10152026 BUSINESS by tribune242

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Thursday, OcTOber 15, 2026

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PM defends $39m surplus Jitney shutdown threat over ‘fiction’, ‘false’ claims unless adult BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net

THE PRIME Minister yesterday defended The Bahamas’ “first ever post-Independence” Budget surplus from Opposition charges it is a “fiction”, “false” and “empty” because it excludes the $311m in National Investment Fund (NIF) spending. Philip Davis KC, unveiling the June and full 12-month performance for the 20252026 fiscal year in the House of Assembly, said he had merely “put the case” and laid out the actual financial numbers in a deliberate attempt to counter the doubting “Thomases” in the Free National Movement (FNM) and international credit rating agencies. However, Kwasi Thompson, the Opposition’s finance spokesman, in both the House of Assembly and subsequently to Tribune Business, argued that the $39.3m Budget surplus unveiled yesterday has little to no credibility because the Government has not included the National

Davis ‘puts the case’ to counter doubting ‘Thomases’

fares raised to $2

Opposition charges NIF’s $311m spend stripped out

Sector pleads for 33% fare increase from $1.50

June surplus jumps over five-fold to hit revised target Investment Fund spending in its fiscal calculations. Michael Halkitis, minister of finance, had previously told Parliament the near-$311m outlay from the Fund had been spent on infrastructure such as airports, roads, water systems and court complexes to the Bahamian people’s benefit. Given that this is typical capital spending for the Government, Mr Thompson

PHILIP DAVIS KC

KWASI THOMPSON

said there is no good reason why it was stripped from the fiscal numbers. Its inclusion, he argued, would have driven the Government instead into a $270m-plus deficit for the 2025-2026 fiscal year that closed at end-June. However, Mr Davis stuck firmly to his and the Government’s position that it has achieved the “first fiscal surplus recorded in an independent Bahamas”, meaning that tax and total revenues collected exceeded public spending in those 12 months. The Ministry of Finance’s report for June 2026, which also includes the full-year figures, shows that the $39.3m

NIF’s $311m outlay creates ‘major challenge’ to surplus BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A SENIOR Bahamian banker yesterday argued that the Government’s use of the National Investment Fund (NIF) to finance $311m in capital investments creates “a significant challenge” as to whether the touted $39.3m Budget surplus is “accurate”. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business

that the Fund’s financial performance should be incorporated with that of the whole Government given that the latter is, in effect, its “full and beneficial owner” which was using it as a special purpose vehicle (SPV) for specific spending purposes. Speaking after Prime Minister Philip Davis KC unveiled the “first ever post-Independence” Budget surplus for the 2025-2026 fiscal year that closed at end-June, he argued that the outcome was

Bahamas in terror reforms just days before inspection BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE BAHAMAS yesterday made critical reforms to its anti-terrorism law just days before this and other anti-financial crime defences are tested by international examiners to ensure they meet global standards. Kwasi Thompson, the Opposition’s finance spokesman, told Tribune Business he understands the deficiency that the Anti-Terrorism (Amendment) Bill 2006 seeks to address would likely have been raised by Caribbean Financial Action Task Force (CFATF) examiners when

they begin their two-week inspection of The Bahamas this Monday. The CFATF team’s visit, which will last from October 19-30, is part of the fifth round mutual evaluation of The Bahamas’ anti-financial crime regime and defences, including counter-terror financing, and the east Grand Bahama MP says it is critical this nation “puts ourselves in the best possible light” to maintain its existing 100 percent compliance with international standards. Prime Minister Philip Davis KC, speaking earlier on the Bill in the House of Assembly, said the reforms will “close a gap between

UPGRADE - See Page B10

FIU sees 50% surge in suspicious transactions BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE FINANCIAL Intelligence Unit (FIU) dealt with a 50.26 percent surge in suspicious transactions reports (STRs) during 2025 attributed to “a continued rise in reporting activity and vigilance by financial institutions”. The agency, which is responsible for analysing STRs to determine if there is sufficient evidence of financial crimes that warrants further investigation

by other bodies, such as the Royal Bahamas Police Force, also saw inter-agency reports more than double from 71 in 2024 to 199, while requests for assistance by overseas counterparts remained relatively flat at 64. The FIU’s 2025 annual report, tabled in the House of Assembly yesterday, noted that STRs rose in number by almost 500 from 933 in 2024 to 1,402 last year. Emerick Seymour, its director, wrote that the increase was “a notable

ANALYSE - See Page B9

GOWON BOWE “not surprising” given the Government’s original and revised projections but there was little explanation or analysis of what had produced the figures. Noting that the Ministry of Finance’s monthly and quarterly reports are the public sector equivalent of

MICHAEL PINTARD

annual figure was ultimately achieved by a more than fivefold increase in the Budget surplus for that month - from $25.4m in 2025 to $130.7m this time around (see other article on Page 1B). The increased June surplus was achieved following major jumps in both revenues and spending. The Government’s total tax income more than doubled for the month, increasing by 116.7 percent or $307.2m year-over-year to hit $570.5m, while non-tax revenue surged by $159.8m to hit $206.6m. Revenues, though, grew at a faster rate than the Government’s fixed-cost, or

Drivers, owners being squeezed out of business Fuel, maintenance, parts and insurance escalating BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net

management accounts, and often subject to change in later fiscal years, Mr Bowe told this newspaper that recent government communications signal that “certain of their capital expenditures are not reflected in these numbers”. “The conversations that have been going on regarding the National Investment Fund really put these numbers in a significant challenge because, if you accept that the Ministry of Finance has invested the Fund for commitments of capital works in excess of $300m, that’s not reflected here,” the Fidelity chief, and member of the first Fiscal Responsibility Council, said.

JITNEY drivers and owners are threatening to shut down New Providence services unless the Government urgently addresses soaring diesel prices and approves a 33 percent increase in adult fares to at least $2. The Bahamas Unified Bus Drivers Union (BUDU), together with the United Public Transportation Company’s (UPTC) president, Harrison Moxey, said drivers across routes one to 21A are on alert for formal instructions to suspend services, warning that rising fuel prices and operating costs have made it increasingly difficult to maintain a viable business and remain on the road. Corvell Colebrooke, the BUDU’s general secretary, said the possibility of withdrawing services has not been taken lightly, but drivers can no longer sustain the cost of transporting commuters. “The general consensus is this: Alongside with Mr Harrison Moxey of the Drivers Association, the drivers have officially asked that we ask him, and my president has agreed, Mr Moxey has agreed, for removal of service of the bus transportation,” Mr Colebrooke said. “At this point in time, all routes from number one straight to route 21A - that’s the last and biggest route - all drivers are on the alert for the written orders that will be coming from president Rudolf Taylor and president Harrison Moxey.” Mr Moxey said that with diesel costs at $8.25 per gallon, and further increases expected at some fuel stations as of yesterday, the jitney industry has been facing compounding financial pressures since the COVID-19 pandemic.

REPORT - See Page B5

TRANSPORT - See Page B8

FORECAST - See Page B10

PAGE 2, Thursday, October 15, 2026

THE TRIBUNE

Doctors Hospital grants staff 22,144 extra shares DOCTORS Hospital Health System (DHHS) yesterday granted its staff a further 22,144 common shares in the company through the second transfer in its employee stock ownership plan. The BISX-listed health provider, in a statement, said the latest grant brings the total number of outstanding and issued common (equity)

shares in the company to just over 25 million. It added that the Employee Share Participation Plan (the Plan), open to all full-time staff, is designed to empower associates, reward exceptional performance and foster deeper participation in Doctor’s Hospital’s future growth and results.

“As we continue our focus on being the provider of choice for those seeking medical care within The Bahamas, we remain mindful of the fact that our employees are an essential ingredient in defining the patient experience and we remain dedicated to aligning those interests for the best possible outcomes," said Dennis Deveaux, Doctors Hospital’s chief executive. “Our goal is to be the provider of choice for patients and the best place to work for associates. We are proud to offer this second annual grant opportunity to our associates under our Employee Share Participation Plan.”

