02262026 BUSINESS

Gov’t needs $418m swing to hit Budget surplus goal

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government will need a positive $418m swing during the 2025-2026 fiscal year’s second half to hit its Budget surplus target, it was revealed yesterday, after the amount of ‘red ink’ incurred in the first six months more than doubled over the November-December period.

Leon Lundy, minister of state in the Prime Minister’s Office, in presenting what was billed as a ‘mid-year Budget review statement’ to the House of Assembly, disclosed that the deficit for the first six months of the Government’s current fiscal year - measuring by how much its spending exceeds revenue income - totalled $342.4m - a sum equal to 2.1 percent of The Bahamas’ gross domestic product (GDP).

Fiscal deficit stands at $342.4m for year’s first-half

‘Red ink’ more than doubled in November/December

Gov’t eyes $130m corporate tax boost; VAT up $76m

Mr Lundy, who gave a relatively short briefing in the absence of Prime Minister Philip Davis KC, who is also minister of finance, signalled that this figure represents “an improvement” year-over-year compared to the $367.7m deficit that was incurred at the same half-way mark in the prior 2024-2025 fiscal year. However, his statement did not mention that the current fiscal year’s deficit had more than doubled during the first half’s final two months. The Government’s finances suffered monthly deficits

Gov’ts unpaid bills see near-doubling to $242m

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

UNPAID invoices and arrears owed by the Government increased by 97.6 percent, or almost $120m, year-over-year to hit $241.898m as a year-end 2025, the mid-year Budget disclosed yesterday. Documents tabled in the House of Assembly revealed that sums owed to suppliers, vendors and other purveyors of goods and services to the Government had increased significantly and almost

doubled compared to the $122.425m shown to have been due exactly one year before on December 31, 2024. The 2025 year-end figures showed that close to three-quarters of this sum, or a combined $176.606m worth of unpaid invoices and arrears, were owed by just five government ministries and entities. The one with the largest liabilities was shown to be the Ministry of Works, which commissions and funds largescale infrastructure and public works projects. It was shown as owing $46.327m in unpaid invoices that fall under capital

Liquor operators fret on Physical Planning wait

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

LIQUOR store and bar operators are warning that time is running out to obtain the necessary planning approvals so that they can obtain a Business Licence by the March 31 deadline and apply for registration under the industry’s new regulatory regime.

Several told Tribune Business they are still awaiting approval from agencies such as the Department of Physical Planning in order to register under the new system even as they prepare for the enforcement of stricter policies surrounding

their location and physical set-up.

The Department of Inland Revenue last year unveiled a new process for liquor stores, requiring them to meet a number of requirements including a long-standing policy that they must be no less than 700 feet away from schools, residential neighbourhoods, places of worship and pre-existing rivals.

The Government’s tax collection agency is also cracking down on caged takeaway liquor establishments, requiring liquor stores and bars to have an open floor concept. Liquor stores must also be approved by

Exuma Chamber backs Yntegra ‘to shape future for generations’

SIMMONS

BY FAY

Tribune Business Reporter jsimmons@tribunemedia.net

THE Exuma Chamber of Commerce as given its backing to the proposed $200 million Rosewood development on Sampson Cay, highlighting employment opportunities and benefits for local businesses.

Ehren Hanna, the Chamber’s president, said the project by Miamibased developer, Yntegra Group, has the potential to “shape our economic future for generations” and is expected to create

more than 500 direct jobs during construction and operations.

“Most importantly, this proposal is anticipated to create over 500 direct jobs during construction and operations. These are opportunities for our sons and daughters, for skilled tradesmen and women, for hospitality professionals, and for young people seeking meaningful careers without having to leave home,” said Mr Hanna.

He added that the Chamber has secured a commitment from the

of $82.9m and $98.6m for November and December respectively, meaning that $181.5m or 53 percent - more than half - of the first first half’s total $342.4m ‘red ink’ was recorded during the final two months (see other article on Page 1B).

Potentially more concerning is the fact that the increased November and December deficits were caused by year-over-year revenue reductions, and not just spending increases, with total tax collections - including VAT, Customs duties and

expenditure, plus a further $21.562m in arrears, for a total $68.095m.

The Water & Sewerage Corporation was shown as owing $38.185m in unpaid invoices, while the Ministry of the Public Service had $18.251m in arrears, and $6.111m in invoices awaiting payment, for a total $24.362m on its books as at year-end December 31, 2025. That, though, represented a major 63.8 percent decrease on the $67.262m that the latter was said to be owing at year-end 2024 - with unpaid invoices having been reduced significantly from the $49.171m outstanding then. Others shown to have built-up significant accounts payables at year-end 2025

other border levies - down by a collective $82.4m during that two-month period. Should such trends continue, the Government’s ambitions of achieving a first-ever annual Budget surplus of $75.5m this current fiscal year would be in jeopardy.

However, Mr Lundy yesterday reiterated that the Davis administration remains confident it can hit its deficit and other fiscal goals as it continues to place faith in the traditionally revenue-rich second half of the fiscal year to produce consistent monthly surpluses - where income exceeds expenditure - that will narrow, if not eliminate, the ‘red ink’ incurred during the first six months.

“Despite the first-half deficit, the Government remains on track to meet its full-year fiscal surplus target. Historically, fiscal performance

were the Public Hospitals Authority (PHA), operator of the Princess Margaret Hospital (PMH), Rand Memorial Hospital and Sandilands Rehabilitation Centre, which was owing $22.609m via a combination of $16.689m in unpaid invoices and $5.919m in arrears. Bahamasair, too, had some $23.355m in outstanding invoices that required paying.

The mid-year Budget documents show that, in total, the Government owed $20.993m in invoices classified as recurrent spending; $59.936m in unpaid invoices relating to capital spending; and accumulated collective arrears worth $60.542m, while stateowned enterprises such as the

Near-$80m revenue fall drives late 2025 Gov’t deficit surge

December deficit jumps 126% to almost $100m

VAT, key revenue streams off in November too

Lundy: Bahamas will beat growth projections

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government sustained significant year-over-year increases in its monthly deficits for November and December 2025, with the latter jumping by 126 percent, driven largely by a combined $79.7m revenue plunge across the period.

The Ministry of Finance’s fiscal reports for both months, released yesterday to coincide with the mid-year Budget and published on its international investor relations website but not that targeted at a Bahamian audience, revealed that their combined $181.5m worth of ‘red ink’ accounted for more than 50 percent of the Government’s $342.4m deficit for the first half of its current 2025-2026 fiscal year.

The period’s final two months somewhat undid the Ministry of Finance’s earlier work, which had kept the Government’s first-half fiscal deficit relatively contained at $160.9m for the four months through to end-October 2025. The late first-half surge means the Ministry of Finance will have more work to do during the fiscal year’s revenue-rich second half to hit the full-year $75.5m Budget surplus forecast, as it will now require a much larger near-$418m positive swing to meet its targets.

However, potentially more concerning is the year-over-year revenue decline in both months and especially for November, which saw tax revenues fall year-over-year by $68.9m or almost 30 percent, while total revenues declined by $64.2m. While December’s revenue drop-off was more modest, both Customs duties and VAT, with the latter accounting for almost 40 percent of the Government’s income for 2025-2026, down in both months.

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Gov’t’s $1.86m Bazaar guarantee

‘not underwriting’ reconstruction

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Government is “not underwriting construction” of Grand Bahama’s proposed Afro-Caribbean Marketplace at the former International Bazaar site, a Cabinet minister argued yesterday.

Ginger Moxey, minister for Grand Bahama, rejected Opposition suggestions that the Government is taking on unnecessary exposure by arguing that its guarantee of $1.86m in Africa Export-Import Bank financing will instead fund preparatory work for the planned development to ensure the project is commercially viable.

Responding to criticism by Michael Pintard, the

Opposition Leader, over the Davis administration’s decision to compulsorily acquire the Bazaar using legal powers available to it, Mrs Moxey said the move was necessary to resolve a complex legal tangle caused by multiple owners and the fact that the company holding the property’s lease had been struck off the Companies registry. She pledged that the 13 Bazaar ownes will receive fair compensation, and to accelerate the long-overdue redevelopment of the site.

“Yes, the $1.86m is relatively an insignificant amount, but the significance of the project preparation facility to fund pre-development activities, to ensure long-term success, is critical,” Mrs Moxey said.

“The $1.86m is more about getting it right. And getting it right means utilising the resources that Afreximbank brings to the table. Getting it right means making it a bankable project through its feasibility studies, and its architectural and engineering designs.

“So again… to the member for Marco City who was quoted in last week’s Tribune that it was likely a ‘tidying up’ move by the Government to ensure it complies with all necessary legal requirements for funds that have already been used. The member is dead wrong.”

Mrs Moxey said the the property had long been a blight on Grand Bahama due to multiple owners and legal complications, including the head leaseholder,

Opposition challenges logic of Marketplace’s guarantee

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Opposition’s finance spokesman yesterday challenged the Government’s logic in seeking to guarantee a relatively minor $1.86m loan that will finance a feasibility study for its proposed Afro-Caribbean Marketplace in Grand Bahama at the former International Bazaar site.

