03052026 BUSINESS by tribune242

Thursday, March 5, 2026

Marinas need boating fee reforms ‘like yesterday’

BY NEIL HARTNELL Tribune Business Editor

BAHAMIAN marinas yesterday urged the Prime Minister to fully disclose planned cruising permit fee reforms “like yesterday” as operators in the northern islands confirmed business volumes remain off by 50 percent with Easter rapidly approaching.

Robbie Smith, Bimini Big Game Club’s veteran dockmaster of 37 years, told Tribune Business that the Government’s plans to create two new permit fee “categories”, if structured and priced correctly, could reverse the loss of small-vessel weekend and day trippers that has been “killing everybody” in the marina business on the island.

With those boats viewing

PM reveals two new cruising permit ‘categories’

But precious little detail with business off 50%

‘Timing couldn’t be better’, but some urge more

The Bahamas’ cruising and associated permit fees as too expensive, when set against planned spending and time in this destination, prompting them to stay closer to home in the Florida Keys, he revealed that Bimini Big Game’s marina occupancies - typically 85 percent during weekends at this time of year

- remain down at between 40-55 percent.

Mr Smith spoke after Philip Davis KC, in his midyear Budget statement to the House of Assembly, revealed that the Government plans to reform the new and increased boating-related fees that it implemented last summer with the 2025-2026 Budget. He disclosed that two new cruising permit fee categories will be created, although no details were provided for the timeline by when this will happen or on the fees themselves; the permit duration; and the length of vessel they will apply to.

The Prime Minister’s Office did not reply to Tribune Business inquiries seeking to obtain this information before press time last

VESSEL - See Page B6

Top taxpayers give $11.4m VAT surge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government saw VAT revenues collected from The Bahamas’ 145 largest taxpayers and their affiliates increase by $11.4m year-overyear during the 2025-2026 Budget’s first half to account for around 50 percent of total income from this tax.

Philip Davis KC, unveiling the mid-year Budget in the House of Assembly, said these corporate entities and their 76 affiliates achieved an on-time filing and compliance average

of 89 percent despite VAT payment deadlines being narrowed.

Hailing the Large Taxpayer Unit’s work, he said it “plays a critical role in safeguarding government revenue by strengthening compliance among the largest contributors to the national tax base”.

“As of December 31, 2025, the unit monitored 145 large taxpayers and 76 related entities, adding 52 new taxpayers during the year. VAT collections totaled $358.5m, which is approximately 50 percent of total VAT receipts, representing an $11.4m increase

Public sector wage bill up $200m in five years

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

THE Prime Minister yesterday asserted that the near $200m growth in the public sector wage bill over a five-year period has not detracted from spending on healthcare, education, national security and other critical public services.

Philip Davis KC, unveiling the mid-year Budget statement in the House of Assembly, justified the significant increase in the Government’s employee bill - which rose by 27 percent in total, and 24.3 percent when base salaries are factored in - as a necessary response to The

Bahamas’ cost of living and affordability crisis, while also ensuring that public sector pay remains competitive with the private sector to help retain key employees.

“Affordability is not only about what families pay at the checkout counter. It is also about what they take home in their pay. And so, I turn now to how this Government has focused on the men and women who serve in our public service,” he said. “We believe our public servants deserve to be compensated fairly, and this administration has worked toward honouring that obligation.

PM says Parliament did approve Fund’s $265m BY

NEIL HARTNELL

nhartnell@tribunemedia.net

THE Prime Minister yesterday hit back at Opposition claims the Government had violated the law by injecting $265.3m worth of bond proceedings into the National Investment Fund through asserting that Parliament had already approved the move.

Prime Minister Philip Davis KC, unveiling the mid-year Budget statement in the House of Assembly, said Parliament approved

GBPA warned Gov’t ‘Pandora’s Box’ open if payment pursued

Co-chair said ‘deficit bill never presented in 60 years’ Christie reassured ‘no one will cause you any harm’ Payment mechanism has laid dormant for 23 years

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

a borrowing resolution on March 10, 2025, that paved the way for his administration to deposit the $300m surplus proceeds from the Government’s $1.067bn external foreign currency bond issue into the Fund to help finance infrastructure investments.

A copy of the resolution, which is posted on the Government’s website, states that Parliament “approves the deposit of the proceeds of the borrowing into the National Investment Fund” - thereby seemingly

year-over-year,” the Prime Minister added.

“Filing and payment compliance among these large taxpayers averaged 89 percent even as deadlines were tightened. These results reflect a more disciplined, data-driven approach to tax administration.”

Mr Davis said enhanced enforcement and compliance had also led to a 150 percent increase in maritime revenue collections although no dollar figures were provided.

“Stronger domestic tax compliance is one side of the equation,” he asserted.

“The other side is ensuring that activity in Bahamian waters translates into substantial revenue for the Bahamian people. For too long, that has not been the case. This Government has moved to change it.

“We have taken meaningful action to close long-standing gaps in maritime revenue collection. Over the past year, co-ordinated inspections across New Providence, Grand Bahama, Bimini, Abaco, Exuma, Eleuthera and surrounding cays identified

THE Grand Bahama Port Authority’s (GBPA) co-chair warned the Government almost ten years ago that it “would open a Pandora’s Box” if it pressed claims that the quasi-governmental authority owed significant multi-million dollar sums for expenses that exceeded Freeport’s tax revenues. The just-released arbitration ruling, which dismissed the Government’s demand that the GBPA pay it $357m, reveals that Sarah St George told senior Christie administration officials that “a deficit bill has never in 60 years” been presented despite assertions that the Hawksbill Creek Agreement clause providing for such reimbursement remains valid. That clause, which was cited in April 2016 by Allyson Maynard-Gibson KC, the former attorney general, and Sir Baltron Bethel, senior policy advisor to then-prime minister Perry Christie, was subsequently ruled by the arbitrators to have been superseded - and replaced - by the Government’s 1994 agreement with the GBPA. Mr Christie later pledged to Ms St George that “no one on this side will cause you any harm” as long as he held the prime minister’s chair.

PHILIP DAVIS KC

PETER MAURY

Make hybrid work function for nation

Over the past few years, the way we think about work has altered dramatically. What began as a temporary response to a global crisis has evolved into a long-term conversation about flexibility, productivity and the future of the workplace. For businesses in The Bahamas, the question is no longer whether hybrid work is possible. The question is whether we can build a hybrid model that actually works.

Hybrid work, at its core, blends remote and in-office operations. On paper, it sounds simple. In practice, it requires careful planning, cultural adjustments and a clear understanding of what your business truly needs to succeed. For Bahamian companies, this is not just a human resources issue. It is an economic one.

The Bahamas is a service-driven economy. From financial services to tourism support services, from professional firms to technology start-ups, much of our value is built on expertise, relationships and responsiveness. A well-designed hybrid model can strengthen all three. A poorly executed one can weaken them.

The first step in building a hybrid structure that works is clarity. Leaders must ask a straightforward question: What work truly requires physical presence?

For a retail outlet on Bay Street or a marina operator in Abaco, physical presence is non-negotiable. However, for accounting teams, marketing departments, software developers and administrative staff, much of the work can be performed effectively from home with the right systems in place.

service, collaboration and performance. Technology is the backbone of any successful hybrid model. Secure cloud platforms, reliable video conferencing tools, project management systems and clear communication channels are essential. Without them, remote work becomes fragmented and frustrating. With them, a Nassau-based team can collaborate seamlessly with colleagues in Freeport or Eleuthera.

OYE II KEITH

Instead, companies should be intentional about bringing teams together for strategic planning, training and relationship building. In-person time should be purposeful rather than routine.

This clarity allows businesses to avoid a onesize-fits-all approach. Hybrid should not mean everyone works from home two days a week simply because it sounds modern. It should mean designing a schedule that supports client

For the Bahamian economy, this has meaningful implications. A well-implemented hybrid model can expand the national talent pool. Employers in New Providence can hire skilled professionals who reside in Family Islands without requiring relocation. This reduces housing pressure in Nassau while creating professional opportunities across the archipelago. It also supports economic decentralisation, which has long been a national priority. Hybrid work can also strengthen resilience. Hurricanes and other disruptions are a reality in our region. Businesses that have invested in remote capability are better positioned to continue operations during temporary office closures. This continuity protects jobs, revenue streams and, ultimately, tax contributions that fund public services. However, flexibility must be balanced with accountability. One of the most common mistakes companies make is focusing solely on where people work rather than how performance is measured. A successful hybrid model shifts emphasis from hours spent at a desk to outcomes delivered. Clear targets, regular check-ins and transparent metrics become critical. Culture is another decisive factor. In The Bahamas, business relationships are often personal. Face-toface interaction builds trust. Hybrid work should not eliminate that advantage.

Leaders must also consider equity. Not every role can be performed remotely. A balanced approach ensures that frontline employees who must be on-site do not feel overlooked or disadvantaged. Benefits, recognition and development opportunities should be structured fairly across all roles.

For small and medium-sized enterprises, which form the backbone of our economy, hybrid work can be a cost management strategy. Reduced office space, lower utility expenses and more flexible staffing models can improve margins. At the same time, savings should be reinvested into cyber security, employee development and digital infrastructure.

Ultimately, building a hybrid work model that works requires leadership discipline. It demands clear policies, consistent communication and a willingness to adjust based on data and feedback. It is not about following global trends. It is about crafting a model that reflects the realities of the Bahamian market. If done thoughtfully, hybrid work can increase productivity, widen access to talent and make our businesses more competitive regionally and internationally. In doing so, it can support a more resilient and diversified Bahamian economy.

The future of work is already here. The opportunity now is to shape it in a way that works for us.

