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Thursday, OcTOber 30, 2025
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Aviation group challenges fee’s ‘cataclysmic burden’
Fishermen optimistic Melissa will miss 70% of key fishing grounds
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN pilots and aircraft owners are challenging a Lynden Pindling International Airport (LPIA) fee they assert has imposed “a cataclysmic financial burden” on their operations by causing “a several-fold increase in monthly expenditure”. The Bahamas Aircraft Owners and Pilots Association (BAOPA), in an October 24, 2025, letter to the Nassau Airport Development Company (NAD), LPIA’s operator, appears to query whether the extension of the Airport Infrastructure Improvement Fee to general aviation flights arriving from destinations within The Bahamas complied with the necessary laws and regulations when implemented on March 1, 2024.
LYNDEN PINDLING INTERNATIONAL AIRPORT (LPIA)
• Pilots, aircraft owners query LPIA levy • Question way extended to local flights • NAD says concerns are being reviewed
And, noting that NAD has previously stated that this particular fee does not apply to “commercial carriers”, whether foreign or domestic, the Association is questioning why it is being levied against private aviation flights that are also for commercial purposes - carrying fee-paying passenger. The letter, which has been obtained by Tribune Business and is also now under “review” by
NAD, also asked whether the fee can be levied on flights leaving Odyssey Aviation and Jet Nassau, the two fixed base operators (FBOs), when they were not included in the September 18 2023, notice announcing the charge’s extension to general aviation flights originating from other Bahamian destinations. NAD, in a statement responding to Tribune Business inquiries, said: “NAD is in receipt of a letter from the Bahamas Aircraft Owners and Pilots Association, which is dated October 24, 2025, and only just received by NAD on October 28, 2025. We are now reviewing their concerns and will respond to them following that review.” The LPIA operator had previously modified the Airport Infrastructure Improvement Fee in
CHARGES - See Page B8
Stop ‘playing politics’ on blacklisting of Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s deputy leader yesterday sparked rare House of Assembly unity by demanding both major parties stop “playing politics” over ‘blacklistings’ and other threats to the Bahamian financial services industry. Shanendon Cartwright, the St Barnabas MP, urged his parliamentary colleagues to focus on “asserting our sovereignty and fight for The Bahamas” by telling the likes of the European Union (EU) and Organisation for Economic
SHANENDON CARTWRIGHT Co-Operation and Development (OECD) to “take their feet off the necks off the Bahamian people”. His intervention, which urged MPs to stop
ADVERSITY - See Page B5
‘No cards off table’ over Bahamas reinsurer talks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS First’s chief executive yesterday said local carriers have not been told “to take the cards off the table” in treaty renewal talks with global reinsurers due to Hurricane Melissa, adding of the storm’s impact: “It’s too early to tell.” Richard Darville told Tribune Business that, with Jamaica yet to complete its own damage assessments given it has been just two days since the Category Five hurricane struck, it was “a bit premature” to determine whether the likely multi-billion global insurance industry payout will
have an effect for premium rates and catastrophe coverage availability in The Bahamas moving into 2026. Bahamian property and casualty insurers, due to their relatively thin capital bases, have to purchase huge quantities of reinsurance annually to enable them to underwrite the multi-billion risks present in this nation, and negotiations on renewals of their reinsurance treaties typically start now - just as Melissa devastated Jamaica and Cuba, before moving through the southern Bahamas yesterday with the extent of that damage unknown at press time. Mr Darville confirmed that
COVERAGE - See Page B9
FISHERMEN yesterday voiced optimism that Hurricane Melissa will have missed between 70-75 percent of the prime fishing grounds in the southern Bahamas while acknowledging it is “a nerve-wracking time” for colleagues with homes in those islands. Keith Carroll, the National Fisheries Association’s (NFA) president, told Tribune Business that the industry would “have been in much more trouble” if Melissa - which was forecast to move through this nation as a Category Two to One hurricane - had the storm followed a track that took it further to the west through the major fishing areas. Expressing confidence that it will not “do too much damage” to existing fishing condos and traps, or prospects for the likes of crawfish season, he added that many fishermen had “learned from Hurricane
Joaquin’s” devastation in 2015 and either relocated their vessels out of harm’s way or moved the smaller ones to “higher ground”. “The majority of the fishing grounds are not going to be affected,” Mr Carroll told this newspaper. “I would say maybe about 25-30 percent of them will be; the fishing grounds close to Ragged Island. If she’d come further west we would be in much more trouble, but the way it’s going right now; avoiding Ragged Island, closer to Long Island, I don’t think it will do too much damage to the majority of the fishing grounds. “It ain’t going to affect much of it. It’s only a small piece of the fishing grounds close to Ragged Island. A lot of the Long Island fishermen fish around the Ragged Island chain. I hope they don’t get damaged. There’s a lot of fishermen in Long Island, but 70 percent of the fishermen don’t fish that area that much.”