Speaking in Parliament, Kwasi Thompson said the $1.86m guarantee is tied to an agreement between the Government and the African Export-Import Bank for funding preparatory work only.

He further challenged why such preparatory work requires a sovereign guarantee, and why Bahamian taxpayers should assume such risk at this early stage, especially if the project is commercially viable and capable of attracting major international investment.

“We are not borrowing money to build anything. We are borrowing money to have a study on what should be built. This is not the $50m redevelopment that has been publicly referenced. This is a project preparation facility, as I understand it - funding for studies, structuring, feasibility, analysis and preliminary design,” said Mr Thompson. “So the question naturally arises: Why does preparatory work require a sovereign guarantee? If this project is commercially

viable and capable of attracting major international investment, why must we, as Bahamian taxpayers, assume the risk even at this planning stage? As I understand it, we may be inviting investors to invest in this. If so, why are we footing the bill at this stage? Why are we not also inviting other investors to participate in this process at the same time?

“Also, aren’t we projected to have a $75m surplus this fiscal year? Why are we even borrowing the $1.8m if we are already projecting that surplus? If we have that surplus, we should have sufficient funds to allocate $1.8m to this project.

Mr Thompson warned that a government guarantee is not “free money” but a contingent liability, meaning that if the borrowing entity fails to repay, taxpayers will ultimately foot the bill. He also questioned whether the project will be government-led or a public-private partnership (PPP), arguing that other

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Cross Road Properties, being struck off the companies register.

She explained that to resolve this situation, and avoid a potential 20-year delay, the Government is using the Acquisition of Land Act to take control of and purchase the property.

Mrs Moxey stressed that this was not done to avoid compensating owners, as 98 percent had already agreed to an acquisition price and terms, but to ensure fair payment and to accelerate the redevelopment of the site while addressing the long-standing legal issues.

“The change in the acquisition method does not alter the Government’s commitment to the tenants. Instead, it will accelerate the tenants receiving payment and the project moving forward,”

investors should be invited from the start to reduce taxpayer risk.

“Make it make sense for us: A guarantee is not free money; it is a contingent liability. If the borrowing entity fails to repay, the people of the country will repay. The borrowing entity is wholly owned by the Government. So if that entity is borrowing the money, it must also show how it will repay it. Before this House grants that authority, we are entitled to know: Why is the borrowing even necessary?”

Mr Thompson asked.

“Has it been stated clearly whether this will be a government-led project, or will it be a public-private partnership? Shouldn’t this project be advanced by private investors rather than the Government alone? If it is going to be advanced by the Government alongside private investors, that is fine, but shouldn’t it also involve other private investors from the start?”

In response, Ginger Moxey, minister for Grand

said Mrs Moxey. “The Office of the Attorney General is finalising acquisition of the International Bazaar from the 13 owners for the appraised value of $2.88m”. She also revealed that the West Sunrise Highway, which has been a long-standing concern for residents of Grand Bahama, will be reopened with bids already submitted and progress expected over the coming months

“The acquisition of the International Bazaar is nearing compleion, as well as the Royal Oasis tower and casino. Bids have been submitted for the West Sunrise Highway road opening, and we hope to see progress in the coming months,” said Mrs Moxey

She added that the Marketplace project is a

Bahama, said the Government is underwriting the preparation to ensure any future development proceeds on a properly structured, commercially viable, and fiscally responsible basis.

She highlighted that the project will be driven by the private sector as a public-private partnership, with the Government playing a

“game changer” for Grand Bahama that is expected to transform the island into a major trade and cultural hub fostering economic growth and strengthening ties between Africa and the Caribbean

“The marketplace will boost small and medium-sized enterprise (SME) growth and foster cultural exchange, thereby contributing to the overall economic development of The Bahamas, particularly in the blue and orange economies,” Mrs Moxey said.

supporting role in the planning and preparation phase. Mr Thompson pressed for clarity on the project’s ownership structure, asking whether the Government would hold 50 percent, 60 percent or more. He sought to understand the Government’s overall vision for how the development

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Opponents label Rosewood developer’s sustainability tie-up ‘smoke and mirrors’

OPPONENTS of the $200m Rosewood Exuma resort project yesterday challenged why its developer has waited until now to hire a ‘sustainability partner’ given that all environmental and planning approval applications have already been submitted.

The Save Exuma Alliance (SEA), in a statement, questioned why Yntegra, the Miami-based investment firm behind the proposed Sampson Cay development, would only now appoint environmental consultancy XCO2 as its sustainability and climate advisory partner when “all they had to was listen to the voices of Exumians who are urging restraint, scaling back the 90-plus structure development and amend the plans to avoid dredging”.

The Alliance, a collection of Exuma-based businesses, called the attempt to involve a foreign consultant instead of listening to local voices “nothing more than smoke and mirrors” and intended to silence the opposition to the proposed project by residents, tour operators,

community and business leaders. The Exuma cays model, it said, is based on the natural, delicate marine ecosystem. Dozens of residents repeatedly chanted “no dredging” during the Department of Physical Planning’s public consultation at LN Coakley Senior High School in George Town on February 20 - the second of two town halls on a project which has raised environmental, social and economic concerns since it was first announced.

Following the most recent meeting, Yntegra issued a statement saying it has appointed XCO₂ as its foreign sustainability firm partner. “This is not just too little, too late; this is nothing more than smoke and mirrors. At best, it is like giving someone a broom to sweep up after you’ve already knocked a building down. People have spoken; they have expressed their concerns at two separate meetings – in George Town and Black Point – so rather than getting a consultant as window dressing after

One-quarter of liquor stores alter property

ALCOHOL - from page B1

various government agencies before being allowed to register, and can only obtain their Business Licence

after complying with this requirement. George Robinson Jnr, owner of Base Road Wholesale Bar and member of a group of retailers who go by the name the Retail

the fact, why not start with the basics and listen to what people are saying?” said Kearje Smith, a local tour operator and native of Black Point, Exuma.

The Alliance said its members, including tour operators and residents, were particularly stunned by the developer’s assertion that the North Bay of Sampson Cay is meant for navigation and cannot be a recreational area and shipping lane at the same time.

“For anyone who knows the North Bay, they know how much the bay is used for recreation,” said the Alliance. “Our own members have been swimming these waters for years. There have been media trips, as well as experts and marine scientists, who have dived the area and documented what they have seen – legally protected sea turtles, the seagrass, the coral and the abundant sea life just below the surface.

“For many boat tour operators, that is fundamental to their business – people want to come here and see the beauty as

Liquor Association, said while many have made the necessary changes, they are stuck waiting for Department of Physical Planning approval. Having applied for this on January 6, 2026, Mr Robinson said he, too, is still awaiting thos approval, having applired to Physical Planning on January 29, and undergoing two inspections

it is, not have to step aside because someone wants to bring in a tanker of fuel for their resort. To say that this area is meant for shipping and not for the people who have enjoyed these waters for generations shows how out of touch this project is.”

The project calls for dredging the North Bay of Sampson Cay, a seawall that will alter the flow of water, more than 90 structures, two mega yacht marinas, a supply dock serviced by barges in an area now frequented by swimmers, the removal of mangroves and a site plan that opponents say does not suit the fragile ecosystem or the culture of the central Exumas.

“What is most frustrating is that there are alternatives,” said the Aliance. “Solutions have

on January 22 and February 9.

“A lot of them are making the changes but, you know, you could make the change but you got to be approved,” he said. “I don’t think they’re letting the people know they’re not going to get approved. They want you to still do your renovations. Then you have to see if you got to get approved.

“Even with those of us, who don’t have to go through all of that, like with myself, I still haven’t been approved yet. They’re asking for so much things and it’s like they’re short on staff. And Physical Planning, you have to wait for them and you have to go before the Board. They came by my place. They told me what I have to do. We did a lot of stuff but we’re still waiting for approval.

“There’s no timeline on approvals but they said everything must be in by March 31. It’s deadline to pay your Business Licence. But you cannot apply for your Business Licence unless you got registered. That’s the problem. The fire department came down. They told us what we had to do. The police came and they told us what we had to do. But we haven’t seen

been offered. The proposed dock could be built at the south end of the project where deep water already exists, and you don’t have to dredge. And a seawall of any size should not be permitted in the North Bay, bottom line.

“Trying to deliver heavy loads of supplies and thousands of gallons of fuel safely is going to be challenging, if not impossible, let alone the heavy equipment they will need for construction. We have been told that by numerous experts, so just listen to the people who know rather than hiring foreigners unfamiliar with the area.”

The Alliance also voiced concerns about a presentation by Yntegra principal, Felipe MacLean, related to density in other islands.

anybody from Town Planning,” Mr Robinson added.

