By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN ex-FBI informant is asserting “my legacy stands” despite being hit with a combined $19.155m in sanctions, interest and relinquished profits over his former Bahamian broker/dealer’s activities.
Mr Gentile, whose business, when located in Bay Street’s Elizabeth on Bay plaza, was used by the FBI and US law enforcement as “bait” to snare international securities fraudsters, told this newspaper he remains confident that he will overturn the verdict against him on appeal.
A south Florida jury last year found Mr Gentile and his Bahamian broker/dealer, which also operated under the names ‘Sure Trader’ and ‘Swiss America Securities’, liable for violating US securities laws by actively soliciting American clients despite not
Guy Gentile, whose Mintbroker International employed as many as 75 staff before he exited The Bahamas in 2019, continued to vent defiance in e-mailed replies to Tribune Business as he blasted US federal regulators for pursuing a “vendetta” and “sham” case against him following the latest financial penalties imposed by the south Florida federal court. Besides upholding the recommended $15.537m in profit “disgorgement” and fines, Judge Beth Bloom has now added to Mr Gentile’s punishment by approving the imposition of an additional $3.618m in interest penalties on top of that sum. The total $19.155m is now just under $1m short of the initial $20.151m that had been sought against him by the US Securities & Exchange Commission (SEC).
being registered with the SEC. But he is pointing out that the trading regulation central to the case against him is now being relaxed.
“The SEC’s case against me is a sham, built on fabricated testimony, flawed jury instructions and a clear violation of due process,” Mr Gentile blasted, following Judge Bloom’s September 30,2025, imposition of the additional interest penalty. “It’s not justice - it’s retaliation for my outspoken criticism.
“Their vindictive prosecution and baseless $3.6m ‘interest’ penalty, despite no investor harm or justifiable disgorgement, only prove their vendetta. Even FINRA
Minister: Redundancy insurance ‘not ready’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister last night said the recommendation that all Bahamian employers pay for ‘redundancy insurance’ for their staff is “not ready for implementation” and requires further consultation.
Pia Glover-Rolle, minister of labour and the public service, in a message to Tribune Business, likely eased the fears of businesses who previously
branded the proposal as “dangerous” and “untenable” by saying that “we all agreed” at this week’s Town Hall meetings that it needs further work.
“Redundancy insurance is one of hundreds of recommendations being considered as a part of our consultative process with all stakeholder groups. At the Town Hall meetings we held this week, we all agreed that this particular recommendation required further consultation and was not
Hospital approval was ‘foregone conclusion’
By ANNELIA NIXON Tribune Business
Reporter anixon@tribunemedia.net
NEARBY residents yesterday described as “a foregone conclusion” the swift preliminary approval granted to New Providence’s new hospital by the Town Planning Committee. Despite homeowners in nearby communities voicing fears that flooding, noise pollution, increased traffic and a higher risk of crime made the Perpall Tract site inappropriate for the $285.25m hospital, the planning regulator yesterday announced it has granted the preliminary
By NEIL HARTNELL
Business Editor
ready for implementation,” she said.
Describing the labour law reforms process as a “collaborative, tripartite process that the Bahamas Chamber of Commerce and Employers Confederation (BCCEC)” and wider private sector have “been very involved with since day one”, the minister added that the Government and policymakers “welcome the feedback” received.
agrees, voting to abolish the very rule the SEC based the entire trial on. I’m confident my appeal will overturn this verdict.
“I revolutionised online trading, my legacy stands, unshaken by this political attack, and now FINRA’s rule repeal proves I was right all along.” That rule is the Pattern Day Trading rule, which limited investors with less than $25,000 in their margin account from borrowing to trade four or more times in a five-day period. FINRA
Oil explorer’s legal action threat over licence hold-ups
By
AN OIL explorer is now threatening to sue the Government over the four-and-a-half year delay it has endured in waiting for its Bahamian licences to be renewed.
Challenger Energy Group, the former Bahamas Petroleum Company (BPC), this week warned it is exploring “legal remedies available against the Government of The Bahamas” after failing to obtain an answer over whether the licence renewal application will be granted.
“The second exploration period of Challenger’s Bahamian licences expired on June 30, 2021,” the oil explorer recalled. “In March 2021, consistent with the terms of the licences, Challenger applied to the Government of The Bahamas to renew the licences for a third exploration period.
“The Government of The Bahamas has not yet responded to this application and, given the length of time that has passed since the application was made, Challenger is presently
How firms, workers can benefit from Sabbaticals
Vacations are common to those in the active workforce, but extended Sabbaticals also have great value for persons in highlystressed environments who can afford the luxury. Many college students, immediately after their undergraduate or graduate studies, take what they term a ‘GAP’ year. A work sabbatical is an extended, often planned, period of leave from your job during which you remain an employee of the company but do not actively work. This sabbatical gives workers time to introspectively evaluate their options and priorities to make better long-term choices. This week’s column
FERGUSON IAN
explores the benefits of taking a work sabbatical, both for the employee and the employer.
Benefits for the employee
* Recharge and combat burnout: A sabbatical provides a vital break from the demands of daily work, allowing for rest and recuperation, which can significantly reduce burnout and prevent chronic stress.
* Personal growth and self-discovery: The time off can be used to pursue new interests, explore new environments through travel, learn new skills or simply reconnect with family and friends, fostering a greater sense of self and purpose.
* Improved mental and physical health: Extended
BPL installs new generation unit at Rock Sound station
By FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
BAHAMAS Power & Light (BPL) has installed a new generation unit at its Rock Sound power plant in a bid to “aggressively address power generation woes" and bring much-needed stability to Eleuthera.
Pedro Marcello, BPL's southern regional Family
Islands manager, said the new unit represents a major step forward in BPL’s strategy to strengthen power infrastructure across Eleuthera while larger, longterm upgrades continue to develop.
“This generator will provide more reliable power by reducing the demand on the Hatchet Bay power station, helping to minimise the frequency of outages. Our goal is to have Rock
Sound energise all of South Eleuthera, allowing the Hatchet Bay power Station to power the north," he added.
Mr Marcello said BPL also recently commissioned the Tarpum Bay substation, which strengthens the island’s transmission and distribution network and ensures more efficient and reliable delivery of electricity throughout South Eleuthera.
Court and SEC rejected argument on Securities Commission choice
SANCTIONS - from page B1
has been mulling whether to reduce this sum to $2,000.
