business@tribunemedia.net
Thursday, OcTOber 22, 2026
$ 7.45
$ 7.95
$ 7.08
$ 7.50
$ 7.56
‘Cloud of secrecy’ over $127m Gov’t dividends BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
Opposition demands clarity over earnings key to $39m Budget surplus
THE GOVERNMENT’S failure to explain how it earned “$127m” in interest and dividends from typically loss-making public corporations casts “a cloud of secrecy” over its touted $39.3m Budget surplus, the Opposition’s finance spokesman charged yesterday. Kwasi Thompson, the east Grand Bahama MP, returned to the attack on the 2025-2026 fiscal year outcome by also arguing that “every Bahamian should be distressed” at the amount of taxpayer monies being “masked” as loans, rather than treated as the subsidies they are, in propping up loss-making state-owned enterprises (SOEs). The Davis administration’s June 2026 report revealed a further $131.7m in “bilateral short-term loans” were made by the Government to multiple public entities in the 2025-2026 fiscal year. Mr Thompson, though, said
Finance spokesman asserts $132m in subsidies are ‘masked’ as loans Says ‘significant deficit’ is ‘entire picture’ when added to NIF’s $311m KWASI THOMPSON many are simply unable to repay these advances because they have no revenue or income-generating ability, making them subsidies disguised as loans to keep them off the books. He asserted that, when the dividend income and “masked” subsidies are added to the near-$311m spent from accounts carrying the National Investment Fund’s name, which the Opposition argues should be included in the annual fiscal numbers because it represents traditional government capital expenditure, The Bahamas is likely facing “a
significant deficit as opposed to a surplus”. “The issue I raised was really one of transparency where they declared these dividends but didn’t give any further details on the corporations these dividends were issued from,” Mr Thompson told Tribune Business following the House of Assembly’s morning session. “It again adds a cloud of secrecy and undermines the credibility of the Government and undermines the credibility of this so-called surplus.” Mr Thompson had asked the Davis administration to identify which public corporations
PM: Freeport governance overhaul decision ‘settled’ BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net PRIME Minister Philip Davis last night pledged that Freeport’s existing governance system will end, vowing to amend the Hawksbill Creek Agreement and introduce a new legal framework for the city despite leaving the precise changes open to consultation. In a national address in Freeport last night, Mr Davis said whether Grand Bahama's
governance arrangements will change is “settled”, insisting that the Government is no longer prepared to negotiate with the Grand Bahama Port Authority (GBPA) over whether the island deserves a different future. “The present way of governing Freeport will come to an end. This is my starting point. It is non-negotiable. Whether we change is settled. How we change is yours to shape,” he said. Mr Davis argued that the existing arrangement,
‘Unworkable’ DevCo terms halt marina redevelopment BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE PORT Lucaya Marina’s redevelopment has again been plunged into uncertainty, its developers disclosed yesterday, as they blamed Grand Bahama Development Company’s (DevCO) “unreasonable and unworkable” terms for the latest halt. Bahama Land Waterways, which is owned by Port Lucaya Marketplace proprietor, Peter Hunt, and his business partner, Shmuel Herschkowitz, in a statement accused their landlord of proposing a draft Supreme Court Order that would “impose
judicial supervision” over their plans to repair and redevelop the Freeport destination. They added that key details surrounding the obligations DevCo wishes to impose on the project, as well as the timelines and procedures, were all unclear leaving the new owners to launch a legal appeal to the Court of Appeal while further delaying demolition and redevelopment work and Port Lucaya Marina’s revival. Tribune Business reached out to DevCo for comment and response but none was received before press time last night. However, wellplaced Freeport sources,
BUILD - See Page B6
Bahamas finalises $1.1bn bond at lower interest cost BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE GOVERNMENT’S new $1.1bn foreign currency bond carries an interest rate around 0.5 percentage points lower than last year’s similar-sized issue while covering the refinancing of $332m in Grand Bahama Power Company-related debt. Market analysts yesterday disclosed that The Bahamas’ latest sovereign bond issue, marking its return to the global capital markets after a 17-month
ANDROS INDEPENDENCE DAY PLANE CRASH
absence, seeks to consolidate and push out the maturity of as much as $813m in existing debt by some 13 years until 2039. The 13-year debt is carrying a 7.7 percent interest coupon, which is lower than the 8.25 percent that attached to last year’s $1.067bn bond issue. It is also slightly below the initial “low 8 percent” range anticipated by capital markets participants, signalling that The Bahamas may enjoy some savings on debt servicing costs compared to the 2025 version.
ISSUANCE - See Page B11
established in 1955, had left a private company exercising powers that elsewhere in The Bahamas belong to government and, by extension, the Bahamian people, creating what he described as an imbalance between commercial interests and public accountability. “For 71 years, a private company has held powers that, in the rest of The Bahamas, belong to the Government. Who may do business, who may be built, who may build, how land is
paid dividend and interest income to the Public Treasury; how much each contributed; and whether these were generated from operating profits, these entities’ reserves or the Government settling outstanding bills and arrears it owed to them. The Ministry of Finance’s report for June 2026, which also includes the full-year figures, appears to suggest that the Government’s settlement of payment arrears was returned back to it as dividends by the recipient public
FINANCES - See Page B7
Andros crash triggers aviation safety moves amid ‘break silos’ call Accident investigators urge more ‘preventative intervention’ And recommend enhanced oversight for Bahamas holidays Aviation chief: We must stop only acting when a ‘crisis’ hits BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net
planned, what residents pay in fees and charges,” he said. “When private commercial interests sit alongside public powers, the same institution can face competing duties and functions. The public needs a framework that separates those duties and functions, while making public decisions answerable to the public, and that is democratic accountability.” Mr Davis said the Government will review the Hawksbill Creek Agreement and the wider legal arrangements that underpin Freeport's governance, including licensing, planning, building control, environmental protection, utilities,
THE BAHAMAS must “break the silos” and stop only responding when “crisis” strikes, aviation executives DR ANTHONY argued yesterday, after HAMILTON investigators urged greater surveillance and “preventative intervention” in response to the fatal Independence Day plane crash. Dr Anthony Hamilton, president of the Bahamas Association of Air Transport Operators, and administrative chief at Southern Air Charter, told Tribune Business that “no one has a bye” and it will require “commitment and sacrifice” from all industry stakeholders to correct safety woes and other deficiencies impacting the industry. He spoke out after the Aircraft Accident Investigation Authority (AAIA), in the latest update on its probe into the tragic crash that claimed the lives of the pilot and nine passengers during the 53rd Independence celebrations, revealed it has issued two
CHANGE - See Page B11
FLYING - See Page B10
PAGE 2, Thursday, October 22, 2026
THE TRIBUNE
THE TRIBUNE
Thursday, October 22, 2026, PAGE 3
Is The Bahamas prepared for AI? By DEIDRE BASTIAN
A
rtificial Intelligence (AI) is no longer a vision of tomorrow for it is a reality shaping our world today. From classrooms and hospitals to businesses and government offices, AI is transforming how we live and work. But as technology advances at an unprecedented pace, one critical question demands our attention: Are we truly ready for the consequences? On the positive side, AI offers remarkable opportunities. It can improve healthcare, accelerate
research, support education, increase productivity and simplify every day tasks. When used responsibly, it can help solve complex problems and open doors to innovation that once seemed impossible. However, progress comes with a price. AI raises serious concerns about job displacement, privacy violations, misinformation and the erosion of independent thinking. Students may surrender their creativity to automated answers, while workers face uncertainty about their future. Worse still, when false information spreads through
AI-generated content, public trust and sound decision-making are threatened. The greatest danger is not AI itself, but humanity's failure to manage it wisely. Technology without accountability can become a powerful instrument of harm rather than progress. The future should not be determined by what machines can do, but by the wisdom with which humanity chooses to use them. Artificial Intelligence is a powerful technology that offers significant benefits but also presents challenges that cannot be ignored. It is my view that, while it can improve people's
lives, increase productivity and support important developments in education and healthcare, it may also threaten employment, compromise privacy and weaken independent thinking when misused. For this reason, society must strike a balance between embracing technological progress and protecting human values. Governments, schools, businesses and individuals must work together to establish responsible guidelines for AI use. Ultimately, AI should serve as a tool to enhance human abilities rather than replace human judgment, creativity and responsibility.
