Deltec slams ‘gamesmanship’ on ‘unlawfully withheld’ $20m
• Bank ‘categorically rejects’ claims on $410m
• No misrepresentation or ‘undue delay’ in reply
• Payment firm has converted its funds to crypto
By NEIL HARTNELL Tribune Business Editor
A BAHAMIAN bank is accusing a global payments provider of converting more than $20m “misappropriated” from itself and its clients into crypto currency and transferring the funds to its own account.
Deltec Bank & Trust, in a statement to Tribune Business last night, also asserted that it “categorically rejects” allegations in a report commissioned by Ibanera and its principal, Michael Carbonara, which claimed the Bahamian institution “misrepresented” that all the $410.206m sent to them were its own monies. And the Lyford Cay-based operator dismissed the report’s suggestion that there were “undue delays” in its response to Ibanera’s requests for information, which the latter alleged left it exposed to Singapore financial institutions shutting down its bank accounts.
Deltec, though, told this newspaper that it has supplied the south Florida federal court with evidence proving its average response time to Ibanera’s requests was just 1.5 days. And Lanecia Darville, its in-house attorney, in court-filed documents accused the payments provider of “gamesmanship” and seeking to place Deltec “under duress” with requests that were vague and featured tight deadlines.
The spat is the latest exchange in the two sides’ escalating legal battle over Deltec’s accusations that Ibanera has effectively stolen - or “unlawfully withheld” - more than $20m belonging to the Bahamian bank and trust company and its clients. Ibanera has cited several justifications for retaining the monies, which have all been rejected with Deltec claiming it is constantly shifting to new reasons and excuses.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SANDALS has hired Bank of America “to explore strategic options” amid a renewed push to have the Supreme Court appoint a Bahamian bank as ‘co-judicial trustee’ overseeing the resort chain.
The US-headquartered financial institution’s role, which is said to be “at a very early stage”, was disclosed in May 5, 2025, legal filings with the Bahamian Supreme Court following pressure from Cheryl HammersmithStewart, third wife of Sandals’ founder, Gordon ‘Butch’ Stewart.
Attorneys for Mrs Hammersmith-Stewart, who is embroiled in an escalating legal battle with the Jamaican side of the late Mr Stewart’s family, slammed the contents of a Wall Street Journal
• First confirmation of hotel group’s potential sale • Private Trust Corporation sought as ‘co-trustee’ • Concerns over $2.8m Exuma resort payments
article suggesting that Sandals had hired bankers to prepare the resort chain for a potential sale as “remarkable and shocking” given that their client and other family members had allegedly been excluded from the process. Sandals avoided giving any explicit confirmation as to whether this was true, but this was ultimately forthcoming in an April 25, 2025, letter from Wilfred Ferguson, a Lennox Paton attorney, in response to the concerns voiced by Mrs Hammersmith-Stewart and other family members who are also beneficiaries of the late Mr Stewart’s estate. He forwarded a response from Sandals’ ‘advisory board’, which stated: “As the beneficiaries will be unsurprised to hear, a business such as Sandals regularly attracts attention from the
Clarify Grand Lucayan ‘ambiguity’ via Budget
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government was yesterday urged to use the 2025-2026 Budget to clarify the “ambiguity” surrounding the Grand Lucayan deal and whether it has received the full $120m purchase price.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that he hoped the Budget will “reflect
the reality” of the deal with Concord Wilshire and confirm whether the resort’s sale has actually closed or if it was just a ceremonial Heads of Agreement signing with more work needed from both parties.
Well-placed sources, speaking on condition of anonymity, told this newspaper that the sale of the Grand Lucayan’s physical resort assets and associated real estate was completed last Wednesday just one day before the Heads of
Agreement signing. However, this was never publicly confirmed by the Government, and it is thought that the full purchase price has yet to be received.
Mr Bowe, meanwhile, argued that there needs to be greater clarity around the $120m sales price given that “no commercial enterprise is going to pay” that sum for a dilapidated, worn down resort
Gov’t ‘within limits’ despite $140m Central Bank jump
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government was yesterday said to be within its legal borrowing limits despite increasing its reliance on short-term Central Bank advances by $140m, or 72 percent, during 2024. The Central Bank, in unveiling its 2024 annual report and financial accounts, revealed that outstanding advances due for repayment by the Government had risen once again from $192.046m at the start of 2024 to $332.811m at year-end. This brought the latter’s reliance on shortterm borrowing from the banking regulator back into line with the $335m that
was outstanding at year-end 2022.
Despite several sources suggesting that the increased reliance on Central Bank borrowing indicates the Government continues to have challenges raising new debt “on the open market”, the Central Bank nevertheless asserted: “At the yearend date, advances to the Government were within the Bank’s temporary loan limits to the Government.” Those temporary lending limits have been tightened by recent changes to the Central Bank Act, which cut the Government’s borrowing limits “from 30 percent to 15.5
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
Lucayan resort. When asked if funds have been exchanged for the transaction, Mr Davis said there is an arrangement and a deal in place, so the public should “wait and see”. Stating that he did not see the need to “get into these details”, he added that for years nothing happened with Grand
Bahama-based resort and, now that progress is being made, it is important to “work together” instead of asking questions.
“Look, I don’t need to… We have a project. We have an arrangement and a deal, wait and see. I don’t need to get into these details. Instead of us coming together to ensure that this project is successful, why just stand back or criticise? But for years, nothing has happened. Something is about to happen. Let us work together to see that this happens, instead of asking these questions,” said Mr Davis.
How summer interns can benefit business
As the school terms winds down and students sit examinations, businesses should now be considering how they will meaningfully engage high school and college students as interns and temporary employees.
FERGUSON
that students can add value to the workspace while gaining knowledge and experience that will help them in the future. Here are the top recommendations:
* Organise tags and meta descriptions: Interns can optimise website content for search engines.
* Participate in professional development: They can attend workshops, take online courses or seek mentorship.
build relationships with colleagues and other professionals in the industry.