WalkInMedicalClinic

walkinmedicalclinic

Opposition leader cites ‘turmoil’ at the Shipyard

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Opposition’s leader yesterday voiced concerns that too many Bahamians remain locked out of opportunities at the Grand Bahama Shipyard.

Michael Pintard, in his contribution to the midyear Budget debate in the House of Assembly, said there are “many Bahamians knocking on the door” at the Shipyard who cannot gain entry, including some who were laid-off following prior “catastrophic events” and have yet to be rehired.

He said those workers are seeking government intervention but “no one is answering fast enough or resolutely enough to address their issue”. Mr Pintard added: “As we debate today, there is turmoil at the Shipyard.

“Many Bahamians are knocking on the door and cannot gain entry, some who were laid-off during the catastrophic events and, even since then, have not been able to return. They are knocking on the Government’s door, and no one is answering fast enough or resolutely enough to address their issue. That is the major problem at the Shipyard.” While advocating for more Bahamians to work at the Shipyard, Mr Pintard said this nation must

also focus on expanding Bahamian ownership of companies that provide services there.

Citing estimates that roughly 65 percent of work on vessels is carried out by sub-contractors, he said Bahamians are “as gifted and talented as anyone else” and should be facilitated to establish businesses - potentially in special economic zones - to service the Shipyard.

Mr Pintard also criticised what he described as a “woefully slow and unresponsive” processing of applications for individuals who would add expertise to the local labour force, warning that delays risk disrupting projects and affecting both current and prospective workers.

“We are also told that when it comes to properly processing applications for individuals who would add to the Bahamian labour force, the Government is woefully slow and unresponsive,” said Mr Pintard.

“On multiple levels, it is not facilitating Bahamians, nor the expertise that may not already be onshore. If projects do not proceed smoothly, it will impact those who are there and those who deserve to be there but are not being facilitated.”

Turning to broader conditions in Grand Bahama, Mr Pintard said residents remain pre-occupied with long-standing challenges despite recent focus on the

arbitration ruling between the Government and the Grand Bahama Port Authority (GBPA).

He said healthcare gaps persist, noting that residents seeking an MRI must travel to New Providence or abroad, and that proper bio-waste disposal solutions remain unresolved. He also pointed to the absence of a completed morgue and described hospital infrastructure on the island as still “challenged”.

Mr Pintard further questioned the Government’s claim that the $120m Grand Lucayan sale price is “in the bank”, noting the funds have not been shown to the public.

He said hundreds of Grand Lucayan employees are facing unemployment and the union representing them has indicated employees are still awaiting what he termed a “meagre settlement” owed to them.

“We still do not have the $120m that the DavisCooper administration says is in the bank. For all of their bluster, we cannot find it. People connected to us in this place and beyond are still facing unemployment. I believe some 279 of them face the real possibility of being out of a job,” said Mr Pintard.

“The unions and the employees are telling the country that this government would not give them the meagre settlement due to them. The water is still off. We still do not have

Civil service’s pension liabilities to hit $4.1bn

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Government’s pension obligations owed to public servants are projected to reach $4.1bn by 2032, with retirement benefits now consuming 6.2 percent of recurrent spending for the six months to end-December 2025

Prime Minister Philip Davis KC, unveiling the mid-year Budget in the House of Assembly yesterday, outlined sweeping reforms designed to place the system on a more sustainable footing. He added that pension liabilities represent a pressing fiscal challenge that can no longer be deferred, confirming that his administration will move to transition the

existing framework toward a defined contribution model were civil servants also pay towards their own retirement.

“We are advancing comprehensive pension reform through new legislation that will transition the system toward a funded, defined contributory model,” he said.

Mr Davis said the Ministry of Finance has prepared a ‘white paper’ outlining the proposed changes, which will modernise the public pension framework while safeguarding retirement security for public officers. Under the proposed policy framework, both employees and the Government will contribute at rates to be determined. Contributions will be credited to individual pension accounts

and protected against negative investment returns.

Mr Davis said the structure provides for immediate vesting of employee contributions, graduated vesting of employer contributions, and flexible retirement benefit options, including lump-sum payments or lifetime annuities. In cases of death or permanent disability, accrued benefits would be payable to designated beneficiaries.

He indicated that the reform is designed not only to protect retirees, but also to reduce the long-term fiscal risks associated with an unfunded pension syste, where obligations accumulate without dedicated assets to meet them. By shifting towards a contributory structure with individually credited

clarity on the hotel many months later. It is hard to trust the word of the DavisCooper administration.”

On infrastructure, he noted that phase one of the Grand Bahama airport redevelopment was slated for completion in 2025, yet residents have only seen architectural drawings and remain unclear about the project’s final footprint as 2026 approaches.

“2025 was supposed to mark completion of phase one of the airport. It is now 2026, heading into an election in the not-too-distant future, and persons in Grand Bahama have only seen architectural drawings. They do not know the exact footprint for the airport,” said Mr Pintard. “While we trust a number of those involved on the construction side, we certainly do not trust this government.”

Addressing the arbitration outcome, Mr Pintard argued that the Davis administration is attempting

accounts, the Government aims to improve transparency, predictability and sustainability.

The reform push comes as overall public sector compensation has climbed significantly since 2021.

Mr Davis noted that total spending on public sector salaries has grown from $738.4m to a projected $937.9m in the current fiscal year, with base salaries rising from $649m to more than $807m. Allowances were also adjusted to address recruitment challenges and cost-of-living pressures.

“Affordability is not only about what families pay at the checkout counter. It is also about what they take home in their pay,” said Mr Davis. “We believe our public servants deserve to be compensated fairly, and this administration has worked toward honouring that obligation.”

He added that the increases were planned, phased responsibly and funded by improved revenue performance. “We did

to “give the impression” it had secured a victory for Bahamians but there was never a realistic prospect of collecting $357m from the GBPA.

He said the Free National Movement has long maintained that control of the regulatory environment in Freeport should not remain concentrated in the hands of a few families or companies, but argued that reform must be pursued in a manner that does not create uncertainty or undermine investor confidence.

“There is no daylight between us and the Government on that subject. We are simply wiser about not creating uncertainty and a lack of confidence in Freeport by the manner in which this administration is proceeding. There are other ways to achieve that outcome,” he added.

Mr Pintard also noted that several revenue-generating entities once associated with the GBPA

- including utilities and land-holding arms - were privatised under a previous Progressive Liberal Party administration, placing key income streams beyond the Authority’s direct control.

“There was never any realistic possibility of collecting $357m from an entity that is largely subvented by other agencies. The agencies that do generate revenue are in private hands, with their resources protected, and the Progressive Liberal Party presided over that,” said Mr Pintard.

“We have said on record... that no administration before would have supported most of the provisions brought by the Grand Bahama Port Authority, save and except the bylaws. The counter-claims were dead on arrival long before the Government’s petition was dismissed. There is nothing here.”

not sacrifice spending on health, education or social services to make room for these increases. We managed both,” said Mr Davis. The Davis administration has positioned the salary adjustments as part of a broader strategy to stabilise and professionalise the public service, arguing that competitive compensation is essential for recruitment and retention across critical areas of government.

However, Mr Davis acknowledged that rising wage and pension costs must be carefully managed to avoid crowding out other priorities. Pension and gratuity payments alone now account for a growing share of recurrent spending, highlighting the urgency of structural reform.

MICHAEL PINTARD

Ex-Sky Bahamas finance chief

named to Turks’ Integrity Board

A FORMER

Sky

Bahamas chief financial officer has been formally appointed as a member of Turks & Caicos’ Integrity Commission Board.

Darius Ferguson, who has family ties to Providenciales and South Caicos, was confirmed as the Board’s chartered accountant member by the Turks’ governor, Dileeni Daniel-Selvaratnam. His appointment is for a period of three years and follows consultation with the president of the Turks and Caicos Islands society of professional accountants.

Mr Ferguson is a chartered accountant with more than 20 years’ experience across aviation, finance, technology and consultancy. He managed all financial reporting, regulatory engagement, capital projects and commercial

development initiatives for Sky Bahamas for a decade.

Mr Ferguson previously served in senior audit roles at both Ernst & Young (EY) and PricewaterhouseCoopers (PwC), leading major audit engagements and ensuring compliance with international financial and accounting standards.

The Turks governor said:

“Mr Ferguson’s extensive background in financial management, auditing and governance, together with his leadership experience across both corporate and community sectors, makes him well‐suited to serve on the Integrity Commission. His appointment strengthens our ongoing commitment to integrity, transparency and accountability in public life. I am confident that he will make a meaningful contribution to the Commission’s important work.”

The Shipyard effect: A unique opportunity for Grand Bahama

By Chris Earl Grand Bahama Shipyard CEO

GRAND Bahama is on the verge of an industrial transformation with the potential to redefine the island’s economic landscape for decades to come.

At the centre of this change is the Grand Bahama Shipyard’s $600m expansion — a project that is not only modernising one of the Caribbean’s leading ship repair facilities, but also creating meaningful opportunities for local workers, businesses and the wider Grand Bahama community.

Founded in 2000, the Shipyard has built a strong reputation for excellence in servicing both cruise and commercial vessels. Its shareholders — Carnival Corporation, Royal Caribbean and MSC Cruises — are global industry leaders with a deep commitment to quality, safety and longterm operations on the island.

The Shipyard’s vision is clear: To be the customer’s yard of choice along the US eastern seaboard and throughout the Caribbean. Its mission emphasises operational efficiency, environmental responsibility and delivering value to all stakeholders, including the Grand Bahama economy.

