business@tribunemedia.net
Friday, September 11, 2026
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Bimini bounces back but other marinas down 15% BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
Big Game veteram hails holiday as ‘one of busiest seen in a long time’
A LONG-SERVING Bimini dock master yesterday hailed last weekend’s US Labour Day holiday as “one of the busiest I’ve seen for a long time” for the island’s marinas and hotels although other Bahamian boating destinations did not fare so well. Robbie Smith, a Bimini Big Game Club veteran of 36 years, attributed the strength of the year’s last US holiday weekend to the Government’s June 2026 boating fee and cruise permit reforms which both reduced costs and made The Bahamas more appealing for the Florida day-trippers and smaller vessels that comprise much of his island’s boating market. Asserting that the two newly-created cruising permit fee categories had “a big impact”, he added that the past weekend “reminded me of how Labour Day used to be years and years ago” with both marina berths and beds in short supply throughout
But ABM chief says other locations down, and ‘time to make the change’
Deltec defeats ‘negligence’ claim on £3.5m payments BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank has defeated a breach of contract and negligence claim brought by a foreign client over the allegedly “unauthorised” transfer or £3.5m from her account even though a Supreme Court judge found its “procedures were open to criticism”.
Justice Simone Fitzcharles, in a September 9, 2026, verdict, dismissed Irina Vladykina’s claim against Deltec Bank & Trust after finding she had failed to prove the Lyford Cay-based institution “breached its duty of reasonable care and skill” over two payments made from her account more than a decade aho. The judge also ruled there was a “sufficient objective basis” for Deltec to believe
Environmental bond hold-up over DEPP’s payment issue BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE $200M Rosewood Exuma developer has revealed it was unable to lodge the environmental bonds mandated by its permits because the Government’s regulator has yet to set-up the required payment infrastructure. Justice Leif Farquharson disclosed the hold-up in a verdict unveiled yesterday, in which he rejected the latest demand by the project’s chief opponents - the neighbouring Turtlegrass Resort & Island Club and Yonder Holdings, the Over Yonder Cay developer - for the developer, Miami-based
Yntegra Group, and the Government to disclose further documents related to the project. Yntegra, not surprisingly, hailed the Supreme Court’s decision after Justice Farquharson branded some document requests “speculative”, adding that the rival resort developers’ requests were “peripheral to the centrally-pleaded cases” and “seemingly ignore the extremely fulsome record already before the court” before their substantive Judicial Review challenge to Rosewood Exuma’s environmental approvals is heard at month’s end. But Turtlegrass, whose principal is US investor
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Employees demonstrate amid residents’ Bahama Rock fears BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net BAHAMA Rock employees yesterday staged a public demonstration as Grand Bahama residents opposed to its proposed Freeport Harbour expansion accused it of using the imminent temporary lay-offs of 69 staff to pressure the Government into approving its project. The demonstration occurred after Bahama Rock confirmed that it will cease aggregate production on September 18 and
temporarily lay off its 69 hourly employees for up to 60 days from September 21, citing the depletion of its existing aggregate reserves and uncertainty over approvals to access a new source at the former 515-acre Bahamas Cement Company property. Residents in Eight Mile Rock and surrounding communities, however, questioned whether the impending job furloughs were being used to pressure the Government over the project, which has faced opposition over the feared
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Mr Maury renewed calls for The Bahamas to reset its approach to a boating/yachting market that was buffeted by a series of fee hikes under the first Davis administration. Asserting that “it’s time to make the change”, the ABM president argued: “We need to bring The Bahamas back to the forefront of the yachting industry.” With this nation “losing market share” and tourists to rival Caribbean destinations, he urged this nation to “go back to where we started to make it easy” for visiting boaters while also resuming the post-Dorian “messaging” that The Bahamas is “open for business”.
the instructions authorising the transfers had come from Ms Vladykina’s authorised agent and representatives and, as a result, the so-called “waiver” clause in the account opening contract kicked-in to protect the bank. But, while branding as “imperfect” Deltec’s record-keeping and customer verification procedures, Justice Fitzcharles found that the documents and sequence of events leading to the two transactions meant the Supreme Court could not conclude the Bahamian institution “acted unreasonably in executing either transaction”. Ms Vladykina had opened an investment account at Deltec, together with her late mother, Serafina Vakula, on
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Airport’s hotel winner chosen before year-end 250-room LPIA resort set for end-month consultation NAD chief asserts: ‘The timing right to move forward’
Bahamas must ‘be everybody’s destination’, not send visitors elsewhere Bimini for those who failed to book in advance. However, Bimini’s upbeat US Labour Day performance did not appear to be matched on other Bahamian islands. Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business that business volumes at Bay Street Marina were down 10-15 percent against last year’s Labour Day weekend, and 30 percent off against comparisons from when the boating fees “were good”. Revealing that the sector is seeking a meeting with Glenys Hanna Martin, newly-appointed minister of tourism, so she can here its “pleas” to alter policy course,
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PETER MAURY Nassau was not the only location where Labour Day was less than robust. Lee Prosenjak, managing director at Valentine's Resort and Marina in Harbour Island, told this newspaper that the US holiday was typically “not a big day for us” and other Family Islands and his property’s boating numbers were “predictably soft”. Predicting that the full impact of the Government’s June 2026 boating fee changes will only start to become evident in December, when the winter season
Livery drivers to be relocated from cell phone wait site BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net
June 12, 2014. The account mandate allowed Deltec to act on instructions received from the client and their attorneys, with Julian Radford named as her contact if she was unavailable. Under a special power of attorney, the mother/daughter duo gave Gabarit International powers to act on their behalf to “invest the cash, securities and any other assets in the account in whatever investments as [Gabarit] shall think fit”. Two of Gabarit’s principals were Xavier Delattre and Jean-Pierre Ribes The dispute arose when Mr Delattre e-mailed Deltec employee Aisha Johnson on January 13, 2015, copying two
THE NASSAU Airport Development Company’s (NAD) top executive yesterVERNICE WALKINE day revealed it plans to conclude the process of selecting a developer for its proposed hotel before year-end 2026 with public consultation over the project’s environmental impact set for September 29. Vernice Walkine, the Lynden Pindling International Airport (LPIA) operator’s president and chief executive, in e-mailed replies to Tribune Business questions reiterated its belief that lack hotel room inventory growth on New Providence, coupled with still-buoyant tourism demand, ensures “the timing is right to move forward” with what is planned to be a 250room, mid-market priced, airport hotel. Speaking to the tender for selecting a developer for the hotel, billed as the “first” stage in NAD’s wider vision to create a larger business and economic hub centred on LPIA, she confirmed that the bidding process that was launched some 16 months ago in May 2025 is “still underway”. Ms Walkine, telling this newspaper that she and NAD executives remain under “confidentiality requirements” until this is completed, said: “We expect to conclude this process before the end of the year. This is an exciting project for NAD, and we believe it will have a meaningful positive social and economic impact on our destination… “We believe the timing is right to move forward with the airport hotel development, given the loss of hotel room inventory in recent years, the continued growth in tourist arrivals by air and sea, and the strong market
VERDICT - See Page B6
CONSTRUCT - See Page B4
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PAGE 2, Friday, September 11, 2026
THE TRIBUNE
Highbourne Cay unveils its multi-million dollar upgrade A 500-acre private island in the Exumas, co-owned by Mark Holowesko, is introducing 19 new estate lots and villas alongside a $20m marina redevelopment, new Beach Club and sporting and other amenities. Highbourne Cay and its owners, in a release yesterday, said they will be making significant investment in the marina, cottages, restaurant, beach club, general store and island infrastructure starting in fall 2026 They added that the planned upgrades are intentionally limited in scale, with a focus on conservation and preserving the island for boaters and guests who have long been part of its community. Sales are now underway for the limited collection of 19 villas and estate lots,
which will be dispersed across the island so that the land, rather than the architecture, remains the defining presence. Highbourne Cay said the work that will begin this fall is set to include a new Beach Club, with a pool bar, racquet courts and an indoor/outdoor fitness centre, alongside the $20m marina redevelopment. Floating docks will be built for larger vessels along with upgraded shore power. It added that a limited number of slips are now available for purchase exclusively by Highbourne owners. There will also be renovations to the restaurant and general store, a new welcome centre and island-wide improvements to follow. As the work proceeds, Highbourne Cay will
remain open to day visitors and overnight guests. “Highbourne holds a special place in my heart. For years, it has been a place my family returns to disconnect and spend time together,” said Mr Holowesko, Highbourne co-owner and chief executive of Holowesko Partners. “As we look to Highbourne’s next chapter, our priority is to protect what has always made this island so special: Iits natural beauty and sense of place that families like ours have treasured for generations.” The nine planned four-bedroom villas, starting at $18m, will occupy around two to three acres each. Delivered fully furnished and managed by Highbourne Cay, they will offer the privacy of a
NUA leadership welcomed Senator Jerome K Fitzgerald, minister of economic affairs, as the agency marked six decades of service. Pictured L to R: Stanford A. Charlton, managing director, NUA Insurance Agents & Brokers; Alison J. Treco, executive chair, Bahamas First Holdings; Mr Fitzgerald; and Kenwood Kerr, chairman, NUA Insurance Agents & Brokers.
