A FURIOUS bust-up between US and Bahamian business partners has exposed alleged ‘fronting’ and hundreds of thousands of dollars in unpaid taxes owed by a well-known Briland tourism operator. Pablo Conde, who describes himself as the founder and owner of Conch & Coconut LLC, the Harbour Islandbased “high-end concierge and destination management” provider, is accusing Julian ‘Shaq’ Gibson, who managed the business on his behalf, and others of stealing “the brand and business structure” that he financed and built.
His lawsuit, filed in the south Florida federal court last Friday September 5, claims that Mr Gibson and his associates have engaged in “theft of trade secrets” and “unfair competition” by obtaining Conch & Coconut’s customer data, and
“cancelling” or closing out its existing bookings, ahead of launching a rival business offering the same services under the same brand name. Mr Conde, who alleged that Conch & Coconut agreed to sell its business and all Bahamas-based assets to Mr Gibson in October 2023, with the latter to pay the $725,711 purchase price over a tenyear period, asserted that the deal stipulated he retain ownership of the company’s “intellectual property until the final payment was made”. Now, claiming that none of the payments required under the deal have been made, Mr Conde is seeking unspecified
AID pension fund gains $1.2m purchase from tax delinquent
By NEIL HARTNELL Tribune Business Editor
TRUSTEES for the Automotive & Industrial Distributors (AID) staff pension fund have obtained a Supreme Court Order requiring a property tax delinquent to vacate real estate it acquired for $1.2m Justice Carla Card-Stubbs, in a September 4, 2025, verdict ordered that Earl Miller and his Miller Enterprises venture must leave a 2.37-acre site at the junction of Tonique Williams Highway and Knowles Drive (Bozine Hill Road) that was previously seized, and auctioned off, by the Bahamian tax authorities to recover unpaid real property taxes. They have until October 20, 2025, to vacate.
The AID staff pension fund trustees - the auto repair, parts and home furnishings retailer’s president, Jason Watson; his father, Harald; and Gerald Mortimer - argued in legal documents that Mr Miller’s continued presence amounted to “trespass” as he was now the property’s former owner and had no right to stay following its seizure by the Department of Inland Revenue/Public Treasury.
And his occupation meant the AID pension fund was being prevented from earning a return on its investment for the benefit of the plan’s several hundred members, as commercial leases had already been “arranged” that would see the location occupied by another AID outlet plus Nassau Propane and Native Brands.
Mr Miller, who has fought a long legal battle to prevent the Bahamian tax authorities from auctioning-off the location, argued that the sale to the AID staff pension fund was “invalid” and that he is “entitled” to stay and conduct business there.
The property already houses two businesses, Nassau Industrial Gas and Oil Max, the latter of which is known as Ron’s Auto. Mr Miller alleged he had “made every effort” to settle the outstanding real property taxes, but was never told
damages on the grounds that his former Bahamian partner has engaged in “trademark counterfeiting” by continuing to use the ‘Conch & Coconut’ name and logo without permission as well as its ‘Crack Open the Good Life’ slogan. Similarly, Mr Conde and Conch & Coconut LLC are also alleging that Mr Gibson and his associates have also interfered with the Pink Sand Spirits liquor brand that he founded in 2022. Mr Conde, claiming they formed and registered Pink Sands Spirits Ltd with the Bahamian Companies Registry in January 2025,
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NASSAU’S major commercial shipping port beat projections for the first month of its 2026 financial year by double digits for all major imports, it was revealed yesterday, following last year’s 14.7 percent profits jump.
Dion Bethell, BISX-listed Arawak Port Development Company’s president and chief financial officer, in response to Tribune Business inquiries disclosed that it had experienced a strong July
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamian principal behind
a well-known Briland tourism business yesterday accused his former US business partner of “saddling me with a large tax obligation” while earning “millions” from the venture.
Julian ‘Shaq’ Gibson, in an e-mailed reply to Tribune Business, said he plans to counter the lawsuit filed against him by Pablo Conde and the latter’s US-based business, Conch & Coconut LLC, with legal action of his own that will launch before the Bahamian Supreme Court today.
Describing Mr Conde’s move as a “knee jerk reaction” to his own legal move, he revealed that Conch & Coconut’s Harbour Island-based operation has been “shut down” since it was “raided” by the Department of
with twenty-foot equivalent unit (TEU) container, vehicle and bulk aggregate imports ahead of forecasts by 10 percent, 21 percent and 73 percent respectively. Container volumes hit 6,967 for the first month of APD’s 2026 reporting period, while vehicle arrivals stood at 1,923 and bulk aggregate imports at 58,791 tons. While container and bulk aggregate volumes maintained the trends seen for the 12 months to end-June 2025, with year-over-year increases compared to 2024, the July results represented a
Inland Revenue and a “fraudulent” Business Licence - which Mr Gibson blamed on his former US partner - uncovered.
Hitting back after Mr Conde accused himself and others of “trademark counterfeiting”, “theft of trade secrets”, and “unfair competition, Mr Gibson said: “I haven’t seen Mr Conde’s complaint yet but we are filing our own (today or tomorrow) here in the Supreme Court of the Bahamas. I am represented by Ian Cargill and Glinton, Sweeting and O’Brien.
“When I was only 24 years-old, Mr Conde approached me to ‘cooperate’ on a golf cart/ boat rental and concierge business on Harbour Island. He set it up whereby all gross receipts were sent to Conch & Coconut LLC in Florida, while I owned and operated Conch & Coconut Ltd,
reversal of the prior year’s fall in vehicle imports.
Vehicles arriving at APD’s facilities at Arawak Cay dropped by 2.3 percent yearover-year to around 19,300 for the 12 months to end-June 2025, Mr Bethell told this newspaper, although TEU and bulk aggregate volumes finished 3.3 percent and 22.6 percent higher, respectively, than 2024 at 73,084 containers and 417,947 bulk tons.
APD’s total comprehensive income for the year to end-June jumped by more than $1.7m, or 14.7 percent, to $13.663m as opposed to $11.91m in 2024. Mr Bethell said the port operator’s bottom line had exceeded the company’s own internal forecast of $11.7m by around $2m or 17.3 percent. Revenues were ahead of projections by $2.6m or 7.1
Pharmacy chief renewing call to eliminate VAT on medicines
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas Pharmaceutical Association’s (BPA) president yesterday renewed his call for the Government to eliminate VAT entirely on prescription drugs on the grounds it is harmful to patients.
Dr Marvin Smith, speaking after the Prime Minister hailed the 50 percent VAT rate cut - from 10 percent to 5 percent - on medicines, baby diapers and feminine products, argued that the tax represented a “silly cost” on medications that not only burdens the largest purchaser - the Government - but also restricts retail pharmacies from reinvesting in essential stock.
“The stance of the Association has always been that medicines should not be subject to VAT. Medicines are not a purchase of choice. Anybody who is on medicines,
whether it’s over-the-counter pain medication, or whether it’s a chronic disease, nobody chooses to be on medicine,” said Dr Smith.
“Medicines are an essential service. The issue that we have is anything that raises the price of medication in the country is not good for the patient and is not good for local pharmacies. That additional 5 percent is still an additional 5 percent.
“Community pharmacies can’t use that 5 percent to go and make sure they stock up on their medicines so that they’re on the shelves when people need them. It’s money that can be used in other places.”
Dr Smith pointed out that the Government, through the National Insurance Board (NIB) prescription drug programme, is effectively taxing itself 5 percent on purchases it later reimburses. He said this creates inefficiencies in the system
CARIBBEAN’S ‘PIVOTAL MOMENT’ FOR BRINGING REFORM TO REALITY
By ANTON EDMUNDS
THE Caribbean stands at a pivotal moment. Across the region, countries are making impressive strides in economic reform, debt management and climate resilience. Yet the path to sustainable development remains steep, marked by persistent challenges – climate vulnerability, limited fiscal space and uneven access to opportunities. With an average growth rate of around 2.5 percent over the past 15 years, economists have warned that the region’s capacity to contain
and ultimately reduce levels of poverty needs a boost. To meet these challenges, there is a need for us to think bigger and act together. That is why the Inter-American Development Bank group (IDB Group) launched ONE Caribbean, a regional programme that aims to promote sustainable development in the region and unlock public and private investment across key sectors. The initiative works across four core pillars: Climate resilience and adaptation and disaster risk management, citizen security, private sector development and food security, with strengthening institutions and leveraging digital
Site eye for AID outlet plus Nassau Propane
VACATE - from page B1
the full amount said to be owed to the Department of Inland Revenue, and is now single, a senior citizen and was diagnosed with cancer in 2022.
But, despite Mr Miller alleging that he would “lose everything” if he was displaced by a Supreme Court Order, Justice Card-Stubbs found that the likely greater harm would be suffered by the AID staff pension fund because of the continuing monetary losses it would incur from not being able to develop or use the land it has acquired. As a result, she ordered Mr Miller to vacate within six-seven weeks.