The scale of the current expansion is unprecedented. The newly operational 2XL dock has already welcomed its first vessel, immediately increasing the Shipyard’s capacity and competitiveness. Later this year, the MEGA dock - expected to be the largest floating dock in the world - is scheduled to arrive, enabling the facility to accommodate some of the largest cruise ships and tankers operating in the region. This investment significantly enhances Grand

ACCOUNTS SUPERVISOR WANTED

Company in the shipping business is looking to ﬁll the position of Accounts Supervisor. The role involves:

• Assist in preparing monthly, and annual ﬁnancial reports, including balance sheets, proﬁt & loss statements

• Review and approve journal entries, ensuring they are accurately recorded in the ﬁnancial system Supervise and manage daily accounting operations, including accounts payable, accounts receivable, and general ledger.

• Assist with account reconciliations

Applicants should have the following attributes:

• 5+ years of experience in a supervisory or team lead role within an accounting department Strong knowledge of accounting principles, ﬁnancial regulations, and best practices.

• Proﬁciency in QuickBooks and MS Ofﬁce

• Must be well organized and pay attention to detail

• Good communications and team building skills Must be professional and well presented

The position offers an attractive package of compensation and beneﬁts.

Please respond via email with copies of academic certiﬁcates and two references to: portagency429@gmail.com

NOTICE

IN THE ESTATE OF IAN CARLYLE WAINWRIGHT DECOSTA PENNERMAN aka IAN CARLYLE WAINWRIGHT PENNERMAN, late of #8 Terry Lane, Claridge Cove Subdivision in the Eastern district of the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above estate are required to send the same duly certified in writing to the undersigned on or before the 7th day of April A.D., 2026 after which date the Administratrix will proceed to distribute the assets after having regard only to claims of which they shall then have had notice. And Notice is hereby also given that all persons indebted to the said estate are requested to make full settlement on or before the date hereinbefore mentioned.

BOWLEG MCKENZIE ASSOCIATES CHAMBERS

Attorneys for the Administratrix #67 RowClem House Marathon Estates, Marathon Road Nassau, The Bahamas

In the first of a multi-column series, Chris Earl, the Grand Bahama Shipyard’s chief executive, details the company’s $600m transformation

Bahama’s standing in an intensely competitive global ship repair market.

Importantly, Bahamians are being trained to operate and manage this world-class infrastructure. The Shipyard’s apprenticeship programme and broader skills transfer ethos have long been central to its strategy. Young Bahamians receive hands-on training in highly specialised trades, including steel fabrication, pipe fabrication, mechanical systems, electrical systems, interior outfitting and even areas of naval architecture and project management. These initiatives are designed not only to meet current labour demands but to equip Bahamians with globally-recognised technical skills that support long-term careers in ship repair and related maritime industries.

The economic ripple effect of this expansion extends well beyond the Shipyard’s gates. Already, every $1 spent by the Shipyard generates nearly $2 in local economic activity. In 2025, approximately $60m flowed directly into Grand Bahama’s economy, benefiting local suppliers, transport companies, accommodation providers, contractors and a range of service businesses. Through the full realisation of this expansion, that annual contribution could rise to approximately $225m by 2030, representing a substantial and measurable boost to local prosperity.

Crucially, the Shipyard’s leadership views the facility as more than a repair

operation. It has the potential to anchor a broader industrial network across Grand Bahama - one that includes local fabrication shops, logistics providers, hospitality services, technical trades and support industries that grow in parallel with maritime demand. In this way, the Shipyard becomes a catalyst for diversified industrial development rather than a standalone enterprise.

The expansion also reinforces Grand Bahama’s strategic importance within the region. The island sits at a critical crossroads for cruise, tanker and support fleets operating throughout the Caribbean. Its deep, protected harbour and favourable weather conditions make it naturally suited for maritime operations. Yet global ship operators always have a choice. They will assess not only dock capacity, but reliability, workforce capability, regulatory efficiency and the overall business environment. The Shipyard that emerges post-expansion must deliver a complete and dependable experience; not merely dry dock availability.

On a practical level, the transformation is already affecting lives. It is creating professional pathways for Bahamian workers, expanding apprenticeship opportunities that provide world-class training, and generating sustained demand for local suppliers and service providers. Each success story - a young Bahamian mastering a trade, a local contractor

securing new work, a vessel safely repaired and delivered on schedule - reflects the tangible impact of this investment.

Grand Bahama Shipyard’s $600m transformation is not simply an industrial upgrade. It is a catalyst for long-term economic development, skills empowerment and community growth. Real success, however, will require continued focus beyond the facility itself, ensuring that the surrounding ecosystem of businesses, training institutions and policy frameworks supports and sustains this momentum. If that broader vision is realised, Grand Bahama will not merely host a worldclass shipyard; it will solidify its position as a resilient and self-sustaining industrial hub that benefits the entire island. To be continued….

Trauma, conflict hurting workplace productivity

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

TRAUMA and the inability to handle workplace conflict is negatively impacting productivity in The Bahamas, a human resources and professional development trainer said yesterday.

Jacqueline Gardiner, president of Legacy Training and Consultancy, asserted that conflict is a major issue in Bahamian businesses and this leads to an uncomfortable work environment and lessens productivity.

“Within The Bahamas there's a lot of conflict because we have a lot of trauma, and we are taught to be silent,” Ms Gardiner said. “And anything that you swallow whole, if you don't deal with that and you swallow that whole, it comes back. It manifests itself in silent ways. So you are responding and reacting, and don't even realise that you're responding and are reacting and being difficult.

“You find those people don't want come to work. They're depressed. They cause accidents because they're not attentive. They have a very tense environment in your workplace. You want to have a kind of environment where people feel free to discuss the way they feel.

“Because when you get that burden off of you, happy people work all day. That's just the formula. People who are depressed, they're pretending to work. All they're thinking about it is 'How much I hate that person. How do I get around that person? I can't wait to get off.' That kind of thing.”

For this reason, Ms Gardiner is hosting a workshop on March 24 at the Balmoral Club. Open to 75

professionals, she is seeking to tackle those who find difficulty in de-escalating conflict before it becomes a bigger problem. The workshop will teach persons how to manage workplace conflict between colleagues, communicate clearly under stress and avoid escalation.

The event will include a therapist, which Ms Gardiner believes should be present in every workplace. “I had an incident that happened early in my life where it seemed as if someone was taking advantage of me,” she added.

“So it was a trauma incident. And the person that was taking advantage of me, it was a person in authority. I didn't even understand that that went into my psyche in terms of how I'm interacting with people. I didn't even know that it had that kind of impact on me.

“However, when I went into the workplace after doing my own personal assessment, it opened my eyes that I don't like very domineering people. So when somebody is talking to me, when you're demanding me, you cause me almost to feel paralysed,” Ms Gardiner said.

“I become voiceless. But it took me doing deep work because I'm like: I'm good here and here. But why can't I answer this person? Why can't I answer with presence and with clarity what I'm being asked in this moment? My emotion would flood me, and I just will go silent...

“This is needed so greatly in The Bahamas, because me being in the workforce and going into management, you realise even persons who are in human resources, lots of them do not have that tool. They want to help, but they don't understand the complexity of life challenges enough to give meaningful help.”

Other speakers at the workshop include Yvette Ingraham, president of 360 Training & Consulting, Crestwell Gardiner vice-president - lending, Fidelity Bank (Bahamas), and Andia Delancey, senior manager of Scotiabank. Marisa Mason-Smith, human resources and management consultant, will also present.

“Ms Marisa, she's an arbitrator,” Ms Gardiner said. “She was once ombudsman at College of The Bahamas, University of The Bahamas now. She's head of Rotary Club of The Bahamas - very well known. She wears like a million different hats in terms of leadership. And I got her because she has she's an arbitrator and she was the human resources manager for BEC. So she's used to handling conflicts.

“So that's why she's in that space. The therapist will talk about our emotions, and we don't understand our emotion, whether it's a male or female. Sometimes we don't understand that we bring our past, our traumas, to the workplace. And they need to be addressed because they stand in the way of our success. They're like noise.”

Ms Gardiner, who has conducted training within the financial services industry, including insurance or banking as well as in businesses such as retail and pharmacies, said the drive behind the workshop stemmed from her personal experience. She realised that having soft skills is just as important as intelligence while at work.

“It comes from my own personal journey,” she said. “I entered the workforce very young - very intelligent, but not sufficient emotional intelligence. I was being escalated and promoted very quickly. I was in charge of a lot of people, but I was young. I

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didn't understand politics, how to deal with [people]. I didn't want to hurt anybody. I didn't know how to have those firm conversations, how to function effectively, because a lot of women function in a man's world, but they don't function effectively or in a healthy manner.

“I battled with all those things. And I'd go to other people and ask 'How do you deal with these type of persons?' Either people didn't know, or they didn't know how to explain in such a way, or whether it was that I was limited in my understanding. All of those are challenges. All kind of noise was in the way of being able to get that very quickly. And I needed it quickly because of being promoted very quickly based on intelligence.

“And what people don't explain to you sometimes is the fact that soft skill, are just as important as having intelligence. You could be smart, but if you don't know how to relate to people you don't know how to handle difficult situations and have those difficult conversations. If you don't know how to read the room, all of those things will sabotage your career and your success.”

Leverage GBPA’s ruling to better Freeport governance

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Grand Bahama Port Authority (GBPA) arbitration award should be used “as leverage to modernise Freeport’s governance in a way that is timely, enforceable and transparent”, a businessman said yesterday.

C. Allen Johnson, describing the partial award as “a snapshot of decades of unresolved ambiguities”, added: “Treat the decision as a reset and invoke the Review for future years only. This would establish a clear, enforceable annual amount going forward. This approach is forward-looking, easier to justify publicly and involves less legal risk.

