07092025 BUSINESS

Bahamian’s bookings surged 45% on ‘illegal’ foreign charter’s arrest

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN charter operator, who played a key role in apprehending a foreign rival accused of operating illegally in this nation, yesterday revealed his bookings surged 45 percent after the arrest.

Jeremy Wong, a 20-year industry veteran who operates Spanish Wells-based Black in Blue Charters, told Tribune Business he believes the US owner of Highly Migratory, the sports fishing boat seized on January 27, 2025, in an undercover operation in involving Bahamian and US law

enforcement, was able to recover the vessel from detention “a bit too easily”.

Speaking after Justice Andrew Forbes ordered that the boat be released upon payment of a

Treasure Cay buyer ‘holding off’ amid October target for permits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE potential buyer of Abaco’s Treasure Cay resort says it is “holding off” from starting any development work as it targets obtaining all necessary permits and approvals by October 2025.

Gaynelle James, the marketing director for Jacksonville-based GreenPointe Holdings, in a recent update to the 1,400-acre property’s homeowners asserted that no construction activity has been seen because the developer s determined to proceed “the right way” with “utmost respect for Bahamian laws, culture and environmental standards’.

The note subtly admits that GreenPointe and its chief executive, Edward Burr, have yet to close the $25m acquisition of Treasure Cay from its existing owners, the Meister family, as it describes the Florida-based company as “the prospective buyer”.

This is despite Mr Burr and GreenPointe signing a $177m Heads of Agreement with the Government for the project in September 2024.

While the purchase is “under contract”, its closing is subject to GreenPointe obtaining the necessary government permits and approvals to proceed with the project. And the latest October timeline for securing these permits means it will be more than a year since the Heads of Agreement was signed, with GreenPointe saying this is now entirely dependent on the Government and could be delayed further.

“With many questionsand, unfortunately, some misinformation - circulating about the future of Treasure Cay, we wanted to share an update directly from the source,” Ms James wrote.

“GreenPointe Holdings, the prospective buyer of Treasure Cay, understands deeply what this

Bimini fishing tournament sees no boating fee effect

By ANNELIA NIXON Tribune Business

A LARGE visitor turnout is still expected at the 75th Bimini Native Fishing Tournament scheduled for July’s end despite the ongoing outcry over new and increased fees for boaters. Ken Stubbs, president of the Bimini Native Fishing Tournament, said that after speaking with Bahamas Customs he feels confident that the event will draw many visitors despite the boating fee reforms. He added that he was told many tourists understand the increase based on information including how

persons have signed up to participate. Suggesting that visitor and Bahamian participation looks promising, Mr Stubbs said: “I was down at the Big Game dock all day, basically talking to the dock master and Customs. We as Bahamians, we don’t really listen. Most of us just jump to conclusions. You hear something and you run with it the wrong way.

“People keep saying to me, ‘Oh the Government is doing fool.’ But when I went and I sit down, I talk to Customs, and I got a understanding of what was happening. Then I agree that what government is doing is good, because what was told to me is: ‘Hey,

SEE PAGE B4

$100,000 bond and some $20,445 in storage fees due to Bradford Marine, he argued that The Bahamas needed to “send a more resounding message” to the foreign operators of alleged illegal

Eliminate

charters by holding the accused vessels “as long as possible” and then potentially auctioning them off.

Mr Wong, suggesting that the Highly Migratory was worth $1mplus, higher than the $750,000 value assigned to it by its owner, self-described Florida businessman Mark Tsurkis, told this newspaper that while he understood the judge’s reasoning it still felt as if The Bahamas had gotten “an ounce of flesh, rather than a pound of flesh” for violations of its Fisheries Act.

Arguing that the funds raised from selling-off guilty vessels could be reinvested in improved maritime law enforcement, he

‘silos’ call as

added that the exploitation of Bahamian waters by illegal foreign charters posed multiple dangers to visitor safety, marine resources and this nation’s reputation as a safe destination for tourists and fishing.

Raising questions over whether such vessels have proper liability insurance, and comply with seaworthiness requirements imposed by local and foreign regulators, Mr Wong compared this to the numerous “hoops” he faces to satisfy the Port Department and said he just wants to compete on a “level playing field” where all abide by the law and regulations. And, besides the business lost by legitimate Bahamian charter operators to illegal foreign rivals, he added that the latter also contribute to considerable revenue leakage from the Public Treasury as they pay not a cent in taxes. While unable to place a dollar figure on these losses, Mr Wong said the sudden jump in bookings following Highly Migratory’s arrest provides a good insight.

75% of boaters to cut Bahamas visits

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas must better align tourism and tax policy “silos” to ensure it does not force stopover visitors “to save up for a lifetime” to enjoy this nation’s “lifetime of experiences”, a senior executive is arguing.

Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, told Tribune Business that the seeming disconnect between Ministry of Tourism promotions and the Ministry of Finance’s fiscal policies - highlighted most recently by the boating fees fallout - must be seized as an “opportunity” to ensure all arms of government and the private sector work together.

Speaking as online polls suggest that almost 75 percent, or three-quarters, of potential boating visitors either plan to “significantly reduce their visits or avoid The Bahamas altogether, he again reiterated his belief that the “lowest

‘Bankrupt’ attorney

By NEIL HARTNELL Tribune Business Editor

A “BANKRUPT” attorney who failed to “perfect security” for a BISX-listed lender’s 50 mortgage loans, worth a combined $6m, yesterday saw his banishment from the legal profession upheld.

Justice Milton Evans, the Court of Appeal president, in a unanimous verdict backed the Bahamas Bar Council’s disciplinary tribunal over its decision to disbar Raymond Rolle, a former FNM election candidate.

The three appeal judges found Mr Rolle, who failed in both attempts to become Englerston’s MP in 2007 and 2017, was “negligent in the supervision of his firm” and the damages caused to clients resulted directly from that.

hanging fruit” for government revenue is the fast-expanding cruise industry and the 9.4m passengers that came to this nation last year.

Mr Fountain, suggesting that The Bahamas’ tax policies are giving the cruise industry a “competitive advantage” over higherspending stopover tourism, told this newspaper that both government and private sector need to engage over how to “more fairly tax cruise passengers” for the economy and Public Treasury’s wider benefit.

“The Ministry of Tourism, they’re doing in my opinion a very good job of promoting to consumers that The Bahamas is more than just Nassau and Paradise Island,” the Promotion Board chief said.

“That The Bahamas offers a lifetime of islands.

“It seems, however, that the other government agencies - I don’t want to paint this negatively, I want to paint this as an opportunity - that there’s an opportunity for other government ministries before they implement these taxes to sit down with their public sector partners and private sector partners to determine that, if they do ‘Y’, how it will impact this business.

“It seems like the silos are not connected. The Government silos are not connected,” Mr Fountain said. “It’s like on the one

banished in $6m mortgage loans mess

means Mr Rolle is unable to properly compensate his clients, including Finance Corporation of The Bahamas (FINCO), Royal Bank of Canada’s (RBC) publicly-listed mortgage lender, for the losses they have incurred.

The Court of Appeal recalled that Mr Rolle’s disbarment stemmed from complaints submitted against him by RBC FINCO dated July 4, 2019, and January 14, 2020. The mortgage lender alleged that he had been hired to represent it in 31 separate mortgage transactions, with the sums involved paid over to him.

Ultimately, the BISXlisted entity claimed he failed to safeguard its interests by not perfecting security collateral for 50 mortgage loans, and also “failed and/or refused to obtain the necessary consents and/or approvals” for 34 loan files.

