THURSDAY,AUGUST7,2025
NHI: 84% patient visit rise renews funding concerns
By NEIL HARTNELL Tribune Business Editor
Insurance (NHI) needs “a significant increase” in funding to “sustain the quality of care” after patient visits to doctors and other providers increasedby84percentinjust twoyears.
Dr Duane Sands, a former minister of health, told Tribune Business the 67,228 rise in ‘patient appointments’ between 2022 and 2024 showed the Government-run scheme will not be able to maintain treatment standards and improve the quality of “health outcomes” unless more funding and other resources are provided to keep pace with this growth in usage.
While the patient visits data, disclosed in the recently-released NHI performance report for 2024,
• Sands: Major increase needed to ‘sustain care quality’
• Accuses successor of ‘cop out’ over scheme financing
• Minister hails improved care access, diagnosis growth
is in many respects positive because it shows Bahamians are increasingly accessing primary healthcare services, the Opposition’s chairman reiterated his long-standing concern that the ‘value for money’receivedbynumerous patients remains “absolutely dismal”.
However, Dr Michael Darville, minister of health and wellness, in a statement responding to this newspaper’s inquiries hailed the 85 percent increase in patient visitsasanindicationofNHI’s “transformative impact” on the health and quality of life for many Bahamians. He added that the rise showed “growing public trust” in the scheme.
The 2024 performance report, compiled by the NHI Authority, which oversees the Government-funded and managed healthcare initiative, also detailed
Central Bank ‘monitoring’ situation with Island Pay
By NEIL HARTNELL Tribune Business Editor
THE Central Bank’s governor yesterday confirmed the regulator is “monitoring matters” at a Bahamian digital payments provider subject to client complaints about delays in having their money refunded.
John Rolle, in a brief messaged reply to Tribune Businessinquiriesonwhether the Central Bank is watching the situation at Island Pay, declined to provide details other than to say: “The Central Bank is monitoring
matters but cannot comment publicly on issues involving supervised financial institutions.”
Andrew Allen, who late last year became Island Pays chairman, declined to comment further yesterday in a messaged response to this newspaperfollowingattempts to reach him. However, wellplaced sources, speaking on condition of anonymity, told Tribune Business that the payments provider appears to have “paused” its business and placed it on hold until it develops its own technology platform.
BTC urges URCA: ‘Make it easy’ for new network
By NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
THE Bahamas Telecommunications Company (BTC) yesterday asserted it will move “as fast as regulators allow” in rolling out the new network technology that its top executive brandedas“ahugedeal”.
Sameer Bhatti, the carrier’s chief executive, told Tribune Business that the next-generation fixed wireless access technology formallylaunchedinBimini yesterday is already in the process of being introduced to BTC’s Eleuthera customers.
Disclosing that the new network’s roll-out on that island should be completed by next month, and all 600 BTC clients migrated over
PM denies own Budget speech on surplus miss
By FAY SIMMONS Tribune Business
Reporter jsimmons@tribunemedia.net
THE Prime Minister last vehemently denied projecting a $135.4m fiscal surplus for April even though this forecast is detailed in his written 2025-2026 Budget communication. Prime Minister Philip Davis KC repeatedly rejected Opposition accusations during a heated debate with Free National Movement (FNM) finance spokesman and east
CFAL eyeing $100m target for new fund
• Private equity launch ‘exceeds’ $20m goal
• Raise attracted 5,000 investors; 2,000 new
• Possible doubling to $40m within 12 months
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN investment house yesterday said it “exceeded” the $20m target for its new private equity fund’s first capital raise as it unveiled ambitions to expand to $100m in assetslong-term.
Anthony Ferguson, president of CFAL, told Tribune Business that the fund could potentially double in size to $40m within 12 months if fresh infrastructure projects that meet its investment criteria emerge as expected. He added that the fund’s launch, and initial capital raise, attracted 2,000 new Bahamian retail, or individual, investors to participate.
Grand Bahama MP, Kwasi Thompson.
“I never projected a surplus in April. And, in fact, this concept of the deficit in April was raised by the member for east Grand Bahama that he continues to repeat. We are not denying it’s a deficit. We’re not denyingit.Therewasadeficit,”saidMrDavis.
“There’s no argument. We never said that there wouldbeasurplusinApril. We never said that there was not a deficit in April.
Mr Allen on Wednesday blamed “an extremely disruptiveandunhealthyrelationship” with a third-party provider, who he declined to name,forIslandPay’spresent woes while conceding that it wasenduing“abadtime”.
This newspaper understands the payment provider may be locked in disputes with both the entity that built the platform and licensed it to Island Pay, and a separate company that hosts its technology platform, over the payment of fees. It is thought the latter may have suspendedtheBahamianprovider’s access to the platform,
thus forcing it to announce a “five-month” migration earlierthisweek.
Island Pay, in a newspaper advertisement issued yesterday,askedhundredsofclients to visit its Sandyport offices and bring their Know Your Customer (KYC) verification documents and bank account details so that it can transfer the monies due and owing to them. It confirmed that they would be unable to access their electronic wallets and funds stored on the legacy platform.
“Weexceededourexpectations,”theCFAL chief disclosed of the initial offering. “We have over 2,000 new registrants. Most people who are in the Bahamas Investment Fund also invested. We have catered to 5,000 retail investors.
“We exceeded our target. We have over $20m,andwe’restillcounting.Sotheresponse has been really good and we’re excited for the new young retail investors participating inthis.”TheBahamasInvestmentFundisthe vehicle that was created by CFAL to allow Bahamian investors to invest in the Nassau Cruise Port, and which holds their collective 49 percent equity ownership stake in that project. The CFAL private equity fund’s first two investments will be EA Energy and Island
ANTHONY FERGUSON
TECHNOLOGY WINNERS WILL POSSESS STRONGEST VALUES
I
n an age where a single tweet can reshape public opinion, and data breaches can cripple entire industries, the way businesses behave is under a greater spotlight than ever before. Technology has not only revolutionised the way we do business, but it is also changing the rules about how companies are expected to act — ethically, transparently and responsibly.
Let us be honest: Technology has brought tremendous opportunities. It has made communication faster, operations more efficientandglobalmarkets more accessible. But with this power comes a greater responsibility - and businesses in The Bahamas are notexempt. In today’s digital economy, there is no hiding in the shadows. Social media, online reviews and mobilefirst journalism mean that every business decision - good or bad - can become public in minutes.
KEITH
ROYE II
Customers want to know: Where are your products coming from? How do you treat your employees? Whatisyourenvironmental impact?
For Bahamian companies, this presents both a challenge and an opportunity. Firms that embrace transparency and ethical practices can build stronger brands, gain customer loyalty and even tap into
NATIONAL LABORATORY IS ON SCHEDULE FOR END OF YEAR
BY ANNELIA NIXON Tribune Business Reporter
WORK on the new
National Reference Laboratory is ahead of schedule at 55 percent, and has an expected completion timeline of the end of the year, saygovernmentofficials.
With renovations having begun on May 20 and an initial completion date of 12 months, the Project Execution Unit (PEU) at the Ministry of Health and Wellness yesterday announced renovations that will move the
National Reference Laboratory into the former Bahamas Mortgage Corporation building on Russell Road, Oakes Field, are halfwaycompleted.
Currently, drywall finishes are being taken out, tiling is in progress and plumbing and HVAC are being completed, according to Stafford Evans, a representative of Scorpio Construction Limited. The site will include six labs, sanitary grade infrastructure, stainless steel, touchlessunits.
“Like this is a medical facility, so it has to be up to par,” Valeria Evans project
SUPPORT FROM INDUSTRY FOR CONTRACTOR BOARD
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
MEMBERS of the construction industry have hailed the prospect of the formationofaConstruction Contractor’s Board, saying it is needed and will offer protection to both those in thefieldandclients.
Skyline Construction Bahamas is in full support oftheformationofaboard, as well as the Bahamian Contractors Association (BCA) - and Adrian Reid, owner of Adrian Reid Construction, has also now
agreed, saying the board is a long time coming. Mr Reid expects more protection for contractors with a board in place to regulate theindustry.
“We need somebody to actually speak for us or protect us, because of the an idea we actually don’t have that,” he said. “A lot of times the contractor get a lot of blame, and then sometimes most of the problem that we come up with sometime fall on the architect. When anyone say anything about blaming the contractors, or the contractor do this, or the contractor do that, we have
new markets such as ecoconscious tourism and fair trade exports. But those who cut corners? They risk getting called out — and fast. Look at data. Businesses are collecting more of it than ever before, thanks to mobile apps, e-commerce platforms and digital payments. But how that data is stored, used and protected is now a matter of ethics as muchasitislegality.
Think about it: If a Bahamian company gathers personal information from its customers, say from a loyalty programme or online ordering system, it has a moral obligation to protect that information. One breach, and not only is the company’s reputation on the line, but consumer trust can evaporateovernight.
As The Bahamas continues to digitise and modernise its infrastructure, strong data protection policies and ethical IT governancewillbekeynotonly
manager for Scorpio ConstructionLimitedsaid.
“On the upper floor are offices that’s going to be tiled out. The Ministry of Health and Wellness is executing a nearly $2m contract with Bahamian companyScorpioConstruction to transform the old Bahamas Mortgage Corporation building on Russell road into the new home of the National Reference Lab,” Gerard Symonette, PEU’s component lead, said. “The project was funded by the IDB and is a part of a broader initiative to strengthen public health infrastructure and medical services in The Bahamas. The upgraded facility will enhance the nation’s diagnostic testing capabilities and better support public health responses. The project is on schedule. Actually, it’s ahead of schedule, which means it’s at approximately 50, 55 percent, somewhere up in there.
a bigger problem. No one’s seeing that. So we actually have, literally, no one on thecontractor’sside.”
Matthew Munroe, principal of Integrity Roofing and Construction Ltd, added: “I guess they are trying to police everything, to make sure everything is being done that is proper practice, which isn’t bad to me, because there’s a lot of things in the industry that’s verychaoticatthistime.So Ithinkitdoeskindofmake sense to get people to be a little bit more vigilant in terms of how they do business and, I guess, how they handleclients.”