AID’s pension trustees, disclosing that they signed a November 20, 2024, agreement to purchase the site for $1.198m following their auction success, asserted: “The claimants became interested in purchasing property for and on behalf of the Fund as an investment property, having regard to several income generating business opportunities which could be derived from the use of the property.
“The claimants selected the property for this purpose having seen the property advertised for sale.” The trustees added that the agreement for sale stipulated that the Fund was entitled to take vacant possession of the property once the purchase price was paid to the Treasurer, which occurred on January 27, 2025. The conveyance was stamped on February 22, 2025, and lodged for recording.
“Despite payment of the purchase price, completion of the sale and transfer of title by the Treasurer upon execution stamping and recording of the conveyance, the Claimants have been unable to obtain vacant possession of the property as the defendants [Mr Miller and his business] continue to unlawfully occupy the property to-date,” the AID pension trustees alleged.
“While the defendants continue to trespass and remain in unlawful possession and occupation of the property, the defendants are
unjustly enriched by continuing to operate business and derive benefits and profits from commercial enterprise by unlawfully remaining in possession.
“As a result of the aforementioned, the defendants’ continued trespass and unlawful occupation of the property, the claimants have incurred loss and damage to the claimants’ reputation and business interests.” The AID pension fund trustees thus swiftly moved for an injunction preventing Mr Miller and his business from remaining on the property, and an Order requiring them to vacate.
The Fund asserted that the purchase price paid for the property “was more than reserved price set by the Treasurer - more than 70 percent of the assessed value of the property”. But Jason Watson, in an affidavit, asserted that when he visited the site on February 7, 2025, with the chief valuation officer and Department of Inland Revenue officials, Mr Miller “refused to give vacant possession”. “The defendants’ continued unlawful occupation of the property, which deprives the claimants of the use and benefit of the property which they now legally and beneficially own, has jeopardised the trusteebeneficiary relationship as members of the Fund now have to be concerned with the feasibility of the investment which has so far not earned the Fund any income as intended,” the Fund added.
“The defendants’ continued unlawful occupation of the property has also jeopardised the customer relationships which were expected to flourish as a result of the arranged commercial leases with Native Brands, Nassau Propane and AID Ltd.
“Quite apart from the income-generating possibility and the loss of income resulting from the economic interference, the defendants’ continued occupation will cause irreparable prejudice and unquantifiable loss to the customer relationships, which cannot be compensated in money form.” The AID pension fund trustees added that Mr
transformation as cross-cutting priorities. ONE Caribbean directly supports The Bahamas, Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago and, indirectly, the Organisation of Eastern Caribbean States (OECS) countries through the IDB’s partnership with the Caribbean Development Bank. The programme is designed to employ a multi-sectoral, inter-disciplinary and fully integrated approach to catalysing significant streams of public and private sector investment across the region through innovative tools, targeted investments and strengthened regional co-operation.
Miller was unlikely to be able to compensate them for this loss.
However, Mr Miller and his business argued that “the nature of his illness made it difficult for him to focus on the payments of overdue taxes. The second defendant [Mr Miller] never denied that he owed taxes.
“He disputed the amount that the Department of Inland Revenue stated that he owed and asked to meet with the acting chief valuation officer on several occasions to query the amount owed. The acting chief valuation officer never arranged a meeting, neither did the second defendant receive the quantification of the taxes from the department.”
Mr Miller alleged that the sale to the AID pension staff pension fund did not comply with the procedures set out in the Real Property Tax Act, thus rendering it flawed and invalid in law. He added that he lived on the property, which also contains numerous businesses and utility connections since 1986, and asserted that he was before the Court of Appeal challenging its sale and seizure via a separate case.
“I made every effort with the intention to settle the full payments of the real property taxes due and owing to the departments. At all times, I begged to know the true quantum that was indeed due and owing but, unfortunately, the acting chief valuation officer never responded positively to my request,” Mr Miller alleged.
“That shortly after being diagnosed with cancer in January 2022, I received a letter from the Department of Inland Revenue informing me of outstanding property taxes which they claimed to be due and owing.... That the amount quoted appeared to be erroneous and not a true and correct statement of what ought to have been owed to the Department of Inland Revenue....
“Due to my illness and treatments I was unable to divert the needed financial attention with respect to settling the full payment of the debt before the deadline, but strongly expressed a willingness to work out a payment plan. That in good faith, I further demonstrated my willingness to make payments toward settling the outstanding balance by offering a personal cheque in the amount of $200,000,” he added.
“I was told that the Department would only accept a managers cheque. That a manager’s cheque in the amount $200,000 was
But ambition alone is not enough. According to IDB group calculations, investment needs for ONE Caribbean countries in water and sanitation, energy, transportation and telecommunications total $21.5bn. What is needed is faster, deeper and more diverse economic growth. Private sector involvement is also critical to meeting these challenges. Despite investor interest, too many promising ideas stall due to weak enabling environments, limited technical capacity and fragmented planning. The result? The Caribbean continues to lag other regions in attracting development financing, especially from private sources.
withdrawn from my Scotiabank account, Carmichael Road Branch, which was delivered to the Department of Inland Revenue on January 13, 2025.”
That payment was returned three weeks’ later, and the auction proceeded, but Mr Miller added that AID was the “only bidder, one of my competitors, my former tenant who had been evicted from my property in 2022”. Mr Miller also alleged that the locks to his property were changed during the site visit referred to Mr Watson, and said he encountered a “hostile attitude”.
Justice Card-Stubbs found for the AID pension fund, agreeing that “the ongoing loss” it claimed to be facing could be “substantial” if unable to possess the property and that Mr Miller would likely be unable to cover it.
“In considering the state of the evidence before me at this time, it is my assessment that the grant of an injunction will serve to enforce the current legal position. In the absence of a voided sale, the extant legal position is the demonstrated lawful ownership of the property and the entitlement of the lawful owner to possession of the property,” she concluded.
“It is my determination that, given the relative strength of the parties’ cases on the filed documents before me at this interlocutory stage, it will likely be determined by the outcome of a trial that the injunction is rightly granted.
“It seems to me that the balance of convenience lies in favour of the claimants, and that the course of action that will cause the least prejudice would be to grant an injunction and stem the continued loss said to be suffered by the claimants. My assessment is that there is a greater risk of irreparable harm if the injunction is not granted than if it is,” Justice Card-Stubbs continued.
“I bear in mind the personal hardship that the second defendant will undergo in the necessary displacement that the injunction will cause. While a court may be mindful of such circumstances, this court is constrained to act in a way to ensure that its orders will serve to uphold and protect lawfully-demonstrated rights.
“The circumstances of the defendants will be taken into account by giving the second defendant a definite time period within which to vacate the property in order to accommodate a relocation exercise.”
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
JL
Julia Holdings
Limited
(IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, JL Julia Holdings Limited is in dissolution.
The dissolution of the said Company commenced on 5th day of September, 2025 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.
The sole liquidator of the said Company is Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.
Kim D Thompson Sole Liquidator
To overcome these barriers and unlock private capital, the IDB is introducing the Project Preparation Co-ordination Mechanism (PPCM), a new service under the ONE Caribbean umbrella. The PPCM is designed to help governments, state-owned enterprises and private sector partners across the region identify, structure and advance high-impact projects that can attract financing and deliver real results. This is about building a pipeline of bankable projects that reflect the region’s priorities and are ready to move from concept to construction. The PPCM will support everything from early feasibility studies
to legal structuring and investment matchmaking, drawing on the full technical expertise of the IDB Group and our partners. We started activities in Jamaica and are on our way to The Bahamas. These events are more than just announcements; they are invitations. We want to work with ministries, businesses and regional institutions to turn ideas into transformative investments.
The public sector cannot do it alone. By working together – across borders, sectors and institutions – we can build a more resilient, inclusive and prosperous Caribbean.
Canadian airlines double Nassau service for winter
CANADIAN airlines are more than doubling non-stop service to Nassau during the upcoming winter tourism season to account for 10 percent of inbound flights to the Bahamian capital.
New direct flights from Air Canada, WestJet and Porter Airlines to Lynden Pindling International Airport will increase the number of non-stop flights by Canadian carriers from 19 flights per week to 39 flights - a more than 100 percent increase.
The jump comes as The Bahamas bids to further diversify its tourism source markets given the economic uncertainty impacting US travellers, who account for around 90 percent of this nation’s visitors, due to tariff policies and other factors.
“We are delighted to welcome even more Canadian travellers to Nassau and Paradise Island, and grow the connection between our destinations,” said Joy Jibrilu, chief executive of the Nassau & Paradise Island Promotion Board.
“This expanded airlift underscores the growing demand of travel to Nassau
& Paradise Island, and ensures more opportunities for Canadian travellers to experience the world class beaches, vibrant culture and our renowned Bahamian hospitality.”