“The appellant [Mr Rolle] was engaged to

And “the fact he has been declared bankrupt”

nhartnell@tribunemedia.net SEE PAGE B7

KERRY FOUNTAIN

BRILAND HOTELS: COMMUNICATION OVER BPL OUTAGES REMAINS ‘KEY’

SENIOR representatives from Bahamas Power and Light (BPL) met with Harbour Island hotel operators and other private stakeholders to discuss the island’s frequent outages and other energy woes.

The meeting, organised by the Bahamas Hotel and Tourism Association (BHTA), was held at Valentines Resort & Marina. The group has met on numerous occasions as part of an effort to determine strategies to best “weather” power supply and distribution issues that continue to arise as BPL strives to stabilise and improve the energy environment in Harbour Island and mainland Eleuthera.

Private sector representatives from The Dunmore, Pink Sands, Coral Sands, Eleven Bahama House, Rock House, Runaway Hill, Valentines’ Resort and Marina and a key property

management executive, all of whom collectively represent the largest BPL consumer base on the island, attended. The group met at The Cove in 2024, and again in January 2025 at Coral Sands, Harbour Island, at the behest of the BHTA in a bid to establish a cohesive, productive, meaningful communication strategy between tourism sector participants and BPL.

Omari Headley, a BHTA director representing the Family Islands, and general manager of The Dunmore in Harbour Island, said: “Communication is key. While we recognise unforeseen circumstances will inevitably arise and impact the supply of power to customers throughout the community, if we know in advance when BPL is planning to undertake works that could or would result

in unstable or interrupted power, we can move to mitigate the adverse impact for our guests, our staff.

“We can plan accordingly to go offline to ensure we have enough fuel in our generators, [and] to communicate the outage to guests in advance of its arrival. In addition, fluctuating power can be more damaging to our equipment than no power, so if we know if BPL is going to be changing out equipment or working on Harbour Islands power generators in a way which would cause unstable power, we would rather go on selfgeneration and protect our integral, hard-to-replace, equipment.”

Mr Headley added: “The partnership has been successful as communication has improved substantively. We know there is more work to be done, but we were very pleased to meet

representatives from Bahamas Power

operators at a

Marina recently.

with the ‘powers that be’ to understand what was behind some of the most recent challenges, and when and what, specifically, was being done to address the issues.

Light

“At the meeting, we emphasised our continued commitment to assist, as we have been asked, and have willingly obliged, to go offline during critical times to help the community stay online as our power requirements are significant. We fully recognise that BPL is making an enormous effort to overhaul deteriorating infrastructure that has been in place for decades.

“It is a massive, complicated undertaking, but we are here to help. However, we are best enabled when we are ‘in the know’ so we can make provisions to ensure, to the best of our ability, that adverse impacts of power interruptions are mitigated for our guests, our team members, our operations, our equipment when and where possible.”

SENIOR

and

(BPL) met with Harbour Island hotel

Bahamas Hotel and Tourism Association (BHTA) meeting held at Valentine’s Resort &

CHAMBER SUPPORTS PLAN FOR ACCOUNTS FACTORING

BY ANNELIA NIXON

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is backing an accounts factoring proposal, while hailing chamber member Simplified Lending “is a local first mover in the industry”.

BCCEC president Dr Leo Rolle said factoring was discussed at the Afrexim Conference last year June where they covered how The Bahamas may benefit from the scheme. He said BCCEC and Simplified Lending were present to explore factoring. Simplified Lending

ROLLE

markets itself as an avenue to to turn a businesses’ outstanding invoices into cash.

“We note the story alluding to a possible injection from IDB into the Sygnus Group for a factoring initiative and believe that

the benefits of such an endeavor would have far reaching benefits to the MSME landscape in The Bahamas,” BCCEC president Dr Leo Rolle said.

“We note, though, that a Chamber member, Simplified Lending, is a local first mover in the industry and recently launched its factoring concept that will positively impact the cash flow and profitability of businesses. In fact, the BCCEC shared the centre stage with SL on a panel to discuss factoring last year at the Afrexim Conference in June. It was there that we explored real-world insights from countries already facilitating the service while elaborating on the benefits and drawbacks for our

ORG: Agreement crucial first step in developing public trust

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

THE Organization for Responsible Governance (ORG) is commending the Davis administration for signing agreement hailed as “a crucial first step” in developing public trust and sustainable growth.

Matt Aubry, executive director of ORG, praised the government’s decision to sign the Escazú Agreement—formally titled the Regional Agreement on Access to Information, Public Participation and Justice in Environmental Matters in Latin America and the Caribbean.

“This is more than a symbolic gesture—it’s a crucial first step in building public trust and unlocking inclusive, sustainable growth,” said Mr Aubry.

“The Escazú Agreement presents an opportunity to move beyond promises and implement policies that ensure Bahamians are informed, heard, and protected in the decisions that shape their communities and environment.”

The agreement is the first binding regional treaty to directly link human rights with environmental protection. For a country like The Bahamas, facing acute

climate vulnerabilities and development pressures, this commitment provides a timely framework for advancing transparency, justice, and citizen engagement.

ORG gave several recommendations to ensure the country benefits from the agreement including developing a national Escazú implementation roadmap, fully operationalising the Freedom of Information Act in alignment with Escazú provisions, standardising Environmental Impact Assessments (EIAs), institutionalising public consultation and establishing legal protections for environmental defenders and whistleblowers.

Mr Albury also noted the importance of ensuring Family Islands and underserved communities are included in the agreement’s implementation and encouraged collaboration with regional partners such as the Economic Commission for Latin America and the Caribbean (ECLAC) and the Caribbean Natural Resources Institute (CANARI), who can offer technical support, capacity building, and case studies.

“Implementation must be participatory and localized. That means designing

processes that are not overly centralised or technical processes that truly allow communities to understand and influence what’s happening in their own backyards,” said Mr Albury.

“The Escazú Agreement provides a clear pathway to embed fairness, transparency, and accountability into our environmental decision-making. ORG is committed to supporting its implementation through public education, advocacy, and multi-sector collaboration. Together, we can build a more responsive, resilient, and equitable Bahamas.”

The Escazú Agreement, adopted on March 2018, and in force since April 2021, aims to ensure the right to a healthy environment and to sustainable development through access to information, public participation, and access to justice. It is also the first in the world to include specific provisions to protect human rights defenders in environmental matters.

Prime Minister Philip Davis signed the agreement last month on World Environment Day making the Bahamas the ninth CARICOM Member State to join the treaty and the 18th country in the region.

region. This, we believe, spurred the initial appetite for a robus factoring concept locally.

“Factoring allows the entity to purchase the receivables of a business, thereby providing access to liquid cash for other business needs while the owner awaits settlement of the receivable.”

Dr Rolle pointed to profitability and trustworthiness as obstacles, factoring can face.

“Though a blessing, factoring, especially in The Bahamas, is not without its challenges and risks,” Dr Rolle added. “Profitability and trustworthiness of the business are paramount to accessing the inherent possibility for loss.

Additionally, thorough vetting of the invoice, its terms and conditions, the vendor, and perhaps a forensic audit to determine the frequency of familiar transactions with the vendor should constitute part of the application requirements. Further, factoring, depending on the entity, may prove costly in the long term as there is undoubtedly a fee associated with the same, whether on the frontend or backend, including but not limited to invoice discounting. Additionally, the factoree must pay attention to restrictive covenants like factoring with recourse or without recourse, which would impact the repayment terms of the facility.