Summer students and interns can be valuable resources, and their projects can benefit your company while providing them with valuable experience. To maximise their contributions, consider assigning them tasks that involve research, data analysis, content creation, administrative support and project management. Encourage them to learn new skills, participate in team meetings and engage in professional development activities.
* Conduct market research: Interns can research competitors, identify market trends and analyse customer data.
* Develop support materials: They can create presentations, guides or other resources for internal or external use.
* Research and plan new projects: Interns can contribute to brainstorming and planning for new initiatives.
This week’s column gives suggestions to the business community on ways
* Manage social media accounts: They can assist with content creation, scheduling and engagement.
* Organise and maintain databases: They can help with data entry, cleaning and organisation.
* Create presentations and reports: Interns can compile data and create visually appealing presentations.
* Assist with event planning: They can help with logistics, marketing and onsite support.
* Manage company blog: Interns can write, edit and publish blog posts.
* Attend team meetings: Interns can observe and learn from team discussions and decision-making processes.
* Complete additional training: Interns can gain new skills by taking courses or attending webinars.
* Shadowing: They can spend time with different team members to learn about various roles and responsibilities.
* Create clear onboarding plans: Ensure interns understand their roles, responsibilities and expectations.
* Provide regular feedback: Regular check-ins and feedback will help interns stay on track and improve their performance.
* Encourage networking: Interns can
* End the internship with an opportunity to share projects: Interns can showcase their work and gain valuable recognition.
• 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.
Channel lights set to boost Andros boaters
NEWLY-installed channel marker lights will help guide boaters into docking areas in Central Andros, Mangrove Cay and South Andros at night or during low visibility conditions.
Leon Lundy, the South Andros and Mangrove Cay MP, toured the area by boat on May 17, along with Cyril Miller from the Port Department and other officials, who gave him an update on the project’s progress.
“This upgrade enhances marine safety and supports
the daily movement of fishermen, transport vessels and residents in Mangrove Cay, South and Central Andros,” Mr Lundy said. Old and dysfunctional markers in Driggs Hill were changed out, and three towers were installed that run straight down the coast of South Andros. There are new channel markers also heading into Lisbon Creek. These channel markers are outfitted with lights to guide mariners. They are equipped with data capabilities that will allow the
Port Department to collect and analyse information concerning wind speed and current flows in the area.
Andros resident, Kyle Russell, said that people who use these channels have been waiting for years to have this much-needed infrastructure, which will increase traffic and result in increased incomes for many.
After the boat tour, Mr Lundy also inspected a Water and Sewerage Corporation project to install new water mains that will increase the flow and effectiveness of water supply in South Andros. Apex Construction has charge of the project, which is expected to be completed in 160 days.
THESE markers will be installed to guide boats coming into South Andros.
FOR the safety of residents, harbour work is underway in South Andros.
LIGHTING towers going up for the harbour in Driggs Hill, South Andros.
LEON Lundy assesses infrastructure improvements for water services in South Andros.
Two islands hit with BPL power outages
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
MAYAGUANA and Harbour Island were both hit with island-wide power outages yesterday leaving businesses struggling to cope with serving their customers.
Blaming the outage on a generation unit overheating, Bahamas Power & Light (BPL) yesterday evening said Mayaguana will not see electricity restored until this morning. It did not provide a specific time timeline but said it was “mobilising additional generation personnel from our Long Island operation to assist with the necessary repairs”.
“Bahamas Power and Light Company (BPL) advises the public that at approximately 1.25 pm today, the island of Mayaguana experienced a full island-wide outage due to overheating in one of our generation units,” BPL said in a statement.
“BPL’s operations team has identified the issue and is currently mobilising additional generation personnel from our Long Island operations to assist with the necessary repairs. Based on the current assessment, power restoration is expected by tomorrow morning.”
Meanwhile, Harbour’s Island’s outage was said to be due to an over-voltage fault. BPL added that most of the island saw electricity restored within a few hours.
The Government-owned entity thanked hotels on Harbour Island who cut back on their demand to lessen the load on the grid.
“At approximately 12.12pm today, Bahamas Power and Light (BPL) experienced an island-wide outage in Harbour Island after the rental generation units provided by Aggreko tripped offline due to an over-voltage fault,” said BPL.
“Technical teams were immediately dispatched and restoration efforts began shortly thereafter. As of 2pm, the majority of the island has been restored, with remaining areas expected to come online as work continues.
“This outage comes as BPL continues broader work on Harbour Island to address recurring generation and distribution issues.
This includes co-ordination with technical specialists and efforts to improve overall system stability. We are especially grateful to the hotels on the island that are assisting by reducing their demand on the grid during this time, helping to ease the load as we work to restore power and stabilise supply.”
Donna Whitfield, manager of Princess Street
Gallery in Harbour Island, voiced relief that the outage - which she said presented itself as a “brown out” - occurred during low customer traffic. She added that her business usually closes around 1pm for lunch and, by the time she got back to work, power had been restored.
“We have a generator that we turn on when we feel like the period’s been long enough,” Ms Whitfield said. “I think the pullback is, at least in the last few days when it has gone off, it comes right back on. So I think ideally, what we’re hoping is, if it needs to stay off, just leave it. But they don’t. It just kind of goes up and down, up and down. So every five to 10 minutes, it went off today for probably around six or seven times.
“But today it was just kind of up and down. I think that the one thing that people are concerned with here in general is when the power ruins all of your electronics. Even just basic refrigerators and things like that. But air conditioning also. Air conditioners also incur this particular type of problem,” she added.
“Sometimes it just feels like a brown out. Like it dips and then it comes right back up. But a lot of times, it just shuts off. There’s no, I think if you live on Harbour Island, you can probably tell by the sounds your equipment is making that the power is about to go off. But then today it was just up and down, on and off, on and off, on and off.”
Karen Catalayn, a spa owner also based in Harbour Island, said she is grateful that her business is shaded by two almond trees. Se added that the trees help to keep her establishment and customers cool during outages.