“I deny all of the SEC’s allegations and reject the verdict. As far as I’m concerned, I won,” Mr Gentile continued. “As far as future plans, maybe I’ll open a coffee shop, ‘Surebucks Coffee’, and register it with the SEC just in case someone makes a trade there. That way the SEC can’t come back nine years later and sue the place for $20m for not registering.”
breaks are linked to better physical and mental health, providing an opportunity to establish healthier habits and gain emotional resilience.
* Renewed perspective: Stepping away from work can provide a critical distance to reassess career goals, explore new directions or gain fresh insights into one’s current path, leading to more focused and meaningful work.
* Increased confidence: Successfully navigating and completing a sabbatical can significantly boost confidence, providing the courage to tackle new challenges and make significant life changes. Benefits for the employer
“By reducing strain on the wider system, the substation plays a key role in stabilising supply, complementing other ongoing upgrades and laying the foundation for long-term improvements in power supply," he said. These upgrades came after BPL held a Town Hall meeting in South Eleuthera last week. Residents used the opportunity to voice their concerns and learn about the company’s immediate and long-term plans to enhance electricity reliability across the island. They voiced mounting frustrations over frequent outages, voltage surges and service disruptions.
* Enhanced employee loyalty and retention: Sabbaticals show that a company values its employees as whole individuals, not just workers, which can strengthen loyalty and encourage them to stay with the company longer.
* Increased productivity and creativity: Employees often return from a sabbatical feeling refreshed and re-energised, bringing a higher level of creativity, motivation and productivity to their work.
* Attracting top talent: Offering sabbaticals can be a powerful recruitment tool, attracting candidates who prioritise their worklife balance, personal
Cathy Coats, a resident of Tarpum Bay, said the power situation has caused damage to household appliances and disrupted daily life.
development and a supportive work environment.
* Fostering a positive company culture: Promoting sabbaticals can cultivate a culture of trust, respect and mutual benefit, where employee well-being is a priority.
Mr Gentile, in his failed bid to overturn the recommended sanctions and penalties to be levied against him, rejected the SEC’s claim that Mintbroker International “profited” from being registered in The Bahamas with the Securities Commission - as opposed to the US - as a “sham”.
disguised as disgorgement and penalties for SureTrader’s registration with the Securities Commission of the Bahamas instead of the SEC,” he and his attorneys alleged.
“The SEC has demanded a nearly $20m windfall in damages against Gentile
“The report [to the south Florida court] recommended a penalty of almost $2m based on ‘the [additional] costs that Gentile and SureTrader would have paid to register and maintain registration’ [with the SEC]. That is wrong.”
The Mintbroker chief argued in vain that registering with the SEC would have “cost only a few thousand dollars”, with new membership in FINRA for a broker/ dealer of his size with just 75 staff costing only $12,500.
“Notably, Sure Trader paid significantly more than this amount to be registered with the Securities Commission of The Bahamas,” Mr Gentile added, pointing to a $173,324 payment in The Bahamas.
“It is undisputed that Sure Trader operated at times with as many as 75 employees. SureTrader relied on a robust compliance regime including a chief financial officer, two chief compliance officers, and a chief marketing officer among others, and also retained elite accounting firms such as BDO and engaged lawyers, tax professionals and auditors.
“This is reflected in the line items of Sure Trader’s quarterly ‘Form 13’ filings with the Securities Commission of The Bahamas - on which the SEC itself relies - corroborating millions of
dollars in expenses for ‘advisory fees and commission’, ‘staff costs’, ‘professional fees’, and ‘other general and administrative costs’,” Mr Gentile added.
“The report’s findings on these purported ‘registration fees’ are a sham. Sure Trader did not enjoy any pecuniary gain related to its decision to register with the Securities Commission of The Bahamas rather than the SEC because it incurred major costs to comply with US law and Bahamian law, including with Securities Commission of The Bahamas registration and regulatory requirements.” BDO was paid some $68,175.
These arguments, though, did not sway Judge Bloom, who found: “The fact that Sure Trader registered with the Securities Commission of The Bahamas has no bearing on the present analysis. Gentile and Sure Trader’s failure to register with the SEC, not its ‘choice’ to register with the Securities Commission of The Bahamas, is the subject of the instant case.”
And the SEC, in its counter argument, added:
“There is no sham as Gentile claims. The court should ignore Gentile’s comparison of registration fees to what Sure Trader paid to be registered with the Securities Commission of The Bahamas as inapposite. Thus the recommended penalty of $1.887m is appropriate and should be adopted.”
Mr Gentile previously revealed that he and his Bahamian businesses were
“There was quite a bit of frustration from consumers as they expressed their concerns about the reliability of power supply,” said Mr Marcello. “I believe they left this meeting understanding that we are actively working to deliver the level of service they deserve — reliable, consistent and reflective of the value they pay for.”
BPL has also launched a dedicated WhatsApp channel for Eleuthera that provides updates on outages, restoration efforts and system maintenance.
“For the last two months, the power has been off and on. It surges too high and burns up equipment. It's down too low, and equipment won't work. This is not helping anybody. We need somebody to get the power fixed,” said Mrs Coats. Mr Marcello acknowledged the challenges residents are facing, and reiterated BPL's commitment to addressing both technical issues and community engagement. He said the state-owned energy monopoly remains focused on upgrading infrastructure, enhancing power generation and building trust with its customer base.
“forced” by the FBI, law enforcement and capital markets regulators to play key roles in undercover ‘sting’ operations targeting criminals earning millions of dollars from market manipulation scams. Their participation even extended to the ‘bugging’, both by video and sound, of MintBroker’s Bahamian head office in a successful bid to gain evidence against a Canadian fraudster who subsequently pleaded guilty to the charges against him. He also attracted international media coverage after his Russian-born, model girlfriend, Kristina Kuchma, 24, in a fit of rage drove his Mercedes S400 hybrid into the pool at his Ocean Club home after he ended their 18-month relationship by text and allegedly reneged on a promise to provide $50,000 for one of her business ventures. Mr Gentile and his company exited the Bahamas at end-2019 when faced with regulatory actions and investigations by the Securities Commission of The Bahamas. However, in so doing, he bought sufficient time to voluntarily wind-up the broker/dealer himself and remove all its assets from The Bahamas. That came after Philip Davis KC, then the Opposition’s leader, acting on Mr Gentile’s behalf filed a successful Judicial Review challenge that thwarted the Securities Commission’s efforts to take regulatory action against MintBroker for several months.
