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Tuesday, February 24, 2026
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‘Gang busters’ start will not be derailed by Trump tariffs BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM and real estate executives yesterday voiced optimism that 2026’s “gang busters” start will not be derailed by more Trump tariff uncertainty which negatively impacted both markets last year. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business that he did not “want to cry wolf” over the US president’s pledge to impose a 15 percent tariff on all imports entering the US following his Friday loss before that country’s highest court. Noting that Mr Trump’s tariff position continues “to evolve”, he added that that Bahamian tourism operators are still “positive and optimistic amid “strong” numbers heading into the winter season’s peak. Last year’s imposition of Mr Trump’s so-called ‘Liberation Day’ tariffs, and the resulting uncertainty and increase in US consumer prices, was cited as a key factor behind why The Bahamas’ higher-spending
ROBERT SANDS
Tourism, real estate optimistic no repeat of 2025 fall-out
Grand Lucayan resort
High-end properties off to ‘best start to year since 2022’ LPIA reports 20 flight cancellations from US winter storm air arrival numbers fell by 1.6 percent to 1.7m in 2025. Similarly, Ryan Knowles, founder and chief executive of Maison Bahamas, agreed yesterday that the tariff impact was “certainly a factor” behind why 2025 was a good rather than great year for high-end Bahamian real estate. However, while acknowledging that the US president’s trade policies temporarily robbed the industry of some momentum last year, he argued that such volatility is now more expected and thus already “priced in” by international buyers such that any fall-out is likely to be less in 2026. And the direction of US interest
RYAN KNOWLES
rates, and the Federal Reserve’s policy approach towards this under a new chairman, are likely to be a greater factor than the renewed US tariff volatility. However, the revived tariff uncertainty comes as Lynden Pindling International Airport’s (LPIA) operator yesterday confirmed 20 flights had been cancelled over the past 48 hours due to the heavy snow storm in the US north-east which is one of The Bahamas’ key tourism source markets. Jonathan Hanna, the Nassau Airport Development Company’s (NAD) vice-president of airport operations,saidinastatement
responding to Tribune Business inquiries: "Over the last two days, our teams have been closely monitoring Winter Storm Hernando, which is currently impacting the New York area and the broader north-east region. “As far as our overall airport operations, we've seen a number of flight cancellations and delays here at LPIA. Over the past two days, 20 flights have been cancelled as a result of inclement weather. The storm is primarily impacting our source markets in the north-east, including New York, New Jersey,
LEVY - See Page B3
Union chief: ‘Nothing negative’ on Lucayan severance proposal BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Michael Pintard
Philip Davis KC
Pintard: ‘Immediately reverse’ $265m Investment Fund move BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader has written to the Prime Minister demanding that the Government “immediately reverse” the injection of $265.3m into the National Investment Fund on the basis it represents “a serious breach of constitutional and statutory fiscal safeguards”. Michael Pintard, in a February 22, 2026, letter to Philip Davis KC that he released publicly, reiterated longvoiced Free National Movement (FNM) concerns that the $265.3m - which represents surplus proceeds from the Government’s $1.067bn foreign currency international bond issue in 2025 - cannot be lawfully used for this or any purpose without first being approved and appropriated by Parliament. He based these arguments on both the Bahamian Constitution and the Public Finance Management Act, adding that the stipulate all proceeds from the Government’s borrowing activities - which include the placement of bonds - must first go into the consolidated fund. It is only then that their use, and allocation, can be approved by Parliament and Mr Pintard is asserting that the legislative body’s consent has neither been sought nor given. As a result, the Opposition leader is urging the Government to unwind the transaction until parliamentary approval is obtained or come up with a “lawful authority” for doing so.
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A TRADE union leader yesterday said he has received “no negative feedback” from the Government on the calculation of severance pay and other benefits due to the 94 middle managers due to be terminated by the Grand Lucayan resort this Friday. Obie Ferguson KC, the Trades Union Congress (TUC) president and head of the Bahamas Hotel Managerial Association (BHMA), told Tribune Business that he presently sees his members having no challenges in obtaining what is owed to them and voiced optimism that “all of them will be included on the spread sheet” based on what the union has submitted to the Government. And he revealed that the union is also seeking a “first option of
Minister denies BPL left with insufficient revenue BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister yesterday denied that the Government’s energy reforms will leave Bahamas Power & Light (BPL) short of revenues to pay staff and other costs through the bulk of its base rate being paid to its generation and grid partners. Jobeth Coleby-Davis, minister of energy and transport, in a statement responding to concerns raised by the Opposition and others asserted that the 4.65
engagement” for its terminated members, meaning that they will be hired back first by the prospective new owner Concord Wilshire once operations resume if they so desire, along with a timeline indicating when the Grand Lucayan’s redevelopment will be complete. “We submitted to the Government the separation redundancy package, and we included all of the pecuniary benefits as mandated by the law and we expect that they will honour that,” Mr Ferguson told this newspaper. “We also submitted our position to the members, and had a discussion with the members and informed them of what the situation is once we would have submitted our proposal to the Government. “We have got no adverse or negative feedback to what we submitted. We expect all of them
PAYOUT - See Page B4 cents per kilowatt (KWH) hour charge shown on a “generation power purchase agreement price build-up” for Bahamas Utility Company represents the “fuel pass through” charge and not funds coming out of BPL’s base tariff. “The FNM claims the 4.625 cents per kilowatt hour charge in New Providence is taken out of BPL’s base rate and will leave the company with only a few cents to operate. That is false. The 4.625 cents is a fuel pass-through on the bill as set out in the updated Electricity Act. It does not cut BPL’s operating budget. It does not come out of the base tariff. It does not remove money for staff, maintenance or daily operations,” she asserted.
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‘Nothing going awry’: Lucayan set for ‘two cruise line resorts’ Developer, Gov’t assert $120m deal ‘on track’ Concord pledges ‘start date’ within two weeks GB sceptical but ‘game changer if it’s real’ BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government yesterday teamed with the Grand Lucayan’s purchaser to vigorously assert the deal remains “on track” through plans to develop “two major cruise line resorts” and unveil a demolition and construction start date “within the next two weeks”. Concord Wilshire, the Miami-headquartered developer, moved swiftly to “categorically refute” speculation in other media that its $120m acquisition of Grand Bahama’s ‘anchor property’ had collapsed and been “dead for four months” by finally providing some kind of timeline for when actual on-site construction and demolition will start. The buyer’s start-time coincides with the Government’s plan to complete the termination of the Grand Lucayan’s 279 existing staff, and pay them due
severance, accrued benefits and industrial agreement entitlements, by this Friday, February 27. And Concord Wilshire’e statement yesterday confirms previous Tribune Business disclosures that the plans for the property feature two waterbased adventure park amenities involving Disney Cruise Line and Mediterranean Shipping Company’s (MSC) cruise unit. “We want to be very clear: The redevelopment of the Grand Lucayan resort is moving forward,” said Richard Bosworth, chief executive of Lucayan Resort, Concord Wilshire Group, said in a statement. “Reports suggesting otherwise are inaccurate and misleading. Concord Wilshire remains fully committed to this project and to our partnership with the Government of The Bahamas.” The developer, in its statement, pledged that
HOTEL - See Page B4