10232026 BUSINESS by tribune242

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Friday, OctOber 23, 2026

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‘Baby out with bath water’ threat on Freeport reform BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE GOVERNMENT risks “throwing the baby out with the bath water” on proposed Freeport governance reforms, an ex-Grand Bahama Chamber of Commerce president warned yesterday, amid talk of investors “sitting this one out until the dust clears”. Dillon Knowles, a former Grand Bahama Port Authority (GBPA) executive, said the Davis administration’s decision that Freeport’s founding treaty, the Hawksbill Creek Agreement, has “outlived its utility” threatens to undermine business confidence by disrupting certainty around the Port Area’s investment regime. Speaking to Tribune Business after Prime Minister Philip Davis KC unveiled his

Ex-Chamber present warns of chilling effect on investment Loss of codified rules ‘death knell’ for Bahamian investors Hawksbill Creek change ‘solution seeking problem to solve’ government’s future vision for Grand Bahama, which includes the potential repeal and reform of parts of the Hawksbill Creek Agreement, and its at least partial replacement by a Grand Bahama Development Act, Mr Knowles warned this is “a death knell” for Bahamian investors and businesses. He asserted that the Davis administration’s plans threaten to replace

Freeport free trade zone is ‘not something to lose’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE GRAND Bahama Chamber of Commerce’s president yesterday asserted that losing Freeport’s free trade zone model is “not an option” while pledging that businesses will “fight against losing their rights” under proposed governance reforms.

GBPA licensees to ‘fight’ any loss of rights Ralph Hepburn, telling Tribune Business that the Chamber and its members, many of whom are also Grand Bahama Port Authority (GBPA) licensees, are still studying the Government’s

Investor confidence ‘can’t be clearer’ on $1.1bn bond BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A BAHAMIAN businessman yesterday argued that international investor and capital markets confidence in the country “couldn’t be clearer” after the Government confirmed its new $1.1bn bond was more than three times’ over-subscribed. Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business he had received information that The Bahamas’ latest debt financing was “all done within three hours” as he again urged citizens “to get

SIR FRANKLYN WILSON beyond partisan politics” and acknowledge when the Government gets things right regardless of which party is in power. “The fact of the matter is the markets think the Commonwealth of The Bahamas

FUNDING - See Page B4

AG: ‘Nobody backed up truck to the Central Bank’ BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE ATTORNEY General yesterday dismissed questions about the Government’s handling of the National Investment Fund (NIF), declaring that “nobody backed a dump truck up to the Central Bank” to remove hundreds of millions of dollars in cash. Wayne Munroe KC defended the Davis administration against Opposition criticism of its public finances

management and the near$311m said to have been spent from an account in the National Investment Fund’s name. He spoke out during a Senate debate on financial services legislation, responding to Opposition Senator, Dr Trevor Johnson’s, demand for an accounting of roughly $700m in excess borrowing that the Government previously said had been transferred to the NIF. “What I can say is nobody backed a dump truck up to the Central Bank, put

SPENDING - See Page B4

regulatory certainty, and the “codified rules, benefits and concessions” afforded under Freeport’s founding treaty, with an unknown regime that leaves them exposed to political whim and “up to the Government to determine who gets what, why and how”. The immediate past GB Chamber chief also argued that it “makes no sense” to abandon the Hawksbill Creek Agreement, which has underpinned Freeport’s ‘Green Paper’ for the island, said the original free trade zone concept - underpinned by Freeport’s founding treaty - is “not something we want to lose or do away with”. Uncertainty now surrounds the 230 square mile Port area’s free trade model, established by the Hawksbill Creek Agreement’s passage some 71 years ago, amid the Davis administration’s push to redress what it describes as the development “imbalance” between the city and Grand Bahama’s East and West End. The proposed Grand Bahama Development Act, detailed in the ‘Green Paper’, would in its present form be designed to extend Freeport’s tax breaks, incentives and other concessions to other

DILLON KNOWLES development model for 71 years since its enactment in 1955, adding that its existing framework “provides solutions” for all the problems and issues identified in Mr Davis’s speech. Describing the address, and the Government’s newly-released ‘Green Paper’ on the proposed Grand Bahama governance reforms, as “a solution looking for a problem to solve rather than a problem looking for a solution”, Mr Knowles added that the Davis administration has yet to define the development challenges it is seeking to address. He said the Government’s push appeared to be “more

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Four-fold construction permits ‘discrepancy’ exposes Freeport’s approval ‘bottleneck’ 2024’s $67m building starts dwarfed by $269m recorded permits Seeking approvals from GBPA and Nassau why ‘don’t take off’ Port demands that reforms ‘respect’ rights of itself and licensees BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net

areas of Grand Bahama with the Government stating that its “primary objective is to establish transparent and equal governance and regulation across Grand Bahama and surrounding cays”. Mr Hepburn, telling this newspaper that the free trade zone model was key to attracting multiple foreign companies to do business in Freeport and drive the city’s growth, and remains so to this day, also affirmed that GBPA licensees will not give up the rights, concessions and other benefits they presently enjoy under the Hawksbill Creek Agreement. These will have to be transitioned, or grandfathered over,

A GRAND Bahama attorney yesterday suggested the “huge discrepancy” between the value of recorded construction permits and projects actually starting is due to the two-stop shop “bottleneck” caused by investors also having to seek approvals from Nassau. Caitlin Antoni-Wilkinson, an attorney with the Cafferata & Co law firm, told Tribune Business the data in the Government’s ‘Green Paper’ on the proposed Grand Bahama governance reforms exposes the “inefficiencies”, bureaucracy and red tape that investors in Freeport face from having to seek permits in both Nassau and from the Grand Bahama Port Authority (GBPA). The data reveals that construction project values, based on recorded permits issued for Freeport and Grand Bahama, far exceeded the value of building starts over the four-year period between 2021 and 2024, with the worth of approved developments four times’ greater in the final year. For 2024, some $66.911m worth of Grand Bahama and Freeport construction starts were dwarfed by $268.545m in recorded permits, with the former representing just 25 percent of the latter figure. In both 2022 and 2023, the combined value of construction projects that made it to the start-line was less than half, at 43 percent and 43.5 percent, of recorded permits. The Government’s ‘Green Paper’ itself mused that the gap between permit and start values raised concerns as to “whether the approvals process itself causes delay”, and there was a need to accelerate the conversion of approved projects into actual development activity on the ground.

PROTECT - See Page B5

DEVELOP - See Page B5

CHANGE - See Page B6

PAGE 2, Friday, October 23, 2026

THE TRIBUNE

Signals showing that your business is ready to grow

or many Bahamian entrepreneurs, starting a business is a major achievement. However, knowing when to expand is just as important as knowing how to start. Growth should not be driven by excitement alone; it should be guided by evidence that the business is ready to handle greater demand, increased responsibilities and new opportunities. Here are ten signs that your business may be ready to scale. 1. Revenue is consistently increasing. If monthly or quarterly sales are rising over time, rather than reflecting a single seasonal spike, your business may have found a sustainable market. Track your figures carefully to determine whether growth is consistent.