“Attempt to invoke the review retroactively for past years, and then return to the tribunal (or a similar forum) to argue that the reviewed figure can be enforced for those previous years, this approach carries higher risks. It invites another expensive legal battle and could be criticised as an attempt to repackage a dismissed claim in a different form.

“This situation reveals a deeper institutional issue: Freeport governance operates by drift. This

partial award is a snapshot of decades of unresolved ambiguities. It illustrates the consequences of failing to conduct periodic reviews of mechanisms and allowing regulatory frameworks, particularly environmental ones, to stagnate for years,” Mr Johnson added.

“It highlights the pitfalls of relying on litigation as a substitute for governance: Tribunals can declare rights and breaches, but they cannot manage Freeport's day-to-day operations. You cannot replace the essential work of drafting modern rules, conducting timely reviews, enforcing standards and maintaining transparent accountability.

“The only win that matters now is the institutional competence gained from this experience. We should use the award as leverage to modernise Freeport governance in a way that is timely, enforceable and transparent.” Mr Johnsons said Freeport and the GBPA have not met “even the minimum of its potential and purpose”. He added: “This statement marks the 23rd anniversary of my first argument against the status quo of Grand Bahama.

DECISION - See Page B12

PM refutes boating decline as fee income up over 100%

night. However, Mr Davis said: “We recognise that the maritime market is evolving, with differences in vessel types, usage patterns and visitor expectations.

“To ensure fairness, competitiveness and transparency, my government will introduce a revised cruising permit structure that creates two new categories of fees tailored to these distinct segments of this community. This will allow us to modernise the regulatory framework while continuing to protect our marine resources and support sustainable growth in the maritime economy.”

This signals that the Government’s review of the boating fee hikes’ “competitiveness” and accompanying regulatory reforms, which was announced just before Christmas 2025, has produced some movement.

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Abaco Chamber of Commerce, as well as the Bahamas Hotel and Tourism Association (BHTA) and Bahama Out Island Promotion Board, have been negotiating changes with the Ministry of Finance.

Well-placed sources, speaking on condition of anonymity, told Tribune Business that the “two new categories” likely referred to by the Prime Minister were the reinstatement of the 90-day cruising permit, which was eliminated with last year’s Budget changes, plus the creation of a new short-term 30-day permit. Both were proposed by the private sector to the Ministry of Finance.

They added that the need for the Government to disclose precisely what adjustments are being made has been made more urgent by the upcoming four-day Palm Beach Boat Show, which is due to open in less than three weeks time’

on March 25. This would provide a strong platform to market and promote the reforms, and start the process of wooing back disenchanted boaters.

“The timing of the Prime Minister’s announcement couldn’t be better because the Palm Beach international boat show is coming up in about two or three weeks. That’s perfect timing,” one tourism source, speaking on condition of anonymity, said.

Peter Maury, the Association of Bahamas Marinas (ABM) president, told Tribune Business that the 90-day cruising permit, which had permitted boaters to enter The Bahamas twice during that period, had been “hugely popular”. He added: “We have the Palm Beach Boat Show in 20 days, a major boat show, and it would be good to have that information [on the changes] already. We would all welcome a better change. It’s not helping us what they are doing now.”

Mike Albury, of Abaco’s Conch Inn and Marina, yesterday said the announcement by Mr Davis was “good” but added that it should be the start - not the end - of boating fee reforms. He added that creating two new cruising permit fee categories by themselves will not be a major boost for reviving The Bahamas boating/yachting business.

“That’s good,” he wrote in a messaged reply to this newspaper, “but unless they accept all of the proposals that we made to them it won’t make much of a difference. We compromised quite a bit before even making the latest proposals to [the Ministry of] Finance.” The ministry’s primary concern, though, will have been to ensure that any changes do not reduce projected boating-related revenues to the point where they undermine Budget targets and forecasts.

Mr Davis, meanwhile, pushed back against marina

and private sector assertions that the new and increased boating fees had resulted in reduced business. He based this on the assertion that cruising permit revenues have more than doubled year-over-year.

“Some have expressed the view that the cruising permit regime has weakened our maritime sector. However, despite these concerns, demand for access to Bahamian waters has remained strong,” the Prime Minister said. “In fact, even as new fees such as anchorage charges and fishing permit fees were introduced, the cruising permit intake has grown over 100 percent year-over-year.

“We introduced the frequent visitors digital card to modernise processing and strengthen compliance for private vessels and aircraft visiting our islands. Whether arriving by pleasure craft or propeller-driven aircraft, travellers can now obtain the necessary permissions through a streamlined, digital process, making leisure travel to The Bahamas more efficient and user-friendly.

“During the first half of the fiscal year, this initiative generated $2.8m in revenue,” Mr Davis added, likely referring to a combined figure for both the private aviation and boating/yachting markets.

“As of January 2026, a total of 1,313 vessels and aircraft have utilised the frequent visitors digital card, confirming the value of digitisation in improving service delivery while supporting public revenue. These gains reflect increased maritime activity, growing interest in The Bahamas as a destination for repeat and long-stay visitors, and improved compliance within these revenue streams.”

While the two-year frequent digital cruising card (FDCC) has gained traction with visiting boaters

since its July 1, 2025, launch, marina operators yesterday contradicted Mr Davis’ assertion that fee income indicates the market and industry remain robust.

Mr Smith, at Bimini Big Game, said: “The numbers show it’s the ones who are paying $1,800 for the two-year FDCC who are benefiting, but for the ones coming over for the weekend in a small boat, and having to pay $500-$700, that’s killing everybody. The last two weeks, once the weather’s good, we had boats coming over but our hotel is full with divers flying on and coming in on the ferry.

“It’s the boating that’s hurting us. We’re down business wise. Our season really kicks in at the end of March. We have a lot of boats coming over once the weather’s good. We’re down in that capacity. A lot of them are saying they are going to the Keys. I’m sure they would prefer to come to The Bahamas. I hope what he said in the House of Assembly changes a lot of things.

“On the weekend, we’d be running at 85 percent but are down to somewhere probably between 40 percent to 55 percent. The employees are not getting their full four to five days. We have to rotate to give some two days, some three days. It [the changes] need to come out like yesterday.”

Mr Maury, meanwhile, expressed hope that The Bahamas will revert back to the 90-day cruising permit that allowed visiting boaters to enter the country twice during that period. “We want to go back to the 90 days,” he said, adding that this has been replaced by a one-year permit that is less flexible because holders - while able to re-enter The Bahamas twice - must do so for the second time within 30 days.

“It doesn’t make sense,” the ABM chief said of the change. “The 90-day was less expensive and quite popular for the boats going to West End, Bimini and Abaco. They are the ones that are suffering. If you want to come over, go back and come back again you effectively have to pay for the whole year and the fee is more expensive - three to four times’ as much. The 90-day was hugely popular, especially in the summer. Those were the weekend boaters who came over in their centre consoles and rented a room.”

Mr Maury reiterated that the absence of a digital, or online, clearance process meant that entry into The Bahamas is “very cumbersome” for visiting boaters who have to make physical calls on multiple government departments and offices to obtain all they need. “It should be online,” he moaned. “I don’t know why they took it offline. We’ve gone straight backwards.

“We just had a Zoom call with all the marinas, and everybody is going to have the worst Easter. This is Spring Break when the marinas are usually booming. They’re not experiencing that flow. I’m not saying it’s all because of the fees…. Talk to the marinas not sold out for Easter. They are the people who know how to fix it. I can tell you that everybody is going to have a very soft Easter. Ask anyone. Their budgets for this summer, nobody knows. It’s so hard to predict. The bookings are very soft. That came from the busiest marinas in The Bahamas.”

Mr Maury also argued that the Prime Minister’s boast of increased cruising permit fees was relatively meaningless when set against reduced private sector boating business, which he estimated was down by $80m industry-wide. He asserted that the higher government revenues need to be benchmarked, and set in context, alongside how many boats were clearing into the Bahamas and the earnings of marinas and other support businesses. Suggesting that fee income had risen because the Government has increased the rates, the ABM president asked: “The Government has made more money in fees, but how does that help anyone running a business, running a taxi, a restaurant, a food store?” Mr Maury said his Bay Street marina is heavily discounting its own fees and relying on storage business to offset the reduction in transient vessels passing through to the Family Islands.

“That doesn’t mean anything,” he added of the increased cruising permit fees. “Why don’t they publish the entries? Show us how many boats cleared in, what the revenues are. How does that help marinas and the Bahamian businesses that surround them? I’ve talked to the food stores, the restaurants, the hotels,

the Airbnbs, the stayovers in the Family Islands. They are all complaining about the same thing. They are losing business. What difference does it make if the Government collects a bunch of money from cruising permits? It’s just a talking point.

“Anybody in business will tell you exactly the same thing. Their business is down because of fewer boats. Why don’t they publish how much they got in VAT from the marinas?”

While The Bahamas’ new two-year frequent digital cruising card (FDCC) has gained traction with boaters, others have pointed out that The Bahamas has gone from charging $600 for a cruising permit, which included a fishing permit and no anchorage fee, to a $1,000 cruising permit fee, $350 anchorage fee and $300 per month fishing permit fee.

The ‘temporary’ 12-month cruising permit fee for a vessel below 50 feet in length has risen from $300 to $500, a two-thirds or 66.67 percent rise, with those between 50 feet and 100 feet seeing an increase of similar magnitude from $600 to $1,000. And the new anchorage fees range from $200 to $1,500 “for foreign pleasure vessels not mooring at a marina”, and are again linked to vessel size.