However, in preparation for the summer, Ms Catalyn is planning on connecting her spa to the 47 kilowatt generator stationed next door at her family’s hotel, Tingum Village Hotel. While Eleutherans have been battling power outages for years, husband and wife owners of the Mayaguanabased, Majon Bed Bath & Breakfast, Mario and Gina Murphy, stated that such an extended power cut is rare for the island.
They told Tribune Business that their threebedroom bed, bath and breakfast is currently housing one guest who has been “very understanding”. Mr and Mrs Murphy said they will try to make their guest as comfortable as they can during the outage.
“I spoke to her,” Mr Murphy said. “She’s quite understandable, coming from Nassau. But I have some portable lights. She has a gas stove. It’s quite comfortable, but she’s very understanding. Let’s just pray and hope it don’t go beyond in the morning.”
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas Trade Commission’s chairman yesterday said the 18 percent increase in imports for 2024 signals an economy that is expanding.
Speaking to Tribune Business, Senator Barry Griffin said the 2024 foreign trade figures released by the Bahamas National Statistical Institute (BNSI), which revealed that some $4.9bn worth of goods were imported into this nation last year demonstrates that country’s gross domestic product (GDP) is growing.
“The latest data from the Bahamas National Statistical Institute (BNSI) provides a good overview of international trade with respect to imports and exports. The United States remains the major trading partner with respect to imports and exports,” said Mr Griffin.
“With respect to the increase in imports, particularly in machinery and equipment and food, the report seems to support data published earlier by BNSI that the economy is growing and Gross Domestic Product is expanding.” The report also revealed that exports totalled $689m
in 2024, a 6.4 percent decrease from $736.16m in 2023.
Mr Griffin noted that while exports to the US this year will face an added 10 percent tariff, exports to France, a large market for Bahamian seafood products, will continue to enter duty free.
“The Bahamas is a major exporter of seafood, which comprised nearly half of the value of exports in 2024. Like others in the CARICOM region and globally, these exports to the United States will face a minimum
ten percent tariff,” said Mr Griffin. “The Government continues to monitor these developments and work closely with the private sector in navigating this new environment. Seafood exports to France, an important market, will continue to enter duty-free under the provisions of the CARIFORUM-European Union (EU) Economic Partnership Agreement.”
Mr Griffin added that the Commission is working with the private sector to implement the National Trade Diversification Strategy to
Potter’s Cay head praises electrification work moves
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE head of the Potter’s Cay vendors association yesterday praised the progress in bringing electricity service to the destination, and added: “By September, the majority of the stalls will have electricity.”
Ormanique Bowe, president of the Potter’s Cay Dock Fish, Fruit and Vegetable Vendors Association, said work is set to commence in the evening on June 1 and she is awaiting more details at an upcoming meeting.
“The board had met about two weeks ago, all the technical persons, and they have already put in place mechanisms where they’re going to come out there on June 1 to start the work,” Ms Bowe said. “The work will commence during the evening time when stalls are closed. I guess that would be late night.
“They’ll come in and start putting down the spiders that lead to the individual stalls. They’re supposed to be having another meeting, and at that meeting, they’re going to include me to give me an update. And that should happen any time before the work starts or while it’s commencing.”
Ms Bowe said the infrastructure has been in place since 2016 and, to her understanding, electricians have been provided to vendors who have not yet gotten their stalls up to standard in preparation for the electrification process.
“They had asked the vendors to make sure that their electrical upgrades have been in place,” Ms Bowe said. “But what I’m understanding now, just to speed [the] process up, persons who have not yet done so, they have already assigned three electrical companies that they’re looking at who bid to help the vendors who have not yet upgraded.
“All the major infrastructure, that’s the transformer that’s at the northern end of Potter’s Cay, that has been in place from 2016 and all the lines have already been ran to the main basis from 2016.” With work seemingly on track, Ms Bowe
said they may just meet the six months to a year promised to bring electricity to Potter’s Cay Dock.
“I am pleased with the process because minister [JoBeth Coleby-Davis] had promised us six months to a year, and it’s only been three months,” Ms Bowe said. “And so it has been progressing, and I feel that by September the majority of the stalls will have electricity if they continue moving the way they’re moving.
“By September, we’ll have infrastructure in.
Persons who have not yet upgraded will be assisted by a public-private partnership (PPP) with the Ministry of Transport in getting their infrastructure in their stalls. And we should be up and going by September.”
Ms Bowe said her next step is to “continue advocating” to the Ministry of Works and the Ministry
expand The Bahamas’ list of trading partners.
“The Bahamas Trade Commission is actively engaged with other agencies of the Government and the private sector to implement the National Trade Diversification Strategy, which seeks to look at opportunities to engage new partners in international trade,” said Mr Griffin.
According to the BNSI report, machinery and transport equipment was the largest contributor to imports, while the major categories of domestic exports consisted mainly of food and live animals.
“Machinery and transport equipment, the largest contributor to imports, totalled some $1.2bn or 24 percent of all imports. This was followed closely by the category of food and live animals, which accounted for 17 percent or $815m,” said the BNSI report.
“Other categories that contributed significantly to total imports were mineral fuels, lubricant goods, which totalled $703m or 14 percent of total imports, and miscellaneous manufactured articles, which accounted for almost $632m or nearly 13 percent of total imports.”
of Agriculture for another restroom facility on Potter’s Cay Dock.
“I would continue advocating with the Ministry of Works and Agriculture to allow vendors to put restrooms inside their structures,” Ms Bowe said. “That can be done if we adapt the remaining sidewalk, and the sidewalk that was supposed to be completed is completed in front of the existing sidewalk.
“So if you go out there, you would see that the sidewalk that stops by McKenzie, which is the first stall, that is supposed to run straight along the front of the existing sidewalk. So if they can give us the existing sidewalk to do extensions, that would provide us to be able to put restrooms in the stalls.
“Or transport can allow them to go out, and they have been allowing persons to put additional decks at the back. The sewer plant is just west of Potter’s Cay, and the infrastructure would be easy for them to run that. Because the sewer plant is right there.”
SENATOR BARRY GRIFFIN
Bank of America hired to ‘explore Sandals options’
international market, and when opportunities arise the advisory board considers such opportunities.