IAN FERGUSON 2. You are turning away customers. Regularly declining orders, delaying appointments or placing customers on waiting lists suggests demand may exceed your capacity. Consider whether additional

Tourism minister meets with the musicians union

staff, equipment or operating hours could help you serve more customers profitably. 3. Repeat customers are increasing. Loyal customers who return regularly demonstrate confidence in your products or services. In a competitive Bahamian market, customer retention can provide a valuable foundation for expansion. 4. Cash flow is positive. Increasing sales mean little if expenses consume every dollar. Before expanding, ensure that incoming funds consistently cover operating costs, debt obligations and essential reserves, while leaving a healthy profit. 5. Your customer base is expanding. When inquiries and purchases begin coming from new communities, industries or customer groups, you may have an opportunity to

reach markets beyond your original audience, including other Family Islands. 6. Your challenges have changed. If your concerns have shifted from finding your first customers to improving systems, managing inventory and maintaining quality at higher volumes, your business may be entering a new stage of development. 7. Decisions are becoming easier. Clear objectives, established procedures and a team that understands its responsibilities allow decisions to be made faster. Effective systems make growth more manageable. 8. Your brand is generating buzz. Increased social media engagement, wordof-mouth referrals and requests to deliver or operate in new locations may indicate growing market

interest. Use this feedback to assess genuine demand. 9. Your team is reaching capacity. When employees, equipment or technology are consistently stretched, consider whether delegation, recruitment, training or improved processes can increase productivity without sacrificing service. 10. Partnership opportunities are emerging. Requests from other businesses, suppliers and media outlets to collaborate or feature your brand can open doors to new customers, distribution channels and markets. For Bahamian business owners, scaling should be a strategic decision, not simply a reward for hard work. Before expanding, review your finances, strengthen internal systems, assess staffing needs and research the market.

Growth is most successful when demand is proven, resources are available and quality can be maintained. Recognising these signs early can help entrepreneurs move beyond survival towards sustainable profitability, stronger employment opportunities and meaningful contributions to the Bahamian economy. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com. GLENYS HANNAMARTIN, minister of tourism, met with executives of the Bahamas Musicians & Entertainers Union last Friday, October 9, at the ministry's offices. Photos:Kemuel Stubbs/BIS

THE TRIBUNE

Friday, October 23, 2026, PAGE 3

AG: Financial services reforms not driven by external pressure BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net THE ATTORNEY General yesterday defended the need for tighter financial services laws as the Bahamas seeks to protect its international standing, arguing that anti-financial crime measures are not merely a response to foreign pressure. Wayne Munroe KC told the Senate that the Companies Amendment Bill and Anti-Terrorism Amendment Bill will address legislative gaps as The Bahamas undergoes the

Caribbean Financial Action Task Force's fifth-round mutual evaluation of its anti-financial crime regime. Mr Munroe said bearer shares create risks because they can make it difficult to identify the people who ultimately own a company. “To be clear, bearer shares thus do pose a risk to money laundering. If you don't know who owns the share, how do you hold somebody accountable?” he said. The Companies Amendment Bill wil. prohibit bearer shares and bearer share warrants under the Companies Act, closing a gap that allows ownership

to be established through possession of a share instrument rather than registration. Existing bearer shares would have to be recalled, and cancelled or replaced with registered shares, within a six-month transition period. The Anti-Terrorism Amendment Bill will update the definition of designated persons and entities under the Anti-Terrorism Act to incorporate targeted financial sanctions linked to nuclear weapons proliferation financing, including relevant United Nations (UN) Security Council designations.

Mr Munroe acknowledged that The Bahamas had previously changed its laws after international pressure over its financial services framework, but argued that the measures were also in the country's own interest. “As a small nation, we must act in our overall interest,” he said. He added that bearer shares have already been phased out for international business companies (IBCs), but said corporate service providers in the US had subsequently made inquiries about transferring bearer share companies to jurisdictions where they remained permitted.

“That’s different rules for different persons,” Mr Munroe said, comparing the situation to “a boxing match” in which one side was barred from hitting below the belt while the other could strike anywhere. The debate also highlighted the importance of ensuring that legislative changes are implemented effectively as The Bahamas seeks to demonstrate compliance with international standards. Senator Ellsworth Johnson said authorities will need to show how existing bearer shares are identified,

recalled and cancelled, and how compliance with the six-month transition period will be monitored. He said legislative amendments alone will not be enough without the administrative arrangements, co-ordination and evidence needed to demonstrate that the measures work in practice. Mr Munroe said his office has been engaging with financial services professionals and compliance groups in preparation for the CFATF mutual evaluation, adding that the profession had co-operated with the Government on the process. He urged senators to consider the practical risks posed by anonymous ownership, arguing that the ability to identify beneficial owners was essential to holding people accountable.

Bearer shares elimination aids Bahamas compliance BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net

RICK FOX

Fox: No data sovereignty until power woes fixed BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net AN OPPOSITION senator yesterday challenged the Government's data sovereignty ambitions, arguing that persistent electricity outages must be addressed before The Bahamas can realistically pursue an artificial intelligence (AI) economy. Senator Rick Fox said the Government's push for data sovereignty and AI was premature without a dependable electricity supply, citing discussions with industry experts at an AI conference he attended during the Senate recess. “The Government has made a mandate for data sovereignty a slogan,” he said. “The Prime Minister has said it. The Minister of National Development has said it at every opportunity.” Mr Fox said the experts he encountered at the conference identified reliable electricity as a prerequisite for data sovereignty, artificial intelligence frameworks, data centres and machine learning. “To put it plainly, before we talk about AI, we have to keep the lights on,” he said. “If we cannot keep the power on in our own capital for 24 hours, we are nowhere near ready for data sovereignty.” Mr Fox argued that electricity reliability should

be treated as a national priority rather than a partisan issue. “What we need is power sovereignty, grid sovereignty, the kind of sovereignty you can feel when you flip on a switch,” said Mr Fox. “This isn't about PLP or FNM. This is a problem we all share. It's a Bahamian problem. All hands need to be on deck. But it'll get solved only if we solve the order of our priorities.” Mr Fox's criticism raises a practical question for the Government's digital development ambitions - whether the country's electricity infrastructure can reliably support the data processing, storage and computing capacity it hopes to develop. His comments come as the Government has spoken about building domestic computing capacity and establishing a framework to attract companies seeking to house data in the Bahamas. Those ambitions depend not only on legislation and investment, but also on dependable infrastructure. Mr Fox linked the power issue to the wider question of national sovereignty, arguing that The Bahamas must adapt its infrastructure so that basic services work reliably for residents and businesses. “We must adapt our infrastructure so that when a Bahamian flips a switch, the light comes on,” he said.

THE GOVERNMENT is moving to close a gap in the Bahamas' corporate legislation that allows ownership of company shares to be transferred through physical certificates without the same formal registration required for ordinary registered shares. Chester Cooper, deputy prime minister, speaking on the Companies Amendment Bill in Parliament, said the measure would bring domestic company law into alignment with the framework already established under the International Business Companies (IBCs) Act and international best practice. Mr Cooper said the legislative change was necessary to ensure The Bahamas maintained its reputation as a well-regulated international financial services centre. The Bill prohibits companies from issuing bearer shares, repeals the existing provision authorising bearer shares and bearer share warrants, and introduces a six-month transition period for companies that may still have such instruments in circulation. A bearer share is a certificate whose ownership is associated with whoever physically holds it, rather than a named shareholder recorded in a company's register. Under this arrangement, ownership can effectively change hands through the transfer of the certificate without the same formal registration of the new owner.

