By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN taxpayers will seemingly have to shoulder 96 percent of the second New Providence hospital’s $2.2bn-plus revenue needs via Public Hospitals Authority (PHA) subsidies over a 30-year period.
A March 2035 “feasibility study report” on the proposed Perpall Tract healthcare facility, filed with the Department of Physical Planning as part of the
By NEIL HARTNELL Tribune Business Editor
OPTIMISM is rising that Great Harbour Cay’s 50-year economic stagnation is on the brink of an “awesome” reversal with the Fender family agreeing to sell all their land and other assets to a new developer.
Ministry of Health and Wellness’s application for preliminary site plan approval for the project, revealed that just $84m of the projected $2.28bn in required revenue is currently projected to come from charging patients for care received.
The remaining 96 percent, or almost $2.2bn required to cover the new 34,000 square metre hospital’s operating and maintenance costs for 30 years from 2027, is shown as coming from the PHA in “financial support income”. The report said
it “assumes that the project’s annual operating losses are subsidised by the PHA” - the same taxpayer-funded model used to sustain Princess Margaret Hospital (PMH). Dr Michael Darville, responding to Tribune Business inquiries, yesterday said he would have to look into the matter when asked about the report’s contents. However, Dr Duane Sands, the Opposition’s chairman and a former health minister himself, suggested that the financing
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
Leonardo Lightbourne, MP for North Andros and the Berry Islands, confirmed to Tribune Business that Matt O’Hayer, a US investor who already owns all or part of three cays close to Great Harbour Cay, has agreed what “seems like a done deal” to acquire hundreds of unsold lots, plus the 80-slip marina, long-shuttered golf course, water utility and monopoly fuel concession at the latter destination. While warning that a revival “will not be overnight”, Mr Lightbourne said Mr O’Hayer has already impressed him as someone who “has the community at heart” having acquired a fire truck and delivered two fire trailers to the island to help combat the blazes that frequently erupt during dry season.
The US investor, who some Berry Island residents referred to as “Mr Eggs” because of his role
in founding Vital Farms, described by its own website as the “leading US brand of pasture-raised eggs”, has already acquired Great Harbour Cay’s dilapidated beach club from the Fenders and is understood to be transforming it into a boutique hotel with 12 first-phase rooms via a $15m investment. Mr O’Hayer declined to comment when contacted by Tribune Business yesterday, saying only that it was “a little early for
By FAY SIMMONS Tribune Business Reporter
THE deputy prime minister yesterday asserted it is “regrettable” that funding for Grand Bahama International Airport’s redevelopment has yet to be secured as the Government seeks new financing sources. Chester Cooper, also minister of tourism, investments and aviation, said financing was initially supposed to be procured by the winning consortium
that featured Manchester Airport Group (MAG), which would have had a management agreement to operate the facility. However, since funding has not materialised, the Government is now exploring alternative avenues.
“We executed a private-public partnership (PPP) some time ago for the advancement of the airport. It involved the management agreement with Manchester Airport Group that continues to be actively engaged. There were to be Bahamian contractors, which
we celebrated, and there was to be funding provided by the group,” said Mr Cooper.
“Regrettably, the funding hadn’t happened. We, at the moment, are organising alternative funding. Whilst I can’t speak to that today, I can tell you that we’re making progress and, in due course, I’ll be making a further statement.”
Mr Cooper in February 2024 pledged that demolition work at Grand Bahama International Airport will begin “within the next 30 days” having
initially announced the deal with the Government’s private sector partners in March 2023. The funding was originally set to come from the UK government’s export financier and provider of trade credits and guarantees.
Tony Myers, Bahamas Hot Mix’s (BHM) chairman, the company itself and CFAL president, Anthony Ferguson, were all members of the Bahamian investor group named as spearheading what was billed as
By NEIL HARTNELL Tribune Business Editor
THE US partner in a Briland tourism business yesterday slammed allegations that he “preyed” on young Bahamians to ‘front’ for him as “baseless”. Pablo Conde, in a statement responding to the Supreme Court action filed by his ex-Bahamian business partner, seeking more than $5m in damages from
him, argued that the claims were “contradicted” by their October 2023 agreement that gave the latter an “option” to acquire the Harbour Island business and all its assets for $730,710 with payments spread over ten years. He added that this counters Mr Gibson’s claims that he was “preying” on young Bahamians to ‘front’ for him in industries that are supposed to be reserved exclusively
for 100 percent Bahamian ownership under the National Investment Policy. The agreement’s initial phases stated that Mr Gibson wanted to “operate the rental/tour company in The Bahamas free from interference from the LLC [owned by Mr Conde] in a manner that company remains legally autonomous and independent, and follows all of the requirements and
restrictions established by the laws of the Commonwealth of The Bahamas”.
However, the agreement also states that paying the $800,000 tax arrears owed to the Government “shall be the sole responsibility of the LLC” and Mr Conde, with Mr Gibson assuming the obligation to pay them from that day forward. And Mr Conde also neglects to mention
THE deputy prime minister yesterday said the “substantial” resolution of Sandals’ tax dispute with the Government will pave the way for the $100m transformation of its Exuma property into a Beaches resort.
Chester Cooper, also minister of tourism, investments and aviation, and Exuma’s MP, said he project should begin “very soon”. He confirmed that the delays stemmed from the much-publicised $30.8m tax dispute between the resort chain and the Department of Inland Revenue, but said that issue has now been “substantially settled” to remove a key obstacle barring the project’s progress.
“The terms are agreed. We anticipate signing an agreement very soon. The reality is that Sandals had a dispute as it relates to their
taxes with the Government of The Bahamas. That dispute has been substantially settled, and now it’s a question of them moving forward with the actual signing of the agreement. All of the terms already agreed so we expect forward progress very soon,” said Mr Cooper. The redevelopment of the Exuma property into a family-friendly Beaches
ROYAL Caribbean has appointed four Bahamian managers to the leadership team for its $165m Royal Beach Club development on Paradise Island ahead of its December 2025 opening. Benjamin Gay will take up the role of warehouse manager, while Deborah Campbell will function as inventory control specialist, Christopher Treco will be the cruise line’s training manager and Ricardo Mitchell will act as human resources manager. Royal Caribbean said Mr Gay brings 15 years of supply chain management experience, specialising in warehousing, logistics, inventory and sanitation. Ms Campbell, meanwhile, has more than a decade of warehouse management expertise where she has streamlined logistics and optimised resources.