STORM - See Page B8
THE TRIBUNE
Thursday, October 30, 2025, PAGE 3
Computer technology that will put firms on the edge I
n today’s fast paced digital world, speed and efficiency are no longer optional. They are the lifeblood of modern business. From customer service to logistics, companies are constantly looking for ways to process information faster, make better decisions and deliver smoother experiences. One of the most promising technologies driving this progress is edge computing. At its core, edge computing brings data processing closer to where it is generated - whether that is a factory floor, a retail store or even a cruise ship in Bahamian waters. Instead of sending information all the way to distant data centres or cloud servers for analysis, edge computing handles it at the edge of
KEITH
ROYE II the network. This reduces delays, lowers bandwidth costs and allows companies to act on insights almost instantly. Imagine a resort in Exuma using edge
computing to monitor guest experiences in real time. It could detect power outages in a villa, adjust air conditioning automatically, or send maintenance alerts before a problem is even noticed. Or think of a Bahamian bank using edge powered automated teller machines (ATMs) that can process transactions faster and detect fraud instantly without relying on overseas servers. These are not futuristic scenarios; they are very real possibilities. For small and medium-sized enterprises in The Bahamas, the implications are exciting. Businesses in tourism, logistics, healthcare and even agriculture can benefit. Edge computing allows faster decision making, improves data security with information
staying closer to its source, and strengthens the use of artificial intelligence (AI) tools that depend on real time data. Take the example of local ferry or delivery operators. With sensors and edge devices, they could monitor routes, fuel efficiency and passenger loads in real time, helping to reduce costs and improve reliability. Meanwhile, manufacturers or food distributors could use edge systems to track supply chain conditions such as temperature or humidity instantly, ensuring compliance and quality. The real advantage, however, goes beyond efficiency. Edge computing supports national digital independence. By reducing reliance on foreign cloud services, Bahamian businesses can
‘We can’t just let $41m North Abaco port rot’ By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net A GROUP of pastors is urging the Government to prevent the $41m North Abaco port’s continued “deterioration” with the facility yet to be put to productive use some eight years after a Chinese company completed its construction. The North Abaco Pastors Association (NAPA), at a conference on Monday, called for the Cooper’s Town port that was built by China Harbour Engineering Company to just sit there as an unused asset. “I want to just share that our prime minister normally uses the term 'building a new Bahamas’,” Reverend Marvin Mills, the
NAPA president, said. “And when I look at the deterioration that is taking place in North Abaco at the port right down the street, trees are growing in the fence, growing up around the buildings. “This is what is happening. Whether it is a reflection of government or not, this is the reality. And successive governments, of course, are also to take the brunt of this. The key is, though, eight years later, we cannot benefit from our port like we should be. “We're not asking for the port to be open so we can just have some groceries come through. We're asking for the port to be open so that we can realise the greater benefits for future generations,” Reverend Mills added. “And if we're going to be building a new
Bahamas, when you look at Treasure Cay airport, and you look at the port down the road, that does not reflect that we are included in this new Bahamas being built. “And so it is important that it is noted that Abaco, prior to Dorian, was producing more than $500m to the national Budget. That is still the case, and Abaco has the potential to do even greater. This whole Abaco economy has a lot to offer. However, tonight we're speaking about our location, North Abaco Treasure Cay to Crown Haven. We need to get our piece of the pie.” Reverend Silbert Mills, president of the Abaco Christian Council, and Bishop Cedric Bullard, former NAPA chairman and senior pastor of New
Pintard’s small business concern over tax exchange amendments By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Opposition’s leader yesterday voiced concerns that planned reforms to legislation governing The Bahamas’ automatic exchange of financial information could place undue costs and compliance pressure on small businesses. Speaking in Parliament yesterday, Michael Pintard said such companies could be negatively affected by audit requirements and increased penalties for non-compliance with the Automatic Exchange of Financial Account Information (AEOI) Act amendments. He added that many small businesses operate on narrow margins, and additional compliance costs could threaten their survival. “This amendment that has been brought today has unintentionally placed additional burdens of compliance on small businesses by potentially requiring annual audits and raising penalties for non-compliance,” said Mr Pintard.
MICHAEL PINTARD “We risk punishing the very enterprises that should be we should be empowering. Many small businesses operate on narrow margins. Adding another costly audit or compliance layer will make a difference in whether they survive or not.” Mr Pintard also raised fears about the revised Business Licence filing and payment structure, which requires companies to estimate the following year’s turnover and pay the current year’s fee based on that forecast. He warned that this system could affect liquidity for small businesses. “The second thing we would eliminate: We do not believe that businesses ought to pay this year's Business Licence fee and estimate what their fee will be next year, and pay that as well. It affects the liquidity of those businesses,” he said
Life Ministries International, said they were part of a corporation bidding to take over management of the North Abaco port. “We did it when [Perry] Christie was prime minister, and [Philip] Davis was the minister of works,” Mr Mills said. “They lost the Government. Glenys Hanna Martin put the documents in. Brave said to us, 'if she put it in , I got your approval that night.' Well, government change. We secured $21m in funding as a guarantee.” Mr Bullard added: “We came up with a wonderful plan. We were asking the governments… Over two different governments, we met with them. We flew to Nassau. We met with them, showed them the plan, a beautiful plan. We actually accumulated funds that we can get it going - over $40m. “But we couldn't get it; wouldn't give it to us. But I'm saying we were ones who tried to manage it, but the port is sitting there. We have a great, beautiful
keep more control over their data - something that is increasingly important in today’s digital economy. It also creates new opportunities for local technology providers, data centres and developers to build customised, Caribbean-focused solutions. Of course, adopting edge computing requires investment in digital infrastructure, stronger networks, skilled professionals and supportive government policies. The national effort toward expanding fibre connectivity and introducing 5G (fifth generation) technology will play a critical role in unlocking these capabilities. When that happens, The Bahamas could become a regional leader in smart and connected business operations.
In short, edge computing is more than a technology trend. It is a strategic opportunity. For Bahamian enterprises, it offers a path to faster, smarter and more resilient operations. And in an economy that relies heavily on tourism, services and efficiency, that advantage might be exactly what The Bahamas needs to thrive in the digital age.
fishing village. We have a lot of business. We still go to March Harbour to do our port there. This port can really operate, if we can get it up and running. It's just sitting there deteriorating right now. “It was a $40m gift from the Chinese, and I actually was in a meeting with the Chinese and they were very upset that they spent the money and nothing happening. The guy looked in my face and tell me, 'Why did we build this?',” Bishop Bullard said. “Listen, all of our guys in Abaco just need a chance. We have connections. The problem with us, as Bahamians, the Government don't trust us. We have people who have money put up. The North Abaco guys, our managers, we went to a rich person who willing to put in $40m for the port. But why the Government didn't give it to us? We don't know why. We have one of our guys, got someone at three point, he willing to invest $2m.” Reverend Marvin Mills called for a meeting with Prime Minister Philip Davis
KC to address the North Abaco port. “We know that airports and seaports are major game changers in any economy, and so if we can realise the economic spin-off that can result from our ports being fully operated, then we can participate in generational wealth and income,” Reverend Mills said. “There should not be one segment of society benefit, or is the port only for those who are rich or for a selected few? We're all Bahamians and we should all be able to benefit. “Forty-one million dollars should not sit down and rot without its citizens being able to benefit. And these things, we must rise up and be revolutionary, and if we don't do that, then we will have to accept what we get. So tonight is the beginning, and we are definitely no longer reaching out to the minister of transport. Tonight, we are reaching out to the Prime Minister to come and meet with us, to have a conversation with us and where we can work together in charting the way forward in having our concerns addressed.”
• NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.