Mr Cooper said the practice reflected an earlier era of commerce and presented challenges in a modern financial system where regulators and international partners require reliable information about company ownership. “There are many concerns internationally, like money laundering, like terrorist financing, and other illicit activities that may be more easily facilitated with bearer certificates than a registration system,” he said. Jobeth Coleby-Davis, minister of utilities, energy and aviation, said the amendment would complete a process already undertaken in the IBCs sector, ensuring that the Companies Act no longer retained provisions permitting bearer shares. She pointed to Recommendation 24 of the Financial Action Task Force (FATF), which addresses transparency in the ownership and control of legal persons, and said The Bahamas is seeking to bring its domestic legislation into line with those standards. The Bill amends section 38 of the Companies Act to provide that companies may allot registered shares but not shares issued to a bearer. It also repeals section 48, which currently authorises bearer shares and bearer share warrants. A new section will require companies that have issued bearer shares under the existing law to recall them within six months of the provision coming into force, cancel them and replace them with registered shares in accordance with the

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JOBETH COLEBY DAVIS Act and any applicable regulations. Any bearer shares not recalled and cancelled within that period would become null and void and without effect. The Bill also amends the first schedule of the Companies Act, which contains model articles of association governing the internal operation of companies to remove provisions and references relating to share warrants. Mrs Coleby-Davis said the reform did not mean company ownership information would be made public, distinguishing between the right to

commercial privacy and the anonymity associated with bearer shares. “The Bill preserves the first and removes only the second,” she said. Mr Cooper described the amendment as a prudent measure to modernise the country's corporate framework and maintain its standing in international financial services. The legislation forms part of broader efforts to ensure The Bahamas' financial services framework remains aligned with international standards.

PAGE 4, Friday, October 23, 2026

THE TRIBUNE

Munroe hits back at Opposition over National Investment Fund SPENDING - from page B1 $400m in cash in a dump truck, and drove away from the Central Bank,” said Mr Munroe. He argued that the Opposition was raising questions before the relevant figures had been fully compiled and reported, and said the resolution authorising the borrowing had made clear that the proceeds were intended for infrastructure. “The NIF resolution, if you want to call it that, made it quite clear; those funds were to go into infrastructure, and nobody is questioning that they went into the infrastructure,” said Mr Munroe. He added that the Auditor General would examine publicly funded spending through the usual reporting and accountability processes.

“The next point is something that’s powerfully simple. You know, this question asking — I thought we had exposed that before the last election — as part of the politics playbook,” he said. “Everyone knows that at the end of the year, and at other intervals, you report.” Mr Munroe urged the public to judge the Opposition’s criticism in light of the timing of its questions, stressing the figures needed to be compiled and accurately reported before conclusions were drawn. Dr Johnson, however, argued that the Government’s own disclosures had left fundamental questions unanswered about how the money was transferred, spent and accounted for. During his contribution, he cited the 2026-2027 Budget communication, which stated that gross borrowings during the first

nine months of the previous fiscal year totalled $2.5bn, while debt repayments amounted to $1.8bn. The excess borrowing receipts, the communication said, were transferred to the NIF rather than used to finance the deficit. Dr Johnson also cited a May 28 briefing at the Office of the Prime Minister at which Michael Halkitis, minister of finance, reportedly described about $700m in outstanding borrowings and additional unspent sums as having been placed in the fund for infrastructure. However, he said Mr Halkitis subsequently told Parliament that approximately $310.9m had been used, including about $210m for roads and buildings and another $103m for airport redevelopment. Dr Johnson argued that the explanation left more than $389m of the roughly

Bahamas external issuance over-subscribed 3.2 times’ FUNDING - from page B1 is in a good place,” he said. “How could it be clearer? How could it be clearer? Money talks. They don’t talk in words; they talk in money. You don’t need to be a finance guru or expert to see what this means.

“It says the Government of The Bahamas is in a good place in fiscal terms. The market is interested in fiscal terms. It says we believe the near term prospects are substantially good and we are prepared to lend you more than you were seeking to borrow.”

The Government, in a statement confirming Tribune Business revelations that it had placed a $1.1bn due to mature in 13 years’ time in 2039, said the “peak order book” was around 3.2 times’ over-subscribed. It added that this strong investor demand had allowed it to reduce the interest rate

$700m transfer unaccounted for in the figures presented. He also cited the Ministry of Finance’s ninemonth budget-performance report, published in July, which he said showed an NIF balance of $200,000 at the end of March 2026. “So I ask a simple question: Where is the rest of the money?” he said. “The Bahamian people should not have to piece together the story of their own money, and the Bahamian people should not have to guess. They should not have to speculate.” Dr Johnson said the issue was directly relevant to the financial integrity legislation under debate, arguing that the Government must demonstrate the same transparency in its financial dealings that it expects from institutions and businesses. “We cannot come to this honourable Chamber to strengthen our laws against

illicit financial transactions while leaving fundamental questions about how we manage our own public money unanswered,” he said. “Accountability cannot be selective, and financial integrity cannot be something we demand of others while struggling to demonstrate it ourselves.” The dispute over the NIF has been developing for months. Opposition Leader Michael Pintard has questioned the legal authority for transferring borrowed funds into the vehicle, the fund’s governance arrangements and the extent to which the Government has accounted for the money. The Government has maintained that the borrowing was authorised and that the NIF was used to finance infrastructure and national development projects. Mr Halkitis has previously said the Ministry of Finance

and Treasury administered the funds under the Public Finance Management Act while its governance arrangements were being completed. The controversy has also centred on the Fund’s oversight structure. The Opposition has questioned how the account could be operated and transactions undertaken while the NIF’s Board of Governors had not formally convened. The Government has argued that it acted on legal advice and within its authority. Mr Munroe said the borrowing resolution’s stated purpose was infrastructure investment, and challenged the Opposition to set out its own approach to borrowing and national development.