PM: MSC investments to create $14m payroll BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net DEMOLITION has begun at the Grand Lucayan resort, the Prime Minister said last night, as its purchaser moves ahead with its redevelopment plans and Mediterranean Shipping Company prepares a 20-acre beach club. In a national address, Philip Davis KC said the long-closed resort is beginning to return to life, with the beach club targeted to open in November 2028 alongside the first phase of MSC's planned cruise terminal development at Billy Cay. “For 10 years, the heart of Lucaya has been largely dark. Most of the resort has been closed since Hurricane Matthew in 2016. The Government of the day bought it in 2018, and the Bahamian people have carried it ever since. Two attempts to sell it have failed,” he said. “That is changing. Demolition has begun. Concord Wilshire is redeveloping the resort, and MSC through CTL Maritime will build a beach club on 20 acres of the land there at Lucaya.” Mr Davis said the beach club will include restaurants, bars, shops, vendor booths, a spa, pools and water sports, with separate areas for families and adults. Site clearance is scheduled to begin in December. “Site clearance for the beach club begins in December, and it is planned to open in November 2028 alongside the first phase of Billy Cay,” he added. The wider redevelopment plans extend beyond the existing resort and beach club. Mr Davis said Concord Wilshire is also planning a second cruise resort with a Bahamian park operator, a hotel and casino resort, a mega yacht marina and a championship golf course. On the developers' projections, the beach club and cruise resort together would
So, are we ready for AI? We may be technologically prepared, but are we ethically, socially and educationally prepared? Until strong safeguards, responsible policies and public awareness catch up with innovation, our readiness remains questionable. If used wisely and ethically, Artificial Intelligence can become a valuable force for progress and a better future for all. Until we meet again, live life for memories rather than regrets. Enjoy life and stay on top of your game. • NB: Columnist welcomes feedback at deeprojects1@gmail.com
By
DEIDRE
BASTIAN About Columnist: Deidre M. Bastian is a brand marketing analyst/graphic designer, international award-winning author and certified life coach.
New GB airport terminal targets early 2029 finish BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net
GRAND LUCAYAN RESORT attract more than one million guests annually. The developments form part of a broader push to expand Grand Bahama's cruise tourism capacity. Mr Davis said MSC, which has operated in The Bahamas for 25 years, had been approved to invest $400m in a modern cruise terminal at Freeport Harbour. “Its wider Freeport programme has three parts: Upgrades of the old harbour, a new terminal at Billy Cay, and a beach club at Lucaya,” he said. At full build-out, the harbour could accommodate up to six of the largest cruise ships, although the expansion will require the harbour entrance to be widened. MSC is in discussions with the owners of the land involved, he said.
Mr Davis said MSC expects the programme to generate more than 600 direct jobs and an annual payroll exceeding $14m as the work progressed. “On its own planning assumptions, the programme could bring up to 20,000 visitors a day, spending more than $300m a year on shore,” he added. The projected visitor numbers and spending will create opportunities for local businesses, including those operating in the Port Lucaya area, which has faced years of reduced activity while the Grand Lucayan remained largely closed. Mr Davis said MSC's plans include market stalls and booths for Bahamian artisans and straw vendors, as well as opportunities for tour operators, taxi drivers
FULL/PART-TIME CAREGIVER OPPORTUNITY Bahamian family is looking for an honest, dependable, and cheerful individual to assist with making life comfortable for their elderly female relative. Starting November 2026 For more information, please call 242-324-6782 or email resume to: caregiveropportunity242@gmail.com
and excursion businesses. “My test for any investment is simple: Who benefits?” he said. “Twenty thousand visitors a day should mean 20,000 chances for a Bahamian business.” Mr Davis also said workers who had served the Grand Lucayan during its difficult years should be able to benefit as employment opportunities returned. “To the men and women who served the Grand Lucayan through its hardest years, this site is coming back to life, and expect your experience to count when the jobs return,” he added. Mr Davis said the Government wanted private investment to work alongside public responsibilities, with the benefits of tourism development extending beyond individual resorts and cruise facilities.
GRAND Bahama's new international airport terminal is targeted for completion in early 2029, with construction set to start before April 2027 and the facility designed to better withstand flooding after Hurricane Dorian devastated the existing terminal. Prime Minister Philip Davis KC, in a national address in Freeport last night, said the new terminal's concept design was due to be completed by the end of this month, while 13 airfield safety and repair packages were either under way or being contracted. “A new international terminal is now being designed and has been under design for at least a year, with provisions for United States customs clearance,” he said. “Its floor is designed to stand 23.5 feet above sea level, higher than the Dorian surge, under what they call the 100-year storm level used in the design. The old floor sat at 10 feet, 10-and-a-half feet.” Mr Davis said the design is intended to provide greater protection against flooding, with a flood remediation plan also being developed. “In 2019, Dorian's surge filled the old terminal to the roofline. After the storm, airport staff worked out of their own cars and processed passengers under tents,” he said. “The staff
PHILIP DAVIS KC kept this island connected when it needed it most. Grand Bahama, I think we owe them our thanks.” Mr Davis said construction was scheduled to begin before April 2027, with completion targeted for early 2029. The airport project forms part of a wider effort to revive Grand Bahama's economy, which Mr Davis said had struggled under a combination of hurricanes, global economic pressures and governance arrangements that he argued no longer serve the island's needs. Alongside the airport and other major infrastructure projects, the Government is proposing island-wide economic tax breaks and concessions intended to encourage investment in East and West Grand Bahama and the surrounding cays, rather than concentrating activity within Freeport. The airport's concept design is due to be completed by the end of October 2026. The Government has not provided the new terminal's projected construction cost.
PAGE 4, Thursday, October 22, 2026
THE TRIBUNE
PwC says emerging AI threats raise cyber security complexity THE rise of artificial intelligence (AI) threats is making cyber security increasingly more a complex, a Bahamian accountant is warning, adding that it must be viewed more broadly than simple technology risks. Myra Lundy-Mortimer, territory assurance leader and risk assurance partner for PricewaterhouseCoopers (PwC) Bahamas, spoke out as a global survey by the accounting firm found 84 percent of corporate respondents expect cyber security budgets to expand to meet potential AI threats and challenges. She said: "The emergence of AI-driven threats is creating a new level of complexity for organisations, particularly at a time when many are still strengthening their broader cyber resilience capabilities. “As the threat landscape evolves, leaders must move beyond viewing cyber security solely through a technology lens and ensure cyber risk is considered as part of enterprise-wide decision-making. “Building resilience requires strong governance, clear accountability and an understanding of how cyber risks can impact operational continuity, stakeholder trust and long-term business value." PwC’s 2027 Global Digital Trust Insights Survey found that 50 percent of respondents identify attacks targeting AI systems as among the cyber threats they are least prepared to address. However, just over one-fifth, or 22 percent, said they would authorise fully autonomous AI agents for cyber defence.
Based on the findings, PwC said cyber resilience will require director and senior management attention. It said less than half, or 47 percent, strongly agree cyber risk is a standing agenda item at Board level for their companies. Nestle Maullon, risk assurance director at PwC Bahamas, said: "The organisations that will be best positioned for long-term success are not necessarily those investing the most in cyber security, but those making the most informed decisions. “As AI adoption accelerates, leaders need visibility into the cyber risks that could most significantly affect their business and the confidence to align cyber security investments with their broader business objectives. “When cyber security is embedded into strategy from the outset, it becomes more than protection. It becomes an enabler of innovation, resilience and sustainable growth." PwC said its survey captured the views of almost 4,000 business and technology executives across 71 countries and territories. It added that companies are doubling down on their cyber investment amid rapid advances in AI, with the 84 percent of security and finance leaders expecting cyber budgets to increase up from 78 percent in 2025. The accounting firm said that, as frontier AI models are rolled out, almost two-thirds (58 percent) of security leaders rank AI in their top cyber budget priorities for the upcoming year. This comes as less than two-fifths (39 percent) of
security, risk and operations leaders have a fully formalised and integrated operational continuity plan that specifically addresses cyber risks altogether. When asked specifically about the cyber threats companies are least prepared to address, half of security leaders surveyed identify attacks targeting AI systems among their top threats, ahead of cloud-related threats (40 percent), third-party breaches (34 percent) and ransomware (33 percent). PwC said that, even in the face of rising frontier AI vulnerabilities, companies have only implemented, on average, three out of seven key data risk measures. It added that only 5 percent of those surveyed have fully implemented every data risk measure - down from 7 percent last year. While one-third, or 33 percent, of chief executives and security and risk leaders say their companies have established dedicated AI roles, including a chief AI officer or AI board, less than half strongly agree that cyber risk is a standing agenda item at the Board level (47 percent) or at executive leadership meetings (45 percent). PwC added that, as cyber-attacks accelerate beyond human speed, AI is becoming an essential force multiplier for security teams. However, trust remains low – particularly around using autonomous AI agents. This comes as attacks by autonomous botnets (53 percent), adversarial strikes (52 percent) and data poisoning (52 percent) rank among the top AI-enabled attacks that security and
MYRA LUNDY-MORTIMER
NESTLE MAULLON risk leaders say they are least prepared to address. While security leaders rank threat detection and alerting (50 percent), and phishing detection and response (42 percent), among the top priority AI
areas for cyber defence – roughly only one-fifth (22 percent) would authorise fully autonomous execution by AI agents for cyber defence,” PwC said of the survey findings.