BAHAMASAIR TO FILL BRILAND VOID AMID AIRFARE CONCERN
By ANNELIA NIXON
Business
HARBOUR Island and North Eleuthera will see Bahamasair fill part of the void left by Silver Airways collapse when it begins service from Fort Lauderdale on November 23.
With the national flag carrier set to operate the route twice weekly, on Sundays and Wednesdays, hotels on North Eleuthera and Harbour Island are hoping these flights will increase traffic following a slow season that has seen less business that in past years.
Ben Simmons, owner of Little Island Hotels, which includes the Ocean View Club, The Other Side and The Farm, said events in the US as well as the cost of airfare may have played a role in reduced visitor volumes to North Eleuthera.
“I don’t know if it is just because there’s so much craziness in the US right now, or what’s going on, but it does feel like... that demand is a little slower than normal compared to what I’ve seen in previous years,” Mr Simmons said. “It could be airfare or air options. It could be some other kind of chaos that’s happening in the market that is making people think about travelling. It could be that people are uncertain
about economic outcomes, but there’s definitely a bit of a, I think, a dip in demand, I would say.
“We’re lucky in that our wedding business has filled the gap. So we’re doing quite well in that. We actually have more weddings than we typically would, starting from November 1 straight through to December,” Mr Simmons added.
“It’s actually that Christmas, New Year’s period that is typically constantly tripping over themselves to get in. We’re sad, but they’re just not tripping over themselves to get in. So that’s the period there that I feel, there seems to be some trepidation in the market for whatever reason.”
Henry Rolle, managing partner of The Rock House, said the addition of Bahamasair flights from Fort Lauderdale should help make up the numbers on Harbour Island, adding that some foreign airlines have taken advantage and raised airfare prices for those travelling to Eleuthera.
“I think we’re more concerned that the reason that the numbers are down is because of what’s happening in the States...,”
Mr Rolle said. “Having Bahamasair take over is definitely going to help. Is it going to make a major impact? Honestly, I’m not sure.
“If anything, it should probably be steady, definitely, because our busy
season is still looking really good. Our regular season is still looking really good. It’s just the slow season. People are just holding on to their pocket books.
“I do notice that it’s [Bahamasair’s flight] necessary. We’ve had a couple of people call them because, I’m guessing, the airlines in the US are taking advantage of the fact that Silver isn’t there any more. So some of the prices have doubled, and some have tripled, especially during the peak season.
“We’ve had quite a few people call in just to move their dates back, either forward or back a day, just so they could save a whole lot of money on the airfare,” Mr Rolle added.
Better marketing critical to spread GB cruise benefits
By FAY SIMMONS Tribune Business Reporter
GRAND Bahama business leaders yesterday argued that smarter marketing, and not more development, is the key to spreading the economic benefits from Carnival's $600m Celebration Key project.
Dillon Knowles, president of the Grand Bahama Chamber of Commerce, speaking after several of the island's MPs urged the creation of a new cultural hub near the cruise line's private destination, instead called for better promotional efforts efforts to encourage passengers to venture beyond Celebration Key and explore the wider Grand Bahama.
Warning that local businesses are missing out on potential revenue, he added that the focus should be on properly marketing Grand Bahama as a whole. Mr Knowles said many cruise guests mistakenly view Celebration Key as a standalone island, unaware they are on Grand Bahama. This misconception, he argued, limits the economic impact of tourism on local businesses beyond the port.
“I'm not sure that the location is the issue. I think the bigger issue is that Carnival has marketed
Celebration Key as their own exclusive island, and guests generally don't know that they're on a bigger island with other things to do,” said Mr Knowles. “I don't know that building another facility is the solution to the problem. I think the bigger solution is the appropriate marketing of what Grand Bahama has to offer, so that people desire to come out of Celebration Key and partake in the other activities on the island and not just stay in Celebration Key.” His comments come amid debate about how best to leverage the influx of cruise visitors expected to arrive at Celebration Key. Carnival anticipates bringing
over two million visitors annually to the destination once fully operational.
Speaking in Parliament, Kwasi Thompson, Opposition finance spokesman and MP for east Grand Bahama, suggested the Government consider purchasing a large plot of land currently listed for sale by the Grand Bahama Port Authority adjacent to Celebration Key. He proposed transforming it into a cultural and commercial hub akin to the Port Lucaya Marketplace.
Mr Knowles, however, pushed back on the idea of creating yet another marketplace, highlighting a history of relocations that have done little to address
the root issue - getting tourists to leave the port area.
“We could keep moving the marketplace. We moved the marketplace from the Bazaar to Port Lucaya. Now it’s suggested we move the marketplace from Port Lucaya to East Grand Bahama. I think we have to figure out how to get the people to come to where the marketplace is, more so, in my opinion, than trying
to move the marketplace again,” said Mr Knowles.
He added that local vendors and tour guides already offer strong experiences that reflect the island’s culture, history and natural beauty, ranging from authentic Bahamian cuisine and handcrafted goods to guided eco-tours and heritage excursions.
However, these offerings often go unnoticed by cruise passengers who remain within the confines of Celebration Key, unaware of what lies beyond.
Mr Knowles argued that the key to bridging this gap lies in co-ordinated, destination-wide marketing campaigns designed specifically to reach cruise travellers before and during their visit. These campaigns, he said, should highlight the diversity and quality of experiences available across Grand Bahama, helping to position the island as more than just a stop on an itinerary but a destination worth exploring.
“They do have pretty decent products at the moment. If we can get the
“They’re noticing that the traffic has increased. They’re noticing that, regardless of how much they raise the prices, people are still going to pay even if they complain. Harbour Island, it’s still a special destination. Everyone still wants to come here, thankfully. But, I guess the concern is, how long is that going to last with the prices as high as they are?”
Mr Simmons noted that Silver Airways made two to three trips a day, multiple days a week, and the carrier’s collapse resulted in a significant loss of traffic into Eleuthera - “at least 220 seats, maybe”.
marketing campaign going that allows the travelling public to know that they exist and what they have to offer, that would be the first start,” said Mr Knowles. He also emphasised the need for local businesses to continue evolving and differentiating themselves in a competitive tourism market.
“Beyond that, there's always the issue of being innovative, being unique, not doing what somebody else is already doing, but coming up with ideas that the customers would like. Business is difficult, but simple. Difficult in that you have to execute well, but simple in that a business's job is to find out what people want to pay for and sell it to them,” he added.
‘Odd’ threat sparks fresh oil drilling ban demands
exploring alternative means of monetising the value of its historic investment in The Bahamas, including considering legal remedies available against the Government of The Bahamas.”