Annual inflation rate continues its decline

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE annual inflation rate is continuing to decline in figures reporting through to April this year.

According to the monthly Consumer Price Index for April, revealed by the Bahamas National Statistical Institute (BNSI), inflation decreased by 0.1 percent, continuing the downward trend seen in February and March.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2025, decreased by 0.1 percent when compared to March 2025. This change is reflected in the overall price of items purchased by the average consumer during

this period,” said the BNSI report.

“This April 2025 decrease followed a decrease between the months of February 2025 and March 2025.”

The report said major decreases were seen in food and non – alcoholic beverages, furnishings, household equipment and routine maintenance and health while increases were seen in restaurant and hotels.

Comparing to the same period last year, the CPI decreased by 0.4 percent reflected mainly in housing, water, electricity, gas and other fuels, recreation and culture and food and nonalcoholic beverages.

“On a month to month, basis, the major decreases, by Group, included Food and Non-Alcoholic beverages 0.8 percent, Furnishing, Household Equipment and

“We believe that healthy competition is important to any industry and welcome the opportunity of a second mover to this initiative, which should lower the cost and fees associated with the same, since it eliminates the monopolistic stronghold.

“Notwithstanding this, we congratulate our member, Simplified Lending, on taking this bold step and welcome Sygnus, if in fact they are approved for the IDB-funded project. We encourage businesses to educate themselves about factoring by asking questions, looking at international examples, and reaching out to the Chamber that remains willing and able to assist where required.”

routine household maintenance 0.6 percent along with Health 0.1 percent. Meanwhile, the major group that increased was Restaurant and Hotels by 0.1 percent,” said the BNSI report.

“Furthermore, for April 2025, the CPI decreased 0.4 percent when compared to this same period last year. The major categories that registered decreases included Housing, Water, Electricity, Gas and Other Fuels 3.5 percent, Recreation and Culture 2.7 percent, along with Food and NonAlcoholic beverages 1.7 percent, when compared to this same period last year.” The BNSI also noted that gasoline prices for the month increased by 0.7 percent while diesel declined by 0.8 percent, both fuels saw a reduction when compared to last year’s numbers.

“Furthermore, for the month of April 2025, gasoline recorded an increase of 0.7 percent while diesel declined 0.8 percent. However, when compared to this same period last year, both diesel and gasoline decreased 5.5 percent and 4.8 percent respectively,” said the BNSI report.

ELIMINATE ‘SILOS’ CALL AS 75% OF BOATERS TO CUT BAHAMAS VISITS

FROM PAGE B1

hand we’re saying there’s a lifetime of islands and experiences, but with all the taxes and fees we are charging, we are almost making people save up for a lifetime to have a lifetime of experiences. There’s definitely an opportunity to tighten that.”

The Davis administration’s fiscal policy has largely focused on ensuring any taxes and fee increases, plus new levies, are directed away from individual Bahamians and households towards foreigners - especially those perceived as wealthy, and having deep pockets and the ability to pay without any impact.

This has resulted in fee increases for both private aviation and boating/ yachting visitors, with the breadth and scale of the hikes raising tourism industry fears that The Bahamas - already a high-cost destination - is pricing itself out of the market. Cruise passengers, too, have been hit with higher departure taxes plus new tourism

development and environmental levies. Mr Fountain, though, reiterated concerns that the fee hikes are undermining The Bahamas’ proximity advantage when it comes to US and Florida stopover (land-based) and boating visitors. And, in so doing, it continues to hand a cost competitiveness advantage to the cruise industry whose passengers’ per capita spending is 28 times’ lower than their stopover counterparts.

“We’re giving our competitive advantage to the cruise lines,” he told Tribune Business. “If you compare what we’re charging, and forget about what they pay when once they get here, but if you look at what we’re charging the cruise line passengers and what we’re charging stopover visitors coming via commercial airlift, flying their own aircraft and coming on their own boat, we’re giving competitive advantage to cruise passengers who spend the least amount of money.

“That does not make sense to me. There’s an opportunity for the public

and private sectors to sit down and collaborate. We understand the impact, and if we’re proposing how to more fairly tax cruise passengers, let’s have that conversation so we don’t make people save up for a lifetime to enjoy a lifetime of islands and lifetime of experiences. We’re strongly suggesting the lowest hanging fruit.”

Peter Maury, the Association of Bahamas Marinas (ABM) president, voiced concerns to Tribune Business that the cruise industry’s explosive growth and increasing reliance on its private islands meant that passengers will increasingly not be exposed to authentic Bahamian experiences and this nation’s people.

“We’re going to lose the product objectives for the industry,” he asserted. “It’s just going to be their [the cruise lines’] Bahamas. I’m not saying anything bad about the cruise industry but there has to be a Bahamas for us, the Bahamians.

“More and more, people go on luxury cruise lines. They’ve purchased islands

in The Bahamas and give tourists their version of The Bahamas’ experience. It’s not going to be our version as Bahamians. Vacation rental properties are down, marinas are down, and this is driving a bigger wedge in the industry to face people with. I don’t see the cruise industry turning around and saving the country.”

Both men spoke out prior to publication of an online poll by the hulltruth. com, a popular boating social media website, which sought to assess the appetite to continue visiting The Bahamas following the July 1 imposition of new and increased fees on the sector, plus other regulatory requirements such as a mandatory automatic identification system (AIS) for boats over 55 feet in length.

Some 86, or 74.78 percent out of 115 respondents, said they will either “no longer visit The Bahamas by boat” or “visit significantly less frequently” following the changes. Another 25.22 percent, or one out of every four respondents, said they will “spend just as much

BIMINI FISHING TOURNAMENT SEES NO BOATING FEE EFFECT

listen, every time a boat comes in here, depending on the size, they got to pay $300’.

“So we have persons come to Bimini every month, maybe every couple of weeks. So that’s $300 for every trip they take. But if you pay $1,500, that $1,500 cover you for two years. So you can come as much times if you want. So actually, if you’re a person that comes to Bimini on a regular basis, you would be winning,” Mr Stubbs added.

“So when Customs broke it down for me like that, they say, ‘Ken, I don’t know what people make noise about.’ She said everybody that they spoke to, they understand what’s

happening, they agree to it. She said a lot of people that called them told them they don’t have an issue with that. We have people come to Bimini every weekend on their boat. So if you do the math, and if you’re a person coming to Bimini eight times a year, that’s $2,400.”

Apart from marina visitors, Mr Stubbs said Resorts World Bimini normally enjoys 60 percent to 80 percent occupancy on weekends, which adds to possible foreign entries into the tournament. Listing Bimini Big Game Club Resort & Marina as its “number one sponsor”, he added that the tournament has also partnered with a number of local businesses including supermarkets and liquor stores.

“Big Game is our number one sponsor,” Mr Stubbs said. “Then we have the Bimini Blue Water and Hotel Marina. It’s owned by a prominent Biminite family from Bimini, the Brown Sherman family. We also partner with Ocean Cay this year. We have Ocean Cay on board, and then we also have other locals on board.

“We have the golf cart vendors. We have the many supermarkets in Bimini. So we have basically the majority of the business on island behind us. This year, we are also partnering with the new airport company, the persons that are developing the airport. We partnering with them. And then we also partnering with the Bank of The Bahamas.

“We have a guy out of the US that does it. But this year we have the trophies are being done by Apex out of Nassau. There’s somebody in Bimini that does the shirts, but we’re still in talks with them for next year. We’re trying to use whatever resources we have and that’s my main thing when I took it over, is that we we would deal with international help to get it to where we want it,” he added.