“When I called them, what they said is that they have a lot of approvals to do. I’m waiting for the Board to meet for to be approved. So everybody’s at a standstill with paying for their Business Licence because everybody’s waiting for this registration approval.”

Mr Robinson said about 25 percent of his membership have had to make physical changes to their properties, and about 90 percent of liquor store operators that he has visited are still waiting to hear from Town Planning.

“About 25 percent of them [have made changes] because they were doing what they call the window service, and then they had the cage and everything,” he said. “But they are willing to comply. They are making the changes. Some are still in the process. Some have completed. I think about 15 percent of them have completed the changes but they’re still waiting for the approval. The hold-up is getting the approval. They’re taking too long to give us the approval.

“About 90 percent of the bars I visited, my members, hardly anybody has been

“Mr MacLean’s attempt to label this project ‘low density’ relied on comparisons to developments like Bakers Bay and Harbour Island — some of the most intensively developed resort enclaves in The Bahamas,” said Eric Carey, a consultant to the neighbouring Turtegrass Resort & Island Club, chief executive of ONE and former executive director of Bahamas National Trust (BNT).

“Those are fundamentally different environments and not comparable to a small, relatively undeveloped Exuma cay. Presenting those examples risks creating a misleading impression and influencing decision-makers to accept a level of density that is far outside the established norm for the Exumas.”

The Alliance emphasised: “More to the point, this is a foreign developer who has come in from Miami and is now wanting to tell us how we use our waters. The developer doesn’t get to tell us these things. We already know, and we know because this is where we live and work, and where generations before us have done the same. It is deeply wrong to come here and tell us what we have been doing all these years is wrong just because it suits your project instead of our lives.”

approved yet. Everybody’s waiting for this Town Planning so we can go to what we call step two. Everybody has completed step one. But before you could go to step two, all these approvals you have to upload. And getting those approvals has been a challenge. I don’t know if they’re going to extend it [deadline] or what, but that is the hold up.

“And with Town Planning, you can’t even call them. I had to physically go into them. When you call on the phone, they say, ‘No, you have to come in.’ So we went in. We had to prove that the property belongs to us. You got to carry in your conveyance. The ease of doing business. They want you to prove that you own the property, looking for floor plan,” Mr Robinson added.

“I told them, even with the property, why do I have to bring in my conveyance? I’m paying taxes on the property. They accepted my money, so the property must be my own. So I gave them my tax assessment and everything. They see I’m paying my taxes. So at least they accepted that.”

Minister: Bahamian interests protected at the GB Shipyard

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CABINET minister yesterday confirmed that some expatriate employees at the Grand Bahama Shipyard have not had their work permits renewed so as to create opportunities for qualifed Bahamians, especially in specialised skills positions.

Pia Glover-Rolle, minister of labour and the public service, tod the House of Assembly that a joint task force featuring officials from the Department of Labor, Department of Immigration and the Grand Bahama Port Authority Workers Union is meeting weekly with the Shipyard to ensure employment quotas are met and Bahamians prioritised for specialised positions.

Minister: Gov’t ‘standing first’ with fishermen on dual threat

BY NEIL HARTNELL Tribune Business Editor

A BAHAMIAN Cabinet minister yesterday pledged that the Government is “standing first” for Bahamian fishermen as it seeks to protect them from the renewed twin threats of foreign poachers and Trump tariff increases.

Jomo Campbell, minister of agriculture and marine resources, said in a statement that the Government has “immediately engaged” its diplomatic and trade contacts after Donald Trump, the US president, warned that he would impose a 15 percent tariff on all imports to the US - a move that would increase the tax rate facing $50m worth of Bahamian crawfish exports by 50 percent compared to the initial 10 percent.

While it was reported yesterday that Mr Trump has initially opted for 10 percent, a move that would result in no change for Bahamian exporters, Mr Campbell said: “Recent developments surrounding the newly-imposed 15 percent US tariffs and continued reports of illegal poaching between the

Gulfstream, which sits between Florida, Grand Bahama, Bimini and the Berry Islands along with the Great Bahama Bank, have understandably raised serious concerns within our commercial fishing community and across the nation.

“Let me be clear: Our fishermen are not just stakeholders in an industry; they are stewards of our waters, pillars of our Family Islands, and critical contributors to our national economy. Their livelihoods must be protected. The introduction of a 15 percent tariff on our seafood exports presents a direct challenge to one of The Bahamas’ most vital industries.

“We have immediately engaged with our international partners through diplomatic and trade channels to safeguard market access and ensure that Bahamian fishermen are not unfairly disadvantaged. At the same time, we are exploring additional practical measures, along with diversification strategies, value-added processing,and regional market expansion, to strengthen long-term resilience and ensure that all segments of the industry remain viable.”

Then, responding to the viral video purporting to show Bahamian fishermen fighting with Dominican poachers, Mr Campbell added: “Equally concerning are the persistent reports of foreign poaching within our waters. Unauthorised exploitation of our marine resources undermines both our economy and our national dignity. Enforcement must be visible, consistent and uncompromising. This requires strengthened maritime surveillance, co-ordinated regional security efforts and clear legal consequences for all fisheries violations.

“We have been doing our part with the Marine Action Partnership, along with the recent Operations Red Dawn and Dragnet, in partnership with WILDAid and The Nature Conservancy. This issue is not a political football but a national issue that we will continue to confront. Our enforcement efforts are ongoing, and we thank the public for their continued tips/reports through the BAH WildTip App as they assist us with advancing these efforts.

“We are also mindful of concerns raised by flats

She said the Government is also encouraging the Shipyard to expand its apprenticeship programme, providing on-island Bahamians with opportunities to gain the experience needed to fill specialised roles.

“In response to complaints regarding the Shipyard, we have established a dual task force that meets with the Grand Bahama Shipyard weekly - a joint team including the Immigration Department, the Department of Labour and, of course, the union. We also work with an agency called Clear Blue,” said Mrs Glover-Rolle.

“We are ensuring that employment quotas are met. I will go so far as to say that there are expatriates whose permits have not been renewed because we are committed to giving Bahamians the first

fishermen and others as it relates to certain enforcement matters, such as illegal foreign activity. I assure the public that these matters are being taken seriously and are part of our broader enforcement review. The Bahamas Government is standing first for Bahamians, and that includes defending our fishermen, guides, processors and all who depend on our waters for their livelihood, while carefully considering all appropriate measures to strengthen and protect the industry going forward.”

Adrian LaRoda, president of The Bahamas Commercial Fishers Alliance (BCFA), told Tribune Busines earlier this week there were two timing-related factors that may mitigate the impact of Donald Trump’s latest

opportunity for employment in the Shipyard, particularly for specialised skills. As you know, there is an apprenticeship programme that we are encouraging the Shipyard to expand so these positions can be filled by qualified Bahamians on-island.”

Mrs Glover-Rolle’s comments we made in response to Opposition finance spokesman, Kwasi Thompson, raising concerns about hiring practices at the Grand Bahama Shipyard in Parliament yesterday.  Mr Thompson highlighted reports of non-Bahamians being employed by the Shipyard while qualified local workers remain sidelined.

He stressed that if Bahamians can do the job, they must be hired, and urged the Government not to approve any work permits until all qualified Bahamians have been considered.

“There is growing concern among those who work at, or wish to work at, the Shipyard that too many non-Bahamian employees are being brought in even when there are Bahamians

tariff-fuelled retaliation for exporters to the US. The first is that, with the current Bahamian crawfish season set to close in just over a month’s time on April 1, this nation has already exported the majority of what it was sending to the US. This means fisheries will have been taxed at the original 10 percent tariff imposed on all Bahamian exports to the US, rather than the new 15 percent rate that represents a 50 percent increase in rate terms for all physical goods this country supplies to its northern

available to fill those positions. We have been informed that some workers who were terminated after COVID have not been rehired, while their replacements have come from overseas. This is a major concern for both former and current employees,” said Mr Thompson.

“It must be made clear that if there are Bahamians who can do the job, and we believe there are, they must be hired. We also urge the Ggovernment not to approve any work permits until all qualified Bahamians have been considered for the position.”

Mrs Glover-Rolle acknowledged that the Shipyard requires specialised functions, and said this is taken into consideration when reviewing work permit requests. She said the Department of Labour, in collaboration with the Department of Immigration, is fully in control of the situation at the Grand Bahama Shipyard, and stressed the interests of Bahamian workers are being placed first.

neighbour. And, given that Mr Trump can only impose the new 15 percent rate on all US imports - not just those from The Bahamasfor 150 days before needing the US Congress to approve their extension, Mr LaRoda said the Bahamian fisheries industry is hoping that the volatility in US trade and tariff policy will have eased by the time the new crawfish season starts on August 1. The 150-day window’s timing is thus fortunate for the sector because it coincides with lobster’s closed season.