The warning, evidence of Challenger’s growing frustration over its inability to obtain an answer from the Government, was buried in documents accompanying the proposed £45m acquisition of the oil explorer by a Canadian-headquartered rival, Sintana Energy, which holds oil exploration rights in Namibia and Angola in south-west Africa.
The deal, if approved by Challenger’s shareholders, would result in Sintana acquiring the rights to the Bahamian exploration licence renewals. The socalled “monetisation” of those licences will remain critical to the combined entity that emerges from the
planned acquisition because the Bahamian exploration rights accounted for 82.7 percent, or $94.463m of Challenger’s $114.203m total assets, at year-end 2024.
Bahamian environmental activists yesterday urged the Government not to bow to Challenger/Sintana’s threatened legal action, arguing that any effort to sue over the delayed licence renewal “cannot hold water.” And, in the event any court or arbitration panel found for the oil explorer, some argued that any damages award is worth paying to preserve this nation’s pristine ocean environment.
Joseph Darville, of Save the Bays and Waterkeepers Bahamas, called on Prime Minister Philip Davis KC and his administration to continue resisting “any pressure” to permit exploratory oil drilling in Bahamian waters. To do so, he added, would be totally
contrary to The Bahamas’ ongoing climate change advocacy and efforts to monetise its seagrass and environmental assets via carbon credits.
Casuarina McKinneyLambert, executive director of the Bahamas Reef Environment and Educational Foundation (BREEF), told Tribune Business that Challenger’s legal action warning is “odd” given that the company’s previous financial statements confirmed that it still - in its own estimate - owed the Government around $600,000 in unpaid fees relating to previous exploration periods
Renewing her calls for The Bahamas to impose a total “ban” on oil exploration and drilling in Bahamian waters, she asserted: “I hope the message is loud and clear that The Bahamas does not want oil drilling, and it’s not in our best interests. I hope they [the Government] discuss it with the Bahamian people and realise it’s not in the best interests of The Bahamas.”
Any legal action launched by Challenger will almost certainly be grounded on the assertion it has lived up to, and met, all its commitments during the previous two exploration periods for which it was licensed by the Bahamian government. That saw it drill the exploratory Perseverance One well in waters around 80-90 miles west of Andros, although no commercial quantities of recoverable oil were found.
Challenger will likely argue that the Government’s failure to provide an answer on whether its three licence renewal applications will be renewed has cost the company millions of dollars - either through being unable to recover its existing investment or spud further exploratory wells that may yield commercial oil discoveries. Suggesting that the results from Perseverance One confirmed “the presence of a working petroleum system in The Bahamas”, the acquisition documents said: “Since 2008, Challenger has held four exploration licences offshore in The Bahamas, which have been renewed
through two successive exploration periods.
“In the first exploration period, Challenger undertook extensive 3D seismic acquisition on the licences and, in the second exploration period, the Perseverance One exploration well was drilled in the licence area.
“The Perseverance One well did not result in a commercial discovery, but Challenger believes that the results of that well validate the presence of a working petroleum system in The Bahamas, and support Challenger’s view as to the overall prospectivity of the licence area in The Bahamas.”
However, Mr Darville told Tribune Business: “I think the threat [of legal action] cannot hold any water whatsoever for the simple reason that we have become incredibly learned about the need to protect our oceans and seabeds, and whatever penalty we may incur because of not honouring those licences we have to do.
“Our Prime Minister has been all over the world touting that we are leading the way in reducing our carbon footprint to the extent that we may be able to trade carbon credits on the open market. Our success in maintaining the most beautiful and clear oceans and air in The Bahamas.... from outer space, astronauts say we are the most beautiful spot on planet Earth.
“I commend the Prime Minister for not responding to any pressure and continuing to send a firm ‘no’ that they will not consider renewal of those licences or anything to do with our seabed and oceans. We have the most beautiful ocean on the planet, and we have produced benefits from that,” he added.
“I encourage the powers that be, the Prime Minister, not to be forced into any renewal of any licence that impacts our seabed for any reason whatsoever. You know my heart in this regard. They [Challenger] want to come back and do more exploration to recoup some benefits financially.
“We are not a guinea pig in this regard. We are a sovereign nation, and need to safeguard our ocean and diminishing land space. They are diminishing because of climate change.” Mrs McKinney, too, questioned whether Challenger would have a viable legal claim against the Government.
“That’s odd given that, even in their own financial statements, they admit there is a question of how much they owe The Bahamas from previous exploration periods,” she told Tribune Business.
“That seems to still be outstanding. It’s also odd that they’re saying they still have licences in The Bahamas when they expired over four years ago. In my mind they do not have reason to expect a renewal.”
Mrs McKinney asserted that the “drill report” on the Perseverance One well had never been made public, while there were also questions over whether that exploratory well drilling had sufficient insurance because Challenger has consistently noted it is still negotiating with insurers over $500,000 it is said to owe in “top-up” coverage. That was created because the well’s costs were higher than anticipated.
“There are a lot of questions out there,” she said.
“There is no reason in our mind to consider to consider renewing exploratory licences that expired many years ago. From our perspective, it’s very clear. The direction that The Bahamas needs to go is a total ban on oil drilling.
“That is in the best interests of our tourism and fishing industries, and given our vulnerability to climate change. That is the direction we need to go. Oil drilling is not something that should be on the table here for sure. There was an opinion survey done, and the Bahamian public was very clear they did not want oil drilling in Bahamian waters.”
However, the Bahamian exploration licence renewals are critical to Challenger and, potentially, Sintana recovering the investment that the oil explorer has made in this nation to-date and monetising/extracting value from this.
“The intangible exploration and evaluation assets include an amount of $94m relating to the exploration and evaluation assets in the Bahamas,” Challenger’s 2024 full-year financial statements detailed. “The offshore exploration licence is pending renewal with the Bahamian government for a third three-year exploration period since March 2021.
“The group believes that the extensive studies showing sufficient potential hydrocarbon volumes in untested horizons and structures within The
Republicans vote to roll back Bidenera restrictions on mining and drilling in 3 Western states
Bahamas’ licence area support the recoverability of the group’s capitalised exploration costs.
“However, the delay on the part of the Bahamian government may result in some or all of the carrying value of the capitalised exploration costs not [being] fully recoverable. The group remains in discussions with the Bahamian government over the terms of the licence renewal.” That was several months ago.