THE TRIBUNE

Thursday, October 15, 2026, PAGE 3

Bahamas requires more firms with credible continuity plans H

urricanes do not call ahead. Neither do server crashes, ransomware attacks or sudden supplier collapses. For Bahamian businesses, the question is never whether disruption will arrive but when, and the difference between recovery and ruin usually comes down to whether someone took the time to write a continuity plan before the storm hit. A business continuity plan is a written document that describes how your company will continue operating, or rapidly resume operating, when something significant goes wrong. It is not the same as an insurance policy, although insurance is part of it. It is a practical playbook that tells your team what to do when normal operations are interrupted. The Bahamian context makes this work especially

important. Our archipelago faces hurricanes annually, sometimes catastrophically, as Hurricane Dorian demonstrated in 2019. Beyond weather, our businesses face the same digital risks as any modern enterprise, including cyber attacks, software outages and data loss. Add inter-island logistics challenges, occasional power instability and concentrated supplier markets, and the case for written plans becomes overwhelming. A useful continuity plan covers several core areas. The first is data back-up. Every business should maintain back-ups of essential records in at least two locations, one of which is off-site or cloud-based. The accounting records, customer database, payroll information and operational documents that took years to build can be lost in hours

without proper back-up discipline. Cloud accounting platforms have largely solved this problem for financial records, but inventory systems, contracts and operational documents often remain vulnerable. The second area is communication. When disruption strikes, customers, employees and suppliers all need information quickly. Your plan should specify who communicates what, through which channels, and on what timeline. A simple staff phone tree, a customer communication template and a list of key supplier contacts kept somewhere accessible can save days of confusion. The third area is operations. If your physical location becomes unusable, can your team work remotely? If your primary supplier cannot deliver,

who is your back-up? If your point-of-sale system fails, can you process transactions another way? Each of these questions, answered in advance, prevents paralysis when answers are urgently needed. The fourth area is finance. Disruption often means revenue interruption combined with continued or increased expenses. Your plan should identify how long the business can operate with reduced or zero revenue, what credit facilities are available, and what costs can be quickly reduced if necessary. The owners who navigated COVID with the fewest scars were generally those who had thought about cash reserves long before the crisis. The fifth area is recovery and learning. Every disruption teaches lessons. The plan should include a

process for documenting what worked, what did not, and what should change before the next event. Continuity planning is iterative. Each test, real or simulated, should make the plan better. Building these plans does not require expensive consultants. A small business can produce a workable continuity plan in 20 to 30 hours of focused work spread across a few weeks. The exercise itself, more than the resulting document, builds organisational readiness because the conversation

Gov’t eyes combined fuel buying for public utilities

procurement of generators, transformers, meters and critical spare parts, creating opportunities to improve purchasing efficiency across the public utilities sector. The strategy forms part of the wider role being developed for Grand Bahama Energy Company (GBEC), the state-owned special purpose vehicle (SPV) that acquired GB Power, and has since been given a broader mandate to co-ordinate the Government's interest in public utilities. Under the proposed framework, Grand Bahama Energy Company will oversee enterprise-wide strategy, governance, financial controls, fuel procurement, asset management, longterm capacity planning and debt management, while BPL and GB Power would remain responsible for day-to-day operations and service delivery. Mrs Coleby-Davis said co-ordinated purchasing could also strengthen energy

security by allowing the Government to examine shared fuel storage, strategic reserves, logistics and emergency supply arrangements across the islands. For an island chain vulnerable to hurricanes and supply chain disruption, she said, fuel security is a matter of national resilience. The implications extend beyond electricity generation, given that water production through desalination is also energy-intensive. Mrs Coleby-Davis also outlined the Government's objective of moving towards one national fuel charge per kilowatt hour (KWh) for electricity customers, regardless of the island on which they live, subject to the necessary tariff and regulatory arrangements. She said incorporating GB Power into a national fuel cost pool will expand both the volume of electricity and the eligible fuel costs across which charges could be allocated. However, Mrs

Coleby-Davis cautioned that combining fuel costs will not, by itself, reduce total fuel spending. “The savings must come from more efficient generation, better procurement, fuel diversification and improved operations,” she said. The distinction is important because a common fuel charge would change how eligible fuel costs are shared, while actual savings would depend on whether the utilities secure better purchasing terms or reduce the amount and cost of fuel required to generate electricity. The proposed procurement strategy comes as the Government pursues a wider overhaul of the energy sector, including the transition to LNG, increased renewable energy generation, battery storage and improvements to electricity transmission and distribution networks. Mrs Coleby-Davis said Grand Bahama had

BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE GOVERNMENT is developing a national fuel procurement strategy that would combine the purchasing power of Bahamas Power & Light (BPL), Grand Bahama Power Company and the Water and Sewerage Corporation to secure better pricing and terms. Jobeth Coleby-Davis, minister of energy and transport, outlined the plant to reduce costs for the Government’s public utilities in Parliament yesterday, explaining that it is seeking to use the combined economies of scale from the three utilities to negotiate with suppliers

from a stronger position in international fuel markets. Historically, the utilities have procured fuel separately, despite relying on the same international market. The Government now wants to consolidate their requirements and explore longer-term supply arrangements for diesel, heavy fuel oil and liquefied natural gas (LNG). “By consolidating their requirements, we can negotiate with suppliers on the strength of combined national demand, rather than approaching the market as separate utilities,” said Mrs Coleby-Davis. “The Bahamas can approach it with one national requirement.” She added that the approach could also be extended to the

KEITH

ROYE II

reveals gaps that would otherwise remain invisible. The Bahamian economy needs more businesses with credible continuity plans. Each enterprise that survives a storm or cyber attack preserves jobs, tax revenue and community resilience. Each enterprise that fails because no one had thought through obvious risks represents avoidable loss. Hurricanes do not call ahead, but you can plan ahead. The owners who do will spend the next storm dealing with property damage rather than business failure. That difference is worth the few hours of planning it costs to prepare. • NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US. approximately 9.5 mega watts (MW) of independent power producer capacity connected to its grid, with a further 5 MW of solar capacity expected before the end of 2026. The additional capacity will bring the total to approximately 14.5 MW, while the utility has begun planning for battery energy storage procurement in 2027. Mrs Coleby-Davis said the wider reforms are intended to strengthen the financial and operational sustainability of The Bahamas’ electricity and water services, while improving reliability and affordability for consumers. The Government has not yet provided a quantified estimate of the savings expected from consolidated fuel procurement or a specific implementation timetable for the proposed arrangements.

PAGE 4, Thursday, October 15, 2026

THE TRIBUNE

Bahamian developer unveils $150m Aqualina completion A BAHAMIAN developer yesterday announced it has completed construction on phase two of its $150m, 60-unit Aqualina residential project at Cable Beach. Aristo Development, headed by Jason Kinsale, said in a statement that building work on a development featuring three and four-bed units, ranging in size from 2,600 to 4,100 square feet, and priced between $3m to $6.9m, has finished after supporting hundreds of construction jobs. “When we broke ground on Aqualina, we promised that what would rise here would be the most luxurious sky rise in The Bahamas and we have kept that promise,” said Mr Kinsale. “We insisted on unparalleled performance by our many sub-contractors, who saw our vision for this building and ensured a quality in finishing details that sets the bar high.” Mr Kinsale said Aqualina is designed for buyers who want not just an occasional getaway but ‘a place to call home in The Bahamas,’ particularly families searching for a destination that is politically stable, peaceful and secure.