Air Canada is poised to increase its daily yearround service to Nassau from Toronto to 12 flights per week in October. Flights from Montreal will increase from the current one service per week to four come December, while non-stop service from Ottawa and Halifax will launch that same month with one flight per week on Friday. WestJet, meanwhile, will increase flights to Nassau from Toronto to seven per week in December - up from the present four. It will also launch non-stop service to the Bahamian capital in December 2025 with one flight per week. And Porter Airlines will launch seven flights per week to Nassau from Toronto in November, with once weekly and twiceweekly service from Ottawa and Hamilton, respectively, set to start in December 2025.
AMERICAN AIRLINES SET TO GROW BAHAMAS WINTER FLIGHTS 18%
AMERICAN Airlines yesterday confirmed it will launch three weekly flights to Bimini from Miami International Airport in mid-February 2026 to coincide with the peak winter tourism season.
The carrier added that the new service will strengthen its footprint in The Bahamas and make it the only US airline to offer service from seven destinations in the country.
“At American we are proud to further solidify our position as the leading US airline in The Bahamas with an operation and network that is unmatched, reaching next year seven destinations,” said José A. Freig, the carrier’s vice-president of international and in-flight dining operations.
“Bimini is quickly emerging as a must-visit destination, and our new Miami route will ensure tourism remains a strong economic engine for the island and The Bahamas as a whole.”
Scheduled to start on February 14, 2025, American Airlines will operate yearround service on Mondays, Wednesdays and Saturdays with an Embraer 175 aircraft that has capacity for 76 passengers.
American Airlines said it will operate more than 30 peak daily flights to The Bahamas this winter - the most of any US airline. It added that this represents an 18 percent increase in flights compared to the previous year.
Besides becoming the only commercial carrier connecting Bimini and the US, American Airlines said it is also the only US airline flying to Governor’s Harbour and Freeport. In response to continued demand for The Bahamas, American Airlines has also added additional frequencies during the December holiday season to Marsh Harbour and North Eleuthera.
BAHAMASAIR OPERATING WITH JUST 50% OF TURBO PROP FLEET
By FAY SIMMONS
BAHAMASAIR has been operating with just 50 percent of its ATR turboprop fleet since mid-August after its most recentlyacquired aircraft joined others in maintenance, it was revealed yesterday.
Tracy Cooper, Bahamasair’s managing Director, said the national flag carrier expects to be operating with four ATR aircraft by early
October following a period of reduced fleet availability due to scheduled heavy maintenance.
“Up until I think the 12th of August, there were four ATRs flying out of the six that we had. We subsequently removed another one for heavy maintenance that is scheduled. We will get back to a four-aircraft fleet some time around the beginning of October,” said Mr Cooper. He added that the latest grounded aircraft is the newest addition to the fleet - a 70-seat ATR 72 acquired
BPL to phase-out rentals on Eleuthera by June ‘26
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMAS Power & Light (BPL) is aiming to phase-out rental generation on mainland Eleuthera by June 2026 as an Opposition election candidate said a recent discount “does not scratch the surface”.
Philippa Kelly, FNM candidate for central and south Eleuthera, said persistent and frequent daily outages have placed a burden on residents and small businesses, particularly in vulnerable communities.
Referring to the onemonth 50 percent base rate rebate rate offered to Family Island residents in Abaco, Eleuthera, Long Island and Cat Island, Ms Kelly said the gesture was inadequate in the face of rising energy costs.
“The ongoing BPL outages cut off the most critical needs of life. Instead of fixing the root of the problem, the PLP government’s insensitive answer to this suffering is a onemonth, 50 percent rebate on an electricity bill. A single discount or rebate does not begin to scratch the surface of bills that have jumped from a few dollars in recent years to now hundreds of dollars every month,” said Ms Kelly.
“Meanwhile, Bahamians are told that they must manage their own usage as if they’re to blame for this current administration’s crisis. At a time when the cost of living is stretching the Bahamian people thin financially, this response is not only shameful but also an insult to all who have been forced to endure the years of blackouts, unreliable water supply and unaffordable power bills.”
Ms Kelly blamed “failed energy policies and poor planning” by the Davis administration for electricity rate hikes over the past four years. “We again raise the fact that, since 2021, electricity bills have soared by 100 percent under the PLP government. These increases are not because Bahamians are using more power, but because of failed energy policies and poor planning,” she added.
“To make matters worse, the PLP government is quick to either disconnect customer services and or collect money from struggling Bahamians, but slow to provide affordable and reliable services. This nationwide power and water failure is part of a much larger crisis.
“The Bahamian people deserve a policy that cuts power costs, invests in reliable power and water, restores transparency in how resources are delivered, and secures long-term infrastructure. Access to clean, reliable power and water is the basic human right, and not a privilege.”
Meanwhile, Pedro Marcello, BPL’s regional manager for the southern Family Island division, said the utility is actively investing in new generation capacity and local workforce expansion on Eleuthera as it responds to increasing demand and weather-related service disruptions.
He added that recent outages in central and south Eleuthera were due to severe weather conditions, including a pole fire that caused prolonged interruptions from Rock Sound to Bannerman Town.
“While our crews are equipped to conduct some repairs during rainy conditions, safety protocols prevent them from working during lightning storms and other extreme weather events. Unfortunately, these conditions contributed to delayed response times, but the safety of our personnel remains our top priority as we work to restore power as quickly and safely as possible,” said Mr Marcello.
In the-short term, he explained that BPL is increasing manpower on Eleuthera and accelerating infrastructure upgrades to improve operational response times. Mr Marcello said two new generation units were successfully tested on August 30 and are expected to come online once final components arrive in-country.
“We are actively implementing our Restructuring Manpower Plan to better serve the growing needs of consumers in Eleuthera. Alongside this, infrastructure upgrades are ongoing.
Two new generation units were successfully tested on Saturday, August 30, and only await some additional critical parts to be brought online. Those parts are expected in-country this weekend,” said Mr. Marcello
He added that repairs at the Hatchet Bay power station are progressing, and land adjacent to the facility is being prepared for the installation of solar micro-grids - part of BPL’s long-term shift toward energy diversification and sustainability.
“In addition, repairs are ongoing at the Hatchet Bay power Station. we are also developing adjacent land for the introduction of solar micro-grids, which will contribute to long-term sustainability,” the BPL executive said.
Mr Marcello said Harbour Island already benefits from a surplus power supply sufficient to meet projected demand over the next five to seven years, assuming nominal economic growth. The company views that achievement as a blueprint for future infrastructure success on other Family Islands.
“Our success in Harbour Island demonstrates the positive impact of these initiatives. The island currently enjoys a stable and surplus power supply, sufficient to meet demand for the next five to seven years, assuming nominal economic growth. We are working diligently to replicate that success on the mainland,” said Mr Marcello.
In addition to adding new capacity, BPL is replacing aging equipment and working to synchronise generation across stations on Eleuthera. Once completed, Mr Marcello said these improvements will minimise load shedding and reduce dependence on costly temporary rental units.
“Efforts are also ongoing to replace aging equipment and improve network reliability. Our goal is to have all BPLowned generation units on mainland Eleuthera fully operational by June 2026, eliminating the need for temporary rental units,” said Mr Marcello. “Once completed, synchronised generation across stations will reduce power shortfalls, minimise load shedding, and ensure a stronger, more resilient grid.”
earlier this year to support expanded domestic service. “[The newly acquired ATR] was undergoing some heavy maintenance, and that’s the one that we intend to have back in the sky in October,” the Bahamasair managing director said.
Mr Cooper acknowledged that the reduced fleet has limited the airline’s ability to increase service to underserved destinations, particularly in light of increased demand following Silver Airways’ withdrawal from the market.
“Unfortunately, Bahamasair only has a fleet of six ATR airplanes. Now, I highlight the ATR aircraft because that’s the same size as to what the Silver fleet would have been. We have done the best we can to fill in the voids,” said Mr Cooper.
“For instance, we were flying from Exuma to Fort Lauderdale, and we are looking to pick up one or two other flights again in October, but the only impediment that we have at this particular time is just the amount of airplanes
that we have. We just wish we had a few more, and we would have been able to handle that situation even a little bit more.”
Silver Airways abruptly ceased operations on June 11 after filing for Chapter 11 bankruptcy protection in the US, disrupting airlift to several key destinations, including North Eleuthera, Governor’s Harbour, Exuma, Marsh Harbour, Bimini, Freeport and New Providence.
Addressing the matter in the House of Assembly, deputy prime minister
Bahamasair terminates pilot at centre of Abaco falling out
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMASAIR yesterday said it has dismissed a senior pilot following an internal probe into a cockpit dispute with a co-pilot that temporarily grounded a flight in Marsh Harbour and disrupted operations.
The pilot, who had been with the airline for 12 years, was terminated after Bahamasair reviewed the incident and received voice messages determined to be “inappropriate and inconsistent” with the company’s professional standards.