It added thart rapid advances in AI, are proving problematic. More than half of respondents (55 percent) ranked reliability and maturity of AI technology among their top three barriers to increasing AI agent autonomy in security operations, while 46 percent cited accountability and explainability in AI decision-making. In response, PwC said more than half (54 percent) of security and risk leaders are adopting multi-cloud or hybrid cloud strategies, while others are strengthening regional data and technology redundancy (47 percent) and localising infrastructure within specific jurisdictions (37 percent) to reduce concentration risk across their value chain. As geopolitics shape the cyber risk landscape, PwC said half (50 percent) are also making changes to vendor, thirdparty and supply chain risk management. As cyber budgets take centre stage, some companies are bringing in managed services to help, with AI the leading focus for 53 percent as companies confront a shortage of specialist cyber and AI talent. To insulate their businesses against rapidly evolving AI and cyber threats, PwC said companies must strengthen cyber governance, accountability and risk decision-making; protect critical operations and build cyber resilience; secure data, AI and emerging technology; and manage ecosystem, third-party and technology concentration risk. It also recommended that they use trusted technology and data to create enterprise value, and build their model to effectively leverage agents to defend against agent-enabled attacks.
THE TRIBUNE
Thursday, October 22, 2026, PAGE 5
‘Independent power suppliers must rebuild after hurricanes’ BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net A GRAND Bahama Power Company executive yesterday argued that power purchase agreements (PPA) with independent power providers should mandate that the latter rebuild damaged generation assets after hurricanes. Neilson Beneby, vice-president of operations, told a regional CARILEC energy conference panel discussion that utilities should not be left carrying the responsibility of restoring electricity when privately-owned generation assets are damaged by extreme weather. His comments came after a representative of
Barbados Light & Power raised concerns about how electricity restoration would work under a government policy targeting 100 per cent renewable energy, where independent power producers and roof-top solar owners could account for about 90 per cent of generation. Mr Beneby said power purchase agreements should include an obligation to serve, similar to the responsibilities imposed on utilities through their operating licences. “When you look at a lot of the PPAs, even some here in The Bahamas, you look at some in Barbados. I think there's a very important clause that's missing that does show up in the operator licences that the utilities have, and that's
your obligation to serve,” he said. Mr Beneby argued that ‘force majeure’ provisions in some agreements could leave independent power producers (IPPs) without a continuing obligation to restore generation after an exceptional event. “If you think about it, for the IPPs, they claim and they get their insurance claim, and they go running off to the bank. There's no duty to build back,” Mr Beneby said. “And then the utility is left holding the bag.” Mr Beneby said independent power producers should be required to rebuild damaged facilities over the investment period, rather than leaving the utilities they supply to shoulder the responsibility
MP: Focus on business ease, not just regulation BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net AN OPPOSITION MP yesterday said The Bahamas must make it easier to do business, not just easier to regulate companies, calling for faster licensing and administrative approvals to help entrepreneurs establish and expand their ventures. Contributing to debate on the Companies Amendment Bill in Parliament, Freetown MP Lincoln Deal said regulatory compliance is essential but cannot substitute for a broader economic development strategy aimed at attracting investment, creating jobs and strengthening Bahamian businesses. “We must make it easier to do business in The Bahamas, not just easier to regulate business in The Bahamas,” he said. Mr Deal, drawing on his experience in the private sector, said delays in administrative processes can hold back investment and prevent employment opportunities from materialising. “A delayed approval can mean a delayed investment. A delayed investment can mean a missed opportunity, and an opportunity can mean jobs that never materialise,” he said. Mr Deal pointed to entrepreneurs seeking to establish a logistics company or expand a catering business, arguing that even those with customers and viable business plans can face obstacles navigating
LINCOLN DEAL company registration, licensing and other administrative requirements. “Regulation is absolutely necessary, but unnecessary delay is not,” he said, urging the Government to ensure that Business Licences and regulatory processes moved with the same urgency demonstrated in bringing legislation before Parliament. Mr Deal said The Bahamas' ambitions should extend beyond creating companies that comply with the law to building an environment in which Bahamian businesses can grow, despite challenges such as bureaucracy and financing constraints. He also called for a more proactive strategy to strengthen the country's position in international financial services, arguing that the industry should not be approached primarily through successive responses to international regulatory requirements.
The financial services sector contributes to government revenue through taxes and fees, and supports skilled employment among attorneys, accountants, corporate administrators and other professionals, he said. Mr Deal questioned what specific activities the Government is seeking to expand, and how The Bahamas intended to compete with other financial centres on regulatory certainty, operating costs, professional expertise and administrative efficiency. He called for a national financial services competitiveness strategy, accompanied by an annual performance report, to track investment activity, business development, employment opportunities, professional training and progress against clearly established objectives. The strategy, Mr Deal said, should identify opportunities to expand areas such as wealth management, trust services and specialised corporate services, while establishing measurable targets for the industry's development. “We got to stop being reactive as it relates to our financial services sector,” Mr Deal said. “Be more proactive and look at what our competitors in the area are doing.” He also questioned whether the industry's success was translating into sufficient opportunities for Bahamian professionals and locally-owned businesses. Mr Deal said The Bahamas should identify the skills that would be required
of restoring service to customers. “The democratisation of generation allows more participants. Good, but you have this obligation to serve as well,” he said. “It's your duty, especially over that investment period, to build back. It's not fair for the utility to have to carry that obligation by themselves.” The issue has implications for small island electricity markets such as The Bahamas, where hurricanes can damage generation and network infrastructure, and disrupt electricity supply to households and businesses. Mr Beneby also argued that energy planning must account for the cost of maintaining reliable service, rather than focusing solely on finding the
cheapest means of producing electricity. He said the regional energy transition required a shift in thinking from delivering electricity at the lowest possible cost to providing the most affordable and reliable service. “In this day and age, everything is increasing, right? The price of everything is increasing. Resilience comes with costs. Reliability comes at a cost,” he said. Mr Beneby said island utilities face additional challenges because of their limited scale, the up-front capital required for infrastructure and pressure on the cost of financing. Even renewable energy investments require capital that must ultimately be recovered, whether projects
are funded through utilities or independent investors, he added. Mr Beneby argued that utilities must plan realistically for the resources and financing available to them, rather than announcing targets they lack the capacity to deliver. “We have to be much more engaging with our customers. We need to listen to understand and build plans around that,” said Mr Beneby. He also called for greater collaboration among Caribbean utilities, including sharing lessons from previous investments and operational experience, so that individual countries do not have to solve the same problems independently. The CARILEC discussion examined how Caribbean electricity providers can maintain reliability and build resilience as their energy systems incorporate renewable generation and new market participants.
over the next decade, and develop partnerships between financial institutions, professional bodies and educational institutions to prepare Bahamians for those opportunities. He called for more opportunities for Bahamian-owned firms to provide professional services to the industry, arguing that its performance should be assessed not only by the international companies
operating in the country but also by the Bahamians building careers and businesses within it. Mr Deal said the Government should demonstrate measurable results from its efforts to strengthen financial services and improve the business environment, including greater administrative efficiency, business growth and job creation.
He supported the Companies Amendment Bill, describing it as a necessary correction to corporate legislation, but said the country's wider economic ambitions should include a stronger competitive position, greater Bahamian participation and an environment that enables businesses to establish, finance and expand their operations.