A BAHAMIAN ocean scientist says she has launched a locally-domiciled non-profit dedicated to uncovering, documenting and conserving the waters of the Caribbean region.
Marmoris, which was founded by Dana ‘Denley’ Delaney, is said to combine science, technology and story-telling to explore the oceans. Ms Denley, in a statement, said her past experience includes managing the National Geographic Society’s portfolio of ocean technologies and supporting deep-sea expeditions around the world.
“We know more about outer space than we do about our own ocean,” said Ms Denley. “Marmoris was created to fill critical data gaps about the deep sea, and to contribute to
long-lasting conservation efforts that are led from within the region.”
Headquartered in Nassau, Marmoris will lead expeditions throughout The Bahamas and collaborate with scientists and institutions across the Caribbean. The organisation deploys tools such as baited deep-sea camera systems and remotely operated vehicles (ROVs) to study the deep ocean in detail at depths of up to 3,000 metres..
Marmoris said its first expedition is currently underway in the northern Bahamas, involving a comprehensive, multi-island survey of deep sea biodiversity and habitats that will extend to the southernmost islands.
“What happens in the deep ocean affects us allfrom our fisheries to our climate. As risks to the deep ocean, like deep-sea mining and oil drilling, expand globally, data becomes our most powerful tool for protection,” said Ms Denley.
Marmoris added that it aims to help close longstanding knowledge gaps around the ocean, contribute to marine protection efforts and support a future where Caribbean countries are equipped and empowered to lead marine discovery.
The non-profit said its mission is built on five key pillars, including innovative research using technology to fill critical data gaps in the deep sea within The Bahamas and across the Caribbean. It will also focus on locallyled ocean exploration to increase in-country ownership of ocean science, plus capacity building to strengthen regional capabilities in deep sea research.
Marmoris will also concentrate on strategic communication to bring the ocean to audiences locally and globally, and increased data accessibility to support decision making around the ocean.
Christopher Treco has more than 10 years’ experience across sales, operations and human resources in industries such as shipping, retail and hospitality, while Mr Mitchell holds a master’s in organisational learning and leadership with a background as an educator and human resources generalist. He is currently pursuing a doctorate in business with a focus on human resource management.
Royal Caribbean said that, during the Royal Beach Club’s construction, two Bahamian contractors were engaged alongside numerous Bahamian sub-contractors, with more than 500 individuals working on the project daily. Upon opening, the Royal Beach Club Paradise Island will employ around 700 direct Royal Caribbean staff and vendor hires.
DANA ‘Denley’ Delaney, founder of Marmoris, prepares a remotely operated vehicle (ROV) for deployment. Marmoris is a new Bahamian non-profit dedicated to deep-sea research and conservation.
A COCONUT-branding franchise has teamed with a Bahamian non-profit to announce its launch in this nation.
Coconut Stock, which custom brands fresh coconuts for events, venues and businesses, confirmed it has arrived in The Bahamas via its local franchise, Coconut Stock Bahamas (CSB).
“Our coconuts aren’t just a beverage, they’re an experience,” said Taran Mackey, president of Coconut Stock Bahamas. “We’re here to help hotels, cruise lines and event planners surprise and delight their guests with something that feels fresh, fun and unforgettable.”
To celebrate its launch, Coconut Stock Bahamas
said it is partnering with Hands for Hunger to debut at Paradise Plates, the non-profit’s signature fundraiser. Paradise Plates brings together the nation’s top chefs, mixologists and restaurants and, this year, Coconut Stock Bahamas will join the line-up. Guests will sip from custom-branded coconuts while supporting Hands for Hunger’s mission to end hunger and food waste in The Bahamas. “The support of restaurants and beverage companies like Coconut Stock Bahamas is absolutely essential to the success of Paradise Plates,” said Keisha Ellis, executive director of Hands for Hunger.
“Their involvement translates directly into sponsorship that fuels our mission, and we are proud that Paradise Plates has become the event where many companies choose to launch their products because of its reach and impact. We are thrilled that Coconut Stock has chosen to debut with us at this important fundraising event.”
Coconut Bahamas said the partnership will allow it to engage directly with the community, celebrate Bahamian culture and support initiatives that provide nourishment, hope and opportunity to those who might otherwise go without.
By FAY SIMMONS Tribune Business Reporter
THE deputy prime minister yesterday pledged to minimise disruption for vendors amid planned infrastructure upgrades for the Bay Street Straw Market.
Chester Cooper, minister of tourism, investments and aviation, said multiple government agencies are in discussions over the timeline and logistics of the renovations. The goal, he added, is to carry out the necessary improvements without negatively impacting the income of the market’s vendors.
“The [Straw Market Authority] Board is working on doing some improvements as we speak. They’ve talked about it being warm on the inside, the need for some cleaning and painting, and generally sprucing up the market. I was happy to hear that
these matters are generally in hand and, over the course of the next few weeks, they will be attended to,” said Mr Cooper. “There’s some concern as to how that will be done, when that will be done, when it will be done smoothly, along with their operations, and them [straw vendors] not losing any income whilst it’s being done. Those are natural concerns, and I think between ourselves and the Ministry of Works and the Board, we will determine what’s the best approach to get it done.”
Mr Cooper added that improving conditions within the market, including addressing heat and ventilation issues, is a shared priority. “Everybody agrees that some improvement needs to be done. There will likely be some fans etc to make the market a little cooler. And I think they’re looking forward to that,” he said.
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Government yesterday suggested there has been a “misinterpretation” of its policy amid union claims that it is seeking to reduce the vacation allowance for members entitled to five weeks’ leave annually.
The Bahamas Customs, Immigration and Allied Workers Union (BICAWU) is asserting that the Government is seeking to cut one week’s annual vacation for staff who have reached a salary scale that entitles them to five weeks.
Deron Brooks, the BCIAWU head, speaking alongside Obie Ferguson KC, the Trades Union Congress (TUC) president, said the union has many matters before the court. One deals with a “circular that sought to revoke one week of vacation per leave per year from staff who, in accordance with general orders and our industrial agreement, had reached a salary scale that entitled them to five weeks’ vacation.”
