07112025 BUSINESS by tribune242

By NEIL HARTNELL Tribune Business Editor

SUPER Value’s president is asserting that energy costs

“seem out of hand” after the supermarket chain’s electricity bill increased by almost $200,000 in just two months.

Debra Symonette told Tribune Business that, following a 29.3 percent month-overmonth jump in its electricity costs from April to May 2025, the company has now sustained a further 24 percent month-over-month rise in energy costs via its justarrived bill for June. This has resulted in a near-40 percent increase in power bills expenses for the 2025 half-year.

Reiterating that the 13-store chain has no plans to increase food prices for consumers, despite the $194,184 increase in electricity costs in just two months, she conﬁrmed that Super Value will meet with Bahamas Power & Light (BPL) ofﬁcials “shortly” to explain the bills it was receiving. Ms Symonette told this newspaper that Super Value was struggling to determine what had caused such a spike in energy costs. While the supermarket chain is analysing its electricity consumption patterns to determine if that is the source, she added that checks to see if power is “being lost through grounding” had proven negative. And, having invested in a business-wide solar energy

roll-out, she pointed to discrepancies between the BPL bills received for separate Super Value store locations. While its Nassau Street location had enjoyed a 2 percent decrease in electricity costs, its stores at Golden Gates, Robinson Road, Prince Charles Drive and East Street had seen their bills surge by between 64 percent and 75 percent.

The Super Value president, noting that electricity costs were moving in the opposite direction to what many

Bahamian businesses and households had expected based on previous assertions from the Government, said that after the 29.3 percent jump between April and May “they’ve gone up another 24 percent from May to June”.

“That makes it 39 percent over last year,” Ms Symonette told Tribune Business “Year-to-date it’s gone up 39 percent over last year. This is despite us having solar and many items, such as eggs, being price controlled.” With increases of $79,563 and $114,621, Super Value’s monthly electricity costs have soared by a combined $194,184 in just two months to June 2025.

“It cuts into the bottom line,” she added of the impact. “It will affect the proﬁts, but we’re still trying to maintain our prices. It’s knocked $194,000 off the bottom line. You just wonder where it’s going to end. I think

Pintard blasts ‘off-books’ loans disguised as PPPs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader is voicing concern that multiple public-private partnerships (PPPs) agreed by the Davis administration are really “offthe-books” loans that further increase the $11.7bn national debt.

Michael Pintard told Tribune Business that the Government is “not obeying the rules” set out in the PPP policy left in

place by its Minnis predecessor as he renewed Opposition concerns that it plans to “bypass Parliament and the budgetary framework” through placing $300m raised in The Bahamas’ recent sovereign bond issue directly into the National Investment Fund.

Asserting that such a move would run afoul of both the Bahamian constitution and statute law, he also called on Prime Minister Philip Davis KC to explain what impact the borrowing of $300m would

have on the Government’s forecast $75.5m Budget surplus for the now-started 2025-2026 ﬁscal year. The just-released 2025-2026 annual borrowing plan makes no mention of the $300m generated by last month’s $1.067bn sovereign bond issue, and Mr Pintard told this newspaper that using it as seed capital for the National Investment Fund - as well as previous PPP deals - appeared designed to

‘Nothing exotic’ on $373m one-year bond conversion

By NEIL HARTNELL Tribune Business Editor

A BAHAMIAN banker last night said there is “nothing exotic” about the Government seeking to reﬁnance 59 percent of its $632.5m Bahamian dollar bonds due to mature this year as Treasury Bills.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the Davis administration’s plans to convert $372.8m worth of one-year government bonds into Treasury Bills with the same maturity duration was designed to align The Bahamas with global standards.

Acknowledging that the one-year bond had been developed out of “necessity”, due to the lack of investor appetite for the Government’s longer-term debt paper, he added that the “conversion” to Treasury Bills will not change repayment or rollover

By FAY SIMMONS

FTX Bahamas: $290m claims unpaid on KYC

By NEIL HARTNELL Tribune Business Editor

FTX’s Bahamian subsidiary has yet to pay some $290m in previously-approved creditor claims because it has yet to be supplied with the necessary Know Your Customer (KYC) veriﬁcation.

Steven P. Coverick, managing director at Alvarez & Marsal North America, a restructuring advisor to the now-renamed FTX Recovery Trust after it emerged from Chapter 11 bankruptcy protection, revealed that a sizeable proportion of creditor claims submitted in the FTX Digital Markets proceedings have yet to be paid because the Bahamian liquidators are still awaiting the required documentation. He disclosed, in a June 27, 2025, afﬁdavit ﬁled with the Delaware Bankruptcy Court that “approximately $290m was previously considered to be allowed but became disputed claims primarily for failure to complete KYC in The Bahamas”.

Tribune Business subsequently veriﬁed that the $290m ﬁgure is accurate but this does not mean that these claims have been rejected by the FTX Digital Markets liquidator trioBrian Simms KC, the Lennox Paton attorney and senior partner, and the PricewaterhouseCoopers (PwC) accounting duo of Kevin Cambridge and Peter Greaves.

Instead, this $290m is now sitting back in the claims reserve and will be processed once the creditors submit the necessary KYC veriﬁcations to prove their identity and that the relevant assets/monies claimed do indeed belong to them.

According to the FTX Digital Markets liquidators’ last report to the Supreme Court, which was submitted in November 2024, the trio had accepted 38,647 of the 41,264 creditor claims submitted in the Bahamian proceedings

“We don’t put out an advisory lightly. We’ve been following the trends and, over the past three months, we’ve seen a sharp rise in the number of complaints. And what is even more concerning is the value,” said Mr Rolle.

“One person lost nearly $60,000, so this is very serious. This is people’s

$60,000. Senator Randy Rolle spoke out after the consumer watchdog issued a public advisory about unsafe transactions that occur when using social media platforms advertising products and services for sale. Speaking to Tribune Business, he said the Commission (CPC) has received a growing number of complaints regarding such transactions in recent months and it is now concerned not only about the number of complaints but their value.

SEE PAGE B7 SEE PAGE B5

GOWON BOWE

MICHAEL PINTARD

DON’T SWAT AWAY THE DRONE LOGISTICS FUTURE

Imagine ordering a package online and, instead of waiting days or even weeks, a small ﬂying drone delivers it to your doorstep in under an hour. Sounds like science ﬁction? Not any more.

Drone technology is no longer just for hobbyists or movie stunts. It is rapidly revolutionising logistics and delivery services across the globe. From delivering medicine to remote villages in Rwanda to dropping off groceries in suburban America, drones are showing us what the future of logistics can look like: Faster, cheaper and more efﬁcient.

And yes, The Bahamas can get in on the action. Traditional delivery systems, such as trucks, boats and planes, are often expensive, slow and vulnerable to

ROYE II KEITH

infrastructure hiccups. In The Bahamas, where we are made up of more than 700 islands and cays, logistics has always been a bit of a headache. Transporting goods across islands, especially the smaller or more remote ones, often requires

NEW GB ENTERPRISE HAILED AS ‘TECH TOURISM AT ITS BEST’

By NEIL HARTNELL Tribune Business Editor

THE Deputy Prime Minister has hailed the launch of a Grand Bahama-based mobile app and discount savings website as “smart business, smart tourism and tech tourism at its best”.

Chester Cooper, minister of tourism, investments and aviation, was speaking at the ofﬁcial unveiling of Flamingo Bahamas, which aims to give both Bahamians and tourists access to exclusive deals on shopping, dining, entertainment, travel, ﬁtness and other amenities.

“This new business is poised to play a pivotal role in Grand Bahama’s economy and the tourism

sector by driving awareness, engagement - ultimately visitors and investmentsto this island,” Mr Cooper said. He praised its proprietor, LaQuay Laing, while asserting that Grand Bahama is moving in the right direction and stepping into a new era of growth.

“This integrated approach of weaving a savings network into a marketing platform embodies the spirit of tourism’s being everybody’s business, and Mr Laing is demonstrating to every Bahamian that every enterprise in this community is making a signiﬁcant contribution to employment and the overall growth and development of Grand Bahama,” Mr Cooper said.

co-ordinating boats, flights and trucks - an expensive, time-consuming juggling act. Enter drones. These unmanned aerial vehicles (UAVs) can zip over water, traffic and poor road conditions, reaching areas that would otherwise be challenging or costly to serve. A drone can carry medicine to a clinic on Crooked Island, deliver documents to a government office in Andros, or drop off food supplies after a hurricane - all without needing a runway or road. In other countries, companies such as Zipline, Amazon and UPS are already using drones to transform logistics. Medical drones in Ghana and Rwanda have saved thousands of lives by delivering blood and vaccines within

minutes to rural clinics. Wal-Mart is testing drone grocery deliveries in select US states. The technology is real, it is working and it is only getting better.