PAGE 6, Thursday, October 22, 2026
THE TRIBUNE
Port Lucaya Marina owners in pledge to launch legal appeal BUILD - from page B1 speaking on condition of anonymity, suggested that DevCO, as landlord and seabed owner, seems to lack trust and confidence in Bahama Land Waterways and its owners, and their ability to execute their redevelopment plans. And questions were also raised over whether Mr Hunt and Mr Herschkowitz, who the Central Bank previously said were investing $22m in the Port Lucaya Marketplace, have good, clean and marketable title to the property. This newspaper was told that the Dupuch & Turnquest law firm has a solicitor’s lien, or charge, secured on the Port Lucaya Marina and its assets over unpaid legal bills left behind by the former
owners - Preben Olsen and his New Hope Holdings vehicle, Duane Crithfield and TG Investments - who Bahama Land Waterways acquired the facility from. It is unclear why these outstanding bills were not picked up in due diligence conducted by the buyer before it completed the deal, and why they were not settled by the former owners. Mr Hunt did not reply to a Tribune Business e-mail setting out questions on this issue before press time last night. Still, Mr Hunt and Mr Herschkowitz, in their statement yesterday, blamed the latest hold-up on DevCo despite a recent Supreme Court verdict by Justice Constance Delancy that rejected the latter’s bid for a “lease forfeiture” Order that would have allowed
it to seize control of Port Lucaya Marina. “Although DevCo’s claim to take back the seabed lease was rejected by the Supreme Court, the terms of DevCo’s proposed draft order, submitted to the Supreme Court seeking to impose judicial supervision over the repair and redevelopment of Port Lucaya Marina, are both unreasonable and unworkable,” Bahama Land Waterways asserted. “The reasons for the decision, the precise scope of the repair and redevelopment obligations imposed, the procedures and the proposed timescales are all unclear. It is therefore with regret that we are constrained to appeal that part of the Supreme Court’s decision to The Bahamas’ Court of Appeal.” Justice Delancy, in a September 17, 2026, verdict on a dispute triggered some 13 years ago, in nrejecting the forfeiture bid nevertheless ordered that the marina’s holding company, Port Lucaya Marina Company, perform its obligations under the 99-year seabed lease deal with DevCo by repairing and upgrading the facility. This work is to include all docks, jetties and navigational aids, and removing any trash, waste and pollution. She also ordered Port Lucaya Marina Company and, in effect, its Bahama Land Waterways owner, to hire a GBPA licensed and approved structural engineer within 30 days “to conduct a full assessment and analysis of the marina” and prepare a report on the
type of repairs required to remedy the lease breaches. The report is to be completed within 60 days of the structural engineer’s hiring, meaning by mid-November, and be shared with DEVCO, and then Port Lucaya Marina is to apply for a GBPA building permit. Justice Delancy’s ruling made no mention of either side submitting further “draft Orders” to her. However, Bahama Land Waterways added: “Until those issues are resolved, it would not be commercially responsible to commit substantial further capital to demolition and reconstruction while uncertainty remains over the legal framework governing the works. “We remain willing to agree a practical and reasonable resolution that allows the redevelopment to proceed without further unnecessary delay.” The Port Lucaya Marina purchaser and its owners, though, confirmed it has not abandoned its redevelopment plans despite the demolition and reconstruction delay. “After spending more than three painstaking years negotiating to settle long-standing ownership and other disputes between the previous owners, the owners of Port Lucaya Marketplace successfully concluded their acquisition of the adjacent Port Lucaya Marina and Grand Bahama Yacht Club,” Mr Hunt and Mr Herschkowitz said. “Our intention and plans upon acquisition have been clear from the outset: To move forward immediately with the demolition of the deteriorated
marina structures and the construction of a modern replacement marina, creating new activity, employment, tourism and economic benefits for Port Lucaya and Grand Bahama… “Our investment plans for Port Lucaya Marina remain firmly in place. The objective remains to rebuild the marina to a modern standard, strengthen Port Lucaya Marketplace and Grand Bahama Yacht Club, attract visiting yachts, support local businesses and create additional employment and tourism activity,” the duo added. “After many years of economic difficulty in Grand Bahama, major private investment should be encouraged through a clear, predictable and constructive environment. “Investors committing substantial capital to the island should be met with co-operation, practical engagement and regulatory certainty, rather than being drawn into prolonged and unnecessary legal proceedings that delay development and undermine confidence. “Our objective is not confrontation, but to work together to rebuild Port Lucaya Marina, strengthen Grand Bahama’s tourism economy and create a more welcoming environment for future investment. Our commitment to Port Lucaya and Grand Bahama remains unchanged.” This is not the first time, though, that DevCO and Bahama Land Waterways have been at odds. The latter previously sent a formal notice to the Grand Bahama Port Authority’s (GBPA) co-chairs, Rupert
ESTATE OF LINDA LAURA D’ARVILLE
NOTICE
a.k.a LYNNE LAURA D’ARVILLE a.k.a. LINDA LAURA NEUFELD a.k.a. LINDA LAURA NEWFELD TAKE NOTICE that anyone having a claim against the Estate of LINDA LAURA D’ARVILLE a.k.a. LYNNE LAURA D’ARVILLE a.k.a LINDA LAURA NEUFELD a.k.a LINDA LAURA NEWFELD late of the Western District of the Island of New Providence, The Bahamas, who died on the 6th day of June, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th November, A.D., 2026.
ESTATE OF NIVEN ROBERT NUTT, III a.k.a ROBERT NIVEN NUTT a.k.a. ROBBIE NUTT TAKE NOTICE that anyone having a claim against the NIVEN ROBERT NUTT, III a.k.a. ROBERT NIVEN NUTT a.k.a. ROBBIE NUTT late of Highland Court, New Providence, The Bahamas, who died on the 21st day of December, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 30th November, A.D., 2026
7th
ZARRAC INVESTMENTS LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 206541 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 20th day of October A.D. 2026. PEDRO EDUARDO CASSAB CARRAZ LIQUIDATOR
October
6th
7th
October
November
Hayward and Sarah St George, demanding that an earlier ‘stop work’ order be removed with “immediate” effect and signalled that legal action is likely unless the impasse is swiftly resolved. And, warning of the economic fall-out, they wrote that Port Lucaya Marketplace will be unable to “sustain its long-term operations” without a revived Port Lucaya Marina to drive visitor traffic and access. The Marketplace, Bahama Land Waterways added, has seen its occupancy decline to about 50 percent while “rental rates have not been increased for more than 12 years”. However, the GBPA and DevCo denied they were unnecessarily or unduly blocking, or interfering with, the latter’s renovation and redevelopment. Their position was that they were simply enforcing long-standing permitting and approval requirements designed to protect public safety and ensure legal compliance. While Bahama Land Waterways had approached the GBPA for the necessary permits months ago, DevCo - as landlord - had to give written authorisation for the works to proceed and this has not been forthcoming. DevCo’s stance was that Bahama Land Waterways and its principals had at the time yet to provide it with the necessary documents and paperwork to show they are now the actual owners and authorised representatives able to speak for Port Lucaya Marina Company, which holds the 99-lease on the property. That issue was understood to have been resolved.
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
THE TRIBUNE
Thursday, October 22, 2026, PAGE 7
‘Let’s be real’: How can Parks and Beaches repay $10.9m? FINANCES - from page B1 corporations to produce the surge in both revenues and spending. “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,” the report said. Breaking down the revenue and spending impacts, the Ministry of Finance added: “Non-tax revenue more than doubled by $159.8m to $206.6m [for June]. 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. “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.” That represents the payment of outstanding bills owed by government ministries, agencies and departments to the public corporations. The dividend receipts produced a more than seven-fold jump in ‘other’ non-tax revenue, from $23.3m in June 2025 to $172.8m, while on the spending side, the Government’s outlay on goods and services increased more than four-fold in June 2026, rising year-over-year from $61.8m to $255.1m. This played a key role in producing the more than five-fold year-over-year increase in the Budget surplus for June 2026 - from $25.4m in 2025 to $130.7m this time around. And, in turn, the month’s outcome was critical in bringing the Davis administration in almost $7m ahead of its revised $32.7m surplus at $39.3m. Mr Thompson, meanwhile, told this newspaper yesterday that the Government has yet to address repeated concerned voiced over its apparent use of ‘loans’ to keep what are subsidies to loss-making SOEs, with no ability to repay these advances, outside the Budget calculations so they do not add to the deficit or national debt. These loans can be treated as an asset, or investment, under the Government’s modified cash basis of accounting, and the east Grand Bahama MP argued that it should be “distressing” to all Bahamians that total taxpayer exposure to these advances now stands at $728.7m following the further $131.7m, or 22.1 percent, increase during the 2025-2026 fiscal year. “This issue, it has been raised on a number of occasions but never addressed by the Government - the loans made to public entities that never had the ability so, essentially, it masks a subsidy by calling it a loan and, if you do that, it never appears in the Budgeting,” Mr Thompson argued. “It again creates a huge issue for us because we continue to increase the amount of monies, whether we call them subsidies or loans, they are all the same. They are financial assistance provided to public corporations. We continue to increase the amount of money paid to public entities, and that should be distressing for every Bahamian. “The long-term goal should be to put these entities in a position where they are self-sufficient.” Mr Thompson cited the Public Parks and Beaches Authority as a particular example, noting that it owes the Government a $10.9m loan as at end-March 2026 yet, at the same point, had exhausted its $29m subsidy for the full fiscal year with three months left and has no income-generating ability. “The more significant point on the surplus, or simply where there is really no surplus, if you look at the amount spent through the National Investment Fund, when you look at the dividends paid where we have no idea from which corporation, and look at what expenditures should be made as subsidies but are marked as loans - if those amounts were portrayed as they should have been, as subsidies - you really would not have had a surplus,” the Opposition finance spokesman argued.
