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Monday, august 10, 2026
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BPL barrier to ‘banking’ $210m energy savings BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas cannot “bank” the projected $210m annual savings from the Government’s energy reforms without further structural changes at Bahamas Power & Light (BPL) to make private investment in the industry more appealing, a multilateral lender is warning. The Inter-American Development Bank (IDB), in a report detailing a $200,000 initiative to boost BPL’s “capacity to de-risk investments” and further attract private financing to boost The Bahamas’ energy reliability and resilience, said the state-owned utility’s perilous financial condition - with $500m in “deferred” improvements inherited by the Davis administration when it took office in September 2021 remains the main barrier to realising the “transformation” benefits. As a result, it argues that achieving - and maximising - the potential benefits from “the most ambitious energy reform in The Bahamas’ history” depends on addressing BPL’s “institutional and structural constraints” to the point where it can “engage credibly” with private capital and industry investors, then “accelerate” renewable energy roll-outs and electricity cost reductions. The IDB paper, whose release coincides with the spread of BPL’s
BAHAMAS POWER & LIGHT (BPL)
Utility needs further reform to unlock full ‘transformation’
THE two companies that hold the former Ginn project’s real estate assets have vehemently rejected a Supreme Court judge’s findings that they “do not come with clean hands” in their challenge to the sale of 1,143 acres over almost $10m in allegedly unpaid tax arrears. Michael Scott KC, attorney for LRA-OBB Ltd and Resort Holdings, told Tribune Business that Justice Franklyn Williams’ July 31, 2026, decision refusing to give his clients permission to launch Judicial Review proceedings against the
multiple system outages and blackouts from the Family Islands to New Providence, conceded that getting the utility into a position where it can translate the Government’s reforms “into bankable, executable investments” is no easy task given a $600m legacy debt burden. Together with the deferred system and network improvements, this means BPL is carrying a combined
Department of Inland Revenue’s (DIR) bid to sell the 1,143 acre parcel bore little resemblance to the hearing or application he made. Justice Williams, in his verdict, found that Resort Holdings and LRA-OBB Ltd “do no come with clean hands” because they had failed to both object to the DIR’s property tax assessment notices - and comply with their tax-paying obligations - for a whole decade prior to initiating legal proceedings to block the tax authority’s bid, on the Treasurer’s behalf, to close a $26m sale of that land parcel to Coakley International as part of the latter’s
DECISION - See Page B6
Administrator ordered for Briland firm’s booking site BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has ordered the appointment of an “independent administrator” over the booking platform of a Briland tourism operator at the centre of a furious legal battle involving claims of ‘fronting’ and $1m in unpaid Bahamian taxes. Justice Simone Fitzcharles, in an August 7, 2026, verdict acknowledged that the appointment was an attempt to balance the warring Conch & Coconut parties’ competing interests
Can’t ‘engage credibly’ with investors as finances perilous
as the Bahamian half of the business demands access to booking and customer information while his estranged US former business partner argues all such data is “proprietary” and is owned by himself. And, with an Order that seeks to walk a fine line, she also had to account for the south Florida courtroom battle where Pablo Conde obtained an interim Order preventing his former Bahamian business partner, Julian ‘Shaq’ Gibson, from “soliciting bookings” from
RULING - See Page B7
‘Kicked can down road for 16 years’ over grid upgrades
$1.1bn in debt and capital improvement needs - a sum equal to the $1bn investment in the Government’s energy reform initiatives, which involve outsourcing New Providence’s baseload generation and transmission and distribution (T&D) grid, plus Family Island generation, to the private sector and independent power producers (IPPs).
OUTAGES - See Page B8
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Private aviation fear over new retroactive, triple digit fee hikes BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Judge: ‘Clean hands’ absent over $10m tax sale challenge BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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THE Bahamas’ standing as a “must go to” destination faces “damage” from efforts to impose retroactive triple-digit fee hikes on private pilots and general aviation operators who travelled to this nation after May 1, 2021, industry executives are warning. Rick Gardner, director of CST Flight Services, which provides flight co-ordination and trip support services to the private aviation industry throughout the Caribbean and Latin America, told Tribune Business it was especially “alarming” that the Bahamian authorities had informed him they plan to impose liens/charges, and even seize aircraft, which owe unpaid air navigation services fees. THIS threat, he added, comes despite many in the global private aviation industry likely being unaware they have been billed, and/or not received the invoices issued, by
the Bahamas Air Navigation Services Authority (BANSA). Mr Gardner, who is also a Bahamas Flying Ambassador, said the Authority has been issuing the invoices via the International Air Transport Association (IATA), which deals with major commercial airlines, not the private aviation sector. As a result, he explained that only those who already have accounts with IATA will likely have received invoices that his company says impose a fee “increase of 294 percent to 679 percent depending on the maximum take-off weight (MTOW) of the aircraft”. The invoices, which the private aviation sector has begun to receive over the last several months, are also attracting attention and pushback from industry lobby and advocacy groups. The National Business Aviation Association (NBAA), which represents US corporations that own private planes and interests, said in an article on its website that
INCREASE - See Page B9
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FOCOL and Shell hire LNG operation partner FOCOL Holdings and Shell have hired px Group as operations and maintenance partner for the $500m Clifton Pier liquefied natural gas (LNG) regasification terminal that will play a key role in delivering cheaper, cleaner energy for New Providence. New Providence Gas, the joint venture between the BISX-listed company and multinational energy giant that owns the LNG terminal, have signed a multi-year agreement with px Group that will see the latter support commissioning and operational readiness before taking responsibility for the
facility’s long-term operation and maintenance. “This appointment represents an important step in px Group’s continued growth across the Americas,” said Geoff Holmes, px Group’s chief executive. “Our role begins before start-up, with preparing the facility, its systems and its operating organisation for safe and reliable service. We will then carry that responsibility into long-term operations, bringing the experience and operational discipline px has developed across critical energy and industrial infrastructure.” px Group is owned by Ara Partners, a global
private equity and infrastructure firm focused on decarbonising the industrial economy. It added that its involvement in The Bahamas expands px Group’s presence in the Americas, adding a strategically important LNG asset to its international portfolio. px Group is also no stranger to LNG operations, having taken over management of Gibraltar’s LNG terminal last November. The company said in a statement that it has already established px Bahamas, a Bahamian-incorporated operating company, that will build and manage the team responsible for the
Clifton Pier LNG terminal’s day-to-day operations and maintenance. It added that a plant manager is already based in New Providence, and px Bahamas expects to recruit Bahamian operators, technicians and other skilled professionals as the project moves towards commissioning and start-up. px Bahamas will also establish the operational procedures, safety systems and technical capabilities required to support the terminal’s performance over the long-term. Dexter Adderley, FOCOL Holdings president and chief executive, said px
Group’s operating experience and local workforce plans will be vital to the success of the project. “The strength of this project will ultimately be measured by how safely, reliably and consistently the terminal operates,” Mr Adderley said. “px Group brings the experience required to help carry the facility from commissioning into long-term operation, and we value its commitment to building px Bahamas around skilled Bahamian professionals. That combination of international operating expertise and local capability is essential to the lasting success of New Providence Gas.” px Group said the New Providence Gas appointment builds on its expanding work across North America and the Caribbean, where it supports asset owners and developers through commissioning, start-up,
operational readiness, operations and maintenance, engineering and asset management services. The project also establishes a long-term operating presence for px in The Bahamas, combining the group’s international infrastructure experience with the development of a locally-based team. New Providence Gas is a joint venture between Shell, which holds a 40 percent interest, and FOCOL’s Sun Oil Holdings, which holds the remaining majority 60 percent. The terminal is being developed to receive, store and regasify LNG for delivery as natural gas to power generation facilities on New Providence. The project is intended to support greater fuel diversity, improved energy security and a lower emissions alternative to the heavy fuel oil (HFO) and diesel currently used by Bahamas Power & Light (BPL).
GROUP signing of the contract that will see px Group assume maintenance and operational responsibility for the Clifton Pier LNG import and regasification terminal. FROM L to R: Dexter Adderley, pesident and chief executive of FOCOL Holdings, and Geoff Holme, chief executive of px Group.
Water Corp wellfield upgrades target $2m annual user savings THE Water and Sewerage Corporation (WSC) yesterday said it has saved customers $5m over the past three years through improvements and upgrades to western New Providence’s Windsor wellfields. Cyprian Gibso, the stateowned water utility’s deputy general manager, said in a statement that the project began in 2023 with targeted upgrades significantly boosting production by 71 percent of more than 150m gallons per year over a two-year period. The Windsor wellfield, located near the Lynden Pindling International Airport (LPIA) (LPIA), is the original source of water supply for New Providence. The Water and Sewerage Corporation said that, when the project started, the wellfield was producing 215, gallons. In 2024, that increased to 315m gallons, rising again to 367m gallons in 2025. The Corporation said that, with ongoing improvements, production is expected to increase by a further 18.5 percent in 2026 surpass 435m gallons this year. “This represents savings of over $2m per year,” Mr Gibson said. “Over the three-year period, we have saved about $5m in water purchases of the more expensive, more energy intensive reverse osmosis water.” The Windsor wellfield is a natural water resource that supplements 20 percent of the capital’s water supply. The rest of the water supply comes from BISXlisted Consolidated Water’s reverse osmosis plants at Blue Hills and Windsor. The Corporation said it is now increasing capacity at Windsor, and this process allows the Water
and Sewerage Corporation to reduce its dependence on higher cost desalinated water, lowering operational expenses while improving energy efficiency. “This provides some relief while upgrades are being done to the reverse osmosis plants. The wellfield has been naturally recharging by rainwater, and now we can extract a large amount of water in safe and sustainable quantities and blend it with reverse osmosis,” Mr Gibson said. “We have a number of wellfields that are recovering. What we are doing likewise is revamping these up. We have to adapt the wellfields to meet the new climate change norms, and we want to make sure that we are doing that in a scientific and sustainable way so that we optimise that incremental production from the wellfields but not over abstract so that it is protected for future generations.” Mr. Gibson also encouraged Bahamians to connect to the public water supply because it is safer. “From our standpoint, we abstract and purchase water from protected areas and we have an obligation to produce that water to World Health Organisation (WHO) standards,” he said. “We are also monitored by the Ministry of Health and Wellness. When it comes to individual wells, you may not be as consistent with putting in chlorine tablets. There may be cross contamination from flooding and alike. There is a certain level of professional monitoring that an individual may not be doing. When you are on public water supply that comes with that world-class monitoring.”