“Our goal was, and is, to provide the perfect residence for the high net worth individual or family who appreciates all that The Bahamas has to offer,” he added. “There was a time when sun, sand and sea, plus a tax-friendly environment, was enough. The world has changed and personal security and peace of mind are now priorities. “The Bahamas fits that profile, and we wanted to match it with the perfect home for those seeking security while also satisfying an increasingly sophisticated local market. We also wanted to satisfy those who chose The Bahamas before and now, feeling like this is not just a second home but their real home, wanted to upgrade and move into something larger with more amenities.” Matt Marco, Aristo’s sales and marketing director, said there was “robust activity” at Aqualina, which is located just west of Baha Mar. He added that Aqualina is able to provide “the best of all worlds – privacy and spaciousness at home, and walking distance to the glamour and excitement of Baha Mar with all

the dining, entertainment, sports activities, shopping, art, culture and other offerings a great resort like that has to offer right at your doorstep”. Mr Marco said he believes real estate demand for The Bahamas will continue to grow, adding: “Against a backdrop of global uncertainty, particularly ongoing instability in the Middle East, discerning buyers are increasingly prioritising safety, security and stability. “The Bahamas offers an extraordinary combination of tax advantages, excellent international schools, vibrant social and cultural events, prestigious private clubs, world class golf, tennis, boating and year-round sunshine. “Combined with our proximity to major north American cities and exceptional quality of life, The Bahamas continues to strengthen its position as one of the world’s most desirable destinations.” Besides Aqualina, Aristo’s development projects have also included Balmoral and One Cable Beach.

Golf Cart & Outdoor Power Equipment Dealer – Service Manager Wanted We seeking a highly organized and motivated Service Manager to lead the daily operations of our Golf Cart & Outdoor Power Equipment Service Department. The successful candidate will be responsible for supervising the service team, managing repair and maintenance workflows, and ensuring exceptional service quality and customer satisfaction. Golf Cart & Outdoor Power Equipment Mechanic Wanted We are seeking a skilled and reliable Golf Cart & Outdoor Power Equipment Mechanic to join our team. This position involves diagnosing, repairing, and maintaining a variety of golf carts, small engines, and outdoor power equipment. The ideal candidate will have strong mechanical skills, attention to detail, and the ability to work efficiently in a fast-paced service environment. If interested, email eastablished242@gmail.com for more information.

THE TRIBUNE

Thursday, October 15, 2026, PAGE 5

June hikes caused from dividend/payables offset REPORT - from page B1 “How would this change the numbers? If you made transfers into the National Investment Fund, and they transacted from that on behalf of the Government, should this expenditure not be recognised in the same manner? “The National Investment Fund is a subsidiary of the Government. The Government is the full and beneficial owner. There are no other parties. If the Government consolidated the National Investment Fund, the expenditure of $300m out of the $700m will have to be reconciled, it leaves the question if these [fiscal 2025-2026] numbers are an accurate reflection of the Government’s consolidated fiscal affairs.” Mr Bowe reiterated that the question yet to be answered is whether the Government is effectively “not fully, comprehensively and accurately reflecting its fiscal performance” as it unveiled a Budget surplus that came in 47.9 percent, or $36.2m, below the original $75.5m target for the 20252026 fiscal year. One source, speaking on condition of anonymity, told Tribune Business that besides the $310m National Investment Fund spending - the Government had effectively kept $131.7m in subsidies to loss-making state-owned enterprises (SOEs) from adding to the deficit and national debt by treating these advances as loans, and thus recording them as assets. “As at end-June 2026, bilateral short-term loans of public entities with the government stood at $728.7m, an annual increase of $131.7m (22.1 percent),” the Ministry of Finance’s June 2026 report revealed yesterday. When this is added to the $310m tied to the National Investment Fund, the source said up to almost $462m in government spending is not being reflected in the 2025-2026 figures as many of the entities receiving these loans are heavy loss-makers and generate little to no income, meaning there is minimal to no chance they will be able to repay them. The Ministry of Finance’s report for June 2026, which also includes the full-year figures, shows that the $39.3m annual figure was ultimately achieved by a more than five-fold increase in the Budget surplus for that month - from $25.4m in 2025 to $130.7m this time around. The increased June surplus was driven by major jumps in both revenues and spending. The Government’s total tax income

more than doubled for the month, increasing by 116.7 percent or $307.2m yearover-year to hit $570.5m, while non-tax revenue more than quadrupled by $159.8m to hit $206.6m as opposed to just $46.8m in 2025. Revenues, though, grew at a faster rate than the Government’s fixed-cost, or recurrent, spending on civil service wages, rents and debt servicing, which also more than doubled in June to increase by 103.8 percent or $279m to hit $547.6m. Capital expenditure also surged, expanding by $82.7m year-over-year to hit $98.7m for June 2026. The nine-figure, and double-digit, increases in both revenue and spending in June were not explained in-depth in the Ministry of Finance’s report. The revenue surge, it said, was driven by a combination of VAT more than doubling, growing by 119.6 percent to $248.3m on the back of enforcement to likely set a monthly record, plus $68.6m collected from the new 15 percent corporate tax. The final boost came from what the Ministry of Finance described as “significant gains in dividend income from several public entities” whose identities were not revealed. This produced a more than seven-fold jump in ‘other’ non-tax revenue from $23.3m in June 2025 to $172.8m. On the spending side, the Government’s outlay on goods and services increased more than fourfold in June 2026, rising year-over-year from $61.8m to $255.1m due to increased

spending on “utilities and communications”. “Non-tax revenue more than doubled by $159.8m to $206.6m. This outcome included significant gains in dividend income from several public entities, a significant portion of which was used to settle the Government’s payment arrears,” the Ministry of Finance report said. “Payments for the use of goods and services rose more than two-fold, by $193.3m, being associated with higher outlays for utilities and communications…. Movements in both revenue and expenditure included significant reciprocal offsets of receivables and payables between the Government and statutory bodies, together with sizeable dividend receipts.” One well-placed fiscal observer, speaking on condition of anonymity, said the major hikes in these figures - and both overall government revenues and spending for June - could stem from what they described as “offsets” between what the Government owed the public utilities and the dividend payments. Government ministries, departments and agencies often owe significant sums to the likes of Bahamas Power & Light (BPL) and Water & Sewerage Corporation, and the source suggested that the Davis administration may have paid these debts - hence the reference to settling “payment arrears” - and then received at least some of this sum back as dividends. “Give them a huge cheque and declare it right back to the Government,” they suggested. However,

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NOTICE NOTICE is hereby given that I VERLINDA ELYSEE of Kiki Street Off Farrington Road, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

the VAT revenue, which represented a $138.3m year-over-year increase for June, both occurred in a month when such earnings are typically lower because quarterly filers do not pay, and was some $70m-plus higher than the four peak months when they do. “Tax revenue was higher by $307.2m (116.7 percent) at $570.5m,” the Ministry of Finance said. “VAT receipts rose by $135.2m (119.6 percent) to $248.3m, reflecting improved collection of VAT arrears. “Taxes on financial and capital transactions were higher by $35.3m, mainly associated with stamp duty on sales of shares. Taxes on income, profits and capital gains of $68.6m represented receipts of the Domestic Minimum Top-Up Tax (corporate income tax). “Taxes on international trade and transactions advanced by $44.4m (44.6 percent), reflecting a combination of improved receipts of departure taxes and excise duty.” The Ministry of Finance report also compared the 12-month performance for 2025-2026 against the original Budget projections - not the supplementary Budget that it presented in June 30 right as the fiscal year closed, and whose existence was only disclosed by the Fiscal Responsibility Council watchdog. The Davis administration would likely have known

where the 2025-2026 fiscal year was coming in when it produced those revisions, and the $39.3m surplus unveiled by the Prime Minister yesterday actually beat the revised $32.7m projection by $6.6m. Recurrent spending, too, at just over $3.5bn came in more than $120m below the updated $3.63bn estimate. However, while Mr Davis pointed to fullyear total revenues of $3.964bn exceeding the original Budget forecast of $3.896bn, they came almost $120m short of the enhanced $4.084bn target set in the supplementary Budget at end-June 2026. “I think the fiscal summary is not surprising,” Mr Bowe told Tribune Business. “It gives the number the Government indicated earlier in terms of what the surplus turns out to be, but what this fails to do is explain the overruns on the capital and recurrent [spending] side. “There are capital expenditures that appear not to have been recognised because they have gone through an SPV, and even though revenue exceeded the original Budget it was largely driven for the most part by the Domestic Minimum Top-Up Tax.” Without the latter’s contribution, Mr Bowe said revenues may well have “undershot” the target. “Preliminary data on the fiscal outturn for June