payable on the bond by 40 basis points - from the forecast 8.1 percent to 7.7 percent. “The $1.1bn issuance attracted strong investor demand, with a peak order book around.3.2 times over-subscribed, allowing for around 40 basis points of tightening from initial price thoughts to a re-offer yield and coupon of 7.7 percent,” the Government said. “The transaction also benefited from a two-day roadshow, during which the Government engaged with more than 95 investor accounts across North and Latin America, Europe, the Middle East and Asia-Pacific.” The Government added that the new debt capital raise is expected to allow it to reduce principal payments due on its existing bonds by $331m during the three years to 2029. This is because the new $1.1bn issue is designed to replace, and refinance, at least two existing bonds by pushing repayment out by a further 10-11 years. These existing bonds, one with a 6 percent interest coupon, and the other with 9 percent that was placed at the height of the COVID-19 pandemic, were due to mature in 2028 and 2029 respectively. Some $158.181m and $173.135m in outstanding principal is owed on them respectively, totals the $331m referenced in the Government release. Their full replacement and refinancing, though, depends on how many existing investors agree to swap their current bonds for the new $1.1bn issue and that offering does not close until Tuesday with settlement due next Thursday. The Government is also seeking to refinance three

other existing bonds via the new issue, making for a total of $813m that is in its sights. The Government described the benefits as “proactive reduction of refinancing risk through the expected make-whole redemption of the 2028 and June 2029 Eurobond series, reducing scheduled principal repayments by at least $331m through the end of 2029, with further reductions depending on final repurchase levels for the November 2029 series”. It added that the $1.1bn raise will also permit “refinancing of legacy indebtedness and shortterm facilities in strategic sectors, supporting the proactive management of The Bahamas’ public sector debt profile”, The Government said it will also lead to “an extension of the average maturity of public sector debt through the refinancing of the two shortest-dated international bonds, which have a weighted average residual life of 1.9 years, alongside other short-term bank credit lines”. And, finally, the external bond raise will consolidate “smaller Eurobond series into larger, more liquid benchmarks, enhancing secondary-market liquidity and supporting the continued repricing of The Bahamas’ international yield curve”. The Government added: “The transaction achieved a yield reduction of more than 50 basis points compared with The Bahamas’ June 2025 issuance [at 8.25 percent], despite a longer tenor, equivalent to a spread contraction of approximately 150 basis points for a comparable maturity. This favourable repricing reflects

the strengthening of The Bahamas’ credit profile.” However, the release was quiet on whether the new bond financing will reduce debt servicing or interest costs for Bahamian taxpayers as four of the five issues being replaced, or repurchased, all carry lower coupons. One source questioned whether this will result in an increase in the net present value of The Bahamas’ debt if the interest costs are higher, which would mean it should go before Parliament for approval. “Most of the bonds that were refinanced were between 6 percent and 7.1 percent. This may cause us to pay out more in interest than before,” they said. “The key question that must be answered by the Government is whether or not this transaction increases the net present value of our outstanding debt and whether it increases the annual debt servicing bill. If it does increase the net present value then that requires a Parliamentary resolution.” Tribune Business contacts last night said the 7.7 percent interest rate represented the highest difference, or spread, between the rate on US Treasuries of all Caribbean bonds issued this year. They said The Bahamas’ spread is about 290 basis points, while those for Trinidad and Jamaica were 227 basis points and 145 basis points, respectively. However, the Government said: “The Commonwealth of The Bahamas has successfully completed the issuance of a 13-year, $1.1bn international bond and associated liability management exercise including the refinancing of outstanding Eurobond series and certain government and energy sector bank facilities. “The new issuance and associated liability management exercise represent a significant step in advancing the Government’s debt management objectives.” Some $332m of the $1.1bn proceeds are being used to refinance debt liabilities related Grand Bahama Power Company.

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THE TRIBUNE

Friday, October 23, 2026, PAGE 5

GB Chamber to hold Gov’t to airport and Lucayan dates PROTECT - from page B1

it’s used properly and not abused, and it gives us an advantage to promote Grand Bahama as an island of choice for anyone in the industrial sector, the maritime sector, even the tourism sector so they can use Grand Bahama as a genre for whatever their business is.” Mr Hepburn said the GB Chamber and private sector would have to look at how the Government’s proposed Freeport and Grand Bahama governance reforms, which have been put out for public consultation starting on November 1, will impact the free trade zone model. He added that its benefits could even be expanded outside the Port’s bonded area to benefit the island as a whole. The GB Chamber chief was backed by his immediate past predecessor in the role, Dillon Knowles, who said: “Every developing country who has surpassed us in the last 70 years has done so by creating a free trade zone. We are the only

ones who seem to want to disrupt our free trade zone.” Mr Hepburn, meanwhile, said Chamber members who are also GBPA licensees would not want their existing rights, benefits and investment incentives to be lost, diluted and diminished by any change. He added that the Hawksbill Creek Agreement stipulates that any change to Freeport’s founding treaty can only be made with the consent of 80 percent of licensees. “It is very important, and a lot of businesses in Grand Bahama are in the Freeport area because of the rights, benefits and agreements they have in their contracts, their business plans, as it pertains to the Hawksbill Creek Agreement,” Mr Hepburn said. “A lot of them would not be in Grand Bahama if those agreements, rights and benefits were not in place. We don’t see those as an avenue to lose. There’s a need to protect that so it doesn’t become a deterrent to growing business. Based

on that, the way I read it [Mr Davis’s speech] is that’s not something on the table immediately. “It will be under deep consideration and a lot of discussion before we get to that. Businesses in Freeport will fight against losing existing benefits that they have and taking on any additional burdens they see as not beneficial to operation of our businesses.” Mr Hepburn added that, while pleased the Prime Minister addressed questions it had raised over progress on the Grand Lucayan, Grand Bahama International Airport and hospital developments, the GB Chamber plans to “hold the Government to those dates and the information given”. Mr Davis said the international airport terminal is targeted for completion in early 2029, with construction set to start before April 2027, while demolition work is underway at the Grand Lucayan property under Concord Wilshire

and its partner, Mediterranean Shipping Company’s (MSC) cruise arm. However, Mr Hepburn promised that the GB Chamber is focused on making sure it understands the Government’s proposed governance reforms so that it can “contribute very constructively, very deliberately, and very intently on how this moves forward and manage and monitor it properly so nothing falls through the cracks”. “We’re still looking at it, reviewing it and seeing what the Chamber can offer as a contribution to the way forward for Grand Bahama as a whole,” he told Tribune Business. “It’s not an indication that the Chamber is in support of it. We want to look at it, review it in detail, hear from the licensees and members of the Chamber, to provide constructive and articulate feedback to move Grand Bahama forward. We are prepared to work with all parties and partners for

the betterment of Grand Bahama. “We’re carefully going through it to make sure we have a good understanding. We want to make sure we have a proper understanding, look at all the concepts and all the industries for how Grand Bahama can truly be the GRAND Bahama we ought to be.” Mr Hepburn added that the planned public consultation also aligns with the GB Chamber’s call for “more meaningful engagement and constructive engagement”, and said: “We want to make sure we are on the right footing and moving in the right direction. We have to look at both sides of the coin to make sure we are on the right path and heading down the right road. “We see what’s done in Grand Bahama as not only beneficial to people in Grand Bahama, but the island’s contribution to the entire economy, and we need to make sure we contribute to the development of the entire Bahamas.”