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Parks and Beaches exhausts 87% of funding in six months

PHA, Bahamasair and Water & Sewerage owed the largest collective sum at just over $100m. These figures represent a one-time snapshot of the Government’s accounts payables, or sums due and owing to outside third parties, meaning that they do not represent a continuous trend and the situation may

have changed significantly over the past two months. However, the near-$120m year-over-year increase is likely to reinforce the suspicions of many in the Bahamian business community - especially those owed major sums by the Government for some time - that it is having critical cash flow and liquidity challenges when it comes to paying its bills in full and on a timely basis.

Elsewhere, the collective value of proposed financial guarantees being sought from the Government by its state-owned enterprises (SOEs) has declined by almost $236m from what the 2024-2025 mid-year Budget reflected. At that point, SOEs were looking to the Government to underwrite some $551.582m in financing for various projects ny promising to step in and pay if they defaulted on

their loan/debt obligations but, one year later, this collective amount has fallen to $315.592m That is still a hefty total, with the Bahamas Mortgage Corporation said to be pursuing the largest guarantee of some $142.5m - the purpose for which is unknown, although it could be to refinance existing bond debt. The Water & Sewerage Corporation is also seeking government underwriting support for a $52.944m guarantee, with the Bahamas Development Bank and PHA also after $35m and $31m, respectively.

Smaller sums are also being eyed by the Clifton Heritage Authority, which is seeking a $16m guarantee, and the Bridge Authority, whose requirements are for a relatively modest $8m.

Meanwhile, the Government also drew on almost 50 percent of the $50m Budget reserve appropriation placed within the Ministry of Finance’s Budget for 2025-2026. The Davis administration accessed $23.733m of this sum during the six months to end-December 2025, split into $9.987m to cover four different recurrent, or fixed cost, spending commitments and $13.746m in capital expenditures for school and road repairs.

Some fiscal observers, though, questioned the use of this Budget reserve for such purposes, arguing that the $50m represented monies set aside to cover

unexpected issues that need to be paid, yet the uses should all have been known to the Government. Of the $9.987m used for recurrent purposes, some $3.774m was employed by the Department of Inland Revenue for “payment of lease agreements” while another $1.5m was paid to the Bahamas Air Navigation Services Authority (BANSA).

Of the remaining balance, some $2m was assigned to make overtime payments to Customs officers while another $2.713m was used by the Ministry of Finance for bond repayments - an expense it should have known was coming.

The Opposition has frequently used the Government’s travel spending and budget as a stick with which to bash the Davis administration. And it is likely to use the mid-year Budget documents for this purpose again, as some $883,685 has been re-purposed from allocations assigned to consultancy services and marketing and promotion in the Prime Minister’s Office’s budget to fund travel by Mr Davis and his officials to Caribbean-related conferences in Brazil and Ethiopia, plus to the UK to meet King Charles III and attend the United Nations (UN) general assembly. In total, the Davis administration re-purposed - meaning it moved monies approved by Parliament to different Budget line items within the same ministry or

agency - some $9m worth of recurrent spending during the 2025-2026 first half. Some $26.674m was also re-purposed on the capital budget side. Another noticeable disclosures in the mid-year Budget were that the Bahamas Public Parks and Beaches Authority had exhausted almost 87 percent of its allocated $29m full-year subsidy during the first six months. Some $25.179m had been spent during the fiscal year’s firsthalf, which is especially noteworthy in an election year given that several sources have described the agency as akin to “streetlevel patronage” funded by the taxpayer.

Some $125.837m worth of Customs duty and excise tax breaks, on goods collectively valued at $472.736m, were granted during the 2025-2026 fiscal year’s first-half. The bulk of these concessions and exemptions, some $59.026m worth, were processed using the Hotels Encouragement Act. The Government’s fullyear spending forecast has not altered, with a projected $3.164m rise in recurrent expenditure cancelled out by a reduction of the same magnitude on the capital expenditure side. Those ministries receiving an increase in their recurrent budget include the Ministry of Health and Wellness, at $2.284m, and the Ministry of Tourism, Investments and Aviation at $1.95m.

Gov’t ‘transitioning’ to combat $2bn unfunded pension liability

strengthens in the second half of the year as revenue collections accelerate and expenditure growth moderates,” he added. The fiscal year’s second half coincides with peak economic activity driven by the winter tourism season, which drives VAT and cruise passenger taxes, plus the payment of Business Licence fees; the bulk of real property taxes; and commercial vehicle licensing.

Mr Lundy also signalled that the Government anticipates its finances, and the nation’s fiscal position, will be further boosted by the first-ever receipt of corporate income tax payments. These will be generated from the 15 percent domestic minimum top-up tax that The Bahamas has imposed on companies which are part of multinational groups with annual turnover in excess of 750m euros, thereby ensuring it complies with the G-20/ Organisation for Economic Co-Operation and Development (OECD) minimum tax initiative.

“Importantly, the fiscal profile also reflects the timing of corporate income tax payments, which are primarily due in the fourth quarter. With corporate income tax budgeted at $130.1m for this fiscal year, most receipts are expected later in the year, supporting the projected improvement in the overall fiscal position,” Mr Lundy added.

Collecting that $130.1m projected revenue boost could be critical to the Government achieving its Budget surplus projection. Given the $342.4m first-half deficit, it will need to generate a $417.9m positive swing, or collective surplus, during the 2025-2026 second-half to meet its $75.5m target.

Tribune Business calculations showed the Government generated a $289m surplus during the 2024-2025 second half, driven largely by the

$182.2m through which it found itself ‘in the black’ for March 2025 - likely aided by annual Business Licence payments. Matching that performance, and achieving the extra $130.1m forecast from corporate income tax, would bring the Davis administration in at almost bang-on its $75.5m Budget surplus target. However, the near-$418m swing required is certainly far higher than the Government has achieved before. And, amid the increased late 2025 deficits, the Government’s direct debt expanded by a further $633.9m during the 2025-2026 to close last calendar year at $12.4bn. This sum is equal to 75.1 percent of Bahamian GDP, and Mr Lundy said: “This outcome reflects financing required to support fiscal operations and debt management activities during the period.”

The mid-year Budget revealed that government revenues may have undershot the prior year during the 2025-2026 first half had it not been for VAT. The tax, which is forecast to account for close to 40 percent of the Government’s total income for 2025-2026, generated a $76m or 11.5 percent year-over-year increase during the fiscal year’s first half, rising from $663.078m during the same period in 2024-2025 to $739.142m.

The VAT jump accounted for virtually all of the $54.351m, or 4.2 percent increase, in the Government’s total taxation income to $1.346bn for the 2025-2026 first half as opposed to $1.292bn during the same period in the year before. Taxes on international trade and

taxes, which include Customs duties, were down by $18.39m year-over-year at $393.934m for the 20252026 first-half, while real property taxes were off by $4.947m.

Non-tax revenues, meanwhile, finished the 2025-2026 first-half some $11.359m higher at $160.73m. This was largely due to a $15.096m jump in administrative fees, which rose from $113.05m the year before to $128.147m this time around. Fines, penalties and forfeits also increased by $2.577m to $5.759m.

The end result, collectively, was that total government revenues for the 2025-2026 fiscal year’s first half increased by $66.572m, or 4.6 percent, to $1.508bn from $1.441bn the year before. “Total revenue amounted to $1.5bn, reflecting growth of $66.6m relative to the prior year,” Mr Lundy affirmed.

“Tax receipts increased by $54.4m, or 4.2 percent, reaching $1.3bn, which represents 39.1 percent of the full-year Budget target. This performance reflects continued economic activity and strengthening compliance efforts across major revenue categories.”

As for expenditure, he added: “Total expenditure totalled $1.9bn, an increase of $41.3m or 2.3 percent, compared to the same period last year. Recurrent expenditure rose by $42.2m to $1.7bn, driven largely by compensation of employees and interest payments on public debt. Capital expenditure declined slightly by $900,000 to $191.7m, mainly reflecting reduced payments to private sector partners.”

Mr Lundy also pledged the Government’s

commitment to civil service pension reform and protecting taxpayers from further growth in these $2bn-plus “unfunded” liabilities.

“We are transitioning to a funded, defined-contributory system to secure retirement benefits and protect long-term fiscal sustainability,” he stressed, although no timelines or details were provided on the plans to seemingly require 23,000-plus civil servants to contribute to their retirement income.

The Washington D.C. based Fund, in its recently-released Article IV consultation report on The Bahamas, called on the Davis administration to go further with long-awaited reforms by “transitioning… all public servants” - not just new recruits - to a proposed defined contribution pension scheme.

This arrangement, when created, would require government employees to contribute a portion of their salary earnings to financing their own retirement as opposed to the existing defined benefit, or ‘pay as you go’, scheme where civil service pension pensions are financed entirely by the Bahamian taxpayer via allocations made in the Government’s annual Budget.

The IMF, while reassuring that the Government must “honour” all benefits due to existing civil servants under the current 100 percent taxpayer-financed scheme,

went further than the most recent proposals outlined in the draft Pensions Bill 2023. This called for all new civil service hires, once they have completed their six month-probationary period, as well as all existing officials with less than eight years’ pensionable service, to join the new scheme.