Tracy Cooper, the national flag carrier’s managing director, explained that the flight from Nassau to Marsh Harbour arrived without issue. However, the first officer reported concerns about “cockpit dynamics” and recommended that the flight not continue until the matter was reviewed.
As a precaution, both pilots were relieved of duty, and replacement crew were dispatched. The flight later continued to West Palm Beach without further problems.
“A formal debriefing was scheduled for the following day, Monday, but prior to the debrief, Bahamasair received voice messages determined to be from the captain in question, which were found to be inappropriate and inconsistent with the airline’s professional standards,” said Mr Cooper.
“Bahamasair maintains a zero tolerance policy towards any form of intimidation or unprofessional conduct. While no safety issues were reported during the flight, the airline reviews this matter with the utmost seriousness. The captain involved has since been relieved of his duties, and he is no longer employed with the airline.” The termination comes at a time when Bahamasair is already managing tight crew resources.
Mr Cooper acknowledged that the incident has created extra strain for the airline’s operations. “We don’t have an abundance, an overstock, of flight crew, to put it nicely, so we try to keep as many flight crews as needed. Obviously, we will have to make adjustments moving forward,” he said, suggesting that route planning and crew scheduling may need to be reassessed in the coming weeks.
Mr Cooper said passengers affected by the delay were offered compensation, particularly those who missed connecting flights or important appointments.
“Passengers that had missed connection, we would have re-accommodated them. For passengers that would have appointments or whatever, once they would have told us, then they would have been re-accommodated,” he added. Adding further context,
Mr Cooper revealed that the same pilot had been the subject of internal concerns just a week before the
Opposition joins demand for tax relief on medicines
TAX - from page B1
and drives up costs unnecessarily for wholesalers and retailers.
“What’s critical for us to remember is that even with the prescription drug programme, the Government is only reimbursing the retailer on what consumers spend. When the wholesalers buy and the Government charges 5 percent VAT, they pass that on to the retailers. The retailers then have to put that cost in to recoup that and get the patient to pay that,” said Dr Smith
“Now, the Government is reimbursing the retailer on everything they sell for the prescription drug programme under NIB. The Government is charging VAT to turnaround and still pay what the costs are because, at the end of the day, the patient isn’t paying for NIB; the Government is paying for NIB. It seems silly for the Government to take one out of one pocket and put it in the other pocket they’re going to loose.”
Dr Smith urged the Davis administration to reinstate the zero-rated VAT introduced by the Minnis administration, noting it would lower costs for both patients and government spending.
“It’s a silly cost. And what the Government should do is go back to what originally they started properly. They recognised that medicines were essential. They also recognised that they were the biggest purchaser of medicines,” said Dr Smith.
“That was the smart thing to do. This government, for some reason, has unwisely decided that they want to charge VAT on medicine. If they implement zero percent VAT, the cost to the patient would be decreased and the amount of money that the Government has to pay out to retail pharmacies who participate in the prescription drug programme would be reduced.”
Dr Smith’s comments were echoed by the
Opposition’s finance spokesman, Kwasi Thompson, who also called on the Davis administration to restore the zero VAT rate not only on medicines but also on essential personal care items.
“Yesterday, the Government released a statement claiming credit for reducing VAT from 10 percent to 5 percent on medicines, medical supplies, feminine hygiene products, and baby and adult diapers. They
Chester Cooper said the Government is working to increase capacity on affected routes through Bahamasair and pledged to “leave no stone unturned” in closing the airlift gap left by Silver Airways’ collapse. Former Silver Airways employees in Exuma and Eleuthera are collectively owed more than $100,000 in redundancy payments, with approximately $77,000 due to workers in Exuma and around $30,000 owed in Eleuthera.
incident in Abaco. He said the pilot had been brought in for discussions about his management of the aircraft and was advised on necessary changes
“On the 25th of August, which was a week before the flight, the captain in question was actually brought in because we had some concerns as to his level of management of the airplane. He was, at that time, advised and told what needed to be done, what he needed to do to change his ways, and rather than take our advisement to him, he responded in the way that he did,” said Mr Cooper. He added that while such issues are rare, the airline takes any deviation from protocol or professional expectations seriously.
“Evidently, we do have a monitoring system. This is not something that happens in our cockpit too often,” Mr Cooper said.
“I wouldn’t say we’re all human. So when we see something that is not up to our standards, it is being addressed and, in this instance, he was just reacting, we would say, not positively to our positive influence that we were trying to place on him.”
present this as relief for families, but what they will not acknowledge is that under the FNM, VAT on these same items was zero. This administration raised the rate, called it reform, and now pretends to be easing the burden by cutting their own tax in half,” said Mr Thompson. “The way forward is clear. Restore the zero VAT rate on essential medicines and supplies.”
Tourist concierge firm
bedevilled by tax woe
TRADEMARKS - from page B1
is alleging they contacted his US-based distributor asserting he did not own Pink Sand.
And a prominent Bahamian real estate brokerage has also been dragged into the lawsuit by virtue of Mr Gibson acting as its Harbour Island agent. Corcoran CA Christie Bahamas has been named as a defendant, with Mr Conde alleging it has been “unjustly enriched” by Mr Gibson using Conch & Coconut’s “trade secret customer lists” to generate real estate business for the firm. Gavin Christie, Corcoran C.A. Christie’s managing partner, yesterday told Tribune Business he had been unaware of the lawsuit or the company’s inclusion as a defendant until contacted by this newspaper.
“That’s news to me,” he said. “That’s the first I’ve heard of it. They haven’t reached out to me. There’s no real claim to drag Corcoran C.A. Christie into it. I don’t have any comment on it.”
Mr Gibson last night told Tribune Business that Mr Conde’s lawsuit was a “knee jerk reaction” to his own legal action that will be filed in the Bahamian Supreme Court today. He accused his US partner of “making millions while I made very little”, leaving him “saddled with a large tax obligation” that he has been forced to settle with the Department of Inland Revenue.
And Mr Gibson said Conch & Coconut had again been raided and shut down by the Department of Inland Revenue in May 2025 over a “fraudulent” Business Licence, which he blamed on Mr Conde (see other article on Page 1B).
However, Mr Conde’s lawsuit alleges that - after meeting Mr Gibson in 2018 when the latter was unemployed and penniless - the duo built Conch & Coconut from just a $6,000 business that year into one with annual revenue of $3m in just four to five years.
The US legal action, though, reveals:
* Though not explicitly saying this, it asserts that Mr Gibson was effectively ‘fronting’ for Mr Conde as his “boots on the ground in The Bahamas” with the US partner providing the required financing and capital investment plus marketing and promotional services offshore via the Conch & Coconut brand.
This is despite services such as destination management, golf cart and boat rentals, and tours and excursions supposedly being exclusively reserved for 100 percent Bahamian ownership under the Government’s existing National Investment Policy.
* The legal documents allege that Mr Conde and Conch & Coconut were forced “to step in and intervene with Bahamian authorities” to pay more than $550,000 in
outstanding taxes, legal and consultancy fees to enable Mr Gibson to restart Briland-based operations. They also reveal that Senator Darron Pickstock, an attorney with Glinton, Sweeting & O’Brien, was hired to help regularise its affairs.
Despite this, the Department of Inland Revenue is allegedly still claiming that the Bahamian operation owes $825,000 in unpaid VAT and other taxes, of which $320,000 represents penalties and sanctions. Mr Conde and Conch & Coconut are blaming this on Mr Gibson’s alleged failure “to keep reliable accounting records, with the Bahamian tax authorities “questioning its books” from 2018 through to 2021.
Tribune Business reported in March 2023 how Mr Gibson and Conch & Coconut had some of their assets seized after Department of Inland Revenue (DIR) officials, supported by the Royal Bahamas Police Force, conducted an island-wide sweep of companies suspected of not being properly licensed, failing to pay VAT and other due taxes, and under-declaring or underreporting revenues.
Mr Gibson, when questioned about this at the time, told this newspaper: “You can contact my lawyer. That’s some incorrect information. That’s some false information. That’s news to me.”
When it was pointed out that virtually all of Harbour Island was talking about the tax authorities’ sweep, he replied: “By the time it hits the right corner it misses some turns and insights. I’m not at liberty to speak on that. There’s nothing going on. We’re still cracking open the good life.”
Mr Conde, who described Conch & Coconut and ‘Crack open the good life’ as registered US trademarks he already owns, alleged in his lawsuit that the business was established in 2017. He added that he also owns registered and unregistered trademarks associated with the Pink Sand Spirits brand.
“Conch & Coconut was founded in 2017 by Conde and his family, with a mission to provide a one-stop shop for US citizens and residents looking to vacation at Harbour Island, Bahamas, with a reputable and trustworthy company that would provide high-end concierge and destination management services to keep a trip organised and troublefree,” Mr Conde and his company alleged.
“Importantly, the goal was to organise the effort and services on Harbour Island for the benefit of that community, because at the time travel and vacation services provided on Harbour Island predominately emanated from more established and better organised businesses located in Spanish Wells, Bahamas....