Bahamas First-owned agent celebrates 60th anniversary AN general insurance agency owned by Bahamas First has marked its 60th anniversary at an event attended by both a Cabinet minister and senior regulator. NUA Insurance Agents & Brokers, which began operations in August 1966 just prior to Majority Rule and The Bahamas’ independence, celebrated six decades in business at an event held under the theme. ‘Trusted for Generations’. It featured remarks from Senator Jerome Fitzgerald, minister of economic affairs; Alison J. Treco, executive chair of Bahamas First Holdings; Stanford Charlton, NUA managing sirector; and Dana Munnings-Gray, superintendent of insurance. “A company does not reach 60 simply because it was established 60 years ago,” Mrs Treco said. “It gets there by remaining relevant, adapting to change and earning the trust and confidence of all of its stakeholders.” NUA was the first entity established in what would eventually become the Bahamas First group. Over the decades, it has adapted its products, processes and service channels to changing customer needs. Mr Charlton said NUA’s history provides an important foundation, but its future depends upon the agency continuing to evolve. “That is the NUA we are building for the next generation: An agency that is experienced without being complacent, established
secluded island home with turnkey ease. And the ten estate lots, starting at $12m, span about 10 to 20 acres - a scale rarely found in the Caribbean, each with direct access to roughly 430 feet of untouched beach frontage. Highbourne Cay said owners can build on their own terms and timeline, with no requirement to develop following purchase. Highbourne Cay will offer optional construction management. Upon completion, all villas and select estates will be eligible for its rental programme, with property management and guest services handled on-island. Architecture for the project will be provided by Olson Kundig, with interiors coming from Studio
Valle de Valle and landscape design by Raymond Jungles. Highbourne Cay said the buildings are designed to engage the terrain and frame ocean views, while the interiors will take their cues from the textures of island life. Landscape planting will draw entirely from native species, chosen to strengthen the ecosystem rather than alter it. Conservation will continue to be led by Bahamian naturalist, Elijah Sands, who has documented more than
300 species of plants and wildlife across Highbourne Cay and its surrounding waters. His work covers the island’s diverse ecosystems, ranging from coral reefs and seagrass meadows to mangrove forests, coastal scrubland and globally rare living stromatolites. Mr Sands’ ongoing work to remove invasive species and protect native habitats across the island is central to Highbourne Cay’s approach to conservation.
Government, regulatory and NUA executives marked the agency’s 60th anniversary. Pictured L to R: Stanford A. Charlton, managing Director, NUA Insurance Agents & Brokers; Kenwood Kerr, chairman, NUA Insurance Agents & Brokers; Alison J. Treco, executive chair, Bahamas First Holdings; Senator Jerome K. Fitzgerald, minister of economic affairs; Dana Munnings-Gray, superintendent of insurance, Insurance Commission of The Bahamas; and Rodney D. Bain, deputy superintendent of insurance, Insurance Commission of The Bahamas.
Senator Jerome K. Fitzgerald, Minister Of Economic Affairs.
NUA’s management team joined Stanford A. Charlton (centre), its managing director, in celebrating the agency’s 60th anniversary milestone and the people who continue to lead the agency into its next chapter.
without being stuck, trusted because of our history, but relevant because we continue to change,” he added. Mr Charlton said that while technology has transformed the way customers interact with insurance providers and intermediaries, personal expertise remains central to NUA’s approach. He added that NUA’s customers can access a growing range of services online, including obtaining quotes, purchasing or renewing policies, making premium payments and accessing insurance documents, while continuing to have access to experienced insurance executives when they need advice and guidance. “Our job is not to choose between technology and people,” Mr Charlton said. “It is to use technology to make our people more accessible, our service more responsive and the
NUA Insurance Agents & Brokers marked its 60th anniversary alongside Stanford A. Charlton, its managing director, who was born in the same month and year.
customer experience more seamless.” Born in 1966, Mr Charlton celebrated his own 60th birthday alongside the agency’s milestone. Following his remarks and an anniversary toast, employees surprised him with a birthday cake. Throughout its anniversary year, NUA has celebrated its employees through its True Blue initiative, which began with monthly staff appreciation activities. As NUA enters its seventh decade, Mr Charlton said its focus remains firmly on ensuring the agency continues to earn the trust reflected in its anniversary theme. “Our history gives us credibility. Our people give us strength. And our willingness to keep evolving will determine what the next 60 years look like,” he said.
THE TRIBUNE
Friday, September 11, 2026, PAGE 3
FOCOL chief: ‘Execution’ critical to renewed growth FOCOL Holdings last night reaffirmed to shareholders that profits for the year to end-September 2025 jumped 50.1 percent to $44.4m as it bids to execute on the liquefied natural gas (LNG) terminal and generation assets that are key to the Government’s energy reforms. The audited financial statements for the BISXlisted petroleum products and energy supplier were formally presented to investors last night at the company’s annual general meeting (AGM). Sir Franklyn Wilson, FOCOL Holdings’ chairman, and Dexter Adderley, president and chief executive, also outlined the company’s capital programme and priorities for its next growth phase.
FOCOL Holdings generated consolidated revenue of $454m for the 12 months to end-September 2025 compared to $436.5m in the prior year. Basic and diluted earnings per share increased from $0.26 to $0.39, while gross profit rose to $119.8m from $109.5m one year earlier. The company said it continued to invest in the infrastructure and operating capabilities required to support the Group’s broader energy activities. Capital additions totaled $89.3m during the 2025 financial year, reflecting continued development across key business areas and the group’s commitment to building dependable longterm capacity. The results were presented under
FOCOL’s ‘Capacity Delivered’ theme, reflecting a period in which sustained capital investment increasingly translated into stronger operating capability across the group. Mr Adderley said: “Our 2025 performance reflects stronger execution across the group and the increasing contribution of our utility services operations. We continued to invest in the infrastructure and operating capabilities required to support reliable energy delivery, while maintaining focus on our established wholesale and retail businesses. “The progress achieved during the year is important, but investment only creates value when the capacity we build performs. Our attention remains on
Rapid vacation rental growth Exuma’s double-edged sword BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net RAPID growth in vacation rental properties since Sandals Emerald Bay’s closure was yesterday
described as a double-edged sword for Exuma tourism businesses, as it has encouraged some second homeowners to offer unpermitted boat tours despite filing the accommodation gap.
Clarification Tribune Business, in its September 10, 2026, edition reported that Dareo McKenzie, Bahamas Grid Company’s chief executive, said the company had inherited about 50 legacy underground cable faults from Bahamas Power & Light (BPL) when it took over responsibility for New Providence’s energy grid on April 20. Bahamas Grid Company has asked this newspaper to clarify that Mr McKenzie did not identify, or blame, BPL for these legacy faults. In his written reply to Tribune Business, he said: “The transition in the management team at Bahamas Grid Company occurred on April 20 of this year. At that time, my team and I inherited approximately 50 legacy underground faults in the backlog.” Island Grid Solutions was Bahamas Grid’s former management partner. Readers are invited to determine for themselves who may have been responsible for the underground cable faults and their repair “backlog”.
Steven Cole, owner of Off Island Adventures, said Exuma tourism businesses have been motivated by the recent developments to come together and determine how they can help tackle the issues facing local operators. “We’ve been motivated by recent events to call a meeting, figure it out and see what we can do to help with some of these issues,” Mr Cole said. He added that the growth of short-term vacation rentals has created a complicated economic situation because the Airbnb sector has helped generate business for the island while also creating opportunities for activities that are supposed to be reserved for Bahamian operators. “There’s a little bit more intricacy in the whole
disciplined project delivery, operational reliability and the careful management of growth.” Looking ahead, Mr Adderley added: “Our strategy is to strengthen FOCOL’s established operations while expanding responsibly across the wider energy sector. We believe this approach positions the group to support evolving energy requirements while creating sustainable long-term value for shareholders.” Management said the group remains focused on strengthening performance across its businesses, while ensuring that recent investment translates into reliable operations, improved capability and sustainable long-term value.
