10082025 BUSINESS

WEDNESDAY, OCTOBER 8, 2025

Cruise port chief rejects

‘tough pill for downtown’

By NEIL HARTNELL Tribune Business Editor

NASSAU Cruise Port’s top executive yesterday asserted “we win on an increasing basis” from Royal Caribbean’s Paradise Island Beach Club despite fears it will be “a tough pill for downtown to swallow”.

Michael Maura, the Prince George Wharf operator’s chief executive and director, told Tribune Business that critics of the cruise line’s private destination are missing the “part of the deal” that requires it to match the number of passengers going to Paradise Island with an equal increase in the volume that will visit other parts of New Providence.

Pointing out that Royal Caribbean’s annual Nassau passenger volumes are due to increase from 1.8m to 4m over the next two years, based on confirmed calls and berth bookings, he added that Nassau Cruise Port will “be bumping our head on the ceiling” of seven million total visitors next year.

Mr Maura, voicing optimism that this benchmark will be exceeded by 2027 at latest, told this newspaper The Bahamas must “focus” on the guests who will not go to the Royal Beach Club. He argued that the increased passenger

Marinas suffering ‘dismal’ winter season bookings

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MANY Bahamian marinas are reporting “dismal” reservations for the upcoming winter boating season, their Association president warned yesterday, asserting that the booking pace is “worse than last year”.

Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business that he and the industry body decided against travelling to the Monaco Boat Show this year as the costs involved were simply not worth it given the “beating up” that this nation took in 2024 over increased fees and regulatory bureaucracy.

And he asserted that further confusion and uncertainty over reforms introduced with the 2025-2026 Budget, such as the new fishing permit and moorings fees, is continuing to cost the industry vital business as he lamented: “We’re going backwards compared to where we were four years ago.”

Explaining why he decided against travel to the French Riviera, and an opportunity to promote this nation to boat owners, captains and yacht brokers/ charterers in the Mediterranean and Europe, Mr Maury told this newspaper: “Last year we got beat u. People were very disappointed in The Bahamas.

“I still have no good news to tell anybody. I said: ‘What’s the point of wasting

volumes will ensure there is enough business for all - Bay Street merchants, restaurants, tour operators, excursion providers, straw vendors and others who make their livelihoods from the sector, creating

opportunities for “hundreds of Bahamians to get into the entrepreneurial game”.

The Nassau Cruise Port chief spoke out after Tribune Business sources said some Bay Street and downtown Nassau merchants are already voicing concerns about decreased sales and reduced business because fewer passengers are venturing beyond the cruise port’s gate.

Christopher Sands, a real estate agent with Morley Realty, told this newspaper that with the opening of Royal Caribbean’s Paradise Island destination some two months away - and

Trump halts Bahamian mail deliveries to US

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

MAIL sent by Bahamians to the US has been halted because the Post Office’s “partner airline” is refusing to accept any outbound deliveries due to the Trump administration’s imposition of a 15 percent tariff.

The Ministry of Energy and Transport, in a statement issued last night, explained what has driven the halt in US mail deliveries that has caused frustration, inconvenience and uncertainty for both Bahamians and their relatives in the US. It added that the airline’s acceptance refusal came after Donald Trump, the US president, signed a late August executive order eliminating the tariff exemption for imported parcels and mail worth $800 or less.

Kevin Glinton told Tribune Business he visited the General Post Office last Thursday to mail a letter to a relative in the US, only to be informed that outgoing mail to the US has been temporarily discontinued. He said a representative at the Post Office later advised him that US tariffs are the cause. Fred Mitchell, minister of foreign affairs, confirmed to Tribune Business prior to the ministry’s release that no mail is being sent to the US unless the 15 percent tariff is paid. It was not clarified whether the Bahamian government, the consumer or some other party would be responsible for paying the tariffs.

Mr Glinton, meanwhile, said mail set to

Insurer ‘surprised’ if Imelda claims $6-$7m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN insurer

yesterday said he would be

“totally surprised” if Tropical Storm Imelda claims exceeded $6m-$7m in value, and added:

“We dodged a bullet but some of our citizens didn’t.”

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that while the recent storm was “a minor event” for the insurance

industry it had impacted lowlying areas of New Providence and elsewhere that have always been prone to flooding.

“I think it was an event for people in the low-lying areas, and we must never forget that some people were underwater; that floods and flooding continue to happen,” he said.

“For the insurance industry, it is a minor event, and we don’t expect no large, significant claims or volumes. It’s the same areas that flooded before.

“For the industry, it’s a minor event, but for the people

Minister cites CLICO’s fail to justify redundancy insurance

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CABINET minister last night cited CLICO (Bahamas) collapse into insolvency in early 2009 as justification for why the Government will require all employers to pay some form of staff termination insurance.

Pia Glover Rolle, minister of labour and the public service, told a Town Hall meeting on the proposed sweeping reforms to the Employment Act and Industrial Relations Act that the planned ‘bond’ or redundancy insurance is designed to provide a financial safety-net for workers taken by surprise when their employer suddenly closes or is placed into liquidation. She confirmed that the planned redundancy insurance would be an employer-funded scheme designed to offer financial protection for workers terminated due to their

employer’s insolvency or sudden business closures.

impacted it’s a major event. We’ve had a few claims. For us at RoyalStar, if we’re in the range of $1.5m to $2m of claims, we’d probably put the industry at $6-$7m. I’d be totally surprised if it gets that high, but we have to put a figure on it to our reinsurers. There’s always going to be surprises; someone hit more than others.

“The unfortunate thing is that, while the insurance industry dodged a bullet, some of our citizens did not and continue to be plagued with flooding issues.” The Bahamas and wider Caribbean region have fared relatively well thus far during the 2025 Atlantic hurricane season, Bermuda excepted, with most major storms either missing or lightly impacting the region. This bodes relatively well for Bahamian property and casualty insurers and, by extension, their business and homeowner customers, when it comes to premium pricing and availability for 2026. Bahamian

“The proposed reform is set out to establish redundancy insurance financed through employer contributions in support of employees being laid-off. Redundancy payments currently depend solely on employer resources, and in the case of insolvency or sudden closures, employees are sometimes left vulnerable and unable to access timely and financial support. Case in point, CLICO,” said Mrs Glover-Rolle.

“This reform is expected to stabilise household incomes during

MICHAEL MAURA

SHIPS AT NASSAU CRUISE PORT

PETER MAURY

ROLLE

Bahamians are ‘increasingly at risk’ of becoming scam victims

THE Securities Commission’s chairman yesterday warned that Bahamians are “increasingly at risk” of falling victim to frauds and scams - including those employing artificial intelligence (AI).

K Neville Adderley, a retired Supreme Court justice, issued the warning as the capital markets, investment funds and digital assets regulator announced the launch of the International Organisation of Securities

Commissions’ (IOSCO) World Investor Week in The Bahamas. World Investor Week is a week-long, global campaign designed to raise awareness of the importance of investor education and protection, and to highlight the various initiatives taken by securities regulators in these critical areas. IOSCO is the global standard-setter for securities markets regulation.

Prime Minister Philip Davis KC officially proclaimed October

as ‘Investor education month”. The designation is intended to highlight the importance of fostering financial literacy and investor education. The proclamation also recognises IOSCO’s global World Investor Week campaign. The Securities Commission said it has launched numerous initiatives to celebrate the Week, including a video competition for the public to help spread fraud and scams prevention messages (scamproofme242); the release of educational

Bahamian realtor unveils promoted vice-presidents

FORBES Global Properties says Jeremy Pratt and Karin Goodfellow have both been promoted to the post of senior vicepresident with its Bahamian affiliate.

The global realtor, in a statement, said Mr Pratt has been appointed as senior vice-president for new development at MAISON Bahamas, where he will develop the realtor's strategy and relationships within the development sector. His role will be to establish partnerships with

developers, ensuring the firm is selected to market and sell high-end and largescale projects. Ms Goodfellow, meanwhile, has been appointed senior vice-president for the Bahamian realtor's private client group. She will use her client network in Old Fort Bay, Lyford Cay and Albany to secure highend listings and strengthen Maison Bahamas' relationships with wealthy property owners.

“Jeremy and Karin’s promotions reflect our vision

to build the most trusted, high-performing luxury real estate team in The Bahamas,” said Ryan Knowles, Maison Bahamas' founder and chief executive.

“With Jeremy leading our new development strategy, and Karin guiding the private client group, Maison is uniquely positioned to deliver unmatched service and access across both emerging projects and established luxury enclaves.”