Shoddy work done by unqualified contractors, is a concern within the industry. Mr Reid said contractors are typically left with the blame or a contractor’s workers may be
to comply with laws, but to show consumers that their privacymatters. Artificial Intelligence (AI) and automation are the latest technological wavessweepingthroughthe business world. They promise efficiency, lower costs andbetterdecision-making. But they also raise ethical questions. Will jobs be lost? Will algorithms treat people fairly? Will decisions made by machines be accountable?
In The Bahamas, where tourism and financial services drive much of the economy, the impact of AI could be significant. While it can help streamline operations, boost the customer experience and even predict market trends, there is a risk of widening the gap between those who are technology-savvy and those leftbehind.
Companies have a duty not only to adopt new tools responsibly, but also to ensure that employees are retrained and supported in
“Renovations began officially on May 20, 2025, and is scheduled for completion by late this year. The electrical rough-in is 95 percent complete on the first floor, 90 percent complete on the second floor, HVAC [air conditioning] rough-in 95 percent complete on the first floor, 75 percent on the second floor, plumbing is 100 percent complete, rough-in that is, on both floors. Fire safety systems are 60 percent, communication cabling, 95 percent on the first floor, 70 on the secondfloor.Asfarasexterior works are concerned, fire escape stairs are 100 percent formed. Elevator shaft skim coat is being completed. We’re also proudtoreportzeroon-site incidents today, a reflection of the professionalism and skill of the Bahamian team leadingthisproject.”
Donald Demeritte, the project lead for the Ministry of Health and Wellness IDB project
unqualified,resultinginlow qualitywork.
“I’m a contractor,” he added. “If someone give me a job, right, I can’t be at another job, so I pretty muchhaveworkerswhocan do the job. What happens, most of these contractors, whattheydo,theygetajob, and then they get somebody who have an idea of what’ssupposedtobedone, and then they leave the job site. No supervision, nothing.Andthentheconsumer ortheclientendsupgetting the bad work because the person doesn’t know what todo.”
BOARD - See Page B5
the transition. Ethical use ofAImeansusingittoaugment human potential - not toreplaceitwithoutconsiderationforthesocialcost.
Climate change is a critical issue for The Bahamas. Companies do not have the luxury of ignoring sustainability since it is a matter of survival. Technology can help, ranging from smart energy systems to sustainable supply chain tracking, butethicsplayarole,too.
Being environmentally responsible is not just trendy; it is smart business.Tourists,investorsand global partners are increasinglylookingatacompany’s environmental impact. Bahamian companies that invest in green technology, and show real commitment to eco-friendly practices, can position themselves as leaders in both sustainabilityandeconomicresilience.
In this technology-driven era, corporate responsibility is no longer a “nice to have”; it is a necessity. For businessesinTheBahamas,
Executing Unit, said the project is “supplemented by EU grant funding, and so it’s incumbent upon us to provide updates, environmental updates, project updates, because that’s part and parcel of our deliverables”. He also noted the partnership with Scorpio Construction Limited “is indeedagoodone”.
“I beam with pride, because selecting a Bahamian contractor was uppermost in the government’s mind, uppermost in the project’s mind,” he said.“Andwehaveanother project closing tomorrow,
the stakes are even higher. Our economy depends on trust — trust from tourists, investors and regular consumers. And that trust can only be earned through ethical practices backed by smart, responsible use of technology.
As we embrace digital transformation, we must also nurture a business culture that values integrity, transparency and accountability. Because, in the end, the companies that win in the modern economy will notjustbetheoneswiththe fastest Wi-Fi; they will be the ones with the strongest values.
•NB:AboutKeith
Keith Roye II is a highly analytic and solutionsdriven professional with extensive experience in software development. He holdsaBScincomputerscienceandhiscareerincludes leading and delivering global software projects in various industries in The BahamasandtheUS.
and that’s for the Moore’s Island new clinic build, and we expect to have another Bahamian construction companynamed.Andallof these projects are actually objectively reviewed, and sotransparencyistheorder today. The names of the winners are published in all of the publications, and we’re glad that the press is a partner in this thing, so they can show that this IDB project executing unit isdoingwhatwewereactuallycontractedtodo.”
Bristol Group in water distribution team-up
The Bristol Group has partnered with a Floridabased firm to distribute the Tropical Water brand in TheBahamas.
Daniel Rogers, from Pensacola-based MSPFLA, said:“BristolDistributionis exactlythepartnerwewere lookingforinTheBahamas - a distributor with a robust network serving wholesale andretailchannelsthroughout The Bahamas, plus a commitment to sustainable brands like our Tropical Waterline.
“Tropical Water represents more than just premium artesian water in
reusable eco-friendly cans. Each sip offers the dream of a sandy beach while supporting environmental sustainability.”
Sandy Rolle, senior vice-president of Bristol Distribution, added: “This partnership aligns perfectly with our commitment to bring an alternative bottledwaterpackagingtoThe Bahamas that our clients have been asking for. By choosing Tropical Water, we’re preserving our country’s beauty and resources. Tropical Water should be on the shelves in a few weeks.”
BTC brings together key top-up partners
The Bahamas Telecommunications Company (BTC) brought together the vendors who facilitate top-upcredittoitssubscribers at the carrier’s first-ever MerchantMixer.
Theevent,heldatFusion Superplex, enabled BTC to engage directly with its master distributor and merchant partners. Madeleine Williams, BTC’s director of business-to-consumer (B2C) sales and fulfillment, said: “The Merchant Mixer is a reflection of how much we value the people and partners behind our distributionnetwork.
“Ourmerchantsaremore than just sales points – they are ambassadors of our brandandextensionsofour customer experience. Hosting this mixer was about listening, sharing ideas and expressing our gratitude for their commitment. We want our partners to know they are supported, and to see BTC as a company that investsincollaboration,not justtransactions.”
Paula Knowles, proprietor of You Max and a BTC partner for the past 20 years, said: “Being in the room with BTC executives and other merchants reminded me that we’re partofsomethingbigger.
“It wasn’t just a social event; it was a chance to understand BTC’s directionandshareideasonhow we can grow together. This kind of engagement builds real partnership, and it motivates us to keep pushing forward. We work hard for BTC, we make money for BTC, and the gratitude being shown is greatly appreciated.”
Millicent Woods, proprietor of K&L Crafts, said she finds the digital top-up arrangement that BTC presently has in place with its merchants very convenient. “It’s easy to feel like
just another vendor in this industry, but BTC made us feel like true partners,” Ms Woodssaid.
“The mixer opened the door for collaboration and even new ideas to help us grow. I left feeling re-energised and more connected to the brand than ever before, and I like the fact they took the time to say thankyou.”
Besides merchants, representatives from BTC’s master distributors were also in attendance. They connect with merchants –ranging from gas stations to convenience stores and mom-and-pop outlets – to offerBTCtop-up.
Nikhil Shah, a BTC master distributor and the chief executive of Communications Solutions, said events such as the Merchant Mixer are important becausetheystrengthenthe alignmentbetweenBTC,its distributorsandmerchants.
“It’s encouraging to see BTC creating space for open dialogue and collaboration,” Shah said. “We’ve been partners with BTC since 2004, and we have a great relationship. When we all have a clear understanding of the goals and strategy, it makes it easier to deliver value to customers and grow the business together.”
BTC said it continues to expand its top-up distribution footprint. Last month, it partnered with CTI Cellular and Rokers Gasstationtoinstalltop-up kiosks, offering customers a way to purchase BTC pre-paidcreditwithdenominations ranging from just $1 to $100. The company’s salesteamisalsointheprocessofintroducingane-sim designedfortourists.
BUSINESSES BLAME STOPOVER DROP FOR DECLINE IN INCOME
By FAY SIMMONS Tribune Business Reporter jsimmons@tribuneemedia.net
THE owner of the Green Parrot restaurant has reportedslowsummernumbers - that he attributed to declining stopover visitor numbers.
Speaking to Tribune Business, Peter Maury said sales have declined when compared to last year, speculating that a reduction in stopover guests have impacted the number of dinersathisestablishment.
“Sales are definitely off. We still have people coming in but last year was way better. The problem
HUMANE SOCIETY ISSUES PLEA FOR SUPPORT AFTER BREAK-IN
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
BAHAMAS Humane
Society president Kim Aranha issued an appeal for private sector and public donations after the charity was damaged during a robbery early Wednesday morning.
Speaking to Tribune Business,MsAranhasaidshortly
before 1am, intruders scaled a wall, navigated through a paddock of dogs, entered the building and stole several thousand dollars from the administrative office.
Highlighting that the Humane Society only receives $150,000 annually from the government but runs on a $1.5m budget, Ms Aranha said it is “disgusting” that thieves would target the charitable donations the organisation has worked so hard to raise.
Contractors back Industry regulation
BOARD - from page B3
It is Mr Reid’s hope that a board can help. Mr Munroenotedthatmanyclients get scammed and that “there’s a lot of dishonesty and distrust”. “So having something like that, I think can kind of maybe help offset a lot of that distrust that people have within the industry,” he added.
Mr Reid also said a board can help crack down of foreign investors bringing in non Bahamian contractors
and workers to obtain higher quality work.
“A lot of times, foreign investors,they’renotgetting the quality work that they need,” Mr Reid said. “And then that’s why they try to bring in their people to do the work. And that’s what happens. I do a lot of work over in Abaco and Baker’s [Bay]. It’s mostly foreign investors, and they required a higher quality of work.
“I do some work over there. I was there for like, three years. I just finished my contract. But I’m just
is, is the stopover numbers are down. The marinas are down, the vacation properties are down, from what we’ve heard,” said Mr Maury
“The restaurants aren’t down as much, thankfully because we do have a local crowd, but it’s mainly with the vacation crowd that we’re seeing a big decline.
“It’s just so disgusting that people would come in and steal from a charity. We worked so hard to raise the money that we raise. We get $150,000 from government, anditcostsuscloseto$1.5m a year to run the shelter,” said Ms Aranha.
“It’s so depressing. Just the thought that these guys would come and break into any charity. Charities are where people try and help the helpless that is so disgusting that they would do that. It just demonstrates how far we are falling as a society.”