Eytan Uliel, Challenger’s chief executive, who will assume the same role should the Sintana deal be approved by shareholders and regulators, has previously talked about “alternative strategies” to recover this investment.
Should commercially viable, extractable quantities of oil be discovered beneath the Bahamian seabed, Challenger - rather than extract it - would instead work with the Government to develop and share proceeds from a scheme involving the issuing of carbon credits whose value would be determined by the oil foregone.
Challenger has always signalled it would likely not undertake any further exploratory drilling in Bahamian waters without securing joint venture or farm-in partner to take the bulk of the financial, technical and operational risk as it seeks to extract what value it can from its Perseverance One investment.
The oil explorer, in documents disclosing the Sintana acquisition details, said some 34 percent of Challenger shareholders have committed to voting in favour of the deal. The price offered by Sintana represents a 44 percent premium to Challenger’s latest 11.5 pence share price, and a 97 percent and 96 percent improvement, respectively, to its three-month and 12-month trading average. No specific mention was made of the Bahamian Depository Receipts (BDRs) that Bahamian investors previously acquired in Challenger. The current administration has legacy ties to the oil explorer, with Jobeth Coleby-Davis, minister of energy and transport, having previously served as its in-house counsel. The Prime Minister’s law firm, Davis & Company, also represented it at one time.
By MATTHEW BROWN and MATTHEW DALY Associated Press
CONGRESSIONAL
Republicans have voted to roll back restrictions on mining, drilling and other development in three Western states, advancing President Donald Trump's ambitions to expand energy production from public lands.
Senators voted 50-46 Thursday to repeal a land management plan for a large swath of Alaska that was adopted in the final weeks of Democratic President Joe Biden's administration. Lawmakers voted to roll back similar plans for land in Montana and North Dakota earlier this week.
The timing of Biden's actions made the plans vulnerable to the Congressional Review Act, which allows Congress to terminate rules that are finalized near the end of a president's term. The resolutions require a simple majority in each chamber and take effect upon the president's signature.
The House approved the repeals last month in votes largely along party lines. Trump is expected to sign the measures, which will boost a proposed 211-mile road through an Alaska wilderness to allow mining of copper, cobalt, gold and other minerals.
Trump ordered approval of the Ambler Road project earlier this week, saying it will unlock access to copper, cobalt and other critical minerals that the United States needs to compete with China on artificial intelligence and other resource development. Copper is used in the production of cars, electronics and even renewable energy technologies such as wind turbines.
Grid operator targets 96 Bahamas recruits
ENERGY - from page B1
so that appliances stay in good working condition”, while another 49,000 “who used to live in outage-prone areas” had enjoyed “far fewer outages and service interruptions”.
Noting that it has added 47 intellirupters, which detect and disrupt faults occurring on New Providence’s grid, over the past six months, Bahamas Grid Company said it has targeted “the most at-risk feeders to automatically reclose in the event of faults, which greatly reduces the number of outages and the number of customers affected by them.”
This, it said, has resulted in a 73 percent reduction in outages for BPL customers connected “along the intellirupter feeder lines” and an 86 percent drop
for those “downstream” of these devices. Bahamas Grid Company, which described itself as a publicprivate partnership (PPP) with the Government, has a 25-year deal to manage and upgrade New Providence’s electricity grid.
That term can be extended for a further ten years if both sides agree, making it a potentially 35-year deal that could go through to 2060. Bahamas Grid Company is 60 percent owned by private investors, with BPL holding a minority 40 percent interest.
“The PPP is for 25-plus years with Bahamas Grid Company initially performing the foundational upgrade project to loop the transmission system, build a new switching station and upgrade the four major substations on the island,” it said in yesterday’s progress report.
“In addition, Bahamas Grid Company will be performing the operations and maintenance of the New Providence transmission and distribution system for the next 25-plus years. In August 2024, Bahamas Grid Company began deploying contract distribution crews to reconductor high-outage feeder lines, assist existing BPL crews with outage and storm response, and begin installing protection devices.
“In April 2025, the final agreements were signed and Bahamas Grid Company officially formed and took over the operation and maintenance of the New Providence transmission and distribution system.” However, these agreements have yet to be disclosed to the Bahamian people despite pledges by Prime Minister Philip Davis KC and his administration to do so.
Pointing to efforts since April 2025, Bahamas Grid Company added: “We rapidly deployed contract crews and local Bahamian
Nearby residents: Fears were not taken seriously
go-ahead within just three days of the public consultation and hearing.
“We were pretty certain they were going to be in favour of it,” Barbara Hepburn, president of the Grove West Homeowners Association, said. “We just didn’t know to what extent. So at least they have conditional approval, which is still better than outright approval. And hopefully our concerns could be heard and attended to in order for them to move to the final stages.
“We pretty much knew it was going to be somewhat approved, because we were told before it was approved in principle, and they had the certificate from the Department of Environmental Planning and Protection. So it’s a government project, a government department. It’s highly unlikely that they will rule against what the Government and the Cabinet decided.
“So we pretty much knew the direction in which it was going. But we were happy at least we were able to voice our complaints or our issues with the Department of Physical Planning. In that way, they can at least take into account what we said and what our concerns are.”
Cecil Ferguson, president of the Silver Cay Club homeowners association, during the Town Planning Committee hearing noted that during three other meetings called to discuss the new hospital, Dr Michael Darville, minister of health and wellness, “spoke as if it was a foregone conclusion” and requested statistical information on the amount of objections be provided.
“I asked him that for a reason,” Mr Ferguson said. “Because at each of the
meetings, they collected information from those of us who participated in those sessions. They wanted to know our personal details, as well as why we were objecting to the proposal and so on and so forth. And so they have, I’m sure, statistics on just how much opposition they got to the project.
“So now that they’ve decided to move forward, which is absolutely no surprise to me, it’s like, what do we do? It’s annoying. It’s disappointing, because we put these people in place to serve us, not to impose their will on us.
“And that’s the point that I was making also in the meeting, because my main point to him was you just seem like you’re pushing forward. You’re not listening to the people. Even in his responses, the minister, that is, he was very dismissive in terms of answering questions. He never answered directly.”
The approval granted to New Providence’s new hospital was made on that the Government provides “drainage control measures on the site subject to the approval of the civil design section of the Ministry of Works & Family Island Affairs”.
It must also provide “detailed access and circulation design drawings for review and approval by the Ministry of Works and Family Island Affairs”. Both Ms Hepburn and Mr Ferguson believe those conditions will not ease any of
their concerns, the latter adding that he has “zero confidence” these conditions will be met.