“Bank of America has been engaged to explore strategic options for the Sandals business. This project is at a very early stage and, if and when the advisory board has a material update, it will inform Cromwell Trust Company Ltd, as trustee of the Coral Ridge Trust, accordingly if appropriate in the circumstances.”
Lennox Paton are the legal representatives for Cromwell Trust Company.
This is the first concrete affirmation that a potential sale of the renowned Caribbean-wide hotel group, which employs hundreds of Bahamians at its Sandals Royal Bahamian resort on New Providence as well as its Fowl Cay private island in the Exumas, could be forthcoming. It is also in the process of transforming its Emerald Bay property into a Beaches resort.
Bank of America’s appointment comes amid a deepening, and escalating, battle over the late Mr Stewart’s estate that has pitted Mrs HammersmithStewart and her children against Adam Stewart, Mr Stewart’s son and successor as Sandals Resorts International’s current executive chairman, together with his sister, Jaime McConnell, and brother, Brian Jardim. Mrs Hammersmith-Stewart, in the May 5, 2025, legal filings obtained by Tribune Business has renewed her bid to persuade the Supreme Court to appoint The Private Trust Corporation, the Bahamian private bank and trust company, as a cojudicial trustee alongside Cromwell Trust Company to oversee the trust that holds the Sandals resort chain’s parent company. She is urging that it be appointed to counter the alleged control Adam Stewart has over the Sandals group, claiming that he is using this to his own benefit and advantage against the interests of herself and her children. The current Sandals corporate structure involves the resort chain’s parent, Sandals Resorts International, being held via a trust called the Coral Ridge Trust.
Cromwell Trust Company is the latter entity’s sole
corporate trustee. Among the Coral Ridge Trust’s holdings is a 100 percent ownership interest in Oasis Global, a Panama-incorporated company that, in turn, holds all the shares in Sandals Resorts International 2000. The latter owns and operates the Sandals and Beaches resort chains, and is also domiciled in Panama.
Mrs Hammersmith-Stewart, though, is complaining that Adam Stewart’s power as an ‘enforcer’ over Cromwell Trust Company enables him to control the corporate trustee, and thus the Sandals resort group, to her detriment through “the ability to appoint and remove” members of its Board of directors.
And governance, decision-making and management powers for the Sandals and Beaches hotel chain lies not with Cromwell or its directors in their capacity as Coral Ridge’s trustees, but with an ‘advisory board’ headed by Adam Stewart and his sister, Jamie.
In essence, Mrs Hammersmith-Stewart is urging the Supreme Court to re-balance the power relationships within the Sandals corporate structure via her April 18, 2025, application to the Supreme Court seeking The Private Trust Corporation’s appointment as an “independent” co-judicial trustee alongside Cromwell.
“Without the oversight of an independent trustee, there is a real and present danger that the trust fund will suffer irrevocable losses pending the final determination of my claim,” she alleged, claiming that the Coral Ridge Trust’s trust fund “is currently in material danger” without such oversight.
For Mrs HammersmithStewart is also urging the Supreme Court to give The Private Trust Corporation, if appointed, “all appropriate directions and guidance” to conduct “further investigation” into the findings of a report by Edith Wong, a US-based certified fraud examiner with FTI Consulting. That report, commissioned by Mrs Hammersmith-Stewart and her US attorneys, alleges that the Sandals group’s money streams are being channelled in such a way as to benefit Adam Stewart and his sister through being
NOTICE
In the Estate of ALTHEA MAE FOWLER-KING a.k.a. ALTHEA MAE KING late of #11 Almond Grove, Sea Breeze Estates Subdivision in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas, deceased.
Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 23rd day of June A.D., 2025 after which date the Executor will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
MICHELLE Y. CAMPBELL & CO. Chambers #55 Mackey Street Nassau, Bahamas Attorney for the Executor
directed via Unique Travel Corporation, the resort chain’s third-party booking platform and sales agent.
Ms Wong’s report, in particular, raises concerns over $2.728m in payments to the Exumas-based Fowl Cay property, which was said to be held under a separate Bahamas-domiciled company, Blue Voda Holdings. “It is my understanding from counsel that Unique managed bookings for Fowl Cay, a property held under Blue Voda located in the Bahamas,” she wrote.
“There was $2.7m in payments to Fowl Cay, which consisted of numerous round amounts of $120,000 that were described as operating costs with no supporting documentation. For example, the payment of $120,000 to Fowl Cay on July 14, 2023, is described as ‘general operating expenses’.
“This raises two concerns,” Ms Wong added. “First, round dollar amounts are often identified as potential red flags by forensic accountants and fraud examiners. Secondly, this characterisation suggests that profits generated by Fowl Cay were not sent to Fowl Cay and may have been instead directed to Sandals Resorts International 2000, an entity with no ownership interest in Blue Voda.
“Since Fowl Cay is owned by the Coral Ridge Trust, profits should have been remitted to the Coral Ridge
Trust for distribution to its beneficiaries.” Ms Wong also noted “compliance and tax concerns” related to how Sandals funded the costs incurred by its hotels including the Bahamian properties.
She noted that “hotel funding generally remained at a flat $14m per period prior to 2024, regardless of variations in cash collections or seasonal operating needs” before aligning more closely with cash flows. This, Ms Wong added, “suggests a correction of the prior mismatch between funding levels and actual cash inflows”.
“In typical resort operations, hotel funding requirements would be expected to fluctuate based on occupancy rates, payroll cycles and maintenance expenses, making the fixed allocation of $14m inconsistent with industry norms and misaligned with actual business needs,” she wrote.
“The lack of a defined and transparent process for determining hotel funding levels raises concerns. If funding to the hotels was insufficient to cover the hotels’ actual needs, and distributions to Sandals Resorts International 2000 were inflated as a result, this could raise concerns of potential tax avoidance.