PAGE 4, Thursday, October 30, 2025
THE TRIBUNE
Abaco pastors seek revival for Treasure Cay’s airport By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE North Abaco Pastors Association is calling for the revival of the Treasure Cay International Airport as a means to ensure Bahamasair resumes services for better transportation connectivity. Noting that Treasure Cay residents feel neglected, Bishop Cedric Bullard, senior pastor at New Life Ministries International, said the airport, especially after the passing of Hurricane Dorian more than six years ago, needs new terminal and proper bathroom facilities. “Dorian destroyed the building and everything totally,” he said. “The only thing that they just erected was fencing around the area because people had access to and from the personal aircraft of those tourists. “But right now, everything is still down. The place is presently
overgrown. Right now, as we speak, no one's cutting the grass. There is no terminal, of course, you know that's blown down. “The only thing they have there is two trailers for the last five years that Customs and Immigration is sitting in, and they are complaining about the mould. They have been finding snakes in their trailer, and it's very uncomfortable right now. So we need that building. We need that place to be fixed,” Bishop Bullard added. “Before, the tourists were using the bushes. They built a little portable toilet out of wood that the tourist is using before they jump on the airplane for a long flight. They're using just the little toilet that they built, out of wood - like a three by six, or something like that. “They erected a canopy or a little shed because people were sitting in the sun. They just recently erected a little canopy, but it's open to the elements where, if it rains, it
will still get wet. It's only a little shed, but it's open. So everything is wrong about that.” Bishop Bullard said there are no ambulances or fire trucks available at the airport, and the runway needs resurfacing. Speaking not only as a pastor but also a certified pilot having flown for over 37 years, he said he has used the Treasure Cay’s airport runway numerous times. He added that while the airport is still operational it’s “at your own risk”. Bishop Bullard requested that Bahamasair resumes service once the airport is made suitable again, adding that tourists and residents currently travel “60 miles to get on the airplane if you want to fly to any destination, US or The Bahamas, when all the various carriers used to come right from Treasure Cay”. He said persons wanting to travel to North Abaco usually go through Marsh Harbour’s airport.
“The thing about it, The Bahamas government knows that if a US airline is going to fly to any destination, especially from America, they can be sued,” Bishop Bullard said. “So the airport got to be properly regulated. For instance, there must be certain things there. They're not coming to Treasure Cay because we don't have anything like an ambulance. We don't have a terminal. We don't have toilets and all this other stuff. “So there's a standard that they have to keep for passenger airlines to fly there. That's why they only have a lot of private air planes flying there now, only because passenger companies can't come there like Spirit or Jet Blue, or American, which goes to Marsh Harbour. That's why Bahamasair is not coming.” Bishop Bullard said he understands the Government is open to a private-public partnership (PPP) to tackle improvements at the Treasure Cay International Airport.
During a recent NAPA meeting, the state of the roads in North Abaco was listed as another issue needing repairs. Reverend Rudy McKinney added that more lights need to be installed on the roads. “My daughter told me the other day that, as she was going to Marsh Harbour, she went to overtake a car and she had one of those holes. I look at it beyond the hole,” Mr McKinney said. “When you look at the verges on the two sides, if she had caught a blowout, there's no way for her to pull to the side to fix a tire or do anything. So the verges also have to be addressed. “I figure we're in this modern generation. We can look at all our poles that's on the side of the road. We can buy solar lights, not lights that direct current lights that will put more cost on the Bahamian people. But we can buy solar lights, and we can start with putting one every 10 booms. And as the monies,
or as the resources, come, we can come back and drop one every five holes. “And as it comes, you can drop back every other pole until you have this whole place from Marsh Harbour all the way through fully lighted up. When you're driving at night, plenty of ladies, young girls, sisters, our mothers, folks, they travel the road at night, there is no place for them to pull on the side.” Reverend Marvin Mills, NAPA president, said he has heard of cases where potholes in North Abaco have caused up to $300 in damage to cars. “This can't continue to go on. God forbid any of these blows turn deadly,” he added. “This is a serious matter, and we must get some attention to what is happening. This is community. This is not whether I'm PLP, FNM, COI or any other colour.”
IMMIGRATION RECRUITS CAUGHT OFF-GUARD OVER NASSAU STAY By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net AROUND one-third of recent Immigration Department recruits were caught off-guard after being informed they must remain in New Providence for at least two years to gain on-the-job experience — a decision that has left many
scrambling to secure housing in the capital. Of the 68 officers who graduated in the most recent intake, 21 are from the Family Islands. According to a well-placed source within the Department, several of these Family Island graduates were left struggling to find accommodation after learning they would not be allowed to return home.
“Some of them had already purchased tickets. Some of them had already lost their apartments and were living with other squad mates, and they were of the view that once graduation was completed, they would have been able to return home,” said the source. “On Friday, they were advised that none of them were going home and that they would remain. They
would have to remain in New Providence with no rental assistance or any additional assistance being offered by the Department, and some of them were just very concerned.” During a meeting with the most recent squad, the day after their graduation, Stephen Laroda, director of Immigration, informed them that their work as trainee Immigration officers began immediately after graduation and would continue for at least two years. During this period, they are expected to work in New Providence to gain experience before being considered for placement on a Family Island. The confusion about whether the new officers would be allowed to return
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home stemmed from the previous squad that graduated in August, which was permitted to return to their home islands after graduation. The new group of graduates assumed they would be granted the same privilege, which they expressed during the meeting. Mr Laroda, however, informed them that “some adjustments” had been made since then, and the Department of Immigration would no longer allow such transfers immediately after graduation. Graduates were told that those with personal issues justifying their return home could present their cases individually. Highlighting the benefits of training at the country’s largest gateways, Mr Laroda told the recruits that transfers to the Family Islands would only be approved once he was confident they could adequately support the Department. “I have no difficulties with you going back, as long as you're competent and proficient enough to be able to hold your own and support the organisation. You ain't ready for that yet. Trust me when I say that,” said Mr Laroda. Graduates were also informed they would not be
STEPHEN LARODA eligible for a housing allowance while stationed in New Providence, as they were hired in the capital. However, they would qualify for housing assistance if transferred to a Family Island in the future. An officer who has been with the Department of Immigration for more than 20 years said the information given to the graduates was “nothing new”. Speaking to Tribune Business under condition of anonymity, he explained that when he relocated from a Family Island to New Providence in the early 2000s for training, he also had to remain in the capital for several years after graduation to gain experience. He added that, over the years, he has been transferred to several Family Islands at the Department’s discretion — though none of those postings were in his island of origin.