So, how does this relate to the Bahamian economy?

For starters, adopting drone logistics could help Bahamian businesses - especially small ones - expand their reach and cut costs. Instead of relying solely on Nassaubased distribution hubs, a business on Eleuthera could receive inventory quickly and cheaply by drone, keeping its shelves stocked and customers happy.

It could also unlock job opportunities. As the drone ecosystem grows, we will need trained drone pilots, maintenance technicians, software developers and logistics co-ordinators. This means new careers for

Ginger Moxey, minister for Grand Bahama, said Flamingo Bahamas is a platform that connects businesses with consumers, aligning with the Government’s vision to establish The Bahamas as the centre of innovation for the Caribbean.

“The network of Flamingo Bahamas includes retail, restaurants, entertainment venues,

young Bahamians, especially those interested in technology and innovation. Of course, there are challenges. Airspace regulations need updating. Weather can be unpredictable. Battery life and payload capacity are still limited. And there is always the issue of public trust. People need to feel safe with drones buzzing overhead. But none of these are deal-breakers. They are just hurdles we can plan for and overcome, especially if we act early. By investing in drone infrastructure and updating our aviation policies, The Bahamas can position itself as a leader in drone-enabled logistics in the Caribbean.

At its core, drone delivery is not just about convenience; it is about resilience. It means we can

watersports, stores and so much more. This is more than just a business. It’s a profound statement; a powerful testament of Grand Bahama’s evolving identity,” she said.

Mrs Moxey added that the Government is seeking to position Grand Bahama as the home of events, entertainment and innovation.

better respond to disasters, improve healthcare access, support small businesses and connect our islands more effectively. And in a world where speed and ﬂexibility matter more than ever, that is a competitive edge we cannot afford to ignore. So next time you hear the soft hum of a drone overhead, do not swat it away. It might just be carrying the future - one parcel at a time.

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

“Flamingo Bahamas doesn’t just ﬁt into this vision; it ampliﬁes it. It becomes the digital pulse connecting our vibrant offerings — from our pristine beaches to our emerging and lively nightlife, from thrilling watersports to serene spa experiences - directly to those who seek them,” she said.

“It is the bridge between our vision for dynamic Grand Bahama and the seamless experience for every visitor and resident. This platform is precisely the kind of innovation and innovative infrastructure that empowers our businesses and delights our visitors, making Grand Bahama the premier choice for unforgettable experiences.”

THE OFFICIAL launch of Flamingo Bahamas, Grand Bahama’s latest business venture, on July 4, 2025, at the Grand Lucayan resort.

MINISTER FOR GRAND BAHAMA, GINGER MOXEY FLAMINGO BAHAMAS PROPRIETOR LAQUAY LAING, AT LAUNCH EVENT

DEPUTY PRIME MINISTER AND MINISTER OF TOURISM, INVESTMENTS AND AVIATION CHESTER COOPER

DOMINICAN DEAL IMPORTING FRUITS NOW GROWN IN ANDROS

By FAY SIMMONS

THE North Andros Chamber of Commerce president says the island’s farmers are “disappointed” the Government may agree a deal to mass import fruits from the Dominican Republic that they produce.

Darin Bethel, speaking to Tribune Business about the announcement from the Dominican Republic’s Jamaican embassy, revealing that The Bahamas has given regulatory approval for the importation of that country’s bitter oranges, pineapples, limes, avocados, bananas and plantain, argued that local Andros farmers already grow most of these items and can expand with support from the Government.

He acknowledged that, while Bahamian farmers do not have the capital or marketing to expand, they do possess the land and willingness to increase supply to meet the country’s food needs.

“Farmers in Andros are having the very same struggle. Why not take the initiative to try to help the

farmers and Andros to be able to market and export their produce? All of the items listed, besides bitter orange, farmers in Andros are growing right nowmaybe not at the large scale that the country needs - but they can get there because they have access to the land,” Mr Bethel said.

“If they have the opportunity, and marketing is available for them to sell their produce, they will have the incentive to expand and grow more products. Local farmers are looking for opportunity to expand these very same products.

“I don’t understand the concept, and I don’t think it’s fair to local farmers when they are praying and hoping for resources, especially expansion in the packing houses, which give them access to sell and market their produce.”

Jomo Campbell, minister of agriculture and ﬁsheries, said the Dominican Republic announcement was “premature” and no memorandum of understanding (MoU) to facilitate the import deal was yet signed. However, the Dominican Republic embassy said negotiations over exporting a further 80 agricultural

Treasure Cay concern on project’s push-back

By ANNELIA NIXON

TREASURE Cay homeowners and locals are still optimistic that the resort community’s revival will materialise while voicing concern that the potential developer continues to push the timeline back.

Eric Bethel, who resides in Treasure Cay for the majority of the year, said he has chosen to “be positive” after Jacksonville-based GreenPointe Holdings’ said it will not undertake any development activity until all approvals and permits are obtained.

The developer, which has yet to close Treasure Cay’s $25m purchase from the Meister family, added that it is now hoping to obtain all government approvals by October 2025. However, in a recent update to homeowners and other parties with interests in the North Abaco destination, it added that this timeline depended heavily on the Government agencies and could be delayed further.

Mr Bethel said he hopes the project’s start is not extended beyond October because “the worst thing in the world they could do for Treasure Cay is just sit on this for years and years. It’ll be great if it goes forward. Now they’re saying

October. Initially, it was the beginning of this year. So we’ll see what happens, I guess. I mean, we’ll see what happens in October,” he added.

“I don’t know how long that’s going to take or what the hold up is, but my understanding was the Government was already giving these guys approval to do this thing,” Mr Bethel said. “So I ﬁgured the Government would be helping them, not hindering them. I’m not sure what all these other permits they’re waiting for are, or why that wasn’t done when they did the due diligence.

“But, I mean, I don’t know. I’m not in that inner circle, but I guess the positive thing now is that they’re still going forward instead of dragging their feet. But that’s still another ‘wait and see’. So I guess we’ll see in October. Hopefully it’s October; it’s not January, and hopefully in January, it isn’t in April.

“I mean, as long as there’s some kind of timeline when he’s [Ed Burr, GreenPointe’s principal] supposed to get this thing done… because the worst thing in the world they could do for Treasure Cay is just sit on this for years and years. Now, if they say they’re going to start in October, I’ll keep my ﬁngers crossed because they told us they were going to

products to The Bahamas were ongoing. Mr Bethel, meanwhile, said Bahamian farmers have voiced their displeasure with the potential import deal and some are currently in the middle of expanding operations. They feel these investments may be endangered if an agreement with the Dominican Republic is ﬁnalised.

“They’re pretty upset that the Government is potentially putting them in a position to make it harder for them to sell their crops. I know one particular farmer I spoke with today. He has about 300 native banana trees he told me are bearing, and he’s looking to pick in the next week or two,” said Mr Bethel.

“He has about 500 more suckers he’s getting ready to put down. He’s looking to expand, and there’s another local farmer that is doing something similar. This only going to make it so much more difﬁcult now for them to sell their produce and scale their business.”

The North Abaco Chamber president added that the Government should “revisit” the import plan and put more effort into empowering

start in March. Now, it’s October.”

Mr Bethel, who “will be less apprehensive when I see some concrete going into the ground”, reiterated the many opportunities the revitalisation of Treasure Cay would bring to Abaco’s residents and the economy.

Pointing to other “booming” areas on the island, such as Green Turtle Cay, Hope Town and Marsh Harbour, he said Treasure Cay is stagnant and “people are tired of sitting on the fence seeing if something’s going to happen”. However, with the delay, he challenged the new completion date that GreenPointe is seeking.

“When this initially came through, everyone was excited, because nothing was happening… and this guy was coming in and was going to do this, this and this,” Mr Bethel said of Mr Burr and GreenPointe. “And then we found out that he was looking for investors, and that kind of dampened it a little bit.

“My personal opinion is, because I reside in Treasure Cay most of the year, I want to look at it as a glass half-full. I don’t want to be a pessimist about this. But, I will be less apprehensive when I see some concrete going into the ground and some kind of structure getting built.

“I want to have faith that this guy is going to do the right thing and, what he says, he’s going to do. I’m just wondering when that’s going to get done. Now, we’re October. What’s going to happen in October? Is he doing the marina? Is he doing the golf course? Is he doing some

Hoffer Sport’s chief slams ‘false rumour’ of closure

By FAY SIMMONS Tribune Business

HOFFER

Bahamian farmers so the country can achieve its food security goals.