“As offshore entities in Panama are not subject to income tax, this would allow Sandals Resorts International 2000 to shift profits away from the
NOTICE
FLEXON CORP. LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FLEXON CORP. LTD is in dissolution as of May 13, 2025
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
L I Q U I D A T O R
NOTICE
In the Estate of DELANO DONAWA SMITH late of #4 Cordia Corner, Foxdale Subdivision in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas, deceased.
Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 23rd day of June A.D., 2025 after which date the Administrator will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
MICHELLE Y. CAMPBELL & CO.
Chambers #55 Mackey Street Nassau, Bahamas
Attorney for the Administrator
taxable jurisdictions where the hotels operate and into Sandals Resorts International’s 2000’s tax-free jurisdiction,” Ms Wong continued.
“Furthermore, I understand from counsel that the Bahamian tax authorities are currently seeking to collect a substantial tax liability from Sandals based on a similar analysis of profit-shifting. Conversely, if funding to the hotels exceeded actual needs and resulted in an underpayment of distributions to Sandals Resorts International 2000, this could reflect a further breach of Unique’s obligation to remit funds to Sandals Resorts International 2000 according to the terms of the 2016 agreement.”
Tribune Business reported last year how Sandals is disputing assertions by the Bahamian tax authorities that its Emerald Bay resort only reported 40 percent of revenues earned as it defended its one-of-a-kind “business model”.
Melissa John, the Exuma hotel’s financial controller, in a September 8, 2023, letter to the Department of Inland Revenue (DIR) denied the property had failed to properly disclose “the true nature of transactions” which sparked demands for $30.844m in allegedly unpaid VAT and Business Licence fees combined. The Department’s audit findings, which covered six
years between 2017 and 2022, claimed the tax arrears had arisen because Sandals Emerald Bay and its operator, Clearview Management Ltd, had under-reported gross revenue income for the period by more than $284m.
The dispute, according to documents filed with the Supreme Court, appears to result from the Sandals’ corporate structure and business model. All guest bookings and payments are made to the resort chain’s corporate parent, Sandals Resorts International 2000, and its third-party booking platform and sales agent, Unique Travel Corporation. Both these entities are domiciled in Panama.
Rather than funds flow up the corporate chain, from subsidiaries to parent company, in Sandals’ case the money trail appears to move in the opposite direction - from Sandals Resorts International 2000 to the resort where the relevant guest has booked their vacation.
The crux of the Department of Inland Revenue’s assessment, and eight-figure tax demand, is that Sandals Emerald Bay over that sixyear period only declared the net income received from its parent and not the gross sum collectively paid by tourists to stay at the Exuma property. As a result, the resort both underreported and underpaid VAT and Business Licence fees for that period.
NOTICE FINAL DESTINY INC. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FINAL DESTINY INC. is in dissolution as of May 15, 2025
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
L I Q U I D A T O R
Gov’t ‘within limits’ despite $140m Central Bank jump
FROM PAGE B1
percent of the average revenue of the Government or the estimated ordinary revenue of the Government, whichever is less”. Treasury bills and other securities are excluded from this calculation.
The Government, in 2024, borrowed a gross $1.31bn from the Central Bank and repaid $1.171bn, resulting in the $140m increase. During 2023, this position was reversed, with new gross advances of $1.297bn exceeded by $1.44bn in repayments to reduce the net sum outstanding.
Meanwhile, the Central Bank’s 2024 accounts also revealed that the Government has not started to repay the controversial International Monetary Fund (IMF) special drawing rights (SDR) loan
that both sides agreed in November 2022. However, the outstanding balance of $234.153m at the start of 2024 was reduced by more than $6.3m come year-end to stand at $227.812m, largely due to favourable movements within the basket of foreign currencies that make up and underwrite the SDRs. “The SDRs are convertible into US dollars and, at year end, the loan totaled $226.099m (2023: $234.153m). The loan bears variable interest rates, which fluctuate on a monthly basis, ranging from 3.16 percent to 4.11 percent (2023: 2.92 percent to 4.2 percent),” the Central Bank said.
“The interest shall be repaid at such frequency, and on such dates, as may be set by the IMF, which is normally on a quarterly basis. To date, the Government has not commenced
repayment of the loan. The MOU further stipulates all obligations related to the SDRs, including all costs, charges and payment of interest, will be the responsibility of the Government without a financial burden to the [Central] Bank.”
The Ministry of Finance said at the time that the SDR transaction was a prudent move to source low-cost foreign currency financing and thus save Bahamian taxpayers millions of dollars in associated debt servicing costs at a time when the Government would otherwise have to pay close to double digit interest rates on the international capital markets.
However, the Free National Movement (FNM) had argued that the IMF SDR transaction potentially breached the former Section 21 of the Central Bank Act, which sets limits on how much the
monetary policy regulator can lend or advance to the Government.
The party also asserted that it violated Section 68 (1) of the Debt Management Act, which stipulates that any public official found to have borrowed money from the Central Bank outside of what is allowed in the Central Bank Act commits an offence of financial misconduct.
Elsewhere, the Central Bank annual report revealed that cheque transactions declined in volume by double digits while those for credit and debit cards increased by a similar percentage. “As observed in the previous years, cheque usage, except for large-value transactions, remained subdued,” it said.
“Specifically, the number of instruments processed reduced by 14.5 percent to 823.1m, with a fall-off in the corresponding value by 1.9
percent to $3.8bn. Growth continued in other digital transactions, highlighted by greater overall use of debit cards, credit cards and automated banking services.
“With regard to cardbased payments, the number of debit card transactions rose by 15.9 percent to 28.7m, while the value increased by $4.1bn from $2.7bn in 2023.In the meantime, credit card transactions increased by 28.5 percent to $1.8bn, with expanded account access and increased credit utilisation,” the Central Bank added.
“Notably, the number of cards issued or renewed by commercial banks expanded by 7.8 percent to 110,546, and the associated value of debt owed rose by 7.6 percent to $254.4m.
Disaggregated by access amount, the number of cards with a credit limit under $5,000 grew by 8.8
Clarify Grand Lucayan ‘ambiguity’ via Budget
property that it will largely or completely demolish.