“Well, he [Dr Darville] was dismissive of all the other points, and opposition and concerns that were raised by all of those residents in the neighbouring communities,” Mr Ferguson said. “The Government will be equally dismissive. So I have zero confidence that they will meet any of those conditions. And just how every person who was in that room on Tuesday spoke against the project, none of that amounted to anything...
“And some of us were representing not just ourselves, but we were representing communities. So I was there as president of the homeowners association of Silver Cay Club, which is a community of 43 residents, as I’d indicated in the meeting.
“And Ms Barbara Hepburn, she was there representing Grove West Homeowners Association. And she was representing at least about 300 of us, because I also have a home in Grove West. I have two properties, like I said, within a quarter mile radius of that hospital, and another property some two or three miles away from there. So three times’ over, I’m a concerned citizen and resident,” he added.
“What it what is so disheartening is that, I think to get to the point where the people that we elect don’t serve the interest that
Spartan Bahamas Ltd. Registration No. 78735 C (In Voluntary Liquidation)
NOTICE is hereby given in pursuance of Section 222 (2) of the Companies Act, 1992 as amended by the Companies (Winding-up Rules Amendment) Act, 2011 that a Final Extraordinary General Meeting of the Members of Spartan Bahamas Ltd. (the “Company”) will be held at the Offces of GSO Corporate Services Ltd., on the 31st day of October, 2025 at 10:00 o’clock in the morning for the purposes of (i) having an account laid before them showing the manner in which the winding up has been conducted, the property of the Company disposed of and hearing any explanation that may be given by the Liquidator, (ii) the approval of the Liquidator’s remuneration and (iii) determining by Extraordinary Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator, shall be disposed of.
DATED this 10th day of October, A.D., 2025. GSO CORPORATE SERVICES LTD. Liquidator
companies to begin the foundational grid project. We also began hiring local staff as our long-term Bahamas Grid Company workforce.
“In addition, we completed a detailed system study and implemented state-of-the-art software to help manage the grid work, procure materials, conduct engineering and provide outage management services.”
Bahamas Grid Company’s management firm is Island Grid. Eric Pike, Island Grid’s principal, also heads North Carolina-headquartered Pike Electrical, which supplied the manpower, materials and resources to effect the New Providence energy grid’s transformation until Bahamas Grid Company took over in April 2025.
The New Providence grid operator, though, conceded that building its workforce remains a workin-progress with Bahamian staff accounting for just under two-thirds of those employed. It said 40 jobs
we put them there to serve, that’s very disappointing.” Ms Hepburn said while the conditions stipulated may benefit the hospital site, they do not help surrounding communities.
“They probably will be able to raise the site and do whatever is necessary to build within the well field or in the vicinity, but for the immediate neighbourhoods, once that is done, the water now will have to find some place to go, which will be the neighbourhoods,” Ms Hepburn said.
“And for me, I’m talking about the one west of the highway, which is the Grove West and the Vista Marina. Vista Marina was the one that was heavily flooded,
have been created thus far, and “local Bahamian talent makes up 63 percent of Bahamas Grid Company’s workforce”.
Another 96 jobs are “actively being recruited with a target to source 100 percent Bahamian talent”.
However, hopes to second BPL staff to Bahamas Grid Company have been impacted by the reluctance of unionised staff to make the switch for fear they will lose their pension rights, benefits and other factors guaranteed by their existing industrial agreements.
Bahamas Grid Company, meanwhile, said it has acquired and cleared 25 acres of land that “will soon become permanent office space, and also house training facilities and warehouses”, although it did not identify the location. It is temporarily operating from 7,300 square feet of office space.
“Seventy million dollars in materials have been purchased and expedited to support this grid project,” Bahamas Grid Company
and was underwater with just a tropical storm. So now, if they build up their site according to what is necessary, I’m not seeing how they’re going to mitigate against flooding in our area. So I would want to see something how they will deal with that for us.
“For instance, in Vista Marina, will they develop a catch pond on the corner just when you enter Vista Marina from the highway, because the water flows from there to our area. So I’m not seeing anything concerning how they will address flooding in the surrounding area, which will be created once they decide how they will contain or work within the water table
said. “Three new substations are being built now, which will add valuable protection to aging generation assets and transmission lines, as well as allow for the rerouting of power to prevent large-scale outages...
“One hundred and forty-four steel poles were installed to replace aging wood structures that were at extreme risk of storm failure. Our new, larger steel structures are category five rated. A $1m investment was made to launch our IT solutions set, including work management system, procurement system, GIS and outage management system.
“We patrolled and conducted proactive maintenance on 70 circuit miles of high-risk customer areas to prevent potential storm damage, including overdue tree trimming and the replacement of bad parts. [Some] 5,748 hours of trouble work and emergency support were provided, of which 57 percent occurred after hours.”
where they’re putting the hospital. They’re talking about them, but they’re not talking about us.” Ms Hepburn added that the conditions imposed do not address traffic concerns, as there is often congestion stemming from the six-legged roundabout. Noise is still an issue, notwithstanding the potential addition of constant sirens. She also called attention to the rise in crime in the area, suggesting that if the hospital is built the Government should invest in the installation of CCTV on the streets.
TESLA HIT WITH PROBE AFTER CRASHES INVOLVING A SELF-DRIVING FEATURE THAT MUSK HAS BOASTED ABOUT
By BERNARD CONDON and MATT OTT AP Business Writers
FEDERAL regulators have opened yet another investigation into Tesla's self-driving feature after dozens of incidents in which the cars ran red lights or drove on the wrong side of the road, sometimes crashing into other vehicles and causing injuries.
The National Highway Traffic Safety Administration said in a filing that it is looking into 58 incidents in which Teslas reportedly violated traffic safety laws while using the company's so-called Full Self-Driving mode, leading to more than a dozen crashes and fires and nearly two dozen injuries. The new probe adds to several other open investigations into Tesla technology that could upend Elon Musk's plans to turn millions of his cars already on the road into completely driverless vehicles with a over-the-air update to their software.
"The ultimate question is, 'Does the software work?'" asked Seth Goldstein, a Morningstar analyst with a "sell" rating on the stock. Added money manager Ross Gerber, "The world has become a giant testing ground for Elon's concept of full self-driving, and it's not working,"
The probe comes as Musk, whose fortune as the world's richest man derives partly from Tesla's levitating stock, has promised to roll out hundreds of thousands of driverless taxis in cities around the U.S. by the end of next year.