GBPA says six-month public consultation time ‘ambitious’

admit it, the proposal appears to be a change in tactics after its $357m demand for the GBPA to compensate it for the value of public services provided in Freeport in excess of tax revenues generated by the city was rejected earlier this year by an arbitration panel. This move was seeking sufficient leverage to force the GBPA’s two owners, the Hayward and St George families, to exit by winning a verdict that Freeport’s quasi-governmental authority owed the $357m or some other significant sum that it could not pay. This would have either forced the families to sell or, if they proved reluctant, the Government would likely have petitioned the Supreme Court to appoint a receiver to take control of the Port Group of Companies and sell them off to a buyer. This, though, has been thwarted, and the Government likely realised pursuing this would lead to an exoensive decades’ long legal battle with the GBPA. Its goal, based on the ‘Green Paper’ and the Prime Minister’s speech, now appears to be to use Parliament to legislate statute laws to do an ‘end-run’ around the GBPA, isolating and marginalising it with legislation that continually chips away at the Hawksbill Creek Agreement, and its quasi-governmental and regulatory powers, unless these are handed back to the Government. Mr Davis signalled as much when he told the GBPA, its owners and management: “I would rather build this future with you than around you.” He added, though, that the Hayward and St George

families can remain in Freeport as private investors through Port Group Ltd, which owns 50 percent equity interests in both Freeport Harbour Company and Grand Bahama Development Company. The GBPA, in reply, yesterday said the rights it holds under the Hawksbill Creek Agreement, and those of its 3,500-plus licensees must be “respected” in any new governance set-up. “Any proposal to relinquish

or vary them must be approached through agreement and demonstrate clear benefits for the local stakeholders whose interests they protect,” it added. Asserting that any reforms “must improve the ease of doing business and make Freeport competitive internationally, attracting investment, supporting Bahamian enterprise and creating meaningful employment and opportunity for

Bahamians”, the GBPA added that it was of “paramount importance” to protect recent “progress” signalling renewed economic hope for the island. Describing the sixmonth public consultation timeframe as “ambitious”, the GBPA said: “At this stage of the island’s recovery we must take care to strengthen confidence and avoid creating uncertainty for existing businesses and prospective investors.”

into any new investment and regulatory regime governing Freeport and wider Grand Bahama, and the GB Chamber chief also warned against imposing “any additional burdens” on the island’s businesses as part of the Government’s reform ambitions. The ‘Green Paper’ does not explicitly mention retaining Freeport’s primary business model, but Mr Hepburn told Tribune Business: “When we look at the founding and creation of Freeport, the city of Freeport, it was created based on the free trade zone model. We had a lot of foreign entities come to Grand Bahama to do business here because of the free trade zone. “We don’t see that as something we want to lose or do away with. That’s not an option. We want to see that whatever’s done can be implemented under a means and method, and

DEVELOP - from page B1 “Recorded permit project values were $66.758m in 2021, $73.968m in 2022, $117.294m in 2023 and $268.545m in 2024,” the Government’s ‘Green Paper’ said. “Recorded starts were $46.123m, B$31.941m, B$51.282m and B$66.911m, respectively. “Completion values were $42.447m, $47.322m, $31.225m and $43.726m. Permitted value more than doubled in 2024, while starts and completions rose far less. The policy question is how to turn permitted projects into completed ones, and whether the approvals process itself causes delay.” The ‘Green Paper’ then added: “Permits, starts and completions can relate to different projects and years, so the totals for a single year cannot be compared directly. “The practical questions are these. Can an applicant find out which permissions a project needs? Are utility and road requirements raised early enough? Is there a deadline for a decision, and a route of appeal when a requirement is disputed?” It said the issue of who should regulate building and planning applications in Freeport, whether it be a central government body or the Grand Bahama Port Authority (GBPA), and how decisions and appeals should work, is among the multiple questions that Freeport and Grand Bahama residents and businesses will have to answer in the upcoming public consultation that starts on November 1. Ms Antoni-Wilkinson, though, told this newspaper that challenges encountered in turning building permit approvals into actual starts in Freeport are usually because a developer/investor has to subsequently obtain approvals from the Government regulators in Nassau after sign-off by the GBPA. She added that, if the Government ultimately takes over building and planning approvals in Freeport, and other regulatory functions from the GBPA, it must ensure all its agencies are present on Grand Bahama with decision-making powers so applications do not have to be sent to Nassau for decisions - a move that typically creates delay and extra cost. Nothing that the present system is often a two, as opposed to the touted ‘one-stop shop’ that Freeport was meant to be, Ms Antoni-Wilkinson said: “That’s an inefficiency that creates the bottleneck. I can have a client come in in the tourism industry, wanting to build a $50m boutique hotel, and interested in getting this process going.

“If it’s in the GBPA area, half of that is straightforward. But I cannot tell them what in their business proposal will ultimately be accepted because they have to get final approval from Nassau. The back and forth creates issues in the confidence we can provide for foreign direct investment (FDI). That’s why so many projects do not take off.” Ms Antoni-Wilkinson, citing construction permits as an obvious example, added: “More often than not, the reasons it is not built is not because of the GBPA. If those permits are issued you can start digging. It’s usually because approvals have had to be sent to the Government, environmental approvals, and you can’t proceed until you get an answer from the regulators in Nassau. “Grand Bahama cannot work that way if we want Grand Bahama to work independently. We need every single government agency approving these steps on our island and give them control and oversight on our island.” Ms Antoni-Wilkinson said such agencies, whose Grand Bahama-based officials would need to have decision-making powers, would be the likes of the Bahamas Investment Authority (BIA), Customs, Immigration, the Central Bank, the Ministry of Works’ Building Control Department and the Department of Environmental Planning and Protection (DEPP). These would be needed to give effect to the Government’s proposed Grand Bahama Development Act, and she added: “If they want the Government to come here and control the licensing and management of the island, they need to have representatives of their bodies here so they do not have to go to Nassau for secondary approvals.” The Government, in its ‘Green Paper’ on proposed governance reforms for Grand Bahama and Freeport, said it has already decided that the latter’s founding treaty, the Hawksbill Creek Agreement, “has outlived its utility” and needs to be replaced by “transparent and equal governance and regulation” across the whole island and its cays. Also determined is the creation of a Grand Bahama Development Act to govern tax breaks, incentives and an investment regime for the entire island, with elements of the Hawksbill Creek Agreement set to be “amended, repealed or replaced”. A Grand Bahama Development Council is also proposed as a body that would “co-ordinate” and review implementation of this strategy. While the Davis administration will likely never

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Fears Freeport founding treaty to ‘unravel like knitted sweater’ CHANGE - from page B1 a desire to have control” in Freeport, wresting away the city’s quasi-governmental and regulatory powers from the GBPA, but without explaining what it is “going to do differently” to better advance Grand Bahama’s growth, quality of life and standard of living for its residents. Mr Knowles, disclosing that his position was not swayed by the Prime Minister’s national address, told Tribune Business: “The speech gives no confidence but, more importantly, the speech doesn’t articulate the problem the Government is trying to solve other than this nebulous sovereignty discussion. “There is no substance to the problem that is trying to be solved or the solution that they is trying to be applied to the problem. It’s more to have a desire to have control than a desire to solve the problem. I’m still waiting on individuals to tell me what the Government is going to do differently than the Port Authority to make Freeport and Grand Bahama more successful. “At the end of the day, they haven’t articulated what caused the stagnation