“But then we look around for local persons who we can give the money to, rather than taking the money out the country. So this year, I got a hook up with Apex. Somebody turned me on to Apex in Nassau and said that they do the trophies.”

Set for three days, a welcome reception will be

time in The Bahamas” and not be impacted.

Of those who have been affected, some 51 or 44.35 percent plan to visit The Bahamas less frequently while 30.43 percent - close to one-third or one in three - will choose not to come.

The revised Customs Management (Amendment) Regulations 2025 introduce a frequent digital cruising card (FDCC) for pleasure vessels that frequent The Bahamas, offering a permit to facilitate “unlimited visits for a period not exceeding two years”. This is conditioned on the vessel obtaining clearance to enter from Customs, and the linking of its registration number to the FDCC.

The permit fees are tied to the yacht or boat’s length.

Those 50 feet or less will have to pay $1,500 for an FDCC, while those greater than 50 feet but less than 100 feet will have to pay $2,500, and those exceeding 100 feet, $8,000.

Meanwhile, the fees for a temporary cruising permit are also tied to the same lengths. A vessel that

held on July 31. Friday will include a full day of fishing, while Saturday will be a halfday of fishing before ending with a cocktail reception. There will also be an awards ceremony. Bimini Big Game Club Resort & Marina will host the event. Interested parties can sign up to be part of the tournament up until “the day before the tournament, which is Thursday, July 31”.

“So we’re going to start off with just a welcome reception on the 31st, that Thursday night, and then Friday will be a full day of fishing with a cocktail reception to follow,” Nadia Rolle, the Ministry of Tourism manager, said.

“And then Saturday would be a half-day of fishing with the award ceremony at Big Game on Saturday night. We have awards and cash prizes. We have dock fishing, fishing for

is 50 feet or less will have to pay $500 “for a period not exceeding 12 months”, while the fees for those greater than 50 feet and less than 100 feet, and over 100 feet, are being set at $1,000 and $3,000, respectively for the same period. They will also cover Customs and Immigration attendance costs.

Under the ‘temporary’ cruising permit, if a pleasure vessel carries more than three passengers, every additional one above the age of six - and who is a non-resident of The Bahamas - will be subject to a $30 per head tax under the Passenger Tax.

The Government, in splitting out the fishing permit fee into a separate levy, and not incorporating it with the cruise permit fee, has set this at $100 and $300 for vessels not exceeding, and exceeding, to feet respectively.

Finally, the new anchorage fees for vessels not mooring at a marina are pegged at $200 for a vessel not exceeding 50 feet; $350 for those between 50 feet and 100 feet; and $1,500 for those over 100 feet.

any type of fish or the most points would win the tournament. All fish count.”

Ms Rolle said booklets and t-shirts have been part of the tournament over the past several years, and businesses have the opportunity to be advertised in the booklet. The committee is seeking donations to fund prizes and future tournaments.

“We are open to any business because we advertise them in our booklet,” she said. “So any business that’s open to partnering with us, we are open to hearing from them and receiving from them. They can contact the president, Mr Ken Stubbs, and we also have a bank account at Bank of The Bahamas if they wanted to make a contribution. We are looking at the next week, Friday, as a deadline.”

Wall Street ends mixed amid Trump’s new tariff deadlines

By ALEX VEIGA AP Business Writer

A CHOPPY day in the markets left major U.S. stock indexes little changed Tuesday as the Trump administration pressed its campaign to win more favorable trade deals with nations around the globe by leaning into tariffs on goods coming into the U.S.

The S&P 500 slipped 0.1% a day after posting its biggest loss since midJune. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.4%. The Nasdaq composite eked out a gain of less than 0.1%, staying near its own record high.

The sluggish trading came as the market was coming off a broad selloff following the Trump administration's decision to impose new import

tariffs set to go into effect next month on more than a dozen nations. Still, the modest pullback in the markets is a sign that Wall Street may be betting that the U.S. and its trading partners may eventually negotiate deals that will reduce or eliminate the need for punishing tariffs, said Ross Mayfield, investment strategist at Baird. "I think today you're basically seeing a market that doesn't quite believe the worst of this is going to come to bear and is just kind of waiting for any sort of clarity because we seem back in that in that kind of phase where things change every couple of hours," Mayfield said. On Monday, President Donald Trump set a 25% tax on goods imported from Japan and South Korea and new tariff rates on a dozen other nations scheduled to go into effect on Aug. 1.

Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.

Just before hefty U.S. tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.

With the tariffs set to kick in now on Aug. 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause,

wrote Tobin Marcus, an analyst at Wolfe Research. "At a very basic level, nothing actually happened based on Trump sending these letters, so there's no reason to panic over headlines," he wrote. "But we think these moves do contain some signal about where the trade war is heading, and that signal is mostly hawkish."

During a cabinet meeting Tuesday, Trump said he would be announcing tariffs on pharmaceutical drugs at a "very, very high rate, like 200%." He also said he would sign an executive order placing a 50% tariff on copper imports, matching the rates charged on steel and aluminum.

Shares in mining company Freeport-McMoRan rose 2.5% following Trump's remarks. The price of copper for September delivery jumped 13.1% to $5.69 per pound.

This latest phase in the trade war heightens the threat of potentially more severe tariffs that's been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks.

Gains in technology, energy and health care stocks helped outweigh a pullback in banks and other sectors.

Intel jumped 7.2%, Exxon Mobil rose 2.8% and AbbVie rose 1.1%. JPMorgan and Bank of America each fell 3.1%.

Amazon shares fell 1.8% as the online retail giant kicked off Prime Day, which, beginning this year, lasts four days. Amazon launched the membership sales event in 2015 and expanded it to two days in 2019.

Elsewhere in the market, First Solar slid 6.5% after Trump issued an executive order ending subsidies for foreign-controlled energy companies.

Hershey Co. lost 3.2% after the chocolate maker announced that Wendy's CEO Kirk Tanner will succeed current CEO Michele Buck, who is retiring.

BAHAMIAN’S BOOKINGS SURGED 45% ON ‘ILLEGAL’ FOREIGN CHARTER’S ARREST

FROM PAGE B1

“It’s hard to put an actual target number on that,” he told Tribune Business “What I will tell you is that last winter our booking requests went up 45 percent from the same demographic in the area where Highly Migratory was operating their charters and other illegal charter operators were doing it as well. They got scared when Highly Migratory got busted and turned tail.

“These are the same clientele fishing with Highly Migratory and others. I cannot tell you the exact dollar figure, but our business went up 45 percent in a matter of weeks. It wasn’t coincidental. We did research on the demographics; the clients who would get on fishing trips to Cat Island and San Salvador.

“They are some of the best sports fishing areas in the world. Anyone knows it’s a fishing mecca in winter for Giant Wahoo. A lot of customers probably don’t understand they are on these illegal charters.” Mr Wong revealed that Highly Migratory’s arrest, which was two-anda-half years coming, was sparked by inquiries he made to determine if they had the necessary charter and commercial/paid fishing permits.

Explaining that Black in Blue Charters conducts fishing expedition charters throughout The Bahamas, he disclosed that he ran into Highly Migratory offering the same services down

in the Cat Island and San Salvador area. “I verified what the vessel was actually doing, as they could potentially have been licensed to do so,” Mr Wong explained. “I reached out to the Port Department, and they had no record of this boat being licensed to do charters of any type in The Bahamas.

Once I established that, I confronted the guy. I went to them. I said: ‘What you’re doing is illegal. I’m going to suggest very strongly that you pack up this operation until you get permission to do so.”