The switch to a defined contribution plan was to have been optional for pensionable public servants with more than eight years’ public service, but the IMF is recommending that the Government go further and require all civil servants regardless of tenure to make the switch in an effort to “lessen the actuarial imbalance of the whole system”.

And it reiterated previous warnings that the unfunded civil service pension liabilities, now estimated to exceed 15 percent of The Bahamas’ annual gross domestic product (GDP) or annual economic output, represent the equivalent of a ‘ticking timebomb’ that threatens to impose a massive burden on Bahamian taxpayers and future generations if not swiftly addressed.

Tribune Business calculations, based on the $14.485bn real GDP projected for the 2025-2026 fiscal year in the Government’s Budget, peg these unfunded public service pension liabilities at $2.173bn currently - meaning they represent

obligations that no funds are available to pay. Simon Wilson, the Ministry of Finance’s financial secretary, previously described this as “the top risk” to the stability of the Government’s finances.

Mr Lundy yesterday promised that the Prime Minister will give a “full address” on the Government’s fiscal policy and Budget outlook at a later date, which could be as early as when the House of Assembly meets again next week.

However, Michael Pintard, the Opposition’s leader, was among those questioning whether Mr Davis’s absence from the House of Assembly justified no full mid-year Budget meeting. Mr Davis is understood to have been outside the country attending the CARICOM heads of government meeting, which was joined by Marco Rubio, the US secretary of state, amid the ongoing tensions over Cuba and the Trump administration’s imposition of a near-total oil embargo on that island.

Mr Pintard said he “didn’t understand” why Chester Cooper, deputy prime minister, or the person acting as finance minister in Mr Davis’ absence, could not have given the mid-year Budget statement. Another source added: “There’s always a minister of finance in the country. Whoever’s sitting in for them has the duty.”

developers that requests for proposals (RFPs) and tender/bidding processes for contracts with the development will be routed through the private sector advocacy group to ensure Exuma businesses receive first notice and priority consideration.

“We have received a clear commitment that requests for proposals will be routed through the Chamber so that our members receive first notice and priority consideration,” said Mr Hanna.

“Additionally, even businesses that are not currently members of the Chamber will have the opportunity to be recommended, ensuring that qualified Exuma businesses are not left behind.”

Mr Hanna said a highend Rosewood development would raise Exuma’s global profile, attracting more international visitors, and he added that major investments often drive infrastructure improvements that benefit residents and strengthen the island’s economy.

“Beyond the immediate economic benefits, this

Minister says Bahamas ‘under-estimated before’

by $68.9m (29.9 percent) to $161.6m.

“The fiscal outturn for November 2025 recorded a deficit of $82.9m compared to $56.9m in the same period of the prior year,” the Ministry of Finance’s November report said of the 45.7 percent year-over-year deficit jump for the month.

“This outcome was associated with a $64.2m (25.4 percent) decline in revenue receipts to $189m and a $38.2m (12.3 percent) decline in spending to $271.9m. Tax collections decreased year-over-year

“Taxes on property decreased by $8.7m (41.3 percent) to $12.4m, primarily due to lower collections from commercial and foreign-owned undeveloped property transactions,” the Ministry of Finance added.

“Value-Added Tax declined by $12.5m (13.1 percent) to $82.9m, owing largely to reduced intake on goods and services items. Taxes on international trade and transactions were reduced by $38.2m (44.8 percent) to $47.1m, amid comparatively lower receipts of excise duty taxes.”

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development will elevate the global visibility of Exuma. Increased exposure to international travellers brings expanded opportunity for surrounding businesses, guest houses, restaurants, tour operators, fishermen, artisans and service providers throughout our island chain,” said Mr Hanna.

“Major investment also tends to drive improvements in infrastructure, which ultimately benefit nearby residents and strengthen the overall foundation of our economy.”

Mr Hanna also praised Yntegra’s development team for pursuing proper site approvals and environmental clearances, engaging in public dialogue, and demonstrating responsiveness to community concerns.

There was better news for the Government on non-tax revenue, which rose year-over-year by $4.7m (20.5 percent) to $27.4m, supported by collections of Customs and Immigration fees. However, December saw a repeat - albeit more modest - of November’s revenue decrease, while a near-$31m surge in government spending pushed the monthly deficit to more than double close to $100m.

“For the month of December 2025, the Government’s fiscal performance resulted in an overall deficit of $98.6m compared to $43.6m in the same period of the prior year,” the Ministry of Finance said. “This outcome reflected a $15.5m (6.2 percent) decline in revenue receipts to $233.6m alongside a $30.7m (11.4 percent) increase in spending to $332.2m.

“Tax collections declined year-over-year by $13.5m (5.7 percent) to $233.6m.. Taxes on international trade and transactions declined by $8.1m (11.1 percent) to $64.8m, reflecting lower collections of air departure taxes. VAT was lower by $4.6m (4.8 percent) to $91.1m, mainly associated with realty transactions.

“Taxes on the use and permission to use goods decreased by $2.4m (19.1 percent) to $10.2m, primarily associated with a reduction in Business Licence fees and receipts of communication levies. Excise taxes were lower by $1.7m (67.2 percent) at $800,000. Taxes on specific services rose two-fold to $3.9m, reflecting timing-related receipts of gaming house and casino taxes,” it continued.

While acknowledging that some opposition to the project remains, Mr Hanna said he has hopes the ongoing dispute will be “resolved amicably” and stressed the  Chamber’s role in ensuring growth is inclusive and responsible.

“We understand that this development still faces some opposition, even from Chamber members, and we respect this dialogue. We hope that the dispute can be resolved amicably and offer our assistance as a chamber to help with a resolution for achieving this goal,” said Mr Hanna.

“As president of the Exuma Chamber of Commerce, I want to be clear: Growth must be thoughtful, responsible and inclusive. Our role is to advocate for

“Non-tax revenue aggregated $37.3m for a $3m (7.5 percent) year-over-year decline. Underlying this outcome was a decrease in collections of rental income and work and resident permits.”

The Ministry of Finance will likely have been monitoring January and February’s revenue performance to ensure that the latter part of 2025 does not represent the start of a declining revenue trend just ahead of the all-important winter tourism season and peak economic activity that allows the Government to narrow and, hopefully this year, eliminate the deficit of the first six months. January is especially important as VAT collections will be boosted by quarterly filers joining their monthly counterparts.

As for the Government’s spending, the Ministry of Finance’s November report said the monthly reduction stemmed from its earlier $1.067bn foreign currency international bond issue which had altered the timing and schedule for debt repayment. “Recurrent outlays for the review month of $256.3m represented a decrease of $23m (8.2 percent) from the corresponding period in the prior year,” it said.

“Public debt interest declined by $25.3m (37.1 percent) to $39.8m, primarily reflecting a shift in the monthly debt service schedule as a consequence of last year’s liability management operation. Subsidies were reduced by $5.3m (13.3 percent )to $34.2m due to reduced payments to public entities.

Exuma’s businesses, protect the interests of our residents, and ensure that development strengthens - not diminishes - the character and beauty of our islands.”

The Rosewood Exuma project has drawn sustained criticism from the neighbouring Turtlegrass Resort and Island Club, whose owner, Bob Coughlin, is part of the Save Exuma Alliance (SEA). Opponents have said the Rosewood resort is “vastly oversized” and warned the location of a service dock in Sampson Cay’s North Bay would destroy coral reefs, disrupt tidal flow and harm marine life.

Yntegra Group, which is headed by Felipe MacLean, has consistently rejected and pushed back against these arguments. The

Miami-based developer has asserted that its project will have a $1.6bn impact over 20 years, translating into $80m per year, along with an $834m boost to Bahamian economic output (GDP) and $336m in additional income for Bahamian workers over the same period. This is equivalent to an average $41.7m GDP impact, and $16.8m in extra income, over that 20-year span. The increase in government taxes is forecast at $176m over two decades, with the Rosewood Exuma developer also projecting it will help create “533 full-time equivalent jobs annually” in construction, tourism and other industries.

asserting that The Bahamas will generate much faster, and higher, economic growth than projected in upcoming years.

December, though, saw government spending resume its year-over-year increase. “Recurrent outlays for the review month exceeded the year-earlier spend by $31.6m (11.6 percent) to 304.7m,” the Ministry of Finance added.

“Public debt interest costs were higher by $38.1m (54.3 percent), of which 77.3 percent met obligations to non-residents. Subsides increased year-over-year by $3.9m (10.6 percent), reflecting payments to the National Health Insurance Authority, University of The Bahamas and Public Hospital Authority.

“Spending on personal emoluments increased by $6.1m (8.4 percent) to $78m, paced by a rise in wages and salaries. Capital expenditure rose by $7.9m (40.2 percent) to $27.5m. The bulk was expended for the acquisition of non-financial assets (78.3 percent) and the remaining 21.7 percent represented capital transfers.”