THE TRIBUNE
Thursday, October 30, 2025, PAGE 5
PM says compliance is ‘competitive advantage’ By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Prime Minister yesterday asserted that compliance with international regulatory standards is “a competitive advantage” for the Bahamian financial services industry and foreign direct investment (FDI) as he unveiled further reforms to tax information exchange legislation. Philip Davis KC, addressing the House of Assembly, said amendments to The Bahamas’ financial reporting framework will strengthen oversight and bring greater regulatory clarity as the country works to address recommendations from its latest Organisation for Economic Co-Operation and Development (OECD) assessment. He explained that the changes to the
Automatic Exchange of Financial Account Information (AEOI) framework will give key regulators, including the Central Bank, Securities Commission, Insurance Commission and Compliance Commission, delegated authority and enhanced powers to monitor financial institutions, conduct audits, and ensure full adherence to international tax reporting standards. “This administration sees compliance as a competitive advantage. It is a mark of excellence and discipline that reinforces our global credibility,” Mr Davis asserted.”When investors choose The Bahamas in 2025, they are choosing a nation with no blacklists to worry about, a strong and respected global standing, and an economy that is growing year after year.”They are choosing a jurisdiction that meets the highest standards, and a
country with no lingering questions and no clouds over its reputation – just a bright future ahead of us.” The Prime Minister confirmed that the reforms being debated by Parliament had resulted from the latest OECD inspection of its tax reporting and information exchange framework, which found that - while the necessary laws were in place - The Bahamas needed to strengthen their administration and enforcement. “The amendments we are debating today essentially empower DSA’s [designated supervisory authorities] charged with the responsibility of conducting compliance and investigation activities, such as audits and onsite visits to financial institutions, to ensure that they are reporting in a timely manner, to inspect and verify documents and records,” said Mr Davis.
Financial services threats trigger rare House unity ADVERSITY - from page B1 finger-pointing and blaming the other party and incumbent government when The Bahamas is ‘blacklisted’ by international bodies and country blocs, prompted Prime Minister Philip Davis KC to confirm that the threats and challenges faced by the Bahamian financial services industry are “not an FNM or PLP issue; they are a national issue”. Recalling a previous address to the United Nations (UN), where he asserted that there was “a dark side” to the so-called ‘blacklisting’ tactic because it was targeted at small former colonies which have “black-led governments”, Mr Davis said The Bahamas simply “can’t afford” to be on such adversarial lists because of its vulnerability to natural disasters and climate change. With just hours remaining before Hurricane Melissa struck the southern Bahamas, Mr Davis said Bahamian insurance claims for storm-related damage would have been “penalised 25 percent” of their value if this nation had failed to escape the EU blacklist for deficiencies over its economic substance reporting regime. Most of the reinsurers, which Bahamian property and casualty carriers rely on to underwrite the majority of claims, are based in EU states. This triggered an intervention by ex-prime minister Dr Hubert Minnis, who admitted it was one of the few occasions where he agreed with his successor. The Killarney MP, acknowledging that “every government has faced blacklistings” this century, regardless of which party was in office, said The Bahamas is having to continually reform its financial laws and
regulations because “the goal posts keep changing”. The exchange was sparked during the debate on the latest reforms to the Automatic Exchange of Financial Account Information Act, which is a key piece of legislation underpinning The Bahamas’ contribution to the fight against global tax evasion and avoidance. Adrian White, the St Anne’s MP, and Zane Lightbourne, minister of state for the environment, got into an argument that appeared to mix-up different ‘blacklistings’ of The Bahamas and the dates they occurred. This led to Mr Cartwright’s intervention. “Both governments have experienced The Bahamas being blacklisted over the decades,” the St Barnabas MP blasted. “What are we doing here? Let’s have a discussion about how we can assert our sovereignty and fight for The Bahamas, and tell the OECD and EU to take their feet off the Bahamian people instead of playing politics.” Mr Davis, rising to his feet, agreed and said: “I’d be the first to acknowledge this issue of blacklisting. This is not an FNM or PLP issue; this is a national issue. Anyone following my comments on this issue recognised this from day one, 2000, when this assault began on offshore jurisdictions. Unfortunately, not all of us recognised that it’s a national issue we should join forces on.” Suggesting that Mr Cartwright was parroting his address to EU leaders in Brussels, when he called for the 27-nation bloc to “take their knees off of our neck”, Mr Davis said he had repeated the message at the Community of Latin American and Caribbean States (CELAC) meeting in Cuba
and at the United Nations (UN) general assembly “I wrote to the UN complaining about the OECD and EU. I met with the secretary-general, Antonio Guterres, on this issue; how unfair it is for small jurisdiction, particularly ours,” Mr Davis added, “and here we are now creating a new international tax regime overseen by the UN. That’s not an FNM or PLP matter; that’s an international matter.” Ryan Pinder KC, the attorney general, sits on the UN committee charged with developing a rules framework for international tax and co-operation between nations. “We are making our presence felt, and are fighting for the Bahamian people and our industries,” Mr Davis said. “You don’t fight them at home; you do it face-to-face. “All of them cringed when I spoke at the UN and told them there’s a dark side to these blacklistings. There’s a dark side to these blacklistings. Look at who are targeted; former colonies of European countries, small island developing states. They are all blackled governments. There’s a dark side to it. That’s what pricked the conscience of the international community, and I think all that pushed us to move it away from the EU.” Mr Davis said the OECD and EU “may be doing their own thing” regardless of the bid to wrest oversight of international tax matters
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“The compliance activities also extend to ensuring that self-certifications are being collected and that the information reported in the CRS(common reporting standard) AEOI reporting portal is correct and accurate.” Mr Davis said The Bahamas has a duty to ensure financial institutions and individuals are aware of potential schemes to circumvent regulations designed to prevent tax evasion and avoidance, including the risks presented by citizenship by investment and residence by investment programmes, and to prevent misuse and address it when detected. He acknowledged that building an effective compliance strategy is challenging but said the DSAs have the expertise needed to protect the integrity of the tax system. “The Bahamas is also under an obligation to
ensure that financial institutions and persons are aware of potential circumvention schemes, including the risks presented by citizenship by investment and residence by investment schemes to prevent misuse and address it when detected,” said Mr Davis. “Building an effective compliance strategy has its challenges and may seem like a mammoth task, but the DSA’s identified by this Bill, consisting of the key regulatory bodies like the Central Bank of The Bahamas, the Securities Commission of The Bahamas, and the Insurance Commission of The Bahamas, are equipped with the skill and knowledge to help safeguard the integrity of the taxation system. They will be provided with the necessary powers, via this amendment to the Bill. That, in essence, is the major change we are introducing through this Bill.”
