, unfortunately Colina Insurance has suspended all insurance benefits effective July 3, 2026 for all administrative services only (ASO) plans until further notice,” Mr Robinson wrote. “When the suspension is lifted, all benefits and enrolments will be effective from the date - not retroactive. Please note that any late enrollments during the suspension period will be subject to pre-existing conditions and exclusions and will require underwriting.” Customs officers, too, were warned that “all benefits under the Colina Group

insurance plans are suspended until further notice” from July 3. The BISX-listed insurer’s 2025 audited accounts show that, at year-end, it was owed a $97.073m net “receivable” by unnamed clients with administrative services only plans - the very type referred to by Mr Robinson’s letter. This had increased by almost $8.5m from the $88.656m owed at year-end 2024, with wellplaced sources yesterday suggesting that much - but perhaps not all - of these sums relates to what is due from the Government. Tribune Business was told that the Government has faced a long-standing challenge in paying the group medical coverage insurance premiums due to Colina on behalf of civil servants - with the issue long pre-dating the Davis administration. “There’s a red line that the Government cannot go past of around $60m$70m [in arrears],” one contact told this newspaper on condition of anonymity. “It wasn’t no hard and fast number because it was known that Colina had a carrying capacity of what they could tolerate. You also couldn’t go 120

Roof-top installation in solar energy push ENERGISE - from page B4 Road Post Office and Library, and the Elizabeth Estates Post Office, along with battery energy storage infrastructure at the Blue Hills power station. Jazmine Romer-Rolle, a BPL spokesperson, said the projects represent “tangible investments in cleaner energy, stronger public infrastructure and a more resilient Bahamas”. Oral Lafleur, programme co-ordinator of the renewable energy project execution unit, said the initiative is only the beginning of a larger renewable energy roll-out. “Implementation is progressing on additional renewable energy initiatives across the country, including community solar projects, another investment that will further strengthen the national energy infrastructure,” Mr Lafleur said. “The country’s transition to renewable energy is not simply a vision for the future, but it is already

happening one project, one partnership, one investment at a time.” The programme also includes solar microgrids for critical facilities in the Family Islands, battery energy storage systems (BESS), workforce development and technical assistance designed to improve grid reliability and climate resilience. Aniceto Rodriguez Ruiz, the EU representative, highlighted one such project now underway at the Coopers Town Medical Clinic in Abaco, where a 300 kilowatt (KW) solar microgrid is being installed to support both the clinic and the surrounding community. UB is expected to play a central role in developing the workforce needed to support the country’s energy transition. Allyson Maynard Gibson KC, its Board chair, said students are already building solar panels, inverters and a prototype solar-powered aquaponic system through hands-on coursework.

Legal Notice

NOTICE CEDARBRIDGE INVESTMENT CORP. NOTICE IS HEREBY GIVEN as follows: (a) CEDARBRIDGE INVESTMENT CORP. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 18th day of June 2026. (c) The Liquidator of the said Company is Amber Nominees Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Dated 18th day of June A.D. 2026

JOBETH COLEBY-DAVIS “They’re going beyond simply learning about energy systems,” Mrs Maynard-Gibson said. “They’re building them, testing them and making them work.” Mrs Coleby-Davis said the university should become

a hub for training future energy professionals, engineers and policymakers. “This solar roof-top is a monument to our resilience, a classroom for our students, and a declaration to the world that The

NOTICE JOKER CAPITAL LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 205139 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 3rd day of July A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. FABIO DE OLIVEIRA MARTINEZ ALONSO, whose address is Etrada Caetano Monteiro, 1833 Casa 12, Pendotiva, CEP: 24320-570, Niteroi, RJ, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 1st day of August 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 benefit of any distribution made before such claim is proved. Dated this 3rd day of July A.D. 2026.

Amber Nominees Limited Liquidator

NOTICE CAT60 APPS LTD. (in Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 6th July, 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, Victoria House, Suite No. 4, 5th Terrace Centerville, P. O. Box EE-15953, Nassau, Bahamas. All person having claims against the above-named Company are required on or before 6th August, 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 benefit or any distribution made before such debts are proved. Dated this 6th July, 2026

Lynden Maycock Liquidator

FABIO DE OLIVEIRA MARTINEZ ALONSO LIQUIDATOR

days, 180 days in arrears.” When significant net new borrowings were made, a portion was always devoted to “paying a chunk on the Colina bill”. “They gave a lot of forbearance, and when you got a chunk of new money you paid it down,” the source added. They suggested that, with the Davis administration needing to “prime the pump” ahead of the general election, monies and cash flow may have become tight for the Government, and it may have been unable to meet the Colina payments. As a resut, the insurer, in a last-ditch bid to secure what was due suspended the policy and coverage. Kimsley Ferguson, the Bahamas Public Service Union (BPSU) president, told Tribune Business that the medical insurance suspension sends the message to “front line” officers such as the police, Defence Force, Immigration, Customs and prison that they are “not significant”. He added: “I am concerned that the Government has not dealt with this in the order of priority…. “These are the persons in the front line and in more danger than the politicians. It’s really, really a concern for me that the

Government has elected to fatten up their salaries as opposed to paying their bills. It is not anything like blame shifting they can do. I met with Colina Insurance who indicated the Government owed them over $100m. That was last year, and they indicated the balance, the cost, the amount of money owed. “This is no administrative error. This lack of payment, and the Government need to put its priorities in the proper place. These are the lives of people protecting the Bahamian public, and they need to make sure those individuals are properly covered.” The reference to salaries alludes to the proposed legislation that would raise MP’s incomes. Belinda Wilson, the Bahamas Union of Teachers (BUT) president, said it was “very disturbing” and “very troubling” that her members were told on Friday that their Colina Insurance medical cards were not valid and would not be accepted at doctors’ offices, hospitals and pharmacies. “We have members who are hospitalised, in hospice care, who have surgeries scheduled, and they cannot be accommodated,” she warned.