2026 showed a significant improvement in the overall balance to an estimated surplus of $130.7m from $25.4m recorded in June 2025,” the Ministry of Finance said. “This outcome reflected a $467m (150.7 percent) gain in revenue receipts to $777.1m, which surpassed the $361.7m (127.1 percent) increase in total expenditure to $646.3m. Movements in both revenue and expenditure included significant reciprocal offsets of receivables and payables between the Government and statutory bodies, together with sizeable dividend receipts… “Capital expenditure broadened by $82.7m to $98.7m. Approximately 91.7 percent was expended for the acquisition of non-financial assets, primarily related to road repairs, building maintenance and airport infrastructure. The remaining 8.3 percent represented capital transfers.” On the debt front, the Ministry of Finance said of June 2026: “Aggregate debt repayment amounted to $95.3m, of which 80.8 percent related to domestic currency and 19.2 percent belonging to foreign currency. Sinking funds established for future debt repayments aggregated $46.5m at end-June 2026.”

PAGE 6, Thursday, October 15, 2026

THE TRIBUNE

Thursday, October 15, 2026, PAGE 7

Arrow-words are like crosswords, but the clues inside squares on the grid. Write your ans blank squares in the direction indicated by Solution

WORDSEARCH JUDGE PARKER

CARPE DIEM

MARVIN BLONDIE

N A W V F M E T A T A R S Z N Y E B S U R E M U H S W J M E I D T G R C L C T P U A I V I P R Q F N A A R M A D C G A K A X A O P H A S L U D R J V P W L E Q X D U L J I C G R E M S E I S G I E E S H K F Z C I L J A Y D T M K O R C H L C A C O A A Q J O R W I A U I H R L R P C N B M A E K D V G U A C M T Z U V S E V R A M M S C A P U M A N D I B L E M S L I Q W A S U E N A C L A C S W

BONES IN THE HUMAN SK

Find all the terms listed below in the g Solution tomorrow CALCANEUS ● CLAVICLE ● COCC FEMUR ● FIBULA ● FRONTAL ● HUM MANDIBLE ● MAXILLAE ● METATAR PARIETAL ● PATELLA ● RADIUS ● SA SCAPULA ● STAPES ● TRAPEZIUM ●

HAGAR THE HORRIBLE

TIGER

YESTERDAY’S QUICK CROSSWORD Across: 1 Grandiose, 8 Old, 9 Imprecation, 11 Oversee, 12 Ocean, 13 Shindy, 15 Mettle, 17 Edict, 18 Affront, 20 Assiduously, 22 Tot, 23 Stratagem. Down: 2 Rim, 3 Dress, 4 Onager, 5 Episode, 6 Contentious, 7 Adornment, 10 Precipitate, 11 Obscenity, 14 Detests, 16 Larder, 19 Front, 21 Lie.

CALVIN & HOBBES

DENNIS THE MENACE

WORDSEARCH T H E P E R F E C T S T R T H E M I D N I G H T I J K X G Q D T I D P X A N E V E L E S N A E C E G T H G I S F O T U O H R R K H P Z J T V I F T A S D I K Y P S T I Q N V I T K M X D D N G N I I R S G N I K E E R H P T A T V Z C D P Y M F U Y L S X E A Q S L G X U M O N E Y M O N S T E V I S H A I L C A E S A N O T Y A L C L E A H C G X O F R M C I T S A T

TARGET

THE ALPHAPU

PRIVATELY airy apery aptly arty aryl early irately laity layer levity levy livery lyrate lyre paltry parity parley partly party payer pearly peaty peltry pertly piety pity play player pray prey PRIVATELY privy pyre pyrite raptly reality realty relay rely repay replay reply ripely riyal tray trey triply type tyre variety vary verily verity very year yelp yeti

Across: Quiver, Locust, Halt, Drum, Abusive, Ze Jeans, Node, Coup, Brea Sect, Betwixt, Pogo, Ala Played, Obtuse. Down: Z Usage (clue), Atoll, Audi Ebony, Refuge, Rotund, Lotion, Akimbo, Cider, S Emote, Sauce, Crass, De

CRYPTOQUOTE AXYDLBAAXR is L O N G F E L L O W One letter stands for another. In this example, A is used for the three L’s, X for the 2 O’s, etc. Single letters, apostrophes, the length and formation of words are all hints. Each day the code letters are different. Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday

Yesterday’s Sudoku Answer

MICRO CROSSWORD

CHALLENGER

Yesterday’s Answers

PAGE 8, Thursday, October 15, 2026

THE TRIBUNE

Unions form united stance over jitneys TRANSPORT - from page B1 “We are at a very, very grave loss, and so we are taking this first step publicly to advocate to the Government that we need a bus fare increase, that we need an intervention for relief in our industry, before it totally collapses,” he said. Mr Moxey said the UPTC has written to the Ministry of Finance outlining its proposed fare increase, with adult fares rising to no less than $2. He said the Association was prepared to leave existing fares for senior citizens and children unchanged.

The operators are also calling for government intervention to reduce the burden of VAT on fuel and other expenses, arguing that the current fare structure no longer reflects the cost of running a public transportation business. Mr Moxey said operators have received exemptions on bus purchases but continue to face higher insurance premiums, maintenance costs and other expenses associated with keeping their vehicles roadworthy. He said third-party insurance now costs more than $2,000, while bus tyres are

approaching $200 each. The cost of regular servicing and maintenance had increased by more than 200 percent, he added. “The cost of the busses go up about $1,000 every year,” Mr Moxey said. He added that the rising expenses were squeezing already narrow profit margins, leaving operators struggling to cover costs while maintaining services for commuters. Mr Moxey said he had reduced the daily quota required from drivers, sacrificing about $200 per bus each month to help them take home more money to support their families. “As an owner, you’re looking at the situation. You’re hearing the cries of the driver, but the problem is nobody is hearing the cries of us who have to operate and bear the expenses of the industry,” he said. Mr Moxey warned that the industry cannot continue operating under current conditions, particularly as buses consume fuel throughout the day to transport passengers and keep air conditioning systems running. He said the unions wanted to meet with the Government by Friday to discuss a way forward,

appealing directly to Leon Lundy, minister of transport, Michael Halkitis, the minister of finance, and Prime Minister Philip Davis KC to treat the matter as urgent. “People need to get to work, but we also need to survive,” Mr Moxey said. Mr Colebrooke argued that the Government should consider removing VAT from fuel or reducing the price to bring costs down to between $5 and $6 per gallon. He said drivers are paying between $135 and $150 daily for fuel, with a significant portion of the cost attributable to government taxes. “Government subsidises Bahamasair, BEC, the mail boats with fuel, with diesel, with jet fuel,” Mr Colebrooke said. “But how do you expect us to continue paying $135 to $150 per day?” He added that jitney operators are not asking for handouts but need a sustainable operating environment, pointing out that public transportation was essential to Bahamians who cannot afford private vehicles. Mr Colebrooke also criticised the Government for what he described as a lack of engagement with bus drivers since the May 12 general election, saying operators have yet

to receive a meaningful response to their concerns. “The industry cannot survive,” he said. “These prices too high. The price of oil is too high. The price of parts is too high.” Reno Brown, a jitney driver, said he was prepared to participate in the proposed withdrawal of services, responding “I ready now” when asked whether he intended to join the action. Kyle Albury said drivers are spending a substantial portion of their daily earnings on fuel and the amounts they are required to pay bus owners. “If you got to spend $200 to put in diesel, along with the $150, which you got to make for the boss, that’s $300,” Mr Albury said. “That’s basically what all you making all day.” Sanchez Dawkins said he recently helped another driver whose bus had broken down and ran out of fuel, adding that some operators could afford to put only $15 worth of diesel into their vehicles to complete a lap or two. “I feel like at least we need an increase in the bus fare,” Mr Dawkins said, adding that he supported the unions’ decision to potentially withdraw services. He warned that a widespread shutdown could

disrupt school attendance, medical appointments and workers’ ability to reach their jobs. “If you’re going to take the bus, please pay your bus fee,” Mr Dawkins said. “Please pay your bus fee in full. Correct bus fee. Come with your correct change.” Mr Colebrooke said the unions have remained divided for too long, but are now united with franchise owners in seeking relief from the Government. “That was long overdue,” he said. “We have been fractured for too long a time. We are unified as one. If the Government thinking that they’re going to go play one side to the next, think again. Think again.” Mr Moxey said the latest fuel increases have intensified a crisis that pre-dated the current spike, insisting that a temporary decline in diesel costs would not resolve the industry’s broader financial problems. “We have been to this crossroad from 2020 with COVID with no relief,” he said. “Twenty-five cents does not cut it.” Mr Moxey added that public transportation should be treated as an essential industry in government policy, warning that the failure of small operators will ultimately hurt the wider economy and the commuters who depend on them. “This is the straw that could break the camel’s back right here,” Mr Moxey said.