“Gibson managed his operation locally with his company but was not in a position to inject the required capital into his operations, so Conch & Coconut purchased the assets. Gibson could not have provided the services marketed by Conch & Coconut whatsoever without the investments made by Conch & Coconut.”
Mr Conde alleged that Conch & Coconut launched its concierge and destination management services to US tourists in 2018, “offering a single point of service from which various services on the island could be booked and managed”. This included organising private charter bookings and transportation.
This occurred after he “met and befriended” Mr Gibson while travelling in The Bahamas. “In 2018, Gibson was jobless, living in Nassau and reached out to Conde asking to borrow money to make rent. Conde would not give him a loan but offered to teach him how to make money with hard work and determination. Conde shared his vision on what Conch & Coconut could become with Gibson,” the lawsuit alleged.
“On or about May 2018, Conch & Coconut licensed Gibson to provide on-theground rental and charter services under the Conch & Coconut marks for Conch & Coconut, beginning with just one golf cart. Gibson, as a Bahamian national, would be the boots on the ground in The Bahamas, while Conch & Coconut would market and promote services under its Conch & Coconut marks in the US, and generate demand for services to be rendered by Gibson on Harbour Island.”
Mr Conde added: “Conch & Coconut invested millions in purchasing, maintaining and upgrading the vehicles it promotes to tourists on Harbour Island that were leased to Gibson, initially under a verbal agreement. The verbal agreement was later memorialised in writing in October 2023.
“Conch & Coconut has spent hundreds of thousands of US dollars marketing and promoting its services, including attending trade shows as well as upgrading its website and technology in the US. Conch & Coconut further extensively advertised throughout Harbour Island, including buying signage throughout the island.
“From 2018 through 2023, Conch & Coconut served thousands of customers and grew its business from under $6,000 of revenue in 2018 to generating almost $3m of revenue per year in 2022 and 2023. Conch & Coconut has established itself as a premier provider of concierge, and vehicle and rental services, in The Bahamas to US customers,” he asserted.
Only dockage fees missed out on APD revenue rises
IMPORTS - from page B1
percent, closing the 2025 financial year at $38.6m compared to forecasts of $36m, while operating income or earnings before interest, taxation, depreciation and amortisation (EBITDA) stood some $2m or 10.9 percent above budget at $20.3m compared to the $18.3m predicted. The only ‘negative’ was operational expenditure, which exceeded APD’s targets by $575,000 or 3.2 percent to close the year at $18.3m compared to the prior year’s $17.7m. “We delivered a strong financial performance for the full year 2025, with revenue up 7.9 percent year-over-year and 7.1 percent to budget,” Mr Bethell told Tribune Business.
“The high-quality nature of Conch & Coconut’s services is evidenced at least by its 4.9 rating over 220 reviews on tripadvisor.com, including 210 reviews with five-star ratings. Conch & Coconut also has over 13,000 followers on its Instagram account.”
Mr Conde and Conch & Coconut LLC alleged that, through their partnership, Mr Gibson was able to hire new Bahamian staff and become a “reputable businessman in good standing in Harbour Island”, which facilitated his employment by Corcoran C.A. Christie. However, difficulties arose after Mr Gibson allegedly failed to register for, file and pay accurate VAT returns to the Department of Inland Revenue despite promising Mr Conde that he would do so. In 2021, Letamae Johnson (formerly DeCosta), a Bahamas resident also named as a defendant in the lawsuit, was hired to provide accounting services and ensure the VAT filings were properly handled.
By 2023, Mr Conde and Conch & Coconut LLC said that “business had grown to the point” where they advised Mr Gibson to form his own Bahamasdomiciled company, Conch & Coconut Ltd, to manage operations on Harbour Island. Mr Pickstock was retained at this time, and alleged that he “was aware of the structure” and Mr Conde’s desire to comply with all relevant Bahamian laws.
“In April 2023, Gibson again failed to properly file Conch & Coconut Ltd’s VAT registration in The Bahamas, and filed false forms with the Bahamian government regarding Conch & Coconut Ltd’s revenues, leading to a seizure of Conch & Coconut assets that had been registered in The Bahamas under Gibson and/or Conch & Coconut Ltd and a shutting down of the Gibson’s operations in the Bahamas,” the lawsuit claimed.
“Due to Gibson’s mismanagement... in operating Conch & Coconut Ltd, Conch & Coconut LLC had to step in to intervene with Bahamian authorities, and paid over $550,000 in back taxes, legal fees and consultants to get The Bahamas to allow Conch & Coconut Ltd to operate again.
“Upon information and belief, The Bahamas government still claims a balance of approximately $825,000, including $320,000 in penalties, remains which was still being negotiated with The Bahamas at the time defendants breached and began their tortious conduct,” Mr Conde and his company alleged.
“The excessive amounts sought by the Bahamian government arise out of Gibson’s negligence in accounting, including failure to keep reliable accounting records and failure to deposit cash payments. However, Gibson intervened to refuse to allow Conch & Coconut LLC to participate in settlement discussions with Bahamian authorities despite Conch & Coconut
LLC being responsible for paying taxes.” Mr Conde alleged that a review of the Briland operator’s books for the four-year period between 2018 and 2021 showed $35,283 in cancelled bookings “suspiciously marked as ‘paid in cash’”, plus $94,472 marked as ‘balance due/unpaid bookings; and $154,740 in ‘due now’ bookings that were not paid. Another $68,000 in bookings were marked as cancelled after the due date with no explanation.
There was a further “failure to report approximately $310,000 in cash transactions, leading to the Bahamas Department of Inland Revenue questioning Conch & Coconut Ltd’s books from 2018-2021, further complicating settlement negotiations with the Bahamas government, and approximately $30,000 in cash transactions and direct transfers to unknown accounts”.
“On or about October 2024, Conch & Coconut LLC hired an independent auditor to review the Conch & Coconut Ltd/Gibson’s accounting records and to propose a fair settlement negotiation to the Bahamian Government,” Mr Conde and his company alleged.
“The independent tax audit revealed that Conch & Coconut Ltd, Gibson and Johnson improperly assessed the basis for the VAT taxes, submitting incorrect information to the Bahamian government, failing to properly designate and identify owner contributions and account for other pass-through expenses, and failed to keep proper accounting records.
“Conch & Coconut Ltd, Gibson, and Johnson’s negligence... led to the Bahamian government suspecting Conch & Coconut Ltd and Gibson of fraud and assessing the VAT taxes using the wrong basis, which substantially inflated the VAT taxes assessed by The Bahamas for prior years,” the lawsuit continued.
“But [for this], the taxes already paid by Conch & Coconut would have covered and exceeded Conch & Coconut Ltd’s actual tax liability by over $100,000. The auditor proposed a plan to resolve this issue with Bahamian authorities. Ultimately, Gibson declined to proceed with the auditor’s recommendation to fix the situation....”
But, prior to the auditor’s hiring, Mr Conde and Mr Gibson agreed an October 2023 deal where the latter would acquire the Conch & Coconut Bahamas operations, and all its assets, for $725,711 with the price to be paid over ten years via 120 payments of $8,805 each, totalling $1.057m, and a final buyout option of $5,000. The assets were valued at $730,711.
The agreement included non-compete clauses, and stipulated that Mr Conde would retain ownership of all trademarks and intellectual property until its completion. Mr Gibson would be responsible for all taxes going forward, and Mr Conde and his company would “continue to
assist in negotiating and paying its past tax liability in The Bahamas using proceeds and revenues during the 10-year transition period”.
However, Mr Conde alleged that Mr Gibson’s Conch & Coconut operation was “shut down” by Bahamas Customs in April 30, 2024, for failing to pay $30,000 in duties on imported supplies and only allowed to re-open after this was clear.
Then, in late March 2025, his former Bahamian partner demanded $15,000 per month “as installment payments for back VAT taxes owed to the Bahamas by Conch & Coconut Ltd”. Mr Conde alleged that Mr Gibson never provided documents to show such a payment arrangement was made with the Department of Inland Revenue, and he only paid the first $15,000 requested.
“An accounting statement was requested in order to audit and better understand the distribution of more than $4.2m spent for the period in question. This request was ignored,” Mr Conde alleged. Then, on May 16, 2025, Mr Gibson and Scott Silverman, a former US attorney described as the former’s stepfather, reported that the Bahamian operation was closing down. They alleged that “the Bahamian authorities had shut down Conch & Coconut Ltd’s business due to non-payment of back VAT taxes, notwithstanding Conch & Coconut LLC providing $15,000 to Conch & Coconut Ltd for payment of same”.
Mr Conde, though, alleged that at the same time Johnson “began to edit Conch & Coconut LLC’s existing bookings, cancelling them or lowering the total pricing for the booking to match the deposit amount, in order to close out the booking.