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Monday, August 10, 2026, PAGE 3
Emera suffers $15m loss om exit from GB Power BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company’s former owner says it incurred a $15m gross loss on selling 100 percent ownership of the utility to the Government. Emera, the Canadian utility giant, revealed in its just released earnings report for the 2026 second quarter that it suffered a net $13.57m loss in exiting Grand Bahama’s monopoly power provider in a deal that closed on The Bahamas’ general election date of May 12, 2026. As a result, of the sale GB Power’s earnings contribution was $5m lower than the same period in 2025 as measured in US dollars. Reporting its figures in Canadian dollars, the energy provider affirmed: “On May 12, 2026, Emera
completed the sale of GB Power. A loss on sale of $21m after transaction costs ($19m, after tax and transaction costs, or $0.06 per common share) was recorded. As a result of the sale, earnings contributions from GB Power were $7m lower in the 2026 second quarter and year-to-date 2026 compared to the same periods in 2025.” Scott Balfour, Emera’s chief executive, in a conference call with analysts said the GB Power sale and other disposals will enable it to “focus on high growth core areas” of its business. Confirming that Emera’s Grand Bahama exit closed on May 12, he added: “Combined with the approved sale of New Mexico Gas, these transactions represent important steps in executing our strategy. These strategic actions are enhancing financial flexibility, sharpening
Transport unions differ on airport dispute ‘deal’ BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Bahamas Taxi Cab Union’s (BTCU) president yesterday unveiled a twoweek trial aimed at easing the long-running dispute between his members and livery operators at Lynden Pindling International Airport (LPIA). The move is set to begin today but the livery drivers union said no agreement has been reached. Tyrone Butler said his union had reached an arrangement with Leon Lundy, minister of transport, during a follow-up meeting on Wednesday that would change how taxi and livery operators access passengers at the airport. However, Tory Austin, the Bahamas Livery Drivers Union (BLDU) president, disputed that account, describing information about an agreement as “premature and inaccurate” and insisting that discussions remain ongoing. “We had a follow-up meeting with the ministers of tourism and transport on Wednesday to discuss the ongoing saga,” Mr Butler said. “Coming out of that meeting, there was an arrangement - an agreement that the livery drivers would no longer be standing next to the taxi drivers on the airport door, and there’s supposed to be a change in the Road Traffic personnel
out there to enforce the rules.” Mr Butler said the new arrangement is expected to take effect this morning and will be tested for two weeks. He explained that three livery vehicles would still be permitted to park in the designated lane, but their drivers would not be allowed to stand at the terminal door soliciting passengers. Instead, their jobs would have to be pre-arranged, with Mr Butler saying customers could potentially access livery services inside the airport. “There will be three livery cars that will be allowed to park in the lane, but they can’t be standing on the door,” he said. “They have to wait because their jobs would be pre-arranged from inside.” At the same time, the taxi queue would be extended by three spaces from the front door area where passengers currently board the first taxi. Mr Butler said those spaces would come from an area previously used by livery operators.
our focus on our core regulated utility companies, and supporting continued investment in the higher value and growth opportunities across our portfolio.” Parliament earlier this year approved the guarantee of $280m worth of borrowings to finance the Government’s GB Power’s purchase and working capital for the utility. Some $200m from a syndicated loan facility arranged by Standard Chartered was to be assigned to the former purpose, with the $80m balance supplied by Royal Bank of Canada (RBC) for working capital. The Government has yet to disclose its “game plan”, and the commercial and economic rationale, for acquiring GB Power and adding more than a quarter-of-a-billion dollars to The Bahamas’ $12bn-plus national debt other than
implying that Grand Bahama businesses and households will see a reduction in energy bills and costs following the acquisition. It has also yet to show how its valuation of GB Power was derived, given that $200m of the $280m has been earmarked for covering purchase costs. Emera’s financials for the 12 months to year-end 2025 show that GB Power generated a $10m Canadian dollar contribution to the utility giant’s “consolidated adjusted net income” for the period - a figure that was slightly down on the prior year’s $11m. Using the current exchange rate, that $10m Canadian dollars translates into about US $7.3m. Those profits were generated from $162m Canadian dollars worth of revenue, which represented a 16.5 percent
year-over-year increase compared to 2024’s $139m Canadian dollar top-line. The increase is likely due to increased economic activity among GB Power’s 20,000strong customer base, with Carnival’s $600m Celebration Key destination having opened last July. The exchange rate conversion means GB Power generated $118.26m worth of revenues in US dollars last year. The value of the Grand Bahama-based electricity provider’s physical assets, namely property, plant and equipment, narrowed slightly last year from $371m Canadian dollars
at year-end 2024 to $361m Canadian dollars some 12 months later. To give an idea of what the Government is potentially acquiring, Emera said: “With $378m US dollars of assets, and approximately 20,000 customers, GB Power owns 98 mega watts (MW) of oil-fired generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GB Power’s approved regulatory return on rate base is 8.52 per cent.”
“The particular spot that the taxi drivers are going to park, which will be extending our taxi line from the front door, where you catch the first taxi, that’ll go back further by three cars,” he said. “So we’re taking three spots away from them. So we’ll see. I don’t know what it will be like, but whatever it is, we’ll be up to it.” The development comes weeks after taxi operators staged a protest at LPIA, temporarily blocking vehicular access to the international departures terminal in an escalation of a dispute that has persisted for years. Taxi drivers have argued that livery operators are competing directly for airport passengers despite operating under a different regulatory framework, with livery services generally required to operate on a pre-arranged basis. During the July protest, Mr Butler accused some livery operators of soliciting passengers at the airport and alleged that baggage porters and employees were directing arriving passengers toward livery services. The BLDU rejected the broader characterisation of its members as operating
unlawfully, with Mr Austin maintaining that the union does not condone solicitation and that individual violations should not be used to characterise the entire industry. Mr Austin yesterday said discussions are still being held. “Premature and inaccurate information,” he said of Mr Butler’s comments. “No agreement has been made. “Right now, everything is still in meetings. I would say everything is still being discussed. So it’s very premature to say something of that sort.” Mr Butler, meanwhile, said Wednesday’s meeting included senior
representatives from both the Government and labour unions. Those present, according to Mr Butler, included BTCU executives, the acting Road Traffic Controller, the permanent secretaries from the ministries of Transport and Tourism, Mr Lundy and representatives of the Trade Union Congress, including president Obie Ferguson KC. He said Glenys Hanna-Martin, minister of tourismm participated by telephone. The competing accounts raise questions over how the proposed two-week trial will be implemented if the two sides have not reached a common understanding
of the terms. Mr Butler also expressed frustration over what he described as the Government’s continued willingness to accommodate a relatively small group of livery operators. “So he [Mr Lundy] always seemed to have a counter position on their behalf, and it makes you wonder just who is he really fighting on behalf of?” Mr Butler said. “And you know the thing about it is, these are not a group of men and women that are in numbers. If it’s 20 of them, that’s plenty. And so it’s so sad to see that a government is fighting for a handful of people.”
GRAND BAHAMA POWER COMPANY HQ
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Straw Market vendors hope cool-off boosts tourist sales BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE Government has confirmed that long-promised cooling units for Nassau’s Downtown Straw Market have arrived on-island, with plans underway to install and activate them in a bid to improve the ambience for clients and boost vendor sales. Leslia Miller-Brice, minister of culture, arts and heritage, said one of the units has already been tested as the Government moves to address the market’s long-standing heat and lack of air conditioning, which vendors have warned is discouraging tourists from shopping.
“So the units are here,” Mrs Miller-Brice said. “They are on the ground. One of them was tested on Saturday, but we’re working to try to figure out logistically how we’re going to make it work to ensure that tourists stay in the market much longer to shop because that is the challenge. “The vendors are bearing with it, but it’s the tourists that we want to walk into the market to have a good experience while they’re there. The cooler it is, the more they will shop. And so that’s important because I want more revenue to be left in the market once tourists leave.” Mrs Miller-Brice’s comments come after Straw Market vendors raised
concerns that the intense summer heat is causing visitors to leave shortly after entering the facility, limiting the time they spend browsing and reducing opportunities for sales. Celestine Eneas, president of the Straw Vendors Advancement Association, previously told Tribune Business that the market continues to attract tourists but vendors are struggling to convert that foot traffic into spending. “When they do come in the market, and they feel the heat, they get out as quick as possible,” Ms Eneas said. “We have a lot of tourists that are coming, but they’re not spending. See, that’s the problem.” She added that vendors have been forced to use
multiple fans to make their stalls more tolerable, with overheated visitors sometimes gathering around them simply to cool down rather than shop. The heat has also contributed to vendors closing their stalls earlier than the market’s official operating hours, further reducing their opportunity to generate income. Against that backdrop, Mrs Miller-Brice said improving the visitor experience is a priority because of the direct link between tourists’ time inside the market and the amount of money ultimately spent with Bahamian vendors. The Government’s approach to the facility is also expected to take shape following the appointment
of an executive chairman, Joseph Johnson. “There’s now an executive chairman that just came into play,” the minister said. “So we can definitely give further plans once the executive chairman has taken his official position, and we will then chart the way forward.” Mrs Miller-Brice said she has already been meeting with vendors to hear their concerns and identify issues that need to be addressed. “I have been walking around the market, and I have spoken to a number of vendors,” she said. “They’ve given me what their concerns are, and my permanent secretary and I are addressing them one by one. “But once the executive chairman has been officially appointed, I’m sure that we’ll all work together along with the general manager who’s there now. We’ll all work together to make the market better.” The Straw Market was previously under the Ministry of Works before responsibility was
transferred to the Ministry of Culture, Arts and Heritage, leaving vendors seeking clarity on the future of the facility and the timeline for the cooling project. The installation had been especially anticipated as vendors contend with growing competition from other retail locations, including shopping outlets at Nassau Cruise Port, where tourists can purchase souvenirs without necessarily visiting the Straw Market. Ms Eneas has argued that improving conditions inside the market is critical to maintaining its appeal as a traditional stop for visitors. And for Mrs Miller-Brice, the objective extends beyond simply making the market more comfortable. “The cooler it is, the more they will shop,” she said, stressing the Government’s desire to ensure more tourist spending remains with Straw Market vendors and, by extension, within the Bahamian economy.”
Africa wants more homegrown solar to boost self-reliance, but China’s shadow remains By ALLAN OLINGO and CHAN HO-HIM Associated Press AFRICA’S largest economies are accelerating plans to build more domestic solar manufacturing capacity, a shift industry analysts say reflects both industrial ambition and growing unease over dependence on imports from China that dominate the global market.