“If you look at the entire picture with the Government, the entire fiscal position of the Government, we really would have a deficit position as opposed to a surplus. The Government should not tout this as any kind of accomplishment, and they need to come back to then people to explain this and be far more transparent than they are. “If the entire picture is put to the Bahamian public, we may find we are in a significant deficit as opposed to a surplus if the entire picture is placed before the public.” If it is correct that the near$311m National Investment Fund outlay, together with the $131.7m in SOE ‘loans’, should have been included in the Budget figures, this $442.6m combined spending would convert the $39.3m surplus into a $400m-plus deficit. Mr Thompson had earlier told the House of Assembly that the near-$127m he said the Government received in interest and dividend income from the unidentified public corporations was more than three times’ the full-year $39.3m surplus for 2025-2026 and critical to the overall outcome. However, he added: “The report fails to indicate which public entities made these payments, how much each contributed and whether this came from actual operating profits, accumulated reserves or settlement of outstanding government obligations…. “There’s another issue with respect to the $39.3m surplus that I believe deserves an explanation. The Government announced a significant increase in interest and dividend income, almost a $127m increase, from the corporations. “If the Government is receiving dividends from public corporations, and treating these dividends as revenue, shouldn’t it be looking at how much money the Government is lending or advancing
to these corporations? As an accounting principle, when you deal with Budget expenditure and revenues, surpluses and deficits, you look at dividends coming from the public corporations and count them as revenue. But if you are loaning monies to these corporations….” Mr Thompson was then interrupted by an intervention from Chester Cooper, deputy prime minister and minister of education, science and technology, who argued that he was “basing his conclusion on an erroneous premise” that the dividends were coming from loss-making SOEs and urged him to put his questions in writing. The east Grand Bahama MP, voicing doubts that he will ever receive an answer from the Government, said: “The point is, if the
Government is receiving dividends from public corporations, and accounting for these dividends as revenues, should we not be looking at what government is loaning and advancing to these same corporations? “Why continue to look at one side of the books and ignore the other side? Why is the Government lending monies to public entities that have no reliable ability to pay these loans? If the Government has a mechanism to provide assistance to public entities it’s through subsidies. “Subsidies are recognised in the Budget. You do not take account of the loans the Government provides to these public entities. Why are you providing loans to a public entity that has no ability to repay the loan? It’s the same as providing assistance but you are marketing
it as something different,” Mr Thompson added. “When you lend money to someone there must be a reasonable expectation they will pay the money back. It’s not a loan… It’s financial assistance.” The latter, Mr Thompson added, represents a subsidy that would be accounted for and included in the Budget as funds “to keep a public entity operating. Citing the Public Parks and Beaches Authority, Mr Thompson asserted: “Let’s be practical. Let’s be real. Where is Beaches and Parks supposed to find $10.9m to repay the Government” especially given that its $29m subsidy for the 2025-2026 fiscal year was exhausted after the first nine months. He argued that this also applies to the Broadcasting Corporation of The
Bahamas (BCB) and Public Hospitals Authority (PHA), which have also received loans from the Government yet were “never established to make substantial profits” and lack the means to repay them. “Why are we recording money advanced to them as loans without ever explaining how those loans will be repaid?” Mr Thompson asked. “I understand there is an accounting distinction between loans and subsidies. I am suggesting that every loan automatically be classified as an expense. “If there is no realistic prospect of payment, the Government must account for these as, in reality, we are loaning money and it is a subsidy.” Mr Thompson branded the $39.3m Budget surplus for 2025-2026 as “non-existent”.
PAGE 8, Thursday, October 22, 2026
THE TRIBUNE
THE TRIBUNE
Thursday, October 22, 2026, PAGE 9
JUDGE PARKER
CARPE DIEM
MARVIN BLONDIE
HAGAR THE HORRIBLE
TIGER
CALVIN & HOBBES
DENNIS THE MENACE
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 10, Thursday, October 22, 2026
THE TRIBUNE
Aviation chief: ‘We must all be held accountable’ FLYING - from page B1 safety recommendations for the Civil Aviation Authority of The Bahamas (CAAB) to implement. One calls for greater “preventative regulatory intervention” by the CAAB, which has primary responsibility for regulating commercial and civil aviation, including the creation of risk-based safety “triggers” and escalated supervision for operators and pilots who display a “pattern” of involvement in safety-related events. The other recommends heightened safety oversight and surveillance during peak domestic air travel periods such as public festivals, regattas, homecomings and other festivals as a means to boost regulation amid more frequent and packed flights. “The AAIA recommends that Civil Aviation Authority Bahamas establish and implement a documented, risk-based internal safety event triggering and escalation mechanism for regulated entities based on the number, frequency, severity and pattern of safety-related events within a defined period,” the AAIA said. In reply, it added that the Civil Aviation Authority Bahamas has already supplied it with its “existing risk-base surveillance methodology”, which analyses “occurrence trends, compliance histories, audit findings and corrective action performance to prioritise oversight”. The Civil Aviation Authority Bahamas had also advised it is “formalising” a documented safety event triggering and escalation mechanism that features “defined trigger criteria, escalation levels, responsibilities” and other provisions plus provided
three examples of its actual application. The AAIA said this addresses “the intent” of its safety recommendation and “presents a credible framework of preventative regulatory intervention”. However, signalling that it is now looking for execution and implementation by Civil Aviation Authority Bahamas, it added that it will continue to review the procedure, records and “consistent operational application” before deeming the issue closed. As for the second safety-related recommendation, the AAIA said: “AAIA recommends that the Civil Aviation Authority Bahamas develop and implement a formal, risk-based mechanism to identify periods of significantly increased domestic aviation activity - including public holidays, regattas, festivals and homecomings and apply enhanced safety oversight during such periods. “CAA-B advised that, effective September 2026, satellite office surveillance coverage was expanded from a general 9am to 5pm schedule to 7am to 6pm, incorporating weekends and public holidays while retaining risk-based prioritisation. CAA-B also indicated that inspector surveillance records would be examined to verify completion and documentation of assigned activities. “Expanded coverage is a positive and relevant measure, particularly for weekends and public holidays,” the AAIA added. “Continued review of evidence is required to establish that CAA-B has implemented a formal method for anticipating event-driven peaks in domestic aviation activity, and systematically directing enhanced oversight to the associated risks, as distinct from merely extending routine coverage hours.”
The AAIA said it considered Civil Aviation Authority Bahamas’ reply as “responsive”, but that not “all corrective actions have been completed”. Dr Hamilton, responding to the two recommendations, told Tribune Business that “all of us have a role to play” in the industry in addressing weaknesses, adding that “it’s only when a crisis comes that we pay attention to it”. “Honestly, Neil, there’s nothing new about this,” the Southern Air and Association chief said. “We’ve known this for a long time about this industry. The industry needs a mindset of looking to ensure we are moving forward together. There are a number of silos in the industry, and they need to be broken. “It’s only in a crisis situation where we’re seeing a coming together in that instance, and it’s blown away. We need to determine deliberately and intentionally as fas as the aviation industry in The Bahamas is concerned. It’s a bunch of lip service until we sit down and do it properly, and hold everyone accountable. “No one has a bye,” Dr Hamilton added. “All of us are in this together, and it will not be corrected if we continue to operate in silos. None of us are exempted. In the Bahamian aviation industry, we must come together and fix it. If we come as a group, we will be able to fix this. “It will take commitment and sacrifice, and many are not prepared to make the commitment and sacrifice to get this corrected. We can talk as much as we like, but until we get together and be focused about it… Everyone from top to bottom has to come to the table to be focused to correct it otherwise it’s a waste of time, a bunch of lip service and we’ll continue to make the mistakes.”
Dr Hamilton added that the Bahamian aviation industry needs an “atmosphere and environment” where all elements and voices are able to participate, otherwise there will be push back and resistance to reforms and change. “A lot of things have been lagging,” he said. “There’s a lot of lag in the system. By design the system is supposed to be highly effective. That’s the only way in which the industry is going to make it. We just have to roll up our sleeves and get this thing done. Talking is over with the loss of those lives. “Without exception, all of us have a responsibility. The entire ecosystem of Bahamian aviation has to be brought to account, stand up, take the necessary responsibility and do what we need to do… Follow through must take place so that the kind of investment being made, and that ought to be made in the industry, we can get true investment value for the benefit of all of us. That’s the way forward.” Captain Randy Butler, the former Sky Bahamas chief executive and an ex-Civil Aviation staffer, who is now focused on industry safety, confirmed to Tribune Business that the Air Accident Investigation Authority’s release confirms it is looking for the Civil Aviation Authority Bahamas to demonstrate it is implementing and executing the two safety recommendations. He suggested the issues raised by the Air Accident Investigation Authority are “not entirely new” as a similar call for greater oversight during Bahamian holidays and peak travel periods had been made in the wake of the 2022 Long Island regatta crash, which claimed one life. “I think it points to the fact that surveillance and safety oversight must be
continuous,” Captain Butler said. “They left it open so they did not close the question. The whole goal is prevention. It’s active prevention and continued Civil Aviation oversight. “We have this identical recommendation again, so we did not follow through the first time this came about. We will probably be here again if Civil Aviation does not implement. The promise to do is just not enough.” Captain Butler added that, during his time with Civil Aviation, any operator with a history of accidents or safety incidents “would have been elevated to heightened surveillance” and due diligence through inspections of their planes, operations and flying on their flights. “The latest recommendations issued by the Aircraft Accident Investigation Authority (AAIA) following the tragic San Andros aircraft accident highlight the importance of continuous, effective aviation safety oversight throughout The Bahamas,” he added. “The recommendations address two essential responsibilities: Identifying repeated or serious safety concerns before they develop into greater dangers, and strengthening surveillance during periods of increased domestic aviation activity, including regattas, homecomings and public holidays.” Captain Butler, though, said: “These concerns are not entirely new. Following the June 2022 accident involving a US-registered Piper Navajo at Deadman’s Cay, Long Island, which claimed one life, the AAIA raised a safety concern with the United States Federal Aviation Administration (FAA) in February 2023.