As Tribune Business previously reported, none of those voicing concern about the revised boating fees and their impact are disputing that The Bahamas has a sovereign right to determine and set these levies at the level it deems appropriate, or that visiting boaters should pay their fair share in taxes and fees in return for commercial exploitation of this nation’s waters and environment. They have even acknowledged that smaller, properly communicated rises may have been justified.

Instead, the main issue has been the zero consultation with boaters and industry, coupled with the lack of notice and time to adjust, as well as the scale and breadth of the changes and how they have been implemented in practice. This has led to significant uncertainty and confusion, with The Bahamas not providing a timely or coherent message to its visitors.

Suggestion arbitration return is not ‘automatic’

The 139-page decision sets out the route by which the GBPA and the Government became embroiled in an arbitration battle that appears set to continue for some time. One well-placed source, speaking on condition of anonymity, described the verdict’s release as the end to phase one of the fight over Freeport’s governance and administration, and predicted that “phase two”which will start now - is set to be even more intense.

Prime Minister Philip Davis KC yesterday renewed the Government’s bid to claim the arbitration verdict as a victory by hailing the outcome as “historic” and “a game changer”. However, both himself and Ryan Pinder KC have not addressed the fact that the Davis administration failed to achieve its primary objective, which was to be awarded the $357m or some other significant sum.

Had that occurred, the Government would likely have used it as leveragebelieving the GBPA and its shareholders would be unable to afford to pay - to force the Hayward and St George families to exit through either selling their equity interests or through the appointment of a receiver. That did not happen because the Hawksbill Creek Agreement’s clause 1 (5) (d), as cited by Mrs Maynard-Gibson ten years ago and relied upon by the Government now, was overridden by the parties’ 1994 deal.

The verdict thus forces Mr Davis and the Government to start again in their bid to dislodge the families. The arbitrators, though, gave them an alternative or different path to accomplish what they were seeking to do with the $357m demand. This time they will have to employ the “review mechanism” set up by the 1994 agreement to determine the framework, and calculation, for what the GBPA should pay the Government annually over the remainder of the Hawksbill Creek Agreement’s life before it expires in 2054.

The verdict also opened the door for the Government to potentially claim retroactive payments from the GBPA, if its expenses in Freeport exceeded tax revenues generated in any particular year, although it left unanswered how far back this should be applied.

“The tribunal made it clear that questions about what is owed for earlier years are unresolved and alive,” Mr Davis told the House of Assembly.

“The tribunal stated that it is able and prepared to determine those sums once the parties put the issue

before it. My Government will do exactly that.” However, well-placed sources yesterday challenged the Government’s seeming belief that the dispute is automatically referred to arbitration should the two sides be unable to negotiate an agreement on how the “review mechanism” works, its governance, calculation of future payments, whether it applies retroactively, and the amount of any sums owed. The arbitrators, Sir Anthony Smellie, ex-chief justice of the Cayman Islands, and Lord Neuberger and Dame Elizabeth Gloster, two UK law lords, wrote that they were available to resolve such issues “if both the parties would like”. This is being interpreted by some as meaning that both sides - the Government and GBPA - would have to agree to go back to arbitration, thus implying that such a move is not automatic and could not be forced by the Government.

One contact, speaking on condition of anonymity, said the Government will in the first instance have to negotiate with the GBPA as equals to see if both sides can settle all outstanding matters. “It’s misleading of the Government to say that arbitration is automatic,” they argued. “The Government cannot foist this second phase on the Port Authority.

“That’s what the Government seems to be overlooking. The Government does not have the agreement to go back to arbitration on that issue. That’s the key. The Government is behaving as though, first of all, the issue of arbitration, that both sides have agreed in the way that they have to go back to the Tribunal. They’re putting the cart before the horse.”

The third paragraph in the 1994 agreement, which the arbitrators ruled provides the “review mechanism” for the GBPA to compensate the Government, speaks to “defraying the administrative expenses incurred by the Government in the Port Area” although such costs are not defined. The GBPA paid an annual sum of $500,000, as per the agreement, for the five-year period between 1996-2000 but little effort was given to reviewing or assessing this when it expired.

“The obligation to pay $500,000 for five years under paragraph three of the schedule to the 1994 agreement was complied with by the GBPA, albeit that at least some of the payments were made by DevCo [Grand Bahama Development Company],” the arbitrators said.

“The payments were made in July of each year

between, and including, 1996 and 2000 under cover of a letter from GBPA which on four occasions referred to the $500,000 being ‘the annual contribution under the amended terms of the Hawksbill Creek Agreement’.” Freeport’s quasi-governmental authority, in a letter accompanying the July 2000 payment, told the Government this was the “final” payment of the initial five-year term and it was waiting to hear from it on the review.

This was acknowledged one month later, but it took a period of more than 20 months for the Government to write on May 16, 2002, that it wanted to double the annual payment from $500,000 to $1m. Callenders & Co, the GBPA’s attorneys, wrote back on January 13, 2003, rejecting the proposed increase and instead calling for the “review” to be triggered.

“This letter went on to record that there had been a meeting on August 19, 2002, between representatives of the Government and of the GBPA, at which the Government representatives contended that the payment under the 1994 agreement should continue - apparently at $500,000 per annum - and the representatives of the GBPA had made it clear that its case was that the GBPA should not be required to make any further annual contributions, in light of the substantial investments in and contributions towards Freeport which it had already made,” the arbitrators noted.

“The January 13, 200, letter then explained that its purpose was to set out in some detail the GBPA’s case as had been promised at that meeting. Having set out the expenditure incurred in the Port area by GBPA, the letter invited the Government ‘to withdraw its request to the [GBPA] that it should continue any further to the defrayment of administrative expenses by the Government in the Port Area’.”

No further discussions over the “review” took place, and it was mentioned in the record of a January 31, 2003, meeting between then-prime minister Perry Christie and his senior Cabinet ministers and the late GBPA co-chairs, Edward St George and Sir Jack Hayward. The issue of whether the GBPA should compensate the Government for Freeport expenses that exceeded its tax revenues then lay dormant for 12 years.

It was only revived in 2015 when the GBPA sought an extension of Freeport’s tax concessionsincluding real property tax, Business Licence and other

income-related levies - that were due to expire the following year. The second Christie administration appointed the Hawksbill Creek Review Committee to assess this application, and it was here that questions about “a deficit of $50m” between the Government’s Freeport spending and tax revenue were first raised.

The committee’s “report recorded that ‘the Government runs a deficit on Grand Bahama that is greater than that of The Bahamas generally’, but that there was disagreement between the Government and the GBPA as to whether ‘Freeport is a net contributor to the Public Treasury’.” This provided the springboard for the then-government to seek a Memorandum of Understanding (MoU) with the GBPA and talks began in 2016.

“At a meeting on 20 January, 2016, Ms St George raised and challenged the alleged $50m deficit. On occasions when Ms St George or others on behalf of the GBPA objected to the possibility of there being payments due from the GBPA to the Government, Sir Baltron’s line was that, as a matter of law, it needed to be sorted out,” the arbitrators added.

“On 14 April, 2016, there was a meeting at the Ritz Hotel, London, to discuss the content and the drafting of what became an MoU. At that meeting, Ms St George was recorded as saying words to the effect that “a deficit bill has never, in 60 years, been presented to the Port Authority. For the Government to attempt to do so now would open a Pandora’s Box;... clause 1(5), which speaks to this issue of audited accounts, is arcane and inequitable in light of the many changes since 1955 and 1965’.”

Sir Baltron replied that Mrs Maynard-Gibson and the Government believed the reimbursement clause is active, and the Pannell, Kerr, Foster (PKF) accounting firm had been hired to determine what may be owed by the GBPA. “The resultant figures suggested that 125 percent of the expenses exceeded the revenue in respect of the Port area in a sum between $150160m for each financial year

2011, 2012 and 2013, and by more than $170m for the year 2014,” the arbitrators noted.

“It appears that there was still some fairly hard bargaining between the Government and the GBPA, and a note prepared on 25 April records that there was a ‘very long conference last night’ and a five-hour discussion that day, both involving Sir Baltron and Ms St George (and others). There was apparently some talk about what, if anything, the Government was going to seek as ‘the claims’, with Ms St George referring to ‘rumours’ that the Government might be seeking $200m, which she described as ‘a hostile exercise’. She was told these were only “rumours”.

“The Prime Minister joined this meeting for the last hour. Ms St George mentioned the possible $200m claim to him, and he

said that he ‘wanted to bring resolution’ and that ‘we all need to be sensible’. He is then recorded as saying that ‘Once you can see that there is no threat for GBPA, as while I’m sitting here no one in this side will cause you any harm. Whatever the issues are that separate us, I want everyone to look at the big picture’.” The MoU was subsequently signed. The Davis administration thus appears to have picked up where its Christie predecessor left off. Its own hired accounting firm, PricewaterhouseCoopers (PwC), on March 26, 2024, produced the report justifying the $357m payment demand for 2018 through 2022. Of the sums allegedly due, these consisted of $30.666m for 2018, $88.773m for 2019, $68.326m for 2020, $85.175m for 2021, and $84.204m for 2022”.

Total compensation up 27% since 2021

SALARY - from page B1

“Since 2021, the total amount spent on public sector salaries has grown from $738.4m to a projected $937.9m in the current fiscal year. Base salaries have risen from $649m to over $807m. Allowances have been adjusted to address recruitment challenges and the very same cost of living pressures that affect every working Bahamian.

“These were planned increases, phased responsibly, and paid for by improved revenue performance. We did not sacrifice spending on health, education or social services to make room for these increases. We managed both.” The increases, though, which have come through improved industrial agreement pay deals as well as a public sector-wide salary review, have to be paid for by Bahamian taxpayers.