She said while operations at the Humane Society have continuedasusualdonations
saying, the type of work that they require, it’s just different from the normal. Even product wise, it’s different. You got to know how to use different stuff and all that. So it’s a lot different. And these are the things, what they’re looking for. And if you can’t do it properly, they’re not going to hire you. So those are some of the issues that really go on.
“There’s a lot underlying, and it really needs something like that [a board] to really regulate it so everybody can have some form of protection. And then even that the clients will have protection, and the contractor will have protection because now, if you don’t know what you’re supposed
It’s been down compared to the past years. I can say that. There’s no increase. That’sforsure.”
He said bookings at his marina have seen a more significant decline over the past months due to he introduction of new boating sectorfees.
“July started to slow down.AndAugusthasbeen
from the public would assist in repairing the damages and installing additional security measures around the building.
“We can’t stop. We have to keep feeding the animals. But losing money, and havingtopayfortherepairs, the door, window and all the damage is pricey,” said Ms Aranha.
“We’re also going to have to heighten security and that’s going to cost us as well. We need to install more cameras, door sensorsandpossiblyputbroken glassorspikesonthewallso they can’t just jump over.”
to do, you can get a fine. So you got to do what you’re supposed to do.”
Mr Reid said once a board is formed, he would like for long wait times with banks to be addressed. He said banks take too long to pay contractors and it leads to delays with projects.
“If the board is there, you couldactuallyputsomething in place or say something so something can really be done about that,” Mr Reid said. “A lot of times that push you back. Finishing a project, you got to wait on the bank sometimes three, four weeks to get payment after you finish a stage. It’s good that the government is stepping in and doing something about it.”
very slow. Numbers we’re getting back are saying things have dropped right off,”saidMrMaury.
Delvon Ferguson, who alsoownsIDreamofSugar, a candy store located across from the Straw Market on Bay Street, said he has also seen a decline in patrons fromlastyear.
Mr Ferguson said while the restaurant still serves a strong number of cruise ship visitors, there has been adeclineinlocalclients.
“Sales are not as strong as they were last year. We are still getting a lot of visitors and cruise passengers, butthelocalcrowdhasdied down. So right now we are trying to think of new campaigns that would bring more locals to Bay Street,” saidMrFerguson. Minister of Tourism, Investments and Aviation Chester
Cooper told the House of Assembly during the 20252026 Budget debate that total air and sea arrivals through April 2025 were up 11.7 percent year-over-year from the 3.9m recorded during the same four monthslastyear. Mr Cooper hailed record visitorarrivalsof4.373mfor thefirstfourmonthsof2025 despite a slight 0.4 percent drop in higher-spending stopovervisitors.
‘Huge deal’ for Out Islands connectivity
WIRELESS - from page B1
from its legacy copper network, he added that it represents the wireless or wi-fi equivalent of fibre opticinfrastructurewiththe same broadband Internet download speeds and TV channel and landline access - but without having to put cablesintheground.
However, Mr Bhatti told this newspaper that the speed with which the next generation fixed wireless technology - known as the ‘BTCAirNetwork’-willbe rolled out to other Family Islands is dependent on “how easy” the Utilities Regulation and Competition Authority (URCA) makestheprocess.
Praising the communications regulator’s “diligence”, he acknowledged that it is soon due to publish its National Spectrum Plan review and any adjustments with BTC
eager to gain access to presently unused and unlicensed frequency bands to facilitate the Air Network expansion.
Confirming that BTC will still rely on fibreoptic cable networks on New Providence and the more populated islands, Mr Bhatti said Grand Bahama is now 100 percent switched over with no client remaining in its nowdecommissioned copper network. And Bimini has also been used as the testing, or proving, ground for BTC’s new retail store look andlayout,withtheMallat Marathon next to undergo thechange.
“This is a huge deal,” Mr Bhatti told Tribune Business of the Bimini launch, “because what we have done is, we call it the BTC Air Network, the next generation fixed wireless access. This technology provides the equivalent of fibre.” This, he added,
meant it offers broadband Internet download speeds of 150 mega bytes per second (Mbps) plus access to160TVchannelsandlandlineservices.
The BTC chief added that the ‘Air Network’ will be primarily deployed to service the “more sparsely populated communities” of theFamilyIslandsandcays, while fibre optic cables will remain its primary infrastructure in locations such as New Providence and Grand Bahama. The move also appears designed to combat the competitive threat posed by the likes of Elon Musk’s Starlink and satelliteproviders.
“It is a big deal? It’s a huge deal. We’re out here launching this thing,” Mr Bhatti said. “We’ve had it trialling and running for over a year, working out the glitches. With any new technology you have some glitches, but people are raving about it. We’ve shut
Provider in dispute with its technology providers
However,severalcustomers told Tribune Business that since complying with this request, and providing Island Pay with their KYC identification and bank account details, they have heard nothing for several weeks and their funds have yettobereturned. IslandPay’snotice,which said the refunds were part of a “five-month platform migration”, raised more questions than answers. Andrew Allen and his brother William Jnr, who last December told Tribune Business they had become Island Pay’s chairman and managing director, vehemently denied that the
notice was a ‘stalling tactic’ or attempt to play for time overclientpayouts. They pledged that they were seeking to resolve all outstanding customer refundsthisweek,andwere duetomeetwithremaining Island Pay staff yesterday. Asserting that all clients remaining to be paid have been identified, and “quite a few” already have been refunded, Andrew Allen said ownership and management are seeking to make Island Pay “ship shapemovingforward”. “Acompanywantstoget ahead of news in the marketplace,” he said. “This has come at a bad time.... This is not a new thing. We’ve resolved a lot of it
already.Werelyonexternal providers, technology vendors, and we are going to deal with that through our ownplatform.
“We cannot rely on third party providers. We’ve been trying this for some time. We’ve had an extremely disruptive and unhealthy relationship with our partners.” One Island Pay customer, speaking on condition of anonymity, said they only found out they could not access their electronic wallet - and the funds it contained - by chance when they went to checkit.
They added that, after finally tracking down a representative of the digital payments provider and
down the copper network inBimini...
“Eleuthera is underway right now. That’s the island we’re focused on now. We have 600 customers on Eleuthera. We’re from Briland to Spanish Wells, all the way down. We’re in Rock Sound now. We’re going to shut down the copper and migrate everybody to BTC. I would expect that, if we were having this conversation in September, we would expect to have planted our flag and sat we’re done in Eleuthera.”
Asked how quickly BTC will deploy its ‘Air Network’ to other Family Islands,MrBhattiacknowledged: “The big question is how fast can we go to the other islands. I would say we would go as fast as URCA allows us to. They are presently dealing with the National Spectrum Plan.
“On the other side, they have the ability to make it easy for us to roll this out. I’ll leave it at that and give them a chance to make it easy for us. Sameer’s ready to give it. How can make URCA make it easier for
BTC to roll this out. On the other side, to be fair, theteamatURCAarevery diligent and are sharpening their pencils on the NationalSpectrumPlan.
“I think they intend to publish it in the third quarter. I don’t know what date. I hope they look carefully at our desire to use unlicensed spectrum to support the network. I hope they look at this and say: ‘Let’s make it easy for them to do thisasfastastheycan.”
Mr Bhatti said BTC had made it a priority to hire and train Bahamians to install the ‘Air Network’ on Bimini, with persons fromislandssuchasAbaco, Eleuthera, Long Island and Andros involved so that they all have the necessary skills to deploy the technology at home. The same, he added, was done with the 2,100 square foot Bimini retailstore’soverhaul.
The “immediate next step” in BTC’s retail transformation is its flagship Mall at Marathon outlet, with Exuma and Eleuthera set to follow soon after.
Mr Bhatti said the plan is to address other elements of BTC’s product offering
learning what was happening, they provided all the KYC and bank account details but have yet to be paid.
But, after visiting Island Pay’s Sandyport offices and
providing the KYC and bank account details, they added it has “been more than two weeks” and they havestilltoberefundedthe contents of their electronic wallet. “They’re not telling
and services alongside the network and infrastructure upgrades.
“Access to fast, reliable Internet should be universal, not exclusive,” said Mr Bhatti. “With this pioneering technology, Bimini ascends as a beacon of the digital Bahamas, empowering work, learning and entertainment with unprecedented speed and reliability.
“We have wholly transformed Bimini’s connectivity landscape, and I amalsoproudtosaythatwe are also currently rapidly rolling out this evolution to Eleuthera.”Around90percent of Bimini’s population are already benefiting from and using the next-generation fixed wireless access network.
Mike Calabrese, vicepresident of worldwide sales at Tarana, BTC’s technology partner, added:
“We are excited to see our ngFWA solution making progress on The Bahamas’ digital divide. BTC is doing great work to upgrade their community with ultra-fast broadband, and we’re honouredtobeapartofit.”
people; they’re not giving clients notice,” the source said. “There’s no communicationwithindividuals.
“I’m getting the distinct impression that unless clients actually use the account and become aware there is a problem, and can’t access their funds, only then will they contact you.” Other contacts questioned why Island Pay was only starting a “five-month migration” to a new platform now, as such moves are usually planned and executed well in advance to ensure a smooth and seamlesstransition.
They also challenged why Island Pay in effect is requiring clients to submit the same KYC details they used to open their electronic wallet account again toreceivetheirfunds.
CENTRAL BANK OF THE BAHAMAS
Fund to seek out further investment opportunities
CAPITAL - from page B1
Power Producers (IPP).
The former won the bid to build, own and operate solar and natural gas-fuelled plants supplying Abaco and Eleuthera’s power needs, while the latter has secured the deal to supply cruise ships docked at Nassau Cruise Port with ‘shore power’ again produced by liquefiednaturalgas(LNG).
Some $10m worth of class A and class B shares were made available to investors in the private equity fund, with the proceeds set to be used to acquire separate 10 percent equity ownership interests in EA Energy and Island Power Producers, respectively. All 5,000 investor subscriptions have been accepted, and participantswillreceiveconfirmation e-mails within the next 30 days affirming their investment.
“We have all our permits,” Mr Ferguson said of the Island Power Producers project. “We have already started construction work at Arawak Cay. If you go
there you will see trucks, offices that have been established, and for EA Energy we expect to start clearing thegroundforsolaroncewe get our certificate of environmental clearance (CEC) permit which we expect to getonFriday.