Bahamas is not just a victim of climate change but a leader in the global solution,” she said. Mrs Coleby-Davis argued that renewable energy has become an economic as well as environmental priority for the archipelago. “Every kilowatt generated by these panels is a kilowatt we don’t have to import,” she said. “It is money that stays in the Bahamian economy.” Prime Minister Philip Davis KC framed the investments as part of a long-term nation-building strategy. “Energy is foundational to national development,” Mr Davis said. “It determines how effectively we educate our children, how reliably we deliver healthcare and

how competitive our businesses can be.” Mr Davis said the Government will continue strengthening critical energy infrastructure as the country faces increasing climate risks and seeks greater energy security. “Sustainability is no longer separate from growth,” he said. “It is essential to it.” With additional rooftop solar projects now under consideration and community solar initiatives advancing, officials say the commissioning at UB signals a shift from pilot projects to a broader national deployment of renewable energy infrastructure across The Bahamas.

PAGE 10, Monday, July 6, 2026

THE TRIBUNE

ORG teams with Novio Group on non-profit digital database THE Organisation for Responsible Governance (ORG) and Novio Group are partnering to create a digital database that will improve the visibilty of, and access to, Bahamian

non-profit and faith-based groups. The two entities, in a statement, said they have signed a Memorandum of Understanding (MOU) to collaborate on the

development and implementation of the Map4Good platform. They added that Map4Good Bahamas is developing an interactive national map and directory

that will provide the public, donors, policymakers, community leaders and non-profits themselves with a centralised platform for discovering, understanding and engaging with organisations serving communities throughout the country. ORG said it will provide strategic leadership, stakeholder engagement, sector expertise and project oversight, while Novio Group will contribute technical development and software engineering. The duo will work through systems design and implementation, building a scalable and sustainable Map4Good platform capable of evolving with the needs of the non-profit sector.

The partners said a demonstration version of the Map4Good platform will soon be launched, with an exclusive viewing set for ORG’s upcoming Map4Good non-profit networking event on July 7. It will be made publicly available on ORG’s website shortly afterwards. Novio Group has committed to contributing around $50,000 worth of in-kind technical services and expertise to the Map4Good project. “Strong communities depend on knowing who is doing the work and how to reach them and that is, at its core, an infrastructure problem. Map4Good is the first in a broader commitment by Novio Group to invest in the data infrastructure that helps Bahamian civil society see itself clearly and act together,” said Valdez Williams, managing partner for Novio Group. “We’re proud to put our engineering behind ORG’s vision, and to make this

the first of many partnerships with the organisations strengthening communities across the country.” Vanessa Bethel, Map4Good project manager, said: “Map4Good is envisioned as more than a directory. This first version will have capacity-building resources for organisations, and future phases will include enhanced data insights into the local nonprofit sector and other growing features that help organisations maximise their impact. “ORG is excited to have found a partnership that aligns so well with what we’re striving to achieve: Transparency, accessibility and collaboration that transforms the landscape of the non-profit sector in The Bahamas.” ORG said that, through Map4Good, it seeks to create a lasting digital infrastructure that supports stronger communities and the organisations doing vital work to serve them.

MEMBERS of a winning sailing team accept their trophy during the regatta’s awards ceremony, joined by event organisers and the title sponsor.

Marine conservation fund seeks support at regatta THE Bahamas Protected Areas Fund (BPAF) used its sponsorship of Regattas in The Abacos (RITA) 2026 to seek support for its marine conservation efforts. The BPAF, in a statement, said it launched its Sail for the Sea initiative during the June 20-28 event, inviting sailors, visitors, businesses and local communities to support the protection of Abaco's marine future through donations, partnerships and investment in conservation efforts. It added that it saw RITA as an opportunity to highlight the importance of protecting and restoring

The Bahamas' marine ecosystems. Through the Sail for the Sea initiative, the BPAF said it sought to inspire deeper appreciation for Abaco ecosystems such as coral reefs, seagrass beds, mangroves and coastal habitats that sustain marine biodiversity. As a national conservation trust fund, the BPAF mobilises and manages sustainable financing for protected areas, conservation partners and community-based environmental action throughout The Bahamas. Through grants and strategic partnerships, it supports groups and local initiatives working to protect The Bahamas’ natural resources and strengthen environmental stewardship. "Regattas in The Abacos took place in the very waters and coastlines that support the marine life that makes The Bahamas unique," said Glenn Bannister, BPAF chairman. "Through our Sail for the Sea initiative, we invited sailors, visitors, businesses and communities to become active partners in protecting Abaco's marine future." According to conservation estimates, the BPAF

said coral reefs contribute nearly $700m annually to the Bahamian economy through tourism, fisheries and coastal protection services, thereby generating significant environmental and monetary value. Through its partnership with The Nature Conservancy and the organisation's BahamaReefs programme, the BPAF is helping advance coral reef restoration and monitoring efforts across The Bahamas, including key sites in the Abacos. It said the initiative aims to scale-up reef restoration activities while creating sustainable funding mechanisms that support the long-term health and resilience of these ecosystems. "Sail for the Sea was about turning appreciation for our oceans into meaningful action," said Karen Panton, BPAF executive director. "Every donation, partnership and contribution made through this initiative helps strengthen marine conservation efforts and ensured that future generations can continue to benefit from healthy and resilient marine ecosystems."