When Highly Migratory and its operators failed to heed the warning, Mr Wong said he reached out to Wild Aid, a marine enforcement non-profit for help.

“I worked with these guys for two years, and they set this up,” he explained of the undercover ‘sting’, which involved Wild Aid representatives posing as customers and booking a fishing charter on the vessel. Undercover officers from Bahamas Customs were also aboard when the boat was apprehended by the Royal Bahamas Defence Force on January 27, 2025. The vessel’s captain, Ramel Sheikh, and two crew members, Mr Bacallo and Mr Longman, were arrested and charged with breaches of both the Fisheries Act and Firearms Act.

The trio pleaded not guilty and were released on cash bail worth $20,000 each, with a case management hearing set for September 10, 2025. However, Mr Tsurkis, the vessel’s

owner, was not charged or named as a defendant, and it was he who applied to the Supreme Court for the vessel’s release. And the crew’s attorney argued they have a strong defence to the charges laid against them.

Justice Forbes, in his July 1, 2025, verdict, ordered that Highly Migratory be released to Mr Tsurkis once he pays a bond - a security or guarantee - equal to the maximum $100,000 fine that can be imposed if the vessel and its occupants are ultimately found guilty of the claimed breaches.

Besides having to lodge a bond ten times’ higher than the $10,000 security he had suggested, Mr Tsurkis was also ordered to pay $20,445 - representing five months’ worth of storage fees - to Bradford Marine and cover all costs involved in recovering the vessel from his own pocket. Any fish found on the vessel are to be given free to children’s and elderly person’s homes if still in good condition.

But Mr Wong, while acknowledging that he is not an attorney, argued that the Highly Migratory’s release from the Bahamian authorities’ custody at this stage was “too lenient” an outcome. While the Government and foreign law enforcement are starting to take illegal foreign charters “more seriously”, and crack down on them, he added that the courts are being “too conservative”.

“They’re starting to take this more seriously now, but I fear the courts are too conservative and

too lenient. This took me years of pushing this stuff; I pushed and pushed and pushed for this,” Mr Wong told Tribune Business.

“I think the judge was far too lenient. Their [Highly Migratory’s] sports fishing licence did not allow them to do any sort of commercial fishing, any sort of paid fishing, other than recreational sports fishing... We have laws and powers to seize a boat. We should have held this vessel and made this guy come to court. He’s going to pay the bond, pay the storage, pay $130,000 to get the boat and never return.

“Some people will argue that we got a pound of flesh. I say we got an ounce of flesh. He won’t ever come to The Bahamas.” However, Mr Tsurkis was never charged or named as a defendant, and section 102 (1) of the Fisheries Act gives the courts discretion to determine whether, and when, boats and other seized property should be released.

Mr Wong, while saying that he understood the rationale for Justice Forbes’ decision, and that payment of the maximum fine was guaranteed if so ordered, nevertheless argued that the Highly Migratory should have been auctioned off to the highest bidder. This would have both raised funds for maritime law enforcement and sent a warning to other illegal foreign charters, both existing and potential.

“While it’s good for us to see we’re finally making

Shares in WeightWatchers parent WW International gave up an early gain and dropped 1.1% after the company announced that it has completed its reorganization and relisting on Nasdaq. The company filed for Chapter 11 bankruptcy protection in May to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider. Bond yields mostly rose. The yield on the 10-year Treasury edged up to 4.40% from 4.39% late Monday. All told, the S&P 500 fell 4.46 points to 6,225.52. The Dow lost 165.60 points to 44,240.76, and the Nasdaq added 5.95 points to 20,418.46.

The market's downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report. In stock markets overseas, indexes rose across much of Europe and Asia. In two of the bigger moves, South Korea's Kospi surged 1.8%, and Hong Kong's Hang Seng index climbed 1.1%.

back at minimal cost of apprehended.

some progress, and the Government is taking it seriously, it’s tough to see this guy getting off with a slap on the wrist,” he added. “We could have sent a strong message by making this guy come and face the charges, and sell the boat off for a much higher yield to help finance the fight [against illegal foreign charters].

“Having been an integral part of this, I was left feeling somewhat disappointed with the outcome given how much of an impact these illegal charter trips have on The Bahamas and Bahamian businesses. By putting Highly Migratory out it sends a certain message. We need to send a more resounding message by keeping the boat as long as possible to get a better result.

“I understand the judge levied the maximum fine, and understand the reason behind it... The judge didn’t do anything wrong, me not being a lawyer and armed only with common sense. But I’d like to believe we could have achieved a deeper, more meaningful result than $100,000.”

Mr Wong explained that he was worried that current, and potential, illegal foreign charter operators may interpret Justice Forbes’ decision as a signal to continue with their Bahamian operations using older boats that represent little to no loss if they are seized. And the owners of illegal foreign charter vessels may gain encouragement that there is a route to get them

“I want them to know you cannot come here and do what you feel like. This is a nation of laws,” Mr Wong told this newspaper.

“I’m proud of what I did. I’m a Bahamian, a proud Bahamian, in business and want a ‘level playing field’. That’s all. It was a bit too easy. [A $100,000 bond/fine] was a drop in the bucket for a $1m boat as far as I’m concerned.”

Mr Wong said the Port Department “insists every year” on seeing all his vessels, and those belonging to other legitimate Bahamasbased charter operators. The regulator also requires proof that they have the necessary liability insurance and surveyor’s report - requirements that illegal charter operators can avoid.

“The boats have to be inspected and we have to be above board,” he added.

“As a Bahamian, I don’t have a problem with the fees and hoops we have to jump through. We have to procure liability insurance ourselves, and every year pay a small fortune to register the vessels as well as the Business Licence side. We have to jump through a lot of hoops.

“These foreign guys, they take all these bookings almost totally in the US. Some take bookings in Canada. They do this foolishness as well. They’ll take the bookings offshore, fly them into fish, and back out. That’s basically the gist of what’s happening. As a Bahamian in this business, I shouldn’t have to compete with foreigners who are operating illegally.”

Travelers no longer have to remove their shoes during security screenings at US airports

By MICHELLE CHAPMAN AP Business Writer

TRAVELERS racing to catch a flight at U.S. airports no longer are required to remove their shoes during security screenings, Homeland Security Secretary Kristi Noem said Tuesday. Noem said the end of the ritual put in place almost 20 years ago was immediately effective nationwide. She said a pilot program showed the Transportation Security Administration had the equipment needed to keep airports and aircraft safe

while allowing people to keep their shoes on. "I think most Americans will be very excited to see they will be able to keep their shoes on, and it will be a much more streamlined process," Noem said. While shoe removal no longer is standard procedure at airport security checkpoints, some travelers still may be asked to take off their footwear "if we think additional layers of screening are necessary," she added.

The travel newsletter Gate Access first reported

that the TSA planned to make the security screening change soon.

Security screening sans shoes became a requirement in 2006, several years after "shoe bomber" Richard Reid's failed attempt to take down a flight from Paris to Miami in late 2001.

All passengers between the ages of 12 and 75 were required to remove their shoes, which were scanned along with carry-on bags and other separated items such as outerwear.

Travelers previously were able to skirt the requirement

if they participated in the TSA PreCheck program, which costs around $80 for five years. The program allows airline passengers to get through the screening process without taking off their shoes, belts or light jackets, and without having to take their laptops and bagged toiletries out. PreCheck will remain the easier option for the time being since people going through regular screening stations still will have to put items besides shoes on a conveyor belt for scanning, Noem said.