“Everything is moving to target. Things are progressing quite nicely. Everything isontrack.Hopefullybythe end of the second quarter, start of the third quarter, next year we will be providing energy in those islands. With the cruise port, we expect that generation will be installed by the beginning of the second quarter [2026]. We’re on target for everything. We’re excited forwherewe’reat.”
Private equity funds typically invest in, and take ownership positions in, actual companies and businesses with a view to improving their performance. They ultimately exit these positions by selling their interests to another buyer or taking the subject companypublicviaaninitial publicoffering(IPO).
‘Significant
CFAL’s private equity fund is being structured as a segregated accounts company (SAC), allowing it to issue different share classes to investors and hold its various company investments separate from one another. This will allow investors to choose which ones they investin,whilealsopreventingliabilities(andproblems) at a company held by the Fund from directly impactingothers.
Mr Ferguson said CFAL’s fund will allow individual Bahamian retail investors to “participateinsomeofthese major projects, particularly the infrastructure” and private-public partnership (PPP) investments designed todrivetheBahamianeconomy’s growth and benefit from dividend payouts and capital appreciation of the value of their underlying shares.
“Dependingontheinvestment opportunities that become available, we would be seeking to introduce additional funds to participateintheseopportunities,”
Mr Ferguson told Tribune Business. “If something
improvements’ in preventative healthcare
double-digit increases in patients diagnosed with chronic non-communicable diseases (CNCD) such as cardiovascular disease and diabetes, via 74 percent and 28percentrises,respectively.
Dr Darville said these increases were “one of the most encouraging shifts” as they suggested Bahamians are “embracing preventativecare”throughtheaccess provided by NHI, enabling
illnesses such as hypertension to be detected much earlier.
And, while acknowledging that “continued investment in NHI is not only necessary but vital”, the minister said the NHI Authority’s performance report showed the scheme “isanaccountableandeffective means” of delivering healthcare to Bahamians. He added that equal access to affordable healthcare for all is the “cornerstone” of theGovernment’splans.
But Dr Sands, noting that CNCD illnesses have reached an “unparalleled level” in The Bahamas, also accused Dr Darville, a successor as minister of health, of a “cop out” by introducing an NHI Bill that paves the way to finance the scheme through employer, self-employed and worker contributions but electing not to execute or “pull the trigger”onthis. He spoke out after the 2024 NHI performance report, which has been seen by Tribune Business, showed that both scheme beneficiaries and use of the primary care services provided continue to expand rapidly despite the only source of funding - taxpayer subsidies - remaining static at $46.2m until this fiscal year’s $2m increase.
NHI beneficiaries were shown to have expanded from 141,092 at year-end 2022 to 159,281 some two years later - an increase of 18,189. Bahamians covered by NHI increased by 9 percent,or12,038,in2023tohit 153,130 at year-end, before their numbers enjoyed a further 4 percent or 6,151 personexpansionin2024.
comes into the water space, the renewable energy space, the roads space, we want to make sure our clients can participate and benefit in thelong-run.”
Asked how big CFAL wants its private equity fund to become, Mr Ferguson replied: “It’s very ambitious, and our investment target depends on opportunities becoming available, but it could be up to $100m. It depends on what comes up. It’s more a function of opportunity.
“We believe perhaps, in another 12 months, there may be one or two more opportunities that take it up to $40m but we’ll see. It has to meet our investment criteria for us to go to the public and say: ‘Here’s another class of shares to investin’.”
Describing the private equity fund’s first two investments, CFAL had told prospective investors: “EA Energy has been selected by the Government of The Bahamas to develop microgrids on the islands of Eleuthera and Abaco. The companywillbuildsolarand natural gas power plants on both islands under a 25-year power purchase agreement withtheGovernment.
“EA Energy will be 65 percentownedbyBahamian investors and 35 percent
Usage of NHI’s doctor, laboratory services, meanwhile, grew at an even faster rate than enrollment.
‘Appointment counts’, representing the number of patient visits to doctors and otherNHIproviders,soared by 85 percent or 67,228 over the two years between year-end 2022 and 2024expanding from 78,632 to 145,860.Thebiggestjumpof 44 percent, or 44,841 visits, occurredin2023.
“From 2022 to 22024, appointment counts increased by 67,228 visits representing an 85 percent rise over the two-year period,” the NHI Authority said. “This strong upward trend indicates that not only more beneficiaries but also a greater frequency of primarycareservicesutilisationovertime.”
As to the consequences of increased patient usage having to be financed from an unchanged budget, Dr Sandstold Tribune Business: “The expectation would be that there would have to be a proportionate increase [in funding] or even, if not a direct one:one increase, there would certainly be a significant increase to sustain the quality of care people get while paying attention to the sustainabilityoftheprogramme...
“There are no surprises there [with the report], but we are not going to be able to provide the type of quality care, with diagnostic and therapeutic interventions peopleneed,withouthaving the resources to do it. If we try to do otherwise, we are goingtowasteourtime.”
The ex-minister suggested the Government dedicate just an extra 0.5 percent, or even 0.25 percent, of the $3.887bn in revenues it is projected to earn during the 2025-2026 fiscal year towards increased healthcare financing. This, he added, will enable NHI to keep pace with the evergrowing demand for care followingitsstrugglestopay bills in full and on time in recentyears.
by a Turkish partner. The project will be funded with $140m in total investment and is expected to be completedattheendofthe2026 secondquarter.”
As for the cruise shore power plant, it said: “Island Power Producers has been selected by the Government of The Bahamas to develop shore power for the cruise ships while docked at Nassau Cruise Port. The companywillbuildanatural gas power plant along with regasification and storage facilities to supply natural gastootherFamilyIslands.
“Island Power Producers will be 100 percent owned by Bahamians. The project will be funded with $180m in total investment and is expected to be completed at the end of the 2026 second quarter.” Both EA Energy and Island Power Producers are, in effect, affiliated projects because the capital raised for each to-date has been via offerings overseen byCFAL.
This newspaper reported on April 24, 2025, that EA Energy’s $132.5m private placement had seen the $100m bond component fullysubscribedforbyinvestors. However, only $21m of the $32.5m equity was taken up, and the $10m raised by CFAL’s private equity fund willlargelyfillthatgap.
Arguing that healthcare fundingisbeing“neglected”, Dr Sands asserted: “As a consequence, look at the percentage of Bahamians whospendthelasttenyears of their life suffering from illness. The percentage is huge. When you look at years spent either disabled oreconomicallyinactive,the percentage of Bahamians whofallintothatcategoryis huge.
“The net negative impact tooureconomy,thenetnegative impact to our quality of life, is huge. A significant amount of our people stumble from clinic to clinic, emergency room to emergency room, hospital bed to hospitalbed.”
Dr Sands also suggested that Dr Darville “took the out”inParliamentlastweek by introducing legislation that gives NHI options to seek alternative funding sourcesbutnotexecutingon this himself. “It will be very interesting to see as they rampupNHI,”headded.
“The minister suggested there would be no effort to make funding more sustainable, and that he was only setting up the legislative framework to do so. How does that make sense? That soundslikeacopout.”
Dr Darville, though, focused on the positive aspects of the NHI Authority’s performance report including a 30 percent increase in consultations via tele-medicine. He added that NHI is succeeding in improving the health and quality of life for many Bahamians by providing them with greater access to affordable primary care services.
As for Island Power Pro-
ducers, Mr Ferguson told this newspaper in February 2025 that the $150m project obtained $60m in equity capital before yearend 2024. And, with CIBC Caribbean willing to put up $50minbankfinancing,only needed a similar amount to closeoutitsfund-raising.
“We settled at $60m [on the equity portion]. It’s about $150m total. We already have a commitment from the bank for up to $50m. CIBC. We’ve been doingbusinesswiththemfor thelast20years,”theCFAL chiefsaidthen. Capital markets observers previously said the $10m sought for the Class A and B series shares, and 10 percent equity stakes that this will acquire, mean that both EA Energy and Island Power Producers have been valued at $100m even thoughtheyhaveyettostart producing energy. They also questioned whether these valuations align with what was previously disclosed publicly.
The retail offering for ClassAsharesinEAEnergy and Class B shares in Island Power Producers opened on July 21 and closed on July 29, with shares priced at $10 and a minimum subscription of$1,000.
“One of the most encouraging shifts is how Bahamians are embracing preventative care, getting screened earlier and often, thanks to the accessibility provided by NHI. This has led to significant improvements in early diagnosis and preventative care, particularly for chronic non-communicable diseases (NCDs) such as cardiovascular disease, diabetes, respiratory conditions and obesity.
“For example, diagnoses of Type 2 Diabetes rose by 28 percent, and cardiovasculardiseasecasesincreased by 16 percent, indicating enhanced detection and follow-up care. A 42 percentjumpinannualwellness visits and 12 percent more lab testing further confirms the programme’s success in encouraging regular health monitoring.”
Looking to the future, Dr Darville added:
“The recent passage of new NHI legislation paves the way for further programme expansion. Continued investment inNHIisnotonlynecessary but vital. The data demonstratesthatanationalhealth insurance programme is an accountable and effective means of delivering care, measuring health outcomes and managing the health statusofourpopulation.
“Importantly, the report underscores the need to ensure that all beneficiaries have access to the essential services they deserve. Equity in healthcare access remainsacornerstoneofour mission.Weremaincommitted to building a healthier Bahamas, where every citizen has access to quality, affordablehealthcare.
“The NHI programme is a cornerstone of that vision. The results of the 2024 performance report clearly demonstrate that the programme is working as intended, and we must continue to strengthen and expand it in the years to come.”
“The 2024 performance report of the NHI Authority (NHIA) highlights the transformative impact of the National Health Insurance programme on the health and well-being of our citizens. With over 161,000 beneficiaries now enrolled, and an impressive 85 percent increase in appointment visits over the past two years, the data reflects growing public trust and widespread utilisation oftheprogramme,”DrDarvillesaid.
PM alleges surplus he mentioned was ‘primary’
We projected what the deficit would be in April and that... that projection turned out to be off which weaccept.”