Ethiopia, South Africa, Morocco and Nigeria have been stepping up efforts to localize manufacturing of equipment for solar power, from module assembly to more advanced manufacturing, according to industry experts. However, they say China is likely to retain its dominant global role in making solar cells and other components. Its exports of such
equipment have soared, partly due to a glut in supply back home. Chinese renewable energy investment and related construction projects in Africa reached $66 billion between 2010 and 2024, according to the think tank ODI Global. “Growing economies, coupled with recent energy shortages in countries like Zambia and the ongoing
SOLAR panels cover the parking lot of Garden City Mall in Nairobi, Kenya, July 16, 2026. Photo:Andrew Kasuku/AP need to provide access to underserved populations, make it (Africa) a perfect market for China to channel its overcapacity in the sector,” said Olena Borodyna, a senior geopolitical risk advisor with the London-based think tank. Africa eyes solar production Africa’s largest economies are keen to build their own solar manufacturing capacity. South Africa’s utility, Eskom, plans to develop a 1-gigawatt solar manufacturing facility to capture more value from its fast-expanding solar market and respond to changing electricity demand. Production of solar panels in Nigeria,
meanwhile, is expanding rapidly, with local assembly capacity rising from about 120 megawatts to roughly 300 megawatts in the last two years. Its annual solar imports, mostly from China, also put it near South Africa’s level. The homegrown manufacturing push is tied to structural shifts in Africa’s power markets. Rising adoption of rooftop and distributed solar systems in South Africa is reducing national grid demand, squeezing utilities’ revenues and prompting interest in diversification. South Africa is already the continent’s largest importer of solar equipment, bringing in more than 3 gigawatts annually, also largely from China. Industry analysts say this scale
of demand makes it one of the continent’s strongest candidates for localized production. African power markets shift The increased interest in solar power represents a significant shift, said Benjamin Clarke, policy director at the Africa Solar Industry Association, even if actual manufacturing capacity remains limited. He said nations pursuing solar manufacturing tend to already have industrial capacity and strong domestic demand. “Morocco has doubled production to around 1 gigawatt a year. South Africa maintains a similar capacity. Egypt has gigawatt-scale projects coming online,” he said.
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Monday, August 10, 2026, PAGE 5
Doctors: NHI expansion must be matched by sustainability BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net DOCTORS are warning that National Health Insurance’s (NHI) continuing expansion without first ensuring its financial sustainability could ultimately drive providers away and undermine treatment quality provided by the Government’s flagship initiative. Dr Denotrah Archer-Cartwright, speaking on behalf of private NHI physicians, said the National Health Insurance Authority’s (NHIA) acknowledgement that patient/beneficiary growth has outpaced its resources validates concerns doctors have been raising about the programme’s financial management. Her comments came after Christy Butler, the NHIA chief executive and managing director, acknowledged that enrollment has climbed to almost 165,000 beneficiaries with such rapid growth contributing to delayed payments to doctors and other scheme providers. Ms Butler also said the Authority cannot provide a timeline for clearing outstanding arrears because NHI is fully dependent on government/ taxpayer funding. Dr Archer-Cartwright said physicians have no issue with expanding access to NHI, but argued that the programme’s growth must be matched by adequate financing. “The growth of the programme is managed by the
NHIA, and they have been planning to extend the programme for the past few years, knowing that the financing isn’t in place,” Dr Archer-Cartwright said. She added that the Provider Physicians Association has repeatedly raised concerns about the decision to expand the programme despite existing financial challenges. “We have no problem with the growth of the programme,” Dr Archer-Cartwright said. “We would love all Bahamians to have access to the NHI programme because us being a part of it is a great programme. “However, it’s important for any management or administrative body to align the finances with the growth of the programme. So it’s almost very irresponsible to continue expanding a programme without matching the finances, and we’re just asking them to take a look at that because you cannot pay the providers now, and you are pretty much bragging that you’ve added new providers to the list. Wouldn’t that compound the current problem that you’re having?” The NHIA recently announced the addition of 15 providers to its network, including an obstetrician-gynecologist in Abaco, while the number of beneficiaries has continued to increase. Ms Butler has attributed the payment difficulties to rapid growth, explaining that every additional beneficiary increases costs as more people access doctors, laboratories and other healthcare services. She also
acknowledged that NHIA’s reliance on 100 percent government funding is an outlier compared with other healthcare systems and has contributed to difficulties in meeting its obligations to providers on time. The NHIA has said it is now examining alternative financing mechanisms, including employer and employee contributions and so-called “sin taxes” on products such as tobacco and alcohol, as it seeks to diversify the programme’s revenue base. The Authority has also indicated that the National Health Insurance Act already allows for a contributory funding model, although successive administrations have not implemented it. Dr Archer-Cartwright said the financial concerns are compounded by what she described as a breakdown in communication between NHIA and the physicians responsible for delivering care to NHI beneficiaries. “We don’t understand the thought process of what’s happening with the NHIA,” she said. “This is where a lot of the confusion is coming from. What is the long-term objective? “We wanted to work. We want it to work for the Bahamian people. We want it to work for the physicians. We were promised partnership, and instead, they continue to just want us to be quite silent.” Dr Archer-Cartwright stressed that private physicians are a critical component of the programme because they provide care to NHI
patients through their own practices, and have invested significant resources into ensuring those services are available. She also challenged NHIA’s claims that it maintains regular communication with providers through various channels, including the Medical Association of The Bahamas (MAB), which has a seat on the NHI Board. She questioned why physicians who have direct contracts with NHIA are not being engaged directly and consistently on the issues affecting their practices. “They talked about all these different channels of speaking with the providers, but you refuse to speak with the providers directly,” she said. “When you’re talking about non-reply e-mails, WhatsApp groups where providers cannot voice their opinion, speaking through the MAB, which is a different association that has nothing to do with contracted positions agreement. Why is that all those channels necessary when the providers, the physicians who you have contracts with, are requesting that you speak to them directly?” Dr Archer-Cartwright said the last medical directors’ meeting took place more than a year ago despite assurances that there would be direct dialogue with physicians about their concerns. She also raised issues about deductions from money owed to physicians, and alleged that doctors have been forced to use their own resources to support
aspects of the programme’s administration. Dr Archer-Cartwright was particularly critical of NHIA’s admission that it cannot provide a timeline for clearing outstanding payments to providers. “This is unacceptable,” she said, adding that the uncertainty was one of the reasons private NHI physicians had formed their own association. She added that doctors have grown increasingly frustrated with what they believe are failures to honour contractual agreements and a lack of respect for the profession. “I don’t think anyone would accept that they would be paid whenever the money becomes available for a national programme where you enlisted physicians and their companies to provide resources, clinical space and services for the government,” she said. “It’s just preposterous that they would even say something like that.” The concerns come as the Government and NHIA attempt to address the programme’s long-term financing challenges while continuing to expand its reach. NHIA has said diversifying its funding sources will be critical to ensuring it can meet its obligations and, eventually, expand the range of services available to beneficiaries. But Dr Archer-Cartwright warned that continued payment delays, additional administrative responsibilities, and what she described as punitive policy changes could eventually make participation in
NHI unattractive to private physicians. “What I’m seeing is if this continues to happen, and every day we have some new punitive policy change that’s being handed down to us, as well as administrative duties which we are not being compensated for… eventually, the programme is going to be something that is not attractive to physicians if this continues,” she said. “And then it will naturally not be sustainable. And so I see that as quite inevitable because they’re going to eventually run out of doctors who are willing to take on this opportunity.” Dr Archer-Cartwright argued that continually adding new doctors to replace providers who become dissatisfied with the programme would only mask the underlying problems. “Cycling through adding new physicians to me is just a band aid because eventually everybody is going to realize what they are dealing with,” Dr Archer-Cartwright said. She warned that the consequences could extend beyond the financial viability of individual medical practices and affect the quality of care available to NHI beneficiaries. “Either you’re going to have a system where people are just in it, and they’re not really putting their best foot forward, which is a shame because I think the whole reason why they came to the private physicians was to elevate the level of care outside of what they were already providing,” Dr Archer-Cartwright said. “And so to see that it becomes another government initiative that is being sabotaged by bureaucracy would be a shame.”
about fully trust- found. In addition to those said they turned to a friend Younger generations are Some US adults are using AI cautious ing these tools. Using AI who said they used internet or an author, speaker, more likely to say they’ve a tool at the start of a research, financial advisor influencer, and fewer used AI for financial advice, for financial guidance but few aslearning journey and then ers, or AI, 35% went to a combining this knowl- parent, sibling, or relative, relied on an employer or while older adults are more trust it, Gallup poll finds edge with other trusted while 26% got informa- retirement plan provider, a likely to have turned to By ADRIANA MORGA Associated Press SOME U.S. adults are using artificial intelligence for financial guidance, but it’s far from the most trusted source of advice, according to a new Gallup survey conducted in partnership with Edward Jones, a financial services firm. About 1 in 5 Americans who have sought financial advice in the past year turned to AI, the survey found. But among U.S. adults overall, only about 3 in 10 have “a great deal” or “some” confidence in its expertise for managing money, according to the
survey, including just 3% who trust AI “a great deal.” The poll, which was conducted in the spring and looked at the views of adults who are at least 21, found a disconnect between the resources Americans trust for financial advice and the ones they actually rely on. About 8 in 10 U.S. adults have at least “some” confidence in financial advisers. But only about one-third of U.S. adults who sought financial advice turned to a professional financial adviser, with far more, 73%, saying they relied on their own internet research. As the use of AI increases, financial experts say consumers should be
sources can be the best way to engage with new and traditional financial guidance tools, said Taha Choukhmane, associate professor at MIT’s Sloan School of Management. “I would encourage people to use AI to explain and define,” Choukhmane said. “If you’re interested in knowing what the stock market is, what the difference between a mutual fund and an index fund is. Using AI to explain these concepts can be very useful because it can empower people to get the most out of these methods.” Most Americans have sought financial guidance from at least one source in the past year, the survey
tion from news, media or social media. About 2 in 10
robo-advisor or a teacher or professor.
a professional adviser.