Beyond strengthening oversight powers, Mr Davis said the Bill introduces additional updates, including amendments to Section 13 on excluded accounts to ensure the description of these accounts aligns with the OECD’s Common Reporting Standard. The Bill also mandates that administrative penalties collected under the Act be paid into the Consolidated Fund, and allows aggrieved persons to appeal decisions under the Act to the Supreme Court. “We are determined to uphold the highest standards in financial services,” Mr Davis said. “The Bahamas has proven that a small nation can lead the way. And we have shown that compliance and growth can advance together.”Today, when The Bahamas speaks on the global stage, we do so with credibility as one of the most successfully compliant nations in the world.”
away from them and place it under the UN’s control. He recalled that France kept The Bahamas on its own national ‘blacklist’ for “no reason” for a full year after the EU delisted this country from its own - even though France is a member of the same 27-nation bloc. Asserting that “the goal posts keep moving” on international financial services regulatory initiatives, the Prime Minister signalled that the latest tax information exchange reforms were sparked by the OECD’s “second round” assessment of The Bahamas’ co-operation regime that took place in July 2025. While this nation’s tax information exchange legal framework was deemed largely compliant, the findings called for its administration to be improved. While The Bahamas has not “compromised on our regime or constitutional construct”, Mr Davis said frequent legal reforms have to be made simply because “we can’t afford to be on a
blacklist” when the likes of the OECD and EU cite deficiencies in the country’s financial services regulatory regime. “When we are on a blacklist, do you know that if you make a claim for insurance, our reinsurers, most of them are in the same European countries. You are penalised 25 percent of the claim because you are on the blacklist,” he told the House of Assembly. “I can talk about decisions made, and we could disagree on the approach and how we think it ought to be addressed, but the bottom line is it’s a matter for our country and nation.’ Dr Minnis, confirming that he agreed with Mr Davis, added: “Every government has faced blacklistings. Every prime minister and minister responsible has had to travel to France to try and deal with it in their administration. Amendments have to be made because the goal posts will change.
Regardless of who is in, there will be blacklistings.” The Minnis administration had to secure The Bahamas’ removal from the enhanced surveillance applied by the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG), and removal from its ‘grey list’ of countries being monitored, as well as from the anti-money laundering ‘blacklist’ created by the European Commission, the EU’s civil service. The Davis administration then had to ensure The Bahamas exited a separate EU ‘blacklisting’ for its alleged non-compliance with the 27-nation bloc’s substance reporting requirements, which was accomplished in early 2024. The Commercial Entities (Substance Requirements) Act requires all companies conducting “relevant activities” to confirm they are carrying out real business in The Bahamas via annual electronic filings.
PAGE 8, Thursday, October 30, 2025
Fisheries thankful ‘it’s not storm we feared’ STORM - from page B1 Voicing hope that fishermen in the southern Bahamas “fare well” during Melissa’s passage, Mr Caroll added: “She’s moving forward and it looks like she’s stayed put in the ocean between Ragged Island and Long Island. “They will have taken the boats down to the Stella Maris marina and put them in the Cove. The smaller boats will have been taken to higher ground. They learned from Joaquin. The eye wall looks like it ain’t on the banks. I don’t think the banks will be affected that much.”
Paul Maillis, the NFA’s secretary, told Tribune Business that Hurricane Melissa should not create too much disruption for the Bahamian fishing industry provided there is not widespread damage to boats and fuel supplies to the southern islands are not interrupted for any extended time period. Backing the Government’s decision to evacuate Bahamians in Melissa’s projected path, given the hurricane’s projected intensity and devastation inflicted on both Jamaica and Cuba, he said: “For the fishermen who live in the southern Bahamas and
THE TRIBUNE those who venture down south, this is a time when nothing can be done. They just have to sit, and many have been evacuated from areas such as Ragged Island and Crooked Island. “It’s a time when no one can work, but it’s a time when the Government has made the decision to evacuate. They didn’t know what size it [Melissa] would be. It’s the right decision, and we’re thankful it’s not the storm we feared it would be when it hit us. Hopefully there will only be minimal damage.” Mr Maillis said Melissa’s passage may even ultimately help the industry, adding: “From a fisherman’s perspective, stirring up the ocean bottom is good for lobster walking, which is great for all lobster fishermen. It doesn’t impact the
LPIA operator: Fees have to be ‘non-discriminatory’ CHARGES - from page B1 2022 following push back from the general aviation and private pilot industry, adjusting its basis from a passenger-based levy to one that is calculated according to the weight of the aircraft landing at the airport. It was implemented in May 1, 2022, but only initially for general aviation flights arriving at LPIA from international destinations. While flights coming from other locations within The Bahamas were excluded from the fee for almost two years, NAD moved to extend it to all general aviation activities with effect from March 1, 2024, in a bid to ensure all users contribute their fair share to airside upgrades and maintenance of the infrastructure they use in provision of their services. However, the Association, in its letter to NAD, voiced concern about “the economic impact” of yet another regulatory fee that private sector operators in the Bahamian aviation industry are being mandated to pay. They questioned whether, in determining the scale of the fee and its implementation, any consideration was given to the likely financial effects for aircraft owners, carriers and pilots. Referring to the fact that the Airport Authority has to approve any changes to fees and charges recommended by NAD, the Association wrote: “It is counterintuitive for an authority to be empowered to take a recommendation from NAD, or any entity with delegated authority, to vary existing fees and charges with no consideration whatsoever for the financial impact it will have on the stakeholders and or those upon whom the new fee is to be levied….. “The Airport Infrastructure Improvement Fund
has caused a cataclysmic financial burden on their existing operations caused by a several fold increase in monthly expenditure. The painful reality is that some carriers now face very dim economic forecasts which threaten their continued existence at the level which they now operate.” The Association also questioned whether the fee has generated “notable infrastructural improvements” at LPIA to the benefit of its members, detailing a list of what it alleged were “ongoing impediments” to the smooth, efficient operation of general aviation flights at LPIA. “These deficiencies, many of which have been reported repeatedly over the years, continue to exist without any meaningful remediation by the implementation of the Airport Infrastructure Improvement Fee,” the letter added. “The apron taxiway areas remain in a state of significant disrepair, characterised by widespread surface degradation, potholes, uneven pavement and eroded markings. These conditions create operational and safety hazards for both aircraft and ground personnel, particularly during periods of heavy rain when pooling and flooding further compromise traction and visibility. “Operators are forced to navigate deteriorated surfaces daily, leading to increased wear and tear on landing gear, tires and propellers. As a result, operators routinely incur substantial and avoidable maintenance costs for parts and repairs directly attributable to damage sustained on the compromised tarmac surfaces.” The Association continued: “In addition, inadequate drainage and poor grading contribute to chronic flooding across key movement areas, rendering
sections of the apron unusable for protracted periods after moderate rainfall. “Despite numerous representations to airport management, there has been no comprehensive resurfacing, drainage upgrade or maintenance programme implemented to address these long-standing deficiencies. “We are struggling to understand what improvements, if any, the Airport Infrastructure Improvement Fee is or intends to be applied to, and to distinguish its purpose from that of the landing charges which predate them.” The Association is also challenging the manner of the fee’s implementation, and whether it was in compliance with the Airport Authority (Fees and Charges) Regulations 2009. It is seeking documents, and other confirmation, on the dates when notice of the fee’s extension to general aviation flights from other Bahamian destinations was published in the Government’s Gazzette; evidence that the Airport Authority gave NAD the go-ahead; copies of the required statutory notice and materials supporting the change. NAD, in a September 20, 2023, notice announcing the Airport Infrastructure Improvement Fee’s planned March 1, 2024, extension to all general aviation flights, said the move would also comply with international regulatory standards set
fish itself, but the water will be murky for some time for divers, which will be an issue. “But, generally speaking, for the fishing industry as long as the boats are not destroyed and fuel services to the Family Islands are not disrupted for a long time, it should not be too much of an issue. We’re very grateful that the storm is not what it was previously. “Many fishermen have hopefully pulled their boats out of the water,” he said. “If they are small vessels they will put them on trailers and tie them down. If they are large vessels their only recourse is to moor them with large supporting ropes in canals and creeks where they can rise and fall with the tide and not get pushed inland….