“On information and belief, Conch & Coconut LLC’s customers were still being serviced, but Conch & Coconut Ltd took payments outside of Conch & Coconut Ltd’s booking platform to cut Conch & Coconut out, despite the fact that Conch & Coconut’s operation was allegedly ‘shutdown’.”
He added that Conch & Coconut’s booking data, and customer data “including over 10,000 records”, were downloaded by Mr Gibson and his fellow defendants around the same time in mid-May 2025. Then, on June 18, 2025, Mr Gibson sent an e-mail to clients announcing the launch of a new website using the Conch & Coconut name and offering the same services as under their arrangement.
“Defendants have collectively ignored Conch & Coconut LLC’s cease and desist letters, and have continued to infringe and unlawfully use the Conch & Coconut LLC trade secrets they misappropriated,” Mr Conde and his firm asserted.
“APD will benefit and be impacted by this project in terms of deliveries and transfer of LNG over its bulkhead and property.
“Growth was positive throughout all revenue lines year-over-year except dockage, which was slightly behind prior year earnings by 8.9 percent.” He added that landing fees rose by $432,000 or 2.8 percent year-over-year for the 12 months to end-June 2025, while terminal handling fees increased by $281,000 or 5.3 percent and rental income jumped by $327,000 or 21.7 percent. Reefer income increased by $252,000 or 19.5 percent year-over-year, while stevedoring fees rose by $806,000 or 42.8 percent compared to 2024. Against APD’s budget forecasts, the main revenue drivers were a $721,000 or 22.1 percent rise in stevedoring fees, plus the $398,000 or 7.6 percent growth in terminal handling fees. Storage fees and reefer income were also up against budget forecasts.
industry - as well as businesses, consumers and the wider economy - had been spared the impact of the initial proposed US levies on Chinese-made ships calling at US ports. “We are aware that the Marsh Harbour project was awarded to another entity that responded to the RFP (request for proposal),” he added. “We continue to focus on our ESG (environmental, social and governance) initiatives and strategic value initiatives. The current market volumes are not expected to increase significantly beyond some of the projects ongoing and forecasted for New Providence.
Mr Bethell, though, said APD had lost out on the bid to operate Abaco’s Marsh Harbour commercial shipping port although he did not name the winner, while voicing relief that the entire Bahamian shipping
“We have focused on non-TEU generating investments to reduce our financing costs while also adding non-TEU generated revenues to our statement of comprehensive income, thereby contributing positively to our bottom line.”
As for the US decision not to proceed with the originally-planned Chinesemade ship fees, Mr Bethell said: “The decision by the US not to impose the proposed fee on Chinese-built vessels was significant for APD, the wider shipping industry and The Bahamas.
“Such a fee would likely have increased operating costs for many of the international carriers serving our market, and those costs would have ultimately been passed on to importers and consumers. By avoiding this additional burden, we have maintained a more stable cost environment for shipping services, which is critical in an importdependent economy such as The Bahamas.
“This outcome supports both the competitiveness of our business model and helps to ease upward pressure on the cost of living for Bahamian households.”
Mr Bethell said preliminary site works have begun at the location next to APD’s property that will house the liquefied natural gas (LNG) fuelled power plant supplying energy to cruise ships docked in Nassau.
As well as from any project cargo for the construction of the LNG plant,” the APD chief said. As for the long-awaited repairs to the Nassau harbour breakwater, Mr Bethell said: “We note that the Government of The Bahamas has allocated for the repair of the breakwater in the 20252026 Budget. We have not received any recent official status update on this project from the Ministry of Works.”
The breakwaters, which function as Nassau harbour safeguards have been in place since Majority Rule some 56 years ago but are “no longer able to absorb the energy from the ocean” especially at high tide or during rough weather. This impacts “the channel” cargo vessels use to access Nassau’s major commercial shipping port, and complicates the work of APD staff, service providers and ship’s crew in unloading and working
on the boat. The “roll”, or pitch, of cargo vessels in such circumstances can be between “six to ten feet up and down”, which is unforgiving on APD’s cranes and other equipment and results in significant wear and tear. While vessels can still safely enter and exit the Arawak Cay-based port, APD has previously said it “won’t compromise” on safety. Mike Maura, APD’s chairman, wrote in the company’s most recent annual report: “As a matter of urgency, we must pay special attention to mitigating factors that have begun to impinge on the quality of port operations from the maritime side.
“Our port partners must seriously address the now continuous degradation of Nassau Harbour’s western breakwater, which poses a clear danger to all port users onshore and offshore, especially the giant cargo carriers and the equally massive cruise ships that carry millions of dollars in cargo and thousands of passengers.”
Tourism operator ‘shut down’ following tax raid
MILLIONS - from page B1
the operational company here in The Bahamas. As you know, this type of business is preserved exclusively for Bahamians.
“Mr Conde made millions while I made very little. As you know, I’m saddled with a large tax obligation due to his actions. I have negotiated a settlement with Inland Revenue. In May of this year, my business was again raided by Inland Revenue and shut down due to a fraudulent Business Licence provided by Mr Conde.”
Mr Gibson asserted that an “investigation” into this by the Department of Inland Revenue and Royal Bahamas Police Force is “pending”. As a result, he added that he “immediately terminated any and all existing relationships with him.
“His lawsuit is a knee jerk reaction to his business practices here in The Bahamas,” Mr Gibson added. “I will protect the integrity of my name, my local team and Bahamian law through my litigation. He should not be allowed, as an American, to do business in The Bahamas in any fashion.”
Mr Conde, meanwhile, in his lawsuit is alleging that Mr Gibson “forged a falsified and fraudulent version of the bill of sale” for a boat he had purchased “with the intent to defraud the Bahamian government of the Customs [duty] owed on same and submitted the fraudulent bill of sale to The Bahamas”.
Documents filed with the south Florida federal court purport to show two different bills of sale for the same 24-foot vessel named Intrepid; one showing a purchase price of $98,000, and the other, $50,000.
SHORTAGE OF HOMEBUYERS FORCES MANY SELLERS TO LOWER PRICES OR WALK AWAY AS SALES SLUMP DRAGS ON
By ALEX VEIGA AP Business Writer
SKYROCKETING
housing values and a shortage of homes on the market gave homeowners the upper hand for years when it came time to sell. That's no longer a given.
Across the country, it's getting tougher for sellers to drive a hard bargain. A dearth of home shoppers who can afford to buy and uncertainty about the outlook for the economy, jobs and mortgage rates is putting pressure on sellers to give ground at the negotiating table.
In some markets, mainly in the South and West, homeowners who are eager to sell are more likely to give buyers a better deal. This could include a lower price, up-front money to nudge down the buyer's mortgage rate, and funds for closing costs and any repairs or improvements that may pop up after the home inspection.
The reasons: Wouldbe buyers balk at what they view as unreasonable asking prices, while at the same time new construction is giving buyers more options and putting pressure on sellers to make their homes more appealing.
As a result, while the national median home listing price rose slightly in July, some metro areas saw a decline, signaling a reversal in the power dynamic between buyers and sellers. It's rare to see the type of eye-popping bidding wars that exploded home values by roughly 50% nationally earlier this decade. Low-ball offers are more common. Despite this hopeful trend, the housing market remains mired in a slump.
Sales of previously occupied U.S. homes are running about 1.3% below where they were through the first seven months of last year, when they sank to their lowest level in nearly 30 years. The national median home listing price rose slightly in July from a year earlier to $439,450, according to Realtor.com. The real estate listing company found the most a homebuyer who earns the median U.S. household income can afford to spend on a home is $298,000.
The analysis assumes a 20% down payment and a 30-year mortgage at a fixed rate of 6.74%. By those criteria, 7 out of 10 home shoppers are priced out of the market.
Homes linger on the market as sales slow
The housing market has been in a rut since 2022, when mortgage rates began climbing from historic lows.
The number of homes available for sale sank while prices kept rising.
Nationally, more homes are going on sale and
French government collapses in a confidence vote, forcing Macron to seek yet another prime minister
By JOHN LEICESTER Associated Press
LEGISLATORS toppled France's government in a confidence vote on Monday, a new crisis for Europe's second-largest economy that obliges President Emmanuel Macron to search for a fourth prime minister in 12 months.
Prime Minister François Bayrou was ousted overwhelmingly in a 364-194 vote against him. Bayrou paid the price for what appeared to be a staggering political miscalculation, gambling that lawmakers would back his view that France must slash public spending to rein in its debts. Instead, they seized on the vote that Bayrou called to gang up against the 74-yearold centrist who was appointed by Macron last December.
The demise of Bayrou's short-lived minority government — now constitutionally obliged to submit its resignation after just under nine months in office — heralds renewed uncertainty and a risk of prolonged legislative deadlock for France as it wrestles with pressing challenges, including budget difficulties and, internationally, wars in Ukraine and Gaza and the shifting priorities of U.S. President Donald Trump.
remaining unsold longer because buyers have been unwilling or unable to make a deal. Active listings — a tally that encompasses all homes on the market except those pending a finalized sale — increased in July for the 21st month in a row, climbing nearly 25% from a year earlier, according to Realtor.com.