financial
PAGE 6, Monday, August 10, 2026
THE TRIBUNE
Ginn land holders reject verdict ‘without hesitation’ DECISION - from page B1 ambitious $6.5bn West End development plans. But Mr Scott, responding on behalf of his clients to the “clean hands” verdict, told this newspaper: “We definitely and without hesitation reject all of that, deny all of that. None of that was raised at the hearing. It must relate to a different hearing because none of that was canvassed at the hearing.” Justice Williams’ verdict was released just as Resort Holdings and LRA-OBB, the latter of which has ‘LRA’ standing for Lubert Adler, the US investment bank that financed the original Ginn project, last week made their fourth attempt in less than 18 months to reclaim control of the Old Bahama Bay (OBB) resort from Island Ventures Resort and Club (IVRC), the entity formed by the 73 condo owners to manage the property. Mr Scott confirmed late last week that the takeover move was at “a bit of an impasse”. However, there are likely to be little if any practical consequences flowing from Justice Williams’ verdict as the Attorney General’s Office, on the DIR and Treasurer’s behalf, had earlier this year agreed to give an undertaking that the Coakley International deal would halt and not proceed to closing. This was because Resort Holdings and LRA-OBB have a live case before the Tax Appeal Commission challenging the DIR’s valuation of the 1,143-acre parcel and, by extension,
the amount of real property tax that should be paid on it annually. The hearing has concluded, and the Commission’s decision is now awaited, with much hinging on the outcome as to whether the Coakley International deal can proceed, notwithstanding that Resort Holdings and LRA-OBB will likely appeal a reversal. Justice Williams had even signed a Supreme Court Order, March 12, 2026, giving effect to the undertaking. This stipulates the Department of Inland Revenue and the Bahamas Treasurer take no further steps to close the deal with Coakley International, which is pledging to unleash a development creating 2,800 construction jobs and 6,000 permanent posts for Bahamians, until the challenge LRA-OBB and Resorts Holdings are mounting over the unpaid tax is resolved. The Order, which has been seen by this newspaper, mandates that the Department of Inland Revenue and Treasurer “do respectfully undertake not to complete the sale of the property…. until after the completion of the appeal proceedings lodged” by the two rival ownership claimants and their managing agent, Reunion Cay Island Resort LLC, with the Tax Appeal Commission. However, the contents of Justice Williams’ verdict are likely to make uncomfortable reading for LRA-OBB and Resort Holdings. He asserted that they failed to make “full and frank disclosure” that they paid $25.731m for the 1,143-acre tract’s transfer to their ownership as part of a Judicial
Review action challenging the DIR’s attempt to sell the property as opposed to the tax authority’s valuation. The two corporate owners had sought an injunction blocking the property’s sale while the Tax Appeal Commission process was ongoing, plus a Supreme Court ruling to “quash altogether the decision for sale of the property”. They also sought declarations that the DIR and treasurer had committed “statutory non-compliance”, that they had “breached the legitimate expectation that no bids for sale would be had and accepted” during negotiations, and there was a failure of due process. Justice William, though, said the Real Property Tax Act requires all aggrieved taxpayers to submit a challenge within 30 days of receiving their annual assessment to the chief valuation officer, Shunda Strachan, the DIR head, if they are challenging the value assigned to their property. However, he added that “for years 2014 through 2023” representing a whole decade, LRA-OBB and Resort Holdings had neither challenged the 1,143-acre tract’s value which remained constant at $26m - or paid due taxes that were billed. It was only in March 10, 2024, that Daniel Baker, the two companies’ agent, filed a challenge to the 2023 real property tax bill. Justice Willianms said this was some 11 months and ten days past the deadline for inquiries about 2023 real property tax bills to be submitted, but the agent for Resort Holdings
and LRA-OBB on October 3, 2024, submitted a rival appraisal showing the 1,143-acre parcel was worth $12.66m - less than half the DIR’s valuation. This appraisal emerged just weeks after the DIR used its ‘power of sale’ to advertise the property, in a bid to recover the unpaid taxes, in September 2024. After correspondence between Mr Baker and the tax authority, Antonio Moxey, a collections officer in the DIR’s revenue enhancement unit, said it had “opted to defer acceptance of any bids submitted from the power of sale exercise until such time we have conducted a re-assessment of the subject property. “Further note that you must be prepared to settle all outstanding taxes once we have concluded the re-assessment,” Mr Moxey added. The reassessment was undertaken by TR Associates in November 2024, and Mr Baker voiced disappointment with the outcome. Nathaniel Butler, managing director at Bahamas-based Drewber Solutions, was then hired to negotiate with the DIR on behalf of LRA-OBB and Resort Holdings. He first proposed exchanging other land parcels in Grand Bahama’s West End to extinguish the tax debt and then, in a June 5, 2025, letter offered a settlement where all surcharges, penalties and fees for tax non-payment would be waived, with a “35 percent settlement concession” on all taxes payable since 2019. Mr Butler also reiterated his client’s belief that the 1,143-acre tract be valued at $12.572m, and said: “Should these terms be accepted, the total settlement would be $2.384m, and we are prepared to remit this sum by manager’s cheque no later than Friday, June 13, 2025.” Justice Williams commented: “Here for the first time is any objection made to valuation in respect of [the 1,143-acre parcel] for years other than 2022 and 2023. Those objections come, respectively, more than seven, six, five, four, three and two years after service of each year’s assessment notice.” However, Ms Strachan’s reply was less than favourable. She wrote on July 1, 2025: “The Department
of Inland Revenue is not minded to lower the assessed values of the properties. We have had many meetings and e-mails with representatives of the property owners. However, they have made no attempt to settle their tax arrears. “They requested reviews for the values of several properties and, while we did not agree with their value claims, we commissioned an independent appraisal. The findings of that report revealed that our assessed values were in fact significantly under market values…. “The Notice of Assessment for the 2025 tax year was gazetted on October 11, 2024. Hence all property owners were deemed served on that date. The deadline for objecting to the 2025 Notice of Assessment expired prior to November 30, 2024. Your objection submission is therefore not accepted” because it missed the deadline. Justice Williams, in refusing to give permission for the Judicial Review to proceed, extend the application time or grant any of the relief sought by LRAOBB and Resort Holdings, said to do so “would prejudice the Inland Revenue in its statutory remit, be detrimental to good administration and inimical to the public interest”. He added that LRAOBB and Resort Holdings had effectively accepted the DIR’s $26m valuation of the 1,143-acre tract for a decade by failing to meet the annual deadline for challenging this. And while the two companies argue that the DIR violated the Real Property Tax Act because they were never given notice it was exercising its power of sale, the judge added that they were more than 12 months and six months in arrears, respectively, in challenging the 2023 and 2024 values. “The applicants are deemed to have waived compliance when on October 25, 2024, in an e-mail exchange they accepted the DIR’s offer to defer acceptance of bids pending receipt of independent valuation on the property,” Justice Williams ruled. “I find that this conduct of the applicants indicated an intention to waive such compliance, and by extension any right held by the
applicants in this regard. The decision to, and the exercise of the power of sale given the applicants’ conduct, their repeated and continuing failure to pay the taxes due, whilst concurrently making no objection to the yearly notices of assessment was not illegal, irrational or procedurally improper.” Justice Williams said it was clear that the DIR’s sale deferral was conditioned on it completing its reassessment, and only referered to the acceptance of bids. He added that the due process afforded LRA-OBB and Resort Holdings had been “extraordinary, and extending beyond any statutory requirement or the rudiments of natural justice”. And he ruled: “In the premises, I find that the respondents [DIR] were not required to recommence and re-advertise the sale, and the applicants could apprehend no legitimate expectation. In my view, the respondents were entitled to review (any) bids made prior to its deferral, and or any received since, and to prefer and or select one of those bids. “The applicants do not come with clean hands. For ten years, they neither objected to assessment notices nor paid the statutorily obligatory taxes. Their seeming disposition was, at the very least, one of studied indifference, at most willful refusal. At the time at which the respondent sought to exercise the power of sale, that year’s tax was in arrears for more than six months after the expiration of 30 days from becoming so due, no objection having been made. “Further to this issue of clean hands, I take judicial notice of the fact that the applicants’ objection coming more than 90 days after the day on which the notice of assessment was deemed to have been served - was unaccompanied by explication or reasonable cause therefor, and the whole of the tax payable under the notice of assessment, the sine qua non for the consideration of the applicant’s objection, had not been deposited with the respondents as required by the Act.”
Kellogg says it’s removing artificial dyes from cereals by the end of this year By DEE-ANN DURBIN AP Business Writer WK Kellogg said Thursday that it will remove artificial colors from all its cereals by the end of this year. The change comes a year ahead of schedule. Kellogg said last August that it would remove synthetic dyes from its cereals by the end of 2027. But the company said Thursday it has identified fruit- and vegetable-based juices that will give cereals like Froot Loops and Apple Jacks their distinctive colors. The Battle Creek, Michigan-based company said it has also invested in equipment that will allow it to transition to natural colors. The company said it is also removing BHT, an artificial preservative, from the small number of cereals that still contain it. “More and more consumers are looking for foods made with simple, recognizable ingredients and we are proud to meet those expectations even sooner than planned,” Kellogg’s Chief Growth Officer
Doug VanDeVelde said in a statement. Kellogg has faced pressure for years to remove artificial ingredients from its cereals, which it has already done in other countries like Canada. In 2024, dozens of people rallied outside Kellogg’s headquarters and delivered petitions with 400,000 signatures asking the company to remove artificial dyes and BHT. That pressure has grown under President Donald Trump’s health secretary, Robert F. Kennedy Jr., who has urged food companies to phase out petroleum-based artificial dyes. Last August, Kellogg also signed an agreement with Texas Attorney General Ken Paxton saying it would “permanently remove toxic dyes” from its cereals by the end of 2027. Retailers are also forcing companies to act. Earlier this year, Target said it would stop selling cereals that contain artificial colors by the end of May. Walmart has also said it will remove artificial colors from its store brands by January 2027.