The Governments direct debt increased by a net $41.7m in November, driven largely by another $50m in short-term borrowings from the Central Bank of The Bahamas. And a further $73.4m was added during December 2025, resulting in the central government’s direct debt rising by a combined $115.1m over the two months.

Leon Lundy, minister of state in the Prime Minister’s Office, yesterday sought to project confidence by

“Capital expenditure declined year-over-year by $15.2m (49.3 percent) to $15.6m. The bulk was expended for the acquisition of non-financial assets (79 percent) and the remainder (21 percent) represented capital transfers.”

“Our country has been under-estimated before,” he argued. “Because we have made significant and precisely-targeted investments in our country and our people, we believe that in the coming years, our economy will grow well past projected baselines and, in doing so, will create a new generation of Bahamian success stories.”

Pointing to ongoing government initiatives such as cyber security, Mr Lundy said: “Over 100 daily attacks are blocked, and targeted security investments help protect sensitive government and financial data…. We have made unprecedented investments in our country and in our people, and we believe these investments – in infrastructure, in digital connectivity, in energy, and in skills training and education, will fuel robust economic growth.”

Mr Lundy said the mid-year Budget showed “continued progress toward fiscal consolidation. Revenue performance is strengthening, expenditure remains controlled within budget parameters, and the fiscal outlook for the remainder of the year remains positive.

“The Government remains committed to prudent financial management, achieving a fiscal surplus and continuing the downward trajectory of the debt-toGDP ratio over the medium term,” he added.

Power outages, piles of snow vexing parts of Northeast in snowstorm aftermath

By KIMBERLEE KRUESI, LEAH WILLINGHAM and JAKE OFFENHARTZ Associated Press

POWER failures, waisthigh canyons of snow and more flurries Wednesday bedeviled parts of the Northeast in the aftermath of a massive storm that dumped icy piles on streets and sidewalks from Maryland to Maine.

The fallout persisted across the region: In Rhode Island, where 3 feet (0.9 meters) of snow surpassed the record set in the Blizzard of 1978, people were stuck in their homes for a third straight day as residential streets remained unplowed, trash pickup got postponed in places and some schools went virtual.

More than 138,000 customers were still without power Wednesday afternoon, nearly all of them in Massachusetts and particularly in Cape Cod, according to poweroutage.us. Utility crews were working 18-hour shifts to restore electricity and people huddled in warming shelters for respite and to recharge phones.

Anny Enos took her three grandchildren to a warming station in Barnstable, Massachusetts, on Wednesday to charge their devices and get a change of scenery. She said she hasn't had power since Sunday afternoon and was afraid that she might not get it back until Friday. She threw out most of her fridge Tuesday and was just hoping for the best.

"I hate to say it but it doesn't seem like they were ready," she said. Reinforcements, overtime and thousands of 'emergency shovelers'

The storm created "thousands" of damage sites that required workers in some cases to remove big snow piles with backhoes before new poles could be installed

or old ones repaired, according to Doug Foley, president of electric operations for Eversource in Massachusetts. More crews from other states arrived to help on Wednesday. Most unwelcome, up to 3 more inches (7.6 centimeters) of snow fell early Wednesday, adding to slippery conditions before temperatures rose, creating slushy messes. The gigantic snowstorm this week has cities working overtime to clear towering heaps. In New York City, Mayor Zohran Mamdani got creative: in addition to spreading 143 million pounds (65 million kilograms) of salt by Tuesday evening, the city signed up at least 3,500 people as emergency shovelers, working $30-per-hour shifts to clear snow from bus stops and streets. Police said carbon monoxide poisoning killed a man in an area of Rhode Island that had lost power. Joseph Boutrous, 21, had told a fellow Salve Regina student he was going to charge his phone in his car, Newport Police Capt. Joseph Carroll said. The exhaust pipe was obstructed by snow, police

said, calling his death accidental. The sophomore from Bohemia, New York was an offensive lineman on the football team. A social media post said his teammates are heartbroken.

Some sidewalks are impassable for people with disabilities

There was plenty more work left to do. Parts of New York have people feeling marooned, according to Jeff Peters, spokesperson for the Center for Independence of the Disabled, New York.

"You'll find a portion of a sidewalk that is clear, and then there's maybe a 6-inch (15-centimeter) pathway that can only be walked with one foot in front of the other and no room for a stroller, rollator, walker or crutches," Peters said. "Then you get to the corner and not only is it unshoveled, but you have basically a glacier at the end of it."

Tina Guenette, who uses a motorized wheelchair, had to shovel out her yard this week after more than 33 inches (84 centimeters) fell in Harrisville, Rhode Island, a town about 17 miles (27 kilometers) northwest of Providence.

"I really have no choice if my service dog wants to go outside," Guenette said. Harrisville's volunteer snow-shoveling program hasn't had volunteers for years, she said.

The storm unleashed massive amounts of snow Monday's storm blanketed the region with snow, canceled flights, disrupted transit and downed power lines.

Crunching the numbers, meteorologist Ryan Maue, former chief scientist at the National Oceanic and Atmospheric Administration, calculated that all that snow held a total of 2.5 trillion gallons of water.

If all the snow that fell from Maryland to Maine fell just on Manhattan, it would have towered over a mile high. If the snowfall blanketed only on Rhode Island, which got hit hardest, it would bury the entire Ocean State in more than 92 feet of snow, The Associated Press estimated.

STUDY - from page B3

for how the development would be carried out and who would ultimately control and benefit from the project.

Mrs Moxey reiterated that the project preparation facility is designed to answer questions about ownership and development.  She stressed that the involvement of Afreximbank goes beyond the $1.86m, noting the value of the relationship, the financing it brings and the potential to attract additional investors.

“We go back to the same point: This is a project preparation facility that will determine all of that, and that’s why we are ensuring it happens. We have Afreximbank involved because it isn’t just about the $1.86m.

It’s about the relationship; what they bring to the table, the financing that will come with it, and the additional investors they may attract.

That’s the key point,” said Mrs Moxey.

“It’s not about the $1.86m itself, but about the partnership with Afreximbank Bank, which is spearheading this initiative with the Government of the Bahamas as a public-private partnership.”

While acknowledging his questions would be addressed via the feasibility study, Mr Thompson still raised concerns that “we are spending $1.8m not to create the project itself, but to investigate it”.

“So, if I understand the member for Pineridge correctly, this is a facility for us to investigate and determine what should happen. It is essentially a fee we will be paying for their involvement in helping us study and decide the next steps,” said Mr Thompson.

“The questions being raised, you’re saying, will be answered by this feasibility study. But what I’m emphasising is that we are spending $1.8m not to create the project itself but to investigate it.”

Nvidia and other tech stocks lead Wall Street higher

By STAN CHOE AP Business Writer

U.S. STOCKS rose Wednesday and erased their losses for the week so far, as Nvidia and other technology companies led the way.

The S&P 500 added 0.8% for a second straight gain following Monday's swoon, when stocks dropped as investors tried to separate potential losers from winners in the artificial-intelligence boom.

The Dow Jones Industrial Average rose 307 points, or 0.6%, and the Nasdaq composite climbed 1.3%.

Nvidia was one of the strongest forces lifting the market and rose 1.4% ahead of its highly anticipated profit report, which arrived after trading ended for the day. The company whose chips are at the center of the AI revolution once again reported profit for the latest quarter that topped analysts' expectations. It also said it expects to make roughly $78 billion in revenue this quarter, when analysts had been

forecasting less than $72.3 billion. Because Nvidia has grown to become the U.S. market's largest stock by value, it has more influence on the S&P 500 than any other company. Nvidia's profit reports have become a bellwether for the market, not only because it's so big but also because of how influential the AI boom has broadly become over the market's moves. In past years, the AI frenzy helped stocks run to record after record amid hopes that it would revolutionize the economy and make it more productive.

More recently, though, concerns have climbed about whether companies like Alphabet and Amazon are spending so much on chips from Nvidia and other equipment that they'll never be able to make back the investments through future gains in productivity. If that leads to a pullback in spending, it would hit Nvidia directly.

Investors have also begun focusing on companies and industries that could get

undercut by AI-powered competitors. That has led to sudden and swift sell-offs for stocks seen as potentially under threat, and spasms have rolled through industries as seemingly disparate as software, trucking logistics and legal services.

That's on top of other worries already weighing on the market, including new tariffs announced by President Donald Trump to replace ones struck down by the Supreme Court.

"While those concerns are real, we believe investors would be wise to balance them out with offsetting trends that may be underappreciated in the current wall of worry headline cycle," according to Darrell Cronk, chief investment officer for Wealth & Investment Management at Wells Fargo.

Among them is the solid growth in profit that U.S. companies have been reporting so far for the end of 2025. That has helped strengthen corners of the U.S. stock market that had earlier been overshadowed by AI mania and Big Tech,

including stocks of smaller companies.

Cava Group, the fastcasual Mediterranean restaurant chain, jumped 26.4% after delivering better profit and revenue for the latest quarter than analysts expected. Its revenue for a fiscal year also topped $1 billion for the first time, up 22.5% from the year earlier.