SHACARA LIGHTBOURNE, grants manager at the Bahamas Protected Areas Fund (BPAF), accepts a donation from a regatta sailor during the event.

THE TRIBUNE

Monday, July 6, 2026, PAGE 11

Tourism minister visits Nassau’s cruise port

GLENYS HANNA MARTIN, newly-appointed minister of tourism, toured Nasaau Criuse Port on Monday, June 29. She was accompanied by Latia Duncombe, director-general of tourism; Randy Rolle, parliamentary secretary in the Ministry of Tourism; Reginald Saunders, permanent secretary of the Ministry of Housing and Land Reform and acting permanent secretary for tourism; Mike Maura, Nassau Cruise Port chief executive; and government officials. Mrs Hanna-Martin met and greeted vendors and visitors as she walked through the cruise port. Photos:Kemuel Stubbs/BIS

Tourism hosts third Food Truck Festival

THE MINISTRY of Tourism hosted its third annual Food Truck Festival at Taino Beach on Saturday. The event featured more than 17 food trucks, live entertainment and family-friendly games and activities for residents and visitors alike. Photos:Danielle Rollon/ BIS

PAGE 12, Monday, July 6, 2026

THE TRIBUNE

Regulator rejects wholesale, Internet of Things arguments PROVIDE - from page B1 may pose. This came after satellite providers, including Elon Musk’s Starlink, argued that Bahamas-based representatives are not necessary for those who have established compliance mechanisms and will only result in duplication and extra costs. “BTC and the Cable Bahamas group both supported URCA retaining discretion to require the appointment of a local representative in circumstances involving elevated risk profiles or operational configurations warranting enhanced regulatory oversight. Cable Bahamas group specifically supported the retention of this discretion as an important safeguard from both a national security and regulatory/accountability perspective,” URCA said. “A majority of satellite-operator respondents, however, expressed concerns regarding either the principle or the scope of the proposed discretion. GSOA advocated for the proposed discretionary local representative provision to be removed entirely on the basis that the existing notification, designated point of contact, and co-operation framework already provides sufficient accountability

without imposing the operational and financial burdens associated with mandatory physical presence requirements. “Starlink expressed similar concerns, submitting that local representation requirements do not necessarily improve practical compliance outcomes and arguing that URCA should not require the appointment of a local representative in circumstances where the operator already maintains established compliance and legal support arrangements,” the Bahamian regulator added. “Starlink further submitted that, where enhanced supervisory measures are considered necessary, operators should be permitted to appoint an appropriate representative of their choosing regardless of location and that any discretion should be guided by clear and predictable implementation criteria.” They were backed by other satellite operators, including Amazon Leo, which is headed by Mr Musk’s billionaire rival, Jeff Bezos. “URCA has considered the submissions of AST SpaceMobile, Starlink, GSOA, Amazon Leo and other respondents that the designated point of contact requirement should not, as a baseline matter, entail a

mandatory physical presence requirement within The Bahamas,” the communications regulator added. “URCA considers that the underlying regulatory objective of the point of contact framework, namely ensuring that URCA and relevant Bahamian law enforcement authorities have access to a reliable, responsive and accountable escalation mechanism can generally be satisfied through a remotely accessible contact arrangement, provided that the designated point of contact is reachable on a 24-hour basis, is authorised to receive, execute or immediately escalate lawful-access requests, and is supported by documented internal compliance procedures. “URCA will clarify, whether in applicable operational guidance or licence conditions, the practical requirements relating to point of contact responsiveness, escalation timelines and secure communication arrangements.” However, URCA was not going to give the satellite industry everything its own way as it quickly pivoted to the submissions by Bahamian licensees. “URCA nevertheless considers, having regard to the submissions of BTC and Cable Bahamas, that

it is appropriate to retain discretion to require the appointment of a local representative or locally based point of contact arrangement in circumstances where an operator’s configuration, risk profile, operational footprint, compliance history or involvement in critical national infrastructure sectors justifies enhanced regulatory oversight or local accountability measures,” URCA added. “URCA further considers that the exercise of such discretion should be guided by principles of transparency, proportionality and regulatory predictability as submitted by Purpose Partners. Accordingly, URCA intends to provide further guidance on categories of circumstances that may ordinarily inform the exercise of this discretion.” As for URCA’s co-operation-based approach to compliance by satellite operators offering Internet and other communications services in The Bahamas, the regulator added: “Respondents broadly agreed that URCA’s revised cooperation-focused framework centred on notification obligations, designated point of contact, and assurances of data accessibility represents a proportionate and operationally workable baseline for lawful access compliance within the satellite sector. “Several respondents, including Amazon Leo and GSOA, emphasised that this approach avoids