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THE TRIBUNE
Monday, August 10, 2026, PAGE 7
Judge orders ‘net booking revenues’ put into escrow RULING - from page B1 customers the US operation had previously acquired. The independent administrator’s appointment came following a June 1, 2026, hearing where both sides presented their respective cases for upholding, or discharging and varying, the November 13, 2025, Order that Mr Gibson obtained to block Mr Conde from launching a winding-up petition to put the Harbour Island-based tour operator, vacation rental and destination management business into “liquidation”. That same Order, obtained by Mr Gibson and his Callenders & Company attorneys at a hearing where only they were present, also barred Mr Conde and his half of the operation from making public assertions that the Bahamian business was insolvent, closed or not operating. Not surprisingly, Mr Conde moved to overturn these impositions but, based on Justice Fitzcharles’ written verdict, was only partially successful. For while he and Conch & Coconut LLC, the US-based arm of the business, “retain control” of the booking platform, websites and customer payments, he must now give the independent administrator “read only” access to this data. The Supreme Court has given both sides 21 days, until August 28, 2026, to agree the identity of this person, failing which they will have to submit their respective choices and let Justice Fitzcharles decide. And all “net receipts from bookings for Bahamian local services”, meaning amenities and tours visitors undertake on Harbour Island, must be deposited into an escrow account controlled by the independent administrator rather than either Mr Gibson or Mr Conde. Conch & Coconut’s online booking platform has emerged as a major source of friction amid the two sides’ messy break-up, with Mr Gibson alleging it has collected $6.7m in customer revenues since 2017. Detailing the background to the dispute, Justice Fitzcharles said Mr Conde created Conch & Coconut LLC on August 24, 2017, “to operate a concierge service” for the booking of vacations and related services - such as tours and vehicles - on Eleuthera and Harbour Island. That same year, he approached Mr Gibson with a proposal that they become partners with the latter overseeing operations and services delivered in The Bahamas. Noting that their Conch & Coconut partnership seemingly launched without
a written agreement, Justice Fitzcharles said Mr Conde and his LLC “booked and accepted payments from persons who wished to book services such as Bahamian tours, rental of golf carts, vehicles and boats and real estate vacation rentals, amongst others. “Several vehicles, boats and/or other chattels were purchased to provide rentals for the Bahamas-based operation. The ownership of these chattels is in dispute amongst the parties,” she added. “In March 2023, the Department of Inland Revenue in The Bahamas (DIR) undertook an investigation of the business… According to [Mr Gibson], the liability for overdue tax payments exceeded $1m. The DIR in raids seized vehicles and alcoholic beverages under the brand of ‘Pink Sand’.” Conch & Coconut Ltd, Mr Gibson’s company, was then formed in The Bahamas to handle the Briland end of the operation. Mr Gibson alleged Mr Conde’s LLC handled “the US marketing and accepted payments from customers who booked the services, but the provision of those services is reserved for Bahamians only”. “He states that from 2017 the LLC collected the gross revenue generated by [Mr Gibson] and subsequently the LTD, which the claimant believes to be in excess of $6.7m,” Justice Fitzcharles added. Mr Gibson, though, complained that he never received more than $3,000 per month from Mr Conde and his US company, although the latter covered expenses incurred in The Bahamas, and there was no accounting for how much money his US partner as receiving. Eventually, in October 2023, Mr Gibson and Mr Conde agreed a ‘Consulting and lease with option to buy’ deal whereby the former agreed to pay his US partner some $725,710 over a ten-year period, involving 120 payments, as part of a buy-out and orderly business break-up. Mr Gibson would lease 24 vehicles from Mr Conde, and was licensed to use the ‘Conch & Coconut’ intellectual property and receive all rights to this once payment was completed and the deal closed. “Additionally, the LLC [Mr Conde] agreed to pay
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all taxes owing to the Bahamian government up to the date of the agreement, and thereafter to transfer to the LTD [Mr Gibson ‘all taxes incurred and collected by the LLC on behalf of’ The Bahamas government,” Justice Fitzcharles wrote, noting that the deal’s validity is now being disputed. Then, in 2025, Mr Gibson and the Bahamian business sought to break completely from Mr Conde by obtaining their own domain name and website, plus seeking to obtain Bahamian trademarks for ‘Conch & Coconut’ and ‘Conch & Coconut Bahamas’ - the very names Mr Conde claims to have registered and owns in the US. However, Mr Gibson is alleging that “failed to pay the outstanding taxes to the DIR as agreed, that the LLC has failed to give an accounting regarding the gross revenue received by the LLC since 2023, and that there are undocumented debits from the accounts of the LLC showing credit card payments not authorised by the” Bahamian operation. However, Mr Conde has countered by alleging that Mr Gibson “misappropriated” proprietary data - including 10,000 customer records he claims to own - by downloading booking data from multiple platforms. He also served a demand letter on his Bahamian partner over the alleged failure to honour the buy-out deal, with Mr Gibson returning fire by alleging Mr Conde had failed to pay the $700,000 in tax arrears owed to the DIR as promised. These developments sparked the legal battles in both The Bahamas and south Florida federal court, with Mr Gibson obtaining the injunction to block any winding-up. And, in a separate Supreme Court hearing, Justice Ellis ruled the Bahamian operation could continue using its vehicles and boats but not sell them or remove them from the jurisdiction. Justice Fitzcharles, in her August 7 verdict, upheld the bar on Mr Conde advancing any winding-up petition against Mr Gibson’s Briland business plus the prohibition on any “false representation that the
LTD is closed or not operating”. However, Mr Gibson’s demand for access to the booking platform and to know how much revenues it receives proved trickier to resolve. “I am also not ignoring the claimants’ argument that the defendants are not Bahamians and are therefore not, by Bahamian economic policy, permitted to engage in conducting business in The Bahamas of the kind offered by the Ltd,” the judge wrote. “The claimants assert that, without access to booking and payment information, they cannot know the volume of bookings, receipts or funds that should be available for the local business. “The defendants argue that the platform, customer information and related data are proprietary to the LLC. The defendants further allege that the LTD or its agent downloaded the booking and customer data of the LLC in May 2025.” Justice Fitzcharles said ownership of the booking platform, and its customer data and revenues, is an issue to be determined at trial, while Mr Gibson and his operation are already barred by the US court from soliciting bookings using Mr Conde’s data. “In the circumstances, I decline from ordering that the defendants [Mr Conde] give the claimants [Mr Gibson] administrative
control of the platforms, the platform credentials, customer lists or booking data,” the judge ruled. “This does not mean that the defendants are entitled to exploit their control of the platform without oversight. It is necessary to preserve the evidence and revenues while respecting the US preliminary injunction. “I am therefore of the view that this necessitates the appointment of an interim administrator or forensic accountant. Such administrator, and not the claimants, should have read-only access to the relevant booking, merchant, payment-processor and accounting accounts. The administrator should provide both sides with an anonymised reconciliation of bookings for Bahamian local services, gross receipts, deductions, refunds, chargebacks, net receipts, cancellations and referrals. “The reconciliation must not disclose information which the claimants are presently restrained from using,” Justice Fitzcharles added. “It is necessary for both sides to have continuing access to the electronic information. However, I consider that such access must be confined and disputed data preserved. “Additionally, since the defendants’ platforms may be the only means by which the claimants can currently test whether there is a true gap between gross customer
payments and remittances to the Ltd, the appointment of an independent interim administrator or forensic accountant is, in my opinion, appropriate. “The claimants shall not be fettered in running the local business through customers, information and opportunities they obtain independently of the disputed information and platforms. This would safeguard compliance with the US preliminary injunction. The defendants, for their part, may operate the platform(s) they presently control,” she continued. “However, they must preserve a complete auditable record of every inquiry, booking, cancellation, refund and referral. Further, the defendants should not make false statements about the independently-sourced business of the Ltd. Additionally, the defendants should not delete, suppress or manipulate platform or payment records.” Justice Fitzcharles also ordered that “future net booking monies” be held in an escrow account controlled by the independent administrator, who has to report every 60 days with an accounting reconciliation to all parties. Justice Ellis’ ruling on the vehicles and boats was also upheld, with an updated inventory of these assets to be completed within 14 days.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Commercial Division IN THE MATTER OF the Companies Act, Chapter 308 and the Companies Act, 1992 (as amended) AND IN THE MATTER OF Les Geonnais Limited (In Official Liquidation) Notice of Dissolution TAKE NOTICE that pursuant to the Companies Act, Chapter 308, and under the inherent jurisdiction of the Supreme Court of the Commonwealth of The Bahamas the above company was dissolved effectively on July 15, 2026, by Order of the Supreme Court of the Commonwealth of the Bahamas. Dated this 10th day of August, A.D. 2026. Edmund L. Rahming Official Liquidator 110 Mount Royal Avenue and Talbot Street Nassau, The Bahamas Tel: +1 (242) 327 4001
PAGE 8, Monday, August 10, 2026
THE TRIBUNE
Outages show ‘road run out’ on grid improvement OUTAGES - from page B1 “The Bahamas faces a complex energy challenge rooted in resource dependency and geography. With no domestic fossil fuel reserves, the country relies entirely on imported fuels, which account for around 99 percent of primary energy supply ,” the IDB report said. “Unlike most Caribbean peers that operate a single interconnected grid, Bahamas Power & Light (BPL) manages 29 generation plants across 30 inhabited islands and dozens of isolated mini grids that function as multiple small utilities rather than one system. “This structure eliminates the benefits of reserve-sharing, load balancing and renewable integration that interconnected grids provide, while driving up costs across every island. Current limitations in grid management systems, outdated metering infrastructure and insufficient digitisation underscore the need for modernisation of physical systems and human capital.” And, while hailing the Government’s energy reforms, the IDB report identified BPL’s financial weakness as the main drawback that could prevent Bahamian households and businesses from fully realising the cheaper, cleaner and more reliable power promised by these initiatives. “The Government of the Bahamas has responded with the most ambitious energy reform in the country’s history, a $1bn-plus investment programme targeting grid modernisation, LNG conversion and 128 mega watts (MW) of solar capacity by 2030, bringing renewables to 32 percent of the energy mix,” the IDB said.