“Circular number five, issued on March 18, 2024, was also released without consultation. That circular sought to revoke one week of vacation per leave per
year from staff who, in accordance with general orders and our industrial agreement, had reached a salary scale that entitled them to five weeks’ vacation. This matter is before the courts,” Mr Brooks said.
“Now on October 7, 2024, the union secretary wrote to the permanent secretary in the Ministry of Public Service. On October 31, 2024, the permanent secretary responded: ‘I am directed to inform that the contents of your letter are duly noticed and are being reviewed, and upon completion, a further communication will be sent to you regarding your concern.’
“That’s the last communication we had regarding that. Subsequently, this secretary-general, on February 17, 2025, again tried to communicate with the permanent secretary in the public service. Due to the fact that we received no further communication, on May 13, 2025, the union’s lawyer advanced the matters before the courts on our behalf. This same matter as well as two other matters.”
Pia Glover-Rolle, minister of labour and the public service, yesterday said the permanent secretary in her ministry received a letter dated September 11, 2025
that addressed the most recent circular 12 where the BCIAWU disagreed with “directives to the department and ministries to not recover accumulated vacation leave from officers”.
The BCIAWU, in the letter, stated that its position is “because your action amounts to a unilateral variation of the registered industrial agreement”. It pointed to section four of the Employment Act that permits the negotiation of better benefits than allowed by law.
“This means that the increases that permitted officers to financially accrue five weeks’ vacation leave, casual leave and being precluded from signing the register, are all better benefits which is envisioned by the Act,” the letter read
The union called for the Government to “rescind Circular 12” and restore all benefits to staff that were disadvantaged by circulars five of 2024 and 12 of 2025”. It urged an immediate response given that the issue had persisted for 11 months or action would be taken.
Mr Brooks yesterday announced the union had reached out to its legal advisors and relevant stakeholders regarding the most recent circular. “In response to this most recent
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
SEVERAL Bahamian
building material suppliers yesterday said they have seen a drop in lumber prices and are passing the lower costs on to their customers following similar decreases in the US.
With lumber futures falling below $530 per 1,000 board feet this month, marking the lowest price in almost a year, US tariffs on Canadian lumber have also jumped from 15 percent to 35 percent resulting in an inventory backlog across supply chains.
However, not all Bahamian lumber retailers have enjoyed a price decrease.
A representative of Hanson building materials, who brings lumber in every week, said businesses are not purchasing from the same suppliers, which would explain why they and
some others have not experienced a drop.
“It would depend on obviously their buying power,” they said. “Some may be buying more than others. We may also be not using the same suppliers straight across the board. So that could be a reason. I could tell you certainly our strategy is you call around every so often from time to time to see where the market is. So you kind of keep a good idea of where everyone’s prices are. I haven’t seen it yet, but that’s not to suggest that it isn’t on it’s way.
“We haven’t experienced a decrease just yet - not a material difference in the prices. So I wouldn’t say that that’s the case, but certainly, if it happens, we definitely pass the price on to the consumer. You don’t really have much choice because you have so much competition. The market would dictate that you adjust to where the market
is. We haven’t seen that just yet. Those things take time. They take a while to trickle down to the Caribbean, especially because most of us buy from the same suppliers out of the US.
“I mean, straight across the board, if you see any increase in lumber given the level of construction right now that’s happening in the country, it’ll be beneficial to everyone. So irrespective of the size, I think it would be beneficial. And again, we certainly don’t operate sort of like a cartel where there is collaboration. So again, once one person lowers their prices, the market will move towards where the demand is. So whether or not it will be passed on to the consumer, invariably, it has no choice.”
A representative from another well-known building supply store said they base their lumber pricing on the market and try to always provide the best price to customers.
circular, we have already engaged our legal advisors on active discussions with relevant stakeholders, including affiliate unions who are similarly affected,” Mr Brooks said.
“Together, we are working to determine the best path forward to achieve resolution that is respectful of, and compliant with, the rights and interests of our members. In the meantime, we wish to remind our employer, who is the Government, and inform all public servants and the wider Bahamian workforce that no policy circular or administrative amendment can override or diminish existing favourable benefits to which employees are entitled by law, contract or established practice.”
Mrs Glover-Rolle said that, due to a relocation exercise conducted by the Ministry of Public Service, the union’s communication was received yesterday and its labour relations unit has reached out to the BICAWU in reference to holding a meeting to discuss a misinterpretation of the policy.
“They wrote a letter to the permanent secretary of the Ministry of Public Service on the 11th of September; that was last Thursday,” Mrs GloverRolle said. “The Ministry
“I attach my lumber pricing to the market on a daily basis,” they said. “So every time lumber comes in, I analyse it. I pass on as much as I can to the consumer. Not every one goes down, though. There have been some items that have gone up. The longer lengths I’ve noticed have been going up. We analyse our pricing daily and pass on as much to the consumer as we can as far as lowering prices.” They added that they source internationally for many of their other
of Public Service is in the midst of a relocation exercise. So Friday, no one was in office to facilitate any correspondence.
“My permanent secretary received the communication today and has reached out to our labour relations unit to communicate or to get a response from the union on a meeting with her and our team tomorrow or Wednesday. So they just sent a letter on Thursday. Today is Monday.
“We’re trying to facilitate, according to the permanent secretary, a meeting to help them through this letter, which was subject to circular number 12, because we have the opinion that they don’t quite understand the policy, that there may be some misinterpretation, and the permanent secretary, who they addressed the letter to, would like to have a meeting to discuss the contents of the circular.
“Circulars are created based on industrial agreements. In terms of if there are any changes, amendments, improvements, benefits through an industrial agreement, it is then relayed through a circular. Article 15 of the Customs, Immigration and Allied Workers Union industrial agreement says that all employees will be entitled to vacation leave in
products, but lumber must come from a nearby location in order to avoid challenges with the product, which makes attempting to source from further out countries difficult.
“We internationally source on a daily basis,” they said. “We buy from multiple locations - South America, Central America, the US, China, all over Europe, when it comes to some materials. But when it comes to lumber, it is difficult to buy with a long lead time, especially when things
accordance with public service policy,” the minister said.
“Policy that they are speaking of in this vacation leave circular is based on salary scales. Salary scales are amended through the industrial agreement. So that’s all the circular is curing is the salary scales and the vacation entitlements that align with such.