in Freeport after the first 13 years” of the Hawksbill Creek Agreement. “In my perspective, this is a solution looking for a problem to solve rather than a problem looking for a solution,” Mr Knowles added. “There’s absolutely nothing in the Green Paper, or the speech, that cannot be accomplished under the existing framework. The Hawksbill Creek Agreement provides solutions for all the things articulated. The Government created processes for changing the rules, processes for changing the administrator.” These, the ex-Chamber chief argued, are already embedded in the Agreement. Several Bahamian legal sources consulted by Tribune Business yesterday confirmed that the Government cannot change the Hawksbill Creek Agreement unilaterally, meaning by itself, without potentially exposing itself to breach of contract and multi-million dollar legal claims. These would not just come from the GBPA and its affiliates but, possibly, the former’s 3,500-plus business licensees who enjoy their own rights and benefits under Freeport’s founding treaty. The Hawksbill Creek Agreement stipulates that

any change to its construct must be approved by 80 percent of licensees, although this did not happen when the 1994 Freeport, Grand Bahama Act was passed. “We are talking about throwing the baby out with the bath water,” Mr Knowles told Tribune Business of the Government’s plans. “Do you know what challenges we are going to face if we start pulling on the threads of the Hawksbill Creek Agreement? It’s going to unravel like a knitted sweater when the existing framework already addresses all the things the Prime Minister articulated. “Just imagine. We are going to go from a situation where we have codified rules and benefits and concessions to a new Act [the Grand Bahama Development Act], which is going to have to deal with the fall-out of benefits and concessions granted under the old Act. “And the new Act may only partially codify rules, benefits and concessions, leaving it up to the Government to determine who gets what, why and how. We’ve seen how that plays out in the rest of The Bahamas, and it’s not something Freeport wants or needs.”

Mr Knowles said that, under the existing Hawksbill Creek Agreement regulatory model, the “rules are codified in law, everything is in concrete, and applicants know what they are entitled to regardless of who’s sitting in the seat”. And he warned that the uncertainty created by the Government’s ‘Green Paper’, and the Prime Minister’s accompanying speech, could have a potentially chilling effect on fresh investment in Freeport and Grand Bahama - at least in the short-term - until there is clarity on how the new regulatory model and permitting/approvals process functions in practice. “We are already hearing potential investors saying they will have to sit this out until the dust clears,” Mr Knowles told Tribune Business. “If we are going to take a year-and-a-half to clear the dust because we have to redo the whole framework that makes no sense to me. It makes more sense to change what we need to change in the existing framework and move on.” The reference to 18 months comes from the Government’s plans to complete draft legislation on its proposed Grand Bahama reforms by yearend 2027, and then move this through Parliament and into law by the 2028 first quarter, which is around a year-and-a-half away allowing for the public consultation process. The Government’s latest Grand Bahama reform proposals come after its bid to “bankrupt” the GBPA, and force the exit of the Hayward and St George families, foundered when its demand for $357m said to be owed to it by Freeport’s quasi-governmental authority was rejected earlier this

year (see other article on Page 1B). Mr Knowles, though, said the new move creates “an even more ambiguous situation than we were in before. Arbitration was one level of ambiguity. This brings a whole different strata to the equation and investors hate ambiguity”. Asked whether this will deter both Bahamian and foreign investment in Freeport, he replied: “In my heart I hope it doesn’t, but my mind tells me it can’t help but do so. We are not clear on what happens for the rest of this year and next year. “Who will commit significant funds until they know what’s going to happen, what the rules are going to be, who’s going to advance those rules, and how those rules will be applied? Are they going to be codified, so that there is a fair level playing field and everyone gets the same benefits, or will it be like candy where it is given to some and not to others? “All these questions are on the table for discussion. The question in my mind is why. Why are we going to throw the baby out with the bath water and start afresh?” Mr Knowles, again arguing that The Bahamas has to “first identify the real issue of what has caused the stagnation” in the Port area over the past two decades, added: “What is it we are trying to fix? What are we going to do differently that will allow Freeport to reach its potential? “A change in ownership, as we’ve seen with Grand Bahama Power Company, is not the answer. A mere change in ownership does not change the operations.” Mr Knowles, in an earlier statement issued prior to the Prime Minister’s Wednesday night address,

said the Government’s move is the exact “opposite direction” that it should be taking with Freeport’s development as it threatens to undermine the 230 square mile Port area’s investment regime. “The replacement of codified rules and concessions puts investors at the mercy of the Government. The codified rules and concessions were non-discriminatory. Bahamian, foreign, small, medium and larger investors alike were guaranteed the same benefits,” he added. “The certainty of the rules encouraged Bahamians and foreigners to invest. Thirteen years into the development, the Government started breaching its own codified rules. This triggered a foreign investor exodus. The ongoing breaches deterred new investors. The Government now wants to do away with the codified rules and concessions completely. “The exact opposite direction than the one it needs to take. This is a death knell to small and medium Bahamian investors. As with the rest of the country, it is likely that concessions will typically only be granted to large foreign investors. And nothing assures the large foreign investors that the concessions that they are granted will not be whisked away when convenient to the Government.” Noting that it is open to the Government to negotiate the return of administrative responsibilities and oversight for Freeport, Mr Knowles added: “I don’t see this as a challenge as long as the codified rules and concessions are the ones that are administered. There is no need to repeal the Act to do this.”

US Treasury proposes a rule to crack down on high-tech investments in China, other adversaries By PAUL WISEMAN and DIDI TANG Associated Press THE U.S. Treasury Department proposed a rule Thursday to crack down on American high-tech investments such as supercomputing and artificial intelligence in China, Russia, North Korea and other “countries of concern.’’ The U.S. government has been working for years to deny China and other adversaries investments that could help them boost their military power. That

program began in 2023 when then-President Joe Biden signed an executive order putting restrictions on outbound U.S. investments in sectors such as semiconductors, quantum computing and artificial intelligence going into China. Treasury later established the Outbound Investment Security Program. In December 2025, Congress passed a law that codified and expanded the program to target more technologies and more foreign countries, including Cuba, Iran, North Korea and Russia. The inclusion

of Russia in the proposed rule has come days after President Donald Trump waived sanctions on Russia following a diesel deal with President Vladimir Putin. The rule announced Thursday would expand the restrictions to cover investments in hypersonic systems (capable of traveling at five times the speed of sound), supercomputing, biotechnology and artificial intelligence, though Treasury used Trump’s favored term for AI, “superintelligence” or SI.

THE TRIBUNE

Friday, October 23, 2026, PAGE 7

Arrow-words are like crosswords, but the clu inside squares on the grid. Write your a blank squares in the direction indicated b Soluti

WORDSEARCH JUDGE PARKER

CARPE DIEM

MARVIN BLONDIE

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

FLIGHTL

Find all the terms listed below in th Solution tomorrow CASSOWARY ● CUBAN GIANT OWL EMU ● GIANT COOT ● GIANT HO GREAT AUK ● GUAM RAIL ● KAKAP MOA ● OSTRICH ● PENGUIN ● RHEA TAKAHE ● TURKEY ● WEKA

HAGAR THE HORRIBLE

TIGER

YESTERDAY QUICK CROSSWORD Across: 1 Unconcerned, 9 Rip, 10 Financial, 11 Deter, 13 Promise, 14 Commit, 16 Ordain, 18 Sapling, 19 Theft, 20 Operation, 21 Oil, 22 Penetrating. Down: 2 Nip, 3 Offer, 4 Canape, 5 Rancour, 6 Eliminate, 7 Predecessor, 8 Alternately, 12 Timepiece, 15 Imitate, 17 Uglier, 19 Tenet, 21 Own.