THE TRIBUNE

Thursday, October 15, 2026, PAGE 9

Agency attributes rise to greater ‘vigilance’ ANALYSE - from page B1 feature” and “reflects both heightened awareness among reporting entities and the growing complexity of the financial crime environment”. The 2025 increase followed the prior year’s 28 percent STR leap from 2023, with reports rising then from 724 to 933. “Banks remained the largest source of STR submissions, filing 716 reports in 2025 compared to 676 reports in 2024 and 612 reports in 2023,” the FIU’s annual report said. “Digital assets businesses recorded the most significant increase, submitting 483 STRs in 2025, up from 72 STRs in 2024. This growth reflects the expanding role of the digital asset sector and increased reporting activity within the industry.” Money remittance businesses increased the number of STRs submitted almost eight-fold in 2025, from five in 2024 to 39. Securities firms submitted 85 STRs in 2025, as opposed to 57 the prior year, while trust and insurance companies were relatively flat at 16 and five, respectively, compared to 12 and three in 2024. The FIU said the most frequent reason for submitting STRs, some 504 compared to 369 in the prior year and 293 in 2023, was account activity that did not match what clients had disclosed on their due diligence forms

and Know Your Customer (KYC) processes. Evidence of forged documentation “increased substantially” as a reason for submitting STRs in 2025, the number of reports rising to 145 compared to 46 in 2024 and 50 the year before that. Cash-based transactions also rose as a reason for submitting STRs - from 61 reports in 2024 to 89 last year - while information that institutions received from third-parties sparked 138 STRs compared to 76 in 2024. “Money laundering emerged as the most frequently reported suspected offence, accounting for 283 STRs in 2025 compared to 71 STRs in 2024,” the FIU’s 2025 annual report said. “Money laundering using digital assets accounted for 91 STRs, reflecting the growing significance of digital asset-related financial crime risks. Fraud remained a leading category of suspected criminality, increasing slightly to 244 STRs in 2025 from 242 STRs in 2024 and 187 STRs in 2023. “Tax matters continued to rise, increasing to 220 STRs in 2025 compared to 132 STRs in 2024 and 89 STRs in 2023, indicating heightened reporting of tax-related concerns…. Crypto currency scams declined to 14 STRs compared to 25 STRs in 2024. Drug trafficking decreased to six STRs fromn 15 STRs in 2024.”

NOTICE OF APPLICATION (pursuant to section 23 of the Natural Gas Act, 10 of 2024, Statute Laws of The Bahamas) NOTICE is hereby given that RenugenPro Ltd. has made applications to the Utilities Regulation and Competition Authority (“URCA”) for licenses to: import liquefied natural gas (“LNG”) (commercial) and operate LNG terminals. The applications are made with the object of licensing and regulation of the Applicant’s activities for the import of LNG and the operation of LNG Regasification Terminals at (1) Cat Island (2) San Salvador and (3) Long Island. The applications can be inspected by appointment at the Applicant’s office at No. 138 Robinson Road, New Providence, The Bahamas. Any objections to the applications must be made on or before the 16th October, 2026 and shall be made by Affidavit and solemn declaration to be submitted exclusively to URCA’s office located at Frederick Street, Nassau, New Providence, The Bahamas. Dated the 14th day of September, 2026 Italia C. Chambers Attorney for the Applicant No. 36 Nassau Street New Providence, The Bahamas

Supermarket taking applications for the following positions • Managers • Warehouse Manager • Assistant Managers • Cashiers • Cafe manager • Social media clerk with interest in marketing. Must be vibrant and excited about promotions All applicants must be well-rounded, hardworking, and honest. Computer literate. Send resumes to elvanoacgbahamas.com

IMF chief urges US and wealthy nations to rein in debt to ease global economic pressure By ELAINE KURTENBACH AP Business Writer THE U.S. and other wealthy nations need to urgently tackle mounting global debt levels that are weighing most heavily on low-income countries and straining the global financial system, the head of the International Monetary Fund said Wednesday. IMF Managing Director Kristalina Georgieva said Treasury Secretary Scott Bessent and other U.S. leaders recognize that the federal deficit and national debt are too high. But economic growth alone would not be enough to address the country’s more than $40 trillion in national debt, she said. Meanwhile, rising bond yields, reflecting higher premiums demanded by investors for taking on greater risk, have been disrupting financial markets. “We believe that growth, of course, helps, but it cannot deliver fast enough the necessary adjustments,” Georgieva said at the autumn meeting of the

IMF and World Bank in Bangkok. “There is no magic,” she said, adding that other measures would be needed. “You have to go in a direction of tightening, bringing it down, bringing the deficit down.” ‘Fiscal consolidation’ faces challenges Rising debt levels and global inflation, partly resulting from high energy costs due to the Iran war, have pushed interest rates to multidecade highs, adding to the burdens of the world’s poorest nations. Efforts to bring debt under control with what Georgieva and other experts call “fiscal consolidation” have suffered setbacks from heavy spending during the COVID-19 pandemic and since. “Fiscal risks are rising, and a proper reaction is largely absent in many countries,” said Rodrigo Valdes, director of the IMF’s Fiscal Affairs Department. “And in major advanced economies, the effect of fiscal indiscipline does not stop at the border.

It travels to the rest of the world.” “Among the world’s poorest countries, interest payments have reached historic highs relative to revenue, and declining amounts of aid are creating gaps that some countries have been unable to finance,” the IMF’s latest Fiscal Monitor said. That is forcing countries to make hard choices between supporting their most vulnerable people and meeting their debt repayment obligations. “The Global South is paying the price for rising interest rates in wealthier countries,” U.K. Foreign Secretary Ed Miliband said at an event on the sidelines of the IMF meetings. “We need a new deal on debt, a deal that supports countries to repay over longer time horizons and, crucially, refinancing with better rates to give developing countries precious fiscal space,” he said. Nations need help with job creation and investment

The median developing country pays three times as much in interest as developed countries, said Alexander De Croo, former Belgian prime minister and administrator of the United Nations Development Programme (UNDP). On average, nearly 10% of government spending goes toward debt repayments. High fuel and fertilizer prices, the effects of the El Niño weather phenomenon and rising borrowing costs have left many low-income countries with little room to recover. “I mean, we don’t see really a light at the end of the tunnel,” De Croo told The Associated Press. Creating jobs is another top priority, particularly as the growing use of artificial intelligence threatens to make many traditional occupations obsolete. More than 1.2 billion young people are expected to enter the global workforce over the next decade or so, while forecasts suggest only 400 million net new jobs will be created. The UNDP this week announced its “Jobs for Prosperity” initiative to bring together governments, development banks — such as the World Bank — and private businesses to encourage investment in sectors such as tourism, healthcare and food processing.