“Where there is a discrepancy, I believe there were persons in scales that were receiving vacation benefits that they should not have received. Nothing was recovered from those persons and my permanent secretary has advised that where there was recovery, it was noted to their ministries, because this happens on a ministry by ministry basis in terms of benefits and vacation entitlement,” Mrs Glover-Rolle continued.
“It was directed that, moving forward, there would be no recovery of the current accumulated vacation leave, and the above vacation that is noted in the circular would be applied to officers going forward. So there is no disenfranchisement to the employees that are affected.
“However, like I said, the permanent secretary to which this letter was addressed desires, and has sent a call out, for the union to meet with her either tomorrow or Wednesday.
VACATION - See Page B5
like mold and what not are taken into account. When you put lumber on a boat for a long period of time, it’s susceptible to grow mold.” Staff from the finance department of Cartwright’s Building Supplies said they have noticed lower pricing on lumber but it is not across the board. They added that some sizes are more costly than others, and they have only seen a notable decrease in the price of some sizes.
that discussion” when asked about his plans for Great Harbour Cay. Marc Fender, the Fender family’s principal, did not respond to this newspaper’s phone calls or messages.
Tribune Business understands that, while the Fender family and Mr O’Hayer have agreed the sale, the deal has yet to close and will also require the necessary Government and Investment Board approvals. Obtaining the required permits is unlikely to prove an obstacle given that Mr O’Hayer is already an approved investor in The Bahamas.
“From what I understand, it’s pretty much a done deal,” Mr Lightbourne said of Mr O’Hayer’s acquisition of the Fenders’ Great Harbour Cay assets. “I spoke to him a few days ago, and we are supposed to meet in New Providence although I am presently in Grand Bahama.
“Speaking to him, it seems like a done deal. He’s purchasing all of what the Fenders own down there. The beach club is where he’s now in construction.
He’s going to put a hotel there along with villas. I’m happy something is happening for Great Harbour Cay.”
The Berry Islands destination has been in the economic doldrums for at least 50 years following the 1973 economic recession sparked by the global oil embargo imposed by Arab producers in the wake of their latest clash with Israel. This was then followed in 1975 by the exit of Great Harbour Cay’s original investor/developer, Louis Chesler, who abandoned his tourist development on the island.
Tirrel Fender, a Florida realtor, acquired the bankrupt resort’s assets in the early 1990s, and signed a Heads of Agreement with the then-Ingraham administration that provided tax concessions as well as a Crown grant for several uninhabited cays and hundreds of acres of mangroves.
However, the promised development never happened. Deciding that Mr Fender had failed to live up to his obligations, the Government revoked the Heads of Agreement in the late 1990s after Great Harbour Cay’s airport was declared unsafe and complaints about impassable roads soared. Tribune Business understands that the uninhabited cays may be included among the assets being acquired by Mr O’Hayer.
Despite the Heads of Agreement revocation, the Fender family has retained ownership of the assets they acquired 30 years ago while - in the eyes of most Great Harbour Cay residentsdoing very little to develop or expand them, resulting in minimal job or economic benefits
“Government has been more than merciful in regards to what was given to them during the Ingraham administration,” Mr Lightbourne said of the Fenders.
“I think they had a contract with the Government to acquire and develop at the same time. They did some stuff. Now they are selling. It’s an historical thing for the Fender family.
“I think for Great Harbour Cay economically this will be good. It’s not an overnight thing; it will take some time to develop. He [Mr O’Hayer] has the community at heart. He has bought a fire truck and delivered two fire trailers, and is getting ready to bring them in.”
The Berry Islands MP said Mr O’Hayer plans to help train local Bahamians in how to operate the fire-fighting equipment he is acquiring. “He’s not just talking but putting his money into action,” Mr Lightbourne told Tribune
FINANCE - from page B1
a complete overhaul of Grand Bahama International Airport. They were joined in Aerodrome Ltd by two fellow Bahamians - Anthony Farrington, an engineer, and Greg Stuart, a businessman.
BHM’s involvement in the project was through its UKbased international arm, BHM Construction International. The group teamed with Manchester Airport Group as its operating partner, with financing for the project to be provided by UK Export Finance, the British government body.
The promised $200m overhaul included international cargo, warehouse and logistics ambitions. Meanwhile, Michael Pintard, the Opposition’s leader, yesterday slammed the Grand Bahama International Airport delays, calling the situation “the latest addition to a long list of broken promises and empty commitments” by the Davis administration.
He highlighted that the Government had previously announced the airport would be completed by April 2025, with $200m in funding reportedly secured.
“The PLP first announced plans for the Grand Bahama Airport PPP more than three years ago. In March 2023, the deputy prime minister promised residents that phase one of their new airport would be completed
‘no later than April 2025’,” said Mr Pintard.
“Just months later, Prime Minister Davis claimed that $200m in funding had been secured for the project and boasted that construction was moving forward. But, today, Grand Bahama is still waiting. Where is the airport?
“Did the Government ever receive the $200m it promised, or was the money diverted elsewhere? Was the funding cancelled because of the PLP’s mismanagement, or was it simply another phantom figure, like the $120m they once claimed was already in the bank for the Grand Lucayan?” Mr Pintard accused the Government of neglecting the pressing needs of Grand Bahama residents while prioritising what he described as wasteful and politicallymotivated activities.
“Instead of focusing on delivering results, the PLP spends its energy on extravagant travel, political patronage and selfpromotion. Meanwhile, the people of Grand Bahama remain without the critical infrastructure they were promised,” said Mr Pintard. He added that residents in Grand Bahama are left grappling with the consequences of a stalled airport redevelopment, impacting both the island’s economic recovery and its attractiveness to investors and tourists.
“After all the talk, after the supposed funding and
the much-hyped PPP deal, not a single meaningful step has been taken. The island is no closer to getting its new airport, and the Government has once again proven that it cannot deliver,” said Mr Pintard
Despite the delays, the Government has indicated that new funding sources are being explored. The Davis administration previously revealed plans to use $300m from the recent $1.067bn sovereign bond refinancing to capitalise the National Investment Fund.