“Essentially, they are giving the Dominican farmers a market and an opportunity to sell their produce, and that’s what farmers in Andros have been waiting on for years. I think those products can be sourced locally with the support of the Government, and the Government should revisit the idea of getting produce from the Dominican Republic and continue to ﬁght towards feeding ourselves. And a big part of that should be empowering the existing farmers,” said Mr Bethel.

He branded the deal with the Dominican Republic as an “easy or cheap way out”, and questioned how these imports would beneﬁt the Bahamian public in the long run.“There’s so much that the Government can be doing to take us closer to food security right here in Andros that they are avoidin,g and taking an easy or cheap way out by just importing produce from the Dominican Republic,” Mr Bethel argued.

“I would like to know what is the beneﬁt to our country to do business in the Dominican Republic

when you have farmers that are just praying and hoping for the opportunity that they are giving to the farmers in the Dominican Republic? Our farmers are hoping for the same opportunities you’re about to give them. It does make sense.”

Mr Bethel said the North Andros Farmers Association is in need of funding to continue supporting its members, and the industry would beneﬁt from expanding the government packing house or attracting private sector investors to open additional packing houses.

“There’s a local Farmers Association that needs support,” he added. “They need funding in order to be able to support farmers with agriculture produce from the beginning - as a seedling - straight to plant and harvesting. The resources are not there, and all the farmers are now operating in silos try to do it all on their own.

“If the opportunity was there by way of the packing house, be it a private packing house or a government packing house or some initiative to help support the farmers, the industry will certainly expand. The land is there, most farmers have access to a lot of it, but they

shops in here? Is he doing residential? Is it going to be in phases?” he added. “How long are the phases going to take? How many years is this project going to take until completion? These are some questions

people here want to know; if this is like a ﬁve-year project, and they’re doing the marina for one year and something for another year, or they’re going to do it all at once and knock it out in a

don’t have access to the capital.”

Mr Bethel said the move shows the Government is “out of touch” with the activities and goals of Bahamian farmers, and suggested it consult with them and determine their needs before importing produce locals are currently trying to market.

“It takes a lot of money to get the land ready to be able to farm on it. Some farmers in Andros have 10 to 20 acres of farm land that they’re not using. They would be willing to expand if they had a market, so I think the ﬁrst step should be meeting with these local farmers, seeing what is available and what they need to expand,” said Mr Bethel.

“It seems to me that the Government is very out of touch with what the local farmers are doing because those very same products that they’re considering importing, there’s more than 50 local farmers in North Andros growing those crops and a majority of them are trying to ﬁnd their own markets.”

year. I mean, no one knows, so we’ll see what happens.

“There are people who can work at the marina, people who can work at the golf course, people who could work at the stores, people could clean the gardens, all that stuff’s intertwined, intermingled. So the faster this project gets up and running, the faster people could get to work. More jobs can become available. The economy can start coming back bigger than what it is now. It’s beneﬁcial for everybody.”

Gaynelle James, GreenPointe’s marketing director, in the message to homeowners said the developer

STRAW MARKET VENDORS SAY INDEPENDENCE SALES MIXED

By ANNELIA NIXON Tribune Business

VENDORS at the Bay Street straw market have described this year’s Independence Day sales as mixed amid ongoing concerns that some are struggling due to their stall locations.

Rebecca Small, president of the Straw Businesspersons Society, told Tribune Business that most vendors would normally report that business was booming, especially in the run-up to Independence Day.

However, she said many of her members now say they are struggling due to the placement of their

stalls. Ms Small added that she herself has not enjoyed much revenue at her location.

“I left one of my nieces there [at the stall],” Ms Small said. “I came back [and] she didn’t even have $100 in her pocket. There are some people who have certain locations, who have better locations than others, [and] are doing fairly decent. But the majority of the vendors are not making money the way we think we should.”

Karen Brown, the RM Bailey Park Vendors Association president, speaking on behalf of her stall, said that her members began selling Independencerelated merchandise on July 2 but only saw sales and trafﬁc pick up “slowly

MINISTERS TOUR CARNIVAL’S $600M GB PRIVATE PORT

but surely” and increase from July 8. Noting that she has seen higher sales numbers in previous years, she described this year as average despite also offering online sales.

“I don’t just order my stuff,” Ms Brown said. “I go to graphic artists. So I have three different designs this year, three different things. They made sailing the national sport. So we did a regatta collection. And then we did what we call The Bahamas Blueprint. That’s covering the 242, so all the islands. And then we have a Bahamas Team collection.

“So usually around this time people travel in groups and they want t-shirts. Usually I have a lot of people who do sports, like, I have someone for a cricket club,

someone for a chess tournament. They usually want the shirt. So we have a Team Bahamas collection. And so I usually do my own stuff. A lot of people nowadays just order from Alibaba. I usually have mine to be different and original.”

“So I have to get someone to do the design, someone to do the graphic work. And then I have to promote it. So I got some models. And then I had a video out. So, for me, I pushed online sales.”

Ms Brown also absorbed $2,000 in costs due to tariffs imposed on other merchandise brought in. In an attempt to remain competitive, she told Tribune Business she could not pass the cost on to her customers.

“What I had to pay to bring these in… I got caught right in that [tariff increase] with Trump,” Ms Brown said. “So I had to spend an extra $2,000 to get my stuff in because when we was bringing it in, that’s when he went up for shipping and my fee changed.” Stephanie Allen, Commonwealth Fabrics’ assistant manager, described Independence Day sales as “excellent”. She said merchandise largely began selling the week before July 10, adding that they have created their own Independence Day design this year.

“It’s going excellent, because we are one of the fabric stores in The Bahamas that has carried a lot of Independence stuff. Most

of the fabric stores carry maybe notions or decorations and stuff. But we are the ones that carry most of the fabric in Nassau,” Ms Allen added.

“We have our own designs that we made just for this Independence. We have something with fabric that the staff here designed with pineapples, and it says ‘Bahamas’ on it. And then we have one with the blue marlin.

“Then we had an another new one came in that had all the Family Islands on it, and it has a white background, so it’s pretty good. We have some African prints also, and that we have in Bahamian colours that is selling very well.”

CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation; Ginger Moxey, minister for Grand Bahama; and Zane Lightbourne, minister of state for the environment and natural resources, got a preview of Carnival’s $600m Celebration Key private port destination last Thursday prior to its ofﬁcial opening this month. Photos:Kemuel Stubbs/BIS

SUPER VALUE: ENERGY COSTS ‘OUT OF HAND’ IN $200K SPIKE

the whole country’s confused about power. It’s going up and they were saying it was going to come down. We were looking forward to a big reduction in our bill...

“Nassau Street is down 2 percent, but East Street was up 75 percent, and Prince Charles Drive by 73 percent. Golden Gates was up 64 percent, and Robinson Road by 66 percent. Quality Supermarkets increased by 61 percent at Winton, and our warehouse meter was up by 95 percent. It seems out of hand.”

The Davis administration said that under its equity rate adjustment structure for BPL bills, which took effect in July 2024, the state-owned utility’s largest energy consumers - its general service customer class - would pay more via higher electricity costs.

It warned that this group, which would include the likes of Super Value and other food store chains as well as major hotels, “will pay more. Their electricity bills will still be lower than

during the same month in 2023. After the changes they will still be beneﬁting from a discounted rate and will still be receiving a subsidy.

“They will also gain from new energy reforms, as transmission and distribution upgrades will increase efﬁciencies and improve reliability which, along with the integration of solar power and natural gas, will produce meaningfully lower prices in the coming months and years,” the Government promised. However, in the short-term, energy costs for the largest consumers were to increase.

But pointing out that Super Value has not altered its energy management and usage policies, nor knowingly done anything to prompt a major spike in consumption, Ms Symonette added of BPL: “We’re going to have them in shortly so that they can go over the bill with us, but we’re going to analyse how much is related to consumption.

“May to June to July, we didn’t use electricity more year-to-date; not to

ONLINE MARKETPLACE ALERT AFTER VICTIM LOSES $60,000

FROM PAGE B1

hard-earned money that we’re talking about, and so the CPC has to step in and warn consumers because that is our mandate - to protect the rights of all consumers.”

Mr Rolle said Bahamians must be vigilant when engaging with online businesses and ensure they research the company thoroughly before conducting any ﬁnancial transactions or commerce.