By FATIMA HUSSEIN and ISABEL DEBRE Associated Press
THE United States directly purchased Argentine pesos on Thursday and finalized a $20 billion currency swap line with Argentina's central bank, Treasury Secretary Scott Bessent said in a social media post, a rare move aimed at stabilizing turbulent financial markets in the cash-strapped Latin American ally.
"U.S. Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets," Bessent said, adding that the Treasury Department held four days of meetings with Argentine Economy Minister Luis Caputo in Washington D.C. to cement the deal.
of soybeans to China at the expense of their U.S. counterparts. Lawmakers have pushed Trump to explain how this financial help aligns with his "America First" agenda.
After the announcement Thursday, a group of Democratic Senators introduced the "No Argentina Bailout Act," which would stop the Treasury Department from using its Exchange Stabilization Fund assist Argentina.
"It is inexplicable that President Trump is propping up a foreign government, while he shuts down our own," Democratic Sen. Elizabeth Warren of Massachusetts, said in a statement. "Trump promised 'America First,' but he's putting himself and his billionaire buddies first and sticking Americans with the bill."
In the new probe, regulators reported that many of the Tesla drivers involved accidents said the cars gave them no warning about the unexpected behavior.
Tesla stock fell nearly 3% at one point Thursday but closed with a loss of just 0.7%.
The agency behind the latest probe, NHTSA, opened an investigation last year into driver-assistance features in 2.4 million Teslas after several crashes in fog and other low-visibility conditions, including one in which a pedestrian was killed. NHTSA also opened an investigation earlier this year for a "summon" technology that allows drivers to tell their cars to drive to their location to pick them up after reports of several fender benders in parking lots.
Another investigation was launched by the agency
The new investigation covers 2.9 million vehicles, essentially all Teslas equipped with full selfdriving technology, or FSD, a misnomer criticized for lulling drivers into handing full control over to their cars. Tesla has argued to regulators and in court cases that it has repeatedly told drivers the system cannot drive the cars by itself and whoever is behind the wheel must be ready to intervene at all times.
in August looking into why Tesla apparently has not been reporting crashes promptly as required.
That same month, a Miami jury found that Tesla was partly responsible for a deadly 2019 crash in Florida involving its Autopilot driver assist technology — which is different than full self-driving — and must pay the victims more than $240 million in damages. Tesla said it would appeal the decision.
Money manager Gerber, a long-time Tesla investor who says he once was a big believer in the company's driver assistance feature, says the company should stop calling it full self-driving and admit the vision-only system using cameras on its cars needs to be supplemented with radar sensors and other hardware. Otherwise, regulators should force it to do that.
"They have to take responsibility for the fact that the software doesn't work right and either adjust the hardware accordingly — and Elon can just deal with his ego issues — or
somebody is gonna have to come in and say, 'Hey, you keep causing accidents with this stuff and maybe you should just put it on test tracks until it works,'" he said.
The FSD system under investigation is what is called Level 2 driver-assistance software that requires drivers to pay full attention to the road. A new version of FSD was introduced earlier this week. The company is also testing a vastly upgraded version that does not require driver intervention, something that Musk has been promising to roll out for years.
Tesla is under pressure to show success with FSD because the main part of its business — selling cars — is struggling.
Customers who don't like Musk's support of President Donald Trump and far-right candidates in Europe have boycotted the company, sinking sales. Meanwhile, rival EV makers, including China's BYD, are stealing market share with cheaper, high-quality offerings.
Argentina's libertarian President Javier Milei, a fervent admirer of U.S. President Donald Trump, thanked Bessent for his "strong support" and Trump for his "powerful leadership."
"Together, as the closest of allies, we will make a hemisphere of economic freedom and prosperity," Milei said in a social media post.
Bessent, under fire from U.S. farmers and Democratic lawmakers, has insisted that the credit swap is not a bailout. Farmers are angry about the idea of rescuing Argentina, whose own farmers have benefited from a recent gush of sales
It doesn't help that repeated bailouts have failed to stabilize the crisis-stricken economy of Argentina. As the International Monetary Fund's biggest debtor, it owes the global lender a staggering $41.8 billion.
Milei, a wild-haired farright economist, came to office in late 2023 on the bold promise that this time would be different.
He vowed to take a chainsaw to reckless public spending that he inherited from his left-wing predecessor. But his radical austerity program has been painful, with no economic revival in sight and Argentines are losing patience.
NOTICE
NOTICE is hereby given that MIRIAM E I A ETH O AS IN S of 27 Ocean Street, Golden Gates #1, 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 10th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
NOTICE
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 3rd day of October 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 I SON A STRA of Spring City, 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 10th 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 KEITHRA KENREEKA JOSEPH of Cordeaux 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 10th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.
A 2021 Model 3 sedan sits in a near-empty lot at a Tesla dealership in Littleton, Colo. June 27, 2021.
Photo:David Zalubowski/AP
‘Further consultations’ on controversial reform
Mrs Glover-Rolle added:
“This is how effective policies are made and finetuned to the needs of the people. I encourage more stakeholders to provide their input, noting that they can always reach out to our reform strategists directly with their suggestions and concerns.
“This week, we had two very well-received Town Halls in both New Providence and Grand Bahama.
In fact, we received positive feedback from multiple members of the BCCEC on the reforms. We are taking the data collected and incorporating it where we can to ensure that we have the strongest possible legislative drafts ready to go when it’s time to roll out the full slate of reforms.
“This is an historic reform process that will move us closer to our goal of providing decent work for all workers in The Bahamas.
We are fully committed to delivering the best possible version of these reforms to significantly improve the local labour environment.”
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 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.
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.”
Reforms such as extending maternity leave to 14 weeks were also discussed during this week’s public consultation. Accommodations have also been made for adopting and breastfeeding mothers, while it is proposed that fathers will be able to take two weeks’ paternity leave “once every three years”.
Other changes to the Employment Act propose introducing “mental health wellness leave” of three unpaid days per
hiring
annum, while a paid daily work “break” will also be mandated. And, while an employer and employee can agree to the latter working up to 10 hours per day, overtime has to be paid for two hours as this exceeds the standard eighthour day.
A requirement for a minimum eight-hour break between shifts is also included in the proposed reforms. The Employment Act revisions also “eliminate” the current distinction in section ten concerning overtime for workers who receive the majority of their pay in tips, while managers and supervisors will now “be given time off for overtime hours worked”.