Ryan Pinder KC, the attorney general, speaking in the Senate during the 2025-2026 Budget debate, said the National Investment Fund (NIF) will be a fund-of-funds structure with six underlying sub-funds targeted at specific areas with a focus on public improvement and development projects.
Among them, he said, will be an Airport Development sub-fund specifically designated for financing the redevelopment of the Grand Bahama International Airport.
“My colleagues from Grand Bahama listen carefully…the first one is an Airport Development Fund. This is for the funding for the development of the new Grand Bahama International Airport, which we will hear more on from the Prime Minister soon. The structure of the funding is being put in place Grand Bahama,” said Mr Pinder.
Business. “He’s making things happen.
“He seems to be getting a good welcome from the community. He has a lot of persons employed on the various infrastructure and things he has going on. He’s also just looking at a few things happening with the Government.”
Mr Lightbourne added that extending Great Harbour Cay’s runway by 500 feet, so that it can accommodate international flights by commercial jets, was “a conversation that has been going on for quite some time”.
The island is already located in close proximity to Coco Cay and Great Stirrup Cay, the private island destinations operated by Royal Caribbean and Norwegian Cruise Line, and the MP added of the long-discussed airport improvements: “It opens the gateway for people not only coming from Royal Caribbean’s island but gives access to the stopover tourist component.
“I’m optimistic and feel good about what’s happening on Great Harbour Cay. Economically, I can say that Great Harbour Cay is on the move. I can say that, long-term, it’s only for the best economically. The island is thriving right now because of Coco Cay and Norwegian Cruise Line’s stop, but with this infrastructure and financial impact his [Mr O’Hayer’s] investment is making it can only get better...
“It’s going to be awesome. The residents of
Great Harbour Cay will no longer have to leave or look to government for most stuff. The island will have its own investments to make life easier.” Other Berry Island sources also confirmed that a deal has been struck between Mr O’Hayer and the Fenders, although it has yet to close.
“My understanding is there’s a sales agreement signed,” one contact, speaking on condition of anonymity, said. “I would think he’s [Mr O’Hayer] going to take over the whole thing. I can’t imagine it being worth anyone’s while taking a few pieces.
“Mr O’Hayer has already bought Lignum Vitae Cay, more than half of Cistern Cay and Bullocks Harbour Cay. He’s been coming down for about five to six years on his boat.” While positive about the potential ownership change, the source voiced concern over Mr Fender’ ability to deliver marketable title to some of the property being sold;
They explained that this stemmed from the Government’s compulsory acquisition of land owned by the Fenders for the development of Great Harbour Cay’s airport. “They took over the airport and didn’t charge any compensation,” the source said. “I think Matt would be good for the island. I just hope Marc can deliver to title.
Matt’s a good guy.”
Suggesting that Mr Fender had managed to maintain the assets with the financial resources at
his disposal, albeit without injecting any fresh investment, the contact added:
“Every time something goes down, Marc buys the part, such as a water pump, to keep the water running on the island. This wasn’t Marc’s investment; it was his father’s.”
The source also suggested fresh investment and economic activity on Great Harbour Cay may cause a split between existing second homeowners, happy with the island’s current state of affairs, and Bahamian residents seeking greater income and job opportunities. They also warned that outside labour would have to be hired as there are simply not enough existing workers on Great Harbour Cay.
“Most of the homeowners have been here for 20-25 years. Most of the second homeowners don’t want it to change at all,” the source said. “The locals think they want money to grow, but you’ll have to bring in more from outside to make anything grow. There’s barely two electricians, two plumbers here. It’s just not enough for what they’re doing now.”
Another contact, also confirming Mr O’Hayer’s deal with the Fenders, added: “Everybody’s ready for change. They just feel nothing really good has come out of it for many years. No one knows what the plans are, and everything is a big secret, but everybody is ready for change.”
‘Terms agreed’ on moving Beaches project forward
SETTLEMENT - from page B1
resort has long been anticipated as a major boost to the island’s economy, as it is expected to bring hundreds of jobs and significantly increase tourism traffic.
The timeline for the project has shifted several times, though. In August 2024, Mr Cooper estimated a six to eight-month construction phase for the resort’s transformation into a Beaches property.
However, Sandals representatives later indicated that construction could take up to 15 months. Jeremy Mutton, general manager at Sandals Emerald Bay, told Tribune Business that the rebranding would begin once the necessary permits were secured that fall, with a projected 12 to 15-month timeline.
In January, Chuck Roberts, managing director at Sandals Resorts Bahamas, confirmed the resort was still in the process of obtaining the required construction approvals. However, at the same time Sandals was in a dispute with the Department of Inland Revenue over the latter’s audit findings that the Emerald Bay resort only reported 40 percent of revenues earned.
Melissa John, the Exuma hotel’s financial controller, in a September 8, 2023, letter to the Department of Inland Revenue (DIR) denied the property had failed to properly disclose
“the true nature of transactions” which have sparked demands for $30.844m in allegedly unpaid VAT and Business Licence fees combined.
The Department’s audit findings, which covered six years between 2017 and 2022, claimed the tax arrears had arisen because Sandals Emerald Bay and its operator, Clearview Management Ltd, had under-reported gross revenue income for the period by more than $284m.
The dispute, according to documents filed with the Supreme Court, appears to result from the Sandals’ corporate structure and business model. All guest bookings and payments are made to the resort chain’s corporate parent, Sandals Resorts International 2000, and its third-party booking platform and sales agent, Unique Travel Corporation. Both these entities are domiciled in Panama.
Rather than funds flow up the corporate chain, from subsidiaries to parent company, in Sandals’ case the money trail appears to move in the opposite direction - from Sandals Resorts International 2000 to the resort where the relevant guest has booked their vacation.
The crux of the Department of Inland Revenue’s assessment, and eightfigure tax demand, is that Sandals Emerald Bay over that six-year period only declared the net income received from its parent
and not the gross sum collectively paid by tourists to stay at the Exuma property. As a result, the resort both under-reported and underpaid VAT and Business Licence fees for that period.
Arguing that Sandals Emerald Bay had breached the VAT Act by making “a false or misleading statement” in filing incorrect returns, the Department of Inland Revenue added: “In filing the returns for Clearview Management, you have reported taxable supplies of $190.768m compared to the calculated revenue of $474.919m.