Sir Franklyn said the group’s stronger financial performance also placed greater responsibility on the Board as the company continued to invest and expand. “The financial results demonstrate stronger performance, but the scale of FOCOL’s investment also brings greater responsibility,” he added. “The Board remains focused on disciplined oversight, prudent capital management and ensuring that the quality of our governance keeps pace with the growth of the group. Our objective is not growth for its own sake, but sustainable value for
Airbnb issue, because it’s an economic avenue for so many people in so many different ways that the Government is turning a blind eye to because it’s not drug running and crime, but it’s breaking the law,” Mr Cole said. Ray Lightbourn, owner of Exuma Water Sports, said the island has lost the business generated by the closure of Sandals, but the rapid growth of vacation rentals has helped compensate for some of that demand. “We lost all the Sandals business but we probably got like 400 Airbnbs built since Sandals been closed,” Mr Lightbourn said. “Some of those got 16 and 20 rooms in them.” Mr Lightbourn said the practice places established Bahamian tour operators at a disadvantage because they are required to spend money on advertising and operate within the regulatory framework while competing against
businesses that, he alleges, are not doing the same. “Like I say, it’s unfair that all these Airbnbs are allowed to do it. It makes us have to spend a lot more in advertising, do a lot more in advertising, things like that,” Mr Lightbourn said. “The whole purpose we let all these Airbnbs come down here was so we can get the side businesss.” Mr Lightbourn said water sports operators, taxi drivers and rental car and rental boat businesses are among the sectors where Bahamian ownership requirements are intended to apply. “That’s the law. The tour boats and taxi drivers, rental cars, rental boats. They all supposed to be an area reserved for 100 percent Bahamians,” Mr Lightbourn added. He alleged, however, that some foreign property owners get around the requirements by placing a Bahamian name on the business while retaining effective control of the operation.
DEXTER ADDERLEY
shareholders and a stronger company for the future.” FOCOL’s total assets increased to $579.9m as at September 30, 2025, compared to $499.5m one year earlier. Shareholders’ equity increased to $276.6m, while the carrying value of property, plant, equipment and investment property rose to around $352m. During the 2025 financial year, FOCOL declared and paid ordinary dividends totaling $0.15 per share, or around $15.8m. FOCOL Holdings management said its priorities include strengthening the group’s established businesses, converting recent capital investment into dependable operating capacity, and continuing to build the people, systems and infrastructure required for FOCOL’s next stage of development. “The next phase is about execution,” Mr Adderley said. “We have built significant capacity. Our responsibility now is to maintain world class standards across all segments of the group.” “But what these people do is they know nobody really checks, and so all they do is they hire a Bahamian to say that he owns the company,” Mr Lightbourn said. “Most he might do is work for it if he does work for it, and that’s all. That money that comes here, they don’t pay no VAT, no nothing.” Mr Lightbourn said the issue is particularly concerning because payments for these services can be made directly to overseas owners. “The people pay online to the real owners in the US or Canada, wherever they’re from,” he said. Mr Cole said the situation is further complicated by the fact that some Bahamians themselves may be participating in arrangements involving foreign property owners and boats. “You have a need for bigger, better boats, if you will, and Bahamians are unfortunately not in the means or ways to get loans
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PAGE 4, Friday, September 11, 2026
THE TRIBUNE
Valentine’s chief: Boating fee reform impact only evident come December SAILING - from page B1 kicks-off, Mr Prosenjak pointed out that many vessel owners are unable to obtain the necessary insurance coverage to either come to The Bahamas at this time or leave their boats here because it coincides with the hurricane season peak. He added that many other Briland resorts are now temporarily closed as Bahamian tourism enters what is typically the slowest part in its annual cycle. However, relatively slow Labour Day business in other parts of The Bahamas was not reflected in Bimini, the closest island to the US with just 50 miles separating it from south Florida. “We were real busy,” Mr Smith told Tribune Business of Bimini Big Game Club. “When I say full, the marina was about at 100 percent, the hotel looked full, the restaurant looked full. This was one of the busiest Labour Day weekends I’ve seen for a long time; since Bacardi owned the place. It’s been real busy. “The whole island was busy. You couldn’t find a bed, a room anywhere, or a boat berth. The price was dropping at the right time for everyone. This was the last big US holiday.” Mr Smith confirmed that, by price, he was referring to the new cruising permit categories, lower fees and greater clarity provided by
the Government’s boating fee changes earlier this year. “I think that had a big impact. That played a big role,” he added. “The cost went down. This one-time Labour Day weekend reminded me of how Labour Day used to be years and years ago. It came back tremendously. Dropping the price attracted back a lot of boats. “Boaters said that, now the price has dropped, they are going to be coming. That was a big boost after the price dropped. We are only 50 miles away [from the US]. That’s less than a two-hour run for those boats to get here.” Looking ahead to September and October, which is traditionally the slowest part of the tourism season, Mr Smith said he was optimistic that visiting divers will keep Bimini Big Game’s occupancies at 80-90 percent. Bimini’s boating market was among the biggest beneficiaries of the cruising permit adjustments. The Government created two new classes of cruising permit fees - one for shortterm stays of 30 days or less, and the other covering six months or less. The 30-day fees for vessels less than 50 feet in length are between 50-70 percent lower than those associated with the pre-existing one-year permit. Besides the two new cruising permit categories,
Airport hotel first part of LPIA business hub plan CONSTRUCT - from page B1 demand for this type of amenity in the capital city of an archipelago such as ours.” Ms Walkine also confirmed that NAD is
“proceeding with the environmental approval process” for the airport hotel project according to Department of Environmental Planning and Protection (DEPP) requirements and
the Government also sought to clear-up confusion over whether the anchorage fees implemented with the 2025-2026 Budget apply to both vessels docked in marinas or those anchored out. Materials issued to Customs officers plainly state that these fees must only be paid by the latter, adding: “Only pleasure vessels entering that are not docking at a marina are subject to anchorage fees.” The Government in June revised the anchorage fees to incorporate the two new cruising permit categories, with the charges based on length of vessel and stay. For example, foreign pleasure vessels less than 30 feet in length - and cleared into The Bahamas on a 30-day cruising permit - will pay a $50 anchorage fee. That is just 25 percent, or one-quarter, of the $200 that boats with a 12-month permit, and less than 50 feet in length, will pay. The reductions are even greater the larger the vessel is, with boats 100 feet or more in length paying a $200 anchorage fee on a 30-day permit - a sum that is less than one-seventh of the $1,500 paid for a 12-month stay. But, away from Bimini, Mr Maury said US Labour Day - which traditionally marks the end of The Bahamas’ boating season - was “very slow, very slow’. He added: “In Nassau, we barely had any boats
and Exuma was said to be empty. On a call last week, even Abaco was complaining. I don’t think it was too good for anybody. “Compared to last year we were off 10-15 percent, but when the rates were good we are off 30 percent. The boats then were staying until Labour Day, staying right through. Now, there are barely any boats in The Bahamas. Year-overyear, we keep losing market share. The 2021-2022 period was reasonable for us. The boats stayed longer, and in 2020 the stayed right through Christmas and everything else. “In 2021-2022 we had good reservations right through summer. We really saw a drop in 2023-2024, and obviously 2025-2026 was way worse. To me, it’s just shrinking our GDP (gross domestic product) in the hospitality sector.” Mr Maury said boating/yachting visitors are typically among The Bahamas’ highest spending tourists, and play a key role in distributing the industry’s impact to the Family Islands and more remote communities. “In the Family Islands, they don’t have anything to fall back on. In Nassau, the residents and some businesses, if the cruise ships come in, they have some type of business,” the ABM chief said. “In the Family Islands, they now have fewer stayovers and in the marinas business is dismal.