As previously reported by Tribune Business, Mr Davisinunveilingthe20252026 Budget hailed April 2025’s revenue performance as being at “a high level”. He told the House ofAssembly:“Typically,the month of April contributes approximately 12 percent to the total revenue intake overaten-monthperiod.
“According to the latest preliminary financial data, April 2025 is consistent with this trend, accounting for approximately 13 percent of total revenue over the ten-month period. The preliminary financial data shows revenue specifically for the month of April 2025 at $352.7m. The strong revenue performance in April suggests that fourth quarter revenue performance will beverystrong.”
posted. That was a projection,right?Theonlysurplus Ispokeoffortheyear20242025 was a primary surplus, which means our income and expenditure minus our [revenue].”
of the reconciliation process between preliminary and final monthly fiscal data.
“Earlier in this communication I mentioned the fiscal performance for April 2025. With the strong revenue performance, preliminary data shows April 2025atasurpluspositionof $135.4m. So again, Madam Speaker, it is due to this second half performance that we feel confident in reachingadeficitwithinour target range of 0.3 to 0.7 percentofGDP.”
However, the subsequent Ministry of Finance report showed April 2025’s performanceproducedaminor $2.1m deficit - but a major $137.5m reversal from the Prime Minister’s earlier rosysurplusforecast.
Mr Thompson yesterday reminded Mr Davis of this, and questioned why April’s outcome was a $2.1m deficit - a vast difference from the $135.4m surplus projected during the 2025-2026 Budgetcommunication.
“We quoted what you said in your Budget communication. So there’s no misunderstanding as to whatwesaid.Iquotedwhat yousaidintheBudgetcommunication, and that was, it was a projection of what April would have been and it was off,” said Mr Thompson.
The revenue numbers were close to those detailed in the Ministry of Finance’s April2025report.However, Mr Davis was some way off the mark with his surplus/ deficit projection, which measures by how much the Government’s revenue income either exceeds or is less than its total spending foraparticularperiod.
“When you had your Ministry of Finance report, your report said something different from what you projected. That’s simple. That’s all we said. And we ask you to explain the difference.”
Mr Davis denied projecting a surplus for April 2025, and maintained that the only surplus forecast he made during the Budget communication was the $75.5m full-year one for 2025-2026.
“I think my Budget communication is somewhere around here, and instead of goingbackandforthonthis issue, let me just say this. The only surplus I spoke about for the Budget year, 2024/2025.. there was a surplus but it was what we call the primary surplus,” said MrDavis.
“I say that to say I then projected a surplus for the year2025-2026;that’swhere the surplus is. The surplus I projected was for the year 2025-2026, not for the year 2024-2025. As he’s aware, the posting to accounts through the Treasury for April’s postings were still beingdoneinMay.
“When I was speaking in May, postings were still being done, and I was speaking of the end of April, so some of the postings had not yet been
However, the Budget communication makes no mention of a “primary surplus” - just a surplus - when it came to the Prime Minister’s April 2025 forecast of a $135.4m deficit. The Davis administration had previously sought to take cover behind the word “preliminary”, which the Prime Minister had used in referring to the forecast $135.4mAprilsurpluswhen hedisclosedit.
It also blamed the significant variation between that figure and the $2.1m deficit outcome on “late postings by the Treasury, particularly related to interest expenses on Treasury Bills”, and suggested that it was “normal” for reconciliations between preliminary andfinalmonthlyfiscaldata tooccur.
Latrae Rahming, the Prime Minister’s communications director, said in a statement: “In the 2025-2026 Budget communication, it was made clear that the fiscal data presented for April 2025 was preliminary and subject to revision.
“The variance between the initial surplus estimate and the finalised figures is primarily the result of late postings by the Treasury, particularly related to interest expenses on Treasury Bills. This is a normal part
“What remains most important is that all indicators continue to point toward the overall fiscal deficit for the full fiscal year, which ended on June 30, 2025, falling within the projected range of 0.3 to 0.7percentofGDP,ascommunicated by the Prime Minister. The Government remains committed to sound fiscal management, accurate reporting and full transparency throughout thebudgetaryprocess.”
Fiscal observers, though, have already questioned the Government’s explanation that “late postings” of interest payments to investors holding its Treasury Billswasresponsibleforthe $137.5m divergence - something repeated by Mr Davis yesterday. They pointed out that the Government’s interest, or debt servicing, costs - particularly the timing of such payments, how much and on which instruments - are known far inadvance.
Thus, even if the interest payments had not been posted for April by the Public Treasury, they argued that officials would have known they were due and should have factored them into the monthly numbers and deficit calculations. The Government spent $86.2m on interest or debtservicingcostsinApril 2025, which is similar to the $85.4m outlay for the same monthin2024.
MCDONALD’S SAYS ITS FOCUS ON VALUE -- AND A MUSTHAVE MINECRAFT MEAL -- BOOSTED
SECOND-QUARTER SALES
By DEE-ANN DURBIN AP Business Writer
A FOCUS on value — along with hot products like a “Minecraft”-themed meal — helped McDonald’s turn around its sagging sales in thesecondquarter.
McDonald’s Chairman and CEO Chris Kempczinski said Wednesday that the company’s McValue menu, which was introduced in January, is bringing some U.S.trafficbacktoitsstores even as industrywide fast foodvisitshaveslowed.The menu lets customers buy one item for $1 when they buyafull-priceditem,andit drawsindifferentcustomers than McDonald’s $5 meal deal,Kempczinskisaid.
McDonald’s is also seeing a strong response to value meals in Europe and other regions,Kempczinskisaid.
But the company remains concerned about continuing declines in traffic from consumers with household incomes of $45,000 or less. Fast food visits by lowerincome consumers dropped
by double-digit percentages industrywide in the U.S. the April-Juneperiod.
Kempczinski said lowerincome consumers are feeling uneasy about tariffs and their impacts and about the employment outlook.
McDonald’s is talking with franchisees about ways to reengage those customers, hesaid.
“Too often, if you’re that consumer, you’re driving up to the restaurant and you’re seeing combo meals priced over $10. And that absolutely is shaping value perceptions in a negative way,” Kempczinski said Wednesday during a conference call with investors. “So we’vegottogetthatfixed.”
McDonald’shadabigwin in April with a meal tied to “A Minecraft Movie,” which was offered in 100 countries, making it the company’s largest ever global campaign. McDonald’s said it sold out of its collectible figures in less thantwoweeks.
McDonald’s Chief Financial Officer Ian Borden said
Michael Pintard, the Opposition leader, also challenged the Government’s explanation in arguing that it had “only madethesituationworse”.
“Simply put, given that the Ministry of Finance and the Public Treasury know the timing of all interest payments during the year, there is no way the debt servicing on Treasury Bills would not have been fully factored into any calculation of the deficit or surplus foranymonth,”heblasted.
One source familiar with the Government’s fiscal operations, speaking on condition of anonymity, said of the Public Treasury “late postings” explanation: “Thatisarealweakexcuse. It is laughably absurd. There is no way that, if the finance team was calculating the projected surplus or deficit for that month, would they leave out those interestpayments.
“Interest is set. There are no fluctuations. Even if theyarenotyetpostedthey are one thing that you can mark your calendar by. It’s an absurd, sad, sad excuse. I can say without contradiction that the Public Treasury does cash flow projections every year on a month-by-month basis with specific peculiarity, and factored into that are all the knowninterestpayments.
“You know the timing in advance. They know when they come due; whether it’s 180 days or 360 days. Even if they were not posted they would have known of them.”
chicken — including new products like McCrispy chicken strips in the U.S. and McWings in Australia — also boosted sales. McDonald’s increased its chicken market share in each of its 10 biggest markets,Bordensaid. It was a far different story than the first quarter, when McDonald’s U.S. and global same-store sales slumped as both lower- and middle-income consumers cutback.Kempczkinskisaid visits from middle-income consumers improved in the secondquarter.
Some rivals didn’t fare as well in April-June period. Yum Brands, the parent company of KFC, Taco Bell and Pizza Hut, reported lower-than-expected revenue on Tuesday and said KFC’s same-store sales dropped 5% in the U.S. And last month, Chipotle lowered its full-year samestore sales guidance after a disappointing second quarterthatsawsame-storesales fall4%.
McDonald’s said Wednesday its revenue rose 5% to $6.8 billion in the AprilJune period. That was higher than the $6.7 billion Wall Street forecast, according analysts polled by FactSet.
Disney’s 3Q profit climbs on strength of domestic parks, streaming; strikes deal with WWE
By MICHELLE CHAPMAN AP Business Writer
DISNEY'S profit and revenue climbed in its fiscal third quarter as the entertainment company continued to add subscribers to its streaming service and see strength at itsdomesticthemeparks.
It also raised its fullyear adjusted earnings forecast on Wednesday and announced a deal with WWE that will see the sports entertainment company's premium live events, like WrestleMania , streamedbyESPN.
The Walt Disney Co. earned $5.26 billion, or $2.92 per share, for the three months ended June 28. A year earlier it earned $2.62 billion, or $1.43 per share.
Excluding certain items, earnings were $1.61 per share. This easily beat the $1.46 per share analysts polledbyZacksInvestment Researchwerelookingfor.
Revenue for the Burbank, California, company totaled $23.65 billion, falling slightly short of Wall Street's estimate of $23.68 billion.
Disney subsidiary ESPN struck a rights agreement with TKO Group's WWE to become the exclusive U.S. domestic streamer of the sports entertainment company's premium live events starting next year. Aside from gaining access to WrestleMania, ESPN willalsoairmarqueeevents such as the Royal Rumble, SummerSlam and Survivor Series.
The wrestling events will beavailableonESPN'snew streaming service, which is set to launch next month, with select ESPN cable channelsalsoairingthem.
Financial terms of the agreement were not disclosed, but The Wall Street Journal said that it's a fiveyear deal worth more than $1.6billion.
"Sports is the big headline coming out of Disney's latest earnings report, and forgoodreason.Livesports programming (like WWE Premium Live Events) amasses captive audiences that advertisers crave, and Disney is prioritizing programming with the highest adrevenuepotential,"Mike Proulx,Forrestervicepresident, research director, said inanemailedstatement. Last night the NFL announced that it had
entered into a nonbinding agreement with ESPN.