“The total taxable supplies that were reported by Clearview Management were based on the net amount paid.. by Sandals Resorts International 2000 and not on the amount paid by clients to stay at the Sandals Emerald Bay resort,” the Department of Inland Revenue asserted in a July 20, 2023, letter to the hotel’s operator.
“Our position is that the taxable supply made by Clearview Management is the amount charged to the client for the room without any deductions for fees and/or services charged by related parties.” The Department of Inland Revenue is thus arguing that “taxable supplies”, upon which the amount of VAT due is calculated, should be based on Emerald Bay’s gross - not net - income.
“You have only reported 40 percent of the revenue actually earned during the audit period. You have done this by reporting the net amount of income you receive from your parent company, Sandals Resorts International 2000, instead of reporting the gross amount of income received and then deducting the amounts withheld as expenses,” the Bahamian tax authority added.
“In addition, you have made a false or misleading statement by reporting the net amount of income and not disclosing the true nature of the transactions.” These assertions, though, were rejected in their entirety by Sandals Emerald Bay’s reply on September 8, 2023.
During a press briefing at the Office of the Prime Minister in August 2024, acting director Shunda Strachan revealed there were large enterprises like Sandals that owe government in taxes, but could not say how much is owed. However, she maintained the plan is to still pursue the resort for $30.8m in back taxes.
demands imposed by the new hospital “means taxation” - new and/or raised taxes to meet this “significant increase”.
The “feasibility study”, affirming that its calculations were based on a 30-year operational period, with construction set to take an initial three years, estimated that the new hospital’s operational costs will total $2.048bn over these three decades. This averages around $68.651m per year and has to be financed via a combination of patient payments for the treatments they receive plus PHA subsidies.
Some 61 percent, or almost two-thirds, of these annual operating costs are accounted for by the forecast $42.005m annual wage bill for the new hospital’s 650 staff - an annual average salary of $64,623. And seemingly adding in the total $285.25m construction cost takes the “total cost expenditure” for the new hospital to $2.283bn, or a $75.367m annual average spread over 30 years.
The Government has yet to explicitly state how New Providence’s second hospital will be funded but, based
on the “feasibility study”, it appears the financing burden will largely fall on Bahamian taxpayers.
The report acknowledged that this has long been the Bahamian public healthcare funding model, with minimal effort having been made to bill and collect patient user fees - even to those, such as civil servants, who have insurance or can otherwise afford to pay.
It noted that PMH, Grand Bahama Health Services (the Rand Memorial hospital) and Sandilands Rehabilitation Centre combined generated just $9.864m and $10.158m in operating income for 2016 and 2017, respectively. This, in turn, covered just 4.6 percent and 4.5 percent of the PHA’s total operating expenses of $215.02m and $227.499m respectively for those two years.
These percentages align with the projections for the second New Providence hospital. “This report assumes that the project’s annual losses are subsidised by the PHA,” the study said of the proposed Perpall Tract facility, no alternative funding model having been suggested by the Government.
“During the [30-year] calculation period, the total revenue of the Bahamian hospital is approximately $2.283bn, including $83.99m in operating revenue and $2.199bn in financial support income from the Public Hospitals Authority excluding principal and interest repayments.” This appears to suggest that the $195m China Export-Import Bank construction loan will be accounted for elsewhere in the Budget.
A significant increase in taxpayer-generated subsidies provided via the PHA, amounting to around $68m-$75m per year, will thus be needed to sustain New Providence’s second hospital in addition to the $247.856m provided to cover PMH, the Rand and Sandilands in the 2025-2026 Budget.
“I guess they anticipate that they will lay the legislative framework and come later on and apply the screws to the public,” Dr Sands told Tribune Business of the report’s projections. “They’re not going to be upfront about how they plan to sustainably fund this thing.”
Others will argue that providing access to quality healthcare and potentially
REBUTTAL - from page B1
that Conch & Coconut had already been operating via the partnership structure for more than five years.
“Harbour Island is at the heart of our brand,” said Mr Conde. “We will not allow opportunists..... to destroy what we’ve built alongside the Bahamian people... The truth will come out in court.... We look forward to the facts....” He also pledged to defend Conch & Coconut’s brand and intellectual property, which he purports to own, plus expand the business in The Bahamas and serve guests.
Mr Conde’s statement added: “The frivolous lawsuit in the Bahamas Supreme Court alleging ‘fronting’ is nothing more than a distraction tactic designed to obscure misconduct and pressure Conch & Coconut LLC into surrendering assets outright....
“For nearly three years, Conch & Coconut LLC has invested heavily in growing the Bahamian economy - partnering with local service providers, supporting tourism and funding community initiatives. Since its inception, Conch & Coconut LLC has contributed millions back into the local economy, created
job opportunities and supported the community at every level....
“Mr Conde made commitments to donate to education non-profits on Harbour Island and across The Bahamas - initiatives intended to support local education that were agreed to by Mr Gibson - yet Mr Gibson repeatedly failed to follow through on these commitments.”
Mr Conde, in his lawsuit filed in the south Florida federal court, is accusing Mr Gibson and others of “trademark counterfeiting”, “theft of trade secrets”, and “unfair competition”. However, Mr Gibson has hit back in the Supreme Court by alleging Mr Conde “preyed” upon himself and others to launch illegal “fronting” operations in industries reserved solely for local ownership.
He is also seeking a Supreme Court declaration that Pablo Conde and his US-based companies “be enjoined and/or prevented with immediate effect from operating in any form in The Commonwealth of The Bahamas”.
Mr Gibson’s promised legal action, launched in the Supreme Court on Wednesday, September 10, hits back at Mr Conde’s own lawsuit against himself - filed just five days earlier
NOTICE is hereby given that RACHEL LLEWELLYN of Pinewood, Nassau, The 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 16th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ANCY SILIEN of Sunshine Park, Nassau, The 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 16th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
life-saving treatments is worth paying any price for.
However, the Opposition’s chairman asserted that the Davis administration has been less than forthcoming about how it plans to pay for the second New Providence hospital.
“They cannot meet their commitments now,” he argued, “so I don’t know how they expect to meet this new commitment as well, given what needs to be done to bring the PMH and the Rand up to speed. You cannot look at this in isolation. If this is a $300m project, what is the value of the upgrade for the flagship hospital [PMH] since this is not going to replace that.”