“That concern called attention to the need for enhanced surveillance of US-registered aircraft operating in The Bahamas. The FAA responded that enhanced efforts would be undertaken in collaboration with CAA-B. “It is therefore reasonable to ask what surveillance arrangements were subsequently implemented, what results were achieved and how those earlier lessons are informing the Authority’s present actions.” “I also welcome the reported extension of surveillance office hours during weekends and public holidays,” Captain Butler continued. “However, extending office hours is not necessarily the same as conducting effective inspections where aviation activity and risks are greatest. “In an archipelago such as The Bahamas, inspectors must have the personnel, transportation and resources necessary to reach the Family Islands regularly. I welcome the Prime Minister’s expressed confidence in our aviation safety system. My objective is to support that confidence through transparency, continuous improvement and demonstrated results. “I am not suggesting that these recommendations establish the cause of the San Andros accident or prove regulatory failure. That investigation remains ongoing. “We cannot simply promise to address safety concerns. We must implement corrective actions, verify that they work and ensure that the same concerns do not continue to arise after another tragedy. Aviation safety must be about prevention, not merely responding to accidents.”
CALL 502-2394 TO ADVERTISE TODAY!
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that we, EMILY BASDEN (mother) and OMAR THOMPSON SR. (father) of East Street & Gibbs Corner, New Providence, The Bahamas, parents of O’MARA OMELIA OCEAN BASDEN intend to change our child’s name to O’MARA OMELIA OCEAN THOMPSON. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.
NOTICE NOTICE is hereby given that I AWINCE LASSEUR of # 4 Ferdinand Drive, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration /naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October, 2026 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 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 TRIBUNE
Thursday, October 22, 2026, PAGE 11
Gov’t fiscal strategies ‘not worth paper are written on’ ISSUANCE - from page B1
guaranteed by the Government, and accrued and unpaid interest thereon, repay $131.82m principal amount of, and accrued and unpaid interest on, indebtedness of Grand Bahama Power Company upon maturity, and use any remaining net proceeds for refinancing activities of the Government,” an investor note on the Government’s objectives read. The $1.1bn bond, though, was never mentioned in the Government’s annual borrowing plan for the 2026-2027 fiscal year that was released just months ago in June 2026 although preparations for the issuance will likely have begun by then. The plan spoke to external borrowings of just $380.5m, comprising $200m in bank loans with the balance coming from credit advanced by multilateral lenders such as the Inter American Development Bank (IDB). The balance of the Government’s projected $1.024bn gross financing need was to be sourced domestically. Dr Duane Sands, the Free National Movement (FNM) chairman, told Tribune Business that, as a result,
“we are getting to the point where the Government’s fiscal reports are not worth the paper they are printed on because they are not going to follow it and they come up with all manner of excuses as to why they didn’t”. He added: “I pay no attention to their fiscal reports. It has no relationship to what they actually do and here’s another example. I have long since moved on from being surprised by anything this government does relative to its selfstated policies. Their reports are nothing more than an approximation of what they do. “There’s a legislative framework that ought to govern the relationship between their fiscal strategy and what actually happens. They create that strategy and do not follow it ever. Am I surprised? Never.” However, the annual borrowing plan appears to give the Davis administration an ‘out’ in terms of its decision to tap the international bond and capital markets. “The Government will monitor international capital market conditions to identify opportunities for liability management
operations, including bond switches, buybacks and new issuances that improve the cost and risk profile of the external debt portfolio,” it said. “Any new issuance will be contingent on market conditions, pricing levels and the Government’s overall liquidity position at the time of execution.” One capital markets source, speaking on condition of anonymity, said of the latest offering: “It’s going to be interesting to see what interest rate they are able to strike in the marketplace. “It’s not the perfect time to be going to the market now. It will be interesting to see what kind of rates they are able to lock in when they are wedded together given all the turmoil in the marketplace. I hope that, at the end of the day, they are able to term it out and end in a better position from an interest payables standpoint.” The “turmoil” relates to the recent increase in yields on 10-year US Treasuries, the global benchmark for setting most bond rates and prices, which have risen by 1.1 percentage points this year amid growing
market concerns over America’s fiscal and debt sustainability. French government bonds also came under pressure yesterday due to recent rioting and social unrest. Rising yields, or interest rates, also push down bond prices. This has also affected The Bahamas’ bond valuations with one of the issues targeted for consolidation, paying a 6.95 percent coupon and due to mature in 2029, dropping below ‘par’ in around April 2026 and remaining there despite a recent mini-rally that may be linked to the refinancing. The new bond’s launch, and offer to repurchase debt from existing investors, has occurred just days after Prime Minister Philip Davis KC unveiled the much-disputed $39.3m fiscal “surplus” for the 2025-2026 fiscal year. And he later confirmed the Government would soon be tapping the international bond markets in the debate on Grand Bahama Power Company’s refinancing. “As part of the Government’s broader debt financing exercise for this fiscal year, the Ministry of Finance is preparing to approach the external bond
market for a facility sized to meet both the central Government’s refinancing needs and these Grand Bahama obligations,” Mr Davis told Parliament last week. “By consolidating them in that exercise, the Government expects to reduce annual debt service and to secure certainty about future interest payments….. The benefits to the two companies are considerable. “Once these facilities are retired, the Grand Bahama Energy Company [acquisition vehicle] will be left with only its working capital facility to service, which substantially reduces its debt burden and improves its financial flexibility,” the Prime Minister added. “The Grand Bahama Power Company will shed significant debt service costs, and savings that would have otherwise gone to the banks can be directed instead to the maintenance, operational improvements and capital works on which the people of Freeport, Eight Mile Rock, West End and East Grand Bahama depend.”
PM: GBPA to shed powers with owners to be private investors
will not apologise for saying so,” he said. Mr Davis added: “What does independence mean if it stops at the boundaries of thePort area? Whose island is this? It belongs to the people who live on it, and to the nation of which they are a part.” He maintained, however, that the Government intends to pursue reform through lawful means and will address existing commercial interests and investments as part of the process. “We will correct the imbalance lawfully through Parliament and the other legal steps that are required. Reform must properly address vested interests, contracts and protect investments. Nothing will be done retrospectively,” Mr Davis said. “Businesses will earn. Government will govern. Each will do its own job. Each will be stronger for it.” Mr Davis said the GBPA, its shareholders and staff will be included in discussions over the
transition, adding that the Authority could retain a profitable future as a landowner, developer, investor and partner. “The Port Authority can have a strong and profitable future here as a landowner, a developer, an investor and a partner,” he said. The proposed Grand Bahama Development Council would bring together government, local government, GBPA licensees, labour, businesses, communities and young people to co-ordinate strategic development initiatives, monitor implementation and identify institutional obstacles. The Government also intends to consider islandwide tax breaks and concessions, including the possibility of enhanced incentives outside the Port area, to encourage investment and spread economic benefits across Grand Bahama. The rates, duration and conditions of any such concessions will be determined following consultation and fiscal analysis.
Mr Davis said the Government had studied the Hawksbill Creek Agreement, subsequent legal instruments, the arbitration tribunal’s award and Grand Bahama’s economic record in preparing its proposed framework. He cited the island’s population decline as evidence of the challenges facing Grand Bahama, noting that the 2022 census recorded 46,740 residents, down from 51,368 in 2010, a fall of around 9 per cent. The census also found that nearly one in five homes was empty, he said. “Hurricanes explained part of that story. The world economy explains part of it. A structure that no longer fits the island explains the rest,” Mr Davis said. The Government intends to open formal public consultation on November 1, with the process scheduled to run through April 30, 2027. Town Hall meetings, sector discussions and written submissions are expected to form part of the exercise.
After consultation closes, the Government intends to submit the findings and recommendations to Cabinet, with a white paper targeted for July 1, 2027, draft legislation by December 31, 2027, and passage into law the first quarter of 2028. Mr Davis said the Government will listen to evidence challenging its proposals, but insisted that the overall objective of reform would not change. “The green paper is our first word. Grand Bahamians will help shape the last one: One island, one economy, one framework,” he said. “The waiting is over. The work is ours.”