“Due to the size of the storm, I doubt that many [lobster] traps will be impacted. But you never know how the currents operate in certain areas of the banks even in a minor storm. It really depends on the area. I’m sure there will be some traps moved or flipped but, due to the fact the storm’s not massive in size, there shouldn’t be too much damage to traps.” Mr Maillis acknowledged that there will be a temporary disruption to fish supply from the southern Bahamas, both for domestic consumption and export, due to the interruption of air and sea connectivity. However, he added: “The storm is moving forward, so hopefully it’s a fast impact and a fast recovery. “It’s easy for me to say; I’m in Nassau. I know that
a number of my colleagues down south have had to go to places like Staniel Cay and other areas in Exuma and Nassau. It’s always a nerve-wracking time for them to leave their homes and not get back there for an amount of time until aviation and shipping reopens. We’re praying for the best.” Mr Maillis said locations such as Ragged Island have yet to fully recover from their last direct hurricane strike that “ripped through them” - in its particular case, Irma in 2017. Speaking to Melissa, he added: “It’s just another setback for them, and hopefully this brings some attention back to them from the Government side to fix some of the infrastructure that was damaged and needs urgent attention.”
by the International Civil Organisation Organisation (ICAO) that require fees to be levied in a “non-discriminatory manner”. “On May 1, 2022, NAD implemented an Airport Infrastructure Improvement Fee (AIIF) for general aviation flights arriving from international destinations. The AIIF fee is a weight- based movement fee for incoming general aviation aircraft,” the LPIA operator said. “The purpose of this fee was to allow NAD to generate revenue to fund required capital investments at LPIA that impact general aviation and the airport generally. At the time the AIIF was introduced, a decision was made to impose this fee on international flights only and to impose the fee on domestic flights at a later date given COVID-19 and other economic factors. “Given the fact that international general aviation flights will have had this fee levied upon them for close to two years by March 1, 2024, NAD is recommending that the AIIF is also levied on domestic general aviation flights effective on this date.” NAD then added: “The implementation of this fee complies with ICAO’s policy on charges for airports and air navigation services. In Section II, subsection 3 (iv) of this document, in relation to charging systems at international airports, ICAO states: ‘Charges must be non-discriminatory both between foreign users and those having the nationality of the state in which the airport is located...’ The implementation of this
fee for domestic general aviation carriers will also be consistent with NAD’s agreement to manage the LPIA and to determine fees and charges.” NAD’s original Airport Infrastructure Improvement Fee plan involved imposing a $28 per head charge on all international general aviation passengers arriving at LPIA. This was designed to raise $30m to finance airside infrastructure improvements, including paving surfaces and lighting. However, this was ultimately changed to a weight-based aircraft landing levy in response to industry concerns that it would drive high-spending general aviation passengers away from The Bahamas and damage the tourism sector and allied industries. The fee schedule unveiled by NAD split the private aviation market in two between aircraft with piston engines and those with jet engines. There are nine different weight bands for the two categories, with the lightest planes - those weighing up to 3,000 pounds - paying $11 and $16.50 per landing, respectively, for piston and jet aircraft. Those planes weighing over 100,001 pounds will pay $154 if they have piston engines, and $396 if they are a jet, at the top-end.
Jan Knowles, NAD’s vice-president of marketing and communications, in a 2022 reply to Tribune Business, had confirmed: “NAD’s initial proposal was to have a passenger-based fee but, after extensive and constructive collaboration with aviation stakeholders, we determined to put forward a weight-based fee. “We were very appreciative of the feedback from aviation stakeholders who made the effort to fully participate in the process, and worked with NAD to inform the new fee which became effective Sunday, May 1, 2022. “The variation of aviation fees at LPIA is a prescribed process and it is very collaborative between the airport and aviation stakeholders...... The Airport Infrastructure Improvement Fee will assist NAD’s efforts to make the necessary infrastructural improvements that will primarily benefit the general aviation sector over time.”
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INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHANCE CAMPBELL ROLLE of P.O. Box SB51806 Kool Acers, Nassau, The Bahamas, intend to change my name to CHANCE CAMPBELL. If there are any objections to this change of 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 publication of this notice.