Pointing to the Rand’s $200m improvements, Dr Sands suggested that the combined cost of the planned upgrades for Grand Bahama, the PMH and the new hospital could approach between $750m to $1bn. And this figure did not include the needs of Family Island healthcare facilities, such as the minihospitals in Abaco and Exuma.
“This is magical thinking,” Dr Sands argued, “and clearly the numbers suggest they [the Government] realise that the funds are simply not there and that there will have to be an additional revenue stream that they are not prepared to say to the public.
“Clearly, if they are going to meet the financial
Spirits liquor/drinks brand was a second ‘fronting’ operation that Mr Conde asked him to form with $600,000 in capital raised from American investors.
in the south Florida federal court - by seeking to turn the tables on his former US partner through blaming him for Conch & Coconut accruing more than $1m in unpaid tax arrears in The Bahamas.
Mr Gibson’s legal action describes a classic ‘fronting’ arrangement where all customer payments were made offshore, and allegedly kept out of reach of the Bahamian tax authorities by Mr Conde, while he ran the on-the-ground operation in Harbour Island.
He asserted that he tried to work with Mr Conde to bring Conch & Coconut into compliance with this nation’s laws following the 2023 raid by the Department of Inland Revenue that seized some of the company’s assets and temporarily shut it down.
He alleged that he was “pressured” into signing the October 2023 agreement by Mr Conde, which the latter previously claimed would have resulted in Conch & Coconut and its Bahamasbased assets being acquired by Mr Gibson, ahead of a meeting his former business partner had purportedly “arranged” with Prime Minister Philip Davis KC.
The legal filings did not confirm if this meeting took place, and what was discussed, but Mr Gibson also alleged that the Pink Sand
Asserting that Mr Conde took responsibility for, but never paid, the $800,000 tax arrears owed by Conch & Coconut to the Department of Inland Revenue, Mr Gibson said he had complied with the payment plan agreed with the latter and operations continued until a second inspection was carried out by the Bahamian tax authorities in May 2025.
Tax officials deemed Conch & Coconut’s Business Licence, which had been obtained by Mr Conde, to be “fraudulent” and shut the business down.
Mr Gibson is alleging his former business partner admitted that the Department of Inland Revenue’s findings were correct - a development that led him to “immediately terminate” their relationship.
Mr Gibson added that, to make a complete break with the past, he established Conch & Coconut Bahamas in May 2025 as a separate entity from the one previously operated by Mr Conde. However, in the wake of their breakup, the latter has accused his ex-Bahamian partner of stealing “the brand and business structure” that he financed and built by creating this new entity.
NOTICE is hereby given that ROBERTA PREVAL of #17 Fox Hill, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that ROSEKEVA PASCAL of Quarry Misson Road, Nassau, The 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 twentyeight days from the 16th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
obligations they are signing on to without defaulting with the lender, then there’s going to have to be a significant increase in funding and that means taxes. That’s all I can say.”
Colin Higgs, the Ministry of Health and Wellness’ permanent secretary, in an August 29, 2025, letter to the Department of Physical Planning that accompanied the application for “land use approval in principle” wrote that the 50-plus acre site, located west of Ardastra Gardens and north of Greater Chippingham, featured largely forest and green land.
“The Bahamas hospital project aims to establish a state-of-the-art healthcare facility to meet the growing demand for high-quality services in the region,” Mr Higgs wrote. “The facility will serve as a pivotal healthcare centre, providing comprehensive medical services to residents and visitors alike. The project site is strategically located near major roadways to ensure easy access for patients, staff and providers.
“The Bahamas Hospital will provide a new 200-bed hospital near Perpall Tract in New Providence. The hospital will be a specialty maternal and child hospital and will provide a variety of medical services including out-patient and emergency services. Provisions for administrative offices, auxiliary rooms and medical
technology facilities will also be put in place.
“The project will span over a land area of 50.03 acres (202,464 square metres) with green space and some 500 parking spaces, and the building area will occupy some 365,972 square feet (34,000 square metres) offering acute tertiary level care services for women and children, vital to the healthcare facility inventory for The Bahamas,” Mr Higgs added.
“The design of the hospital will feature eco-friendly, energy-saving and modern facilities that will be integrated into the existing healthcare services of the country with a potential for regional involvement.” Mr Higgs wrote that a traffic impact assessment on the second New Providence hospital is now being conducted by the Ministry of Works and Family Island Affairs to coincide with the re-opening of school.
“Upon receipt of fullscale design drawings for the project, duly signed off by the end users and the local technical team of the contractor, the Ministry of Health and Wellness will immediately submit to the Department of Physical Planning and Building Control Division for further processing,” Mr Higgs added. Environmental approvals have already been obtained.
Minister pledges reach-out to soothe union’s anxieties
VACATION - from page B3
And I don’t know if she’s received a response or not, but this communication was received on the 11th and, based on the contents of it, in her estimation, there has been some misinterpretation that she would like to explain to them in a meeting.”
Mr Brooks also spoke to a lack of consultation between the union and the employer noting that it has caused “anxiety” among staff. “Let us be clear, these amendments were made unilaterally without any consultation or engagement with the union, which is very troubling,” he said.
“The union firmly believes that any changes affecting employees’ rights, working conditions or benefits must be discussed and agreed upon through the proper and established channels. The failure to
consult with the union violates procedural norms and undermines the trust and collaborative relationship that should exist between the employer, the union and the staff.
“These sudden changes introduced without dialogue or negotiation have understandably caused anxiety among Customs and Immigration employees in the bargaining unit, dedicated public servants who carry out their duties with integrity and commitment.” Mrs Glover-Rolle, in response, added: “In terms of consultation with the union, unions aren’t consulted when internal circulars are sent out in the Ministry of Public Service. The vacation leave policy is based on the industrial agreement. Their industrial agreement is quoted as saying: ‘All employees will be entitled to annual leave in accordance with the public service policy’.”
The public is hereby advised that I, FENTON STEPHAN CURRY of P. O. Box CR-56307, Dive Court #5, Golden Gates, New Providence, Bahamas intend to change my name to FENTON STEPHAN DEAN. If there are any objections to the 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 the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE is hereby given that ADLET PETIT of Sunrise Road, Blue Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
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.