Under the terms, ESPN will acquire NFL Network, NFL Fantasy and the rights to distribute the RedZone channel to cable and satellite operators and the leaguewillgeta10%equity stakeinESPN.
Revenue for Disney Entertainment, which includes the company's movie studios and streaming service, edged up 1%, whilerevenuefortheExperiences division, its parks, increased8%.
Disney's direct-to-consumer business, which includesDisney+andHulu, posted quarterly operating income of $346 million comparedwithalossof$19 millionayearago.Revenue climbed6%.
The Disney+ streaming service had no change in
RUSSIA ASKS CENTRAL AFRICAN REPUBLIC
TO REPLACE WAGNER WITH STATERUN AFRICA CORPS AND PAY FOR IT
By JEAN-FERNAND KOENA and MARK BANCHEREAU Associated Press
OFFICIALS in the Central African Republic have said that Russia has called on the country to replace the private Wagner mercenary group with Moscow's state-run Africa Corps and requested payment for furthersecurityservices.
The Central African Republic's government has been reluctant to agree to Moscow's demands, because it sees Wagner as more effective and they prefer to pay for services withminerals,notincash.
For years, Wagner has been in Central African Republic, where they are protecting President Faustin Archange Touadera and his government, and helped him win a 2023 constitutional referendum that could extend his power indefinitely. In exchange,
they've enjoyed access to the country's rich minerals, includinggold.
But Russia has been trying to transition from Wagner to Africa Corps since Wagner's leader, Yevgeny Prigozhin, was killed in a plane crash in 2023. The Wagner mercenarieswerereplacedearlier thisyearinMali.
A Central African Republic military official told The Associated Press onTuesdaythattheRussian deputy defense minister made the demands about a shift to Africa Corps and paymentforitsservicesearlier this year during several visitstothecountry.
The official said government authorities are reluctant to agree, because they believe the privaterun Wagner would be more effective than Africa Corps,whichisunderdirect command of the Russian defenseministry.
CAREER OPPORTUNITY MAINTENANCE WORKER
Job Description:
• General Handyman for Vacation Property Rentals dealing with basic painting, carpentry, plumping tasks on a day-to-day basis.
• General Property Manager for Property Owners Association doing daily property walkthroughs and weekly reports. Performing maintenance works in addition to allocating other staff to assist in required repairs.
GENERAL TASKS:
• You will be expected to be versatile with multiple duties and responsibilities, including but not limited to:
• Carpentry: installing cabinets, doors, countertops and flooring including tiles, carpets or other hardwood and laminate coverings.
• Roofing: identifying and repairing the source of leaks, removing dirt and debris from guttering, replacing shingles and improving insulation to prevent heat loss.
• Plumbing: while you don’t have the expertise to fix complex issues, you can resolve basic problems such as installing new taps, sinks and toilets, and repairing leaks.
• Electrical: replacing bulbs, rewiring sockets, installing alarms, doorbells, security cameras and thermostats.
• Decorating: painting walls and ceilings, touching up skirting boards and door frames, sanding floors and other wooden surfaces. EMAIL: hr@palmcay.com
Wagner has "connections with the officers, are feared operationally and have the resources," said the official, who wasn't allowed to publicly discuss the matter so spoke on condition of anonymity.
The military official said that according to the Russian demands, the Central African Republic "must not only cover the costs of AfricaCorpspersonnel,but also pay significant sums of money to Russia, amountingtobillionsofCFAfrancs (millionsofdollars).
"But authorities in Banguisaidtheyareunable to pay the amount," the official said. "Instead, they hope to compensate Russia with strategic and mineral resources, notably gold, uranium,andiron."
A senior Central African lawmaker with direct knowledge of the negotiations confirmed the
paid subscribers domestically, which includes the U.S. and Canada. There was a 2% rise internationally, which excludes Disney+HotStar.
Total paid subscribers for Disney+ came to 128 million subscribers, up from 126 million in the second quarter.
Disney+ and Hulu subscriptions totaled 183 million, up 2.6 million from thesecondquarter.
In the fourth quarter, Disneyanticipatesthattotal Disney+andHulusubscriptions will increase more than 10 million compared with the third quarter, with most of the increase coming from Hulu due to the expanded Charter deal, CEO Bob Iger and Chief Financial Officer Hugh Johnston said in prepared remarks.
The company expects a modest increase in the number of Disney+ subscribers in the fourth quarter. Iger and Johnston also said that Disney will stop reporting the number of paid subscribers for Disney+, Hulu and ESPN+ streaming services because the metric has become less meaningful for evaluating theperformanceofitsbusinesses. The company will stop reporting the metric for Disney+ and Hulu beginning with fiscal 2026's first quarter and will no longer report the figure for ESPN+ starting with fiscal 2025'sfourthquarter.
TheExperiencesdivision, which includes Disney's six global theme parks, its cruise line, merchandise and video game licensing, reported operating income increased 13% to $2.52 billion. Operating income climbed 22% at domestic parks. Operating income declined 3% for international parks and Experiences.
Disney announced in May that it will build a seventh theme park in Abu Dhabi.
"We have more expansions underway around the world in our parks and experiences than at any other time in our history," Iger said in a statement.
"With ambitious plans aheadforallourbusinesses, we're not done building,
and we are excited for Disney'sfuture."
For fiscal 2025, Disney now anticipates adjusted earnings of $5.85 per share. It previously predicted $5.75 per share. Analysts surveyed by FactSet expect full-year earnings of $5.80 pershare.
While Disney continues topullleverstosuccessfully manage all of the different components of its business, it's also working on its search for a successor to Iger, the face of Disney for most of the past two decades.
Disney created a succession planning committee in 2023, but the search began in earnest last year when the company enlisted Morgan Stanley Executive Chairman James Gorman toleadtheeffort.
Disney does have some time, as Iger agreed to a contract extension that keeps him at the company throughtheendof2026.
Disneyislookingatinternalandexternalcandidates. The internal candidates are widely believed to include the chairman of Disneyowned ESPN, Jimmy Pitaro,ChairpersonofWalt Disney Parks and Resorts Josh D'Amaro, Disney Entertainment Co-Chairman Alan Bergman and Disney Entertainment CoChairmanDanaWalden. SharesofDisneydeclined more than 3% in morning trading.
demands by Russia to the AP.
"We discussed it, and the government needs to make proposals," said the lawmaker, who who wasn't authorizedtotalktoreportersabouttheissuesospoke onconditionofanonymity.
There are also questions regarding the Kremlin's demand for payment. Both officialswhospokewiththe APdidn'tmentionaspecific amount, but they suggested thatitwastoomuchforthe countrytopay.
Russia's Defense Ministry didn't immediately respond to a request for comment.
NOTICE
NOTICE is hereby given that WISLER MICHEL of George Town, Exuma, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalizationasacitizenofThe 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 31st day of July, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,Bahamas.
Bahamas, is applying to the Minister responsible for Nationality and Citizenship,forRegistrationNaturalization 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 factswithintwenty-eightdaysfromthe
The Central African Republic has been in conflict since 2013 when predominantly Muslim rebels seized power and forced the president from office. A 2019 peace deal was signed but six of the 14 armed groups involved in the deal withdrew from it. Wagneriscreditedforhelping prevent the rebels from retakingthecapitalin2021.
Unlike Wagner, which fights rebels alongside government forces, Africa Corps is more focused on trainingandthatcouldbea contentious issues for both countries,saidUlfLaessing, head of the Sahel program
at the Konrad Adenauer Foundation.
"In Mali, they forced themtoacceptthechange," Laessing said. "I don't think the Central African Republic has options since they chased away the Europeans."
France, the Central African Republic's former colonial ruler, had a significant military presence in the country since it's independence in 1960, but withdrew its last troops in 2022 after a fallout with authorities.
NOTICE
NOTICE is hereby given that ERNST ARRIS of Washington Street, Balfour Avenue, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship,forRegistrationNaturalization 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 factswithintwenty-eightdaysfromthe 31st day of July 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147,Nassau,NewProvidence,TheBahamas.
STUFFED toys on display in the World of Disney store at Disney Springs shopping and entertainment district Tuesday, Aug. 5, 2025, in Lake Buena Vista, Fla. Photo:John Raoux/AP
IN this image taken from video, President of the Central African Republic FaustinArchange Touadera arrives at a polling station in Bangui, Central African Republic, Sunday, July 30, 2023.
Photo:File/AP
PIERRE LOUIS of
Saints Road off Golden Isles, Nassau,
TRUMP'S PURSUIT OF MEETING WITH CHINESE LEADER
REVEALS THE COMPLEX WEB OF US-CHINA RELATIONS
By DIDI TANG Associated Press
CHINA, the adversary. China, the friend? These days,maybeabitofboth.
From easing export controls to reportedly blocking the Taiwanese president's plans to travel through the United States, President Donald Trump is raising eyebrows in Washington that he might offer concessions that could hurt U.S. interests in his quest to meet, and reach a deal with, theChineseleader.
There is no firm plan for Trump to meet Chinese PresidentXiJinping.Butit's widelybelievedthatthemen must meet in person, likely in the fall, for the two governmentstoinkatradedeal, and some are worried that Xi is leveraging Trump's desireformoregiveaways.
"The summit mismatch is real. There's a clear gap between Trump's eagerness for a face-to-face with Xi and Beijing's reluctance to engage," said Craig Singleton, senior director of the ChinaprogramattheWashington-based think tank
Foundation for Defense of Democracies. There are concerns that Trump may throttle back onexportcontrolsorinvestment curbs to preserve summit prospects, Singleton said, warning the risk "isn'tjustingivingawaytoo much" but also "in letting Beijingsetthetempo." China-U.S. relations have pinballed often since Washington established relations with communist-led Beijing in 1979. They've hit highs and lows — the latter in the aftermath of the 1989 massacre of pro-democracy protesters in Tiananmen Square, after a 2001 incident involving a U.S. spy plane, during the COVID pandemic and right now. Both countries have struggled to understand each other, which has sometimes gotten in the way of deeper partnerships.
And this time around, there's a wild card: the anything-might-happen second presidencyofTrump.