The Prime Minister also reaffirmed that the Government is tackling long-standing fiscal vulnerabilities associated with state-owned enterprises (SOEs) and contingent liabilities”.

He added: “Financial losses within SOEs, and the Government’s role as guarantor for certain loans, pose material risks to the national Budget as debt servicing obligations can - and domigrate to the public purse. We are confronting these risks directly.

“To strengthen governance and accountability, the Government has initiated structured training programmes for directors of state-owned enterprises and implemented a comprehensive guarantee policy framework. This framework establishes clear eligibility criteria, requires credit risk assessments and introduces appropriate guarantee fees.

Davis adds equity treatment meets accounting standards

contradicting assertions by Kwasi Thompson, Opposition finance spokesman and MP for east Grand Bahama, and others in his party that the transaction lacked the necessary lawful approval from The Bahamas’ legislature.

Mr Davis, who yesterday said portions of the $265.3m have already been allocated to finance airport and runway upgrades in Arthur’s Town and New Bight in his Cat Island constituency, plus Governor’s Harbour in Eleuthera, said: “I now wish to address concerns raised by the Opposition, including the member for East Grand Bahama, regarding the transfer of $265.3m into the National Investment Fund.

“I want to be very clear: That transfer was fully authorised by Parliament under the resolution passed on March 10, 2025. That resolution approved both the borrowing and the subsequent deposit of funds into the National Investment Fund for the purpose of supporting national infrastructure projects.

“Suggestions that the transfer bypassed Parliament or misrepresented the fiscal position are not supported by the facts,” he added. “The placement of funds into the National Investment Fund is consistent with the Public Debt Management Act 2021,

which empowers the minister to borrow for national development purposes.

Further, the National Investment Fund Act 2022 establishes the Fund as a statutory vehicle specifically designed to mobilise and deploy resources for strategic infrastructure investments.”

Then, moving to address concerns that the $265.3m is being treated as equity, rather than debt, given that it represents the proceeds of borrowing, Mr Davis said: “From an accounting perspective, the treatment of this transaction reflects standard public sector practice.

“The Government exchanged cash for a financial asset while the associated borrowing liability remains fully recorded on the Government’s balance sheet. As a result, the debt, deficit and surplus have all been transparently and accurately recorded in accordance with established public sector financial reporting standards.”

Mr Thompson, who had argued that placing the $265.3m into the National Investment Fund was a bid to maintain “the myth” of its forecast $75.5m Budget surplus, had called on the Government to “set the record straight” in the midyear Budget and “clearly disclose the legal authority” by which it has transferred the surplus from last year’s

“Last year, following the conclusion of the Budget cycle, the Ministry of Finance undertook a deliberate and necessary effort to strengthen communication with SOEs and to enforce stricter adherence to statutory and policy-based reporting requirements. These actions were taken to improve transparency, enhance monitoring and reduce fiscal risk associated with government-owned agencies.”

SOEs such as Bahamasair and the Water & Sewerage Corporation were given reporting obligations, timeline and documentation standards. “These requirements were given defined deadlines to ensure that up-to-date financial and operational information is available to support fiscal planning, risk assessment and decision-making,” Mr Davis said.

“The response from SOEs has been largely positive.

$1.067bn foreign currency bond issue into the Fund.

Mr Davis has done exactly that.

The east Grand Bahama MP had previously asserted the Public Debt Management Act gives “no blank cheque”, and mandates that all government borrowing proceeds be deposited into its consolidated fund and not removed unless approved by Parliament. He argued that the failure to obtain parliamentary approval, and the direct injection into the National Investment Fund, was a mechanism to prevent these monies appearing as debt/ borrowings in the Government’s books and thus blowing its $75.5m Budget surplus forecast.

The Ministry of Finance, unveiling its report on fiscal developments for the first quarter of the 2025-2026 Budget year, confirmed that $265.3m of the surplus $300m generated by last year’s external foreign currency bond issue had been placed into the National Investment Fund to help finance critical infrastructure projects.

According to the report, the Davis administration is also treating the $265.3m as “equity” even though it seemingly represents the proceeds of borrowing given that a bond is a debt security, or IOU, obligating the issuer to repay investors interest and principal. However, the National Investment Fund injection is classified as “equity” in the fiscal summary for the three months to end-September 2025.

Where gaps remain, the ministry continues to work closely with individual agencies to address deficiencies, improve compliance and strengthen internal reporting capacity.

$4.4m with financial sector incidents averaging $5.6m,” Mr Davis said.

The Prime Minister also identified cyber security ss a key emerging risk for the Government. “As of January 2026, more than 100 malicious attempts occur daily against government systems and have been blocked at the firewall level, and the estimated cost of a single major data breach approaches

“Accurate, timely, and consistent reporting allows the Government to better assess contingent liabilities, monitor financial performance and identify emerging risks before they crystallise into direct fiscal pressures. It also supports stronger governance within SOEs and reinforces accountability for the use of public resources.”

“Recognising this risk, we are making targeted investments in cybersecurity, including the recently launched Oracle platform to secure personnel and vendor information. Taken together, these measures reflect a comprehensive and forward-looking approach to managing the risks facing our nation - climate, fiscal, health and digital - while safeguarding the stability and future prosperity of The Bahamas.”

Bahamas Protected Areas Fund (BPAF) Is seeking to hire three (3) full-time positions:

With the following minimum qualifications:

1. Compliance and Ethics Officer (C&O) Officer:

• Bachelor’s degree in Law, Environmental Management, Finance Governance, Risk Management, Public Policy, or a related discipline (Master’s preferred).

• Minimum of 5-7 years of experience in compliance, risk management, safeguards, governance or fiduciary oversight.

• Experience with donor-funded projects and international safeguard standards.

• Familiarity with GCF fiduciary standards and accreditation requirements preferred.

• Strong analytical, investigative, and reporting skills

• Ability to maintain confidentiality and exercise sound judgement.

• Familiarity with the specific challenges of protected areas, biodiversity conservation, and environmental governance is desirable.

• Experience in collaborating with stakeholders in public and private sector agencies, NGOs and CBOs in The Bahamas.

• Experience communicating effectively with stakeholders, the public and/or media both in writing and verbally.

• Must be able and willing to travel on occasion to project sites within The Bahamas.

2 Monitoring & Evaluation (M&E) Officer:

• Bachelor’s degree in environmental science, social sciences, development studies, public policy, or a related field.

• Minimum of 3 - 5 years of experience in monitoring and evaluation, preferably in environmental conservation

• Experience in designing and implementing M&E systems for donor-funded projects or NGOs.

• Strong knowledge of M&E tools, methods, and international best practices, including both qualitative and quantitative approaches.

• Proficiency in using M&E software, data management systems, and Microsoft Office Data analysis software.

3 Communications Officer :

• Bachelor’s degree in Marketing, Communications, or a related field.

• 3–5 years’ relevant professional experience in communications within an international organization, government agency, NGO, private sector, or public relations firm.

• Excellent written and verbal communication skills in English, with the ability to translate complex information into clear, accessible messaging for diverse audiences.

• Experience developing and implementing communications strategies, particularly for donor-funded projects or NGOs.

• Proficiency in managing websites and social media platforms and applying communications best practices (qualitative and quantitative approaches).

• Familiarity with environmental conservation, protected areas, climate finance or related governance issues is an asset.

• Demonstrated ability to engage effectively with stakeholders across public and private sectors, media, NGOs, and community organizations in The Bahamas.

• Strong organizational skills, ability to multitask, meet deadlines, work independently, travel locally as required, and collaborate effectively to enhance BPAF’s visibility and profile.

Experience – All positions require:

• Experience in working with stakeholders in public and private sector agencies, NGOs and CBOs in The Bahamas.

• Relationship building skills to work closely with a variety of partners

• Communicating with multiple stakeholders including government representatives, international funders, the public and media

• Strong analytical skills and attention to detail and a commitment to maintaining data quality and integrity.

• Familiarity with biodiversity conservation and climate mitigation and adaptation issues Experience with the management of protected areas, particularly marine protected areas, will be a plus.

The full qualifications and requirements for the positions may be found at: https://bahamasprotected.com/careers/

Remuneration

Commensurate with the selected candidate’s experience and suitability for the role.

Location

The Compliance & Ethics Officer, M&E Officer and Communications Officer positions will be based in BPAF’s Office in Nassau, The Bahamas.

Appointment

The Compliance & Ethics Officer, M&E Officer and Communications Officer shall enter into an employment agreement with BPAF and will be subject to annual review.

If you believe you meet the requirements of the position, please send your cover letter and resume to info@bahamasprotected.com by March 27, 2026, referencing the specific position of interest

Please note that only short -listed applicants will be contacted

Freeport businesses say Port got larger victory

“Over these 23 years, I have faced aggressive resistance and exclusion from and by the GBPA and the various government administrations, who seemed to label me as arrogant and ignorant of the Hawksbill Creek Agreement and the subsequent changes and agreements.

“I know, and anyone else who wants to acknowledge the truth: Freeport and the GBPA has, for the first 25 years of the 21st century, failed to meet even the minimum of its potential and purpose.”

John Fox, owner of Seashore Treasures, said he is

not sure if there will be any major change following the ruling. He added that the most significant portion surrounded the $357m that the Government said GBPA owed it.

“If GBPA had to pay that, it would have an impact on the city of Freeport,” he said. “That’s a significant amount of money they would have had to pay. So, I think other than that everything else is pretty much business as usual. Nothing really much is going to change.

“Now, the Government is saying that they now have more control over Freeport, but I don’t think they have more control than they

Trump says deal on

already had or any less control. So to me, it seems to be status quo. Main thing here, with this arbitration, is that the claim that the Government had was rejected.