NOTICE NOTICE is hereby given that DIEUQUIFAIT NOEL of Exuma, The Bahamas, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that REHANA DORSETT of PO Box: SB-52857 Twynam Heights, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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NOTICE is hereby given that OLVI LOUIS of Market Street, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that YANICK MYRTIL of #96 Podoleo Street, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30th day of October 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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Thursday, October 30, 2025, PAGE 9
‘Too early to tell’ on Melissa’s impacts COVERAGE - from page B1 Bahamas First has already alerted its reinsurers to the potential Melissa exposure, and possible claims from - and payouts to - clients in the southern Bahamas depending on the extent of the damage. He added that the BISX-listed insurer and its competitors will “have a much better idea” on The Bahamas’ impact from the storm by the weekend. “It’s a bit premature to answer on that,” the Bahamas First chief told this newspaper on any fall-out for Bahamian property
and casualty premiums and coverage availability as a result of the devastation in Jamaica. “Jamaica would have its own treaty providers and we would have ours separately. “While we are in the same region, and are effectively playing in the same bucket, we have different rates and terms. It’s a bit too early to look at that. Here, we’ve been talking about some levelling off and rates staying as is. I think that right now, The Bahamas has to get through Melissa, and maybe that’s a conversation to have in another month.” The Bahamas’ dependence on reinsurance means
that the premium prices Bahamian households and businesses pay for coverage are largely determined by what reinsurers charge local carriers. Reinsurers also tend to group The Bahamas with Florida and other Caribbean states, such as Jamaica, in determining pricing and coverage availability. Stung by recent multi-billion dollar losses from major hurricanes hitting the US and Caribbean, as well as other catastrophic event payouts, many reinsurers have either pulled out of the region altogether or reduced the capacity and availability of coverage here. The reduction in reinsurance supply has resulted in Bahamian insurance premiums increasing in cost by as much as 20 percent since 2022.
Early estimates have placed Melissa’s damage to Jamaican property and infrastructure, including destroyed and devastated buildings, at between $6bn and $10bn. Enki Research’s models are estimating direct economic impacts at around $7.7bn, which is equivalent to 37 percent of Jamaica’s GDP in 2024. Analysts at AccuWeather, though, have pegged the total loss at $22bn once both physical damage and economic losses are taken into account. Jamaica is also likely to receive a full payout non its catastrophe bond, an insurance scheme backed by 15 undisclosed investors that was arranged by the World Bank last year. Mr Darville, meanwhile, said it was too early to calculate Jamaica’s total Melissa bill and the extent of insurance penetration
and coverage in the southern Caribbean country has yet to be determined. “Therefore, the impact to premiums may not be that much,” he added. “Whether there’s any impact to The Bahamas market, it’s too early to tell. You’re absolutely correct, most of the local companies have started their discussions [with reinsurers], but no one is coming back and saying ‘Melissa’s happening’ and to take the cards off the table.” As to the Bahamian insurance industry’s exposure to Melissa’s passage through the southern Bahamas, the Bahamas First chief said: “We do have risks down there. There are exposures both on the commercial and residential side. At this point we’re waiting to see what happens.
“By the weekend we’ll have a better sense of what has happened in terms of potential damage and what it means for this industry. We’re hopeful it will be not that bad an event. Insurers are very much paying attention to it. We have started conversations with our reinsurance partners and stakeholders so that they are aware of what is happening. “All we’re saying to them is we’ll have a much better idea of what the impact will be and how to react to it at the weekend. We’re hoping the impact will be minimal. It’s not just for the insurance industry but the impact to the islands. If we can get through this with no loss of life and minimal impact that will be a plus.”
Senate vote on nullifying tariffs on Canada demonstrates opposition to Trump’s trade policy By STEPHEN GROVES Associated Press THE Senate passed legislation Wednesday that would nullify U.S. tariffs on Canada, just as President Donald Trump is engaged in trade talks in Asia as well as an increasingly bitter trade spat with U.S.'s northern neighbor that is one of its largest economic partners. The 50-46 tally was the latest in a series of votes this week to terminate the national emergencies that Trump has used to impose tariffs. While the resolutions won't ultimately take effect, they have proven to be an effective way for Democrats to expose cracks between the president's trade policy and Republican senators who have traditionally supported free trade arguments. Sen. Tim Kaine of Virginia, the Democrat pushing the resolutions, said that higher prices caused by tariffs would force Republicans to break with Trump. "It will become untenable for them to just close their eyes and say, 'I'm signing up for whatever the president wants to do,'" Kaine told reporters. The Senate passed a similar resolution applying to Brazilian tariffs on Tuesday, and it has already passed a resolution on Canadian imports in April. The same four Republicans — Sens. Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, Mitch McConnell of Kentucky and Rand
Paul of Kentucky — voted again with all Democrats to approve the resolution applying to Canada. Kaine, joined by other Democrats and Paul, has forced the votes under a decades-old law that allows Congress to block a president's emergency powers. However, House Republicans have passed new rules that allow leaders to prevent such resolutions from getting a vote in that chamber, and Trump could veto the legislation even if it did clear Congress. Wednesday's vote happened as Trump was in Asia to advance trade talks with partners there. The president has also been jousting with Canadian officials amid a delicate negotiation to reduce tariffs between the two countries. Sen. Mike Crapo, the Republican chair of the Senate Committee on Finance, acknowledged in a floor speech that many "may be nervous about what comes next" as Trump remakes global trade. But he urged Congress to stay out of the way. "Let's truly get a balanced, fair playing field in trade," Crapo added. Yet there is increasing tension between GOP senators and the president over how soybean farmers have suffered from the trade war with China, as well as his administration's plans to allow the purchase of more beef from Argentina. Vice President JD Vance visited Republicans during
a closed-door luncheon this week and also argued that they should steer clear of trade policy while the president negotiates deals. But Vance's efforts appeared to have little impact on those determined to vote against the tariffs. "Retaliatory tariffs on American products have turned agricultural income upside down for many of Kentucky's nearly 70,000 family farms," said Kentucky Sen. Mitch McConnell, the former longtime Republican Senate leader, in a statement. "Bourbon has been caught in the crossfire from
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SEN. Tim Kaine, D-Va., meets with reporters to discuss President Donald Trump’s strategy on tariffs, at the Capitol in Washington, Tuesday, Oct. 28, 2025. Photo:J. Scott Applewhite/AP
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day one. And consumers are paying higher prices across the board as the true costs of trade barriers fall inevitably on them." Trump said earlier this week he wanted to impose another 10% tariff hike on imports of Canadian goods because of an anti-tariff television ad aired by the province of Ontario. The television ad used the words of former President Ronald Reagan to criticize U.S. tariffs. Canadian Prime Minister Mark Carney has been trying to engage with Trump to ease the import taxes that have hit Canada hard. The
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of SOUTH BREEZE INC. has been completed and the company has been struck from the Register on the 9th day of May 2025. Baird One Limited Liquidator
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Federal Reserve cuts key rate yet Powell says future reductions are not locked in By CHRISTOPHER RUGABER AP Economics Writer THE Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring, even as inflation stays elevated. But Fed Chair Jerome Powell also cautioned that further rate cuts weren't guaranteed, citing the government shutdown's interruption of economic reports and sharp divisions among 19 Fed officials who participate in the central bank's interest-rate deliberations. Speaking to reporters after the Fed announced its rate decision, Powell said there were "strongly differing views about how to proceed in December" at its next meeting and a further reduction in the benchmark rate is not "a foregone conclusion — far from it." The rate cut — a quarter of a point — brings the Fed's key rate down to about 3.9%, from about 4.1%. The central bank had cranked its rate to roughly 5.3% in 2023 and 2024 to combat the biggest inflation spike in four decades before implementing three cuts last year. Lower rates could, over time, reduce borrowing costs for mortgages, auto
FEDERAL Reserve Chairman Jerome Powell speaks at a news conference after the Federal Open Market Committee meeting Wednesday, Oct. 29, 2025, at the Federal Reserve Board Building in Washington. Photo:Manuel Balce Ceneta/AP loans, and credit cards, as well as for business loans. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed's 2% target. Compounding its challenges, the central bank is navigating without the economic signposts it typically relies on from the government, including monthly reports on jobs, inflation, and consumer spending, which have been suspended because of the government shutdown.