There are no cruise ships to fill that gap, and the ones that are going, they stay in the private islands. The passengers don’t go outside the likes of Princess Cay.” Mr Maury said he and the ABM are still waiting to receive a reply to their request for a meeting with Mrs Hanna Martin and senior tourism officials. “I don’t know if it matters,” he added. “That’s where we are. The hurry up and wait game. I’m sure there’s other folks in front of us, but I would like to think that, at some point, the new minister of tourism would sit down and listen to our pleas. “We need to bring The Bahamas back to the forefront of the yachting industry. We need to make the change, make the difference. We’ve already passed the changes in law and policy, and those did not help anybody, most of all local Bahamian businesses.” Asked what The Bahamas needs to do, Mr Maury suggested that it improve the ease of access and cost for visiting boaters, plus send out the message they are welcome in The Bahamas. “We should go back to where we started, make it easy,” he told Tribune Business. “The Bahamas after Dorian, the Ministry of Tourism did a big push to get the word out that The Bahamas was open for business. By the time COVID rolled around, we had good messaging going out constantly. It’s that which I hope they would consider.” Describing boating and yachting as critical components of The Bahamas’ high-end tourism market,
guidelines. “Securing this approval is expected to significantly benefit and add value to the selected proponent,” she added. A public consultation meeting on the airport hotel project’s environmental impacts is scheduled for Tuesday, September 29, 2026, at the New Providence Community Church. The just-released environmental management plan
(EMP), dated October 2025, was produced by Bahamian consultancy, Sev Consulting Group. “The landside hotel is the first stage in NAD’s broader vision to create a larger business and economic hub centred on the Lynden Pindling International Airport (LPIA),” the EMP reaffirmed. “The hotel development targets mid-market and upper mid-market price points with an expected total of 250 rooms. With the hotel consisting of two buildings, there is the option for one or two-phase development – one building will consist of 120, and the other of 130, rooms.” The former is projected to be 60,000 square feet, and the latter 65,000 square feet. “The hotel is a designbuild project being implemented by NAD,” the EMP said, adding that it will have a parking lot and feature “storm water detention areas”. The expected construction build-out period is 36 months. “Amenities will include a restaurant or café, fitness centre, business centre and meeting room facilities. The conceptual plan also shows future stages of development planned for LPIA including offices as well as food and beverage spaces,” the document added. “The location of the project site is in the existing cell phone waiting area. This area is also utilised on an informal basis by taxi cabs. The current parking lot for the livery drivers is within the footprint of the hotel. A location has been designated for a new parking lot for these drivers. The cell phone waiting area will be relocated once construction commences to avoid disruptions to users. The area is already cleared of vegetation. “The project site is approximately 6.2 acres (25,175 square metres) in northwestern New Providence. It is within the existing footprint of LPIA. Land use surrounding the site includes other LPIA facilities and undeveloped land. The project site is bound by Windsor Field Road to the north, US departures Road to the east
and US departures parking lot to the south.” Speaking to the construction impacts for airport users, plus surrounding businesses and residents in western New Providence, the EMP said: “Appropriate design and planning methodologies can result in construction and operation in a sustainable manner…. “Development of a traffic management plan to be implemented for the duration of construction will reduce impact to traffic. The plan should contain direction for the use of proper speed in and around residential areas, near schools and in locations with known pedestrian traffic. “Appropriate signage should be put in place at the project site and along Windsor Field Road and US departures road, alerting motorists of construction and the potential for delays. Advertisements and notifications should be sent out in advance to surrounding communities and businesses if significant delays are planned,” the EMP added. “An area will need to be designated for employee parking to ensure vehicles are not parked in such a way as to obstruct traffic on either road…. Periodic monitoring of the project site will ensure that storage, staging and parking areas are maintained, and other construction activities do not encroach on nearby properties. “Physical barriers such as fencing, netting and temporary storage and staging areas can be used to ensure that visually unappealing aspects of the construction site are not visible outside of the site.” NAD previously said the identified site also has the ability to accommodate around 280 parking spaces with much of the necessary infrastructure already in place. It added that the hotel could cater to a variety of guests, including travellers and visitors to the Family Islands who either want to - or are forced to overnight in Nassau. Most international airports have multiple hotels either within their properties or in close proximity. NAD said other guest
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Mr Maury said: “We should not intentionally give that up, and give it up to our competitors. If they go somewhere else and like it, they may buy a home and go live there. What are we doing here? Why give anybody an excuse to go anywhere else? We should be everybody’s destination. That’s the messaging, and I pray it gets put into effect. “Make it like it was. It’s time to make the change. We have a new minister of tourism. Sit down with the people that know and make the change.” The ABM president added that the marina and boating sectors provided a major opportunity for Bahamians to access entrepreneurial opportunities and good, high-paying jobs. Mr Prosenjak, meanwhile, said of Valentine’s Resort on Harbour Island: “Labour Day is not really a big day for us on a normal basis. It was predictably soft. As you would have imagined, we don’t really do anything for it. There’s not really much call for it in the Out Islands; to come across for a threeday weekend… “I don’t think we’ll really see any difference until obviously December, when the season for marinas really starts to pick up in terms of the reduction in boating fees back to what it was before.” Noting that many boats are restricted by their insurance coverage on whether they can be present in The Bahamas at this time at the peak of hurricane season, he added that Valentine’s and Pink Sands are the only two major hotels still open on Briland. markets for such a hotel at LPIA could include flights crews, persons visiting for one-day conferences and meetings, and clients coming in to visit western New Providence financial institutions, law firms and other businesses. The convention and conference market would be another major target. The hotel is part of what NAD has described as a wider Landside Development Master Plan and Strategy (LDMS) that it is developing in collaboration with its management partner, Vantage Group. This would create a ‘Gateway District’ to further stimulate economic development in western New Providence, while diversifying LPIA’s revenue streams beyond the existing aeronautical and non-aeronautical income. Some 3.71m passengers passed through LPIA during NAD’s 2023 financial year, just shy of the 3.99m processed in its 2019. Its facilities are designed to span 20-40 years and accommodate up to five million passengers. The hotel project bidding process is separated into two phases. In the first ‘expression of interest’ phase, potential developers must show their qualifications, financial capacity, development experience and project approach. Shortlisted candidates will then be invited to participate in a second phase Request for Proposal (RFP) to determine the winning bidder. Tribune Business revealed plans for an LPIA airport hotel as far back as October 2011. The original developers were said to be the owners of the Atlantic Resort & Spa in Fort Lauderdale, and the project was anticipated to create between 100-150 full-time jobs via a resort of ‘fourstar’ standard, rather than the typical ‘two-star’ airport hotel. George Allen, one of the principals in the original developer group, told Tribune Business at the time they had elected not to pursue the LPIA airport hotel because feasibility studies showed it could sustain only 50 rooms. This was 50 per cent of the inventory eyed by NAD, and Mr Allen said the group had instead looked at developing a mixed-use proposal for the site involving a smaller hotel, offices, retail and restaurant. This, though, failed to match NAD’s demands.
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Judge rejects new disclosure demands over $200m project COURT - from page B1 and Exuma resident, Bob Coughlin, countered that it is now mulling an appeal “and other legal options” over Justice Farquharson’s decision not to Order document disclosure related to Rosewood Exuma’s planned 22-acre solar energy farm; permit to harvest protected trees granted by the Forestry Department; an “enabling works method statement”; and the project’s environmental bonds. Besides the obstacles to Yntegra’s payment of the bonds, which are required by two of its already-issued certificates of environmental clearance (CEC), the judge’s verdict also revealed that the Department of Environmental Planning and Protection (DEPP) intervened over a much-publicised “sediment plume” in the waters off East Sampson Cay by requiring the developer to change how it was delivering materials to the project site. However, Justice Farquharson’s detailing of the bonds situation is likely to raise questions as to whether other Bahamas-based developers have been able to lodge and pay this security, which is designed to guarantee that any environmental damage caused by project activity can be compensated for and there are sufficient funds to remediate this. The verdict makes clear that the problem lies with DEPP’s failure to-date to put in the necessary payment infrastructure, rather than Yntegra or other developers. Both Turtlegrass and Yonder Holdings had sought documents relating to the bonds given that “conditions” in two of Rosewood Exuma’s CECs stipulated that their payment was required, including the amount of security provided and how this was calculated. Felipe MacLean, Yntegra’s principal, in a July 23, 2026, affidavit resisting the document disclosure
demands, detailed the present status of the bonds. “He also confirms that the developers have been unable to pay the environmental bond referred to in CECs 2400 and 2400A due to DEPP not having the necessary institutional framework in place to facilitate such payment,” Justice Farquharson wrote. “The applicants submit that the non-payment of the environmental bond, which is a mandatory condition, requires fuller explanation and disclosure. They contend that the explanation attributed to DEP, that the relevant institutional framework was not in place, is inadequate. “The evidence is that the bond has not been paid because, following a telephone inquiry by BRON on July 2, 2025, DEPP informed BRON that the institutional framework needed to facilitate payment was not in place.” Justice Farquharson subsequently rejected the Turtlegrass and Yonder Holdings disclosure demand over the environmental bonds. “Whether a bond was paid after the impugned CECs were issued, and the explanation for non-payment, does not bear upon the lawfulness of those CECs,” the judge ruled. “The issues raised by the claims primarily concern the adequacy of the environmental assessments and public consultation process. “I accept the respondents’ [Government and Yntegra] submission that the subsequent payment of a bond is largely irrelevant to the issues in the claims. Nor is non-payment of the bond pleaded as an independent ground of challenge. The requested further disclosure concerning the environmental bond is accordingly refused.” The verdict also disclosed that DEPP and its director, Dr Rhiana Neely-Murphy, became involved over the July 7, 2026, “sediment plume” that generated another PR battle between the Rosewood developer and its main opponents.