The Associated Press
TIKTOK users in the U.S. may get a reprieve from the threat of a shutdown after the Trump administration announced it has reached a framework deal with China for the ownership of the popular social video platform.
U.S. Treasury Secretary Scott Bessent said in a press conference after the latest round of trade talks between the world's top two economies concluded in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. He said the objective of the deal would be to switch to American ownership.
He did not disclose the terms of the deal, saying that it is between two private parties, but added that "the commercial terms have been agreed upon."
Whatis the deal?
Little is known about the actual deal in the works, including what companies are involved and whether the United States would have a stake in TikTok. Li Chenggang, China's international trade representative, said the two sides have reached "basic framework consensus" to properly solve TikTok-related issues in a
cooperative way, reduce investment barriers and promote related economic and trade cooperation, according to China's official news agency Xinhua. Oracle Corp. has been floated as a likely buyer for the platform. Representatives for the company did not immediately respond to a message for comment on Monday.
In Madrid, U.S. Trade Representative Jamieson Greer said the team was "very focused on TikTok and making sure that it was a deal that is fair for the Chinese," but also
"completely respects U.S. national security concerns."
Wang Jingtao, deputy director of China's Central Cyberspace Affairs Commission, told reporters in Madrid there was consensus on authorization of "the use of intellectual property rights such as (TikTok's) algorithm" — a main sticking point in the deal.
The sides also agreed on entrusting a partner with handling U.S. user data and content security, he said.
Extensions continue
Though he has no clear legal basis to do so, Trump
has continued to extend the deadline for TikTok to avoid a ban in the U.S. This gives his administration more time to broker a deal to bring the social media platform under American ownership. The next deadline is on Sept. 17, and Trump has already signaled he would extend it if needed.
It is not clear how many times Trump can keep extending the ban as the government continues to try to negotiate a deal for TikTok, which is owned by China's ByteDance. While there is no clear legal basis
for the extensions, so far, there have been no legal challenges against the administration. Trump has amassed more than 15 million followers on TikTok since he joined last year, and he has credited the trendsetting platform with helping him gain traction among young voters. He said in January that he has a "warm spot for TikTok."
How do Americans view TikTok?
For now, TikTok continues to function for its 170 million users in the U.S. Tech giants Apple, Google and Oracle were persuaded to continue to offer and support the app, on the promise that Trump's Justice Department would not use the law to seek potentially steep fines against them.
Americans are even more closely divided on what to do about TikTok than they were two years ago.
A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren't sure.
By STAN CHOE AP Business Writer
WALL Street rose to more records on Monday at the start of a week that could show whether the U.S. stock market's big recent rally has been overdone or prescient.
The S&P 500 climbed 0.5% and topped its prior all-time high, which was set
last week. The Dow Jones Industrial Average rose 49 points, or 0.1%, and the Nasdaq composite added 0.9% to its own record.
Tesla helped lead the way and rose 3.6% after Elon Musk bought stock worth roughly $1 billion through a trust. The electric vehicle company's stock price came into the day with a slight loss for the year so far, and
Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users' data security being at risk as a major factor in their decision, according to the report. Why does the U.S. want China to divest?
During his first term as president, Trump led the effort to ban TikTok, saying it posed a threat to U.S. national security. But his tune changed when he returned to the White House a second time, signing an executive order on his first day in office to keep the app running.
During Joe Biden's Democratic presidency, Congress and the White House used national security grounds to approve a U.S. ban on TikTok unless its Chinese parent company sold its controlling stake. U.S. officials were concerned about ByteDance's roots and ownership, pointing to laws in China that require Chinese companies to hand over data requested by the government. Another concern became the proprietary algorithm that populates what users see on the app.
inflation more fuel and send it even higher. And inflation has already proven difficult to get under the Fed's 2% target.
the purchase could be a signal of Musk's faith in it.
Alphabet was the single strongest force lifting the S&P 500 after gaining 4.5%, which brought the total value for Google's parent company above $3 trillion. Nvidia, Microsoft and Apple are the only other companies on Wall Street worth that much.
The market's main event for the week will arrive on Wednesday. That's when the Federal Reserve will announce its latest decision on interest rates, and the unanimous expectation is for the first cut of the year. Such a move could give a kickstart to the job market, which has been slowing.
Stocks have already run to records on the assumption that a cut is coming on Wednesday, though.
Expectations are also high that the Fed will keep lowering rates through the end of this year and into 2026. That creates the possibility for disappointment in the market, which would mean drops for stock prices, if the Fed doesn't end up slashing rates as aggressively as traders expect.
That's why more attention will be on what Fed Chair Jerome Powell says in his press conference following the decision than on the decision itself. Fed officials will also release their latest projections for where they see interest rates and the economy heading in upcoming years, which could provide another potential flashpoint.
What's keeping the Fed on guard is a possible jump in inflation because of President Donald Trump's tariffs. That's because lower interest rates can give
Another threat for Wall Street is if the job market slows too much. In that case, a recession could create a downturn in corporate profits that's steep enough to swamp the benefits that lower interest rates bring in the near term. Trump, meanwhile, has pushed angrily for cuts to interest rates. He's often attacked Powell personally, nicknaming him "Too Late," and is trying to remove one of the Fed's governors from its board. "'Too Late' must cut interest rates now, and bigger than he had in mind," Trump wrote on his social media network Monday, using his trademark all-caps style.
On Wall Street, Intel rose 2.9% after trimming its forecast for expenses this year. The move came after it completed the sale of a 51% stake in its Altera business to the Silver Lake investment firm. That helped offset a 24.7% drop for Hain Celestial, which reported a larger loss for its latest quarter than it did a year earlier. Interim CEO Alison Lewis said the owner of "betterfor-you" brands like Terra chips is making moves to stabilize sales "as we recognize our performance has not met expectations."
Alaska Air Group lost 6.7% after the airline said high fuel costs will likely cause its third-quarter results to come in at the low end of its forecasted range. It also cited higher expenses for overtime pay and passengers' compensation after bad weather and air-traffic control issues led to difficult operations in the summer, though it saw strong airfare trends thanks to demand for premium seats.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Buttonwood Advisory Ltd. is in dissolution as of September 05. 2025.
Lighthouse Corporate Services Ltd. situated at Ofces at Unit#3, Pineapple Grove, Western Road, Nassau, Te Bahamas is the Liquidator.