CALVIN & HOBBES

DENNIS THE MENACE

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

TARGET

THE ALPHAP

MINELAYER alien amen amine anil earn elan enamel enema enemy ermine inlay lain lane lean leaner learn lien line linear liner main mainly mane manlier manly many marine marlin marline mean meaner meanie meanly meany menial merlin mien mina mine MINELAYER miner mineral myelin myna nail nailer nailery name namely nary near nearly rain rainy ramen ramin ranee rani rein reline remain renal rename yarn yearn

Across: Tomato, Ab Airy, Kink, Tyres, Plu Radio, Aside (clue), R Bias, Wand, Pot, Feu Down: Pea, Social, S Side, Three, Jolly, A Eagle, Litre, Story, B Quince, Eunuch, Net

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

Yesterday’s Sudoku Answer

MICRO CROSSWORD

CHALLENGER

Yesterday’s Answers

PAGE 8, Friday, October 23, 2026

THE TRIBUNE

Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump OPTIONS trader Anthony Spina works on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2026. Photo:Richard Drew/AP

By STAN CHOE AP Business Writer THE latest shudder for stocks in the artificial-intelligence industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran. The S&P 500 fell 1.2% for its worst day since July, while the Nasdaq composite tumbled 2.6%. The weakness for tech stocks was so overwhelming that it masked strength for the rest of the U.S. market, where the majority of stocks actually rose. The Dow Jones Industrial Average added 11 points, or less than 0.1%. AI-related stocks have been swinging on worries that their boom may be under threat because of how expensive it’s become to borrow money to build data centers and buy more AI chips. Concerns also remain that their prices shot too high following a yearslong frenzy, even though companies in the industry continue to report growth. Lam Research, whose equipment and services help make semiconductors, reported gains in profit and revenue for the summer that were slightly stronger than analysts expected, for example. Usually, that helps boost a stock’s price, but Lam Research’s tumbled 11.8%. It gave a range for its forecast for profit this quarter whose midpoint was slightly

below analysts’ expectations. Its stock also came into the day with a 52.4% surge for the year so far, nearly quadruple the gain for the overall S&P 500, leaving plenty of room for potential disappointment. Other big tech stocks likewise fell following quarterly reports that included at least some encouraging nuggets. Meta Platforms, which is pushing its Muse AI agent, lost 7% after reporting stronger revenue for the latest quarter than analysts expected, though its profit fell short. The company behind Facebook and Instagram also said it’s creating a new class of stock to raise

money to pay for AI investments and other expenses. Tesla fell 3.1% after reporting a stronger profit for the summer than analysts expected, though its revenue was weaker than forecast. The global tide against AI stocks knocked Nvidia down 4.4%. Because the chip giant is the largest company on Wall Street by total value, movements for its stock carry more weight on the S&P 500 than any other, and it was the single strongest force pulling the index lower. CoreWeave, which has borrowed money to buy Nvidia’s AI chips that it rents out to customers over

the cloud, has been particularly shaky in recent weeks because of worries about its debt. It dropped 10.1%. The weakness for AI and other tech stocks began in Asia, where indexes are full of players in the industry. South Korea’s Kospi tumbled 3.5%, Hong Kong’s Hang Seng dropped 3% and Japan’s Nikkei 225 sank 2.7%. Also weighing on global stock markets was a jump in oil prices. The price for a barrel of Brent crude oil leaped 4% to $113.17 after touching its highest level in five months. It’s shot up from less than $97 at the start of the month on uncertainty about when

the war with Iran will allow the global energy industry to return to normal. In Europe, France’s CAC 40 stock index fell to one of the continent’s sharpest losses with a drop of 1.4%. It has fewer tech stocks than Asian or U.S. indexes, but it was hurt by another jump in yields for French government bonds. Yields have been generally climbing there because of worries about the government’s big debt load and strained budget. Violent protests across France have raised pressure on the government to increase spending, which could add further to its debt. Worries about big government debt are weighing on almost every developed economy in the world, including the United States. Such concerns, along with high inflation, signals of a still-strong U.S. economy and other factors, have pushed yields in the U.S. bond market recently to their highest levels in decades. But U.S. yields nevertheless fell sharply Thursday in a signal that investors were buying U.S. government bonds in search of something safer to own as AI stocks tumbled. The yield on the 10-year Treasury tumbled to 4.97% from 5.13% late Wednesday and from more than 5.30% earlier this month. That’s a

major move for the bond market. Thursday’s drop in yields came even as another report suggested the U.S. economy may be doing better than economists expected. It said fewer U.S. workers applied for unemployment benefits last week, which could signal that layoffs remain low across the country. That solid economy has helped U.S. companies broadly to make bigger profits, which is what propelled the U.S. stock market to a record high earlier this month despite the many worries tugging at it. Two out of every three stocks within the S&P 500 rose Thursday, only to get drowned out by the drops for more influential tech stocks. Procter & Gamble, Lockheed Martin and CSX were among the latest companies to join the list of those topping profit expectations for the summer, and gains for their stocks helped limit the market’s losses Thursday. CEO Shailesh Jejurikar said Procter & Gamble expects “geopolitical and economic challenges” to continue, but it stood by its forecasts for growth in revenue, profit and other measures for the full year. The stock price for the company behind the Crest, Olay and Oral-B brands rose 5.6%.

LEGAL NOTICE

iMAR TECHNOLOGIES LIMITED (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 21st day of September 2026.

Bennet R. Atkinson Liquidator NOTICE

NOTICE

International Business Companies Act (No. 46 of 2000)

STEEPHOLME LIMITED Registration No. 76784 B In Voluntary Liquidation

SHANGHAI BORDERLAND OIL AND GAS EQUIPMENT COMPANY LIMITED Registration No. 202366 B In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), STEEPHOLME LIMITED was put into voluntary liquidation pursuant to a resolution passed by the Members of the Company and the date of Commencement of dissolution was October 5, 2026.

Notice is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), SHANGHAI BORDERLAND OIL AND GAS EQUIPMENT COMPANY LIMITED was put into voluntary liquidation pursuant to a resolution passed by the Members of the Company and the date of Commencement of dissolution was October 7, 2026.

We, Redcorn Consultants Limited of 202 Marina Lane, Sandyport, West Bay Street, Nassau, Bahamas, are the appointed Liquidators of STEEPHOLME LIMITED, AND it is estimated that the winding-up and dissolution of the Company will require approximately thirty (30) days. Therefore, any person having a Claim against STEEPHOLME LIMITED is required on or before November 5, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of an distribution made before such claim is appro ed

We, Redcorn Consultants Limited of 202 Marina Lane, Sandyport, West Bay Street, Nassau, Bahamas, are the appointed Liquidators of SHANGHAI BORDERLAND OIL AND GAS EQUIPMENT COMPANY LIMITED, AND it is estimated that the winding-up and dissolution of the Company will require approximately thirty (30) days.