As for the Industrial Relations Act, the proposals include strengthening the “conciliation process” involving employer/employee disputes by giving the Department of Labour “more power to address those matters that really have no merit proper to being referred to the minister and, subsequently, to the Industrial Tribunal.
WALL STREET'S FEVERISH RALLY TAKES A BREAK AS US STOCKS AND GOLD PULL BACK FROM THEIR RECORDS
By STAN CHOE AP Business Writer
WALL Street took a pause on Thursday as U.S. stocks and even the price of gold pulled back from record highs following torrid runs.
The S&P 500 slipped 0.3% from its latest alltime high for just its second loss in the last 10 days. The Dow Jones Industrial Average dropped 243 points, or 0.5%, and the Nasdaq composite edged down by 0.1%.
Gold also fell following its stellar rally this year, losing 2.4% to drop back below $4,000 per ounce, while Treasury yields held relatively steady in the bond market. They're taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.
Financial markets have been climbing so relentlessly, including a 35% leap for the S&P 500 from a low in April, that worries are rising that prices may have shot too high and become too expensive. Concerns are particularly strong about the frenzy lifting stocks related to artificialintelligence technology.
Dell Technologies sank 5.2% for the biggest loss in the S&P 500, but that only trimmed its surge since talking up its AI growth opportunities at an investment conference earlier in the week. The stock is still up nearly 11% for the week
so far. Tesla also weighed on the market after falling 0.7%. The National Highway Traffic Safety Administration opened a preliminary evaluation of its "Full Self-Driving" system due to safety concerns.
Those losses helped offset a 4.3% ascent for Delta Air Lines, which reported a stronger profit for the summer than analysts expected.
Delta also gave a forecasted range for profit during the year's final three months whose midpoint topped analysts' estimates.
Its president, Glen Hauenstein, highlighted a broad-based acceleration in sales trends over the last six weeks, including for business travel domestically. Such reports from companies are taking on more significance, offering windows into the strength of the economy. That's because the U.S. government's shutdown is delaying reports that would clearly show how the overall economy is doing. This is the second week where the U.S. government has not published its update on unemployment claims, for example, a report that usually helps guide Wall Street's trading each Thursday.
PepsiCo rose 4.2% after delivering a better profit for the latest quarter than analysts expected, saying momentum improved for its drinks business in North America.
Delivering bigger profits is one of two ways
that companies can make their stock prices look less expensive following their big rallies. The other is if their stock prices fall.
Akero Therapeutics leaped 16.3% after Novo Nordisk, the Danish company behind the Wegovy weight-loss drug, said it would buy the drug developer based in South San Francisco, California. The price tag could reach $5.2 billion if Akero's lead product candidate wins federal regulatory approval.
MP Materials, a company that mines and processes rare earths in California, rose 2.4% after China announced curbs on its exports of the materials, which are critical for the making of everything from consumer electronics to jet engines.
Costco Wholesale climbed 3.1% after the retailer said its revenue rose 8% in September from a year earlier.
All told, the S&P 500 fell 18.61 points to 6,735.11. The Dow Jones Industrial Average dropped 243.36 to 46,358.42, and the Nasdaq composite slipped 18.75 to 23,024.63.
In stock markets abroad, indexes were mixed in Europe after Italy's Ferrari tumbled 15.4% following the release of financial forecasts that some analysts said were below their expectations.
Stocks in Shanghai leaped 1.3% after trading resumed there following a holiday.
JOHN O’Hara works on the floor at the New York Stock Exchange in New York, Wednesday, Oct. 1, 2025.
Photo:Seth Wenig/AP
What to do if your flight is delayed or canceled during the US government shutdown
By JOSH FUNK and RIO YAMAT AP Transportation and Airlines Writers
THE federal government shutdown has entered its second week, and already shortages of air traffic controllers have strained operations and disrupted flights at some U.S. airports.
Reagan National Airport became the latest this week to report delays because of staffing issues on Wednesday. But earlier in the week there were also problems at airports in Chicago, Newark, Denver and Nashville, and the tower even had to shut down for several hours in Burbank, California.
Experts, as well as union leaders representing air traffic controllers and security screeners, warn that the impact could grow significantly worse if the shutdown continues and
employees start to miss paychecks. Here is what to know about your rights as a passenger and what you can do if delays and cancellations start piling up:
Check before going to the airport
It is better to be stuck at home or in a hotel than to be stranded in an airport terminal, so use the airline's app or flight websites to make sure that your flight is still on before heading to the airport. This FAA site can be checked to see if there are widespread delays at your airport.
Kyle Potter, executive editor of Thrifty Traveler, suggests also closely monitoring the news if you have upcoming travel plans.
"A deal, in theory, could come through Congress any day now, and that could put all of this doubt lingering over air travel to an end pretty quickly," Potter said.
My flight was canceled. Now what?
If you are already at the airport, it is time to find another flight. Get in line to speak to a customer service representative, and call or go online to connect to the airline's reservations staff. It also helps to reach out on X, the site formerly known as Twitter, because airlines might respond quickly there.
Airlines will rebook you on a later flight for no additional charge. The good news right now is that this is not a peak travel time, so travelers stand a better chance of finding seats. But the busy holiday season is right around the corner, and at those peak times, passengers might have to wait days for a seat on a new flight.
Consider other travel options
If these problems do become more widespread, you might consider whether
it makes sense to travel by train, car or bus instead. But there is really no way to predict when and where a staff shortage might happen, and the ongoing shortage of controllers is so critical that even a small number of absences can cause problems.
Potter said the shutdown is different from when a single airline is having problems and travelers can just pick another carrier. This is creating problems for entire airports at once.
"As these problems expand and spread the
longer the shutdown drags on, it's unlikely that there will be one airline running on time if the rest of the them are failing," he said.
"It's going to affect the entire system over time."
Can I ask to be booked on another airline?
You can, but airlines aren't required to put you on another carrier's flight.
Some airlines, including the biggest ones except Southwest and the discount airlines, say they can put you on a partner airline.
But even then it is often hit or miss.
Jeff Klee, the CEO of AmTrav, which helps businesses book travel, has recommended researching alternate flights while you wait to talk to an agent.
Am I owed a refund?
If you no longer want to take the trip, or have found another way of getting to your destination, the airline is legally required to refund your money, even if you bought a non-refundable ticket. It doesn't matter why the flight was canceled.
PASSENGERS walk from a terminal at Philadelphia International Airport in Philadelphia, Tuesday, Oct. 7, 2025.