Bahamian operators face foreign homeowner rivals EXPAND - from page B3 and do this. So they’re taking part in fronting for people,” Mr Cole said. “And also, the homeowners are just giving Bahamians boats and saying: ‘Go out and make money’. So it’s not always the homeowner’s true 100 percent fault.” Mr Cole said the resulting competition is being felt among local operators, although he stressed that Exuma’s overall tourism demand remains strong enough to sustain a large number of businesses. Robert Thompson, owner of Robert’s Island Adventures, said the lack of enforcement is allowing the situation to worsen. “It’s only a matter of time because there’s no law,” he said. “They just doing their own thing, man. There’s no law enforcement or nothing. If this continues we’re going to be in a lot of trouble.” Despite those concerns, the operators said Exuma’s tourism outlook remains
strong, particularly with the planned redevelopment and reopening of the Beaches brand in place of Sandals. Mr Cole said Sandals had been a major driver of tourism demand on the island, and predicted that Beaches would provide another significant boost when it opens. “Four Seasons was good for Exuma,” Mr Cole said. “Sandals was 10 times better. Beaches is going to open up in another two years and do even better than Sandals did.” He said the combination of the resort development, infrastructure improvements and continued demand for Exuma’s natural attractions should generate more jobs and business opportunities. “So Beaches is going to turbocharge everything, and it’s going to provide more jobs,” Mr Cole said. Mr Lightbourn said his business is already seeing strong interest for the upcoming Christmas and New Year period, despite
“Dr Neely-Murphy further speaks to becoming aware on or about July 7, 2026, of social media videos showing a sediment plume during barge delivery of materials to East Sampson Cay,” Justice Farquharson recorded. “She states that the videos appeared to show that a silt curtain was deployed but had been ineffective. “She confirms that, because of that concern, she called the developers’ environmental consultants, BRON, to a meeting on July 9, 2026, and directed that the existing delivery method not continue until a solution was agreed. “Following the meeting, a floating dock was installed. The stated purpose is to enable barges to remain afloat rather than come into direct contact with the beach and seabed, thereby reducing the risk of a further sediment plume.” Turtlegrass and Yonder Holdings alleged that their further demands for document disclosure were sparked by material released during a first round of evidence sharing. They argued that the solar farm “only came to light” during a June 10, 2026, site inspection when Yntegra’s attorneys revealed approvals had been sought for a 22-acre site on Big Sampson Cay’s north-west - land on the other side of Turtlegrass - to provide the project’s energy. “The affiants say the previously disclosed environmental materials contemplated renewable energy infrastructure, including solar panels and battery systems, supplying at least 30 percent of projected power demand,” the Supreme Court verdict said. “They assert that the solar farm proposal may therefore be either: the proposal already assessed; a revised or expanded proposal; or a distinct project requiring separate assessment and approval. “Both affiants contend that, if the solar facility is integral to the overall project, its separate treatment
could amount to ‘salami slicing’, which they describe as the process of artificially dividing a large, single development project into smaller component parts to avoid triggering ElA thresholds or other regulatory requirements.” Both Turtlegrass and Yonder Holdings argued that the “enabling works method statement” prepared for the project by BRON contained “technical material” not previously disclosed, as well as referred to a permit to harvest protected trees that they believe had expired and was not renewed or extended. Accordingly, the Rosewood Exuma opponents demanded further disclosures in these areas. This, though, was opposed by the Government and developer. Dr Neely-Murphy said Rosewood Exuma had “applied to DEPP for approval in respect of a proposed solar-panel installation and related works. She says DEPP has not yet considered the application and has not communicated a decision or response to the developers. ‘She confirms that the ElA and EMP for the project envisaged solar energy supplying at least 30 percent of the development’s power demand,” Justice Farquharson added. “She further says that when DEPP considers the application, it will assess the design and siting of the panels for environmental compatibility and impose appropriate environmental conditions in the ordinary course.” Meanwhile, Danielle Hanek, the Government’s forestry director, explained how it calculated the 15,677 protected trees set to be impacted within the project areaa and how “the projected mortality figure of 784 trees” was reached. Justice Farquharson, in his verdict, said on the solar farn that “there is no basis for an additional disclosure order” because the entire proposal has been disclosed as an exhibit to Supreme Court evidence and no approvals have been granted.
“The premise that there are undisclosed decision-making materials concerning the solar farm application is not made out,” he added. “I also struggle to see how later correspondence concerning the proposed solar farm is necessary to determine the lawfulness of CECs 2884 and 2894 granted in June 2025, including the allegation of unlawful salami-slicing, as to which there is ample material before the court.” And, while Rosewood Exuma’s opponents had challenged the forecast 5 percent mortality rate for the protected trees, the judge added: “These matters do not provide a proper basis for the requested disclosure. The lawfulness of the protected tree harvesting permits is not challenged and no relief is sought to quash or otherwise impugn them.” Justice Farquharson concluded: “The applications do not in my view identity any material change of circumstances or a sufficiently focused category of documents which now makes a fresh order necessary for the fair and just resolution of the extant Judicial Reviews. “In substance, they seek wide-ranging disclosure in relation to matters peripheral to the central pleaded cases. They also seemingly ignore the extremely fulsome record already before the court. That is neither a proportionate nor a necessary use of disclosure in Judicial Review proceedings… I am not satisfied that the further disclosure now sought is necessary for the fair and just determination of the Judicial Reviews.” Yntegra, in its response to Tribune Business, said this was the second time the Supreme Court has rejected its opponents’ document disclosure demands. “Yntegra remains focused on bringing these proceedings to a timely conclusion and advancing a carefully planned, environmentally responsible development that will deliver lasting economic opportunities for
Exuma and The Bahamas,” it added. However, Turtlegrass countered: “Turtlegrass is considering an appeal and other legal options regarding the court’s refusal to order discovery of documents relating to the solar plant component of the Yntegra development… The solar plant is integral to the wider development, and we and other affected parties are entitled to information about it. “This is one of several court decisions Turtlegrass may challenge. Others include the court’s refusal to admit our expert evidence, refusal of amendments to our pleadings based on newly-discovered information, and the directions set for a September 28 trial. We continue to regard that evidence and those amendments as crucial to a fair hearing. “Throughout this case, the Government and developer have drip-fed documents to us — a breach, in our view, of their duty of candour. We remain committed to full and proper discovery so this matter can be fairly determined. This pattern of selective, delayed disclosure is precisely why we are seeking discovery of all applications, approvals, refusals, exemptions and correspondence between Yntegra and the Government.” Turtlegrass added: “We remain committed to protecting the environment of East Sampson Cay, and to our vision for an ecofriendly development there - a vision we’ve had to put on hold because of the Yntegra project… “The public must ask why the Government has thrown its full weight behind Yntegra - retaining a roster of international attorneys, including senior King’s Counsel from London, at considerable cost to Bahamian taxpayers - to fight this hard on behalf of a private developer. We will continue to weigh our legal options as we seek a fair hearing and to protect the environmental integrity of East Sampson Cay.”
the seasonal slowdown currently affecting Exuma. “Christmas and New Year’s looking pretty good,” Mr Lightbourn said. “We’re actually closed, like half-way closed right now, because it’s so dead over here. We closed September 1, and we’re going to open October 1,” he said, adding that the company is using the downtime for maintenance and is continuing to conduct some private tours. Mr Lightbourn attributed the strong holiday outlook to the company’s two decades of operation, customer service and word-of-mouth referrals. Mr Cole said many visitors are increasingly seeking authentic, locally operated experiences rather than large group excursions. “My demographic from 40 to 60, 80 year-old people, they’re coming,” he said. “They’re renting low-key houses, not the big Airbnbs, and they’re doing local things. They’re coming out with folks like me and other bonefish guides that are doing the real island thing. So that’s very encouraging, and that’s not going to go away.”
Mr Cole said the challenge now is ensuring regulation and enforcement keep pace with Exuma’s rapid tourism growth. “Exuma’s going to be off the charts,” he said. “So, the regulation and the enforcement of water sport-run operations is going hand in hand with it.” Mr Cole said he believes local businesses must take a more active role in advocating for themselves rather than waiting for government to resolve the problems. “They’re not going to move unless a bunch of people like us come together and show them that we’re not going to stay and lay down and let them take advantage of us,” Mr Cole said.
“I would like to retire, but I don’t want to leave it at this. It would be sad to have just people come to The Bahamas and do whatever they want because Bahamians don’t want to do anything about it. “We think the Government’s going to always do
something about it. There’s communities to do stuff for themselves, and we need to be one of those communities to do it again, because we’ve done it before. So we’re just going to do it again. I think it’s time.”