Redcorn Consultants Limited Liquidator

NOTICE International Business Companies Act (No. 46 of 2000) NAVICO MARINE JETTY COMPANY LTD. Registration No. 202507 B In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), NAVICO MARINE JETTY COMPANY LTD. was put into voluntary liquidation pursuant to a resolution passed by the Members of the Company and the date of Commencement of dissolution was October 7, 2026. We, Redcorn Consultants Limited of 202 Marina Lane, Sandyport, West Bay Street, Nassau, Bahamas, are the appointed Liquidators of NAVICO MARINE JETTY COMPANY LTD., AND it is estimated that the winding-up and dissolution of the Company will require approximately thirty (30) days. Therefore, any person having a Claim against NAVICO MARINE JETTY COMPANY LTD. is required on or before November 7, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be e cluded from the benefit of an distribution made before such claim is approved. Redcorn Consultants Limited Liquidator

Therefore, any person having a Claim against SHANGHAI BORDERLAND OIL AND GAS EQUIPMENT COMPANY LIMITED is required on or before November 7, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of an distribution made before such claim is appro ed

NOTICE G.S.P. Management & Administration Ltd. (Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 20th day of October, A.D., 2026. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas. GALNOM LTD. Liquidator

Redcorn Consultants Limited Liquidator

NOTICE International Business Companies Act (No. 46 of 2000)

KWALE PIPELINE LIMITED Registration No. 202590 B In Voluntary Liquidation

GUINEA GREEN METALS LTD. Registration No. 209935 B In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), KWALE PIPELINE LIMITED was put into voluntary liquidation pursuant to a resolution passed by the Members of the Company and the date of Commencement of dissolution was October 7, 2026.

Notice is hereby given that in accordance with Section 138 of the International Business Companies Act, (No. 46 of 2000), GUINEA GREEN METALS LTD. was put into voluntary liquidation pursuant to a resolution passed by the Members of the Company and the date of Commencement of dissolution was October 7, 2026.

We, Redcorn Consultants Limited of 202 Marina Lane, Sandyport, West Bay Street, Nassau, Bahamas, are the appointed Liquidators of KWALE PIPELINE LIMITED, AND it is estimated that the winding-up and dissolution of the Company will require approximately thirty (30) days.

We, Redcorn Consultants Limited of 202 Marina Lane, Sandyport, West Bay Street, Nassau, Bahamas, are the appointed Liquidators of GUINEA GREEN METALS LTD., AND it is estimated that the winding-up and dissolution of the Company will require approximately thirty (30) days.

Therefore, any person having a Claim against KWALE PIPELINE LIMITED is required on or before November 7, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of an distribution made before such claim is appro ed

Therefore, any person having a Claim against GUINEA GREEN METALS LTD. is required on or before November 7, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of an distribution made before such claim is appro ed

Redcorn Consultants Limited Liquidator

THE TRIBUNE

Friday, October 23, 2026, PAGE 9

Zuckerberg makes deal with Meta to help him pay billionaire tax if it passes By SOPHIE AUSTIN and WYATTE GRANTHAM-PHILIPS Associated Press MARK Zuckerberg made a deal with Meta’s board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week. If passed by voters in the Nov. 3 election, the measure would levy a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than $220 billion, according to Forbes. That would put his tax liability at more than $11 billion. Actions announced by the tech giant on Wednesday will keep Zuckerberg as the majority owner of the company — and also give him the ability to sell some of a new class of non-voting shares “for any reason,” including to pay potential bills from the wealth tax. The compromise came after Zuckerberg told the board he was considering selling his Palo Alto home last month in anticipation of the proposed tax. But he later struck the deal and committed to staying in California for eight years,

unless “material unforeseen circumstances” arise that make it “prudent or advisable for him to reside elsewhere,” according to the filings. A few hundred billionaires live in California, according to the nonpartisan Legislative Analyst’s Office. The tax would apply to anyone with a primary residence in the state as of Jan. 1, 2026. Most of the money would be used to backfill federal funding cuts to healthcare, and 10% of it would go toward education and food-assistance programs. Proponents, including SEIU United Healthcare Workers West and Vermont Sen. Bernie Sanders, say it would help ensure the ultra-rich pay their fair share. But opponents, including California Gov. Gavin Newsom, a Democrat, have warned it could prompt the state’s wealthiest to leave the state. That could cause budget problems down the line because the state relies heavily on the rich for income tax revenue. SEIU United Healthcare Workers West said the Zuckerberg deal proves opponents wrong. “This is the nail in the coffin to months of scare tactics claiming that billionaires are fleeing California,” Suzanne Jimenez,

CALL 502-2394 TO ADVERTISE TODAY! PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, SHERDIAMOND ALICIA QUEENIE ABIGAIL JOHNSON of #15 Ringwood Drive, New Providence, Bahamas, mother of RH’AEEN AMIYAH ACE OUTTEN intend to change my child’s name to RH’AEEN AMIYAH ACE JOHNSON. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE NOTICE is hereby given that I BIENCA YOLANDA MICHEL of Central Pines, Abaco , 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 16th 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 of Isabella ANGELET ALFRED boulevard, Marathon Estates, 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 16th 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 SAUVEUR JACQUES of Jerry Bay Dundas Town, Abaco , 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 16th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

the union’s chief of staff, said in a statement. Zuckerberg’s deal with Meta offers another glimpse into how the ultrawealthy are bracing for the proposed tax, which targets the main way they make money, through their investments, instead of by raising taxes on the paycheck they receive from work. Other

billionaires have taken a different approach by starting to cut ties with the state, including Google co-founders Sergey Brin and Larry Page. Brin and other tech moguls and venture capitalists have poured millions into a political action committee opposing the proposed tax and

backing other ballot measures designed to nullify it. The committee, Building a Better California, has raised more than $333 million, 30% of which has come from Brin. By comparison, the “Yes on 40” campaign has raised $32.7 million. Zuckerberg has taken a salary of $1 each year since 2013 as Meta’s CEO. In its regulatory filings, Meta maintained that Zuckerberg would not receive additional compensation — and argued that he would “effectively be paying to serve as the Company’s chief executive officer while residing in California” if the state’s wealth tax is enacted. The company said the new stock he will be allowed to sell — representing 10% of

his overall economic stake in the company — would help mitigate that. Beyond securing Zuckerberg’s future in California, Meta’s new class of shares is intended to boost the company’s ability to raise capital for its investments in artificial intelligence infrastructure, according to the filings. Meta also said it established the new shares for employee compensation and acquisitions, among other reasons. “It will expand our funding tools and give us flexibility to invest behind the unprecedented momentum we’re seeing across every part of our business driven by AI,” Meta Chief Financial Officer Susan Li said on an earnings call.

NOTICE

NOTICE is hereby given that I VERNET ALFRED of Isabella boulevard, Marathon Estates, 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 16th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LENDSKY JUSTIN of Williams Lane off Kemp Road, New Providence, Bahamas of America is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 23rd day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I CHARLENE CHARLES-FILS of Joan’s Drive, Bamboo Town, 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 16th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that I MICHELINE CHARLES-PASCADE of Apple Street, Wulff 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 twenty-eight days from the 16th day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.