Disputes often accompany potential US-China leader meetings
Efforts by a U.S. president to meet the head of the authoritarian Chinese government have often met with partisan outcries — which happened when former President Joe Biden hosted Xi in California in 2023. But Trump's case is peculiar, partly because he is willing to break with conventional political restraints to make deals and partly because his own party has grown hawkish towards Chinaovernationalsecurity.
"With President Trump, everythingseemstobeopen for negotiation, and there are few if any red lines," said Gabriel Wildau, managing director of the global consultancy Teneo. "The hawks worry that if Trump gets into a room with Xi, he will agree to extraordinary concessions, especially if he believes that a big, beautiful dealiswithinreach."
While most Republican lawmakers have not voiced their concerns openly, Democrats are vocal in their opposition. "President Trump is giving away the farm to Xi just so he can save face and reach a nonsensical trade deal with BeijingthatwillhurtAmerican families economically," said Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee.
On Tuesday, Kush Desai, a White House spokesman, said the Trump administration "has not wavered — and will never waver — in safeguarding our national and economic security to putAmericafirst."
"The administration continues to have productive conversations with China to address longstanding unfair trade practices," Desai said, adding that export controls on cutting-edge technology
many tariffs remain in place.
Treasury Secretary Scott Bessent, after his latest round of trade negotiations with the Chinese in July, told CNBC that the team was "very careful to keep trade and national security separate." And Secretary of State Marco Rubio, appearing on Fox News Radio, said the U.S. remains "as committed as ever to our partners ... in places like Taiwan" but also spoke of the strategic need to keep tradetieswithChinasteady.
"In the end, we have two big, the two largest economies in the world," Rubio said. "An all-out trade conflict between the U.S. and China, I think the U.S. would benefit from it in some ways, but the world wouldbehurtbyit."
There's worry over Taiwan Taiwan is concerned that the self-governing island could be "trade-able" when Trump seeks a deal with Beijing, said Jason Hsu, a senior fellow at the Hudson Institute and a former legislator in Taiwan. "Our concern is that, will any of the trade deals lead to concession on political support for Taiwan?" Hsu said, citing the case last month where the White House allegedly blocked a request for Taiwanese President Lai Ching-te to transit through theUnitedStates.
The U.S. maintains unofficial ties with Taiwan and has always allowed such transits in the past. Experts are worried that the Trump administration is setting a bad precedent, and Democrats have seized on it to criticizeTrump.
Rep. Raja Krishnamoorthi, the top Democrat on the House Select Committee on China, called the move "both a sharp break from precedent and another example of the Trump administration caving to China in hopes of reaching a trade deal." He said the policydecision"sendsadangerous signal" that Taiwan's democracyisnegotiable. HsusaidTaiwanfearsthat Trump could be coerced or compelled to support the one-China principle, as espoused by Beijing, that acknowledges Beijing's sovereignty claim over the island. There are also concerns that Trump might utter anything in support of "unification." That was a request Beijing raised with the Biden administration, thoughitfailedtogetapositiveresponse. Now, it's upon Taiwan to persuade Trump to think of the island as "an economic partner rather than somethingthathecantradewhen he negotiates with China," Hsu said, suggesting that Taiwan step up defense commitments, increase energy procurement, open
its market to U.S. companies and invest more in the U.S.
But Sun Yun, director of the China program at the Stimson Center, said Trump is bound by the Taiwan Relations Act, a domestic law that obligates the U.S. to maintain an unofficial relationship with the island and provides it with sufficient hardware to deter any invasionbyChina.
"He can dial the (U.S.Taiwan) relationship up and down," Sun said, "but he can't remove the relationship."
Export controls have been instituted, to mixed results
In April, the White House, citing national security, announced it would restrictsalesofNvidia'sH20 computer chips to China. The ban was lifted about three months later, when the two governments had climbed down from skyhigh tariffs and harsh trade restrictions.
The decision upset both Republican and Democratic lawmakers. Rep. John Moolenaar, a Michigan Republican who chairs the House Select Committee on China, wrote to Commerce Secretary Howard Lutnick tostressthattheU.S.cannot let the Chinese Communist Party "use American chips to train AI models that will power its military, censor its people,andundercutAmericaninnovation."
A PAIR of platform mule shoes and a bright blue bag are displayed at Apocalypse, a buy, sell and trade store in Boulder, Colo. on Saturday, July 12, 2025.
Photo:Nicky Andrews/AP and
ECLECTICALLY styled mannequin heads are displayed at Apocalypse, a buy, sell and trade store in Boulder, Colo. on Saturday, July 12, 2025.
A rally for Apple leads
Wall Street higher
By STAN CHOE APBusinessWriter
A RALLY for Apple led Wall Street higher on Wednesday as U.S. stocks reclaimed more of their sharplossesfromlastweek.
The S&P 500 rose 0.7%. The Dow Jones Industrial Averageadded81points,or 0.2%, and the Nasdaq compositeclimbed1.2%.
Apple alone accounted for more than a third of the S&P 500's gain. It rose 5.1% ahead of a White House event where it was expected to announced an increase to its U.S. investments of an additional $100 billion over the next four years. Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. The Walt Disney Co. fell after its earnings beat forecasts but itsrevenuefellshort
Worries are still high that President Donald Trump's
tariffs may be hurting the economy, but hopes for comingcutstointerestrates by the Federal Reserve and a parade of stronger-thanexpected profit reports from U.S. companies have helpedsteadythemarket. Companies are under pressure to deliver bigger profits to justify the big gains their stock prices have made since the U.S. market hit a low point in April. The S&P 500 is only abitbelowitsrecord,which was set late last month, and the big rally fueled criticism that the broad market has becometooexpensive.
McDonald's climbed 3% after reporting stronger profit and revenue for the spring than analysts expected. Offerings tied to the "Minecraft" movie proved to be a hit for the restaurantchain.
Shopify jumped 22% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company's forecast for revenue in the current quarter suggests the strong trendsarecontinuing.
CLAIRE’S, KNOWN FOR PIERCING MILLIONS OF TEENS’ EARS, FILES FOR CHAPTER 11, 2ND TIME SINCE 2018
By ANNE D'INNOCENZIO
AP Retail Writer
MALL-BASED teen accessories retailer Claire's, known for helping to usher in millions of teens into an important rite of passage — ear piercing — but now struggling with a big debt loadandchangingconsumer tastes, has filed for Chapter 11bankruptcyprotection.
Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries — collectively Claire's U.S., the operator of Claire's and Icing stores across the United States, made the filingintheU.S.Bankruptcy Court in Delaware on Wednesday. That marked the second time since 2018 and for a similar reason: high debt load and the shift among teens heading online awayfromphysicalstores.
Claire's Chapter 11 filing follows the bankruptcies of
other teen retailers including Forever 21, which filed in March for bankruptcy protection for a second time and eventually closed down its U.S. business as traffic in U.S. shopping malls fades and competition from online retailers like Amazon, Temu and Shein intensifies.
Claire's, based in Hoffman Estates, Illinois and founded in 1974, said that its stores in North America will remain open and will continue to serve customers, while it explores all strategic alternatives. Claire's operates more than 2,750 Claire's stores in 17 countries throughout North America and Europe and 190 Icing stores in North America.
In a court filing, Claire's said its assets and liabilities range between $1 billion and$10billion.
NOTICE
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that ISA Company Limited has been dissolved and has been struck from the Register with effect from 7 July 2025.
Tachaka Mullings and Magdaline Carey LIQUIDATORS
c/o Corvalier Trust Company (Bahamas) Limited Pineapple House #4 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
Arista Networks leaped 17.5% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts.
They helped offset an 18.3% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Streethadpenciledin.
Disney dropped 2.7% afteritsprofitbeatforecasts but its revenue fell short.
Analysts said investors may have been looking for Disney to boost its profit forecastbyabiggeramount.
The NFL also announced that it had entered into a nonbinding agreement with Disney's ESPN, which will give the sports broadcaster the NFL Network, NFL Fantasy and the rights to
distribute the RedZone channel. The NFL will get a 10% stake in ESPN in the proposeddeal.
Chip company Advanced Micro Devices fell 6.4% after its profit for the latest quarter only matched analysts'expectations.Analysts said the company's financial forecasts for upcoming results also looked solid, but that may not have been enough for investors after its stock had already soared 44.3% for the year so far comingintotheday.
"This decision is difficult, but a necessary one," Chris Cramer, CEO of Claire's, saidinapressreleaseissued Wednesday. "Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders."
Alltold,theS&P500rose 45.87 points to 6,345.06. The Dow Jones Industrial Average added 81.38 to 44,193.12, and the Nasdaq compositejumped252.87to 21,169.42.
In the bond market, Treasury yields held relativelysteady. The yield on the 10-year Treasury remained at 4.22%, where it was late Tuesday. It's well below where it was last week, before Friday's weakerthan-expected report on the U.S. job market ignited
Like many retailers, Claire's was also struggling with higher costs tied to President Donald Trump's tariffplans,analystssaid. Cramersaidthatthecompany remains in "active discussions" with potential strategic and financial partners. He noted that the company remains committed to serving its customers and partnering with its suppliersandlandlordsinother regions.Claire'salsointends to continue paying employees'wagesandbenefits,and it will seek approval to use cashcollateraltosupportits operations.
NOTICE
TRAPIA LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 210089 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 1st day of August, A.D. 2025.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mrs. SANDRA PAULA RODRIGUES DE SOUZA, whose address is RUA ADERBAL MAIA PAIVA, S/N - Q 254 L 422, 58046527, BRAZIL. Any Persons having a Claim against the above-named Company are required on or before the 2nd day of September 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 1st day of August A.D. 2025.
SANDRA PAULA RODRIGUES DE SOUZA LIQUIDATOR
NOTICE IS HEREBY GIVEN as follows:
(a) First Bahamas Title Insurance Agency Limited intends to wind-up its business under the provisions of the Insurance Act, 2005.
(b) First Bahamas Title Insurance Agency Limited will make application to the Insurance Commission of The Bahamas on September 24, 2025, for the Company to be voluntarily wound up.