PAGE 6, Friday, September 11, 2026
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Eight Mile Rock residents voicing multiple concerns PROJECT - from page B1 impacts from blasting, plus groundwater, environmental and community concerns. Eugene Duncanson, an Eight Mile Rock resident, said he believed the threatened job losses were being used to influence the Government’s decision. “Absolutely,” he said. “The Government got to be smarter than that. If you don’t give it to me, I’m going to lay some people off? You cut off your nose, spoil your face. I’m not for it. It’s going to create a lot of damage.” Harold Curry, another resident, similarly accused the company of using the workers’ employment as leverage to secure approval for the Freeport Harbour expansion. “They using that to try get the Government to give them the OK to do the blasting,” Mr Curry said. “But more people getting effects from that.” He said the issue was particularly difficult for his family because his son is among the workers facing imminent lay-off. “But let’s
look at the big picture,” Mr Curry said. “Sixty-something people getting let go, but you’re hurting thousands of people in a different way. My son is one of them getting laid off. My son works there.” The residents’ concerns centre heavily on the effects they say previous blasting has had on homes and the surrounding environment. Mr Duncanson said cracks have appeared in his home, and claimed the company’s activities could further affect groundwater relied upon by residents who do not have access to city water. “My house on both sides of the street, the walls are cracked,” he said. “You have to realise that most of the people in Eight Mile Rock, and Hepburn Town, a lot of people don’t have city water. They have well water from a pump. And when they pump their well water from the pump, the water will come in even more brackish.” Mr Duncanson argued that excavation and blasting could also affect underground water
movement between Eight Mile Rock and the Fishing Hole. “The water from the north side to the south side goes underground from the south-west side of Eight Mile Rock to the Fishing Hole,” Mr Duncanson said. “In the holes in the Fishing Hole, you can see it bubbling when the water comes back. You can see the water goes underground from here to the Fishing Hole and back on a daily basis as tide goes up and down. That’s going to impact the environment, basically.” Mr Curry also said his house was damaged by blasting, and asserted numerous homes in the area had suffered similar damage. “My house crack up as well from blasting,” he said. “And a lot of houses in the area damaged from the blasting.” Mr Duncanson further questioned the economic justification for the proposed Freeport Harbour excavation, arguing that Bahama Rock’s operations were primarily benefiting the company rather than surrounding communities.
Judge finds Bahamian bank used ‘reasonable skill, care’ VERDICT - from page B1 other employees in Kenris Albury and Richard Beek. The e-mail, sent from a Gmail account bearing Mr Delattre’s name, forwarded an e-mail from a Mikdam Alkadi over a potential investment in an entity called Prime Properties Investment Fund. Mr Delattre’s e-mail said they and Ms Vladykina wanted to invest, and ultimately some £2.011m was transferred from her Deltec account on January 30, 2015, for this purpose. Then, on November 30, 2015, Anthony Turner, an attorney with the UK’s Farrer & Company law firm, contacted Chandra Wallace-Whitfield, another Deltec employee, about a further investment from the account into Prime Properties. This was followed-up by an e-mail from Mr Ribes
to Ms Wallace-Whitfield on December 14, 2015, requesting that £1.5m be transferred from Ms Vladykina’s Deltec account to acquire 1.5m Prime Properties shares. The payment was duly made the following day on December 15, 2015. Ms Vladykina eventually initiated legal action against Deltec for alleged “breach of contract and/or negligence” on December 10, 2021, claiming that the instructions for the transfers were not sent from authorised e-mail addresses. “The claimant avers that in breach of the express and implied terms emanating from the account opening documents, the bank authorised and completed the transactions without the claimant’s consent or authorisation,” Justice Fitzcharles wrote. “More specifically, the claimant pleads that not
only did the claimant not authorise the transactions, but none of the various e-mails with instructions to the bank were sent from jr@gabaritinternational. com as mandated in the 2014 authorised signatory form.” Deltec, though, rejected her claim on the basis that it was permitted to act on authorised instructions from Ms Vladykina’s agents outside of that specific e-mail address. “Additionally, pursuant to the waiver, the bank was authorised to act on any instructions received by e-mail that appeared to the bank to be given by the attorney authorised to act on the claimant’s behalf, and such instructions are deemed by the waiver to be conclusively valid,” Justice Fitzcharles added. Ruling that the transfers had not been proven as “sham or unrelated
“Listen, they’re not doing anybody a favour dredging a harbour,” he said. “They’re going 70 feet deep. There’s no ship that draws 70 feet of water. Digging deep to get aggregate to sell abroad. “This company is based in this Bahamas, and they’re making money millions and millions of dollars. They’re not doing us any favours. These people are billionaires and making money from The Bahamas.” Bahama Rock has repeatedly rejected claims that it is holding employees’ livelihoods over the Government as leverage. The company previously told Tribune Business that characterising the situation as a choice between project approval and employee job losses was “simply incorrect”, maintaining that its existing limestone reserves are finite and approaching exhaustion. Bahama Rock said the Bahamas Cement Company property, which it acquired last year, could provide access to adjacent limestone reserves and allow it to continue operations, preserve employment and maintain
the supply of aggregate and limestone to the wider Bahamian economy. The company has warned that a failure to secure approval could ultimately force it to “close permanently”, while asserting that the loss of its production could create shortages and increase aggregate costs for Bahamian businesses, government and consumers. The proposed extraction project is also tied to plans for the near-270-acre expansion of Freeport Harbour, with Bahama Rock maintaining that extracting limestone from the Bahamas Cement property would eventually facilitate a new turning basin and deep-water berths. The project has still faced significant community opposition, including concerns over blasting, groundwater, flooding, wetlands and other potential environmental impacts. Mr Curry said the economic benefits being cited by Bahama Rock must be weighed against the number of people potentially affected by the project. “They’re damaging
more people than helping,” he argued. The Grand Bahama Chamber of Commerce, meanwhile, said it was aware of the concerns surrounding the employees and had been in discussions with Bahama Rock. Ralph Hepburn, the Chamber’s president, said he was speaking with company representatives as recently as last night. “I was speaking with representatives from Bahama Rock up until almost 8pm last night,” he said. Mr Hepburn added that the potential impact on employees had been discussed. “Employees played a part in that in terms of how they would be affected. As to what happened today, I knew nothing about it,” Mr Hepburn said, referring to yesterday’s demonstration. The Chamber has previously acknowledged both sides of the dispute, saying the jobs and economic activity generated by Bahama Rock are important to Grand Bahama while stressing that environmental and community concerns must also receive proper consideration.
payments”, the judge ruled: “The evidence supports that they were presented to Deltec as Prime Properties subscription payments. It also allows for an inference that Prime Properties shares were acquired. These findings, however, do not determine the ultimate destination, value or beneficial ownership of the payments or shares… “The evidence permits the findings that the instructions appeared to have been sent by persons associated with Gabarit and that they related to Prime Properties subscription transactions. “In the whole context, for reasons which follow, it is the court’s opinion that Deltec established a sufficient basis for its primary case that it acted upon instructions which objectively appeared to be from Gabarit in the performance of its investment management role.” Justice Fitzcharles acknowledged that the January 2015 payment did create “genuine cause for concern” given its size and the external asset management (EAM) form for the
account was not filled out to authorise. And, while there were “unusual features” surrounding the December 2015 payment, Deltec had queried this and received documents supporting the Prime Properties investment. “On the evidence, the claimant has not established that reasonable care required a direct callback to her or Mrs Vakula rather than further inquiry through the EAM. Further, the claimant has not established that Deltec’s decision not to make such a callback fell below the applicable standard of reasonable care and skill,” the judge ruled. “I therefore find that the evidence does not establish, on the balance of probabilities, that Deltec breached its duty of reasonable care and skill. The bank had grounds for concern, especially in January, and its record-keeping and verification procedures were imperfect. “But the documentary sequence, the apparent involvement of Gabarit personnel and Mr Radford, the subscription
documentation, the later share certificate and the further information obtained before the December transaction prevent the court from concluding that Deltec acted unreasonably in executing either instruction,” Justice Fitzcharles found. “In my judgment, while Deltec’s procedures were open to criticism, it had an EAM instruction, a contemporaneous documentary investment trail and, for December, a management escalation and further explanatory material. The high threshold required to establish gross negligence is not met. Deltec may therefore rely on the waiver, which provides a further and independent answer to the claim. “The claimant has not established that Deltec breached the contractual mandate or its duty to exercise reasonable care and skill. In any event, the waiver applies and the claimant has not established gross negligence or wilful misconduct to displace it. In the circumstances, the claim is dismissed.” CURRENCY traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 10, 2026. Photo:Ahn Young-joon/AP
Oil prices leap to their highest since May and drag Wall Street lower By STAN CHOE AP Business Writer OIL prices keep climbing as the war with Iran keeps clogging the global flow of crude, and they leaped Thursday to their highest levels since before the summer. That worsened worries about inflation and cranked up pressure within the bond market, helping to send stocks lower again on Wall Street. The S&P 500 fell 0.6% for a fourth straight loss, its
longest such streak since June, though it’s not far from its all-time high set last month. The Dow Jones Industrial Average dropped 316 points, or 0.6%, and the Nasdaq composite sank 0.7%. Stocks sank under the weight of rising oil prices. Brent crude, the international standard, climbed another 6.3% and briefly topped $108 per barrel for the first time since May before settling at $107.63.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TONY EMMERSON NEWBOLD III of Sandilands Village Off Fox Hill Road, New Providence, Bahamas intend to change my name to TARELLE TAYLOR. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
It’s jumped from less than $72 in early July as hopes fade that the war with Iran will allow oil to flow freely again from the Middle East anytime soon. President Donald Trump said on Wednesday that oil prices likely won’t come down until after the U.S. midterm elections in November. The jump has vaulted the price for a gallon of regular gasoline to an average of nearly $4.28 across the
United States, according to AAA. That’s up nearly 34% from a year earlier and is not only costing people more at the pump but also through higher prices for all kinds of products that move by truck to store shelves. A report on Thursday said inflation at the U.S. wholesale level accelerated to 5.4% last month from 4.8% in July, and retailers could eventually pass such increases in prices
NOTICE
NOTICE
NOTICE is hereby given that I BERNANKE ESCARMENT of Foxdale, Fox Hill, 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 twenty-eight days from the 4th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that I ISLANDE JESPERE of Crooked Island Street, 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 twenty-eight days from the 11th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
onto shoppers. A report is coming on Friday that will show how much inflation U.S. consumers are feeling. The typical move to rein in high inflation is for the Federal Reserve to raise its main interest rate, the federal funds rate. Such a move then filters out through the rest of the bond market, makes it more expensive for U.S. households and businesses to borrow money, slows the overall economy and undercuts prices for investments. That hopefully would remove some of inflation’s fuel. A report on Thursday suggested the U.S. job market may remain solid, with fewer workers applying for unemployment benefits last week. That could give the Fed more confidence that the economy could withstand higher interest rates. Following Thursday’s reports, traders see a roughly 73% chance the Fed will raise the federal funds rate at its meeting next week. That’s up from the 61% probability seen the day before, according
to data from CME Group. That’s also despite Trump’s consistent lobbying for interest rates to go lower rather than higher. The Fed’s counterpart in Europe, the European Central Bank, raised its own interest rates on Thursday in hopes of getting inflation in check. It cited “the conflict in the Middle East” and how it “continues to generate inflation pressures.” It all pushed the yield on the 10-year Treasury up to 4.95% from 4.83% late Wednesday, which is a significant move for the bond market. It’s up from just 3.97% before the war with Iran began and is back to where it was in the autumn of 2023. That was after the Fed cranked the federal funds rate higher to get superhigh inflation coming out of the COVID pandemic under better control. Higher yields mean investors can make more money putting their money into bonds, which can in turn make investors less willing to pay high prices for stocks and other investments that are riskier than bonds. Some investors see a 5% yield on the 10-year Treasury as the next potential flashpoint. But strategists at Bank of America’s Research Investment Committee suggest 7% may be the more important threshold, pointing to peaks for expensive stocks around that point in the past.