duplicating compliance obligations already applicable in other jurisdictions and appropriately reflects the globally distributed architecture of satellite communications systems. “Rivada Space Networks acknowledged the revised framework but submitted that its application to global wholesale space-segment providers is inappropriate, on the basis that such providers generally have no direct relationship with end-users and therefore lack the operational capability to intercept individual communications. Rivada accordingly submitted that lawful-access obligations should be directed primarily toward retail satellite communications providers managing the end-user relationship,” URCA said. “Plan-S submitted that satellite Internet of Things (IoT) services should be excluded entirely from lawful-access obligations on the basis that operators of transparent-payload IoT satellite systems are unable to decode machine-generated data payloads, and therefore cannot meaningfully execute interception requests directed toward content-level communications data.” Rejecting both Plan-S and Rivada’s arguments, URCA replied: “URCA considers that a blanket exemption for wholesale providers would create material accountability gaps inconsistent with national security, lawful access and law enforcement objectives

A California farmer is giving away tons of nectarines that he’s not allowed to sell By CLAIRE RUSH Associated Press THOUSANDS of visitors have flocked to Cesar Mora’s farm in central California this week to gather free nectarines. He’s giving his harvest away rather than watching it rot as he’s locked in a legal battle with a company that claims exclusive rights over the variety of white nectarine he grows. He’s shared more than 100,000 pounds (45,359 kilograms) since Monday. “It was really just a thought of not wasting a perfectly good product,” Mora said. “It does make a grower feel good, being able to share my fruit with people and see their immediate reaction that they love it. It’s a little bit of good in this tough situation that I’ve been dealing with.” The legal dispute highlights the tension that can

emerge between farmers and the plant breeders and large industrial food marketers that create new varieties of plants and obtain the exclusive rights to sell them. Since 2023, the third-generation farmer in the agricultural community of Reedley in California’s Central Valley has been fighting a lawsuit filed against him by Giumarra Brothers Fruit Co. The suit centers on the company’s claims of exclusivity over a variety of white nectarine and accusations that Mora broke their contract by selling the fruit to other packers. A trial has been scheduled for later this month. “At its heart, this is a disagreement involving two written agreements, and it is being resolved the right way — in court and on the facts,” the company said in

a statement emailed by one of its attorneys. Mora has accused the company of unfair and fraudulent business practices. Fruit patents are becoming more common The fight centers on a white nectarine variety known as “Monalise,” which has a sweeter, less tart taste. In its court filings, Giumarra says all rights to the Monalise variety are owned by Star Fruits Diffusion, a French company that works with plant breeding programs, while Giumarra holds the right to sublicense the variety for testing, production and sale. Star Fruits Diffusion did not respond to a request for comment. Plant breeders, including universities, have long experimented with breeding new crop varieties, and some have become household names. Washington

FAMILY members and volunteers bag nectarines during a free giveaway at Cesar Mora’s orchard in Reedley, Calif., Wednesday, July 1, 2026, amid an ongoing contract dispute over the crop. Photo:Jae C. Hong/AP State University developed the Rainier cherry in the 1950s, while the University of Minnesota released the Honeycrisp apple in the 1990s. Both varieties are now in the public domain and can be grown and sold by anyone. Fruit patents are becoming increasingly common, said Bradley Rickard, professor of food and agricultural economics at Cornell University. A patent allows a breeder to collect a royalty from the fruit trees it sells, the fruit that the trees produce, or both. In 2010, more than a dozen apple growers sued the University of Minnesota for awarding exclusive rights to its SweeTango apple to an orchard that organized a cooperative of growers to market the variety. A settlement maintained the university’s license agreement with the cooperative while also

allowing more Minnesota orchards to lease the trees that bear the apple variety. The white nectarine battle in California California’s Central Valley, stretching some 20,000 square miles (51,800 square kilometers), is an agricultural powerhouse that’s estimated to produce 40% of the nation’s fruits, nuts and other table foods, including most of its nectarines. Court filings show Mora signed a sublicensing agreement with Giumarra in 2017 allowing him to grow and sell the Monalise. He entered a marketing agreement in 2019 requiring the fruit to be packed and sold through Giumarra. He said Giumarra recruited him to grow it. Under the agreements, Mora was to pay Giumarra a royalty of $2.50 per tree and a 4% production royalty based off the gross sales of the fruit the trees

applicable under the Bahamian legal framework… “The appropriate regulatory approach is not to exempt wholesale providers categorically from lawful access obligations, but rather to ensure that compliance responsibilities within the service chain are appropriately allocated, clearly identified and operationally enforceable.” Turning to the Internet of Things, the Bahamian regulator added: “URCA further does not accept Plan-S’s submission that satellite Internet of Things services should be categorically excluded from lawful access obligations. URCA considers that machine-generated data payloads may, in appropriate circumstances, constitute communications data, traffic data or other information relevant to lawful investigations. “URCA further considers that the inability of an operator to decode content-level communications data does not extinguish obligations relating to metadata, signalling information, transmission records or other categories of data within the operator’s possession or control. “URCA notes that such information may be relevant in a range of investigative contexts, including cybersecurity incidents, unlawful network activity, fraud investigations and other matters involving the use or misuse of connected devices and electronic communications networks.” produced, as well as a sales commission. “They sold me hope and a big dream that I thought I could participate in with them,” he said. Mora alleges that up to half of the nectarines he provided to Giumarra in 2020 were thrown away, reducing his profits. The company disputes this, and the judge overseeing the case found that the statute of limitations for those claims had passed. In 2022, Mora alleges the company sold his nectarines to Taiwan in violation of the contract, which states Giumarra will market and sell them in the U.S. and Canada. Giumarra also disputes that claim. Mora later sought to terminate his relationship with Giumarra, and he sold his nectarines to another fruit packer in 2023. That’s when Giumarra sued him for breach of contract, leading to his inability to sell the fruit at all while the court battle plays out. Mora’s attorneys say Giumarra has not provided documents regarding its license to the nectarine variety. The company said in court filings the Monalise is not covered by a U.S. plant patent. Mora’s attorneys claim in court filings that “Giumarra promised and represented that the Nectarines were an ‘exclusive variety’ of fruit, and thus Giumarra held patents and related legal rights over these nectarines,” and that because it was exclusive, the fruit “would be sold for top dollar.”