MSC wecomes 20 vendors to revive Ocean Cay straw market

MEDITERRANEAN

Shipping Company's (MSC)

Ocean Cay marine reserve has welcomed back 20 vendors from Bimini in a bid to re-establish a traditional

Bahamian straw market at the private destination. Representatives from the Ministry of Tourism, Investments and Aviation and local government were

present to support an initiative that MSC Cruises, in a statement, said is intended to highlight Ocean Cay’s investment in local livelihoods, Bahamian

videos such as the ‘AI or a Lie’ video series, where college students try to identify artificial intelligence scams; and visits to senior high schools.

The regulator added that it will also make appearances on several radio shows, discussing its roles and sharing insights into making informed investment decisions.

“Throughout the world, including in The Bahamas, investors are increasingly at risk of falling victim to frauds and scams, and

scammers are leveraging technology and tools like artificial intelligence for more effective and wider-reaching schemes,” ex-justice Adderley said.

“Raising awareness of these concerns, and helping to protect the public by educating them, is an ongoing focus for the Commission, which we hope to shine a spotlight on during World Investor Week and throughout Investor Education month in The Bahamas.”

This year, IOSCO has

chosen technology and digital finance, artificial intelligence and fraud and scam prevention as the principal themes for World Investor Week. These themes align with IOSCO’s ‘Roadmap for retail investor online safety’, and will be complemented with discussions and activities on crypto assets and the basics of investing.

The Securities Commission has participated in World Investor Week every year since its inception in 2017.

craftsmanship and economic opportunity.

By bringing local artisans and craft vendors into the planning process, MSC Cruises said Ocean Cay aims to ensure the market reflects authentic Bahamian traditions while offering high-quality, locally-made Bahamian products to visitors. Ocean Cay will host around one million guests arriving each year from MSC Cruises and Explora Journeys ships. t Triska Amadine Rolle, chief councillor, said: “Seeing these vendors here, engaged and involved, shows to me that the partnership with Ocean Cay is working. This market will

offer income, pride and visibility for our artisans, and the involvement of the local Ministry of Tourism office ensures that this will be done right.”

“This is more than fulfilling a promise; it’s about acting on our responsibility,” said Chuck Weech, operations manager at Ocean Cay. “We are vested in this community, and reintroducing the Straw Market is a direct way that Ocean Cay can support local business owners, preserve our craft heritage and build sustainable opportunity.”

MSC Cruises said the next steps include finalising vendor agreements, co-ordinating training

workshops in partnership with the Ministry of Tourism and market operations, and confirming the market layout and opening date. It added that Ocean Cay executives, together with vendors and the Ministry of Tourism, will continue engaging stakeholders to ensure the market reflects Bahamian culture, responds to community needs and operates sustainably. Ocean Cay serves as a regular call for both MSC Cruises and Explora Journeys, the high-end cruise brand, and is also home to the MSC Foundation’s Super Coral Reefs programme and Marine Conservation Centre.

US president’s move causes confusion and inconvenience

OBSTACLE - from page B1

be forwarded to the US was sent back and the Post Office has stopped taking mail destined for that nation. After much research, he said he understands the change in policy has also negatively impacted small businesses who ship certain items to the US.

“It is the US government, and it’s about the tariffs,” Mr Glinton said.

“According to the postal system globally, letters and small items below a certain value, each country accepts them for free. But Trump changed the rules, saying he isn’t dealing with that no more and he wanted to put the expense of bringing items into the United States on the airlines which formerly transported mailbags for free.

“And she said the reason why they didn’t take my letter is because the carriers who go to the airlines to carry the mailbags, they turned them around and sent them back. So that’s why they’re not taking any letters. They don’t want people’s letters to be confiscated and you can’t get them. So, until further notice, they’re not taking anything.

“Now I did ask her, though the US is sending mail out of the country, mail getting into the country is a big problem. I did some further reading and it’s affecting small businesses who sell small items and want to ship them to the US - items below a certain value,” Mr Glinton added.

“When I read about it, other countries are waiting for the US to give more clarification and specifications

on how to move forward. For example, she [the lady at the Post Office] said, if I want to send one of my relatives in the US a gift, or a of couple gifts, minor gifts, one made in China, a next one made in Taiwan, and next one from England, some chocolates from England, according to this new policy, I have to itemise each item, its origin of manufacture, and they will charge based on his tariffs to those countries that amount of duty, which is crazy. So it’s out of their hands.”

The Ministry of Energy and Transport last night confirmed that “mail destined for the US is not being accepted by our partner airline”. It added that the tariff issue has been raised with both the Ministry of Foreign Affairs and during the Universal Postal Congress, and the Post Office Department is now preparing a report on the backlog.

“In August, the US administration enacted an executive order that ended the global import tariff exemption on low-value parcels,” the ministry said. “Reportedly, the refusal of our partner airline to accept outgoing mail for the US is due to the imposition of a 15 percent tariff on all mail entering the US.

“In an effort to seek clarification and achieve a resolution on this matter, the Ministry of Energy and Transport has raised the tariff with the Ministry of Foreign Affairs. It is important to note that the tariff was also raised during the Universal Postal Congress, a gathering of over 190 countries that was recently held in Dubai, United Arab Emirates.

“Currently, the ministry is working with the Post Office Department to prepare a full report on the backlog of all outgoing US mail. The Ministry of Energy and Transport will continue to monitor this matter and work with our partners to achieve a workable solution.”

The Trump administration has ended the “de minimis” exemption, which was a tariff exemption on low-cost imports. This includes shipments of goods entering the US worth $800 or less. While Mr Glinton said the Post Office would not accept his letter for shipment, according to the New York Times many other postal offices around the globe have done the same.

“Thailand Post, the country’s postal service, has stopped sending mail to the US while its transportation partners adjust to President Trump’s decision to end duty exemptions for low-value imports,” it reported. “Many postal services around the world have done the same as they await clarity on how Mr Trump’s executive order, which went into effect at midnight on Friday, will play out.”

According to The Guardian, “postal traffic” inbound to the US has seen a more than 80 percent downward reduction due to the removal of the tariff exemption. The Universal Postal Union reported to the Guardian that more than 88 postal operators have ceased postal services into the US until there is a solution.

GOV'T PLEDGES ACCESS RULES TO GOVERN ORGAN TRANSPLANTS

By FAY SIMMONS

A CABINET minister yesterday the Government is in the final stages of establishing a framework to govern patient access to organ transplants after medical practitioners raised concerns.

Dr Michael Darville, minister of health and wellness, said the Government is still moving ahead with the transplant programme and expects to release more information by the end of November. Responding to the Bahamas Kidney Association's concerns, he added that the ministry is in the

DR MICHAEL DARVILLE

final stages of establishing the framework for patient access.

“We are still hard at work. There are a lot of things going on behind the

scenes, making sure we get things just right,” said Dr Darville.“The first transplant was successful and we learned a lot of things from it and, by the end of next month, we’ll be able to give some more information. We will speak with them [the Association] so they are also informed as to what is going on and how the process will work.”

The minister spoke out in response to the Bahamas Kidney Association's call for greater transparency over the National Organ Transplant programme, warning that patients have been left without answers since the first transplant earlier this year.

Tamika Roberts, its president, said patients still have not received any information on how to register for a transplant under the Government’s new initiative despite repeated attempts to engage with officials. Speaking to Tribune Business, she raised concerns about the lack of publicly available details following the programme’s official launch in June.

“We are in October. The first transplant was done in June. That's three months. How is the patient doing? How is the process? What is the process for other Bahamians to have this done? We have not gotten any information, despite our efforts to find out and to

DPM HAILS 50% JUMP IN CANADIAN TOURISM

By ANNELIA NIXON Tribune Business Reporter

THE Bahamas has enjoyed a 50 percent year-over-year increase in tourism business from Canada, the deputy prime minister has disclosed.

Chester Cooper, also minister of tourism, investments and aviation, speaking as the Ministry of Tourism launched its latest three-city Global sales promotion in a bid to strengthen the relationship, said Ottawa, Halifax and Calgary are now being

targeted following earlier visits to Montreal and Toronto.

Addressing the increase in flights by Air Canada, he said: “It's important for us to canvass all of the major cities in Canada. Of course, we've already done Toronto and Montreal, but the reality is now we have 45 flights a week this winter, and we have added Air Canada and Porter's flights out of Ottawa and Halifax nonstop to Nassau. And people should know that.