However, the 7.7 percent interest coupon is still higher than the existing rates for four of the five outstanding bond issues that the Government is offering to repurchase from investors in exchange for the new issue. These carry interest coupons ranging from 6 percent to 7.125 percent, indicating that The Bahamas may have to pay a slightly higher yield or price for extending debt maturity. Only one of the five existing bonds, placed at the height of the COVID-19 pandemic, carries a higher rate than the new issuance with 9 percent. Still, the new bond will push out debt due to mature in 2028, 2029 and 2033 by an extra 11, 10 and six years, respectively, depending on how many investors agree to exchange their existing debt securities for new. “The Government intends to use the net proceeds from the sale of the notes to fund the purchase price of the notes accepted for purchase in the concurrent tender offer, repay the $200m term loan of Grand Bahama Energy Company,
CHANGE - from page B1 Customs and Immigration arrangements, roads, drainage and other public services. The proposed reforms include a government-led Grand Bahama Development Council, a comprehensive review of the Hawksbill Creek Agreement under the direction of Attorney General Wayne Munroe KC, and a modern legislative framework for the entire island, including a proposed Grand Bahama Development Act. Mr Davis said the new legislation is not intended simply to replace the existing agreement, but to establish a wider framework for economic development and public accountability across Grand
Bahama, including East and West Grand Bahama and the surrounding cays. “We will amend the Hawksbill Creek Agreement and create the balance Grand Bahama deserves,” he said. “Our proposed direction is a comprehensive successor framework.” Mr Davis described the current arrangement as a legacy of colonial rule, arguing that the Hawksbill Creek Agreement was signed before Bahamians had achieved majority rule or independence. “It is colonial in origin. It is colonial in character. It is unacceptable, and it has outlived its time. An arrangement born in a colony must be brought into line with the needs and demands of a free nation. I
TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394
PAGE 12, Thursday, October 22, 2026
THE TRIBUNE
Trump administration Dan Gilbert pledges $1 billion to to reconsider redevelop Detroit’s Renaissance Center wants permit for Massachusetts By ALEX DANIELS The Chronicle of Philanthropy Chronicle of Philanthropy DAN Gilbert, the billionaire co-founder of Rocket Mortgage, says he will contribute $1 billion to the redevelopment of the Renaissance Center in Detroit, a set of skyscrapers that formerly housed the headquarters of General Motors. Set along the Detroit River, the center was hailed as a major success in revitalizing the city after riots in the late 1960s, but in recent years it has become almost entirely vacant and fallen into disrepair. By creating a nonprofit to manage his blockbuster $1 billion commitment, Gilbert says he is sending a signal to city residents that he is not in it for the money. The total cost of the project might reach $2.2 billion and includes investments from General Motors. “We all share the goals of bringing new life to the Renaissance Center, of building a thriving riverfront district for all to enjoy, and of maximizing positive community impact,” Gilbert said in a statement. “I cannot think of a better way to accomplish these goals than through a nonprofit organization dedicated to this mission in perpetuity.”
According to Gilbert’s statement, the new organization will be a 501(c) (4) nonprofit, which can engage in unlimited lobbying. Donations to such organizations are not tax-deductible. Gilbert did not return requests for comment. Jamaine Dickens, chair of the city Neighborhood Advisory Council for the section of the city where the Renaissance Center is located, said the project could generate 8,000 local construction jobs. It would also make the riverfront a more inviting place, he said. “Detroit is one of the most segregated communities in America, but that riverfront is where everyone comes together and enjoys it all at the same time, despite age, despite gender, despite race,” he said. Nonprofit structure can lead to public good Gilbert’s announcement is the latest in a string of commitments to Detroit from the Rocket Mortgage founder and one of many large-scale investments by philanthropy into the city’s future. In 2013, a group of foundations put a combined $816 million into a plan known as the “grand bargain,” which allowed the city to fulfill its pension
offshore wind project By JENNIFER McDERMOTT and MATTHEW DALY Associated Press
BEDROCK Chairman Dan Gilbert addresses a news conference, April 15, 2024 in Detroit. Photo:Carlos Osorio/AP obligations and fend off bankruptcy without selling art treasures from the Detroit Institute of Arts. Last year, when the Kresge Foundation announced it would relocate its headquarters to Detroit from its longtime home in the suburbs, it committed nearly $200 million to development projects in the northwest region of the city. Rip Rapson, Kresge’s president and a key player in the grand bargain, hailed Gilbert’s announcement in an email, saying it was a “powerful reminder” of the important role foundations can play in democratizing public spaces, making them useful and accessible to all
of the city’s residents and visitors alike. It would transform the riverfront area from being “less than inviting at best, and forbidding at worst” to a destination point. By making the investment through a nonprofit, Rapson said, Gilbert was sending a positive message. Rapson told a gathering of Kresge staff the day of Gilbert’s announcement that the details would need to be examined, but he thought that “the creation of what will, in effect, be a form of conservancy, strikes me as a move genuinely aimed at ensuring … that civic engagement will be a priority in the project’s design and operations.” Some advocates question use of tax incentives Developers often argue that new construction creates jobs and adds to city revenue to build parks and provide other public services. But, historically, major development projects in Detroit, like those in most major cities, have come under fire because of tax incentives local jurisdictions give to developers. According to a 2024 report from Detroit Action, a progressive nonprofit advocacy group, the city lost almost $750 million in tax revenue because of tax abatements and other favorable tax treatment given to corporate developers. Detroit Action, which did not return calls for comment, was skeptical in its report.
THE Trump administration is asking a federal judge to let it reconsider a major federal permit granted for a large offshore wind farm, making it the fourth project the Republican leadership has targeted in recent months. The Interior Department wants to reconsider its own approval for the “construction and operations plan” for the New England Wind project off of Massachusetts. The plan was approved in 2024 during the Biden administration. The Justice Department said in a filing Tuesday the court should remand the permit, sending it back to Interior, because the plan was approved despite major adverse impacts. The developer, Avangrid, declined to comment Wednesday. Construction has not begun. The Trump administration is using executive orders, agency actions and the courts to try to stop the development of offshore wind, an industry and technology that President Donald Trump has attacked as “ugly” and unreliable compared to fossil fuels such as coal and natural gas. It started buying back offshore wind leases after federal judges blocked its efforts to stop construction on five major East Coast projects. U.S. Sen. Sheldon Whitehouse, a Rhode Island Democrat, warned that the administration now risks derailing a legislative effort to speed up permitting reviews for new energy and infrastructure projects. The Senate reached a bipartisan deal in September on a permitting bill, which has not yet been voted on. “This is how you blow up a permitting deal,” he said in a statement Wednesday. The Interior Department also wants to reconsider its prior approval of the construction and operations plan for Revolution Wind, a wind farm for Rhode Island
and Connecticut that has finished construction, and for the Maryland Offshore Wind Project, which has not yet begun construction. In August, a judge granted the administration’s request to reconsider the permit for the stalled New Jersey project Atlantic Shores. That project had been halted soon after Trump returned to office because co-owner Shell walked away from it. Last year, a federal judge said the Trump administration could reconsider the permit granted to the Massachusetts project SouthCoast Wind days before the president’s inauguration. Pasha Feinberg, an offshore wind strategist at the Natural Resources Defense Council, said the Trump administration’s attacks on offshore wind are escalating at a time when Americans are struggling with surging utility bills. The National Ocean Industries Association, which represents offshore industries including oil and wind, said it’s concerned about the uncertainty that comes with reopening federal approvals for offshore energy projects, particularly those already under construction or in operation. The plans for New England Wind call for up to 129 wind turbines that could supply as much as 2,600 megawatts of clean energy to power more than 900,000 homes each year. Its federal approval was challenged in court by ACK for Whales, a group of Nantucket, Massachusetts, residents who say they are concerned about the negative impacts of offshore wind development. The lawsuit in District Court for the District of Columbia contends that the federal government failed to comply with numerous statutes. The federal defendants in the case filed a motion Tuesday stating that remand of the permit is warranted, so Interior could make a new decision. The government also told the court in 2025 it wanted to reconsider New England Wind’s approval.
THE TRIBUNE
Thursday, October 22, 2026, PAGE 13
A strong profit report from SpaceX helps lift tech stocks and Wall Street By STAN CHOE AP Business Writer THE U.S. stock market rose Wednesday following strong profit reports from SpaceX, Capital One Financial and other big companies. The S&P 500 added 0.6% and pulled within 0.8% of its all-time high set earlier this month. The Dow Jones Industrial Average gained 360 points, or 0.7%, and the Nasdaq composite climbed 1.1%. SpaceX helped lead the market and climbed 7.8% after reporting a stronger profit for the summer than analysts expected. Elon Musk, who runs the company that makes money from artificial-intelligence technology, rockets and other businesses, also said that SpaceX took a step to consider a possible merger with Tesla, his electric-vehicle company. Tesla rose 3.4% and was one of the strongest forces lifting the S&P 500. Other stocks rallying on profit reports that topped analysts’ expectations included Capital One Financial, which rose 2.5%, and Winnebago Industries, which climbed 10.7%. Expectations are high for profit growth for all kinds of companies during the summer, and they need to meet them to justify the big runs their stock prices have made despite worries about high inflation, higher interest rates and other challenges weighing on Wall Street. Winnebago was able to report a more resilient profit than expected even as high fuel prices and frustration among U.S. shoppers restrain interest in recreational vehicles, for example. CEO Michael Happe said its more expensive towable RVs are a tougher sell, but customers are interested
in its “more accessible” offerings. On the losing side of Wall Street was Netflix, which fell 5.3% even though the streaming service reported a stronger profit than analysts expected. Investors focused instead on worries that Netflix’s momentum may be slowing. The company’s forecast for revenue growth in the final three months of the year fell short of analysts’ expectations. AT&T fell 6.4% even though it likewise delivered a stronger profit for the latest quarter than analysts expected. It gave a forecast for growth this year in an underlying measure of earnings before income taxes and some other things that fell short of some analysts’ expectations. Among AI stocks, which have been at the center of the market’s action in recent weeks, the movements remained unsettled. After leading the rest of the market for years because of the frenzy around AI, stocks in the industry have become shaky on worries that the build out of data centers may slow because of how much more expensive it’s become to borrow money. CoreWeave, which has borrowed money to buy AI chips that it rents out to customers over the cloud, has been particularly volatile. Its stock bounced between an early gain of nearly 4% and a drop of 4.5% Wednesday morning before finishing with a dip of 0.5%. A day earlier, it careened between a gain of 5% and a drop of more than 6%. Other AI-linked stocks were more resilient, and Nvidia’s rise of 2.5% was the strongest force lifting the S&P 500. Besides SpaceX’s profit report showing strength for AI spending, another encouraging signal for the
Hungarian police arrest Orbán-era central bank governor on suspicion of fraud and other crimes By JUSTIN SPIKE Associated Press HUNGARIAN police arrested the country’s former Central Bank governor on Wednesday, a significant escalation in the new government’s pursuit of suspected financial abuses during the reign of former Prime Minister Viktor Orbán, whose government has been accused of widespread corruption. Hungary’s Central Investigative Prosecutor’s Office issued a statement early Wednesday saying it was “carrying out coordinated investigative actions” in several locations in connection with a Central Bank-related investigation into criminal misappropriation of funds, but did not mention the former bank governor, György Matolcsy, by name. In a later statement, the office said it had detained and interrogated Matolcsy and his accomplices, but that they had refused to testify. Matolcsy led Hungary’s central bank from 2013 to 2025, after serving as Orbán’s minister of economy from 2010 to 2013. He was long one of Orbán’s closest economic allies, and has denied any wrongdoing. Much of Matolcsy’s tenure as head of the central bank was mired in accusations of corruption related to the bank’s establishment of foundations that it endowed with hundreds of billions of forints — equivalent to hundreds of millions of dollars — in public funds, ostensibly for investment purposes.