Australian prime minister condemns delay of changes to child social media ban By ROD McGUIRK Associated Press AUSTRALIAN Prime Minister Anthony Albanese on Friday condemned senators who blocked changes to a world-first social media ban for children, saying tech giants would use the delay to destroy incriminating documents that could be used as evidence against them. The government this week introduced to Parliament amendments aimed at increasing powers of the eSafety Commissioner Julie Inman Grant, Australia’s online safety watchdog, to enforce the ban on Australian children younger than 16 from holding accounts on platforms including Facebook, Instagram, and YouTube that has been in place since December. The amendments would have given Inman Grant power to demand documents as well as information from platforms about their efforts to exclude young children. She

can currently only demand information. But the conservative opposition Liberal Party and minor Australian Greens party referred the draft legislation Thursday to an eight-week Senate inquiry. The center-left Labor Party government does not hold a majority in the Senate. “It is outrageous the delay because what the eSafety Commissioner has said very clearly is that that will allow the platforms to go and just delete a whole lot of material,” Albanese told Australian Broadcasting Corp. “Whereas if it was passed yesterday, that would have been the date from which these demands could be made by the commissioner. So then fines can be issued,” he added. The amendments would also give the commissioner power to demand information from third parties, including age assurance technology providers, to test claims made by platforms

about how children continued to circumvent the ban. The bill would double the maximum fine to 99 million Australian dollars ($68 million) for platforms that fail to take reasonable steps to exclude children. Greens Sen. David Shoebridge, who has always opposed the social media ban, questioned why a fine that had never been issued needed to be doubled. “Doubling penalties that they’ve never used doesn’t seem to me to be a meaningful measure,” Shoebridge told Sky News Australia. “Is that really going to be the thing that keeps kids safe online?” Opposition communications spokesperson Sen. Sarah Henderson said the amendments needed to be tougher. “This is a social media ban which is failing; a halfbaked law which is poorly designed, which was rushed, which is badly implemented and which is not working,” Henderson said.

THE TRIBUNE

Monday, July 6, 2026, PAGE 13

Belgian diamond group that won tariff relief gifted Trump a lavishly encrusted ring By SAM McNEIL Associated Press DOZENS of diamonds spell out two giant letter T’s next to the Stars and Stripes and “1776” and “2026.” Dozens more frame the numbers 45 and 47 in the shape of Superman’s logo. A diamond-winged eagle carries a ruby shield and clutches an olive branch of emeralds, below a radiant “250” and atop the phrase “250 YEARS USA” etched in 18-karat gold. All told, 321 diamonds, 56 sapphires, 13 emeralds and six rubies encrust the watch-sized gold ring presented this week to Bill White, the U.S. ambassador to Belgium, to give to U.S. President Donald Trump. “A very special thank you to my friends from Antwerp for the magnificent Freedom 250 ring,” Trump said in a prerecorded video message during an event marking America’s 250th birthday in Brussels. Isidore Mörsel, president of the Antwerp World Diamond Center, or AWDC, gifted the ring on behalf of the centuries-old diamond community in the Belgian port city, a central node in the worldwide trade of the

precious stones that found itself struggling last year under the weight of Trump’s sweeping trade war. “May this ring serve as a lasting reminder that true partnership, like the finest natural diamonds, are formed under pressure, endure the test of time, and shine brightest when built on trust,” Mörsel said. The ring’s interior is engraved with the phrase “Crafted in Antwerp for Donald John Trump.” In dollar terms, the ring’s value pales beside gifts like the $400 million plane donated by Qatar that Trump ordered converted into a new Air Force One. But it’s a glitzy window into the role that ostentatious – and almost always gilded — gifts are playing by those seeking to curry favor with the U.S. president. A White House official, speaking on the condition of anonymity to discuss the matter, said Thursday that the ring has not been presented to Trump yet. The ring is latest in Trump’s historic break with White House custom The gift comes months after Belgium’s diamond industry won the removal of U.S. tariffs on diamond

U.S. Ambassador to Belgium Bill White presents a ring designed for U.S. President Donald Trump and crafted by Antwerp diamond designer David Gotlib, during the America 250 event in Brussels, Sunday, June 28, 2026. Photo:Virginia Mayo/AP imports. In September, AWDC said it had “succeeded in securing a zero percent import tariff” on Antwerp’s annual export of more than $2 billion of polished diamonds to the U.S. A spokesperson for the group said on Thursday that the AWDC provided “input” to the European Commission as it negotiated with Trump on a broad deal on tariffs in 2025, but did not itself lobby the administration.