PAGE 10, Thursday, October 15, 2026

THE TRIBUNE

PM: $675m sucked away in debt servicing interest costs FORECAST - from page B1 recurrent, spending on civil service wages, rents and debt servicing, which also more than doubled in June to increase by 103.8 percent or $279m to hit $547.6m. Capital expenditure also surged, expanding by $82.7m yearover-year to hit $98.7m for June 2026. June has traditionally, prior to the past two fiscal years, been a month in which the Government runs a large deficit due to ministries, agencies and departments suddenly presenting bills that the Ministry of Finance knew nothing about in a bid to clear them before year-end. Mr Thompson yesterday voiced scepticism that the Government has bucked, and reversed, this historical trend on the basis that the June 2026 and year-end figures do not appear to include the near-$311m spent by the National Investment Fund, which remains an ongoing source of controversy. “It is, in fact, a fiction,” he told Tribune Business of the touted $39.3m Budget surplus. “It does not account for all of the Government’s spending that it should account for. There’s no difference in the type of spending [by the Fund]. It is actually capital spending. There’s no reason why it should not have been accounted for in the Budget. “The surplus is a fiction. The real picture that the Government should take away is that it is a fiction.” Mr Thompson then asserted that Bahamians

are far more concerned with constantly-escalating living costs; the state of education, healthcare and public infrastructure; and whether public servants are being paid what is due, than whether the Government has a Budget surplus. “What the public is also focused on is a government that does not pat itself on the back for a fictional surplus, but the hospital in the state that it is, healthcare being in the state that is is, schools being in the state that they are, nurses still needing to be paid, police officers still needing to be paid,” the east Grand Bahama MP said. “These are the things the public is interested in. People are still suffering with the cost of living, still suffering with the cost of fuel, cost of gasoline, cost of diesel. Inflation is continuing to rise. We do not share in the Government’s fictional surplus.” Mr Thompson added that the “massive amount of confusion” surrounding the National Investment Fund - including whether the Government deposited some $700m in net borrowing proceeds into it - “has put the Government in a position where it lacks credibility” over the 2025-2026 fiscal numbers. “The public just does not believe them,” he added. “The public is far more interested in the Government fixing the hospital, fixing the roads, fixing the schools, than celebrating a fiscal surplus.” Mr Davis, though, in unveiling the fiscal numbers denied that he was

celebrating and acknowledged that “the seas ahead may well be rough” given the increasing global uncertainties outside The Bahamas’ control - continuing wars in Ukraine and the Middle East; Donald Trump’s tariff and trade policies; surging global oil and fuel prices; and rising US and global interest rates. Comparing The Bahamas’ public finances to a mail boat, the Prime Minister conceded that rebuilding fiscal headroom is not done, asserting: “I do not come to this House in a spirit of celebration. The voyage is not complete, and a responsible captain does not mistake a calmer stretch of water for the safe harbour.” Affirming that his administration is “conscious every day” of the cost of living pressures faced by Bahamian families, he added that all citizens will benefit from putting the country’s public finances in order - especially during times or crisis and disaster. Mr Davis also noted that $674.7m was sucked away on interest payments to service The Bahamas’ national debt during the past 20252026 fiscal year, reducing funding that can be directed to key public services such as health, education and the Royal Bahamas Police Force. “A stronger fiscal position also means that when the next hurricane season brings hardship, as it eventually will, the Government will be able to support recovery without resorting to costly emergency borrowing. And a country with credible public

Bahamas must be ‘in best light’ for anti-financial crime evaluation UPGRADE - from page B1 what The Bahamas has committed to internationally and what our [existing]

law is able to deliver” when it comes to immediately freezing the assets of, and cutting-off access to the financial system for,

persons on United Nations (UN) sanctions lists. Such persons and entities are typically sanctioned for alleged involvement

finances continues to attract the investment that creates employment for Bahamians,” Mr Davis added. “The Government will continue to modernise revenue administration, to reform public enterprises, to reduce the cost of the national debt, to improve the transparency of fiscal reporting, and to invest in the infrastructure of every island.” However, Mr Thompson argued that Mr Davis had attempted to do a “victory lap” over what he argued was a non-existent Budget surplus due to “an outstanding question on the $700m with respect to the National Investment Fund”. Recalling Mr Halkitis’s confirmation that there has been almost $311m in capital investments spending from an account, or accounts, bearing the National Investment Fund’s name, the Opposition’s finance spokesman said: “The same type of expenditure - capital expenditure - in the Budget that $310m is not included in the Budget process. “When you announced a surplus, you can stand up, start patting yourself on the back and say we got a surplus, but you have not taken account of all the spending. You have not taken account of the $310m spent. If you don’t take account of that, it’s a surplus on paper but, in reality, you are still operating in deficit. “To say you have a surplus, in my view, does not matter a lot when you have failed to take account of all your spending. It’s a false surplus. It’s not generated

an entire picture being put before the country.” Mr Thompson also challenged whether the Government had “withheld” paying bills due to Bahamian vendors, and kicked its payables over into the current fiscal year, to ensure a surplus. Reiterating that public officials feel being paid what they are due is “far more important” that celebrating a Budget surplus, Mr Thompson also renewed the Opposition’s call for the Government to “cap” the VAT it is earning on gasoline and diesel sales to give Bahamians relief from skyrocketing fuel prices. “I believe those people who have to pay for fuel would rather you have capped VAT than you come here and you celebrate a surplus,” Mr Thompson said. “The cost of living continues to hammer our people. Inflation continues to increase… “You didn’t account for the $310m you spent. You didn’t account for it. It’s the same type of spending, and you deliberately did not include it when you accounted for your surplus. You intentionally did not include it in your surplus.” This drew Mr Davis’s first intervention, telling Mr Thompson “I expect better of you” and signalling he would never tell the Bahamian people untruths. And, in a clear dig at Opposition leader, Michael Pintard, and his book, he retorted: “I’m not dumb. I’m not like you at all. I don’t play politricks. The very least I would have expected of you is to understand what the surplus is in the context

of our [modified cash basis] accounting system.” Mr Davis, suggesting that Mr Thompson was being disingenuous by referring to the Government’s debt, and adopting accrual-based accounting treatments not used by the Government, added: “I don’t consider this a celebration. I put the case because of the Thomases around here, including yourself, including the international agencies, who said what we have done is remarkable.” Mr Thompson, though, stuck to his concerns that the Budget surplus is an “empty” one because the figures do not include the $311m in National Investment Fund spending. The Prime Minister, in reply, said he would leave the Public Accounts Committee’s investigation to address any concerns over this outlay, prompting the east Grand Bahama MP to voice “credibility” fears. He was then joined by Mr Pintard, who branded the 2025-2026 Budget surplus as “contrived. It’s fiction” given that the spending occurred from accounts controlled by the Ministry of Finance and Public Treasury, but was not included in the Budget calculations. “It’s a fiction; absolute fiction,” the Opposition leader added. Mr Davis, having the last word, said: “The numbers are there. He’s calling it fiction. The numbers are there, and they are not going to lie. He needs to sit down and be honest with himself.”

in terrorism, or breaching nuclear non-proliferation rules set by the international community, but Mr Davis said the present gaps in the Anti-Terrrorism Act created “real risk” for The Bahamas because they fail to capture all UN Security