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Friday, September 11, 2026, PAGE 7
Anthropic says it blocked misuse of its AI that could have supported biological weapons By BARBARA ORTUTAY AP Technology Writer ANTHROPIC said Thursday it has blocked efforts by bad actors to use its artificial intelligence models for malicious activity such as cyberattacks, surveillance, and research that could have led to biological weapons. As AI models grow more powerful, elaborate cyberattacks no longer require sophisticated skills and even lone individuals can create threats that would not have been possible even a year ago, Anthropic said. The company said it has added stronger safeguards in its latest models to restrict biological research that could also be used to make weapons. “The cases we share here aren’t typical misuse, but rather examples of the most notable and novel threat activity we’ve identified to date,” Anthropic said in its third report since March 2025 describing AI misuse. The report includes snippets of the malicious code and AI prompts Anthropic said it found, and urges governments and AI competitors to identify and prevent similar abuse. “We’re publishing this work because we believe
we have a responsibility to disclose malicious misuse of our services. As models become increasingly capable, their risks will increase, unless AI developers and society’s defenders act to make them safer,” the company said. The lengthy report by the AI startup, which is planning an initial public offering this fall, was published two days after one of its researchers announced he’s resigning over concerns that Anthropic and its competitors are not acting responsibly in AI development. He echoed concerns raised inside and outside of the industry about the technology’s potential to elude human control. Claude was asked to support making a virus more harmful Between December 2025 and August 2026, researchers at Anthropic found misuse by actors ranging from spyware vendors and “politically motivated individuals” to state-sponsored groups spreading propaganda. Among the findings in the company’s report are unnamed actors attempting to use its models for
CALIFORNIA Gov. Gavin Newsom signed a sweeping package of laws Thursday aimed at protecting children from the risks of technology, including social media and AI chatbots. The laws will penalize large social media companies up to $1 million per child if they are found negligent of harming children through their platforms, ban tech businesses from offering addictive feeds to anyone under 16, require operators of AI chatbots to perform risk assessments before rolling them out and allow families to opt out of receiving school-issued laptops. Newsom joined his wife and state lawmakers at a children’s museum near San Francisco to stress the importance of protecting kids at a time when they have such easy access to social media and AI chatbots. “We have designed cribs to be safe, chairs to be safe, car seats,” Assemblymember Rebecca Bauer-Kahan said. “Yet we’ve allowed technology to be handed to our children and never asked or expected it to be safe.” Meta reached a settlement with California and 28 other states last month after they alleged in a 2023 lawsuit that the tech giant deliberately designed features to addict children. The company agreed to pay up to $18 billion and strengthen its child safety measures. Other states have also pushed in recent years for better guardrails to protect children from the potential harms of social media. Two years ago, New York state approved a law allowing parents to block their children from getting social media posts suggested by
a platform’s algorithm, a move to limit feeds that critics argue are addictive. The policy is scheduled to go into effect early next year. Newsom said the new California laws highlight the state’s leadership on the issue. “It’s a good day for our children,” he said. “It’s a good day for the state of California.” Jim Steyer, the founder of Common Sense Media, whose brother, Tom Steyer, ran for governor, said the laws were “the most important, comprehensive legislation” on the subject in the history of the U.S. But Meta raised concerns about some of the bills, saying the law to restrict addictive feeds hinders the company’s ability to bring enjoyable content to users on its platforms. “We believe that delivering a tailored experience is an important part of what makes Facebook and Instagram valuable for teens as they connect with family and friends and explore their interests — safely,” spokesperson Jim Cullinan said in a statement. “Personalization is also how we deliver age-appropriate content for teens that is relevant to them — all with the proper guardrails in place.” Newsom has walked a fine line on technology policy during his nearly eight years serving as governor in the nation’s most populous state, whose status as a global tech hub he has repeatedly touted in speeches. He signed a law last year requiring platforms to remind users they are interacting with a chatbot and not a human. Hours later, he vetoed a bill that would have banned companies from making AI chatbots available to anyone under 18 years old unless the businesses could ensure the
ASSEMBLYMEMBER BUFFY WICKS, left, listens to speakers next to California Gov. Gavin Newsom during a news conference at the Bay Area Discovery Museum, Thursday, Sept. 10, 2026, in Sausalito, Calif. Photo:Jeff Chiu/AP
student use of smartphones in schools. Maria Raine, a mother whose teenage son, Adam, died by suicide last year, said he died because he was “coached” by a chatbot. One of the laws Newsom signed, which requires chatbot operators to implement certain safety measures to protect children, was inspired by Adam’s story.
“Adam was an early adopter of AI, and so many of us parents did not understand the dangers back then,” Raine said at a news conference. “Now, we are all becoming more aware of the dangers of AI companionship and the need for our government to act to protect our children.” Newsom also signed laws Wednesday, which are supported by Anthropic,
that are aimed at improving oversight of AI companies. One of the measures requires the state to create rules for independent organizations to evaluate the safety risks of AI models, and the other requires the state to create a registry of AI auditors, who’d have to be financially independent from the businesses they are auditing.
PAGES from the Anthropic website and the company’s logos are displayed on a computer screen in New York, Feb. 26, 2026. Photo:Patrick Sison/AP research that could have led to biological weapons. In one instance, Anthropic said its systems blocked a request for Claude’s assistance in authoring a grant application for scientific funding. “The work discussed in the application involved gain-of-function research (that is, research that genetically alters an organism to create a new or enhanced biological property) on the chikungunya virus. This gain of function research was aimed at the virus’ transmissibility and immune evasion properties,” the report said.
California governor signs laws aimed at protecting kids from risks of social media, AI chatbots By SOPHIE AUSTIN Associated Press
such as Claude Fable 5, the report said. As companies introduce increasingly powerful AI models, experts have called on governments to regulate the technology, rather than relying on the industry to police itself. John Thickstun, an assistant professor of computer science at Cornell University, said it is an uncomfortable position for companies like Anthropic and OpenAI to be in when they are expected to determine what is safe vs. unsafe behavior and make “value judgments at societal scale without any kind of democratic or deliberative oversight.”
Anthropic says it can’t claim its models do no harm
None of the cases Anthropic included in its report were found to be using its newer, more powerful Claude Fable or Mythos-class models, with the exception of one illicit distillation case that Anthropic described as “an industrial-scale, covert campaign to extract a model’s capabilities and replicate them in another model without authorization.” Anthropic said its older models, such as Claude Opus 4 and Claude Sonnet 4.5, from 2025, “were well below the threshold where they could meaningfully assist a sophisticated user in carrying out dangerous biological research.” “As a result, safeguards on these models were less stringent, directed mostly at preventing access to content that might uplift novices in recreating known bioweapons,” the report said. “But for today’s models — which are capable of assisting in a range of complex scientific research tasks — the evidence is no longer certain, and we cannot make that same assurance.” Because of this, Anthropic has applied “stronger safeguards that restrict access to a wide range of dual-use biological research queries” in its more recent models,
technology couldn’t engage in sexual conversations or encourage self-harm. Newsom
also
signed
a law in 2024 to restrict
Chikungunya is a mosquito-borne virus that causes debilitating symptoms such as severe pain and fever. The request involved a grant proposal for research seeking to enhance mutations to make the virus progressively more harmful. While such research could “certainly” be used to develop better vaccines and treatments, Anthropic said, “it could also be used to make the pathogen more dangerous.”