Agent for the above-named Company
worries that Trump's tariffs are pushing employers to holdbackonhiring. That report has traders onWallStreetbettingheavily that the Federal Reserve will need to cut interest rates at its next meeting in September. Such cuts can give the economy and investments prices a boost, buttheyalsocanpushinflationhigher. In stock markets abroad, indexes rose modestly across much of Europe and Asia.
Neil Saunders, managing director of GlobalData, a research firm, noted in a note published Wednesday Claire's bankruptcy filing comesas"norealsurprise." "The chain has been swamped by a cocktail of problems, both internal and external, that made it impossible to stay afloat," hewrote.
TRADER VincentNapolitanoworksontheflooroftheNewYorkStockExchange,Tuesday,July29, 2025.
Photo:Richard Drew/AP
Trump to put additional 25% import taxes on India, bringing combined tariffs to 50%
By JOSH BOAK, RAJESH ROY and FATIMA HUSSEIN Associated Press
PRESIDENT Donald Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combinedtariffsimposedby the United States on its ally to50%.
The tariffs would go into effect21daysafterthesigning of the order, meaning that both India and Russia might have time to negotiate with the administration ontheimporttaxes.
Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republicanpresident.
As part of a negotiating period with Beijing, Trump has placed 30% tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened NewDelhi.
Trump had previewed for reporters Tuesday that the tariffs would be coming. DuringaneventintheOval Office Wednesday with Apple CEO Tim Cook, Trump affirmed the 50% tariff number, not giving a specific answers as to whether additional tariffs on India would be dropped iftherewereadealbetween RussiaandUkraine.
"We'll determine that later," Trump said. "But right now they're paying a 50%tariff."
The White House said Wednesday that Trump could meet in person with Russian President Vladimir Putin as soon as next week asheseekstobrokeranend tothewar.
The Indian government on Wednesday called the additional tariffs "unfortunate."
"We reiterate that these actions are unfair, unjustified and unreasonable," Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests.
Jaiswal said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4billionpeople.
Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed U.S. trading partners and far above rivals such as China, VietnamandBangladesh.
"The tariffs are expected to make Indian goods far costlierwiththepotentialto cut exports by around 40%50%totheU.S.,"hesaid.
Srivastava said Trump's decision was "hypocritical" because China bought more
Russian oil than India did lastyear.
"Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for U.S. defense and technology,"hesaid.
In 2024, the U.S. ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the U.S. Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, amongothergoods.
As the world's largest country,Indiarepresenteda way for the U.S. to counter China's influence in Asia. ButIndiahasnotsupported the Ukraine-related sanctions by the U.S. and its allies on Moscow even as India's leaders have maintainedthattheywantpeace.
The U.S. and China are currently in negotiations on trade, with Washington imposing a 30% tariff on Chinese goods and facing a 10% retaliatory tax from Beijing on American products.
The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialized nations that encouraged India to buy cheap Russian oil through apricecapimposedin2022.
The nations collectively capped Russian oil a $60 per barrel at a time when prices in the market were meaningfullyhigher.
The intent was to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shippingnetwork.
The price cap was rolled out to equal parts skepticism and hopefulness that the policy would stave off Putin'sinvasionofUkraine.
The cap has required shippingandinsurancecompanies to refuse to handle oilshipmentsabovethecap, thoughRussiahasbeenable to evade the cap by shipping oil on a "shadow fleet" of old vessels using insurers and trading companies located in countries that are notenforcingsanctions.
TRUMP ANNOUNCES APPLE INVESTING ANOTHER $100 BILLION IN US MANUFACTURING
By JOSH BOAK Associated Press
APPLE CEO Tim Cook
joined President Donald Trump at the White House on Wednesday to announce a commitment by the tech company to increase its investment in U.S. manufacturing by an additional $100 billion over the next fouryears.
"This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America," Trump said at the press conference.
"Today's announcement is one of the largest commitments in what has become among the greatest investment booms in our nation's history."
As part of the Apple announcement, the investmentswillbeaboutbringing more of its supply chain and advanced manufacturing to the United States as part of an initiative called the American Manufacturing Program, but it is not a full commitment to build its popular iPhone device domestically.
"This includes new and expanded work with 10 companies across America. They produce components — semiconductor chips included — that are used in Apple products sold all over the world, and we're gratefultothePresidentfor hissupport,"Cooksaidina statement announcing the investment.
The new manufacturing partners include Corning, Coherent, Applied Materials, Texas Instruments and Broadcomamongothers.
Apple had previously said it intended to invest $500 billion domestically, a figure it will now increase to $600 billion. Trump in recentmonthshascriticized thetechcompanyandCook for efforts to shift iPhone productiontoIndiatoavoid the tariffs his Republican administration had planned forChina.
While in Qatar earlier this year, Trump said there was "a little problem" with the Cupertino, California, company and recalled a conversation with Cook in which he said he told the
CEO, "I don't want you buildinginIndia." India has incurred Trump's wrath, as the president signed an order Wednesday to put an additional 25% tariff on the world's most populous country for its use of Russian oil. The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goodsat50%.
Apple's new pledge comesjustafewweeksafter itforgeda$500milliondeal with MP Materials, which runs the only rare earths producer in the country. That agreement will enable MP Materials to expand a factoryinTexastouserecycled materials to produce magnets that make iPhones vibrate.
Speaking on a recent investorscall,Cookemphasized that "there's a load of different things done in the United States." As examples, he cited some of the iPhone components made in the U.S. such as the device's glass display and module for identifying people's faces and then indicated the company was gearing to expand its productions of other componentsinitshomecountry. "We'redoingmoreinthis country, and that's on top of having roughly 19 billion chips coming out of the US now, and we will do more," Cook told analysts last week,withoutelaborating.
News of Apple's latest investment in the U.S. caused the company's stock price to surge by 5% in Wednesday's midday trading. That gain reflects investors' relief that Cook "is extending an olive branch" to the Trump administration, said Nancy Tengler, CEO of money manager Laffer Tengler Investments, which owns Applestock. Despite Wednesday's upturn, Apple's shares are still down by 15% this year, a reversal of fortune that has also been driven by the company's botched start in the pivotal field of artificial intelligence.
PRESIDENT DONALD TRUMP, right, speaks with India’s Prime Minister Narendra Modi during a news conference in the East Room of the White House, Feb. 13, 2025, in Washington.
Photo:Ben Curtis/AP
PRESIDENT Donald Trump makes an announcement about Apple with Apple CEO Tim Cook in the Oval Office, Wednesday, Aug. 6, 2025, in Washington.
Photo:Alex Brandon/AP
Trump once hailed mRNA vaccines as a ‘medical miracle.’ Now RFK Jr. is halting advancement
By AMANDA SEITZ Associated Press
PRESIDENT Donald Trump hailed as a "medical miracle" the mRNA vaccines developed to combat the deadly COVID-19 pandemicin2020.
Now, his health secretary Robert F. Kennedy Jr., is effectively halting the vaccine technology's advancement. Kennedy announced Tuesday that the federal government is canceling $500 million worth of mRNA research developmentcontracts,putting an end to U.S.-backed hopes for the vaccine technology to prevent future pandemics, treat cancer or preventfluinfections.
It's a sharp pivot from howTrumpandtopofficials described the technology duringhisfirstterm.
Here's a look at what Trumpandsomeofhisclosest advisers have said about mRNA vaccines that were credited with slowing the pandemicfiveyearsago.
RobertRedfield,Trump's director of the Centers for DiseaseControl
"A COVID-19 vaccine is the thing that will get Americans back to normal everyday life," said Redfield, in a Sept. 16, 2020, statement.
Americanswerestilldonning face masks as one of the few ways of protecting themselvesfromavirusthat had killed nearly 200,000 in just over six months. Redfield promised that the new vaccines — developed for the first time using mRNA technology—wouldoffera returntonormalcy.
Trump wanted to make sureBidendidn'tgetcredit
"Don'tletJoeBidentake credit for the vaccines ... because the vaccines were me, and I pushed people harder than they've ever been pushed before .. The vaccines are — there are thosethatsayit'soneofthe greatest things. It's a medical miracle." Trump said
on Nov. 26, 2020, during a news conference in the WhiteHouse.
Weeksearlier,Trumphad lost the election in a bitter race against Democrat Joe Biden. As the Republican grappled with leaving Washington and continued to plan for the rollout of the COVID-19 vaccines, he reminded reporters that he oversaw the development ofthenewshots.
"They say it's somewhat of a miracle and I think that's true," Trump said on Dec. 8, 2020, during a speech at the Eisenhower ExecutiveOfficeBuilding.
The event celebrated "Operation Warp Speed," the government-funded project that accelerated vaccine development with pharmaceutical companies.
Trump was promoting the shots as the government prepared to offer them to frontlinehealthworkers.
Trump's first-term health secretary,AlexAzar
"It's clear that many Americans are learning these vaccines are safe and extraordinarily effective," Azar said on Dec. 16, 2020, atanewsconference.
The government was shipping out mRNA vaccines to states, preparing to distributed it to the masses. Azar noted that a vast majority of Americans — between 70% to 80%, according to polls — intended to get the new COVID-19 vaccine that would be available to the public in the coming months.
Gen. Gusave Perna, Trump's chief operating officer for pandemic response
"It takes somewhere betweenfiveand10yearsto put a vaccine on the street. Look what we did. Now, that's because of the great work of the scientists who had done the research on mRNA vaccines and others because of industry working on this, they just didn't
wake up one day and start working on it," Perna said during a podcast interview thatairedonMay9,2023. Reflectinginaninterview about his time overseeing "Operation Warp Speed,"
Perna credited the mRNA technologywiththegovernment'sabilitytogetshotsin arms mere months after the pandemic started claiming livesintheU.S.in2020.
Trumpsupportersboohis vaccineaccomplishments
"Take credit because we saved tens of millions of lives. Take credit. Don't let them take that away from you," Trump said on Dec.
19, 2021 during a live interview with former Fox News hostBillO'Reilly.
Daily COVID-19 deaths had ticked down to 1,500 compared to 3,000 from a year earlier after Americans began receiving their first doses of the mRNA vaccines.
Trump revealed to O'Reilly and the audience that he had just gotten a COVID-19booster.