As a result, he suggested that the figure “may be including” some of the Government’s own spending commitments related to the deal.
And, with the Miamiheadquartered developer pledging a near-$1bn investment to transform the Grand Lucayan, the Fidelity chief called for the upcoming Budget to “be more candid” on the “dollar value” of Bahamian taxpayer commitments such as the tax breaks/ concessions granted to the developer as well as spending on required infrastructure upgrades such as Grand Bahama International Airport.
“To be honest, there’s a lot going on that the Budget should reflect,” Mr Bowe told Tribune Business.
“There was a big announcement in Grand Bahama, and there’s still some ambiguity as to the status of the agreement, meaning is it a sales and purchase agreement already offered and executed?
“One Cabinet minister suggested there was money
in the bank, but all other communications said it had got to the sale and it was not billed, if you will, as the signing of a conveyance taking place. I would expect the Budget to reflect the reality, meaning that - if indeed a sale was consummated - the money is built into the outturn for the 2024-2025 fiscal year.
“That’s the first indication this is not just a Heads of Agreement with conditions that must be met on both sides, and there is still a significant amount of work to do.” Mr Bowe also questioned whether the Government’s repeatedlystated faith that it will meet its full-year deficit target of $69.8m, despite incurring more than $400m worth of ‘red ink’ during the first seven months, was based on this sale.
“If there was an expectation that the Budget projections would be met by the sale of assets that could have been communicated, even if the asset was not finalised or defined,” he added. “There doesn’t need to be this cloak and dagger aspect that we don’t know.”
As for the $120m sales price, which is some 84.6 percent higher or almost
NOTICE
NOTICE is hereby given that KATRINA PIERRE PAUL of George Town, Exuma, 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 May 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 MERLANDE CASIMIR of Fire Trail Road, Faith Avenue, New Providence, 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 16th day of May 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 JAYDA ANN SKYE JACK of P. O. Box CR-54135, Flamingo Close, Jubilee Garden, New Providence, 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 16th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
double what the Minnis administration paid to acquire the Grand Lucayan in September 2018, Mr Bowe argued that this figure - and the increase - need to be better explained given that it creates the impression Concord Wilshire is paying a premium for a resort it largely plans to demolish.
“There needs to be disclosure with the sales price,” he told this newspaper. “No commercial enterprise is going to pay $120m for assets that are probably worth a fraction of that. That indicates the sales price may be including certain commitments on the part of the Government for its own expenditure, meaning it’s a bit out of the woods.
“The net price for the actual property, what does that reveal itself to be?”
The Government is thought to have been subsidising the Grand Lucayan’s operations by between $1.2m to $1.5m per month ever since it acquired the resort from CK Property Holdings, Hutchison Whampoa’s real estate arm, six-and-a-half years ago.
Some $17.882m was used for this purpose during the
2022-2023 Budget year and, during the first nine months of the following fiscal period, $16.632m out of the $17m allocated was spent on subsidising the Grand Lucayan. A further $17m was estimated for the current 2024-2025 fiscal year, meaning that the $120m purchase price is unlikely to fully recoup the Government’s holding costs pegged at $63m.
“I would expect it [the Budget] to be more candid in terms of any expenditure versus the sales price,” Mr Bowe added. “It’s not to suggest that, by any means, the sales price is a gain. In accrual accounting, it would just be the recovery of assets used to pay for it.
“There needs to be greater articulation on that transaction because it’s such a large factor in Grand Bahama’s progress. There’s a lot of enthusiasm. You need a lottery ticket to win the lottery, and we’ve certainly gotten to that first stage of having the lottery ticket. We need to be clear on what the dollar value of the commitments are and what commitments the Government has made.”
Mr Bowe expressed hope that these commitments
NOTICE
NOTICE is hereby given that NICOLETTE GEORGIA NICHOLAS JACOBS of Swordfish Road,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 May 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 TONI AMANDA CHUNG COOPER of Shrimp Road, Carmichael Road, New Providence, 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 May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
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 16th day of May 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
percent to 75,107, albeit the outstanding balances decreased by 8.4 percent to $81m.
“Meanwhile, the number of cards issued with a credit limit between $5,000$10,000 increased by 5.5 percent to 21,232, and the corresponding credit balances by 5.8 percent to $72.7m. Also, for card limits in excess of $10,000, the number of accounts rose by 6.4 percent to 14,207, and outstanding credit by 8.4 percent to $100.7m,” it continued.
“The ATM network, supporting cash services and decentralised access to other banking services, expanded further by 1.5 percent to 398 machines in 2024. Meanwhile, the volume of ATM transactions advanced by 6.1 percent to 10.6m, and the corresponding value by 15.2 percent to $3.1bn.”
will be disclosed in the Budget, acknowledging that Concord Wilshire will not make such a sizeable investment without “not just assurances, but concrete commitments that the Government will do certain things” such as ensure Grand Bahama’s airport can accommodate extra airlift when required.
He pointed out that Atlantis did not undertake its Phase III expansion on Paradise Island without the Government’s commitment to enhance and upgrade Lynden Pindling International Airport (LPIA).
The Grand Lucayan sale includes the 56-acre beachfront resort along with the adjacent 160-acre Reef Golf Course.
The developers say the revived property will feature seven major resort components, including three new hotel buildings and branded timeshare units. Other features include a 35-acre cruise destination open to all cruise lines and guests, a 25,000 square foot indoor/outdoor casino, the conversion of the Reef Golf course to a 160-acre Greg Norman signature golf course, and a 16-slip mega-yacht marina.
Construction is expected to begin within 90 days of obtaining the necessary permits and approvals. The project will be rolled out in phases, creating 1,320 construction jobs and 1,750 permanent positions once the resort is fully operational.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SEAN PINDLING, of Baillou Hill Road, Nassau, The Bahamas. intend to change my name to SEAN BAIN 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, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that ELLA CHARLES of P. O. Box NP3363, Hawthorne Road, Oakes Field, New Providence, 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 16th day of May 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 GLORIA HORTENSE NEELY (née BRYAN) of Constitution Drive, New Providence, 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 May, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
JEAN of Freeport Grand Bahama 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
Deltec slams ‘gamesmanship’ on ‘unlawfully withheld’ $20m
And Deltec, in filings with the south Florida court on Tuesday, has renewed its bid to obtain an emergency freeze and injunction to prevent Ibanera from moving or dissipating the disputed $20m following revelations that emerged during a court hearing last week.