Report follows a researcher’s dire warning Anthropic also found groups that created hundreds of social media accounts that look like they belong to ordinary people and then posted material amplifying the same political view over the course of a week. The company outlined nine such cases it found, originating in Russia, Iran, Turkey and across the Persian Gulf, South Asia, Africa and Europe.
Ascend
PAGE 8, Friday, September 11, 2026
JUDGE PARKER
BLONDIE
N Y W E N K E H T A D U B A D M U N C H E T T Y R R R I I U D H N U O R O T V S D R V T D X J O R J N Q O U N J S A I O E Z S B G Q A K Y C I O Z G E Y D K D N N N S F Y O N N K J N L R D A J D V Q F L O N E F O N A F G C F I G W G L X O S M R L D R K L G Z H O G E M B N O C F O N N E V A R C P K E W S H U M B L E M X D Z E Q B V S W I N K L E M A N F A P C
Article
Bleat
The self
added tax (abbr.)
Resound
Church seat
Water tortoise
Utterly out of date
Knock
Be grateful for Pimple
Shakespeare Assistant play, Julius _
Intention
Former Italian monetary unit
Blokes
Mischiev-
ous child CARPE DIEM English county
Ruby _, pictured
Long time
Magazine boss Hole in one in golf
Worker
Sudden lunges or attacks
Darts line
Senselessly
Mix with a spoon
Go to bed Seabird
_ Marvin, 60s guitarist
Bathroom fitting Anti-social behaviour order (abbr.)
MARVIN
_ Marshall, pictured
Chews and swallows
Mimicked
Extremely angry
Vaselike vessel
_ Zadora, actress
Finish
Performs
Skittle in bowling
Slightly wet
Belonging naturally
TV PRESENTERS Find all the terms listed below in the grid. Solution tomorrow ADUBA ● BAKER ● BONNIN ● BRUCE CLARKSON ● COTTON ● CRAVEN ● DALY GARRAWAY ● HUMBLE ● KELLY ● MONYE MORGAN ● MUNCHETTY ● ODUDU RHYS JONES ● ROSS ● TOKSVIG WARK ● WINKLEMAN
Semiprecious
stone THE TRIBUNE
Evaluate
Apply or bring to bear
Telephone (abbr.)
_ O'Connor, singer and comedian
Still, even
FRIDAY’S SOLUTIONS TIGER
THE ALPHABEATER
ARROW-WORD
SUDOKU EASY DITLOIDS HAGAR THE HORRIBLE
Black squares: 1, 2, 3, 12, 13, 18, 22, 26, 28, 29, 30, 36, 38, 40. Across: Exchange, Views, Azure, Doldrums, Embed, Kiln, Asp, Owl, Joys, Caves, Quincunx, Fifty, Joule, Disturbs. Down: Enzymes, Upon, Peri, Curved, Ejected, Modifying, Evident, Caviar, Undo, Swim, Wreaths.
Across: Peered, Live, Seat, Ward, Eva, Uses, Robe, Ada, Seek, Tag, Pose, Busy bee, Rind, Adriatic, Oik, Toss, Ahmed, Inch, Ref, Gasped, Iro, Lawns, Sahara, Toe, Riz, Relay, Yes And, Ers. Down (left to right): Emu, Doh, Aware, Delaware, Shrimps, His, Rita, Okay, Ike, Plaza, Rev, Rub, Baa, Drear, Dead Set, Edward, Aperitif, Sago, Icon, Istle, Sin, Scar, Oar, Axe, Dosh, Obeys. Shaded letters: Swet Shop Boys
1 The Feeding of the 5000, 2 24 Universities in the Russell Group, 3 6 Celtic Languages in Modern Use, 4 4 Arms of Vishnu, 5 31 World Heritage Sites in the United Kingdom, 6 3 Academy Awards given to Frances McDormand
THE ALPHAPUZZLE
Across: Zones, Puffy, Appetiser, Mine, Liar, Vomit, Due, How, Sage, Jest, Oat, Ebb, Edict, Foam, Quit, WORDS CALVIN & HOBBES Luxurious, Mitre, Kinky. SHEAF Down: Humid, Offal, Ancestral, Nape, Must, Vague, See, Use, Time, Pier, Phi, Irk, Treat, Fuel, Quin, MUDDLESOME Righteous, Shrew (clue), Batch. Gillian Anderson TV CROSSWORD Taylor Momsen Mary-Louise Parker Across: 5 Snow, 7 Curtis, 8 Grace, 11 Helen, 12 Incident, 13 Open, CLOCK-WISE 15 Luke, 16 Mealing, 17 Reed, Beau, Aura, Rage, Gear, Arlo, Lobe 18 Shayne, 21 Gina, 22 Road. Down: 1 June, 2 Lionel, 3 Eric, 4 Jeremy, 5 Stephen, 6 Owen, QUIZ OF THE WEEK 9 Winkleman, 10 Stuke, 14 Billy, 17 Rigg, 19 Her, 20 Ned. 1 Wolf, 2 Liverpool, 3 Solitude, 4 The DENNIS THE MENACE CRYPTOQUOTE Police, 5 Texas, 6 Humour, 7 Kate, TV show: Scrubs 8 Wordsworth, 9 Close Encounters Of AXYDLBAAXR is The L OThird N G Kind, F E L10LAlan O WSillitoe
TRIVIA WORDSEARCH 1 Roxy Music, 2 Henry, 3 If Not For You, 4 Tbilisi, 5 Harold Robbins, 6 Lazy Luke, 7 Mark Twain, 8 On the Town, 9 Glenn Miller, 10 Sandwich
SUDOKU MEDIUM SUDOKU DIFFICULT
1 4 7 2 9 5 3 8 6 6 2 5 8 3 4 7 9 1 3 9 8 7 6 1 2 4 5 7 3 9 5 8 2 6 1 4 5 6 4 1 7 3 8 2 9 8 1 2 6 4 9 5 7 3 4 8 1 3 2 6 9 5 7 2 5 6 9 1 7 4 3 8 9 7 3 4 5 8 1 6 2
6 7 5 2 4 9 8 1 3 1 4 8 6 7 3 5 9 2 3 2 9 5 1 8 6 7 4 8 1 2 7 3 6 4 5 9 5 3 6 1 9 4 7 2 8 4 9 7 8 2 5 1 3 6 7 6 3 9 8 1 2 4 5 9 5 1 4 6 2 3 8 7 2 8 4 3 5 7 9 6 1
BATTLESHIPS
KAKURO 5 1 1 9 2 8 4 1 3 5 7
SUMTHING
1 6 3 2 6 2 7 1 2 4 1 2 9 7 1 3
4x7=28, 2x5=10, 8x2=16
SMALL CROSSWORD Across: 1 Armadillo, 7 Sail, 8 Saint, 10 Bah, 11 Idiocy, 13 Deckchair, 14 Borrow, 16 Own, 18 Ulcer, 19 Goes, 20 Spectacle. Down: 1 Assiduous, 2 Raided, 3 Alto, 4 Ian, 5 Library, 6 Otherwise, 8 Succour, 9 Licence, 12 Lionel, 15 Riga, 17 Dec.
CROSS DOUBT Across: DELAY Down: DRAFT
PUZZLES@REACHPLC.COM One letter stands for another. In this example, A is
KEIJO
1 4
9 1
5 2
3 7 6 4 5 2 1 9 8 9 1
3 4 2 1 2
3 1
1
2
4 3
4 1
3 2
4
QUICK CROSSWORD
TARGET
Across: 6 Soldier, 7 Rebut, 9 Let, 10 Ill at ease, 12 Incorporate, 15 Considerate, 17 Stratagem, 19 Ire, 21 Angle, 22 Deceive. Down: 1 Model, 2 Odd, 3 Real, 4 Penetrate, 5 Pulsate, 8 Hamper, 11 Unusually, 13 Ordeal, 14 Fortune, 16 Grave, 18 Ever, 20 Few.
REWINDING drew grew redwing rewind REWINDING weir weird wend wending wide widen widening wider wind winder windier winding wine wined wing winged winger winier wining winner wire wired wiring wren wring
used for the three L’s, X for the 2 O’s, etc. Single letters, apostrophes, the length and formation of words are all hints. Each day the code letters are different. Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday
Yesterday’s Sudoku Answer
MICRO CROSSWORD
CHALLENGER
Yesterday’s Answers