TSA plans to review other rules and procedures to see how airport screenings can be simplified and expedited, she said. The agency is testing separate lanes for military personnel and families with young children, and expects to pilot other changes in the next six to eight months, Noem said.

In recent years, federal authorities have explored facial recognition technology and implemented Real ID requirements as a way to verify the identities of passengers.

TREASURE CAY BUYER ‘HOLDING OFF’ AMID OCTOBER TARGET FOR PERMITS

place means to all who call it home, whether full-time or part-time. Like many of us, GreenPointe is eager to see progress, but is just as committed to ensuring it happens with the utmost respect for Bahamian laws, culture and environmental standards.

“To do this the right way, GreenPointe is working hand-in-hand with a team of Bahamian attorneys, environmental consultants, architects, coastal engineers and civil engineers to ensure every permit is properly prepared, submitted and approved before any work begins,” she added.

“They’ve already invested significant resources into this process and are hopeful that permits will be in hand by October. However, the timeline ultimately depends on Bahamian authorities and may take longer.”

Well-placed Treasure Cay contacts, speaking on condition of anonymity, confirmed that physical construction and development activity has yet to start.

“There’s no flag in the ground,” one source said.

“Nobody has been seen there doing environmental tests for two to three months now.

“Ed Burr, he’s there a fair amount, so it’s still positive, but he’s kind of back-sliding and saying the Government is holding it up. If the Government wanted that $177m

to be spent in their country sooner rather than later, they’d have done anything proper to expedite the permits.”

But Bill McLean, head of the 120-strong Beach Villas Owners Association, the largest homeowners group on Treasure Cay, told Tribune Business “there’s not any sense” that GreenPointe’s permits are being unduly delayed or held up while agreeing that it would be “foolish” for the developer to close the purchase from the Meister family without having obtained all it needed.

“There’s nothing in the ground mainly because GreenPointe has not closed on the purchase,” he confirmed. “My understanding is that they expect to have all the permits - and part of my understanding is they are still working on some of the permits, but have obtained some of the key ones. Some of the others relating to more detailed building plans have not been received.

“There’s not a sense that they are being held up in any way. The process is what it is. It’s all quiet on the ground but I don’t expect it to be anything other than that until it’s closed. Anyone in the development business would be foolish to proceed without all permits in hand.

“That’s not just in The Bahamas,” Mr McLean continued. “In my business as a commercial appraiser

NOTICE

NOTICE is hereby given that MAXIME PAUL of Harbour s an , eu he a, The Bahamas,  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NATARA ANTONIA GUILLAUME of Guyana Court, Flamingo a en, Nassau, The Bahamas   is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The Transportation Security Administration began in 2001 when President George W. Bush signed legislation for its creation two months after the 9/11 attacks. TSA hired federal employees as agents to replace the workers for private companies that airlines had used to handle security. Although regular air travelers are familiar with the intricacies of going through airport security, long lines during busy times and bags getting pulled aside for infractions such as forgotten water bottles can make the process fraught. President Donald Trump's transportation secretary, Sean Duffy, asked the public in an April social media post what would make travel more seamless.

I’m working with developers all the time, and they are not going to put a shovel in the ground until they have all the permits.

“It’s certainly not the update property owners would like. We’d all be happier if the deal was closed by now, but I’ve been around the property for some length of time, so I’m not surprised.” Mr McLean, though, agreed that Treasure Cay’s development and revival is key to resuscitating North Abaco’s economy and generating much-needed Bahamian jobs.

“I plan on being back in October, and it would be nice for everybody to see shovels in the ground,” he added. “The priorities, as I understand it, will be the marina and the complex around the marina where Tipsy Seagull bar used to be, and the golf course. We’re ready.

“It’s so key to the economy of North Abaco, and when you think of literally hundreds of jobs that have been held by the local Bahamian population in North Abaco this is just so key to trying to get that back.”

Ms James, in her update on behalf of GreenPointe Holdings, said: “Once all permits are approved by the Bahamian government and they receive a formal ‘notice to proceed’, GreenPointe will share detailed renderings with the community.

“In the meantime, GreenPointe is holding off to make sure everything shared is accurate and truly representative of the future we all hope to see for our beautiful Treasure Cay. Their priority is doing this the right way - with care, transparency and respect.”

She added: “Ed Burr, chief executive of GreenPointe, and a 25-year homeowner in Treasure Cay, is deeply passionate about this project. He has shared his vision for a thoughtful revitalisation of this beloved community and is committed to preserving the laid-back, barefoot island spirit we all love.”

Setting out the projects that GreenPointe plans to undertake once all approvals are received, Ms James said the plans include a new 163-slip marina, Tipsy Seagull bar and restaurant, new Coco Beach Bar and a “pedestrian-friendly” retail village featuring amenities such as a beach bar and coffee shop.

“GreenPointe is constructing a new wastewater treatment plant to support both future development and existing sewer infrastructure, including the 14 lift stations installed by Water & Sewerage Corporation after Hurricane Dorian,” Ms James said.

“This facility reflects GreenPointe’s commitment to environmental stewardship in Treasure Cay. In addition to treating

NOTICE

NOTICE is hereby given that DEJAMAIS DECIUS of Hanna Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LINLIN ADELSON of P.O. Box CB12627 #4 Wulf Road, Nassau, The Bahamas   is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

wastewater, it will produce reclaimed water for use in irrigating the golf course, reducing freshwater demand and promoting sustainable practices.”

She added that the developer is also targeting “a complete rebuild of the golf course, clubhouse and racket sports facilities, including tennis, pickleball and padel, and “exploring options for medical care” and grocery store services.

Tribune Business revealed earlier this year how GreenPointe was seeking to raise more than 92 percent of its target $65m equity capital from other investors while only committing $5m of its own funds.

An offering memorandum seen by this newspaper showed it was aiming to raise a total $121.406m to cover costs associated with the first two years of redevelopment work. The total $65m equity capital would have accounted for some 53.5 percent of this total, with the balance generated from a combination of residential real estate and marina slip sales, plus operating revenue from Treasure Cay’s club.

Detailing how the $121.406m would be used, the GreenPointe offering document disclosed that some $25m or 21 percent would be spent on “Treasure Cay acquisition”. This is the line item representing the largest use of the $121.406m proceeds, and

appears to signal that other investors - as well as real estate and marina pre-sales - will finance the development’s purchase from the Meister-owned Treasure Cay Ltd.

Investors had to inject a minimum $500,000 and, if they invested $1m-plus, they would get “added benefits” such as preferential treatment in real estate offerings and “lifetime membership at the Treasure Cay Club” without having to pay dues or initiation fees. A schedule setting out how investors were to be repaid was detailed with talk “of a return equal to 18 percent per annum”. Besides the $65m in equity ownership capital, GreenPointe was projecting it would raise the balance of its financing needs for the first 24 months’ build-out from $41.954m generated by “net residential revenue” and a further $4.272m in marina slip sales income. The Treasure Cay Club’s operating revenue would provide the final $9.71m. Apart from funding the $25m “acquisition”, GreenPointe’s offering document said it planned to split the proceeds between an $18.943m spend on “master infrastructure”; $12.59m on “residential infrastructure”; just over $20m on marina construction; $14.131m on a golf and racquet club; and $12.851m on the marina village and beach club’s first phase; with the balance committed to “soft costs” and a reserve “contingency”.