He warned that “if it sounds too good to be true, it probably is…”

“In our efforts to continue to educate consumers on their rights and safeguard their interests, we urge Bahamians to do more research before engaging in online business that could lead to ﬁnancial loss. It is also critical to

always request and retain receipts or documentation of all transactions,” said Mr Rolle.

The CPC advisory said common consumer complaints include unregistered operations with no valid Business Licence; businesses with no physical address or location; phone numbers that go unanswered or are deactivated; sellers disappearing after receiving payment; and goods not delivered or delivered in poor condition.

“Many consumers are engaging with businesses that lack proper registration, transparency and accountability. These interactions are often based solely on social media posts and personal messaging, leaving individuals vulnerable to fraud and ﬁnancial loss,” said the CPC advisory.

TREASURE CAY CONCERN ON PROJECT’S PUSH-BACK

FROM PAGE B3

is working “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.” The developer has “the utmost respect for Bahamian laws, culture and environmental standards”.

“Having done some construction, it’s very rare when people tell you a target date that that date actually occurs,” Mr Bethel said.

“Because there’s a lot of things that get thrown into

the mix that people weren’t expecting, especially if this guy is not familiar with how Bahamians operate, how things get built here. He’s an American builder. But he is a developer, so I’m sure he knows all these things. And I’m just hoping that it’ll happen in October. That’ll be great. I’ll keep my ﬁngers crossed.”

Bruce Neandross, a Floridian and Treasure Cay resident, added: “I do believe it’s going to happen, I’m just waiting for it to happen. And I understand the complexities of working with government agencies and stuff like that. I’m a developer at home, so I get

the extent of a 40 percent increase. We conserve. We’ve put in energy-saving bulbs; we save energy everywhere and anywhere we can. It’s despite solar and despite our great efforts to be as energy efﬁcient as possible.

“After last time we had an electrician check for grounding to see if we were losing electricity through grounding. Every location was checked and we were not losing anything through grounding,” she added. “They’ve [BPL] offered to come and explain it, and we welcome the opportunity at this time.

“It’s gone up almost 40 percent for the year, and month-to-month it’s gone up 29.3 percent and 24 percent. Next month, is it going to double? It is going to increase by 28 percent, 30 percent a month?”

Ms Symonette spoke after BPL, while not naming the company involved, earlier this week seemingly responded to Super Value’s concerns over the 29.3 percent month-over-month increase between April and May by suggesting the

“While the CPC supports a vibrant and diverse consumer marketplace, it is essential that all business activity - online or otherwise - occurs in a secure and trustworthy environment.”

The consumer watchdog suggested that Bahamians protect themselves by ensuring they verify the business, requesting a full name, location and valid Business Licence number as well as researching reviews, ratings and public records where possible.

Consumers were also advised to avoid making payments to personal or third-party accounts, and to use only trusted payment platforms. Records such as receipts, screenshots and other documentation of purchases and agreements should be secured.

“Trust your instincts. If something feels suspicious or too good to be true, don’t proceed. Know your rights. Contact the CPC for advice before making purchases from unfamiliar sellers,” said the advisory.

it. So it just takes longer sometimes than you really want it to.

Tara Diane, a Treasure Cay resident said she is still “extremely excited” for what the development will bring.

“[I’m] extremely excited for our community, and excited for the community of Abaco at large, because now there are opportunities, not just for jobs, but entrepreneurial opportunities for persons here on the island,” Ms Diane said. “My prayer is that everyone is prepared to take advantage of the opportunities that are going to present themselves.”

jump was caused by higher consumption due to lowering the temperature on coolers and air conditioners as a result of the warmer summer weather.

The increased energy consumption, BPL added, was exacerbated by “ﬂuctuations in global fuel market prices” which were passed on to consumers via a $0.017 per kilowatt hour (KWh) unit increase in the fuel charge component of their bills. The state-owned utility added that increased energy demand meant it was also having to employ more rental generation that uses diesel - its most expensive fuel.

“While we understand the particular customer’s concerns, our records indicate that the primary cause for the increase in their bill was a signiﬁcant increase in the entity’s usage of electricity compounded with the fuel charge increase,” said BPL.

“Our customer service team is actively communicating with this and other customers to ensure that any concerns are addressed,

Job Opportunity

and that any questions regarding billings are resolved with direct engagement and transparency.”

And not all major BPL consumers have seen a signiﬁcant spike in their electricity costs. Walter Wells, Caribbean Bottling Company’s president and chief executive, told Tribune Business that the local Coca-Cola producer has not “seen any gyrations” or sudden increases in its bills apart from May, which he said was likely due to there being more days in that billing period.

“It’s funny you should ask me about that,” he said.

“I looked at our bill this morning. There’s not been a huge turnaround except in May. Our bill popped up because it had more days than the previous month. But when I look at our bills, they’ve been pretty consistent through to June.

“We’ve not seen any gyrations in our bills. It only changed because consumption went up or the number of days in the month went up. I don’t know if we’ve got a big bill coming this month for July. Time will tell. I’m not sure why others are seeing a huge increase

one way or another. I have no clue why that would be. We’ll have to wait and see what July holds for us.”

BPL, in its advice to businesses, said: “It is common to see seasonal increases in electricity consumption during the summer months, particularly for commercial operations that rely heavily on air conditioning and refrigeration. Even when business hours remain the same, these systems often operate for longer periods and with greater intensity to maintain set temperatures, which can lead to higher energy usage.

“This higher consumption directly results in higher billings. BPL wishes to remind and encourage its customers to employ energy efficient equipment and to ensure that their equipment is properly maintained and servicedparticularly going into the summer months - to reduce consumption and maximise efficiency as much as possible. This may include activity such as cleaning of refrigeration coils and ensuring proper airflow for such equipment.”

JOB OPPORTUNITY

Job Opportunity

Commercial and Supply Chain Manager

CEMEX Bahamas Limited

Commercial and Supply Chain Manager

CEMEX Bahamas Limited

CEMEX Bahamas Limited, a leading global building materials company, is seeking a highly experienced and results-driven Commercial and Supply Chain Manager to lead our end-to-end commercial and logistics strategy. This role is critical in driving profitability, customer satisfaction, and operational excellence within our dynamic and evolving market.

Key Responsibilities:

Commercial Strategy & Execution

CEMEX Bahamas Limited, a leading global building experienced and results-driven Commercial and Supply commercial and logistics strategy. This role is critical satisfaction, and operational excellence within our

Develop and implement comprehensive commercial strategies to achieve revenue targets and market share growth.

Key Responsibilities:

Lead commercial forecasting, market intelligence gathering, and customer segmentation to inform data-driven decisions.

Commercial Strategy & Execution

Manage customer relationships, contracts, pricing strategies, and service-level agreements (SLAs).

Coordinate with the Country Manager and regional commercial teams to align local objectives with global business goals.

Develop and implement comprehensive commercial targets and market share growth.

Identify and lead initiatives to expand product offerings, channels, and customer base.

Supply Chain Optimization

Oversee all aspects of supply chain operations including sourcing, procurement, inventory control, warehousing, shipping, and distribution.

Lead commercial forecasting, market intelligence segmentation to inform data-driven decisions. Manage customer relationships, contracts, agreements (SLAs).

Lead demand and supply planning in alignment with commercial forecasts and production schedules.

Develop and monitor KPIs for delivery performance, cost efficiency, inventory turnover, and vendor compliance.

Coordinate with the Country Manager and objectives with global business goals. Identify and lead initiatives to expand product

Build and maintain strong relationships with local and international suppliers, carriers, and third-party logistics providers.

Champion the use of digital tools and ERP systems (e.g., SAP) to streamline operations and enhance visibility.

Leadership & Collaboration

Supply Chain Optimization

Manage a cross-functional team spanning sales, logistics, procurement, and customer service.

Promote a safe, high-performance culture, continuous improvement mindset, and strong collaboration across departments.

Oversee all aspects of supply chain operations inventory control, warehousing, shipping, Lead demand and supply planning in alignment production schedules.

Ensure compliance with internal policies, safety standards, and all applicable regulatory requirements. Support operational audits, budgeting, and risk mitigation activities related to supply chain and commercial activities.

Sustainability

& Resilience

Develop and monitor KPIs for delivery performance, turnover, and vendor compliance.

Build and maintain strong relationships with and third-party logistics providers.

Champion the use of digital tools and ERP and enhance visibility.

Implement strategies to build a resilient and sustainable supply chain aligned with CEMEX's global goals.

Lead cost control initiatives, reduce carbon footprint of logistics operations, and manage supplier sustainability performance.

Qualifications:

Leadership & Collaboration

Manage a cross-functional team spanning service.