“We have had a good rapport with Canada. Canadians come looking for adventure and wellness, and they still enjoy the most

magnificent beaches, the sun, sand and sea that we have to offer, but they are gone now beyond that. And we are delighted to be able to cater to this market. It's consistently growing. We're 50 percent year-over-year.

"That's not coincidence, and we are continuing our relationship, our partnership, with Canada. Air Canada has been coming for 70 years. We've had diplomatic relationships with Canada for almost 50 years. So this isn't a new relationship. Bahamians know Canada. Many of us go to universities in Canada, like I did. We have all of the Canadian banks in The

Minister unveils sweeping Employment Act changes

PROTECT - from page B1

unemployment periods, support economic resilience and reduce dependency on government assistance.” However, while it has received significant labour and trade union support, the proposal has encountered significant employer resistance.

Obie Ferguson KC, the Trades Union Congress (TUC) president, first called for a national ‘redundancy fund’ to be set up in the wake of the Royal Oasis’ abrupt closure in September 2004 following hurricanes Frances and Jeanne.

Some 1,200 Bahamian staff lost their jobs, while Driftwood (Freeport), the property’s operator, fled the jurisdiction with around $22m in storm insurance proceeds and leaving massive multi-million liabilities - including to the workers.

“We’re backing the Government 100 percent; we’re supporting the Government 100 percent on that issue,” Mr Ferguson told Tribune Business of the ‘redundancy insurance’ concept. “That’s something we are glad they

have accepted the position we have been advocating. For about 15-20 years we’ve been trying to get that in. They’ve come around, and are at least giving it some serious attention.

“If you recall, that was a position we had advocated several years ago from the Commonwealth of The Bahamas Trades Union Congress. We took the view that, with most of these companies that go belly up, there’s no protection for the workers.

“While these companies are making money and doing extremely well, we said ‘x’ amount has to be put into an escrow account or redundancy fund. What we’re saying is that it just seems reasonable that, when a company goes belly up or goes into liquidation, when it goes into liquidation that sometimes takes years to be resolved,” Mr Ferguson added earlier this week.

“In the meantime, we know what happens to the workers who are affected.

The home mortgage is gone, the car payment is gone, any medical assistance or insurance is gone, and the children’s school

fees are gone. Everything is cancelled and the worker has to start over again; they are struggling unless they find another job with equal pay quickly.”

But Odecca Gibson, executive director for the Bahamas Hotel Restaurant and Employers Association, which acts as the sector’s bargaining agent in industrial negotiations with trade unions, recently branded the requirement for businesses to pay a “bond” or finance some form of “redundancy insurance” for their workers as “perhaps the most controversial” of the Government’s planned labour law reforms.

Addressing the Bahamas Hotel and Tourism Association’s (BHTA) quarterly directors meeting, she argued that resorts, tourism operators and the entire private sector “are literally left defenceless” because no information has been provided on how such redundancy protection will be implemented or operate in practice.

Warning that time is running out for the Bahamian business community to challenge the proposal, Ms Gibson said the proposal

tell our members this is the process to get your name on the list,” said Ms Roberts. “Nothing has been said about it despite our outreach to the Ministry of Health and Wellness for this information. Patients are asking. People are reaching out, but there is nothing. If it is a full transplant programme, where is the information surrounding it? How do people sign up? How do people get the transplant?”

The 2025/2026 Budget allocated $1.59m to the National Organ Transplant programme, with planned increases to $3m in 2026-2027 and $4.5m in 2027-2028. According to a survey, The Bahamas

Bahamas. So we're building on the strong relationship that we have, and it's showing in the numbers.”

Mr Cooper said The Bahamas is simply “building upon what we have done for many, many decades" with Canada. He added: “Canadians love The Bahamas, and that love is growing. We are seeing some geopolitical issues that's causing more of a shift to destinations outside of the US. We happen to be 50 miles off the coast of Miami.

"You can get to The Bahamas in less than three hours. We already have a reputation of being a warm,

will heap another “unnecessary cost burden” on employers - many of whom are struggling to survive.

And she also cautioned that imposing a redundancy “bond” or insurance will effectively act as a tax on employment, potentially deterring companies from hiring at a time when the number of unemployed workers increased by almost 9,000 over the seven months to January 2025. The requirement, if implemented, would likely force companies to set aside thousands of dollars.

Mrs Glover-Rolle, though, last night said the reforms were intended to modernise labour laws and strengthening protections for workers across The Bahamas. She added that they involve the introduction of paternity leave, extended maternity leave, mental health leave and breastfeeding stations in workplaces.

“We talk about paternity leave, that is new. We talk about maternity leave, that is to be extended. We talk about mental wellness leave, that is new in terms

hospitable, welcoming people, so we are embracing and building upon what we have done for many, many decades. And this love between The Bahamas and Canada, we expect it to continue to grow.”

of national legislation. We talk about the introduction of breastfeeding stations, which speaks to the agenda of the Breastfeeding Association and the importance of raising healthy children,” said Mrs Glover-Rolle.

The proposed amendments also seek to remove legislative ambiguities, define categories of employment more clearly, and regulate casual labour in a bid to create better balance between employee and employer rights.

“There is definition in terms of what type of employees we have.... regularising the casual labour. Sometimes it’s disenfranchised and informal work, but just in terms of the legislation, tightening and ensuring that we remove the ambiguities and ensuring a perfect balance for employees and employers as we go forward,” said Mrs Glover-Rolle.

Additional proposed measures include mandatory one-hour meal breaks; three unpaid mental wellness days per year; and overtime pay for hours worked beyond 40 per

ranks highest in the region for end-stage renal disease - one of the leading conditions driving demand for organ transplants. More than 600 people currently rely on the country’s public dialysis services, a costly and ongoing expense the Government aims to reduce through transplant access. In June, a father donated a kidney to his son, who suffers from end-stage renal disease. The procedure marked the country’s firstever living donor transplant under the Public Hospitals Authority’s (PHA) newlylaunched Renal Transplant Programme - part of the broader national initiative.

The winter tourism season in The Bahamas will see double the non-stop service from Canada to Nassau. Air Canada, WestJet and Porter Airlines will take Canadian flights from 19 to 39 per week. With more flights from Canada scheduled into Nassau, the Bahama Out Island Promotion Board hopes to see an interline agreement between Air Canada and Bahamasair making Family Island travel easier and more accessible for tourists. The agreement would further strengthen the relationship it has with The Bahamas, and bring more tourism and job opportunities to the Family Islands.

week. The legislation would also provide statutory definitions for casual workers, remote work and severance pay, and establish an industrial court to enforce employment-related judgments.

Mrs Glover-Rolle said these changes are aligned with broader efforts to boost national productivity and prioritise worker wellbeing - both physical and mental.

“Whether it’s emotional wellness or mental health, we have to look at that, because sometimes illness doesn’t mean physical illness. Sometimes it’s your emotional or mental wellbeing that affects your productivity on the job,” she said.

“Productivity is another focus for labour in The Bahamas, and we believe that this labour legislative reform, the introduction of our National Productivity Task Force, will all work in tandem to ensure that our labour force is productive and balanced, but also able to thrive as we move and we transition into a new way of working.”

CHESTER COOPER

combined with the Nassau Cruise Port’s development of its own pool-based attraction and high-end dining experiences - even fewer passengers may be tempted to venture on to Bay Street and wider New Providence.

Disclosing that his “eyes were opened” by a visit to Royal Caribbean’s ‘Cabo Rajo’ port in the Dominican Republic, he added that it provided an insight into the potential economic fall-out for local Bahamian businesses from the hundreds of millions of dollars that the cruise line is investing in Nassau.

Suggesting that the Royal Beach Club and Nassau Cruise Port projects are “going to shift a significant portion of this spending” away from Bay Street and local Bahamian businesses, Mr Sands said the sum involved with the former development alone amounted to $170m based on Royal Caribbean’s own estimates of one million visitors annually at an average price of $169.99 per passenger.

He added that reduced profits and revenues for Bahamian businesses will likely impact their ability to meet lease payments to landlords, leading to reduced rates as well as vacancies. And any drop in overall business activity will result in reduced tax income for the Government from lower VAT, Business Licence and real property tax payments.

“I think it’s tough getting people off [the ship],” Mr Sands added. “Downtown is struggling at the moment with the cruise port. A lot of people don’t make it out. Even if more passengers come here, I just think it’s going to be a tough pill for downtown to swallow.