The tide turns slowly
The inventory of homes for sale across the U.S. has increased gradually as the market has slowed and is now at a level where supply and demand are more balanced. But in states like Texas and Florida, the number of homes on the market has climbed sharply, partly because those states are hotbeds of new home construction.
Home shoppers may now have more leverage relative to sellers in the South and West, where home inventory has risen in the single digits, compared to prepandemic levels. Conditions are tougher in markets in the Midwest and Northeast, where the supply of homes remains 40% and 50% below pre-pandemic levels, respectively, according to Realtor.com.
Sellers feel the pinch and budge on price
After roughly two months on the market and three open houses, Doug McCormick's home has yet to receive a single offer.
The retired business owner and his wife initially listed the 4-bedroom, 4.5-bath house located in Evergreen, a mountain community about 30 miles west of Denver, for $1.3 million. They lowered their asking price to about $1.28 million. That, too, failed to bring in a buyer.
McCormick, 80, says he's hoping mortgage rates ease a bit and bring out more buyers.
But he's also considering just renting the property.
"That's something that's kind of in the back of my mind," he said. "I keep reminding myself you only need one buyer."
McCormick's situation is not unique. As demand has slowed, more sellers have resorted to lowering their initial asking price — often multiple times — to no avail.
"Even though we are seeing a substantial amount of price reductions, sometimes it's not enough to move the home, it's still sitting," said Annie Foushee, an agent with Redfin in Denver.
The median home listing price in Austin fell 4.9% in July from a year earlier, while in Miami it dropped 4.7%. Among other metro areas that had sharp drops in their listing price were: Chicago (4.4%), Los Angeles (4.2%) and Denver (4%).
the government collapse after Bayrou announced in August that he'd seek a confidence vote on his unpopular budget plans, no clear front-runner has emerged as a successor.
After Gabriel Attal's departure as prime minister in September 2024, followed by former Brexit negotiator Michel Barnier's ouster by parliament in December and Bayrou now gone, too, Macron again is hunting for a replacement to build consensus in the parliament's lower house that is stacked with opponents of the French leader.
Macron's office said that he'd accept the resignation of Bayrou's government on Tuesday and name a new prime minister "in the coming days."
As president, Macron will continue to hold substantial powers over foreign policy and European affairs and remain the commander in chief of the nuclear-armed military. But domestically, the 47-year-old president's ambitions are increasingly facing ruin.
time in France's modern republic. Shorn of a workable majority, his minority governments have since lurched from crisis to crisis, surviving on the whim of opposing political blocs on the left and far-right that don't have enough seats to govern themselves but can, when they team up, topple Macron's choices.
Bayrou's gamble Bayrou, too, rolled the dice by calling the confidence vote, a decision that quickly backfired on the political veteran as left-wing and far-right legislators seized the opportunity to oust him, seeking to increase pressure on Macron.
— in both cases, we lose our freedom."
At the end of the first quarter of 2025, France's public debt stood at 3.346 trillion euros, or 114% of gross domestic product. Debt servicing remains a major budget item, accounting for around 7% of state spending.
Le Pen wants new election
The 577-seat National Assembly interrupted its summer recess to convene for the extraordinary session of political drama. Macron's opponents worked to leverage the crisis to push for a new legislative election, pressure for Macron's departure or jostle for posts in the next government.
Hunt for a replacement
Although Macron had two weeks to prepare for
The root of the latest government collapse was Macron's stunning decision to dissolve the National Assembly in June 2024, triggering a legislative election that the French leader hoped would strengthen the hand of his pro-European centrist alliance. But the gamble backfired, producing a splintered legislature with no dominant political bloc in power for the first
Bayrou conceded in his last speech as prime minister to the National Assembly that putting his fate on the line was risky. But he said that France's debt crisis compelled him to seek legislative support for remedies, in the face of what he called "a silent, underground, invisible, and unbearable hemorrhage" of excessive public borrowing.
"The greatest risk was to not take one, to let things go on without changing anything, to go on doing politics as usual," he said.
"Submission to debt is like submission through military force. Dominated by weapons, or dominated by our creditors, because of a debt that is submerging us
Far-right leader Marine Le Pen called for Macron to again dissolve the National Assembly, seemingly confident that her National Rally party and its allies would win a majority in another snap legislative election, positioning it to form a new government.
"A big country like France cannot live with a paper government, especially in a tormented and dangerous world," she said. Pressing problems
In a last-ditch effort to save his job before the vote, Bayrou warned that France is risking its future and its influence by racking up trillions in debts, pleading for belt-tightening.
By KEN SWEET AP Business Writer
PNC Financial said Monday that it plans to buy Colorado-based FirstBank for $4.1 billion, giving PNC a substantial presence in the Colorado banking market as well as Arizona.
Based in Lakewood, Colorado., FirstBank, which is also branded as 1stBank, is a midsized bank that operates 120 retail branches with $26.7 billion in assets. The bank is privately held, but the banks disclosed that the stockholders of FirstBank who collectively own 45.7% of the shares have already voted in favor of the merger.
"Its deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC," said Bill Demchak, chairman and chief executive officer of PNC, in a statement.
PNC has been on an acquisition streak in the last few years that has made the Pennsylvania bank one of the biggest players in retail banking in the country, as PNC executives like to say "a coast-to-coast banking franchise." PNC bought the U.S. operations of Spanish bank BBVA shortly after the pandemic
for $11.6 billion. The bank has also been opening new branches in multiple markets, but particularly in the Southwest.
The FirstBank acquisition will make PNC the largest bank in the Denver market, and will give PNC more than 70 branches in Arizona. PNC will also grow to roughly $575 billion in assets.
are dwarfed in size by the banking giants Wells Fargo, Bank of America and JPMorgan Chase, who have size and scale that the super regionals cannot replicate. The super regionals have been growing considerably in recent years in order to better compete with the Wall Street titans in various businesses. For example, Capital One bought Discover Financial, which jointly created the nation's largest credit card company. Huntington Bancshares bought Detroit's TCF back in 2021. PNC
The FirstBank purchase will put PNC closer in size to Capital One and U.S. Bank, who are PNC's closest rivals. U.S. Bank, in particular, operates heavily
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, HENRIETTA HADASSAH CLEOPATRA BRAYNEN of Cowpen Road West, Nassau, Bahamas intend to change my name to ENRIETTA CLEOPATRA BRAYNEN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that YOUSELINE ELLEVUE of East Street South, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
in the Colorado and Arizona market.
Alex Overstrom, head of retail for the bank, said PNC may consider additional acquisitions to build out its franchise.
"We are not slowing down our organic growth but may consider opportunities as they arise," Overstrom said, in an interview.
PNC is typically referred to as a super regional bank, a group of large national banks that are significant in size, often hundreds of billions in assets and hundreds of branches, but
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, HENRIETTA HADASSAH CLEOPATRA BRAYNEN of Cowpen Road West, Nassau, Bahamas intend to change my name to ENRIETTA CLEOPATRA BRAYNEN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that CINDY-MARLIE JANVIER of Boatswain Hill, West off Carmichael Road, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THIS is the sign on a PNC Bank in downtown Pittsburgh on Wednesday, Jan. 12, 2022.
Photo:Gene J. Puskar/AP
STOCKS TICK HIGHER AFTER WALL STREET FLIRTS WITH ANOTHER RECORD
By STAN CHOE AP Business Writer
STOCKS drifted higher on Monday ahead of a week with several data reports that could dictate by how much or even whether the Federal Reserve will cut interest rates at its next meeting in a week.
The S&P 500 added 0.2% and finished just below its record set last week. The Dow Jones Industrial Average rose 114 points, or 0.3%, and the Nasdaq composite climbed 0.5% to its own all-time high.
AppLovin and Robinhood Markets helped lead the market after learning they will join the S&P 500 index later this month, along with Emcor Group. Many investment funds directly mimic the index or at least compare their performance against it, so a stock's joining the list of the 500 largest companies can draw investors' dollars immediately.
AppLovin climbed 11.6%, and Robinhood jumped 15.8% while Emcor slipped 0.6%. They will replace three companies that have shrunk enough in size to get demoted to S&P's index of small
stocks, the SmallCap 600. Those stocks, MarketAxess Holdings, Caesars Entertainment and Enphase Energy, ranged from a loss of 2.1% to a gain of 0.2%.
EchoStar jumped 19.9% after saying it agreed to sell spectrum licenses to Elon Musk's SpaceX for $17 billion in cash and stock. SpaceX also agreed to pay for roughly $2 billion of interest payments on EchoStar debt through November 2027.
The deal will help SpaceX's Starlink business develop direct-to-cell service, and it knocked down stocks of several telecoms.
Verizon sank 2.4%, and AT&T dropped 2.3%.