“When the current administration took office in 2021, BPL carried over $600m in debt and $500m in deferred upgrades. The reform agenda is projected to generate over $210m in combined annual savings, improving BPL’s financial position and reducing electricity costs for households and businesses. “However, BPL cannot finance this transformation alone. Its legacy debt burden and the logistical complexity of serving small, isolated island systems limit its ability to attract private investment without risk mitigation support,” the IDB added. “Expanding IPP participation and mobilising private financing are essential to accelerate renewable deployment, ease fiscal pressure on the utility and bring tariffs down, but this requires strengthening BPL’s institutional capacity to structure bankable transactions and engage credibly with private financiers and development partners.” Describing its $200,000 technical assistance as “critical at this juncture”, given the stage the Davis administration’s energy reforms have reached, the IDB reiterated: “BPL’s institutional constraints, combined with the structural complexity of serving dispersed island systems, create a clear need for specialised support in de-risking investments and mobilizing financing. “The technical co-operation will also support… helping BPL translate the reform programme into bankable, executable investments.” EA Energy’s solar generation project on Eleuthera is to be used as the model for designing “more resilient energy infrastructure” for the Family Islands, including microgrids, while the IDB initiative will also focus on developing a workforce
for “grid modernisation, renewable integration and improved reliability”. “There is thus a critical need to design and implement a structured, competency-based workforce development programme to prepare technicians and engineers capable of supporting BPL’s evolving operational requirements, particularly in distribution planning, protection systems and digital grid technologies,” the IDB added. The project’s unveiling has occurred in the aftermath of two island-wide outages/blackouts in New Providence, with sections of Nassau and the island also enduring repeated load-shedding after BPL’s electricity grid proved unable to cope with the extra demand sparked by consecutive hot days that has driven energy consumption above last year’s peak twice already. Paul Maynard, the former Bahamas Electrical Workers Union (BEWU) president, yesterday told Tribune Business that successive administrations have “kicked the can down the road” for at least a decade on much-needed electricity grid upgrades and improvements to the point where “the road has run out”. HE affirmed that New Providence’s transmission and distribution network has failed to keep pace with the island’s growth and development, with the last major grid upgrade completed almost 30 years ago, leaving it unable to meet ever-increasing consumer demand from businesses and households as new customers are added. As a result, Mr Maynard said much of the electrical equipment in sub-stations at the distribution level is “old and obsolete” to the point where it has reached “a real critical stage” of end-of-life.
Georgia woman says she was wrongly diagnosed with cancer and had hysterectomy due to labeling error By KIM CHANDLER and EMILIE MEGNIEN Associated Press AN Atlanta-area woman alleges that she was wrongly diagnosed with cancer and underwent an unneeded hysterectomy because of a labeling error. Cassandra Barksdale and her attorneys filed a lawsuit
Tuesday against Kaiser Permanente alleging the mix-up led to the surgery and months of physical and emotional pain. According to the lawsuit, another patient’s tissue sample was mistakenly labeled as belonging to Barksdale, who at age 43 then underwent a full hysterectomy on May 15, 2025, and was told she
would get instructions about chemotherapy. It’s unclear how the mix-up occurred. In September, Barksdale was informed that a DNA analysis found the tissue sample showing an aggressive form of endometrial uterine cancer belonged to a different patient and not to her, the lawsuit says.
He added that BPL staff “risk their lives every day touching this stuff”, and said that - while the necessary improvements to the New Providence electricity grid will be made - these will take time to execute and not be felt before summer 2027 at the earliest. BPL executives have confirmed that New Providence has sufficient available generation to meet peak load summer demand, and Mr Maynard yesterday agreed that the island’s recent woes have stemmed from a lack of distribution system capacity. This has created structural network bottlenecks, where not enough power is able to reach end users to meet heightened demand, resulting in critical system components becoming overloaded and failing. “They’re going to get there,” Mr Maynard said of BPL and Bahamas Grid Company, the entity that has taken over ownership and management of New Providence’s energy grid for at least 25 years. “They’re going to make some adjustments, and so some things over the fall, winter and Spring so that this shouldn’t happen any more. It will take time, but I know they are capable of dealing with the situation. Next summer, they’ll be ready.” The former union president suggested that New Providence’s energy grid has received insufficient attention when compared to BPL’s generation capacity. Issues with the latter were responsible for frequent outages and load shedding under the Minnis administration in 2018, which it sought to resolve with a $90m investment in six Wartsila engines, but the latest energy woes stem from transmission and distribution (T&D) deficiencies. “It has been going on for over 16 years,” Mr Maynard said of the need for urgent
electricity grid upgrades. “They kept kicking the can down the road. The road has run out. The can cannot be kicked any more….. It is what it is. I’m sure they are make some adjustments, do what they have to do and whatever has to be done.” Well-placed Tribune Business sources last week questioned whether BPL has conducted sufficient summer preparation and maintenance, especially on the transmission and distribution network. They also suggested that Bahamas Grid Company and its contractor, Pike Electrical, had in their $130m “foundational upgrades” focused largely on the transmission side and left distribution largely untouched at the neighbourhood level where much of the recent woes occurred. FEEDING into this, and compounding the challenges, are two unresolved problems related to the grid’s transition from BPL’s to Bahamas Grid Company’s control. The transfer of grid assets has yet to be completed, with these placed “in escrow”, leaving them in legal limbo or a ‘no man’s land’ of uncertainty. As a result, it is unclear whether BPL or Bahamas Grid Company has responsibility for these assets, the maintenance and repair, and which set of workers can handle them. In addition, BPL’s 120 New Providence-based transmission and distribution workers have largely declined to switch to Bahamas Grid Company, fearing they would lose their union benefits, pension and years of service if they do so. As a result, Bahamas Grid Company has lacked key knowledge for its grid upgrades, since the location of key electrical equipment has not been documented but, instead, rests in the mind and memories of these workers.
“She came into Kaiser Permanente looking for answers, and she left with a diagnosis that did not belong to her. And every step that was taken after that was based off of misinformation,” her attorney Shannan Young said. Barksdale went to Kaiser Permanente Southwood Medical Center in Jonesboro, Georgia, in early 2025 to seek treatment for heavy bleeding and fibroids, which are noncancerous growths in and around the uterus. She underwent a biopsy on March 10, 2025. Barksdale said that after she got the biopsy results on March 17, 2025, she lived for months believing she had an aggressive type of cancer, sending her and her sons into a deep depression.
“I even started making funeral plans with them to let them know, you know, if I don’t make it out, this is what I want done,” Barksdale said. Representatives for Kaiser Permanente wrote in a statement that, “Ms. Barksdale should not have experienced this.” “We have highly trained staff and very thorough processes in place to prevent errors like this from taking place. After this occurred last year, we took immediate steps to ensure it could not happen again. We realize the impact of this incident and are committed to working with Ms. Barksdale and her counsel to resolve this in the most fair and accountable way we can.”
“A lot of the knowledge people have of the distribution network is not documented clearly or mapped out,” one wellplaced source, speaking on condition of anonymity, said. Mr Maynard, signalling that the Bahamas Grid Company transition issues have been a factor, acknowledged that electricity distribution at the neighbourhood and community level remains the major impediment. He added, though, that the last major grid upgrade on New Providence began in the early to mid-1990s, and was completed in around 1998 with new sub-stations and poles installed. That, though, was almost 30 years ago, and Mr Maynard described much of the equipment brought in then as “old and obsolete”, and at a “real critical” end of life stage. “When I was there it was obsolete, so can you imagine now?” the former union president said. “We have to realise the [BPL] staff are going through a lot. They have been stressed. I cannot imagine what they are going through, working day and night, day and night. The fatigue has to be setting in. Every day they risk they risk their lives touching this stuff, a lot of which is obsolete; it shouldn’t be on the system. “Now the road is finished. The road is gone. It’s not there any more. I’m pretty certain they’ll be able to figure it out. The transmission and distribution grid has been ignored for 16 years. It’s bad for the public. It is bad. It is what it is. We are where we are.” Mr Maynard urged BPL and its two unions, the BEWU and the Bahamas Electrical Utility Managerial Union, to urgently meet and resolve all issues impeding the transfer of the utility’s line staff to Bahamas Grid Company.
CASSANDRA BARKSDALE, who says she was wrongly diagnosed with cancer due to a tissue labelling mistake. Photo:Emilie Megnien/AP Because of privacy laws, information about the other patient — including what happened to her and whether cancer treatment was delayed — isn’t publicly available.
THE TRIBUNE
Monday, August 10, 2026, PAGE 9
Concern increases ‘chip away’ at lucrative tourism market INCREASE - from page B1 it plans to seek the Trump administration’s intervention over the Bahamas’ air navigation services charges. Lenn King, BANSA’s director, did not reply to Tribune Business messages seeking comment before press time. However, Mr Gardner and CST Flight Services, in a posting on their website said BANSA had informed them it is intensifying its outreach to private pilots, plus aircraft owners and operators, and working “with FBOs (fixed base operators) to improve the current collection of charges”. Michael Strachan, the Bahamas’ ambassador to the International Civil Aviation Organisation (ICAO), told Tribune Business that - while this nation and all other countries have a sovereign right to charge users of their air space for the services they provide these levies are supposed to be a cost recovery, not a forprofit, mechanism. He added that himself and others have long argued that the retroactive billing of fees “shouldn’t be done” to avoid industry “pushback” and non-compliance, and renewed calls for greater “clarity and transparency” over how the charges are calculated and handled. “Ultimately, in accordance with the ICAO annexes pertaining to cost recovery for services provided, the state via its appointed service providers and regulators review and submit the charges for notification to the global aviation community. These charges are not-a-for-profit mechanism to recover costs associated with operations, infrastructure and other expenses related to providing these services,” Mr Strachan told this newspaper. “Ultimately, if there is a claim of overcharging, that can be resolved through an audit process which could identify any overages and also any undercharging if it has taken place, and there are recourses to rectify those. “I know the retroactive fees also have been an issue but that’s something myself and others have been vocal about in that it shouldn’t be done, and that the benefits of the charges should
match, and that will go a long way globally in the industry where there is less pushback and more support and compliance. There has to be more clarity and transparency on the way the charges are being billed and handled.” BANSA first sought to impose the same retroactive fee hikes on commercial aviation - both Bahamian and foreign airlines - last year, but seemingly backedoff following pushback and protest. Sherrexcia ‘Rexy’ Rolle, Western Air’s president, chief executive and general counsel, told Tribune Business at the time that the Authority was demanding the carrier now pay an extra $2.4m over and above what it has already paid in air navigation services fees. Now, the same process appears to have caught up with - and been extended to - private aviation. Mr Gardner told Tribune Business that the industry had begun to receive the BANSA air navigation services invoices “over the last several months”, but many aircraft owners, operators and pilots were likely still unaware because they are being issued through IATA which does not deal with general aviation. “The only way you would know if you had an invoice is you would have to go to IATA and create an account in their system, then search to see if you have an invoice,” he explained. “But private aircraft have no reason to go to IATA and create an account because IATA is for airline transportation. “That part is a little bit perplexing. You are using an entity that works only with commercial airlines to handle invoices for private flights. That It’s like making private car owners go to the jitney section at the Road Traffic Department. People will not know they have invoices.” Mr Gardner said that “what makes it alarming” is that BANSA informed himself and his company that it plans to place liens/ charges, and even seize, aircraft upon which unpaid air navigation services fees are owed - even if the owner/ operator is unaware they have an invoice or outstanding bill. He added that BANSA had confirmed to him it plans to impose both measures, although many
in the industry question whether it has the resources and technical expertise to do so. The NBAA, in a posting on its website, said BANSA had told CST: “Any aircraft with a debt can be seized/ detained by the Government in the case the operator refuses to pay its outstanding debt. This also applies to new owners.” Mr Gardner told Tribune Business that the impact, and potential fall-out, from the BANSA fees and the way they are being imposed and applied threatens to further undermine The Bahamas’ attraction for a private aviation industry that is one of tourism’s most lucrative markets given that it typically features wealthy, higher-spending visitors. It is also a key distributor of tourism spending through its ability to access Family Island destinations less visited by commercial airlines. “It’s perplexing that you want to to that,” Mr Gardner asserted. “The fact that The Bahamas is an archipelago of 700 islands, having a market that brings them in on planes is very attractive. They can spread the spending around the islands very easily. “The Bahamas government has recognised the value of this market, and has invested greatly in time, money and resources to attend, have a booth and presence at general aviation events to attract this market and, up until recently, has generated a very positive image in the general aviation community that it is absolutely one of the destinations you want to go to and one of the easiest.” However, The Bahamas has buffeted the general aviation industry with a series of fee and cost hikes since the first Davis administration took office in September 2021, including the raised Customs processing fees that were imposed in the 2024-2025 Budget. “If you set the bar low, more people are willing to try it and jump over,” Mr Gardner told Tribune Business. “The higher you set the bar, which is set by fees and complexity, fewer people are willing to try and jump over.” Besides BANSA’s air navigation services charges, private aviation also has to pay Customs fees, Airport Authority charges and FBO landing and service fees.