Bachelor’s degree in Business Administration, Supply Chain Management, Logistics, or a related field (Master’s degree preferred).

Minimum of 7–10 years of progressive experience in commercial and/or supply chain management, preferably in the manufacturing, construction, or cement industry.

Promote a safe, high-performance culture, collaboration across departments. Ensure compliance with internal policies, safety requirements.

Support operational audits, budgeting, and chain and commercial activities.

Strong understanding of operational processes, supply chain logistics, and project management.

Strong business acumen, negotiation, and relationship management skills. Proven ability to lead cross-functional teams and drive performance improvements.

Proficient in SAP, SF, Microsoft Office Suite (Excel, Word, PowerPoint) and experience with supply chain analytics tools.

Excellent communication skills, both written and verbal, with strong interpersonal abilities to engage effectively with team members and stakeholders.

What We Offer:

Competitive compensation and benefits package.

Opportunity to work with a global industry leader.

Supportive and collaborative work environment.

Career development and growth opportunities within the CEMEX network.

Ready to take your career to the next level?

How to Apply:

Submit your resume and cover letter to hrbahamas@cemex.com by July 14, 2025, with the subject line: Commercial and Supply Chain Manager

PINTARD BLASTS ‘OFF-BOOKS’ LOANS DISGUISED AS PPPS

keep borrowings and spending off the Government’s balance sheet and from adding to the national debt.

Latrae Rahming, communications director in the Prime Minister’s Ofﬁce, yesterday declined to respond to the National Investment Fund concerns laid out by Mr Pintard in a July 8, 2025, letter to Mr Davis. Asserting that he “cannot respond to a leaked letter”, he added that he was unsure if the Prime Minster had reviewed it given his attendance at the recent CARICOM summit and Independence celebrations.

However, Mr Pintard said the unanswered queries over whether the $300n bond proceeds are destined for the National Investment Fund are part of wider Opposition concerns that the Government has “saddled the Bahamian people with off-the-books debt disguised as so-called PPPs”.

“In a broad sense, all of the PPPs we have been consistently characterising as off-the-books loans,” he told this newspaper. “Their failure to report this as means they have not factored into government’s ﬁnal determination about a whole range of things, including the debt.

“It’s important, at a minimum, that they categorise them correctly and categorise properly the exposure they create in terms of

FTX

loan arrangements.” PPPs are typically designed to reduce the ﬁnancial stress on cash-strapped governments by contracting the private sector to provide the funding, development and expertise to construct much-needed infrastructure or run public services.

The Government’s cash ﬂow pressures are eased by requiring the private sector to ﬁnance the upfront capital costs, with the latter earning a return on investment - and paying back any lender - from the revenue streams generated by infrastructure assets they develop or services provided.

The Opposition is arguing, though, that several projects touted by the Davis administration as PPPs do not fit this model or meet this criteria. In particular, several sources have pointed to the sudden appearance in the Government’s 2025-2026 Budget, under ‘public debt servicing - interest and other charges - of a $33.93m, ten-year loan due to PPP Investments & Construction Company. Tribune Business records confirm this is the company that secured a deal with the last Christie administration to construct the Eight Mile Rock government administrative complex in Grand Bahama. The agreement was signed off on May 9, 2017, one day before the general election that brought the Minnis administration and FNM to office.

BAHAMAS: $290M CLAIMS UNPAID ON KYC

worth a collective $707.1m.

The $290m ﬁgure means that 41 percent of that $707.1m has yet to be paid out and returned to creditors because of the KYC wait.

However, another way of looking at it is that close to 60 percent, and nearly two-thirds, of all approved claims in The Bahamas have been paid.

The liquidators worked to pay smaller claims worth $50,000 and under ﬁrst, and are now understood to be working their way through approving and verifying the larger institutional claims and creditors.

The Bahamian liquidator trio had warned of the KYC process’s importance in their last Supreme Court report. “Identity veriﬁcation is required in all cases to ensure that distributions are only made to valid parties. Valid parties are those whose identities match the intended recipients, and where payments comply

with relevant ﬁnancial crime, regulatory and sanction requirements,” they warned.

“The joint ofﬁcial liquidators have set up KYC processing centres and have commenced conducting KYC, anti-money laundering and sanctions screening checks on all creditors conﬁrmed as participating in The Bahamas process.

“The KYC standards applied by the joint ofﬁcial liquidators in the Bahamas process are substantially the same as those applied in the US process, although differences may arise in consideration of relevant regulatory standards in The Bahamas or elsewhere,” they added.

“Non-customer creditors will also be asked to verify their identities. For a claim to qualify as eligible for distribution, both the original claim beneﬁciary and the current beneﬁciary or claim owner (to the extent that claims were sold) must meet the relevant requirements....

The arrangement was touted as a PPP, and this newspaper’s archives show PPP Investments & Construction Company sought to raise the necessary ﬁnancing via a $25m bond placement. A further $9m was obtained from Sygnus Capital, the Jamaican investment house, and the deal was structured as a lease-to-own where the Government would pay back the company and lenders via rental payments. However, it has now appeared in the Government’s books as a “loan” that has to be repaid by Bahamian taxpayers. Some $2.308m is due to be paid in 2025-2026, with payments of $2.094m and $1.874m due in 2026-2027 and 20272028, respectively.

Opposition sources, though, are suggesting that the PPP Investments & Construction Company deal - and its sudden appearance in the Budgetrepresent a “smoking gun” showing that many projects touted by the Government as PPPs are really “off-thebooks” loans designed to keep borrowings, spending and debt from showing up in the public ﬁnances for as long as possible.

Mr Pintard, arguing that “the PPPs, they are all loans”, said it was especially “worrisome” that the terms and conditions for such projects and their ﬁnancing - especially the interest rates and debt servicing costs that have to be paid

“The joint ofﬁcial liquidators have adopted a ‘risk-based’ approach’ to the KYC in accordance with the relevant regulatory rules, and have established two levels of due diligence which are linked to the risk categorisation of the customer as determined upon receipt of the customer KYC information. The two levels of risk categorisation are ‘standard risk’ and ‘high risk’.”

FTX’s Bahamian liquidators further warned, during the second creditors meeting on March 12, 2025, at Baha Mar that “customers who fail to complete KYC risk forfeiting their claims. Unclaimed funds by the deadline will be redistributed among remaining customers”.....

“Despite being in liquidation, FTX Digital Markets adheres to a negotiated KYC policy established with the Securities Commission of the Bahamas,” they added. “KYC is a prerequisite for payment to any creditor.

“Creditors fall into three categories: Those awaiting processing after providing KYC information, those yet to respond or submit required information, and those facing complexities

by Bahamian taxpayershave not been disclosed.

“In a modern society, in an era if openness, and with a government that claims it’s open, how is it possible they could continue to do this deal after deal?” the FNM leader asserted. “We support PPPs, but it should be governed by the policy that we left in place and, if the Government has a problem with that, they should state what their PPP policy is.

“In the absence of introducing one, and they have admitted in the past that there is a policy, we support PPPs but the way the Government is doing it it is not obeying the rules, the guidelines of a PPP, and it is adding to the debt. It is doing the exact opposite of what this government claims to be accomplishing; lowering the debt when they are not.”

Mr Pintard also challenged why the Ministry of Finance’s annual borrowing plan for the 2025-2026 ﬁscal year makes no mention of the $300m in net new borrowings, or debt, generated by the recent $1.067bn sovereign bond issue. In his letter to Mr Davis, he argued that there is no “legal mechanism” for spending or using these funds without going through Parliament ﬁrst.

Although the Government obtained parliamentary approval to borrow the $300m during

due to claim nature or technical issues. Around 50 percent of customers have completed the process.”

The meeting minutes recorded: “From January 3, 2025, when the Chapter 11 plan of reorganisation became effective, FTX Digital Markets gained access to pooled assets valued at approximately $16bn.

“On February 18, 2025, distribution was paid to the customer claims of less than $50,000 - convenience class creditors - who had met the distribution requirements and have selected payment agents. The distribution represents 120.49 percent of their claim value.

“Distributions for all other creditors are scheduled to commence on May 30, 2025, provided that the distribution requirements have been satisﬁed. This will need to be completed by creditors in April to be eligible for the May distribution. Non-convenience class creditors will receive distributions in instalments over time.”

The FTX Digital Markets liquidators also conﬁrmed that the collapsed crypto exchange’s Bahamian real estate portfolio, for which it paid around a collective $256m, was being placed

the mid-year Budget in March, the FNM leader is arguing that the law and constitution require it to now bring a supplementary appropriations Bill to Parliament and get the latter’s permission on how these funds are to be used. In other words, it cannot simply drop them into the National Investment Fund.