“Defendants Michael Carbonara, Ibanera LLC, and Ibanera Private Limited have misappropriated over $20m in funds that Ibanera was supposed to be holding in trust for Deltec. Deltec requested immediate injunctive relief to maintain the status quo pending the outcome of this litigation,” Deltec asserted.
“In its response to Deltec’s motion, Ibanera claimed that Deltec was not entitled to injunctive relief because such relief was prohibited by the existence of the processing services agreement (PSA) between the parties. For the reasons set forth below, Ibanera’s newly raised arguments fail......
“Ibanera agreed to hold separate identifiable funds in trust for Deltec. Instead, Ibanera has refused to turn over the funds as instructed and has converted them from standard fiat to crypto currency in an account under Ibanera’s name. Injunctive relief is necessary to prevent Ibanera from further actions disbursing the specific, identified funds that it was bound by agreement to hold in trust for Deltec’s benefit.”
The Bahamian institution continued: “The evidence presented at the hearing established that Ibanera has converted the funds in addition to breaching the contract. Ibanera promised to hold the trust funds in a segregated account for Deltec’s exclusive use, and took possession of the trust funds. Ibanera ceased performing under the contract by failing to follow Deltec’s payment instructions.
“But Ibanera also removed the trust funds from a segregated account in Deltec’s name, converted the various fiat currencies into crypto currency, and placed the new tokens
NOTICE
COLUMBIA HOLDING SA
into a crypto currency account in Ibanera’s name while continuing to publish fraudulent online account statements to Deltec showing that Deltec’s funds were still held safely in particular currencies in particular amounts.
“Ibanera has not simply breached the contract; it has converted the funds by taking ‘the monies to which [it] was entrusted’.”
Deltec described this as “more concerning” than the allegations contained in Ibanera’s counter-attack, which alleged it was unaware that $203.45m or close to half of the $410.206m it received and processed on the Bahamian bank’s behalf belonged to the latter’s clients.
The report, produced by Nizam Ismail, founder and chief executive of Singapore-based Ethikom Consultancy, asserted that outbound money transfers belonging to Deltec’s clients totalled $288.896m - a sum $85.445m greater than what came in. He suggested that the latter figure, or difference, was made up by Deltec’s own funds,
of which Ibanera received some $266.756m.
“Based on the above set of factual matrix, it appears that there are material inconsistencies on the actual originator and/or beneficiary of the funds by Deltec,” Mr Ismail asserted. “The inconsistencies on the actual beneficiary and originator of funds would constitute a grave breach” of Singapore’s know your customer (KYC) and anti-money laundering regulations, plus the contract with Ibanera.
Deltec, though, alleged to Tribune Business that Mr Ismail is not the “independent expert” that Ibanera made him out to be. “Instead, they relied on an undated report authored by their own former global head of legal and compliance, who did not appear in court or testify regarding his findings,” the Bahamian bank alleged.
“The report, prepared by a former Ibanera employee and lawyer, offered opinions about contractual matters but did not provide any substantiated examples of alleged delays or material
NOTICE
EZ UNIVERSITY LTD.
inconsistencies. The claim of ‘material inconsistencies’ regarding the originator or beneficiary of funds was entirely unsupported by any factual evidence.”
However, Mr Ismail further claimed that Deltec had been slow to respond to Ibanera’s requests for information. He added that DBS Bank, where the latter held its accounts, would expect such replies within 48 hours, and accused the Bahamian institution of “not a good industry practice”.
“It further appears that Deltec has been slow (on occasion, within two to three weeks) in responding, and sometimes has not responded, to various request for information requests and/or has provided vague or incomplete response to requests for information,” he alleged. “The requests for information are typically issued when DBS requests Ibanera Singapore for information on client funds.
“DBS would expect prompt responses - typically no later than 48 hours. Any undue delay in responding to a request for information would put Ibanera Singapore’s position as a customer of DBS Bank at material risk. I understand that DBS had subsequently closed Ibanera’s bank account, and that following closure of this account Deltec has refused to answer all requests for information from Ibanera.”
“Thus, they appear intentionally designed to place Deltec under duress. Deltec does not take this gamesmanship lightly, nor should the compliance department of any US-regulated entity like Ibanera. To address these concerns, please immediately provide us with the detailed basis for these requests, including any specific regulatory or contractual provisions that necessitate this information.
“Additionally, we kindly ask you to confirm which regulatory agency is currently auditing your operations, the specific Ibanera entity being audited and an explanation as to how the audit or its findings entitle Ibanera to unlawfully withhold Deltec’s funds,” she added.
“Upon receipt of this information, we will consider your requests and respond accordingly. We therefore appreciate your prompt response to help us better understand the situation and ensure that all actions are aligned with applicable standards and contractual terms.”
And, in response to the Ismail report, Deltec Bank & Trust told Tribune Business last night: “Deltec Bank takes its compliance and client identification obligations extremely seriously, and we categorically reject any suggestion that we failed to properly identify client funds or were slow to respond to information requests.
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, COLUMBIA HOLDING SA is in dissolution as of May 8, 2025
Mr. Renato MAZZOLINI with address at 3 Avenue Kennedy, 98000 Monaco, Principality of Monaco is the Liquidator.
In Voluntary Liquidation L I Q U I D A T O R
In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EZ UNIVERSITY LTD is in dissolution as of May 14, 2025
International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.
However, Deltec’s Ms Darville hit back in a March 13, 2025, e-mail, asserting: “We have significant concerns regarding the nature of these requests from Ibanera’s compliance department. The requests are overly broad, not specific to any transaction, and present an impossible deadline.