U.S. presidents have considerable discretion to accept gifts from domestic and foreign sources and may determine themselves whether a gift was meant for them personally or the nation. The exception is those from foreign governments, which are prohibited by the foreign emoluments clause of the Constitution without congressional assent, though presidents could use personal funds to reimburse the Treasury for

Delta pilot reports a close encounter with a July Fourth firework before landing in Chicago NEW YORK Associated Press A DELTA Air Lines flight and a high-flying firework reportedly came into contact in the sky above Chicago as the city celebrated the Fourth of July holiday. The pilot of Delta flight 1076 notified air traffic controllers just before landing at Chicago Midway International Airport on Saturday night that a firework hit the commercial airliner during

its descent. In an audio recording published online by LiveATC.net, the pilot described feeling “a big bang” on the plane. According to the recording, the incident occurred when the plane was flying at an altitude of 200 to 250 feet. The pilot said the crew hoped the bang “was just a mortar that went off,” referencing the tube that helps launch aerial fireworks. Both the Federal Aviation Administration and Delta said the plane, which

had taken off from Atlanta carrying 52 passengers and six crew members, landed safely just after 8:30 p.m. local time. The incident didn’t result in any onboard injuries, and Atlanta-based Delta said Sunday that mechanics who inspected the Airbus A319 did not find any damage. The FAA said it would investigate the incident. It’s unclear if fireworks struck other airplanes on Saturday. In the LiveATC. net audio, an air traffic

controller was heard saying there had been “multiple reports” of such encounters and that Chicago city officials were aware. The FAA did not immediately respond to questions about whether it was aware of additional firework-related incidents impacting Saturday flights. The Associated Press also reached out to the city government and the Chicago Police Department for further information.

NOTICE

IN THE ESTATE of ARTHUR CHARLES ROBERTS aka ARTHUR C.ROBERTS aka ARTHUR ROBERTS, late of the Treasure Cay Abaco, one of the Islands of the Commonwealth of The Bahamas, deceased.

IN THE ESTATE of ROBERT WILFRED HALL late of Ethel Street, Montell Heights, 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 claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 23rd day of July A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administrator shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 6th day of July A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys for the Administrator Loyalist Plaza, Don Mackay Boulevard P.O. Box AB 203777 Marsh Harbour, Abaco, Bahamas

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE

IN THE ESTATE of IRVIN LEON KNOWLES A.K.A IRWYN LEON KNOWLES late of the Settlement of McKenzie, Long Island, one of the Islands of The Commonwealth of The Bahamas, deceased.

IN THE ESTATE of JANE GERTRUDE COLLINS late of Little Orchard Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 6th day of July A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

the full value of an official gift if they wish to retain it. Personal gifts are also supposed to be registered on the president’s annual financial disclosure. Trump’s 2025 disclosure, released this week, revealed a $250,000 gift of a sculpture depicting his triumphal gesture after surviving a 2024 assassination attempt at a campaign rally in Butler, Pennsylvania, and tickets to 10 sporting events, including 10 to the upcoming World Cup final in New Jersey from FIFA’s Gianni Infantino, valued at a collective $15,000. Four U.S. ethics experts told The Associated Press that Trump has broken with decades-old custom in the White House to avoid accepting such gifts. The ring’s value estimated at $25,000-$35,000 To forge the ring, the AWDC turned to David Gotlib, an Antwerp-based high-end jeweler whose cufflinks can sell for more than 15,000 euros ($17,000). Neither AWDC nor Gotlib would provide a valuation of the ring, but two independent jewelers

told AP they estimated the value at between $25,000 and $35,000. Paris- and London-based jewelry consultant Alexander Levinson calculated the cost at $25,928, while David Saad, a third-generation luxury jeweler in Canada, priced the ring between $33,000 and $35,000. Both said half the cost was in materials, half in labor. After the ring was presented on a star-spangled stage in Brussels, musician Alexis Wilkins, the girlfriend of FBI Director Kash Patel, sang the U.S. national anthem to more than 8,000 people drinking Budweiser and bourbon from Tennessee and Kentucky. Ambassador White said he raised more than $5.5 million for the 250th anniversary event from corporate sponsors like defense industry titans Lockheed Martin and Northrop Grumman, tech firms like Intel, Google and Meta, as well as the European chocolate companies Leonidas and Ferrero. AWDC said it contributed funds, too.

NOTICE IN THE ESTATE of NATHLEE LOUISE BROWN AKA NATALIE LOUISE BROWN late of James Street Dundas Town Abaco, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 6th day of July A.D., 2026, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