Axon Enterprise leaped 17.6% after the seller of Tasers and body cameras with AI voice-activated assistants likewise reported bigger profit and revenue than analysts expected.

Surgeon general nominee faces sharp questions about vaccines, birth control and qualifications

By ALI SWENSON Associated Press

WELLNESS influencer, author and entrepreneur Dr. Casey Means on Wednesday shared a vision for addressing the root causes of chronic disease instead of feeding into "reactive sick care" during her confirmation hearing to become the nation's next surgeon general.

"Our nation is angry, exhausted and hurting," the 38-year-old said in Washington before the Senate health committee Wednesday. "If we're addressing shared root causes, we're going to be able to stop the whacka-mole medicine that's not working for us."

It's a message that dovetails with that of Means' ally, Health Secretary Robert F. Kennedy Jr., and his "Make America Healthy Again" movement. It also

has some bipartisan support, with many Democrats and Republicans agreeing that the rise in chronic disease is a problem that needs solving. But Means also faced tough questions from senators about topics that have become divisive in recent years, such as vaccines and hormonal birth control, as well as about her qualifications and potential conflicts. The Stanford-educated physician's disillusionment with traditional medicine drove her to a career in which she has promoted various products, at times without disclosing how she could benefit financially. She has no government experience, and her license to practice as a physician is not currently active.

"I have very serious questions about the ability of Dr. Means to be the kind of

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surgeon general this country needs," Vermont independent Sen. Bernie Sanders, the ranking member of the Senate health committee, said Wednesday. Next, the committee will consider whether to advance Means' nomination, in which case it would go to a vote in the full Senate.

Senators grill Means on vaccines

As the nation's doctor, the surgeon general is a leader for Americans on public health issues. If confirmed, Means could issue advisories that warn of public health threats. She also would be tasked with promoting Kennedy's sprawling MAHA agenda, which calls for removing food additives, rooting out conflicts of interest and promoting healthier eating.

Surgeons general also have sometimes used the office to advocate on issues related to vaccination — though the office has no role in creating vaccine policy. While Means has largely steered clear of Kennedy's debunked views on vaccines, senators from both parties grilled her on how she would approach the issue if confirmed.

Sen. Bill Cassidy, the Louisiana Republican who chairs the Senate health committee, asked Means whether she would advise Americans to vaccinate against flu and measles amid outbreaks across the U.S. She didn't make that commitment, instead emphasizing the importance of informed consent between patients and doctors.

Cassidy, a doctor himself, then asked Means if she

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They helped offset a 13.6% drop for First Solar, which reported a weaker profit than analysts expected.

Lowe's fell 5.6% and was one of the heaviest weights on the market even though the home-improvement retailer reported a bigger profit than analysts expected. Investors focused instead on its forecast for profit over the course of 2026, which fell short of analysts' estimates.

CEO Marvin Ellison said the broad housing market remains pressured, and stocks for rival Home

and the Nasdaq composite climbed 288.40

accepts evidence that shows vaccines don't cause autism. "I do accept that evidence," she said, referring to the research. "I also think that science is never settled."

Means said she looked forward to seeing the results of a federal effort to study environmental contributors to autism. The National Institutes of Health is funding such research, and it's not clear when those findings will be made public.

Means also was asked about concerns she has raised about the birth dose of the hepatitis B vaccine, which the U.S. Centers for Disease Control and Prevention stopped recommending for all children in a move criticized by scientific and medical groups nationwide. She said she supports the CDC's approach to the birth dose, but that promoting universal vaccination against the disease "at some point in childhood" was worthwhile.

Senators scrutinize Means' past comments on birth control, psychedelics Washington Democratic Sen. Patty Murray asked Means to address her past comments that birth control pills were being prescribed "like candy" and showed a "disrespect of things that create life."

Means said she thinks oral contraceptives should be available to all women, but raised concerns about what she called "horrifying side effects" that can occur in certain populations. "Doctors do not have enough time for a thorough informed consent conversation," she said.

According to the American College of Obstetricians & Gynecologists, hormonal birth control methods such as the pill, patch or ring are safe for most people but are associated with a small increased risk of deep vein thrombosis, heart attack and stroke.

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To sit or stand: Trump’s challenge to Democrats a key moment in State of the Union address

By DAVID BAUDER and BILL BARROW Associated Press

ABOUT halfway through his State of the Union address, President Donald Trump sprung the moment on Democrats like a trap: Stand up if they believed that protecting Americans, not "illegal aliens," was the government's first duty. It was blatant political theater — while also sealing the impression that he was giving a state of the disunion address.

The invitation to audience participation may stand as the most remembered part of a L-O-N-G version of the annual presidential speech to Congress on Tuesday — certainly if Trump's Republican allies have their way.

Democrats — the ones who hadn't already boycotted the whole affair — were left with a damned-if-you-do, damnedif-you-don't choice. Either they could align themselves with a president disdained by their party, or they could become a prop in his campaign pitch.

"One of the great things about the State of the Union is how it gives Americans a chance to see clearly what their representatives really believe," the president said. Then: "If you agree with this statement, then stand up and show your support: The first duty of the American

government is to protect American citizens. Not illegal aliens."

With that, the lines of division within the chamber — and, by extension, the nation — were drawn.

'You should be ashamed of yourself'

The speech as a whole underscored the State of the Union's potential as theater that only a sitting president can direct — especially one with Trump's natural abilities as a showman. Trump celebrated veterans and tied their exploits to the 250th anniversary of the Declaration of Independence. He capitalized on the U.S. men's hockey team's Olympic gold medal. He offered tear-jerking moments, like the introduction of slain activist Charlie Kirk's widow.

But nothing landed as hard as the stand-or-sit dichotomy that the president served up.

Vice President JD Vance and House Speaker Mike Johnson leapt to their feet behind him. So did Republican lawmakers watching from the House floor, adding applause. Almost all Democrats remained seated. Some stared, some squirmed.

"Isn't that a shame?"

Trump said. "You should be ashamed of yourself, not standing up."

It was a moment of the kind that Trump, a former reality television star, has

made integral to his presidency. His next challenge will be harnessing his power of division to help Republicans in the midterm elections, as the party faces an uphill battle to maintain their total control of Congress.

One could almost sense the moment being marked on tape for "Make America Great Again" loyalists to circulate on social media and store for campaign ads in the upcoming midterm elections. Stephen Miller, White House deputy chief of staff, posted on X: "The entire Democrat Party disqualified itself from government service in this one exchange. Nothing like it in U.S. history."

"This is your Democratic Party right here," host Lawrence Jones said on "Fox & Friends" Wednesday. "The entire speech was riddled with test questions for Democrats." The problem with Democrats is they don't see people "with different stripes" as legitimate Americans, he said.

On CNN, analyst Van Jones called it a stunt. "If he would have said 'Stand up if you like puppies,' they would have said, 'We like kittens.' I mean, there was no way they were going to stand up. He was just trying to make Democrats look bad."

Stationed in Saginaw, Michigan, to get the reaction of residents to Trump's

speech, Jones asked a man on the panel what he would have done if he were a Democrat in that position. The man didn't directly answer the question. Jones asked again. "I would have respected our country and I would have stood to my standards. I would have stayed to who I am."

In a Fox News Channel interview Wednesday, Bill Hemmer asked Sen. John Fetterman, a Pennsylvania Democrat, whether or not he stood at that moment.

Fetterman said he stood when Trump introduced the mother of a crime victim. He stood for Trump's introduction of a freed political prisoner from Venezuela. He stood for Erika Kirk. He celebrated military veterans. But he didn't address Hemmer's specific question.

Senate Democratic Leader Chuck Schumer of New York redirected the question when asked about it on CNN. "We agree we need to protect Americans," he said. "He's not. By his reckless ICE agency in Minnesota, two Americans were killed. Americans are being pulled out of their car and beaten."

The skills of a television communicator

The moment illustrated Trump's skill as a television communicator, honed for years as star of "The Apprentice" before entering politics, said Robert Thompson, director of

Bill Gates ‘spoke candidly’ about Epstein ties at a Gates Foundation meeting, spokesperson says

By GLENN GAMBOA and JAMES POLLARD Associated Press

Bill Gates addressed his connection to convicted sex offender Jeffrey Epstein and “took responsibility for his actions” during a town hall meeting of his nonprofit Gates Foundation on Tuesday, the nonprofit said.