Asking Mr Davis to clarify how much of the $300m will be used as seed capital for the National Investment Fund (NIF), Mr Pintard also challenged him to identify where this has been provided for in the 20252026 Budget.

“Both the Bahamas constitution and Bahamian law limit public spending to statutory expenditure and parliamentary appropriated expenditure only,” he wrote in his letter to the Prime Minister. “Thus, if there is no related Budget allocation, does the Government intend to bring a supplementary appropriations Bill to Parliament to get the necessary approval to spend the $300m (or portion thereof) to invest in the NIF?

“What will be the effect of this yet unbudgeted spending to seed the NIF on the planned Budget surplus once invested into the NIF? Clearly, when the $300m is appropriated and invested in full into the NIF then the related budgetary expenditure would have a significant impact on the projected fiscal surplus for this fiscal year.

“Please note that we are unaware of any legal mechanism by which the

on the market gradually to avoid over-saturation.

“The joint ofﬁcial liquidators are also in the process of realising the real estate portfolio of FTX Property Holdings in The Bahamas. Marketing of the properties commenced last year,” the trio added.

Government can take the proceeds of sovereign debt and spend, lend or invest it for any purpose (other than debt repayment) without the sum being appropriated by Parliament through the legally-established budgetary framework,” Mr Pintard continued.

“Just as importantly, the related would have to be treated as a budgetary expenditure and recorded accordingly. Put simply, the Government cannot simply decide to bypass Parliament and the budgetary framework and place $300m into the NIF.” He challenged Mr Davis to ensure the $300m borrowing stays within “the limits and parameters of the laws and constitution of The Bahamas”.

Mr Pintard, subsequently voicing concern that there was no mention of the $300m in the annual borrowing plan, told Tribune Business: “The Government continues to operate outside of the law and, again, it is going to cause us reputational damage.

“It undermines the credibility of this administration, and it has real life consequences for the Bahamian people. And so we call on the Government to be transparent, to operate within the law in terms of fully disclosing the obligations they are taking on, and following the law in terms of expenditure. This is, again, deﬁnitely a pattern of behaviour that is not a sign of good governance and which has consequences for the Bahamian people.”

“Properties will be advertised and sold in a controlled manner to avoid market impact and work in consultation with the US debtors in this regard. The joint ofﬁcial liquidators have received signiﬁcant interest in the properties to-date and are optimistic in achieving appropriate recoveries.”

(reﬁnancing) risks for the market.

The conversion was revealed in the Ministry of Finance’s just released annual borrowing plan for the 2025-2026 ﬁscal year, but Mr Bowe told this newspaper that the reﬁnancing of maturing one-year Bahamas Government Registered Stock (BGRS) bonds via the issuance of Treasury Bills has been underway from the start of 2025.

“They commenced doing that from six months ago,” he said. “From the beginning of the year, all of their one-year government registered securities were not being renewed and they were issuing 365-day Treasury Bills. That’s been happening for six months.”

Mr Bowe said the beneﬁt to the Government is “more the ﬂexibility in the instrument” that is Treasury Bills rather than any reduction in the interest payments to investors. He added that “it gives them the ability to have greater upfront cash value” via the discount to face value at which Treasury Bills are sold, while the interest due to their holders accretes over the period to maturity.

“It gives them a little bit of a longer term with the funding,” he added. “They [the Government] effectively get the same cash ﬂow but more ﬂexibility and the delay the interest accretion.” Ultimately, the Government is aligning The Bahamas with international

norms where all its paper due to mature in one year or less is classiﬁed as Treasury Bills or notes and bonds are to be held for a longer term.

Asked if the conversion strategy changes the risk equation for investors, Mr Bowe replied: “If it walks like a duck, quacks like a duck but you hang a horse around it’s neck, it’s still a short-term security. Do whether it’s a Bahamas Treasury Bill for one-year or a Bahamas Government Registered Stock for one year, it’s still short-term.

“It has the same repayment risk and same rollover risk as before. The one-year bond was created out of necessity because of lack of investor appetite for longer-term paper. There is nothing exotic or interesting here. It hasn’t changed the risk appetite or risk calculation in any form.”

The Ministry of Finance, in its annual borrowing plan, stated: “Domestic bond issuance remains integral to the Government’s ﬁnancing strategy, with the $632.5m in maturing bonds expected to be reﬁnanced ($259.7m) and reduced via planned conversions to Treasury Bills ($372.8m).

“The Central Bank, in its capacity as fiscal agent of the Government, will conduct auctions for fixed rate bonds with tenors of three, five, seven, ten, 20, and 30 years under the benchmark programme.” The Plan added that the Treasury Bill conversion will “complement the liquidity management tools of the

NOTICE

NOTICE is hereby given that SANDRA MAUREEN WILLIAMS D RSE of P.O. Box SS19463 #14 Maud Streets, New Providence, h h s, 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 11th 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 TERRICA FRANÇOIS of P.O.Box N , N ss , h h s, 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 3rd 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 YASMIN MARIE ADDERLEY of #29 Calvin 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 4th 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 KEMAR CHANDON of P. O. Box N-4733, Marshall 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 4th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

banking sector and options for the Government”.

The Davis administration added that, despite the $372.8m bond conversion and need to reﬁnance another $1.839bn in existing Treasury Bills over the 12 months to end-June 2026, it expects the outstanding debt represented by this instrument to be reduced by $61.4m. In total, some $2.217bn worth of Treasury Bills will be rolled over in 2025-2026.

“Treasury Bill auctions and Treasury note rollovers will remain a central component of the annual borrowing plan funding operations,” the Ministry of Finance said.”Instruments on offer will include 30 days, 91 days, 182 days and 364 day tenors...

“During ﬁscal year 20252026, the intent is to rollover the combined $1.839bn in outstanding bills and notes at end-June 2025, together with the conversion of $372.8m in one-year bonds to 364-day Treasury Bills. Intra-year, Treasury Bill issuances will be utilised to smooth out short-term cash ﬂow requirements. On balance, the outstanding amount is expected to be reduced by $61.4m.”

The annual borrowing plan said the Government aims to “re-engage with the IMF” in a bid to this year complete “the framework to facilitate liability management strategies using call options, bond switches and buyback operations to enhance market liquidity and mitigate reﬁnancing risk”.

Based on the Government achieving its forecast $75.5m Budget surplus for the 2025-2026 ﬁscal year, its gross ﬁnancing needs

- meaning the amount of maturing existing debt that it must reﬁnance - has been pegged at $1.116bn or the equivalent of 6.8 percent of Bahamian gross domestic product (GDP).

Of this sum, some $308.6m or 27.7 percent will be raised by external borrowings. This is broken down into $265m worth of new loans from multilateral development agencies, with the $43.6m balance coming from the drawdown on existing credit facilities with the same lenders;

The majority of the Government’s ﬁnancing needs, some $807.4m or 72.3 percent, will come from Bahamian dollar sources. This includes the reﬁnancing of the $259.7m in maturing bonds, a further $319.7m in Treasury Bills and $228m in foreign currency loans.

The latter $228m is almost certainly the rollover of the International Monetary Fund (IMF) special drawings rights (SDRs) that were loaned to the Government by the Central Bank. This advance, which the Davis administration vehemently denied was a loan for so long, is now classiﬁed as such by the annual borrowing plan.

Under the heading ‘loans’, the annual borrowing plan states: “The Government contemplates a further rollover of the promissory note arrangement with the Central Bank for the ﬁscal year 2022-2023 SDR facility.”

As for the external foreign currency loans, several observers have challenged whether the Government can use facilities from the likes of the Inter-American Development Bank (IDB) to reﬁnance or rollover

NOTICE

NOTICE is hereby given that FELLY PETITFRERE of P.O.Box N-9426, William Street, Nassau, h h s, 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 3rd 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 PEDIE MATHURIN of Marsh r o r, o, h h s, 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 3rd 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 EWERIN NOEL of Andros Avenue, st tr t, N ss , h h s, 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 3rd day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

existing debt as it seemingly plans to do in 2025-2026.

The $100m national energy policy loan from the Development Bank of Latin America and the Caribbean is also included in the plan.

“Government plans to fully draw down two approved policy-based loans from the international ﬁnancial institutions aggregating $260m,” the Ministry of Finance said.

“Of this total, $160m represents the second component of the InterAmerican Development Bank (IDB) programmatic loan intended to support governance improvements related to disaster risk management covering the general framework, risk identiﬁcation and reduction, disaster preparedness, recovery planning and ﬁnancial protection.