Monday, July 6, 2026, PAGE 15

Ukrainian drones hit St Petersburg oil terminal in latest long-range attack on Russia By The Associated Press A UKRAINIAN drone attack struck an oil terminal in St. Petersburg on Saturday, Russian officials said, as Kyiv presses on with bombardment of Russia’s oil infrastructure. Almost daily long-range attacks on Russian oil facilities have created a fuel crisis and heaped political pressure on the Kremlin as its all-out invasion of Ukraine stretches into its fifth year. Gov. Alexander Beglov said the city’s Kirovsky district on the Baltic Sea was hit. He also said that air defenses shot down 72 Ukrainian drones across Russia’s second-largest city and the surrounding region. Ukrainian President Volodymyr Zelenskyy described the attack as part of Ukraine’s “long-range

sanctions” against Russia. He said that Ukrainian forces also hit a military target on the island of Kronstadt, just off the coast of St. Petersburg. “The Ukrainian defense forces hit the port oil infrastructure, which earns money for the Russian war, and there were also hits on Kronstadt — an important military target,” he said in a post on Telegram. St. Petersburg’s Kirovsky district was previously hit in June, ahead of Russia’s flagship St. Petersburg International Economic Forum. The Crimean peninsula, which Russia annexed in 2014, has suffered particularly from heavy strikes, causing local authorities to suspend gasoline sales to civilians. A Ukrainian attack on Saturday killed one person and injured

two more, including a 10-year-old child, the Moscow-installed Gov. Sergei Aksyonov said. Ukrainian attacks bring the war home Russian President Vladimir Putin has shrugged off Ukraine’s strikes on Russia’s energy facilities as “not critical,” and insisted the war will continue until his goals are met. He has described the attacks on Russian energy as an effort by Ukraine to distract attention from its losses on the battlefield, although analysts say the advance of Russian forces has been stymied in recent months. On Friday, Putin visited the Russian military headquarters directing the war in Ukraine and received a report on the capture of the city of Kostyantynivka,

after weeks of intense street battles. He hailed it as a key step toward capturing the nearby cities of Sloviansk and Kramatorsk, the key remaining strongholds in the so-called “forest belt” of heavily fortified cities in the Donetsk region that remain in Ukraine’s hands. The capture of Kostyantynivka, a big transport and industrial hub, is of “major strategic importance,” Putin, clad in military fatigues, said in televised comments. In a briefing Saturday, Col. Gen. Sergei Rudskoy, the first deputy chief of the General Staff of the Russian armed forces, said that Ukrainian troops had been pushed back several kilometers (miles) and that fighting was taking place on the outskirts of the nearby town of Oleksiievo-Druzhkivka.

THE FIRST Deputy Chief of the General Staff of Russian Armed Forces Col. Gen. Sergei Rudskoy holds a news briefing in Moscow, Saturday, July 4, 2026. Photo:Pavel Bednyakov/AP “The city is now under our full control. Units of the Southern Army Group are completing the clearance of city blocks, rooting out small groups and individual Ukrainian fighters who may still be hiding in basements and ruins,” he said. Zelenskyy denied that Russia took control of the city. “It is just another Russian lie, an attempt to generate some kind of a news story,” he wrote on social media Saturday. “If Kostiantynivka were under Russian control, then perhaps Putin would have no

THE WEATHER REPORT

5-DAY FORECAST

TODAY

TONIGHT

TUESDAY

WEDNESDAY

THURSDAY

problem meeting me there to find a diplomatic way to finally end this war. But the fact is, he won’t cross the front line — reality is very different from Putin’s words.” But the Kremlin quickly dismissed Zelenskyy’s offer, with Russian presidential spokesman Dmitry Peskov telling Radio Komsomolskaya Pravda on Saturday evening that Putin would meet the Ukrainian leader in Moscow once Kyiv was ready to make “important, consequential decisions.”

™

Superior Accuracy for Better Decisions Visit AccuWeather.com

UV INDEX TODAY

FRIDAY

0 1 2 3 4 5 6 7 8 9 10 11+ LOW

ORLANDO

High: 91° F/33° C Low: 75° F/24° C

TAMPA

An a.m. shower or two; partly sunny

Clearing, t-storms, mainly early

Hazy sunshine

Showers around in the a.m.; breezy

A couple of afternoon thunderstorms

High: 89°

Low: 80°

High: 90° Low: 80°

High: 93° Low: 81°

High: 91° Low: 80°

High: 92° Low: 79°

AccuWeather RealFeel

104° F

86° F

104°-88° F

105°-90° F

105°-91° F

High: 90° F/32° C Low: 80° F/27° C

N E

ABACO

High: 91° F/33° C Low: 79° F/26° C

6-12 knots

WEST PALM BEACH High: 93° F/34° C Low: 77° F/25° C

6-12 knots

FT. LAUDERDALE E

FREEPORT

High: 92° F/33° C Low: 78° F/26° C

High: 91° F/33° C Low: 80° F/27° C

MIAMI

High: 91° F/33° C Low: 78° F/26° C

4-8 knots

KEY WEST

High: 91° F/33° C Low: 83° F/28° C

High

Ht.(ft.)

Low

Ht.(ft.)

2.7 2.6

6:51 a.m. 7:12 p.m.

0.3 0.7

ALMANAC

Tuesday

1:11 a.m. 1:56 p.m.

2.6 2.7

7:35 a.m. 8:12 p.m.

0.3 0.7

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high .................................. 91° F/33° C Last year’s low ................................... 81° F/27° C Precipitation As of 2 p.m. yesterday ................................. 0.17” Year to date ................................................ 12.06” Normal year to date ................................... 14.66”

Wednesday 2:04 a.m. 2:53 p.m.

2.5 2.9

8:25 a.m. 9:16 p.m.

0.2 0.7

Thursday

3:03 a.m. 3:54 p.m.

2.4 3.0

9:20 a.m. 0.1 10:23 p.m. 0.6

Friday

4:05 a.m. 4:56 p.m.