“Bill spoke candidly, addressing several questions

in detail,” a Gates Foundation spokesperson said in a statement. Gates appears multiple times in the Justice Department’s release of documents connected to its investigation of the late financier. The Justice Department’s files include email correspondence between Gates and Epstein about philanthropic projects, calendar entries documenting dates they got together, and

NOTICE

NOTICE is hereby given that ABHISHEK JACOB #15A Tuckaway Road, off Village Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of February, 2026 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 ISEMALENE TERTULIEN of #43 Minnie Street, 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 26th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that RONEL JOACHIM of Miller’s Height, Carmichael Road Nassau, 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 19th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

photos of Gates at events the two men attended. Gates has not been accused of any wrongdoing in connection to Epstein and denies any knowledge of Epstein’s crimes. Gates has said he had met with Epstein to discuss philanthropy and believed he could help Gates raise money for issues like global health. “Every minute that I spent with him I regret and I apologize that I did that,”

Gates told Australia’s 9News earlier this month. Photos and mentions of Gates in the Epstein files have attracted increased attention since the Justice Department released millions of documents last month. Last week, Gates pulled out of delivering the keynote address at the India AI Impact Summit in New Delhi “to ensure the focus remains on the AI Summit’s key priorities.”

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NOTICE is hereby given that THEODORE TANIS of Eight Mile Rock, Russell Town, Freeport, 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 26th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that DONALD JEAN-PIERRE of Caribbean Gardens Close, 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 19th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Syracuse University's Bleier Center for Television and Popular Culture. "However we feel about the politics and craziness," Thompson said, "he has a real sense of rhetorical timing. He can play a room."

Democrats were caught in the rhetorical headlights, filling a role they had been cast in without their knowledge or consent, he said. With more time to think, he said, they could have just rolled their eyes and stood up. That may have made sense if Trump had said nothing beyond the role of government is to protect American citizens, said Kathleen Hall Jamieson, director of the Annenberg Public Policy Center at the University of Pennsylvania.

But he didn't. Phrasing it as a choice between citizens and "illegal aliens" — a phrase offensive to many — changed the equation, she said. The challenge may have been effective with the president's base of

supporters, but independents and Democrats will recognize it as a trap, she said.

"I don't think the Democrats had any choice," Jamieson said. "But here's a potential implication: You may see a higher number of Democrats not attending future State of the Union addresses."

Democrats could not participate in framing any immigrant as less than human, said party strategist Xochitl Hinojosa. While the president got a visual "that might end up being on Fox News all day," it does not change the negative consensus many Americans have about his handling of immigration and the U.S. Immigration and Customs Enforcement crackdown in Minneapolis, where two Americans were killed, she said.

David Axelrod, former President Barack Obama's communications maestro, said Trump's goal was to bait a response.

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NOTICE is hereby given that TYREECE COURTLEY POWELL of #46 East Avenue Millers Heights, off Carmicheal Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of February, 2026 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 VENISE ALFRED of Collins Avenue, 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 26th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that TELSON FRANCOIS of Alice Bimini, 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 19th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that DANIEL FREDERIC of Janelle Drive Bamboo Town, Nassau, 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 19th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Feds announce $26.5 billion loan for electric power expansion in Georgia and Alabama

By JEFF AMY and MATTHEW DALY Associated Press

FEDERAL energy officials on Wednesday announced a record $26.5 billion loan to electric utilities in Georgia and Alabama, saying the loan will save customers money as the companies undertake a huge expansion driven by demand from computer data centers.

A total of $22.4 billion will go to Georgia Power and $4.1 billion to Alabama Power. Both are subsidiaries of Atlanta-based Southern Company, one of the nation's largest utilities.

The companies plan to use the cash to build new natural-gas fueled power plants, build new transmission lines and upgrade existing power plants.

Energy Secretary Chris Wright said the loan will result in more than $7 billion in savings over decades from a lower, federally subsidized interest rate.

"We're focused on driving down costs," Wright said. He added that the loan would help ensure Southern customers "have access to affordable, reliable and secure energy for decades to come."

Wright and President Donald Trump have frequently made the case for their fossil fuel-friendly policies — including orders over the past nine months to keep some coal-fired plants open past planned

retirement dates — as necessary to ensure reliability of the nation's electric grid.

Wright says the orders have saved utility customers millions of dollars and helped keep lights on during last month's winter storm. Critics say the orders are unnecessary and have raised electric bills as utilities keep older, more expensive plants operating. "These loans will help lower the cost of investments in our grid that will enhance reliability and resilience for the benefit of our customers," said Chris Womack, Southern's chairman, president and CEO.

Scrutiny of rising utility bills

The new loan comes amid scrutiny on rising utility bills, with electricity prices increasing faster than inflation in many states. There is also widespread opposition to new data centers for artificial intelligence.

Trump in his State of the Union Tuesday announced a "ratepayer protection pledge" against higher utility bills tied to AI. He said tech companies will provide their own power as they build data centers. Trump didn't provide details but claimed prices will go down.

It is unclear whether any tech companies have signed pledges to build their own power plants, but Wright said on a call with reporters Wednesday that "every name you know that's developing a data center has been in dialogue with us."

He cited "cooperation" from giants such as Microsoft, Google and Meta, but he didn't specify any written agreements.

Federal officials have long given utility loans, including $12 billion in loans that the first Trump administration and President Barack Obama's administration

Nvidia delivers another quarter of stellar growth amid growing concern over AI economy

By MICHAEL LIEDTKE AP Technology Writer

ARTIFICIAL intelligence chipmaker Nvidia on Wednesday announced another quarter of astounding quarterly growth as investors try to decipher

whether technology’s latest craze is overblown hyperbole or a springboard into a new era of prosperity and productivity. The results for the November-January period blew past the analyst

projections that shape investors’ perceptions, as has been the case since Nvidia’s high-end chips emerged as AI’s best building blocks three years ago.

Nvidia’s fiscal fourth-quarter surged 73%

from the previous year to $68.1 billion while its profit nearly doubled to roughly $43 billion, or $1.76 per share.

The Santa Clara, California, company also provided a forecast exceeding

guaranteed for two costly nuclear reactors at Georgia's Plant Vogtle, partially owned by Georgia Power.

Trump's tax and budget bill last year reshaped the loan program to focus on increasing capacity to generate and transmit electricity. Loan guarantees under President Joe Biden focused on green energy goals.

Aiming for affordability

Gregory Beard, who directs the newly renamed Office of Energy Dominance Financing, said Wednesday that cutting interest rates and discarding Biden's policy "will get us back on the right track in terms of affordability."

The loan office will review individual projects to ensure they're financially viable, he said. "We're not going to build this plant or deploy this capital until we are sure that it's the right thing to do for the local community, for the local ratepayer," Beard said in an interview.

Those requirements don't seem to be laid out in loan agreements that Southern released Wednesday. Jennifer Whitfield, an attorney for the Southern Environmental Law Center who represented Georgia Power expansion opponents, said the loans will save money for Georgians, but questioned their wisdom.

analyst projections while its CEO Jensen Huang reinforced the demand for the company’s chips is still “skyrocketing.” That description feeds into Huang’s thesis that the AI boom is still in the early stages of a buildout that will reshape society. If Nvidia hits its revenue target for the February-April period, it will translate into a 77% increase from last year — a sign that the company’s already phenomenal growth rate is still accelerating.

Nvidia’s stock price rose by more than 2% in extended trading after the report came out.

The chipmaker has regularly cleared the bar set by analysts in the past three years, often by a wide margin, but that hasn’t always been enough to satisfy investors who have become increasingly skeptical about whether AI will live up to all the hype surrounding the technology.

After Nvidia delivered a stellar performance that far exceeded analyst forecasts in its last quarterly report,

"As a taxpayer, it's hard to avoid the fact that this is a bailout paid for by every taxpaying citizen of the United States," she said. Any savings for customers must be approved by the elected Public Service Commissions in Alabama and Georgia. Commissioners last July approved a threeyear rate freeze requested by Georgia Power, while commissioners in Alabama approved a two-year rate freeze in December. Company officials tout the freezes when utilities nationwide have been seeking record increases. But opponents complain company-friendly regulators locked in high prices and high utility profits.

Voters booted two Republican incumbents off the Georgia commission in November amid complaints about rising bills.

Commissioner Peter Hubbard, one of two new Democrats, unsuccessfully tried to roll back approval for Georgia Power's expansion in recent weeks. He said Wednesday that the declining costs of solar, wind and battery power could make new natural gas plants uneconomic over time.

"It's locking us into a costlier option,'' he said of the federal loan. "And so I think it just is not meeting the moment of affordability."

its stock price still fell by 3% during the next day’s trading. The AI fervor has escalated again during the past month as the four companies leading the AI charge — Amazon, Microsoft, Google parent Alphabet and Facebook parent Meta Platforms — collectively made commitments to spend about $650 billion this year ramping up their AI computing power.

A significant amount of the money is expected to be earmarked to buy more Nvidia chips required to power their AI factories, just as has been the case for much of the past three years — as Nvidia’s annual revenue soared from $27 billion to $216 billion. Analysts expect the chipmaker’s revenue to surpass $330 billion during the company’s next fiscal year.

“Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth,” Huang said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, SHANIQUE DANISE MARTIN of Fox Hill Road South, Nassau, Bahamas, intend to change my name to SHANIQUE DANISE HIGGS. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

CNC BRIDGE MACHINE OPERATOR / MARBLE FABRICATOR

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