America In Focus: US employers unexpectedly cut 23,000 jobs; mortgage rates rise again By MICHELLE CHAPMAN AP Business Writer THE economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.
Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you. U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because
Americans left the job market. The July jobs numbers from the Labor Department Friday marked a sharp reversal for the American labor market and a political setback for President Donald Trump less than three months before his Republican party seeks to keep full control of Congress in the midterm election.
“It’s getting more complicated and expensive. The message, the perception in the industry, is unfortunately starting to shift,” Mr Gardner said. “Regrettably, I would say The Bahamas’ reputation will take a hit. The more the complexity and fees are increased, the more damage is going to be done. “It’s a shame, but it’s the Government’s decision. For those of us who promote The Bahamas, it’s getting harder and harder to explain to pilots why all the fees, why all the complexity. All of these things combine to make many operators ask: ‘What’s going on? This doesn’t make sense. What are you trying to do?’ It creates doubt and casts a shadow on The Bahamas, which is truly unfortunate. “And it’s not just the monetary value. It’s the principal,” Mr Gardner added. “Will the impact from this be draconian and immediate? I don’t think so, but it will begin to pick away at optional flights with persons who want to go and see what The Bahamas is like, but are now hearing it is so expensive, the Government is doing certain things. It sows confusion, and people do not react positively to that perception. “That’s where you will see the harm. People are interested in going, but hearing this contradictory information makes people nervous about taking a very expensive visit to The Bahamas. It erodes the perception of a welcoming, safe, economical destination with a contradictory, can’t get a clear message. It distorts it, and I think it’s to the detriment of the country.” However, while single-engine piston aircraft are exempt from the latest BANSA fees and air navigation services charges, those pilots and owners of twin piston, turboprop and jet planes are not and are being asked to pay. Also exempt are aircraft owned or chartered by the Bahamas government; those involved in search and rescue operations; planes belonging to the armed forces or governments of ICAO member states; and aircraft performing an emergency landing in The Bahamas. Tribune Business reported last year how BANSA had moved to reform the fledgling air
navigation services regime. The fees are split into two types - origin/destination charges, which are levied on planes that take-off and land in The Bahamas, and then overflight fees. The latter are levies paid almost entirely by international carriers that fly through, or transit, Bahamian air space without stopping in this nation. BANSA is restructuring its air navigation services fee regime in a way that shifts the financial burden of these fees on to takeoff/landing fees, and away from overflight fees. Many in the industry viewed the shift as a move to appease US commercial airlines and cargo carriers, and the US Department of Transportation, both of which have complained that the level of fees that The Bahamas is charging is excessive compared to the actual services this country is providing to air space users. This is because The Bahamas, in 2021, agreed a 10-year deal where the US Federal Aviation Administration (FAA) continue managing Bahamian air space above 6,000 feet. The FAA also agreed to waive the cost of air navigation services it was providing and accept a mere $80,000 fee per annum. As a result, the US and its airline industry is arguing that The Bahamas is providing little while also having few costs to cover. However, the FAA deal was part of a wider strategy to give The Bahamas time to build up its resources, technical skills and capacity to the point where it could regain and take over management of its sovereign air space from both the US and Cuba. The Bahamas set its fees at the level necessary to generate the required financing, plus produce enough income to enable the Civil Aviation Authority of The Bahamas and other regulators to become self-sufficient and no longer need taxpayer support. Mr Gardner, though, said that BANSA in restructuring the fees is not reimbursing anyone who parted with the older, higher overflight fees and has now overpaid based on the reduced retroactive billing. Instead, it will apply the over-payment as a credit against future billings. And anyone who previously paid the lower landing/take-off
fees is, under the retroactive billings, now being charged a much greater amount for something they already paid. “BANSA is retroactively charging operators who flew to The Bahamas since May 1, 2021, even if they have already paid for BANSA’s services,” Mr Gardner and CST Services wrote on their website. “If you have never paid for these services, you will be liable for those services at the new rates and not the rates that were in effect at that time. ”The new fees, which are being applied retroactively, are an increase of 294 percent to 679 percent depending on the MTOW of the aircraft. If you did pay something you will receive credit for those amounts paid but you will be held accountable for the balance owed. Similarly, BANSA is giving all operators who overflew The Bahamas during that period a credit for a fee reduction of 37 to 69 percent depending on the MTOW of the aircraft. There are no refunds planned, only account credits towards future overflights.” Mr Gardner told Tribune Business: “It’s like they threw the stable doors open and everyone is running out in different directions, coming up with their own methodology but there is no direction, no strategy. There’s no strategy more than anything else.” He also challenged why himself and other flying ambassadors, who “champion The Bahamas”, always seem to be the last to know about major changes in aviation-related fees and policies. Meanwhile, the international fall-out appears to be gaining traction. “NBAA is launching an advocacy effort with other impacted stakeholders and the US government to highlight the negative economic impact such onerous fees will have on FBOs, airports, the travel industry and surrounding businesses,” Laura Everington, NBAA’s director of international operations and regulations, said of the BANSA fees. ““We encourage operators who receive retroactive invoices to share their experiences with NBAA to bolster these advocacy efforts with realistic data.”
Forecasters had expected job creation to approach 100,000 last month. Local public schools cut 50,000 jobs in July, restaurants and bars 26,000, retailers 19,000. The 4.1% unemployment rate was the lowest since June 2025 – but it dropped for the wrong reasons: Fewer people were competing for work as 264,000 dropped out of the labor market. The share of those working or looking for work fell to 61.4%, the lowest since February 2021.
U.S. job openings fell slightly in June, but the labor market continued to show resilience in the face of an economic shock from fighting in Iran and the closure of the Strait of Hormuz. Employers posted 7.36 million vacancies in June, down from 7.54 million in May, the Labor Department said Tuesday. The numbers were in line with economist expectations. Openings rose by 97,000 at warehouse, transportation and utility companies and 39,000 at federal government
agencies. Openings dropped at wholesalers and manufacturers of nondurable goods. Layoffs were little-changed at 1.8 million, and the number of people quitting their jobs — a sign of confidence in their prospects — rose slightly. The average long-term U.S. mortgage rate rose for a fifth consecutive week to its highest level in just over a year, marking the latest strain for prospective homebuyers who are facing steep borrowing costs.
PAGE 10, Monday, August 10, 2026
THE TRIBUNE
Watchdog for $46 billion tribal gambling industry can’t enforce the law without a chairperson By SAVANNAH PETERS Associated Press ON opening day at the Iowa Tribe of Oklahoma’s new Harrah’s-branded casino, the tribe’s chairman watched customers pack the gambling floor while a queue of cars spilled out of the parking lot. “We couldn’t let them in because we were so full,” Chairman Jacob Keyes said. “That’s a direct impact from the Harrah’s name.” But a vacancy in Washington is preventing the tribe’s partnership with the gambling giant from moving beyond branding. Plans for Harrah’s parent company to take over day-to-day management of the casino in Chandler, Oklahoma, stalled after it opened in April, because no one is at the helm of the federal commission that oversees tribal gambling. The last chairperson of the National Indian Gaming Commission stepped down from the role in January. President Donald Trump has not nominated anyone to fill the vacancy. Absent a chair, the commission is unable to perform some key responsibilities, like enforcing legal and safety violations, approving new tribal gambling laws and certifying management agreements between tribes and casino operators.
Industry leaders say the agency’s inertia risks delaying business deals, weakening oversight and leaving tribes without a key advocate in Washington as they grapple with an emerging threat posed by online prediction markets. “At this crucial time, the (National Indian Gaming Commission) is operating with one arm tied behind its back,” said Jonodev Chaudhuri, a former NIGC chair from 2013 to 2019 and a citizen of the Muscogee (Creek) Nation. “That’s a very precarious position for tribes and Indian gaming.” There’s a lot at stake for tribes that rely heavily on casino revenue to fund healthcare, housing, education and other vital services. Tribal gambling brought in a record $46 billion in 2025, nearly triple the annual casino revenue of gambling powerhouse Nevada. The commission’s core powers are vested in its chair With its Harrah’s contract stuck in limbo, the Iowa Tribe’s small government staff finds itself managing the 175,000-square-foot (16,258 square-meter) casino, a mammoth task it had intended to outsource. “It’s discouraging. We’re paying a fee and not getting the full value,” Keyes said.