2.4 3.2

10:19 a.m. 0.0 11:28 p.m. 0.4

Saturday

5:09 a.m. 5:56 p.m.

2.4 3.4

11:20 a.m. -0.2 ---------

Sunday

6:12 a.m. 6:55 p.m.

2.5 3.6

12:29 a.m. 0.2 12:21 p.m. -0.3

Sunrise Sunset

6:26 a.m. 8:04 p.m.

Moonrise Moonset

none 12:13 p.m.

Last

New

First

Full

Jul. 7

Jul. 14

Jul. 21

Jul. 29

CAT ISLAND

High: 90° F/32° C Low: 80° F/27° C

4-8 knots

SAN SALVADOR

GREAT EXUMA

High: 90° F/32° C Low: 80° F/27° C

High: 90° F/32° C Low: 81° F/27° C

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

SUN AND MOON

N W

EXT.

12:24 a.m. 1:02 p.m.

ELEUTHERA

NASSAU

VERY HIGH

Today

High: 89° F/32° C Low: 80° F/27° C

HIGH

TIDES FOR NASSAU

The patented AccuWeather.com RealFeel Temperature® is the only index that includes all the weather factors that play a role in how we perceive temperature, including the effects of wind, humidity, sunshine, precipitation, pressure, and elevation. Shown are the highest and lowest values for each day.

MODERATE

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection. Shown is the highest value of the day.

ANDROS

High: 90° F/32° C Low: 80° F/27° C

W S

LONG ISLAND

TRACKING MAP

High: 91° F/33° C Low: 80° F/27° C

7-14 knots

MAYAGUANA High: 90° F/32° C Low: 80° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND

High: 90° F/32° C Low: 81° F/27° C

High: 87° F/31° C Low: 82° F/28° C

GREAT INAGUA High: 91° F/33° C Low: 80° F/27° C

8-16 knots

10-20 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 6-12 Knots SSE at 7-14 Knots SE at 4-8 Knots ESE at 7-14 Knots SE at 8-16 Knots ESE at 8-16 Knots E at 10-20 Knots E at 10-20 Knots SE at 7-14 Knots SE at 7-14 Knots S at 6-12 Knots S at 6-12 Knots SE at 7-14 Knots ESE at 8-16 Knots E at 10-20 Knots E at 12-25 Knots E at 8-16 Knots ESE at 10-20 Knots ESE at 8-16 Knots E at 10-20 Knots SSE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots E at 10-20 Knots SE at 7-14 Knots ESE at 8-16 Knots

Tribune First Alert Weather

NASSAU WhatsApp Channel

WAVES 2-4 Feet 3-5 Feet 0-1 Feet 1-2 Feet 2-4 Feet 3-5 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-5 Feet 3-6 Feet 4-7 Feet 1-2 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 84° F 85° F 87° F 87° F 84° F 84° F 85° F 85° F 86° F 86° F 86° F 87° F 87° F 87° F 85° F 85° F 85° F 85° F 84° F 84° F 86° F 86° F 84° F 84° F 85° F 85° F

“We got you covered under the radars”

PAGE 16, Monday, July 6, 2026

THE TRIBUNE

7 OPEC+ countries agree to expand monthly oil production modestly as prices slide By WYATTE GRANTHAM-PHILIPS AP Business Writer A HANDFUL of countries in the OPEC+

oil-producing alliance plan to increase their outputs modestly next month, which would bring more oil online after fuel prices have fallen to levels not seen since

before the U.S. and Israel’s war with Iran. The Organization of the Petroleum Exporting Countries and its allies — collectively known as

OPEC+ — announced on Sunday that seven countries would expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth

consecutive month OPEC+ agreed to raise oil outputs. The participating countries in Sunday’s decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. “The countries will continue to monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach,” the group of oil producers said in a statement. In the last month, market optimism caused crude oil prices to tumble before and after the U.S. and Iran reached an interim deal to end their fighting. As part of a broader memorandum of understanding, Iran agreed to allow ships to pass unimpeded through the Strait of Hormuz, and the U.S. agreed to end its blockade of Iran’s ports. More and more commercial vessels have since transited the strait, which before the war was a conduit for roughly a fifth of the world’s oil. But ship traffic remains below pre-war levels, and tensions over the waterway continue. Iran’s joint military command

warned as recently as Thursday that all oil tankers moving through the strait must use its approved routes or face a “forceful response.” Oil prices have continued to decline while negotiators for Iran and the U.S. try to reach a final peace agreement. Brent crude, the international benchmark, closed at under $72 a barrel on Friday. That’s close to what it cost before the U.S. and Israel launched strikes on Iran in late Feburary — and far below soaring prices that in March climbed to nearly $120 per barrel. The war created an energy crisis in much of the world. With most shipping blocked in the Strait of Hormuz, the limited production hikes pledged by OPEC+ in previous months could not counteract the impact on global oil supplies. Early in the war, many major oil producers across the Middle East had to cut production because their crude had no where to go. S&P Global Energy said in a recent estimate that it did not expect Gulf oil production to rebound fully until at least the first quarter of 2027. Energy experts have repeatedly warned that fuel prices and the cost of consumer good were likely to stay elevated long past the conflict’s end.

STORAGE tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Photo:Amr Nabil/AP