“A $100m policybased loan from the CAF, which is the development bank of Latin America and the Caribbean, is to support the implementation of key aspects of the National Energy Policy, which encompasses

strengthening the regulatory framework, modernising infrastructure, promoting renewable energy and improving energy efﬁciency,” it added.

“Smaller disbursements, estimated at a combined $5m, are expected to be drawn in ﬁscal year 20252026 on two pipeline investment facilities: a $80m loan from the IDB for climate resilient transport infrastructure and a $60m loan for the blue economy. The balance is to be disbursed in subsequent years based on project implementation milestones.”

To round out the proposed external ﬁnancing, the annual borrowing plan added: “Drawings under existing investment loans from multilateral creditors are estimated at $43.6m. Of this total, approximately $38.9m (89.2 percent) is associated with various IDB investment and budget support projects, and with the balance representing the education and water supply infrastructure projects ﬁnanced by the Caribbean Development Bank.”

NOTICE

NOTICE is hereby given that L REN E DA INS INE of #15 Knowles Drive, Faith Gardens, New ro i , h h s, 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 11th 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 BILLY EXANTUS of P.O. Box SS954 Windsor Place, Nassau, h h s, 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 3rd 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 KIRON DEGRAWN WILLIAMS of Bellot Road, of Carmichael o , N ss , h h s, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of 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 GERALDINE ADAMS of #2 Lakeshore Drive, West Ridge North, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

EUROPEAN LEADERS ANNOUNCE

NEW EQUITY FUND FOR UKRAINE AND URGE INVESTMENT EVEN AS WAR ACCELERATES

By NICOLE WINFIELD Associated Press

EUROPEAN lead-

ers urged private business and equity on Thursday to invest in rebuilding Ukraine now, even as Russia accelerates its war, as they opened an annual recovery conference with announcements of a new equity fund and public-private partnerships amid uncertainties of the U.S. commitment to Kyiv's defense.

Italian Premier Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy kicked off the proceedings in Rome as Moscow pounded Ukraine's capital with another major missile and drone attack overnight in some of the heaviest attacks on Kyiv in the more than three-year war.

The conference is expected to ﬁnalize individual deals of guarantees and grants to unlock more than 10 billion euros (around $12 billion) in investments, Meloni said. The European Commission, for its part, announced the creation of the European Flagship Fund for the Reconstruction of Ukraine, the largest equity fund to date to support the country.

"The message we want to send today to businesses is: Don't be afraid to invest to build and rebuild Ukraine,"

Meloni told the gathering of business, political and development representatives. "The reconstruction of Ukraine is not a risk. It's an investment in a nation that has shown more resilience than any other."

Zelenskyy told the gathering that investing in Ukraine and especially its domestic defense industry was in Europe's own security interest. "Ukraine has some of the world's most advanced drone technologies for both offensive and defensive use, and we are ready to share this expertise and these technologies with our partners," he said. "Ukraine needs investment, you need skills, you need technology, and everything we are building now to protect Ukraine will also help protect you."

He thanked those countries and companies that have already invested and warned that only friends would be welcome to rebuild: "We will only welcome true partners, those who are not helping Russia continue this war," he said, without naming speciﬁc nations.

Fourth such conference on Ukraine's recovery Italian organizers said 100 ofﬁcial delegations were attending alongside 40

NOTICE

TCBA LTD

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210094 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 9th day of July A.D. 2025.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is TEREZA CRISTINA BULBOL ABRAHÃO, whose address is R Luiza Rodrigues da Rosa 77, 13049-413, Campinas, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 8th August A.D. 2025 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 9th day of July A.D. 2025

TEREZA CRISTINA BULBOL ABRAHÃO LIQUIDATOR

N O T I C E

ESSO NIGERIA-SAO TOME HOLDING TWO (ONE) LIMITED

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 1st day of August A.D., 2025. In default thereof, they will be excluded from the beneft of any distribution made by the Liquidator.

Dated the 11th day of July, A.D., 2025.

Jamie L. Penny Liquidator

22777 Springwoods Village Parkway Spring, Texas 77389

U.S.A.

N O T I C E

ESSO NIGERIA-SAO TOMO HOLDING ONE (ONE) LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) ESSO NIGERIA-SAO TOME HOLDING ONE (ONE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 8th day of July 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Jamie L Penny, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 11th day of July, A.D., 2025.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

international organizations and development banks. Around 2,000 businesses, civil society and local Ukrainian governments also sent representatives. They are participating in a trade fair on the grounds of the ministerial-level meeting at Rome's funky new "Cloud" conference center. It's the fourth such conference on Ukraine's recovery, with earlier editions in Lugano, Switzerland in 2022, London in 2023 and Berlin last year.

"It's basically a platform where a lot of businesses, European businesses and Ukrainian businesses, meet up and network, where you can actually see this public-private partnership in action, because obviously public money is not enough to undertake this gigantic effort of restructuring a country," said Eleonora Tafuro Ambrosetti, senior research fellow at the Milan-based Institute for International Political Studies, or ISPI.

The World Bank Group, European Commission and the United Nations have estimated that Ukraine's recovery after more than three years of war will cost $524 billion ( 506 billion) over the next decade.

Ukraine's partners focusing on industries, issues

Alexander Temerko, a Ukrainian-British businessman, said that the Rome conference was different from its predecessors because it is focused on speciﬁc industries and issues, not just vague talk about the need to rebuild. The program includes practical workshops on such topics as "de-risking" investment, and panel discussions on investing in Ukraine's rare earth minerals, pharmaceutical and domestic defense industries.

"This is the ﬁrst conference which is considering particularly projects in the energy sector, the mining sector, the metallurgical sector, the infrastructure sector, the transport sector, which need to be restored in Ukraine and during the war especially," he said.

In addition to Meloni and Zelenskyy, German Chancellor Friedrich Merz,

N O T I C E

ESSO NIGERIA-SAO TOME HOLDING TWO (ONE) LIMITED

Dated the 11th day of July, A.D., 2025.

Jamie L. Penny Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Polish Prime Minister Donald Tusk, Dutch Prime Minister Dick Schoof, European Commissioner Ursula von der Leyen as well as several other European prime ministers, economy and foreign ministers participated.

French President Emmanuel Macron remained in Britain with U.K. Prime Minister Keir Starmer, but they and several of the participants in Rome spoke in a videoconference call Thursday of the "coalition of the willing." These are the countries willing to deploy troops to Ukraine to police any future peace agreement with Russia.

Retired Lt. Gen. Keith Kellogg, U.S. President Donald Trump's special envoy to Ukraine and Russia, was in Rome and took part in the "coalition of the willing" videoconference in a ﬁrst

for Washington, Meloni said.

"I think this is a clear sign and a clear example of the unity that we're continuing to work for, for Ukraine's security and our security," Meloni said.

Zelenskyy met with Kellogg on Wednesday and planned talks with other U.S. ofﬁcials to discuss the expected adoption of a new U.S. sanctions package, Ukrainian Foreign Minister Andrii Sybiha said Wednesday. It was a reference to a bill sponsored by Republican Sen. Lindsey Graham and Democratic Sen. Richard Blumenthal, who are both in Rome, calling in part for a 500% tariff on goods imported from countries that continue to buy Russian oil. The move would have huge ramiﬁcations for China and India, two economic behemoths that buy Russian oil.

N O T I C E

ESSO NIGERIA-SAO TOMO HOLDING TWO (ONE) LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) ESSO NIGERIA-SAO TOME HOLDING TWO (ONE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 8th day of July 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Jamie L Penny, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 11th day of July, A.D., 2025.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

UKRAINE’s President Volodymyr Zelenskyy, and his wife Olena Zelenska are welcomed by Italian Prime Minister Giorgia Meloni during the Ukraine Recovery Conference at La Nuvola convention center in Rome, Thursday, July 10, 2025.

Photo:Gregorio Borgia/AP

AI DEVICE STARTUP THAT SUED OPENAI AND JONY IVE IS NOW SUING ITS OWN

By MATT O'BRIEN AP Technology Writer

A SECRETIVE competition to pioneer a new way of communicating with artiﬁcial intelligence chatbots is getting a messy public airing as OpenAI ﬁghts a trademark dispute over its stealth hardware collaboration with legendary iPhone designer Jony Ive.

In the latest twist, tech startup iyO Inc., which already sued Ive and OpenAI CEO Sam Altman for trademark infringement, is now suing one of its own former employees for allegedly leaking a conﬁdential drawing of iyO's unreleased product.