NOTICE

NOTICE is hereby given that YVENET LIBERIS of P.O. Box N-9426, Bacardi Road off Carmicheal Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WILNY AUGUSTABLE of Palmetto in , eu he a, The Bahamas,  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LAWREN STEPHANIE TASSY of New Jerusalem Way , Nassau, 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Supreme Court clears the way for Trump’s plans to downsize the federal workforce

By MARK SHERMAN Associated Press

THE Supreme Court on Tuesday cleared the way for President Donald Trump’s plans to downsize the federal workforce despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs.

The justices overrode lower court orders that temporarily froze the cuts, which have been led by the

Department of Government Efficiency. The court said in an unsigned order that no specific cuts were in front of the justices, only an executive order issued by Trump and an administration directive for agencies to undertake job reductions.

Justice Ketanji Brown Jackson was the only dissenting vote, accusing her colleagues of a “demonstrated enthusiasm for greenlighting this

President’s legally dubious actions in an emergency posture.”

Jackson warned of enormous real-world consequences. “This executive action promises mass employee terminations, widespread cancellation of federal programs and services, and the dismantling of much of the Federal Government as Congress has created it,” she wrote.

The high court action continued a remarkable winning streak for Trump,

who the justices have allowed to move forward with significant parts of his plan to remake the federal government. The Supreme Court’s intervention so far has been on the frequent emergency appeals the Justice Department has filed objecting to lowercourt rulings as improperly intruding on presidential authority.

The Republican president has repeatedly said voters gave him a mandate for the work, and he tapped

‘BANKRUPT’ ATTORNEY BANISHED IN $6M MORTGAGE LOANS MESS

FROM PAGE B1

represent RBC in over 31 loan transactions, which required him to review and approve title for the underlying security, as well as the management of the loan proceeds which were to be used for the purchase of the underlying security, inclusive of the stamping and recording of all title documents,” the Court of Appeal recorded.

“RBC produced an affidavit in support of the complaint by Ericka Rolle, the managing director of RBC, filed on January 14, 2020. The Rolle affidavit produced a series of engagement letters detailing the expectations of the appellant for the various transactions amounting to approximately $6m in mortgage loans.”

RBC FINCO had alleged:

“To date, out of the mortgage files within the conduct of the attorney, the attorney has acted without due diligence through his action or inaction.” And the bank’s efforts to contact him “to remedy the situation on several occasions” had proven fruitless.

“Most recently, on August 31, 2018, Fanchon Braynen, senior manager, transformation, attended the attorney’s office after making an appointment to meet with him. When she arrived, and apprised the secretary of the purpose of the visit, she was subsequently advised that the attorney had a family emergency and had to leave. All

further attempts to make contact has proved futile,”

RBC FINCO added.

“Our institution is seeking from the attorney the return of all outstanding title documents being executed, stamped and recorded and/or, in the alternative, all original documents executed, unstamped and unrecorded along with all relevant funds and late fees to-date to have the same stamped and recorded. To date, the mortgagee’s/lender’s interest in, and the enforceability of, its security via mortgage remains uncertain and in jeopardy.”

RBC FINCO’s complaint was advanced by the Bar Council’s ethics committee to the disciplinary tribunal on November 18, 2019.

The tribunal, in a February 15, 2023, ruling found Mr Rolle “guilty of improper conduct in contravention of provisions of the Legal Profession Act” and ordered that he be struck off and disbarred.

That was not the only complaint made against Mr Rolle. Michael Preuss, a purchaser of real estate on Rum Cay, had eight years earlier on July 18, 2011, demanded that he return client funds worth $192,870 that were paid in 2007 to assist with the acquisition.

“The appellant [Mr Rolle] asserted that the complainant had entered into an agreement with John Demming and Rum Cay Ventures for the property and engaged the appellant to represent all

NOTICE

NOTICE is hereby given that E I   of #29 Sancombe, Freeport, Grand 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MARISA BIASI SILVA of #16 Montagu Drive, Old Fort Bay, Nassa , 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

SILVA of #1 Charleston Lane, Old Fort Bay, Nassa , 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

parties in the transaction. A conveyance was prepared for execution, and the sale proceeds were received and remitted to the vendors,” the Court of Appeal noted.

“The appellant contended that delays in completing the transaction were primarily due to the complainant’s failure to provide KYC (Know Your Customer) documents required by the Foreign Investment Board. Nonetheless, the appellant unsuccessfully sought to resolve the matter by having the vendors rectify any deficiencies and re-execute the conveyance.”

The unresolved dispute was again forwarded to the Bar Council’s disciplinary tribunal, which delivered its second “improper conduct verdict against Mr Rolle on the same day as the RBC FINCO decision. However, the attorney appealed both rulings on the basis it was “too harsh” to disbar him and no “satisfactory reasons” were given for the tribunal’s decisions and assessment of evidence.

Mr Rolle, while admitting guilt to a certain extent, backed his arguments in his submissions to the Court of Appeal. “The appellant wants to contend before this court that while he should have been punished for the manner in which he conducted his practice, the punishment of disbarment was and is too extreme,” his submissions argued.

“It is his contention the he should have been expelled or suspended

with conditions inclusive of requiring him to repay to his client, who has suffered loss of the money lost and/ or damages with respect thereto under Section 38 of the Legal Profession Act 1993.”

However, Sean Moree KC, representing the Bar Council, argued that Mr Rolle “fails to establish any legal or factual basis to overturn the decision of the tribunal” and had “admitted to serious lapses in his practice, which has resulted in extreme prejudice to countless individuals, borrower and lender alike”.

“There are millions of dollars which remain unaccounted for and scores of title/security documents which have yet to be disclosed, much less stamped or recorded,” Mr Moree added. “The appellant’s misconduct persisted over several years.

“He received and mismanaged millions of dollars which were client funds. We still do not have an accounting of the same. Furthermore, he has created a legal quagmire for vendor, purchaser and lender in many of the transactions with no resolution in sight.”

Mr Rolle, in his appearance before the Bar Council’s disciplinary tribunal on the RBC FINCO matter, blamed difficulties with his landlord for disrupting “access to his former work premises” and an attempt to retrieve

NOTICE

NOTICE is hereby given that EYON ANTHONY BACCAS of Sea Breeze, 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 9th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ECIO PEREIRA DA SILVA of #1 Charleston Lane, Old Fort Bay, Nassa , 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

billionaire ally Elon Musk to lead the charge through DOGE. Musk recently left his role.

“Today’s U.S. Supreme Court ruling is another definitive victory for the President and his administration. It clearly rebukes the continued assaults on the President’s constitutionally authorized executive powers by leftist judges who are trying to prevent the President from achieving government efficiency

the outstanding mortgage documents.

Some 30 were still outstanding as at November 10, 2021, and Mr Rolle further “explained that he had an employee who absconded with funds while in his employ, and that there was a police investigation underway and that a civil suit had been filed and judgment entered for $120,000 against the employee.

“He also advised that between 2007 and 2009 he was involved in ‘another arena’, which the Tribunal understands to have been a political foray. While he maintained professional indemnity insurance with JS Johnson, they had declined to cover this particular claim,” the tribunal added.

“While the tribunal is not entirely unsympathetic to the fact that there was an employee of the attorney engaged in unscrupulous and potentially criminal activity, this does not exempt or excuse the attorney from the duty or obligations that he has to his client. A system of checks and balances must be in place to safeguard against abuses within a firm, and proper oversight at all times by an attorney of his staff is expected.”

Noting the “wholesale nature of the failures” by Mr Rolle in the RBC FINCO matter, the tribunal described the breaches as “the most serious and egregious sort”. A similar finding was made in relation to the complaint by Mr Preuss.

across the federal government,” White House spokesperson Harrison Fields said in a statement.