THE HARRAH’S CASINO, owned by the Iowa Tribe of Oklahoma, is seen in Chandler, Okla., Wednesday, Aug. 5, 2026. Photo:Brittany Bendabout/AP Nevada, Las Vegas, said the lack of enforcement power could discourage investment in tribal gambling and slow business growth. “Markets function best when there’s stability and certainty around processes and rules,” Light said. Prediction markets have emerged as a new threat to tribal gaming The decision to outsource management was strategic: Harrah’s branding would bring in more business than existing staff could accommodate. Instead, staff has to balance management with other priorities like preparing tribal budgets and overseeing social programs, Keyes said. The three-member gaming commission was formed in 1988 to regulate casino-style gambling and promote economic development on tribal lands. Some 250 tribal governments across 29 states now operate 545 gambling facilities, the commission said. Under federal law, its enforcement powers are vested solely in the chairperson. Industry leaders say its inability to cite casinos for violating federal law or
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 LEGAL NOTICE Sea Heaven Investment Co. Ltd. (In Voluntary Liquidation) NOTICE is hereby given that by a resolution passed on the 27 day of April 2026 the above-named Company was put into voluntary liquidation. AND FURTHER TAKE NOTICE that BCS Corporate Group Ltd., Cumberland House, 15 Cumberland & Duke Streets, P.O. Box SS-6836, Nassau, Bahamas was appointed voluntary liquidator of the Company. AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated this 7 day of August, 2026 BCS Corporate Group Ltd. Liquidator
force the emergency closure of unsafe facilities is particularly troubling. In a typical year, the commission issues several citations to tribes for operating casinos on unauthorized lands, failing to submit required financial statements, misusing revenues and other violations. The commission’s last enforcement action was issued on Jan. 12 — the same day acting chairperson Sharon Avery’s term expired. She remains on the commission. The commission declined an interview request and said in an emailed statement that tribal officials and its field staff provide “excellent regulation” amid the leadership gap. But Steven Light, an expert in tribal gambling law at the University of
The commission vacancy comes as the popularity of online prediction markets like Kalshi and Polymarket explodes. Tribal leaders fear those platforms, which allow users to wager on the outcome of virtually any event, could violate their sovereignty and take a bite out of gambling revenue. “Every dollar generated by Indian gaming goes to fund healthcare for our people, education for our children, housing for our elders,” said David Bean, chairman of the Indian Gaming Association and a citizen of the Puyallup Tribe. At least eight tribes have sued prediction market platforms, alleging they accept bets from tribal lands and in states where tribes have exclusive gambling rights in violation of the Indian Gaming Regulatory Act,
which the gaming commission is tasked with enforcing. Prediction markets argue their users are engaging in futures trading, not gambling, and dispute claims that they are circumventing regulation. The commission chairperson typically serves as an advocate for the tribal gambling industry in Washington, according to former commissioners and staffers. Yet it’s been conspicuously silent while the federal government weighs how to regulate prediction markets, said Joe Valandra, the commission’s chief of staff from 2005 to 2007 and a citizen of the Rosebud Sioux Tribe. James Siva, who leads the California Nations Indian Gaming Association and is vice chairman of the Morongo Band of Mission Indians, said the Trump administration’s support of and business ties to the prediction markets industry could explain why it hasn’t filled the vacancy. “These things are happening in conjunction with each other,” Siva said in April at a news conference with the Indian Gaming Association. “It is not a coincidence by any means.”
Berkshire Hathaway’s new CEO Greg Abel spends a chunk of the company’s massive cashpile By JOSH FUNK AP Business Writer BERKSHIRE Hathaway’s new CEO Greg Abel spent a significant chunk of the company’s massive pile of cash as it invested $10 billion in Google’s parent company and repurchased about $4.5 billion of its shares. The conglomerate that legendary investor Warren Buffett built reported its second-quarter earnings Saturday morning and disclosed that its cash holdings had shrunk to $365.5 billion
from nearly $400 billion at the end of March. Berkshire’s report suggested that it had added more than $21 billion worth of commercial, industrial and other stocks to its portfolio, but the earnings report doesn’t name the stocks it bought. That won’t be revealed until a separate filing later this month. Abel took over as CEO in January when Buffett retired after six decades leading the company. But Buffett remains chairman. CFRA Research analyst Cathy Seifert said investors should be encouraged by the amount of shares Berkshire’s repurchased although Geico’s performance was a concern because its underwriting profits fell 45% and lagged far behind other big auto insurers. “I think there are two key takeaways that should encourage investors: The fact that they bought back shares after not having done things of this magnitude for several years now. And the other positive thing is the ability to produce the 10% operating revenue growth in the quarter,” Seifert said. Abel announced in March that Berkshire had resumed buying back its own shares for the first time in more than two years, but investors were underwhelmed when the company only repurchased about $234 million worth of Berkshire stock in the first quarter. The purchases in the second quarter that were disclosed Saturday demonstrate that Berkshire is serious about buybacks, but it is on the low end of the range that investors were
expecting. Buffett watchers had been predicting repurchases somewhere between $5 billion and $11 billion based on a filing Buffett made when he announced his annual charitably donations in July. The company’s standard is that it only repurchases shares when Abel and Buffett believes they are selling for less than they are worth. They do not plan to spend a specific amount like many companies do. Most of Berkshire’s repurchases were made in June. They may not be buying much now as the stock just hit a new 52-week high on Thursday. Berkshire previously repurchased $78 billion worth of its own stock between 2018 and 2024. In addition to the Google stock Berkshire bought this spring, the Omaha, Nebraska-based company also completed a $6.8 billion acquisition of homebuilder Taylor Morrison but that didn’t close until July so it’s not reflected in these quarterly figures. Berkshire’s bottom line profit more than doubled to $25.667 billion, or $17,868.44 per Class A share, on a big paper gain in the value of its investments as the company lapped last year’s $3.8 billion writedown in the value of its Kraft Foods stake. A year ago Berkshire reported earning $12.37 billion, or $8,600.89 per Class A share. But Buffett has long urged investors to pay more attention to Berkshire’s operating earnings to get a better sense of how its dozens of companies are performing because those numbers exclude investments.
NOTICE OXOSSI LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 206974 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 07th day of August A.D. 2026. ERIC DE OLIVEIRA PIUNTI LIQUIDATOR
THE TRIBUNE
Monday, August 10, 2026, PAGE 11
US stocks jump as employers unexpectedly cut 23,000 jobs, raising hopes that rate hikes can wait By DAMIAN J. TROISE AP Business Writer STOCKS rose on Wall Street Friday and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month. Every major index notched a second straight week of gains, which included several fresh records. It marks a strong start to August following several weak months. The S&P 500 rose 47.68 points, or 0.6%, to 7,757.64. That topped the all-time high it set on Tuesday. The benchmark index has been on a record run throughout the year. The Dow Jones Industrial Average rose 151.83 points, or 0.3%, to 54,036.93. That put it just short of the record it set on Wednesday. The Nasdaq composite rose
342.26 points, or 1.3%, to 26,690.62. Technology stocks, with their big market values, did much of the heavy lifting for the broader market. They are often the heaviest weights determining the market’s direction. Nvidia jumped 2.3% and Broadcom rose 1.7%. The bond market reacted more strongly to the weaker signal on the jobs market, which can be seen as allowing the Federal Reserve more time before raising interest rates to fight inflation. The yield on the 10-year Treasury fell to 4.64% from 4.67% just prior to the jobs update. It was as low as 4.60% before recovering a bit. The yield on the twoyear Treasury, which more closely tracks expectations
NOTICE NOTICE is hereby given that I, SHANOYA SHANTAE PRATT of P.O.Box N-8827, #4 Wingate Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of August, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that I, FRANCIKA PASCAL of Ragged Island Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of August, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that I, OLIVE CATHERINE JONES of #2 Shamrock Close, Portland Bay Subdivision, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of August, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that I KAY’JAH SYRANMA EXELANT of 114 Eneas Aile, Stapledon Gardens, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 10th day of August, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I, MIRLANDA PIERRE NOEL of Soldier Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of August, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
for Fed action on interest rates, fell to 4.20% from 4.22% prior to the report’s release. It was as low as 4.15% before edging back up. “Although the stock market is likely to welcome the dovish implications of the report, investors should be wary of the future growth potential of an economy where fewer people are working,” said Peter Graf, chief investment officer at Amova Asset Management Americas, in a research note. Overall, the report paints a dimmer picture of the jobs market, which has been one of the brighter areas of the economy amid rising inflation and worries about household spending. It included a revision to the figures for June and May that involved slashing a combined 103,000 jobs from payrolls for those months. Eyes on the Fed’s next move The Fed has been holding interest rates steady amid worries about hotter inflation, fueled by a rise in oil prices because of the U.S. war with Iran. Wall Street expects at least one rate increase by the end of the year, with forecasts shifting for the next meeting. Expectations for a rate cut in September are down to 42%, from 55% on Thursday and from 67% a week ago, according to CME FedWatch. A weakening jobs market could make matters more complicated for the Fed, which has to balance supporting job growth with fighting inflation. Raising interest rates can help tame inflation by slowing economic growth. A weaker
SPECIALIST Michael Pistillo works on the floor of the New York Stock Exchange, Wednesday, Aug.. 5, 2026, in New York. Photo:Yuki Iwamura/AP jobs market, though, could become even shakier under higher interest rates as businesses find it more difficult to expand under increased borrowing rates. Businesses, and Wall Street, prefer lower interest rates because it can help boost investments. That might bolster a weakened jobs market, but it could worsen already stubborn inflation. Wall Street will get several important inflation updates next week. The most closely watched will be the consumer price index, or CPI, which measures costs for consumers. Wall Street expects it to show that inflation in July rose at a 3.4% rate, which would be a slight easing from the 3.5% rise in June. Inflation has held stubbornly above 3% for most of the year. “Today’s weak payrolls print may ease the pressure on the Fed to raise rates
at its September meeting, but next week’s inflation data will still likely be the deciding factor,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, in a research note. The earnings picture The jobs report caps a week dominated mostly by corporate earnings and concerns about the ongoing U.S. war with Iran. Corporate earnings for the second quarter are on track for the strongest growth since 2021. Nearly 90% of companies in the S&P 500 have reported their results and analysts expect profit growth of 50% overall. That has helped allay some concerns on Wall Street about whether big gains for stocks in 2026 are justified. Strong profits help support those gains in stock values.
It was a light day for earnings as companies near the close of the latest round of reports. Airbnb jumped 17.4% following the vacation-rental company’s report late Thursday that showed stronger profit and revenue for its most recent quarter than analysts expected. Oil prices gained ground. The price of Brent crude, the international standard, rose 1.3% to $83.55 a barrel. Rising oil prices have been behind hotter inflation. Prices were as high as $113 per barrel at one point during the now fivemonth U.S. war with Iran. That raised prices for gasoline and shipping for a wide range of products. The U.S. and Iran have both said they are working on deals that could reopen the Strait of Hormuz, where a fifth of the world’s oil and natural gas once passed through.