“These are allegations that Ibanera has made for the first time only after Deltec filed a lawsuit asking for the return of its funds. In fact, evidence presented to the court shows that Deltec Bank’s average response time to Ibanera’s requests was only 1.5 days.”
PM dodges queries over Grand Lucayan’s $120m
FROM PAGE B1
He added that the inquiries are aiming to put out “political fodder”, and he is currently trying to ensure the project is successful and Grand Bahama residents benefit from it.
“That really is only about trying to get political fodder out there to talk about. I’m not about that now. I’m about trying to ensure that this project succeeds and that the Bahamian people, and particularly the Grand Bahamian people, benefit from it,” said Mr Davis. Opposition Leader Michael Pintard advised that the FNM has pressed the Davis administration to provide briefings on the agreement’s details, timeline and anticipated impact to ensure the public is informed of the specifics surrounding the sale of a “major public asset”.
In a statement, Mr Pintard said that while the FNM “welcomes any credible progress” towards Grand Bahama’s economic recovery, the details of the arrangement should be transparent.
“The Free National Movement welcomes any credible progress toward the redevelopment of the Grand Lucayan and the economic revitalisation of Grand Bahama. We recognise that this represents movement on the longstanding effort to revitalise
Grand Bahama’s economy, an objective we all share,” said Mr Pintard.
“The Free National Movement has long supported responsible investment that delivers tangible benefits to the Bahamian people, creating meaningful opportunities, strengthening local businesses and contributing to sustainable national growth.
“We believe the successful redevelopment of the Grand Lucayan has the potential to do just that. Where such development is pursued transparently and in the public interest, we stand ready to collaborate in moving it forward,” said Mr Pintard.
“In that spirit, we have formally written to both the Prime Minister and the developer, Ancient Waters Bahamas Ltd (Concord Wilshire), to request briefings on the agreement’s details, timeline and anticipated impact. While the public has been made aware of broad project ambitions, there remain important aspects of the transaction that have yet to be clarified.
“We believe the Bahamian people have a right to be informed on the specifics of a development of this magnitude, particularly as it concerns the sale of a major public asset and the future of a critical economic centre.”
JUDGE PARKER CARPE DIEM
Stocks drift to a mixed close as worries about the US government's soaring debt continue to weigh
By DAMIAN J. TROISE AP Business Writer
STOCKS drifted to a mixed close on Wall Street Thursday in what has been a rocky week so far because of worries coming out of the bond market about the U.S. government's mounting debt.
Trading remained choppy throughout most of the day following Wednesday's big slump for the S&P 500. That loss has put the benchmark index on track for its worst week in the last seven.
The S&P 500 slipped 2.60 points, or less than 0.1%, to close at 5,842.01. The Dow Jones Industrial Average fell 1.35 points, or less than 0.1%, to 41,859.09. The Nasdaq composite rose 53.09 points, or 0.3% to 18,925.73. Technology stocks did most of the heavy lifting for the broader market. The majority of stocks within the S&P 500 lost ground, but gains for technology companies with outsized values offset those losses. Google's parent Alphabet
jumped 1.4% and Nvidia rose 0.8%.
The choppy trading this week and sharp decline for stocks on Wednesday follows several weeks of mostly gains that have brought the S&P 500 back within 5% of its all-time high.
"We've had a good bounce here, but the market is looking for some excuse to take some money off the table," said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. Treasury yields held a bit steadier in the bond market, but only after oscillating earlier in the morning after the House of Representatives approved a bill that would cut taxes and could add trillions of dollars to the U.S. debt. The bond market has been the epicenter of Wall Street's action this week. Yields have been broadly on the rise in part because of worries about the U.S. government's spiraling debt. Besides making it more expensive for the U.S. government to borrow to pay
its bills, higher Treasury yields can also filter into the rest of the economy and make it tougher for U.S. households and businesses to get their own loans. Higher yields also discourage investors from paying high prices for stocks and other investments.
The yield on the 10-year Treasury climbed as high as 4.63% before the U.S. stock market opened for trading, before receding to 4.54%. It stood at 4.58% late Wednesday and was as low as 4.01% early last month.
The two-year yield, which more closely tracks expectations for action by the Federal Reserve, slipped to 3.99% from 4.02% late Wednesday.
The House's multitrillion-dollar spending bill, which aims to extend some $4.5 trillion in tax breaks from President Donald Trump's first term while adding others, is expected to undergo some changes when it gets to the Senate for a vote.
The legislation also includes a speedier rollback of production tax
credits for clean electricity projects, which sent shares of solar companies tumbling. Sunrun dropped 37.1%, Enphase Energy fell 19.6% and First Solar slid 4.3%.
Health care stocks also fell Thursday after the Centers for Medicare & Medicaid Services said it was immediately expanding its auditing of Medicare Advantage plans. UnitedHealth Group fell 2.1% and Humana lost 7.6%.
Wall Street had several economic updates on Thursday.
The number of Americans filing unemployment claims last week fell slightly. The broader employment market has remained strong, though businesses remain worried about the economic uncertainty amid a trade war.
The market had briefly turned higher earlier in the day following a betterthan-expected report on manufacturing and services in the U.S. The survey from S&P Global showed growth for both areas in May following a sluggish April.
"Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate tariffs," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
The report also reflected the impact of the trade war on supply chains, prices and concerns about the economic picture moving forward.
New orders from businesses were the big driver for the improvement, but much of that was from businesses trying to get ahead of a potentially hefty round of tariffs that could hit the economy in July. "Concerns
over tariff-related supply shortages and price rises led to the largest accumulation of input inventories recorded since survey data were first available 18 years ago," Williamson said. A 90-day pause on some of President Donald Trump's heftiest tariffs helped give some businesses and consumers some relief. They are already contending with broad tariffs and their impact on prices for a wide range of goods coming from trading partners around the world, including China, Canada and Mexico. The overall rise in prices charged for goods and services in May was the steepest since August 2022, according to the S&P Global report.
MARINE FORECAST
TRADERS FRED DEMARCO, left, and Peter Tuchman, right, work on the floor of the New York Stock Exchange, Tuesday, May 20, 2025.