At the heart of this bitter legal wrangling is a big idea: we shouldn't need to stare at computer or phone screens or talk to a box like Amazon's Alexa to interact with our future AI assistants in a natural way. And whoever comes up with this new AI interface could proﬁt immensely from it.

OVER TRADE SECRETS

OpenAI, maker of ChatGPT, started to outline its own vision in May by buying io Products, a product and engineering company co-founded by Ive, in a deal valued at nearly $6.5 billion. Soon after, iyO sued for trademark infringement for the similar sounding name and because of the ﬁrms' past interactions.

U.S. District Judge Trina Thompson ruled last month that iyO has a strong enough case to proceed to a hearing this fall. Until then, she ordered Altman, Ive and OpenAI to refrain from using the io brand, leading them to take down the web page and all mentions of the venture.

A second lawsuit from iyO ﬁled this week in San Francisco Superior Court accuses a former iyO executive, Dan Sargent, of breach of contract and misappropriation of trade secrets over his meetings with another io co-founder, Tang Yew Tan, a close Ive ally

who led design of the Apple Watch.

Sargent left iyO in December and now works for Apple. He and Apple didn't immediately respond to a request for comment. "This is not an action we take lightly," said iyO CEO Jason Rugolo in a statement Thursday. "Our primary goal here is not to target a former employee, whom we considered a friend, but to hold accountable those whom we believe preyed on him from a position of power."

Rugolo told The Associated Press last month that he thought he was on the right path in 2022 when he pitched his ideas and showed off his prototypes to ﬁrms tied to Altman and Ive. Rugolo later publicly expanded on his earbudlike "audio computer" product in a TED Talk last year. What he didn't know was that, by 2023, Ive and Altman had begun quietly collaborating on their own AI hardware initiative.

"I'm happy to compete on product, but calling it the same name, that part is just amazing to me. And it was shocking," Rugolo said in an interview.

The new venture was revealed publicly in a May video announcement, and to Rugolo about two months earlier after he had emailed Altman with an investment pitch.

"thanks but im working on something competitive

so will (respectfully) pass!"

Altman wrote to Rugolo in March, adding in parentheses that it was called io.

Altman has dismissed iyO's lawsuit on social media as a "silly, disappointing and wrong" move from a "quite persistent" Rugolo. Other executives in court documents characterized the product Rugolo was pitching as a failed one that didn't work properly in a demo.

Altman said in a written declaration that he and Ive chose the name two years ago in reference to the concept of "input/output" that describes how a computer receives and transmits information. Neither io nor iyO was ﬁrst to play with the phrasing — Google's ﬂagship annual technology showcase is called I/O — but Altman said he and Ive acquired the io.com domain name in August 2023.

DUE TO POTENTIAL FUEL PUMP FAILURE

FORD RECALLS OVER 850,000 CARS IN THE US

NEW YORK Associated Press

FORD is recalling more than 850,000 of its cars across the U.S. because the low-pressure fuel pump

inside the vehicles may fail — and potentially cause an engine stall while driving, increasing crash risks. The recall covers a wide range of Ford and Lincolnbranded vehicles made in

NOTICE

Any persons having an interest in a female child born to Alaine Acquis Julmiste on the 29th day of December 2008, in Cayes, Haiti, is requested to contact

McIntosh & Co., Peach Tree Street, Freeport, Grand Bahama

Phone 242 351-8637 before July 17, 2025

recent model years. That includes certain Ford Broncos, Explorers and F-150s, as well as Lincoln Aviators and Navigators, documents published this week by the National Highway Traffic Safety Administration note. Ford plans to send out notification letters to affected owners starting this Monday (July 14), to warn of safety risks related to potential fuel pump failure. But a remedy is still "under development," the NHTSA's recall report notes. It wasn't immediately clear if there was an estimate for when a fix would become available. But this

week's recall report noted that owners will receive an additional letter with instructions to take their car to an authorized dealer for that service when the time comes — and that there will be no charge.

The Associated Press reached out to Ford for further comments Thursday. The Michigan-based automaker isn't aware of any accidents or injuries related to this recall, this week's report notes. But owners should look out for potential warnings. Prior to fuel pump failure, customers may encounter poor engine performance, for example, a check engine light or a decrease in engine power. Fuel pump failure is "more likely to occur" during warm weather or if there's low fuel in the tank, the recall report notes.

And loss of fuel pressure and ﬂow can be caused by internal contamination of a car's jet pump, amid other factors. Ford also identiﬁed supplier changes during a review of the manufacturing process, the report adds. Ford estimates that 10% of the 850,318 vehicles it's recalling in the U.S. have this fuel pump risk. The recall covers certain Ford

Broncos, Explorers and Lincoln Aviators between the 2021 and 2023 model years, in addition to 20212023 model year F-250 SD, F-350 SD, F-450 SD and F-550 SD vehicles. Select 2021-2022 Lincoln Navigators, Ford Mustangs and F-150s are also impacted, as well as some 2022 Expeditions.

JASON RUGOLO, founder and CEO of iyO, shows the motherboard of the iyO One audio computer while being interviewed at the company’s ofﬁce in Redwood City, Calif., Tuesday, June 24, 2025. Photo:Jeff Chiu/AP

A FORD logo is on the tailgate of a pick-up truck and on a Ford dealership sign in Salem, N.H. Photo:Charles Krupa/AP

Stocks close higher, nudging the S&P 500 and Nasdaq to more highs

By ALEX VEIGA AP Business Writer

WALL Street added to its recent milestones Thursday as the market closed at an all-time high after Delta Air Lines kicked off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.

The S&P 500 rose 0.3%, inching past the record it set last week after a betterthan-expected June jobs report.

The Nasdaq composite edged up 0.1%, enough of a gain to notch a new high for the second day in a row.

The Dow Jones Industrial Average ﬁnished 0.4% higher.

Delta surged 12%, bringing other airlines along with it, after beating Wall Street's revenue and proﬁt targets. The Atlanta airline also gave a more optimistic view for the remaining summer travel season than it had just a couple months ago.

The airline and other major U.S. carriers had pulled or slashed their

forecasts in the spring, citing macroeconomic uncertainty amid President Donald Trump's tariff rollouts, which have consumers feeling uneasy about spending on travel.

"Companies are becoming more conﬁdent in the range of outcomes for tariffs," said Michael Antonelli, market strategist at Baird. "Companies are starting to understand what the playing ﬁeld looks like a little bit better, even though we continue to have these kind of tariff announcements that get bounced back and forth."

Delta's encouraging report boosted the entire airline sector. United jumped 14.3%, American climbed 12.7%, JetBlue gained 7.8% and Southwest ﬁnished 8.1% higher. The market has been steadying following a downbeat start to the week as the Trump administration renewed its push to use threats of higher tariffs on goods imported into the U.S. in hopes of securing

new trade agreements with countries around the globe. Wednesday had been initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has now been extended to Aug. 1. That's

given Wall Street a breather just in time for the start of corporate earnings season. Wall Street analysts predict that companies in the S&P 500 will deliver 5% growth in second-quarter earnings, according to FactSet. That would mark the lowest rate since the fourth quarter of 2023. Conagra Brands fell 4.4% Thursday after the maker of Slim Jim, Swiss

Miss and other food prod-

ucts reported earnings and revenue that fell short of Wall Street's estimates. The company also lowered its earnings outlook, saying it expects continued cost increases due to tariffs.

Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, sank 22.7% after its latest quarterly results came in below Wall Street's forecasts. The company said it would not be providing a ﬁscal year 2026 outlook, citing uncertainty over tariff policy and the economy.

Shares in AZZ rose 5.5% after the electrical equipment maker's latest quarterly earnings topped analysts' forecasts.

Earnings season shifts into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday. Beyond airlines, most of the sectors in the S&P 500 notched gains Thursday, led by banks and

consumer-focused companies. JPMorgan and McDonald's each rose 1.8%. Technology and communication services stocks were the only laggards. Autodesk fell 6.9% and Netﬂix ended 2.9% lower. Shares of WK Kellogg vaulted 30.6% after Italian candy maker Ferrero agreed to acquire the cereal company in a deal valued at roughly $3.1 billion. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.'s portfolio of breakfast cereals across the United States, Canada and the Caribbean.

Shares in mining company Freeport-McMoRan rose 3.6% after Trump said a 50% tariff on copper imports would take effect on Aug. 1. The price of copper rose 1.9% to $5.59 per pound. All told, the S&P 500 rose 17.20 points to 6,280.46. The Dow added 192.34 points to 44,650.64. The Nasdaq gained 19.33 points to 20,630.66.

Photo:Richard Drew/AP