“Now, as far as moving forward, I think, based on my understanding of the ruling, there will need to be some kind of review on an annual basis of the costs of the Government operating in the Port area,” Mr Fox continued.

“And based on my understanding of the Hawksbill Creek Agreement, if there’s a deficit, and that being the cost of expenses exceeds the cost of the revenue, that’s generated, then when it’s a situation like that,

data centers will lower electricity prices as tech companies vow to cover costs

By JOSH BOAK and MATTHEW DALY Associated Press

PRESIDENT Donald Trump invited technology companies to the White House on Wednesday to commit to developing their own power generation as he tries to ease tensions over the cost of electricity used by data centers to develop artificial intelligence.

“They need some PR help because people think that if a data center goes in there, electricity prices are going to go up,” Trump said. “It’s not going to happen.”

then the Grand Bahama Port Authority would be required to make up the difference.

“If the Government is operating in a positive way, where they’re generating less expense than revenue, then no money needs to exchange hands because they’re getting the revenue from these various government departments within the Port area.”

Mr Fox said the GBPA got the bigger win in avoiding the $357m payment.

“From the Grand Bahama Port Authority standpoint, I would consider that a win because the government claimed they owed them $357m,” he said.

“The arbitration said, ‘No, we reject that. That’s not valid.’ So I think that’s a win there because if the arbitration ruled that they had to pay that, or they were liable to pay that, then that wouldn’t have been a win. That would have been a significant loss, because that definitely would hit the bottom line in a bad way.

“And so I see it as a win. And, to me, that was the main thing. The Government, they caused us to go to arbitration. It wasn’t the Port Authority. Now, naturally, if somebody takes you to arbitration, you have to defend. So my personal opinion is they defended that and they decided to

throw a lot of the stuff in there, just to give it more weight on their side. But as you saw with the results, only one out of a bunch of claims that they made were actually accepted. Everything else was rejected.

“So I guess in a certain sense, in certain ways, it’s a win on both sides. But I think it’s a bigger win for the Grand Bahama Port Authority. Unfortunately, this is happening around the time of the general election. So I think a lot of what is being said to the public is more public relations than anything to make the situation look a lot better than it really is.”

Trump has sought to deflect public concerns about AI, seeing the fast-evolving technology as crucial for the U.S. to attract foreign investment and maintain its economic and military prowess. But it’s unclear whether the commitments will meaningfully shield Americans from higher electricity prices that have climbed 6.3% over the past year, according to the Labor Department’s Consumer Price Index.

The president stressed that he understands that demand for energy will triple by 2035 largely because of AI, meaning that the U.S. needs to dramatically increase its construction of power plants. Construction spending on power generation jumped in 2022, but it has drifted slightly downward after peaking in October 2023, according to the Census Bureau. Trump has also sought to cancel wind power projects while elevating coal — which contributes to climate change — as a source of energy.

The companies committing to the pledge included Google, Microsoft, Meta, Oracle, xAI, OpenAI and Amazon.

The “ratepayer protection” pledge touted by the president comes as affordability has become a top concern for an American public wary of the possibility that the AI build out could lead to higher utility bills. Trump first announced the pledge during his State of the Union address last month, but provided few details Communities across the nation have seen a backlash against data centers over fears about rising electricity prices and concerns about pollution and water consumption. Opposition to rising power prices was also a key factor in Democratic wins last year in elections in states including Georgia, Virginia and New Jersey.

Under the terms of the pledge, the companies agree to build or buy new sources of power generation for their data centers and cover the expense of infrastructure upgrades. The companies could also sell excess power generation to utilities for public consumption, in addition to negotiating separate rate structures with public utilities and states, ensuring expenses are not passed on to consumers. They also commit to making backup generation available to prevent blackouts in times of emergency, and to hire locally for their data center build out.

Energy experts have expressed doubt that promises by the tech companies can slow down fast-rising electricity prices. While Trump said the pledge would force tech companies to produce their own electricity, the deal is likely not enforceable at the federal level, experts said. Electricity supplies are mostly regulated at the state level and managed across regions, using market structures that vary across the country.

The voluntary agreement has no enforcement mechanisms and ratepayers have no way to verify whether

tech companies keep their promises, said Lena Moffitt, executive director of Evergreen Action, an environmental group.

“Now that energy prices have skyrocketed due to his corporate polluter-first policies, Trump is trying to cover up his mistakes with a photo op,” she said.

But the Edison Electric Institute, a top lobbying group for the power industry, said the ratepayer pledge would help ensure data centers pay their fair share even as they use

enormous amounts of electricity.

“We appreciate President Trump’s focus on ensuring that our nation can drive innovation while also protecting Americans who need affordable, reliable energy,” said Drew Maloney, the group’s president and CEO.

Still, the pledge speaks to Trump’s style of striking deals rather than crafting policies.

Jill Tauber, vice president of litigation for climate and energy at Earthjustice, said

Millions left without power after major blackout hits Cuba’s western region

By MILEXSY DURÁN and DÁNICA COTO Associated Press

A BLACKOUT hit the western half of Cuba on Wednesday, leaving millions

of people in Havana and beyond without power in the latest outage to affect an island struggling with dwindling oil reserves and a crumbling electric grid.

Government radio station Radio Rebelde quoted an energy official as saying that it could take at least 72 hours to restore operations at one of Cuba’s largest thermoelectric power plants, which shut down earlier and sparked the outage.

The government’s electric utility said on social platform X that the outage affected people from the western town of Pinar del Rio to the central town of Camaguey.

The U.S. Embassy in Cuba issued a security alert and warned people to “prepare for significant disruptions” and conserve

fuel, water, food and mobile phone batteries.

“Cuba’s national power grid is increasingly unreliable, and scheduled and unscheduled power outages are prolonged and a daily occurrence across the country, including Havana,” it said on X.

By late Thursday afternoon, the government said crews had restored power to 2.5% of Havana, or some 21,100 customers, noting that efforts were gradual and tied to what the system’s conditions would allow.

“We trust in the experience and effort of the electrical workers to overcome this situation in the shortest possible time,”

Prime Minister Manuel Marrero Cruz wrote on X. Meanwhile, Energy and Mines Minister Vicente de

la O Levy said earlier that one power plant affected by the outage was up and running. “We are working to restore the National Electric System amid a complex energy situation,” he wrote on X.

State media reported that the outage was caused by a shutdown of the Antonio Guiteras thermoelectric power plant east of Havana following a leak in its boiler.

Radio Rebelde quoted the plant’s technical director Román Pérez Castañeda as saying that crews must first locate the fault, determine the repair method, repair it and then start up and synchronize the unit.

Pérez Castañeda said that a pipe burst in the boiler, causing a water leak and subsequent fire that firefighters extinguished without major

that actual laws and regulations needed to be in place rather than a signed pledge of unclear legal value.

“Data centers are increasing costs and pollution for communities across the country,” Tauber said in a statement. “More than a pledge, we urgently need strong policies and protections to ensure that data centers pay their way, disclose and mitigate their impacts, and are powered by clean energy.”

damage, according to Radio Rebelde.

The outage caught 63-year-old Odalis Sánchez out on the street with her grandson. She was unable to walk because of a recent operation, so she called someone for a ride home.

Some 200 people waited at a bus stop near her, but buses were not running given a lack of fuel, so they tried to get a ride via any means available, including hitchhiking.

“I need to be able to get home to see what I can do,” Sánchez said. “Without power, you can’t do anything. My grandson also is studying and I have to make him food. Public transportation isn’t helping.”

It is the second such outage to affect Cuba’s western region in the past three months.

In early December, an outage that hit the island’s western region lasted nearly 12 hours.

PRESIDENT Donald Trump holds up the Ratepayer Protection Pledge after signing it in the Indian Treaty Room of the Eisenhower Executive Office Building on the White House complex, Wednesday, March 4, 2026, in Washington.

Photo:Jacquelyn Martin/AP

PM blames payment timing for ‘muted’ revenue portrayal

and addressed widespread violations, including unpaid dock fees, improper Customs clearances and illegal charter operations,” he added.

“At private cruise destinations, targeted compliance inspections found deficiencies in reporting and accountability. The Government engaged directly with cruise line operators, implemented corrective measures and launched a secure data platform this month to standardise ongoing reporting requirements. As a result, maritime revenue collections increased

by 150 percent compared to the prior fiscal year. “The Bahamian people are the rightful beneficiaries of economic activity in Bahamian waters. We intend to ensure that remains the case.” The Prime Minister yesterday blamed timing delays related to the receipt and settlement of tax payments for giving the impression the Government’s revenue performance may be “muted”.

As an example, he cited the $18.8m in outstanding cruise passenger departure taxes and other levies outstanding and due to the Government which, if collected on time, would have produced a

modesl year-over-year increase in this revenue stream as opposed to the slight half-year decline at end-September.

“Over the first six months of the fiscal year, departure tax revenues totalled $160.9m,” the Prime Minister said. “This represents a slight decline of 5.1 percent when compared to the same period in the previous year due to outstanding cruise departure tax and sustainability levy payments, totaling approximately $18.8m that was owed to the Government in December 2025.

“Once these payments are received and accounted for, the true improvement in departure tax performance

Repatriation flights ramp up as nations race to bring citizens home from Middle East

By RIO YAMAT and R.J. RICO Associated Press

EXPLOSIONS in the sky

woke Cory McKane on Saturday, turning a quick visit to Dubai before a friend's wedding in India into a tense, multi-day search for a way out of the United Arab Emirates as the Iran war expanded.