Council resolutions designating such violators. He added that The Bahamas’ law needed to be updated to “follow the [UN] regime as it evolves”, and said failing to do so would risk this nation and its financial services sector potentially being hit with sanctions and penalties by the Financial Action Task Force (FATF), the CFATF parent and global standard-setter for anti-money laundering and counter-terror financing. Mr Davis said The Bahamas had felt the consequences when it was ‘grey listed’ by the FATF, which resulted in global correspondent banks - which provide the gateway for all local financial transactions to access the global banking system - applying greater scrutiny to the movement of funds, increasing time and costs globally. “In financial services, credibility functions as capital. It is accumulated slowly, through consistent conduct, and it can be drawn down quickly,” Mr Davis said. “Recommendation seven of the FATF standards requires every jurisdiction to implement targeted financial sanctions on proliferation financing fully and without delay. Since October 2020, recommendation one has required countries and private institutions to assess their proliferation financing risk. “Immediate outcome 11 tests effectiveness: Whether assets are in fact identified and frozen, and whether the private sector understands its obligations. As a member of the Caribbean Financial Action Task Force, The Bahamas will be assessed on all three.” Mr Davis added: “A deficiency in our core definition would be recorded, and it would be read closely by every correspondent bank and counter-party that does business with us. “We know the cost of such findings. After The Bahamas was grey listed in 2018, correspondent banks reassessed their exposure, compliance costs rose across the sector, and those costs were ultimately borne by Bahamian households and businesses. “It took sustained effort across administrations to secure our removal in December 2020. Financial

services remain one of the two pillars of our economy. Protecting the credibility of the sector protects the jobs and incomes that depend on it.” Mr Thompson, speaking in the House of Assembly during the Anti-Terrorism Bill debate, said: “My understanding is this issue may be raised in the evaluation this month. We need to make sure we have done what we need to do when complying. “When they come to evaluate, The Bahamas must be put in the best light with respect to the CFATF evaluation” and retain its perfect score of 100 percent compliance with the FATF’s 40 core anti-financial crime recommendations. Speaking to Tribune Business, Mr Thompson added: “That is what I have been informed of: That it’s in anticipation of the evaluation; to make sure these things are in order for the evaluation. The Bahamas needs to do what is required to ensure the evaluation goes well. “If this is what they anticipate will be discussed, they want to ensure these things are in order for the evaluation. It’s extremely important for The Bahamas to ensure it continues to operate as a well-regulated jurisdiction. It’s unfortunate that the international community continues to change the goal posts. “However, we want to operate in the international community and so we have to make sure we conduct ourselves in the best possible light. The Bahamas is a well-regulated jurisdiction, and we have to continue to prove we are a well-regulated jurisdiction.” Speaking in the House of Assembly, Mr Thompson voiced concerns about the Anti-Terrorism Bill reforms being made retroactive to August 2019 since the Bahamian constitution prevents laws being changed to “criminalise” actions that occurred in the past. While acknowledging that the Prime Minister had asserted this was not the intent, the east Grand Bahama MP nevertheless questioned if this would protect public officials from past actions that may have been illegal, and what the impact that would have on any aggrieved party. Mr Thompson also raised issues of consistency, noting that while the Act’s reforms cover two separate UN security council resolutions, the Securities Commission had seemingly recently contradicted this by informing its licensees that one “is no longer the operative sanctions framework”.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

THE TRIBUNE

Thursday, October 15, 2026, PAGE 11

CERON Rolle (centre), founder and broker/owner of Rolle Realty Group, with advisers Indira Rolle-Thompson (left) and Ria C. Butler (right). Fellow adviser Timothy Covington, who is based in Exuma, is not pictured. Photos: Donavan McIntosh/Fusion IMC

Realtor launches his own brokerage A BAHAMIAN realtor has launched his own brokerage serving clients and investors across New Providence and the Family Islands after spending a decade in the industry. Ceron Rolle, founder and broker/owner of Rolle Realty Group, said: “Bahamians have always understood the value of owning and developing real estate. What I’m seeing now is a greater ambition to scale. “Some of the investors I work with have already built successful businesses and own property, but they’re increasingly focused on how many income-producing units they can add to their portfolios. “They count doors: How many they own, what each one earns and what the next acquisition adds. If you own four, how do we get you to six? If you own six, what does ten look like? Those are the conversations we’re having.” Mr Rolle pointed to one client whose property portfolio has expanded rapidly. “We started with a three-unit property and established clear investment targets together. After the first year, the property exceeded those targets, and the client was ready to invest further,” he said. “We leveraged equity to acquire additional properties, and in less than two years, the client has acquired three multi-unit properties and gone from no income-producing units to more than 17 doors. The goal now is to reach 50 doors over the next few years. It’s a strategy I’m seeing more savvy Bahamian investors adopt.” Alongside interest among local investors, Mr Rolle said international demand for Bahamian real estate remains strong. In its 20252026 Bahamas Luxury Market Digest, global property consultancy, Knight Frank, reported that US and Canadian purchasers account for about 85 per cent of transactions in the prime property market covered by its report. The Central Bank of The Bahamas also noted in its July 2026 quarterly press briefing that foreign investment inflows remain concentrated in residential real estate activity, resort developments and private cruise destinations. “Helping a Bahamian client build an income-producing portfolio here at home is as meaningful to me as advising someone making a significant investment in The Bahamas from abroad,” Mr Rolle said. “Their circumstances may be completely different, but my responsibility is the same. I need to understand what that person is trying to accomplish before we start talking about what they should buy or sell.” Born and raised in The Bahamas, with family roots in Black Point, Exuma and Gaiters, Cat Island, Mr Rolle credits his parents, entrepreneur Clyde Rolle and attorney Christine Brown, with shaping his approach to business. “My father taught me that a handshake is a commitment, and that you do what you say you’re going to do,” he added. “My mother taught me discretion. In real estate, people trust you with their finances, their families and some of the biggest decisions they will make. I have never taken that lightly.” Mr Rolle said his background in finance and

accounting shapes how he evaluates property, considering income potential, appreciation, equity and holding costs alongside the purchase price. “Clients can become hyper-focused on finding a property below market value,” he added. “But if the goal is to build wealth, you also have to consider what that property can earn, the equity you are building and the opportunities it may create for your next investment.” A former professional tennis player who attended university on an athletic scholarship, Mr Rolle later served as vice-president of the Bahamas Lawn Tennis Association (BLTA) and coached The Bahamas’ junior Davis Cup team. His advisory team includes Indira Rolle-Thompson, whose background spans private banking, wealthy clients and property development; Ria C. Butler, a former banker and host of You and Your Money; and Timothy Covington, who has more than four decades of experience in real estate and property

development, particularly in Exuma. The firm works alongside clients’ attorneys, accountants, wealth advisers and other specialists, co-ordinating transactions from the initial property search or listing strategy through to closing. Listings are supported by Fusion IMC, the Bahamian communications agency in which Mr Rolle is an investor. “The finest photography in the world cannot correct the wrong price,” Mr Rolle said. “We want to understand the property and the market first. Marketing is part of the strategy from the beginning. “In The Bahamas, your name means something. I grew up here, left for university and returned to plant my roots and raise my family. I’ve watched communities evolve and built relationships over many years. Having my name on the company means my reputation travels with every recommendation I make. “Years from now, I want the clients we represent, Bahamian and international alike, to feel they were well advised. That’s the kind of name I want Rolle Realty Group to build.”

Tribune wants to hear from people who are Share The making news in their neighbourhoods. Perhaps you raising funds for a good cause, campaigning for your are improvements in the area or have won an award. If news so, call us on 322-1986 and share your story.

PAGE 12, Thursday, October 15, 2026

THE TRIBUNE

Iran says a ship sank after striking a mine in Strait of Hormuz, and other Middle East developments

on a route nearer to Oman’s coast.