“Any downturn is going to affect the revenues made

on Bay Street. If it does affect it, there will be consequences for revenues. If downtown suffers, real property tax rates will be reassessed and Business Licence fees will go down. The way that the cap rate works, $10,000 of lost revenue equates to $100,000 of lost property value. We’ve already seen complaints.”

Noting that around 25 percent of passengers remain on-board when their vessel calls in Nassau, Mr Smith argued that - while the Royal Beach Club will generate income for Bahamian vendors and staff - that will be a “drop in the bucket” compared to the impact from “diverting money out of downtown”.

“This reduction has further consequences,” he wrote in an e-mail to Tribune Business. “In tourism-driven markets, rent is typically tied to income generated in the space, and is often in the range of 7–12 percent of gross revenue. Reduced revenue could reduce the retailer’s ability to pay current rent levels, potentially leading to renegotiations and vacancies.

“Over time, this will result in less VAT paid by tenants, lower Business Licence fees collected, and property values for owners could also be reduced, further causing lower real property tax collections. While the new attractions will bring jobs and amenities, it is important to recognise these economic trade-offs.

“A significant portion of cruise tourism dollars will bypass local shops, restaurants and tours, underscoring the need for careful planning to ensure Nassau’s wider community continues to benefit from this vital industry.” Mr Smith also provided calculations to this newspaper estimating the amount of cruise passenger spending that will be diverted away from downtown Nassau.

However, as Mr Maura argued, these estimates did not appear to account for the projected increase in Nassau cruise visitors beyond those going to the Royal Beach Club. The Nassau Cruise Port chief, estimating that between 250-300 visitors would be attracted to its pool facility at “full capacity”, said this number was between 1-1.5 percent of the 22,000 passengers that arrived yesterday on five ships.

Royal Caribbean has previously said it plans to bring a daily average of 2,750 passengers to its 17-acre Royal Beach Club, but Mr Maura said the increase in the total number of guests it plans to bring to Nassau “far and away exceeds” the 800,0001m annual Paradise Island visitors.

Noting the planned shortterm increase in Royal Caribbean’s annual Nassau passenger visitors from 1.8m to four million, he told Tribune Business: “On an increasing basis, we win. For every additional passenger they put on Paradise Island, they have to put another on Bay Street. We see it two years out; we see the volumes.

“Our volumes are very strong, and will be approaching seven million passengers. We are getting to the point of almost doubling the amount of cruise visitor traffic arriving in New Providence over what was done in 2019. For example, in 2027 we would be hitting seven million.

“We’ll be basically bumping our heads on the ceiling of it in 2026. We should in 2026 hit the high six millions for passengers - 6.6m, 6.7m, 6.8m passengers in

2026 is just huge. Nassau is the busiest cruise transit port in the world....We have 6.6m-6.8m next year. It will be solid. I believe we will surpass seven million,” Mr Maura added.

“I can understand why someone would be talking about the volume of Royal Caribbean passengers going to Paradise Island, but I would respectfully remind them that, as part of the deal for Royal Caribbean to bring one million people to Paradise Island, they have to have an additional one million people to New Providence.

“Royal Caribbean will take its numbers from 1.8m to four million over the next two years.... They could have taken their Royal Beach Club idea somewhere else - 100 miles, 600 miles from Nassau. They built it across the harbour and that’s a good thing for Nassau. At least now we have those passengers within feet of us, and not hundreds of miles away.”

Mr Maura told Tribune Business that Nassau Cruise Port is “going to hit budget” for the 2025 full-year, during which it expected to receive 1,600 vessel calls and 6.1m passengers, with the fourth quarter forecast to generate 450 cruise ships and 1.6m-1.7m passengers.

“We’re going to hit our forecast. We’re going to do well. We’re in good shape,” he added.

Nassau Cruise Port, meanwhile, has to constantly reinvest and refresh its product through amenities such as the pool attraction and high-end dining to ensure more passengers are enticed to leave their vessels while in port and to maintain its competitive standing.

“It’s incumbent upon us to invest in our product; invest and continue to invest,” Mr Maura explained. “By no means

will we be a port experience that goes stale. We’ll continually invest and change up and bring excitement and energy in the port space.

“We have these floating mega hotels that roll-up to our berths that have just about everything that Atlantis has got. We have to appeal to them; we have to have something special to get visitors off the ship and see the product we have.

We’re half-way there if we can get them off the ship and, from there, give them different experiences with the likes of tours and taxis.

That’s what we’re doing.”

Mr Maura reiterated that it is now for Bahamians to exploit and maximise these economic opportunities.

“As we are building these volumes and getting more cruise traffic, it’s on us as Bahamians to develop these experiences because, when these guests arrive, they are looking for new things to do,” he added. “There’s a huge variety of things we can be doing.

“It doesn’t mean that we be producing or doing something on a grand scale. Many guests want something more intimate. There’s an opportunity for hundreds of Bahamians to get into the entrepreneurial game, develop something unique and market it to visitors...

“We have this opportunity by these ships bringing these people right to our doorstep. It’s up to us to develop and invest in these quality experiences and be effective in marketing them. We have a long way to go. We have a tremendous opportunity. Our product is by no means over-saturated,” Mr Maura continued.

“We have tremendous room for expansion, and we should be looking at opportunities and not numbers of people. Focus on them, don’t focus on the people going to the Royal Beach Club. Focus on the others not going to the Royal Beach Club. There’s a lot of business to go around.”

Major fires hit industry with Old Trail blaze $35m-$40m

underwriters are set to begin talks with the reinsurers, who provide the bulk of cover in The Bahamas, over treaty renewals in the next few weeks and a moderate hurricane season should ensure market stability.

However, warning that hurricane season is far from over, Mr Saunders reminded Bahamians: “We have to deal with this for another seven weeks. We’ll be looking at the weather, and praying that this is the end of it, but it’s not in our hands. It’s always a good thing when you can go to

the reinsurance market and say there’s no significant loss. We’re all praying for the loss trends to continue.

“It’s better to have insurance and not need it than need it and don’t have it.

That’s what we preach because, one day, a big one will come. We have another storm moving in the Atlantic now. We don’t think we’ll get impacted by it and hope the wider Caribbean region isn’t.”

But, while the Bahamas may have been spared the worst of the 2025 hurricane season to-date, Mr Saunders said Bahamian property and casualty

BUILDINGS ARE TURNING TO 'ICE BATTERIES' FOR SUSTAINABLE AIR CONDITIONING

By ISABELLA O'MALLEY Associated Press

EVERY night some 74,000 gallons (280,000 liters) of water are frozen at Norton Audubon Hospital in Louisville, Kentucky. The hospital used to get all of its air conditioning from a conventional system found in most U.S. buildings, but now 27 tanks of ice sustain a network of cold-water pipes keeping operating rooms at safe temperatures and patients comfortable.

This type of thermal energy storage, also known as ice batteries, is being added to buildings in the U.S. for its ability to provide cool air without releasing planet-warming emissions. These systems cut electricity usage and lower the strain on the grid. With rising temperatures and the growing demand for electricity in the U.S., ice thermal energy storage offers a sustainable option for cooling buildings.

Trane Technologies, a company that makes heating and cooling equipment, says it has seen a growing demand for this technology over the past few years. Its ice batteries are mostly used in schools as well as commercial and government buildings. Nostromo Energy, another company that makes ice batteries, is pursuing customers among energy-intensive data centers that have high cooling demands. Smaller systems are also made for homes by companies such as Ice Energy.

Tanks of ice thaw to create air conditioning

Ice thermal energy storage technology varies between manufacturers, but each follows a similar concept: At night when electricity from the grid is at its cheapest, water is frozen into ice that thaws the next day to cool the building. The ice chills water that is circulating through pipes in the building, absorbing heat from the rooms and creating a cooling effect. Air cooled by the system is then pushed through vents.

Norton Audubon Hospital uses a Trane ice battery system. Trane said its ice batteries are often used alongside traditional air conditioning, and the icebased cooling is used to lower energy costs during peak demand times. The traditional AC components are typically left in place or downsized when ice batteries are added. The stored ice doesn't require energy to thaw,

underwriters will have suffered “the brunt” of claims from major fires that have erupted this year.

“We have to remember that, for The Bahamas, we have had some major fires at the beginning of the year,” he told Tribune Business, estimating that the blaze which destroyed the Solomon’s and Cost Right stores, plus the adjoining building, at Old Trail Road would have been a $35m$40m claim event.