PNC Financial Services Group slipped 0.3% after it said it would pay $4.1 billion to buy FirstBank, a bank owner based in Lakewood, Colorado.
All told, the S&P 500 rose 13.65 points to 6,495.15.
The Dow Jones Industrial Average added 114.09 to 45,514.95, and the Nasdaq composite climbed 98.31 to 21,798.70 and topped its prior all-time high set in August.
Trading across most of the market was relatively
quiet ahead of updates coming later this week on the economy and inflation. They could alter expectations among traders, who at the moment are unanimously forecasting the Fed will cut its main interest rate for the first time this year at its meeting two Wednesdays from now.
Investors tend to love such cuts because they can give a boost to the economy and to prices for investments. The downside of them is that they can also push inflation higher.
So far this year, the Fed has been more worried about the potential of inflation worsening because of President Donald Trump's tariffs than about the job market. But a slew of recent reports showing the U.S. job market is slowing may be changing minds.
On Tuesday, the U.S. government will release preliminary revisions for job growth numbers reported through March, and it could show that hiring was weaker than earlier thought.
Reports on inflation will follow on Wednesday and Thursday, showing how much prices rose last month
Attorney
at the wholesale and at the consumer levels. If inflation proves to be worse than expected, it could tie the Fed's hands.
Fed officials would need to decide which problem is more pressing, either the job market or inflation, because they have only one tool to fix them. And raising or lowering interest rates to help one tends to hurt the other in the short term.
U.S. companies have been trying several ways to preserve their profits in the face of tariffs, which push up prices for all kinds of things imported to the country. Many industrial companies are talking about their ability to raise prices, according to strategists at Morgan Stanley led by Michelle Weaver. Companies that
sell nonessentials directly to consumers, meanwhile, are talking more about stockpiled inventories, which could be delaying the hit that U.S. households will feel.
In the bond market, Treasury yields continued to ease as expectations remain high for the Fed to cut interest rates. The yield on the 10-year Treasury fell to 4.04% from 4.10% late Friday and from 4.28% last Tuesday.
In stock markets abroad, indexes rose across much of Europe and Asia. Japan's Nikkei 225 jumped 1.5% for one of the larger gains after Prime Minister Shigeru Ishiba announced that he plans to resign.
Analysts said Ishiba's announcement was expected for some time and welcomed it as moving things forward, although uncertainty remains as the ruling Liberal Democratic Party will need to hold an election to choose a new leader. Ishiba will remain prime minister until his successor is chosen and approved by parliament.
Also Monday, Japan's Cabinet Office said the economy expanded at a stronger rate in the fiscal first quarter than previously estimated, at a seasonally adjusted 2.2% annualized rate, better than the earlier 1.0% rate as solid consumer spending and inventories lifted growth more than previously thought.
says detained Korean Hyundai workers had special skills for short-term jobs
By RUSS BYNUM, KATE BRUMBACK and HYUNG-JIN KIM Associated Press
A LAWYER for several workers detained at a Hyundai factory in Georgia says many of the South Koreans rounded up in the immigration raid are engineers and equipment installers brought in for the highly specialized work of getting an electric battery plant online.
to be in the U.S. for just a couple of weeks and "never longer than 75 days," he said.
Atlanta immigration attorney Charles Kuck, who represents four of the detained South Korean nationals, told The Associated Press on Monday that many were doing work that is authorized under the B-1 business visitor visa program. They had planned
"The vast majority of the individuals that were detained by U.S. Immigration and Customs Enforcement that were South Korean were either there as engineers or were involved in after-sales service and installation," Kuck said.
The raid Thursday at the battery factory under construction at Hyundai's sprawling auto plant west of Savannah resulted in the detainment of 475 workers, more than 300 them South Koreans. Some were shown being shackled with chains around their hands, ankles and waists in video released by U.S. Immigration and Customs Enforcement.
South Korea's foreign minister was flying to the U.S. on Monday to secure his citizens' return on a charter flight to South Korea, where many people have expressed confusion, shock and a sense of betrayal.
President Donald Trump said the workers "were here illegally," and that instead, the U.S. needs to arrange with other countries to have their experts train U.S. citizens to do specialized work such as battery and computer manufacturing.
But immigration lawyer Kuck said no company in the U.S. makes the machines that are used in the Georgia battery plant, so they had to come from abroad to install or repair equipment on-site — work that would take about three to five years to train someone in the U.S. to do, he said.
"This is not something new," Kuck said. "We've been doing this forever, and we do it — when we ship things abroad, we send our folks there to take care of it." While neither government has revealed details about all the workers' visas, it's not unusual for foreign companies to save time and money by sending workers from abroad to set up U.S. factories, and then train U.S. workers, said Rosemary Coates, executive director of the Reshoring Institute, a nonprofit that encourages U.S. manufacturing.
"We saw the same thing happening in the '80s with Japanese carmakers setting up U.S. factories, and in the '90s with German carmakers," she said.
A B-1 visitor for business visa allows foreign workers to stay for up to six months, getting reimbursed for
expenses while collecting a paycheck back home. There are limits — for example, they can supervise construction projects but can't build anything themselves — but if it's spelled out in a contract, they can install equipment, Los Angeles immigration lawyer Angelo Paparelli said. Also, South Korea is one of 41 countries whose citizens can use the U.S. Electronic System for Travel Authorization (ESTA), which provides a visa waiver if they can provide "a legitimate reason'' for their visit, and this basically gives them B-1 visa status for up to 90 days, said immigration attorney Rita Sostrin in Los Angeles. Advocates called for the detained workers to be released during a news conference Monday at a church in Savannah, about 25 miles east of the site where Hyundai began producing electric vehicles a year ago. They included Sarah Park, president of the Korean American Coalition of Atlanta, who also said many of the detained South Korean workers had special skills needed to get the battery plant running.
Daniela Rodriguez, executive director of Migrant Equity Southeast, said immigrants from Mexico, Guatemala, Colombia, Chile, Ecuador and Venezuela also were detained. She said the group's Savannah office has been flooded with calls from family members of workers who they can't reach and presume are detained.
Even some workers who weren't detained feel unsafe about returning to their jobs at the site, she said. Workers described seeing armed agents and militarystyle vehicles during the raid, Rodriguez said, while drones and helicopters hovered overhead. She said one woman who had a work permit and wasn't detained told her: "We felt like we were being followed as animals, like they were hunting for us."
A Savannah labor union leader said local unions have complained that Hyundai and its contractors were improperly using South Korean workers for basic construction that falls outside the visa waiver rules.
Christi Hulme, president of the Savannah Regional Central Labor Council, said unions that are part of her council believe Korean workers have been pouring cement, erecting steel, performing carpentry and fitting pipes.
A SIGN outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York.
Photo:Julia Demaree Nikhinson/AP
SOUTH Korean Foreign Minister Cho Hyun holds his mobile phone before a session of the Foreign Affairs and Unification Committee at the National Assembly in Seoul, South Korea, Monday, Sept. 8, 2025. Photo:Lee Jin-man/AP
BRIE ● CAERPHILLY ● CAMEMBERT
CHEDDAR ● COTIJA ● EDAM
EMMENTAL ● FETA ● GORGONZOLA
GOUDA ● GRUYERE ● HALLOUMI
MASCARPONE ● MOZZARELLA ● MUNSTER
PARMESAN ● ROMANO ● ROQUEFORT STILTON ● WENSLEYDALE
Across: Cuckoo, Camp, Shut, Rear, Sea, Lace, Tilt, Wig, Keen, Era, Ends, Doctors, Todd, Teardrop, Are, Rest, Trial, Enya, Odd, Voyage, Ole, Races, Serena, Mob, Run, Diane, Damage, Nod. Down (left to right): Ego, Ear, Opera, Accurate, Charity, Rum, Kate, In It, Rea, Arena, Tom, All, Old, Logan, Operate, Decade, Restored, Ewan, Open, Osman, Dad, Syal, Ono, Gas, Dita, Embed. Shaded letters: Claire GLINT WORDS
Persuasion Northanger Abbey Sense and Sensibility
CLOCK-WISE Mini, Nico, Coda, Dace, Cede, Demi
QUIZ OF THE WEEK 1 Prone to steal, 2 Toy Story, 3 Germany, 4 The Doors, 5 Star Wars, 6 Retina, 7 Birmingham, 8 Atlantic, 9 Alfred, Lord Tennyson, 10 Rusty.
1+9=10, 8x3=24, 9x3=27
SMALL CROSSWORD 1 12 Apostles at the Last Supper, 2 1 Eye on a Cyclops, 3 24 Blackbirds in a Pie, 4 22 Months of an Elephant Pregnancy, 5 1 Seed in an Avocado, 6 13 Stripes on the American Flag 1 Hoboken, 2 Barabbas, 3 Reginald, 4 Osteopath, 5 Ailurophobia, 6 Cosmic latte, 7 Irene Adler, 8 RollsRoyce, 9 Prospect, 10 Sondheim