By The Associated Press undefined

The headquarters of the Saudi state-owned oil company Aramco were hit in an overnight Houthi strike, two regional officials said, damaging the offices of the firm’s chief executive and other top officials. It was the latest demonstration of the Iran-backed rebels’ ability to attack high-profile targets. There were no casualties in the attack, which the officials said targeted the top three floors of a building used by top executives in the city of Dhahran. They spoke on condition of anonymity because they weren’t authorized to discuss the matter with the media. Earlier Wednesday, new explosions were heard in Riyadh, the capital of Saudi Arabia, residents said, as blame again quickly fell on

IRAN said Wednesday that a cargo ship has sunk after hitting a naval mine in the Strait of Hormuz. Meanwhile, a top Iranian official said Iran must be prepared for war even as it is negotiating with the U.S. And a hospital in Gaza said a woman was killed in an Israeli strike. Here is the latest news from the Middle East on Wednesday. Read our full coverage here. Iran says a cargo ship sank after hitting a naval mine A cargo ship sank after striking a naval mine in the Strait of Hormuz, Iran’s Revolutionary Guard Corps

navy said. It was the first time Iran had reported a ship sinking after hitting a mine during the war. Shipping officials, meanwhile, said two Singapore-registered cargo vessels had been hit by “unknown projectiles” as they went through the strait on Tuesday and Wednesday. One sank, while the other reached safety. All crew members were evacuated from the first ship, and no injuries were reported in either incident, the Maritime and Port Authority of Singapore said. “Such attacks are unprovoked, unjustifiable, and a breach of international law,” the authority said. It was unclear, however, if the Singapore-flagged vessel

Houthi rebel strike hits Saudi oil company’s headquarters

that sank was the same ship Iran said had struck a mine. There were few details from Iranian officials, including about the fate of the crew. State television quoted a Guard statement saying the ship was traveling on what it called an illegal and dangerous route when it hit the mine Wednesday morning. The Associated Press couldn’t independently verify the images. The unidentified ship, which was shown tilted in the water and spewing a thick plume of smoke, was carrying 2,500 containers, the broadcast said. Iran has repeatedly warned ships against trying to transit through the strait without its approval. The U.S. military has been guiding ships through the strait

Houthi rebels in neighboring Yemen. The sight of smoke rising in recent days from some of Saudi Arabia’s most sensitive facilities has rattled the region and global oil markets while increasing questions for U.S. President Donald Trump, who has said he is evaluating whether the U.S. should join Saudi strikes against the Houthis. — By Samy Magdy in Cairo

“They break their promises,” said Qalibaf. As a result, Iran must be prepared to fight “against a bullying enemy,” and “we must truly fight courageously on the battlefield.” “That is when we will have achieved sustainable deterrence,” he said. “America must be punished. America must change its behavior. It must understand that it has to come to terms with the Iranian people.”

Top Iran official says country must prepare for war as it negotiates

Israeli strike in Gaza City kills a woman

THE WEATHER REPORT

5-DAY FORECAST

TODAY

TONIGHT

FRIDAY

SATURDAY

An Israeli strike on an apartment in Gaza City killed one woman early Wednesday, according to officials at Shifa hospital. Israel’s military said it struck a Hamas militant but was still assessing the strike’s outcome, without elaborating. Just over a year since a fragile ceasefire between Israel and Hamas went into effect,

Iran must be prepared for war even as it negotiates with the U.S., the country’s parliament speaker said Wednesday. Mohammad Bagher Qalibaf said in a televised speech that his country’s main concern is preventing the United States from attacking again. But, he added, a signed agreement with Washington is no guarantee.

SUNDAY

UV INDEX TODAY

MONDAY

0 1 2 3 4 5 6 7 8 9 10 11+ LOW

ORLANDO

High: 89° F/32° C Low: 73° F/23° C

TAMPA

Humid; a t-storm around in the p.m.

Mainly clear, warm and humid

Partly sunny, showers around; humid

Cloudy, a shower and t-storm; humid

Humid with a shower and t-storm

High: 90°

Low: 79°

High: 89° Low: 78°

High: 90° Low: 79°

High: 87° Low: 78°

High: 86° Low: 79°

AccuWeather RealFeel

103° F

89° F

102°-88° F

102°-84° F

100°-81° F

97°-83° F

High: 90° F/32° C Low: 76° F/24° C

ABACO

High: 87° F/31° C Low: 76° F/24° C

7-14 knots

WEST PALM BEACH High: 89° F/32° C Low: 79° F/26° C

7-14 knots

FT. LAUDERDALE E

FREEPORT

High: 89° F/32° C Low: 79° F/26° C

High: 89° F/32° C Low: 77° F/25° C

MIAMI

High: 91° F/33° C Low: 79° F/26° C

7-14 knots

The higher the AccuWeather UV Index number, the greater the need for eye and skin protection. Shown is the highest value of the day.

TIDES FOR NASSAU Ht.(ft.)

Low

Ht.(ft.)

Today

11:33 a.m. 11:50 p.m.

3.0 2.4

5:08 a.m. 6:05 p.m.

0.8 1.0

ALMANAC

Friday

12:20 p.m. -----

2.9 -----

5:51 a.m. 6:55 p.m.

1.0 1.2

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 85° F/29° C Normal low ........................................ 73° F/23° C Last year’s high .................................. 83° F/29° C Last year’s low ................................... 75° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.36” Year to date ................................................ 24.54” Normal year to date ................................... 31.74”

Saturday

12:40 a.m. 1:11 p.m.

2.3 2.8

6:40 a.m. 7:49 p.m.

1.1 1.3

Sunday

1:36 a.m. 2:08 p.m.

2.2 2.8

7:36 a.m. 8:46 p.m.

1.3 1.4

Monday

2:37 a.m. 3:05 p.m.

2.3 2.7

8:39 a.m. 9:41 p.m.

1.3 1.3

Tuesday

3:38 a.m. 4:00 p.m.

2.4 2.8

9:41 a.m. 1.3 10:30 p.m. 1.1

Wednesday 4:32 a.m. 4:51 p.m.

2.6 2.8

10:40 a.m. 1.1 11:14 p.m. 0.9

KEY WEST

High: 88° F/31° C Low: 82° F/28° C

ELEUTHERA

NASSAU

Sunrise Sunset

7:08 a.m. Moonrise 6:43 p.m. Moonset

11:42 a.m. 10:09 p.m.

First

Full

Last

New

Oct. 18

Oct. 25

Nov. 1

Nov. 9

CAT ISLAND

High: 90° F/32° C Low: 78° F/26° C

7-14 knots

SAN SALVADOR

GREAT EXUMA

High: 89° F/32° C Low: 79° F/26° C

High: 90° F/32° C Low: 80° F/27° C

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

SUN AND MOON

N W

VERY HIGH EXT.

High

High: 88° F/31° C Low: 82° F/28° C

High: 90° F/32° C Low: 79° F/26° C

HIGH

The patented AccuWeather.com RealFeel Temperature® is the only index that includes all the weather factors that play a role in how we perceive temperature, including the effects of wind, humidity, sunshine, precipitation, pressure, and elevation. Shown are the highest and lowest values for each day.

MODERATE

ANDROS

High: 90° F/32° C Low: 82° F/28° C

W S

LONG ISLAND

TRACKING MAP

High: 90° F/32° C Low: 80° F/27° C

7-14 knots

MAYAGUANA High: 91° F/33° C Low: 79° F/26° C

Shown is today’s weather. Temperatures are today’s highs and

CROOKED ISLAND / ACKLINS

tonight’s lows.

RAGGED ISLAND

High: 90° F/32° C Low: 79° F/26° C

High: 87° F/31° C Low: 82° F/28° C

GREAT INAGUA High: 92° F/33° C Low: 79° F/26° C

8-16 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NE at 7-14 Knots ESE at 4-8 Knots E at 7-14 Knots E at 6-12 Knots ENE at 7-14 Knots E at 7-14 Knots ENE at 7-14 Knots E at 8-16 Knots ENE at 6-12 Knots E at 7-14 Knots ENE at 7-14 Knots ESE at 4-8 Knots E at 7-14 Knots E at 7-14 Knots NE at 8-16 Knots ENE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots E at 7-14 Knots E at 6-12 Knots E at 6-12 Knots E at 8-16 Knots E at 8-16 Knots NE at 7-14 Knots E at 7-14 Knots

Tribune First Alert Weather

NASSAU WhatsApp Channel

WAVES 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 2-4 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-6 Feet 4-7 Feet 1-3 Feet 1-3 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 83° F 83° F 85° F 85° F 85° F 85° F 86° F 86° F 85° F 85° F 84° F 84° F 86° F 86° F 86° F 85° F 86° F 86° F 86° F 86° F 85° F 85° F 86° F 86° F 85° F 85° F

“We got you covered under the radars”

THE TRIBUNE

Thursday, October 15, 2026, PAGE 13

PAGE 14, Thursday, October 15, 2026

THE TRIBUNE