“Yes, the tropics have been relatively quiet for us, but there have been a lot of fires in The Bahamas this year and we’ve just had one

at Coco restaurant. They’ll be significant for the individual local carriers, but for the industry overall, the market overall and the reinsurance market it won’t be. But localised it will be, taking the brunt of those individual claims.”

Timothy Ingraham, chief executive of Summit Insurance Company, through which Insurance Management Company places much of its property and casualty business, also told Tribune Business of Tropical Storm Imelda: “Given that it was a moderate tropical storm I don’t think we would expect to see major damage. So far New Providence seems most impacted with the damage mainly coming from flooding.”

Imelda left homes flooded, power lines down

and roads impassable across parts of the north-west and central Bahamas. In Pinewood, water mixed with sewage rushed into homes during its passage, forcing families to stay awake as it crept through floors, bathtubs and toilets.

“It’s hard to sleep thinking that you might put your foot down in water,” said resident Monique Clarke, whose refrigerator and bed sat in three to four inches of water throughout the whole house. It’s everywhere, so we have to just move through the water.”

In Carmichael, one man waded through the street holding his trousers high to avoid the rising water. Resident Andrew Duncombe, who has lived in the area for 40 years, said his family

Bahamas ‘charging

used buckets to clear water from their home.

“We had minimal damage, but the road is cut off until a pump truck comes,” he said. Housing Minister Keith Bell later estimated that about 100 homes in Carmichael were extensively flooded, with destroyed furniture, ruined sheet rock and damaged electrical systems.

Other communities also suffered. A woman in Adastra Gardens said she could not leave her house until the rain stopped on Monday morning. Pinewood MP Myles Laroda said about ten residents were evacuated from his constituency, while 14 people from Pinewood and Nassau Village spent the night at the Nassau Village Community Centre.

which reduces the strain on the grid and minimizes the building's electricity usage, ultimately lowering monthly bills.

"Storing energy for further uses is where we're going with the future of the grid," said Ted Tiffany, senior technical lead at the Building Decarbonization Coalition. He said access to air conditioning is a major public health need that is being exacerbated by a warming planet, and ice batteries are a sustainable way to address health risks associated with extreme heat.

Energy costs at Norton Audubon were $278,000 lower for the first year the ice battery system was in operation after it was installed 2018. The hospital estimates that the system and other energy-saving measures have saved it nearly $4 million since 2016.

"The technology has been awesome for us," said Anthony Mathis, a Norton Healthcare executive who oversees sustainability. He said he receives inquiries from other building operators about the technology and thinks more facilities will adopt it as awareness grows.

Using ice to meet growing energy demands

Experts on sustainable energy say ice thermal energy storage is among the options commercial buildings can use to reduce electricity demand or store excess energy. Some commercial buildings use lithium batteries, which can store excess solar or wind energy that are available intermittently.

Dustin Mulvaney, environmental studies professor at San Jose State University, said ice batteries are a sensible option for health care settings and senior homes because lithium batteries can pose a fire risk.

Manufacturers also see opportunities in data centers, which are increasing in number to support artificial intelligence and have high energy and cooling needs.

A December report from the Department of Energy found that data centers consumed more than 4% of the electricity in the country in 2023 and that number could grow up to 12% by 2028.

"Data centers are very energy-hungry and about 30% to 40% of their energy use is for cooling … that's where a solution like ours could really help," said Yoram

boaters more and giving less

a ticket to go over there to tell everyone how bad we are? It was $10,000 for the ticket. It’s not making any sense. We’re dead. I’m talking more for the bookings we have at the moment.”

Disclosing that the Association and its members met three weeks ago, Mr Maury said: “A lot of the marinas were reporting dismal reservations for the upcoming season. It’s worse than it was last year. It was bad enough then, and what we’re seeing now is that people can’t be bothered with all the regulations. The boats are coming over to The Bahamas to have a good time. That’s what it’s all about.”

The reservation and booking numbers discussed were for the initial three months of the winter boating season, from November 2025 to January 2026, with Mr Maury explaining that “it’s too far out to tell what’s going to happen in the Spring”.

He added: “Who knows? Maybe these guys [the Government] will begin to see the damage they’ve done. They’ve just cost us major business. All the major marinas are saying the same thing. There’s nobody in their marinas now, but everyone has worse than normal bookings.

“Last year we lost business, this year we’re going to lose business. Our reservations are going down year-over-year. It’s not stopping. It’s not like they made some changes so that we are able to hold it flat. The reservations are going down, and the occupancies are going down and down.”

Mr Maury said the ABM meeting also discussed Customs’ Click2Clear portal and the frequent digital cruising card (FDCC), which was introduced with the Budget and is targeted at pleasure vessels that frequent The Bahamas, offering a permit to facilitate “unlimited visits for a period not exceeding two years”.

He said the ability to apply, and pay for, an FDCC and/or fishing permit online was still not functioning and contrasted this with the industry’s own SeaZPass portal which had previously facilitated the clearance and entry of foreign boats into The Bahamas by allowing them to obtain cruising permits and charter licences online.

“We’re now in October, and I doubt it will be ready for the [Fort Lauderdale] Boat Show in three weeks,” Mr Maury added of the online facilities. “I doubt it will be ready for Thanksgiving. We’ve gone backwards.

“If you look at where we were four years ago,

value’

you could pay your charter fee online and pay for the cruising permit online. Now you cannot do any of that. We’ve gone completely in reverse. We’re charging everyone more money and giving them less value. We’re just destroying the product and killing our reputation.

“The reality is nothing’s happening. It’s the Bahamian businesses that suffer if people go somewhere else. They’ll find somewhere else to go, and here we are dealing with lower occupancies. That’s where we are.”

Ryan Pinder KC, the attorney general, previously defended the reforms and fee changes as “fair” and “balanced”, adding: “So for this frequent digital cruising card, not exceeding 50 feet is $1,500. Remember, that’s for two years, unlimited entry. That’s all unlimited entry. Those exceeding 50 feet and not exceeding 100 feet, $2,500, and those exceeding 100 feet, $8,000.

“Now those exceeding 100 feet, who are frequent visitors in The Bahamas, are generally those charter boats who base themselves out of The Bahamas. They generally sit here and charter straight out of The Bahamas. The guests fly in and they get on the boat.

“So you now have unlimited visitation in The Bahamas for two years now.

Remember these boats, these luxury boats charge up to $10,000 to $15,000, some $20,000 a day, to charter, and we want to charge them $8,000 for two years. Let’s be real.”

A key element in the Davis administration’s fiscal strategy has been to avoid imposing new and/or increased taxes and fees on Bahamian families, likely due to the potential fall-out for general election votes. Instead, the increases have fallen heavily on foreign visitors, and not just cruise passengers but, in particular, the private aviation and boating markets.

Boating industry contacts spoken to by Tribune Business said that, while not opposed to ensuring that visiting boats and yachts pay their fair share in taxes, any increases in fees/ levies must be reasonable and proportionate in scale, with the industry properly consulted in advance and informed of changes in sufficient time so that they can adjust. Much of the backlash is over lack of notice and consultation.

The Government perceives the private aviation and boating markets as having deep pockets, and the ability to pay more because users are wealthy. However, this newspaper has been told that both sectors are incredibly fickle and, if participants perceive they are being targeted for taxes because they are wealthy, they have the means and transportation to go elsewhere besides The Bahamas.

Ashery, CEO of Nostromo Energy.

THE LOS Angeles skyline is seen from a Baldwin Hills overlook, Feb. 9, 2024. Photo:Damian Dovarganes/AP

EU PROPOSES STEEL INDUSTRY PROTECTIONS, RATTLING

UK MANUFACTURERS

By SAM McNEIL and JILL LAWLESS Associated Press

THE European Union on Tuesday proposed cutting by almost half its tariff-free quota on steel and steel products, effectively adding large tariffs on imports from countries including China, India, Turkey and the United Kingdom, which said the measures would wreck the British steel industry. After reaching a new quota of 18.3 million tons of imports, additional imports will face a 50% tariff. This is double the current 25% rate — a high price akin to U.S. President Donald Trump's steel measures. Neighboring nations such as Norway, Iceland and Ukraine will be exempt.

A proposal to thwart overcapacity

The proposal attempts to buttress Europe's traditional steel manufacturers by imposing trade barriers so that Europe's markets don't become flooded with imports diverted by high American tariffs imposed earlier this year.