Tens of thousands of federal workers have been fired, have left their jobs via deferred resignation programs or have been placed on leave. There is no official figure for the job cuts, but at least 75,000 federal employees took deferred resignation and thousands of probationary workers have already been let go. In May, U.S. District Judge Susan Illston found that Trump’s administration needs congressional approval to make sizable reductions to the federal workforce.

Appeal president Evans, in upholding the tribunal’s verdict, asserted: “This is an unfortunate case, as is every case where an attorney loses the position which he has strived hard to obtain. However, consequences flow from decisions and actions that fall far short of the standard expected from persons granted the opportunity to serve the public as honourable members of the Bar......

“In my view, it is not possible to find that the disciplinary tribunal acted unreasonably in determining that disbarment was the appropriate sanction in this case. The appellant was negligent in the supervision of his firm and the damages to his client are a direct result of that fact.

“Secondly, notwithstanding the passage of time, he has been unable to rectify the harm sustained by his clients and there is no discernible timeline in which such rectification could take place. The fact that he has been declared bankrupt, as noted by the tribunal, is also a factor because it underscores his inability to meet the requirement of full compensation,” appeal president Evans added.

“As such, to allow the continuation of his practice is a risk to the public. It is always possible that if he is able to rectify his default the appellant can apply to be reinstated. However, I cannot say that the tribunal was wrong to find that a suspension in the circumstances of this case was not the appropriate sanction.”

NOTICE is hereby given that PHILIP TILME  of Key West Street, New Providence, The Bahamas,  is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send

NOTICE

NOTICE is hereby given that JULIA GUERRA SILVA of #1 Charleston Lane, Old Fort Bay, Nassa , 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 9th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

TRUMP’S PREVIOUS TARIFF PUSH TERRIFIED THE WORLD ECONOMY. HE’S BETTING THIS TIME IS DIFFERENT

By JOSH BOAK Associated Press

WHEN President Donald Trump last rolled out tariffs this high, financial markets quaked, consumer confidence crashed and his popularity plunged.

Only three months later, he's betting this time is different.

In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists.

On Tuesday, he told his Cabinet that past presidents who hadn't aggressively deployed tariffs were "stupid." Ever the salesman, Trump added that it was "too time-consuming" to try to negotiate trade deals with the rest of the world, so it was just easier to send them letters, as he's doing this week, that list the tariff rates on their goods.

The letters marked a change from his self-proclaimed April 2 "Liberation Day" event at the White House, where he had posterboards with the rates displayed, a choice that led to a brief market meltdown and the 90-day negotiating period with baseline 10% tariffs that will end Wednesday. Trump, instead, chose to send form letters with random capitalizations and punctuation and other formatting issues.

"It's a better way," Trump said of his letters. "It's a more powerful way. And we send them a letter. You read the letter. I think it was well crafted. And, mostly it's just a little number in there: You'll pay 25%, 35%. We have some of at 60, 70."

When Trump said those words, he had yet to issue a letter with a tariff rate higher than 40%, which he levied Monday on Laos and Myanmar. He plans to put 25% tariffs on Japan and South Korea, two major trading partners and allies deemed crucial for curbing China's economic influence. Leaders of the 14 countries tariffed so far hope to negotiate over the next three weeks before the higher rates are charged on imports.

"I would say that every case I'm treating them better than they treated us over the years," Trump said.

The president said Tuesday evening on Truth Social that he would be releasing letters to "a minimum of 7 Countries" on Wednesday morning, with additional letters coming out in the afternoon.

Three possible outcomes

His approach is at odds with how major trade agreements have been produced over the last half-century, detailed sessions that could sometimes take years to solve complex differences between nations.

There are three possible outcomes to this political and economic wager, each of which could drastically reshape international affairs and Trump's legacy.

Trump could prove most economic experts wrong and the tariffs could deliver growth as promised. Or he could retreat again on tariffs before their Aug. 1 start in a repeat of the "Trump Always Chickens Out" phenomenon, also known as TACO. Or he could damage the economy in ways that could boomerang against the communities that helped return him to the White House last year, as well as hurt countries that are put at a financial disadvantage by the tariffs. Sen. Ron Wyden, D-Ore., said Trump's letters had "extended his tariff purgatory for another month," essentially freezing in place the U.S. economy as CEOs, foreign leaders and consumers are unclear of Trump's actual strategy on foreign trade.

"The TACO negotiating tactic pioneered by Trump is making his threats less and less credible and reducing our trading partners' willingness to even meet us halfway," Wyden said. "There's no sign that he's any closer to striking durable trade deals that would actually help American workers and businesses."

So far, the stock and bond markets are relatively calm, with the S&P 500 stock index essentially flat Tuesday after a Monday decline. Trump is coming off a legislative win with his multitrillion-dollar income tax cuts. And he's confidently levying tariffs at levels that previously rocked global markets, buoyed by the fact that inflation has eased so far instead of accelerating as many economists and Democratic rivals had warned.

"By floating tariffs as high as 40% to even 100%, the administration has 'normalized' the 25% tariff hikes — yet this is still one of the most aggressive and disruptive tariff moves in modern history," said Wendong Zhang, an economist at Cornell University. "This gradual unveiling, paradoxically, risks normalizing what would otherwise be considered exceptionally large tariff hikes."

Others simply see Trump as a source of nonstop chaos, with the letters and their somewhat random tariff rates showing the absence of a genuine policy process inside his administration.

"It's really just a validation that this policy is all over the place, that they're running this by the seat of their pants, that there is no real strategy," said Desmond Lachman, a senior fellow at the American Enterprise Institute, a rightleaning think tank.

Questions about how much money tariffs will generate With Trump's 90-day tariff negotiation period ending, he as of Monday had sent letters to 14 countries that place taxes on imported goods ranging from 25% to 40%. He said Tuesday he would sign an order to place 50% tariffs on copper and added that at some point pharmaceutical drugs could face tariffs of as much as 200%. All of that is on top of his existing 50% tariffs on steel and aluminum, 25% tariffs on autos and his separate import taxes on Canada, Mexico and China.

"The obvious inference is that markets for now are somewhat skeptical that Trump will go through with it, or alternatively they think compromises will be reached," said Ben May, a director of global economic research at the consultancy Oxford Economics. "That's probably the key element." May said the tariffs are likely to reduce the growth in U.S. household incomes, but not cause those incomes to shrink outright. Trump has said his tariffs would close U.S. trade imbalances, though it's unclear why he would target nations such as Tunisia that do relatively little trade with America. Administration officials say trillions of dollars in tariff revenues over the next decade would help offset the revenue losses from the continuation and expansion of his 2017 tax cuts that were signed into law Friday.

The federal government has collected $98.2 billion in tariff revenues so far this year, more than double what it collected last year, according to the Bipartisan Policy Center.

At Tuesday's Cabinet meeting, Treasury Secretary Scott Bessent said the tariff revenues could be "well over $300 billion by the end of the year." Bessent added that "we don't agree" with the Congressional Budget Office estimate that tariffs would bring in $2.8 trillion over 10 years, "which we think is probably low."

The governments of Japan, South Korea, Malaysia, Myanmar, Thailand, Cambodia and South Africa have each said they hope for further negotiations on tariffs with Trump, though it's unclear how that's possible as Trump has said it would be too "complicated" to hold all those meetings.

PRESIDENT Donald Trump attends a meeting with Israel's Prime Minister Benjamin Netanyahu in the Blue Room of the White House, Monday, July 7, 2025, in Washington.

Photo:Alex Brandon/AP