The central bank’s current leadership filed a criminal complaint last month on suspicion of embezzlement, negligence, fraud and abuse of office while Matolcsy was governor. The complaint came after the bank audited past real estate investments that it found to have been purchased for inflated prices, causing the institution significant financial damage. In its statement on Wednesday, the Central Investigative Prosecutor’s Office said that Matolcsy’s detention and interrogation were related to a central bank foundation formed in 2014 that was endowed with 288 billion forints ($817.8 million) in public assets derived from the bank’s exchange rate gains. Prosecutors said a private equity fund represented by Optima Investment Ltd., which managed the foundation’s assets, concluded a fictitious securities loan agreement on Matolcsy’s penultimate day as bank governor for the purpose of giving control of the foundation’s assets to a group of people over whom Matolcsy would have influence even after leaving his seat at the bank. This was done, prosecutors said, “with the aim of enabling (Matolcsy) and his son to make investments with the assets in accordance with their own objectives in order to make a profit.” The prosecutor’s office on Wednesday issued a warrant for the arrest of Matolcsy’s son, Ádám, on suspicion of fraud.
industry came from Super Micro Computer, which sells AI servers and services. It said it expects to report stronger revenue for the summer than it had earlier forecast because of “increased demand for AI platforms,” and its stock rallied 9.5%. All told, the S&P 500 rose 44.60 points to 7,757.17. The Dow Jones Industrial Average added 360.21 to 52,856.09, and the Nasdaq composite climbed 278.04 to 26,702.86. In the bond market, the yield on the 10-year Treasury erased an early dip and climbed back to 5.12%, where it was late Tuesday. It swung with oil prices, which remained unsteady. The price for a barrel of Brent crude drifted between $108 and $111 before settling at $108.82. It’s been yo-yoing between $97 and $112 through October on uncertainty about when the war with Iran will allow the global energy industry to return to normal. In stock markets abroad, indexes rose in Europe following a mixed finish in Asia. South Korea’s Kospi jumped 3.3% for one of the world’s biggest moves as AI stocks regained strength.
A GENERAL view shows the floor of the New York Stock Exchange, Friday, Oct. 16, 2026, in New York. Photo:Yuki Iwamura/AP
PAGE 14, Thursday, October 22, 2026
THE TRIBUNE
Meta ordered to pay New Mexico $25 billion for deceiving users about privacy on Facebook By MIKELLA SCHUETTLER Associated Press/ Report for America
NEW Mexico Attorney General Raúl Torrez discusses a judgment in the state’s Facebook case during a news conference in Albuquerque, N.M., on Wednesday, Oct. 21, 2026. Photo:Susan Montoya Bryan/AP
A judge on Wednesday ordered Meta to pay New Mexico $25 billion after a jury found the company liable for deceiving users about privacy on Facebook, marking the biggest fine ever against the tech giant. Facebook’s deception was intentional and executives consistently misled users about how the platform worked, state District Court Judge Francis J. Mathew wrote in his ruling. “Facebook promised users that they (the users) controlled their data. This was false,” he said. Jurors in September found Meta liable for over 43 million violations of New Mexico consumer protection laws for making misleading public statements about how it handled users’ personal data. The case was brought after political consulting firm Cambridge Analytica harvested Facebook data to generate targeted political ads during the 2016 election season. The award will serve as a warning to tech companies that New Mexico will hold them accountable, state Attorney General Raúl Torrez said at a news conference. “This judgment should be a signal, an unambiguous message, to Silicon Valley,” he said. Meta said the ruling and Torrez’s office’s approach to enforcement “makes it all but impossible to do business in the state of New Mexico.” “At its core, this lawsuit seeks to impose a tax on speech to enforce new rules for what people can say online. We are confident we will prevail on appeal,” C.J. Mahoney, the company’s
with actual teeth to rein them in.” At the trial, attorneys for the state cited a 2010 Washington Post op-ed in which Facebook CEO Mark Zuckerberg wrote that the company didn’t sell user data. “You have control over how your information is shared,” Zuckerberg said. “We do not and never will sell any of your information to anyone.” New Mexico officials sought fines of $35 billion to $40 billion, arguing the company would only change if its stock price were impacted. Meta’s lawyers, meanwhile, asserted that the state failed to prove the company made misleading statements and that content moderation actually harmed people in New Mexico. They wanted the company to pay $3.4 billion at most and said an award many times larger would be unconstitutional. Although interest would accrue on the penalty during the appeal process, Meta could succeed in reducing the number of violations for which it is found liable. The $25 billion award far exceeds a $5 billion fine the Federal Trade Commission levied against Facebook in 2019. Peter Ormerod, an associate law professor at Villanova University, was surprised by the size of the New Mexico judgment because previous legal settlements over Cambridge Analytica were much lower. “It comes out to about $12,000 per person in New Mexico,” he said. “It’s quite
chief legal officer, said in a statement. The Menlo Park, California, company has a market value of $1.8 trillion and brought in more than $200 billion in revenue last year. Company shares traded 2% higher after Wednesday’s announcement, and it was scheduled to report its quarterly earnings later in the day. New Mexico goes it alone In August, Meta reached a settlement with nearly all states and territories — except New Mexico and Florida — to pay $18 billion and add stronger child-safety measures to its Facebook and Instagram platforms. The settlement ended a trial over teen social media addiction and resolved a pivotal case years in the making that sought to hold the tech giant accountable for the role its platforms played in undermining children’s mental health. The effort targeted features
THE Meta logo is seen at the Vivatech show in Paris on June 14, 2023. Photo:Thibault Camus/AP designed to grab young people’s attention. New Mexico didn’t join the multistate settlement, choosing to go after the company on its own. The director of a nonprofit that supports stronger policies toward corporations said $25 billion is “a drop in the bucket for Meta,” but demonstrates people want accountability.
“Right now, they are rolling out Muse, an AI assistant encouraging people to trust it with everything from their bank accounts to their medical information,” added Nidhi Hegde, executive director of the American Economic Liberties Project. “Which is why we need more enforcers with courage and laws
unlike anything else we’ve seen.” Under the New Mexico Constitution, fines for violating consumer protection laws go toward education spending. It could take years for the state to get the money while the company appeals. Company argues that the state failed to prove harm The trial focused on accusations Facebook deceived users about a breach stemming from a third-party personality quiz that harvested data from roughly 87 million profiles and sold it to Cambridge Analytica. The now-defunct firm’s clients included Donald Trump’s 2016 presidential campaign. Attorneys for New Mexico argued that the state’s entire population was deceived, and that Facebook allowed misinformation or violent content to proliferate. Meta’s lawyers argued the state failed to prove people were harmed by deceptive statements. Zuckerberg in a video deposition denied that Facebook profited off harmful content and said the company had to balance free speech with content moderation. In a partial win for the company, jurors rejected assertions that Facebook made false claims about removing harmful content, including misinformation about the COVID-19 pandemic. Meta lawyers said it has changed policies since the lawsuit was filed in 2021 and catches and removes an estimated 99% of content violating its standards.
THE TRIBUNE
Thursday, October 22, 2026, PAGE 15
PAGE 16, Thursday, October 22, 2026
THE TRIBUNE