Steel importers would be required to clearly declare where the products were melted and poured, and a complex quota system would govern what enters the EU common market.

The proposal replaces a current steel safeguard policy aligned with the World Trade Organization that is set to expire in June 2026.

"A strong, decarbonized steel sector is vital for the European Union's competitiveness, economic security and strategic autonomy. Global overcapacity is damaging our industry," said European Commission President Ursula von der Leyen.

The European Parliament and the European Council must now ratify or amend the proposal, which then might require negotiations with the WTO to check how member countries are affected by the measures.

The EU exported 77 billion euros ($89.7 billion) and imported 73.1 billion euros ($85.2 billion) worth of steel in 2024, according to the EU's statistics agency Eurostat.

The European Steel Association estimates that growing global steel overcapacity is at around 602 million tonnes, or four times the EU's total annual steel consumption.

Judith Kirton-Darling, general secretary for the trade union bloc IndustriAll's Europe office, said in September during the Emergency Steel Social

that, "steel is the backbone of Europe's economy, yet the sector is now at breaking point. That is why trade unionists from every corner of Europe have joined steelmakers at this summit to call for urgent action."

Stéphane Séjourné, the European Commission's executive vice president for industrial strategy, said the proposal would protect Europe's industrial future. "This is the new safeguard clause on steel. This is the reindustrialization of Europe," he said in a post on X.

Britain's steel sector rattled

Trade body UK Steel said the proposed drop in the tariff-free quota would spell disaster for the embattled British steel industry. It said more than three-quarters of British steel exports go to the EU.

"This is perhaps the biggest crisis the U.K. steel industry has ever faced," said UK Steel Director-

General Gareth Stace. He said the British government "must go all out to leverage our trading relationship with the European Union to secure U.K. country quotas or potentially face disaster."

Stace said the EU move also risked "redirecting millions of tonnes of steel towards the U.K." from

Desperate search for fuel in Mali’s capital as al-Qaida-linked group enforces blockade

By BABA AHMED Associated Press

ENDLESS lines stretched in front of gas stations in Mali's capital Bamako late into Monday night, as commuters desperately tried to find fuel. Residents are starting to feel the impact of a blockade on fuel imports to the city declared in early September by a militant group affiliated with al-Qaida.

Amadou Berthé, a bank employee in Bamako, said he traveled 20 kilometers (12 miles) by motorcycle taxi to find gas for his car, which broke down due to a lack of fuel as he was returning from work "I've been to more than 20 gas stations and still can't

find any fuel," Berthé said, sitting on the back of the motorcycle with an empty jerry can on his knees. Militants from Jama'at Nusrat al-Islam walMuslimin (JNIM) have relentlessly attacked fuel tankers coming from neighboring Senegal and Ivory Coast, plunging the capital of the landlocked West African country into crisis. Despite being one of Africa's top gold producers, Mali is ranked the sixth least developed nation in the world, with nearly half its population living below the national poverty line.

Some oil importers in Mali have started to use alternative ways of bringing fuel into the country in

order to protect their staff and their businesses.

"I transport fuel in my tankers from Dakar (the capital of Senegal) to the border with Mali, where I sell it to traders who then take the risk of bringing it into Mali," a Malian fuel importer, who spoke on condition of anonymity out of fear of reprisals, told the AP.

"Of course, I don't earn much, but it's the only way I've found to keep my employees and tanker trucks safe," the importer said. Analysts say the blockade poses huge risks for the fragile local economy and is a significant setback for Mali's military junta, which took power in 2021 promising to improve security.

countries hit by the tariffs, which "could be terminal for many of our remaining steel companies."

Prime Minister Keir Starmer said the U.K. is "in discussions with the EU" about the proposal.

"I'll be able to tell you more in due course but we are in discussions, as you'd expect," he said.

Britain's once-mighty steel industry has shrunk dramatically from its 1970s peak and now accounts for 0.1% of the economy. Thousands of jobs are due to be lost at the country's biggest steelworks, at Port Talbot in Wales, as owner Tata Steel tries to make the unprofitable plant leaner and greener.

Community, a trade union that represents many steelworkers, said the EU's proposal was "an existential threat to our steel industry."

"Global overcapacity is a shared challenge and it is in both the UK and the EU's interests to work together to find a solution," said the union's Assistant General Secretary Alasdair McDiarmid.

"A trade war, at what is already a turbulent time for the global steel industry, would be incredibly damaging for everyone involved, with workers in the U.K. and Europe paying the heaviest price."

Steel, an important European sector

Steel manufacturers employ about 300,000 people across 20 of the bloc's 27 nations. But it has been hard-hit over the past two decades, losing perhaps a quarter of its employees, according to Eurostat. Steel is a foundational industry in the EU. The bloc evolved

Instead, attacks from militants linked to al-Qaida and the Islamic State group have intensified in recent months.

out of the 1951 European Steel and Coal Community, a common market between Luxembourg, Italy, France, the Netherlands, West Germany and Belgium.

The United States and the EU have a tenuous trade agreement that has yet to include specific measures for products like whisky, wine and steel. But American and European negotiators have said that they are working on a "ring-fencing" or coordinating steel tariffs to secure supply chains between the two economic juggernauts. EU trade representative Maroš Šef ovi said the steel tariffs and quotas would be discussed on Friday in South Africa during a meeting of trade ministers from the Group of 20 countries. — Lawless reported from London.

Petroleum Importers Association said over 100 tanker trucks had been burned and destroyed by JNIM fighters. Videos on social media in recent weeks show what appears to be truck drivers being held hostage by JNIM and calling for their release. The Associated Press was unable to independently verify the footage. According to their relatives, some tanker drivers were also killed by the militants.

Beverly Ochieng, an analyst at the Control Risks Group consulting firm, said JNIM is using the blockade to pressure commercial operators and residents to distance themselves from the military authorities, therefore undermining the government's legitimacy and authority.

JNIM is one of several armed groups operating in the Sahel, a vast strip of semi-arid desert stretching from North Africa to West Africa, where an insurgency is spreading rapidly with large-scale attacks. In a report released last month, the Malian

Lamine Kounta, a 38-year-old Bamako resident, said two of his cousins from Ivory Coast, a driver and his apprentice, were killed by JNIM fighters at the end of September in the Sikasso region, near the border with Ivory Coast.

"They had nothing to do with this crisis or Mali. My cousins worked for an Ivorian road construction company and were in Mali to get equipment when they encountered JNIM fighters, who killed them," he said.

A MAN works at MAP, a factory operating in design, manufacture and installation of steel structures for civil and industrial use, in Corsico, near Milan, Italy, Thursday, May 12, 2022. Photo:Antonio Calanni/AP

PEOPLE queue at a gas station amid a fuel shortage in Bamako Mali, Tuesday, Oct 7, 2025. Photo:AP

Trump expresses ambivalence toward future of US-Mexico-Canada trade deal

WASHINGTON Associated Press

PRESIDENT Donald Trump said yesterday that he was open to extending the free trade agreement with Mexico and Canada through a renegotiation or seeking “different deals” as he met with Canadian Prime Minister Mark Carney at the White House.

Carney made his second visit to the Oval Office ahead of next year’s review of the United States-Mexico-Canada Agreement and as one of the world’s most durable and amicable alliances has been fractured by Trump’s trade war and annexation threats.

The free trade agreement was enacted during Trump’s first term, and it allows the majority of Canadian and Mexican goods to be shipped to the US without tariffs. But Trump has made it clear since returning to office that he wants to reshape the relationship, and he expressed ambivalence over the process as long as he feels like he’s able to improve America’s position.

“We could renegotiate it, and that would be good, or we can just do different deals,” he said. “We’re allowed to do different deals if we want. We might make deals that are better for the individual countries.”

The remarks suggested that Trump is willing to let uncertainty over the agreement’s future linger. Carney entered the visit hoping to find some relief on sector-specific tariffs. There is fear in Canada over what will happen to the US-Mexico-Canada Agreement, which is critical to Canada’s economy. More than three-quarters of Canada’s exports go to the US.

Trump showed a fondness for Carney — something he didn’t have toward Carney’s predecessor, Justin Trudeau — but noted there was a “natural conflict” between the two countries, a point to which the prime minister politely disagreed.

“We want Canada to do great,” Trump said. “But you know, there’s a point at which we also want the same business.”

Asked why the US and

Canada had failed to reach a deal on trade, Trump said it’s a complicated situation.

“We have natural conflict,” he said. “We also have mutual love.”