Financial markets largely expected another rate reduction in December, and stock prices dropped after Powell's comments, with the S&P 500 nearly unchanged and the Dow Jones Industrial Average closing slightly lower. "Powell poured cold water on the idea that the Fed was on autopilot for a December cut," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities. "Instead, they'll have to wait for economic data to confirm that a rate cut is actually needed."
Microsoft prepares to spend more on AI as its sales and profit surge By MATT O'BRIEN AP Technology Writer MICROSOFT on Wednesday reported its quarterly sales grew 18% to $77.7 billion, beating Wall Street expectations while also surprising some investors with the huge amounts of money it is spending to expand its cloud computing infrastructure and meet
demand for artificial intelligence tools. The software maker said it spent nearly $35 billion in the July-September quarter on capital expenditures to support AI and cloud demand, nearly half of that on computer chips and much of the rest related to data center real estate. That overshadowed Microsoft's report of a 22%
increase in quarterly profit to $30.8 billion, or $4.13 per share, which easily beat Wall Street expectations for the period. Microsoft said those results excluded the impacts of money it invested in OpenAI, in an attempt to "help clarify" how those losses affected Microsoft's core business. Microsoft was expected to earn $3.67 per share on
Powell was asked about the impact of the government shutdown, which began on Oct. 1 and has interrupted the distribution of economic data. Powell said the Fed does have access to some data that give it "a picture of what's going on." He added that, "If there were a significant or material change in the economy, one way or another, I think we'd pick that up through this." But the Fed chair did acknowledge that the limited data could cause officials to proceed
revenue of $75.38 billion, according to analysts surveyed by FactSet Research. The results came a day after a new deal with OpenAI pushed Microsoft to $4 trillion in valuation for the second time this year. But shares in Microsoft then dropped in the hours before it disclosed its earnings Wednesday as the company battled an outage affecting its Azure cloud computing platform. They dropped even more — about 1% — in afterhours trading Wednesday as investors considered the
more cautiously heading into its next meeting in mid-December. "There's a possibility that it would make sense to be more cautious about moving (on rates). I'm not committing to that, I'm just saying it's certainly a possibility that you would say 'we really can't see, so let's slow down.'" The Fed typically raises its short term rate to combat inflation, while it cuts rates to encourage borrowing and spending and shore up hiring. Right now it sees risks of both slowing hiring and rising inflation, so it is reducing borrowing costs to support the job market, while still keeping rates high enough to avoid stimulating the economy so much that it worsens inflation. Yet Powell suggested the Fed increasingly sees inflation as less of a threat. He noted that excluding the impact of President Donald Trump's tariffs, inflation is "not so far from our 2% goal." Inflation has slowed in apartment rents and for many services, such as car insurance. A report released last week showed that inflation remains elevated but isn't accelerating. The government recalled employees to produce the report, despite the shutdown, because it was used to calculate the cost of
living adjustment for Social Security. At the same time, the economy could be rebounding from a sluggish first half, which could improve job growth in the coming months, Powell said. That would make rate cuts less necessary. "For some part of the committee, it's time to maybe take a step back and see if whether there really are downside risks to the labor market," Powell said. "Or see whether in fact that the stronger growth that we're seeing is real." Two of the 12 officials who vote on the Fed's rate decisions dissented Wednesday, but in different directions. Jeffrey Schmid, President of the Federal Reserve Bank of Kansas City, voted against the move because he preferred no change to the Fed's rate. Schmid has previously expressed concern that inflation remains too high. Fed governor Stephen Miran dissented for the second straight meeting in favor of a half-point cut. Miran was appointed by President Donald Trump just before the central bank's last meeting in September. Trump has repeatedly attacked Powell for not reducing borrowing costs more quickly.
significance of the earnings report. Driving investor enthusiasm on Tuesday was the announcement of Microsoft's revised business deal with its longtime partner OpenAI, maker of ChatGPT and now the world's most valuable startup. While no longer OpenAI's exclusive cloud provider, a relationship that helped bankroll the startup's early growth, Microsoft will retain commercial rights to OpenAI products through 2032 and get a roughly 27% stake in OpenAI's new for-profit arm. Microsoft also said Wednesday that it has already invested $11.6 billion of the total $13 billion it has committed to OpenAI. Microsoft's valuation previously passed $4 trillion in July, making it the second company after Nvidia to reach the milestone. Microsoft again and Apple for the first time crossed $4 trillion this week, while Nvidia
went on to achieve a different milestone: the first $5 trillion company. The sky-high valuations highlight the investor frenzy around artificial intelligence, which some fear could turn into a bust if AI products aren't as transformative or profitable as promised. Quarterly revenue from Microsoft's cloud-focused business segment was $30.9 billion, up 28% from the same time last year and just slightly above what analysts were expecting. Revenue from Microsoft's workplace software, which includes its email and word processing tools, was up 17% to $33 billion. Microsoft's recent focus has centered around pitching its flagship AI assistant Copilot to help with a variety of work tasks, and last week gave it a new animated avatar exterior called Mico.