Carney said he wouldn’t use the word “conflict”.

“There are areas where we compete, and it’s in those areas where we have to come to an agreement that works. But there are more areas where we are stronger together, and that’s what we’re focused on.”

Trump’s talk of making Canada the 51st state and his tariffs have Canadians feeling an undeniable sense of betrayal. The U.S. president made a joking reference to a “merger” between the two countries at the top of his remarks yesterday.

Relations with Canada’s southern neighbour and longtime ally are at a low point.

“We’ve had ups and downs, but this is the lowest point in relations that I can recall,” said Frank McKenna, a former Canadian ambassador to the United States and current deputy chairman of TD Bank.

“I talk every day to ordinary citizens who are changing their vacation plans, and I talk to large business owners who are moving reward trips away or executive business trips,” McKenna said. “There is an outright rebellion.”

Carney has said the USMCA is an advantage for Canada at a time when it is clear that the US is charging for access to its market. Carney has said the commitment of the US to the core of USMCA means that more than 85 percent of Canada-US trade continues to be free of tariffs. He said the US average tariff rate on Canadian goods is 5.6 percent and remains the lowest among all its trading partners.

But Trump has some sector-specific tariffs on Canada, known as Section

232 tariffs, that are having an impact. There are 50 percent tariffs on steel and aluminum imports, for example.

After the meeting, Dominic LeBlanc, the minister responsible for CanadaUS trade, described the talks as “successful” and “positive” on trade issues, though he noted the conversation would be continuing. He said Canada was looking to get a deal done quickly on steel and aluminum.

The ties between the two countries are without parallel. About $2.5 billion (nearly $3.6 billion Canadian) worth of goods and services cross the border each day. Canada is the top export destination for 36 US states. There is close cooperation on defense, border security and law

enforcement, and a vast overlap in culture, traditions and pastimes.

About 60 percent of US crude oil imports are from Canada, and 85 percent of US electricity imports are from Canada.

Canada is also the largest foreign supplier of steel, aluminum and uranium to the US and has 34 critical minerals and metals that the Pentagon is eager for and investing in for national security.

“The bigger prize would be getting a mutual agreement to negotiate as quickly as possible the free trade relationship,” McKenna said. “If the United States were to threaten us with the six months’ notice of termination, I think it would represent a deep chill all across North America.”

CANADIAN Prime Minister Mark Carney speaks during a meeting with President Donald Trump at the White House yesterday.

Photo: Evan Vucci/AP

Michigan creates additional marijuana tax to fund Whitmer’s plan to ‘fix the damn roads’

By ISABELLA VOLMERT Associated Press

MICHIGAN Gov.

Gretchen Whitmer on Tuesday signed into law a new 24% tax on marijuana sales between producers and dispensaries, creating revenue to partially fund her long-promised effort to improve the state's roads.

Whitmer made road repairs her priority this year. The Legislature's fiscal agencies estimate the wholesale tax will generate $420 million in new revenue to go towards the annual $1.8 billion road funding plan. But analysts predict the additional tax will inevitably lead to a drop in sales.

"When I took office, I made a promise to fix the damn roads so Michiganders could get where they're going faster and safer," she said in a video. Whitmer — long considered a potential Democratic presidential

candidate, although she hinted she may not be interested in the job — signed the budget in a closed-door meeting.

The wholesale tax will be levied on the sale of marijuana from growers and processors to retailers. Adam Hoffer, director of excise tax policy at the Tax Foundation, said the new tax will almost certainly lead to an increase in retail prices and a decrease in sales. The Michigan Senate Fiscal Agency predicted a 14.4% sales decline. Shoppers will still also have to pay a 10% retail excise tax on marijuana, which has been in place since it was legalized in 2018, plus a 6% sales tax. States that allow the sale of recreational marijuana tax cannabis products at different rates, so it's difficult to make state-to-state comparisons, Hoffer said. But the wholesale tax will

Gold futures rise above $4,000 per ounce for the first time

By WYATTE GRANTHAM-PHILIPS

AP Business Writer

GOLD futures soared above $4,000 per troy ounce for the first time Tuesday, as many investors seek a safe place to park their money during the continuing U.S. government shutdown.

The going price for New York spot gold had previously closed at $3,960.60 per troy ounce — the standard for measuring precious metals — on Monday.

Gold sales can rise sharply when anxious investors seek secure investments for their money. Even before the shutdown, the asset — and other metals, like silver — had seen wide gains over the last year, as President Donald Trump ‘s barrage of tariffs cause uncertainty around the outlook for the global economy. More recently, the prospect of lower interest rates has also made gold a more attractive investment than interestbearing investments.

How much have gold prices climbed this year?

Gold futures are up about 50% since the start of 2025 — trading at about $4,003 per troy ounce just after 4 p.m. ET Tuesday. That’s up from around $2,670 at the beginning of January. Silver has seen an even bigger percentage jump year to date. Silver futures are up nearly 60%, trading at under $48 per troy ounce Tuesday afternoon.

A lot of it boils down to uncertainty. Interest in buying metals like gold typically spikes when investors become anxious. Much of the recent economic turmoil has spanned from Trump’s trade wars. Since the start of 2025, steep new tariffs the president has imposed on goods coming into the U.S. from around the world have strained businesses and consumers alike — pushing costs higher and helping to weaken the job market.

As a result, hiring has plunged while inflation has inched back up. And more and more consumers are expressing pessimism about the road ahead. The U.S. government shutdown has added to those anxieties. Key economic data has been delayed — and scores of federal employees are already feeling the effects of furloughs and working without pay as long as the shutdown lasts, which has no immediate end in sight. Trump has also threatened to use the shutdown to conduct mass firings and perhaps permanently shutter offices in attempt to punish Democrats for voting down GOP legislation.

Giovanni Staunovo, commodity analyst at UBS Global Wealth Management, also points to continued weakness of the U.S. dollar and renewed rate cuts from the Federal Reserve. Last month, the Fed cut its key interest rate

NOTICE

NOTICE is hereby given that RODNY ISRAEL Marsh Harbour, Abaco, 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 01th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Box SP 63988 Hampden Road, 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

drive the amount of tax on Michigan products from the lower end of the spectrum to the higher. Minnesota, Maryland and Maine also hiked taxes on marijuana products this year.

"This massive tax increase is really going to hurt the legal market in Michigan," Hoffer said, echoing concerns from critics who say it will encourage illicit marijuana sales.

Stuart Carter, founder of the Detroit Cannabis Industry Association, said the tax will devastate smaller businesses in particular. He called it a "slap in the face" after the tax hike was ushered through the Legislature with little chance for public comment.

The new tax was key in the final negotiations on the road-funding plan. Michigan's freezing and thawing cycle in the winter creates a continuous need for road repairs and the topic has

been an issue for decades.

Discussion on where to find the funds has been a source of disagreement; lawmakers usually balk at the idea of raising taxes.

The Citizens Research Council of Michigan, a nonpartisan research organization, ranks Michigan 40th in the nation for road conditions and 28th when it comes to funding road improvements.

Whitmer's first plan — a 45 cent gas tax increase — was rejected by lawmakers in 2019. She turned to a bonding program in 2020 and the state borrowed $3.5 billion to rebuild highways and bridges. The plan created a marathon of new construction projects, but local roads did not benefit and that borrowing is coming to an end this year.

Michigan's budget for fiscal year 2026, agreed after months of contentious debate, totals $81 billion,

by a quarter-point — and projected it would do so twice more this year.

Investments in gold have also been driven by other factors over time. Analysts have previously pointed to strong gold demand from central banks around the world — including amid heightened geopolitical tensions, such as the ongoing wars in Gaza and Ukraine.

“The gold rally started in 2022,” Staunovo said via

email on Tuesday. He noted that the “trigger point” was when the U.S. and other Western allies moved to freeze around $300 billion of Russian foreign holdings at the beginning of the war in Ukraine.

Many jewelry merchants and dealers have increasingly reported surges in customers looking to check the value of gold they own — sometimes opting to melt or sell family heirlooms to

NOTICE

NOTICE is hereby given that ANITA AUSTRAL of #2 Lazaretto Road Carmichael 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 8th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

NOTICE

NOTICE is hereby given that DENEYL WILNICA SAINPHAR Marsh Harbour, Abaco, 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 01th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

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 01th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

according to the governor's office. Democrats control the Senate and Republicans control the House.

The many disagreements between the parties sent the state barreling towards a government shutdown, and lawmakers technically did not pass a budget by the Oct. 1 deadline. But they agreed to a continuing resolution, and the full budget was passed in the early hours of Friday.

About $1 billion of the package has been dedicated to funding local road and bridge improvement projects. In addition to the

cash in on the precious metal’s rising price.

At the same time, those in the market for gold jewelry may be feeling “sticker shock” if they can’t afford certain products anymore — particularly if it’s something impacted by both rising material costs and tariffs. Larger retailers like Pandora and Signet, whose brands include Zales and Kay Jewelers, have acknowledged these headwinds in recent earnings calls.

“If I’m a guessing man here, we will see a general price rise for the category,” Pandora CEO Alexander Lacik said in an August earnings call, pointing to rising costs of gold and silver, as well as tariffs, industrywide.

Advocates of investing in gold call it a “safe haven” — arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road as a hedge against rising inflation. Some also take comfort in buying something tangible that has the potential to increase

marijuana tax, it will also be funded by redirecting all taxes paid at the gas pump towards roads. Previously, gasoline sales tax largely went to a fund for schools. Lance Binoniemi, vice president of government affairs for the Michigan Infrastructure and Transportation Association, said the marijuana tax is a "nontraditional method" of supporting roadwork funding, but lawmakers recognized the urgency of finalizing a plan.

"We think this is a big step in the right direction," he said.

in value over time. Still, experts caution against putting all your eggs in one basket. And not everyone agrees gold is a good investment. Critics say gold isn’t always the inflation hedge many claim — and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.

“Gold is perceived by many market participants as a safe haven asset. But investors need to be aware it has a volatility of 10-15%,” Staunovo noted. He added that smaller amounts of physical gold, such as gold coins or 1-gram bars, have larger ranges between buying and selling prices.

The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.”

NOTICE

NOTICE is hereby given that VALRIE IONIE MYLES JOHNSON of P. O. Box N-758, Malcom 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 8th day of October, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DAPHNE ISEMA Lobster Avenue, 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 30th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MYRTHO CADET South Beach, 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 01th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MICHIGAN Gov. Gretchen Whitmer gives a policy speech at an event, April 9, 2025, in Washington.

Photo:Mark Schiefelbein/AP

A COLLECTION of gold coins is displayed at a shop in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles, April 30, 2025.

Photo:Jae C. Hong/AP

US STOCKS SNAP A 7-DAY WINNING STREAK AS GOLD’S PRICE TOPS $4,000 PER OUNCE

By STAN CHOE AP Business Writer

WALL Street’s recordbreaking rally ran out of momentum on Tuesday after the price of gold topped $4,000 per ounce for the first time.

The S&P 500 dipped 0.4% from its latest all-time high and broke a seven-day winning streak. The Dow Jones Industrial Average fell 91 points, or 0.2%, and the Nasdaq composite sank 0.7%.

Stocks took a pause following a nearly relentless rush higher since April on hopes that the economy will remain resilient and that the Federal Reserve will continue to cut interest rates.

Tesla was the heaviest weight on the market and dropped 4.4% after unveiling cheaper versions of two of its electric car models.

The stock gave back most of its leap from the prior day, when speculation and hype built after Tesla hinted at a coming product

announcement.

Oracle also helped drag the market lower. It fell 2.5% after a news report suggested it’s making thin profit margins on a key line of business related to artificial-intelligence technology. The frenzy around AI has been one of the biggest trends guiding Wall Street to record after record recently. It’s been so strong that it’s raised worries that prices have potentially shot too high across the market. On Tuesday, Dell climbed 3.5% after executives talked up the company’s opportunity for growth because of AI at an investment conference. Advanced Micro Devices rallied 3.8% to add to its surge from Monday, when it announced a deal where OpenAI will use its chips to power AI infrastructure. IBM rose 1.5% after announcing a partnership that will integrate Anthropic’s Claude AI chatbot into some of its software products.

Much is riding on expectations that the AI

investment boom will pay off by making the global economy more productive and driving more growth. Without that increased efficiency, inflation could

push higher due to upward pressure coming from the mountains of debt that the US and other governments worldwide are building. That has optimists on

Wall Street buying tech stocks and pessimists buying gold, according to Thierry Wizman, a strategist at Macquarie Group.

Investors have traditionally seen gold as offering protection from high inflation. Its price has soared more than 50% this year not only because of governments’ huge debt loads but also because of political instability worldwide and expectations for lower interest rates from the Fed.

Investors looking to “hedge” themselves, meanwhile, may be buying both tech stocks and gold, Wizman wrote in a research report.

Elsewhere on Wall Street, Intercontinental Exchange rose 1.8% after the company behind the New York Stock Exchange said it had agreed to invest up to $2 billion in Polymarket.

Polymarket offers prediction markets that allow customers to profit from making predictions on

events across politics, financial markets and popular culture, such as who will become New York City’s next mayor or whether the US government will announce this year that aliens exist.

Constellation Brands added 1% after the beer and wine company reported results for the latest quarter that several analysts said were better than they expected. Sales of beer still dropped from a year earlier, though, as CEO Bill Newlands highlighted a “challenging socioeconomic environment that has dampened consumer demand”. All told, the S&P 500 fell 25.69 points to 6,714.59. The Dow Jones Industrial Average dropped 91.99 to 46,602.98, and the Nasdaq composite sank 153.30 to 22,788.36.

In Toronto, shares of Trilogy Metals more than tripled after the White House said late Monday that it’s taking a 10% equity stake in the Canadian company while allowing the Ambler Road mining project in Alaska to go forward.

President Donald Trump late Monday ordered the approval of a proposed 211-mile road through an Alaska wilderness to allow mining of copper, cobalt, gold and other minerals used in production of cars, electronics and other technologies. Trilogy is seeking to develop the Ambler site along with an Australian partner. In Europe, France’s CAC 40 edged up by less than 0.1% a day after slumping due to the latest political upheaval in Paris. France’s prime minister abruptly resigned on Monday. In the bond market, the yield on the 10-year Treasury eased to 4.13% from 4.18% late Monday.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SHERWOOD DEVENSON MOSS of Fowler Street, New Providence, Bahamas, intend to change my name to SHERWOOD DEVENSON HANNA. 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.

International Business Companies Act (No. 45 of 2000)

BST Business Investment Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), BST Business Investment Ltd. (the “Company”) is in Dissolution. Te date of commencement of the Dissolution is the 6th October, 2025 Gustavo Dos Santos Vaz is the Liquidator and can be contacted at Avenida Bem-Te-Vi, 206, São Paulo – SP, 04524-030, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 6th November, 2025 Gustavo Dos Santos Vaz Liquidator

TESLA OFFERS CHEAPER VERSIONS OF TWO ELECTRIC VEHICLES IN BID TO WIN BACK MARKET SHARE

By BERNARD CONDON AP Business Writer

TESLA rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales but investors dumped its stock anyway.

The new Model Y, costing just under $40,000 with a stripped-down interior, comes in a brutal year for Tesla as it tries to attract more customers despite an aging lineup, stiff competition from foreign EV makers and anti-Elon Musk boycotts targeting the company.

The reaction from the stock market after the news broke suggests the new models are not expected to help much.

“Investors were looking for something truly different, not an iteration of a old product,” said Edmunds analyst Ivan Drury, speaking as Tesla stock dropped sharply in the last minutes of trading. “I can’t imagine this will bring levels back to what they want.”

Tesla also announced a cheaper version of its Model 3 for under $37,000. For New York residents taking

advantage of a state rebate, the price was below $35,000. Tesla has talked about a cheaper car to appeal more cost-conscious consumers for years, though the two new “standard” models are priced well above the $25,000 price tag promised. They come as customers are widely expected to hold off from EV purchases over the next several months due to the recent expiration of a $7,500 federal tax credit. Tesla stock fell 4.5% to $443.09 on Tuesday after closing the day before up more than 5% on anticipation of the new model announcement. Compared to previous models, the new Model Y comes with a shorter 321-mile driving range, fewer audio speakers and a fabric interior, not microsuede. The model also lacks a panoramic glass roof and a touchscreen in the second row.

This model faces stiff competition in the $40,000 range for EVs from vehicles including Ford’s Mustang Mach-E, Chevrolet’s Equinox EQ and Hyundai’s Ioniq 5. The new Model 3 has also cut down on the driving range, ambient lighting and other features.

MARINE FORECAST

TESLA vehicles charge at a station in Emeryville, California.

Photo: Godofredo A Vásquez/AP