Faced with limited options, McKane and his friends eventually drove a rental car to the Oman border, where taxi drivers were charging up to $650 to take people to Muscat International Airport. The journey to Muscat took 10 hours but paid off: McKane secured a last-minute flight

to India, arriving Wednesday sleep-deprived but relieved.

Hundreds of thousands of travelers found themselves similarly stranded in the Middle East after Israel and the United States attacked Iran on Saturday and Iran struck back on Gulf states as well as Israel. With much of the region's airspace closed and airstrikes intensifying, governments from North America and Africa to Europe and Southeast Asia continued their race Wednesday to bring their citizens home.

Officials chartered jets or deployed military aircraft to route stranded travelers through Oman, Egypt and Saudi Arabia, which

NOTICE

NOTICE is hereby given that ROLANDA DATIS of Pineyard Road, Joe Farrington Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I HERSON MEDINA HOLMES of Golden Village Prince Charles, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 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 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.

will be accurately reflected in the Government’s fiscal accounts. A similar timing issue is evident within Customs duty collections, particularly as they relate to the cruise industry.

“While overall Customs revenues are affected by delayed cruise-related payments, several sub-categories within this tax group have performed strongly. We have recorded positive intakes for cruising permits, anchorage fees and frequent visitor cards,” Mr Davis continued.

“Where revenue performance appears muted, it is largely the result of timing and settlement issues rather than reduced economic activity. As

waiting or trying to secure seats on the diminished number of commercial flights operating.

emerged as key exit points since airplanes still could land and take off from those countries.

A plane carrying French citizens from Oman and then Egypt landed in Paris early Wednesday, the first of several expected repatriation flights organized by France's government. A group of students returned to Italy after their government evacuated them from Dubai. More than 200 people from 16 countries departed Iran by land through neighboring Turkmenistan despite the former Soviet country's strict visa policies.

While repatriation efforts gained momentum, many travelers faced the choice of

More than 23,000 of the roughly 44,000 flights scheduled to fly to or from the Middle East between the start of the war and Thursday have been canceled, according to aviation analytics firm Cirium. Flight-tracking service FlightAware reported more than 2,400 flight cancellations worldwide on Wednesday, down from about 3,150 on Monday.

Helping the most vulnerable France estimates about 400,000 of its citizens are in parts of the Mideast affected by the conflict, either as residents or travelers, President Emmanuel Macron said.

Eleonore Caroit, the minister responsible for French nationals abroad, said about

NOTICE

NOTICE is hereby given that I GERALD ISEMAEL of Fox Hill Road, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I ALISHA JENNIFER PIERRE of Beacons Field Ave., New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 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 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.

NOTICE

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.

outstanding payments are resolved, these revenues will more fully align with the robust tourism growth we are experiencing, further strengthening the Government’s fiscal position.”

Mr Davis said the $1.5bn in revenues collected for the six months to end-December 2025 totalled 39.1 percent of the 2025-2026 Budget target, with the bulk traditionally collected during the second half of the year. VAT collections on real estate transactions, and upon which the Goverment previously estimated it may be losing up to $100m annually, saw a 50 percent increase.

“VAT collections accounted for 54.9 percent

100 seats on the country's first evacuation flight were reserved for vulnerable passengers, including families with children, older people and those with medical conditions.

of tax revenues and totalled $739.1m at the half-year mark. This represented growth of $76.1m compared to the same period in the previous year and equated to 48.5 percent of the annual Budget target,” the Prime Minister added.

“VAT has seen higher performance in both the goods and services and realty components. VAT on realty saw a 50.3 percent increase in this period over the prior fiscal year’s first six months period. We have also saw a notable increase in VAT collected from cruise lines and private destinations, with collections at end-2025 improving 164 percent compared to end-2024.”

Two

NOTICE

NOTICE is hereby given that NORDIA WHYTE of Stapledon Gardens, 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 5th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I PAULETTE DORIVAL of Flint Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ULRICK FRANCOIS of Cowpen Road East, 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 5th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARIE JOCELYNE RAHMING of Hospital Lane, 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.

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.

more flights were expected Wednesday — a military aircraft carrying 180 French citizens from the UAE city of Abu Dhabi and a charter bringing 205 people from Israel.

Elon Musk defends himself against accusations of misconduct leading up to Twitter takeover

By BARBARA ORTUTAY and MICHAEL LIEDTKE AP Technology Writers

A DEFIANT Elon Musk on Wednesday took the stand in a jury trial to defend himself against accusations that he engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his $44 billion deal to buy Twitter before he finally completed the takeover.

The civil trial in San Francisco centers on a class-action lawsuit filed just before Musk took control of Twitter, a social media service he renamed X, in October 2022, six months after agreeing to buy the embattled company for $44 billion, or $54.20 per share. The price paid by the world’s richest man represents sliver of a fortune now estimated at $841 billion.

The case, which represents Twitter shareholders who sold the stock between May 13 and Oct. 4, 2022, revolves around allegations that Musk violated federal securities laws while taking a series of calculated steps to drive down the company’s stock price in an attempt to either blow up the deal or wrangle a lower sales price.

Musk maintained the deal merited re-negotiation or termination while insisting Twitter’s board duped him about the percentage of fake, or “bot,” account on its platform — a stance he took again during his Wednesday testimony in a black suit and a tie. When asked if he had threatened to “hunt down” Twitter’s board unless they returned to the negotiating table to discuss a revised sales price, Musk didn’t rule out that possibility in an answer that reflected the acrimony surrounding the deal.

“There were a lot of threats going back and forth from both sides,” Musk said. “I was pretty upset with the Twitter board because I felt they had engaged in fraud.”

The problem of bots and fake accounts on Twitter wasn’t new at the time Musk negotiated the deal. The company had paid $809.5 million in 2021 to settle claims it was overstating its growth rate and monthly user figures. Twitter also disclosed its bot estimates to the Securities and Exchange Commission for years, while also cautioning that its estimate might be too low.

In Wednesday testimony, Musk repeatedly described

the information that Twitter’s board provided with an abbreviation for a bull’s scatology. “I did make it clear that I thought it was BS,” Musk said of Twitter’s calculations asserting that only about 5% if its accounts were bots.

But the allegations in the case accuse of Musk making a series of misleading statements about the Twitter deal before he served notice in July 2022 that he was pulling the plug on the deal.

Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court

By PAUL WISEMAN and MAE ANDERSON AP Business Writers

IN A defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month by Supreme Court are due refunds.

Judge Richard Eaton of the U.S. Court of

International Trade wrote that "all importers of record'' were "entitled to benefit'' from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA). The Supreme Court found those tariffs to be

unconstitutional under the emergency powers law, including the sweeping "reciprocal" tariffs he levied on nearly every other country. The majority ruled that the president could not unilaterally set and change tariffs because taxation power clearly belongs to Congress.

In his ruling, Eaton wrote that he alone "will hear cases pertaining to the

After Musk backed out, Twitter went to court in Delaware to force him to honor his original deal. Just before that case was scheduled to go to trial, Musk reversed course again and agreed to pay what he had originally promised. Musk testified Wednesday that he ended up completing the deal because his lawyers advised him that Delaware Chancery Court Chancellor Kathleen St. Jude McCormick, the judge in charge of the case, was “extremely biased” against

refund of IEEPA duties.''

The ruling offers some clarity about the tariff refund process, something the Supreme Court did not even mention in its Feb. 20 decision. Trade lawyer Ryan Majerus, a partner at King & Spalding and a former U.S. trade official, said he expects the government to appeal or "seek a stay to buy more time for U.S. Customs to comply."

The federal government collected more than $130 billion in the now-defunct tariffs through mid-December and could ultimately be on the hook for refunds worth $175 billion, according to calculations by the

him and he had no chance of prevailing. He pointed out that McCormick voided a $55 billion pay package awarded to him as CEO of electric automaker Tesla, but that decision wasn’t made until January 2024 — 15 months after he completed the Twitter takeover.

The Delaware Supreme Court overturned McCormick’s ruling late last year. By tying his belief that McCormick was biased against him to his lawyers, Musk insulated himself from extensive questioning about the decision through legal protections shielding discussions between attorneys and their clients.

But U.S. District Judge Charles Breyer on Wednesday cited other evidence that Musk may have personally concluded McCormick was biased, which could lift attorney-client privilege. Breyer indicated he may rule on the matter later in the trial currently scheduled to continue through March 19.

In his testimony, Musk asserted that his decision to follow through on the deal at the original sales price provided a huge windfall for most Twitter shareholders. But Twitter’s shares fell below $33, or about 40%

Penn Wharton Budget Model. Eaton was ruling specifically on a case brought by Atmus Filtration, a Nashville, Tennessee, company that makes filters and other filtration products, claiming a right to a tariff refund.

All goods that go through U.S. Customs and Border Protections enter a process called "liquidation," when the agency issues its final accounting of what is owed.

Once liquidated, importers have 180 days to formally contest the duties. After that window closes, the liquidation is legally final.

The judge ordered customs to stop collecting the IEEPA tariffs the Supreme Court struck down last month on goods going through the liquidation process. And if the goods were past that part of the process, the agency would have to recalculate them without the tariffs.

"This is a great decision for importers and consumers who paid," said Barry Appleton, a law professor

below Musk’s original purchase price, while the deal was hanging in limbo. That downturn costs shareholders who sold their stock during the uncertainty caused by what the lawsuit alleges was Musk’s deceitful behavior.

“I can’t control whether people sell their stock, but everyone who held the stock fared extremely well,” Musk said.

This isn’t the first time that Musk has been dragged into court to defend himself against allegations of duping investors with his social media posts. Three years ago, Musk spent about eight hours testifying in a San Francisco federal trial about his plans to buy Tesla — the electric automaker that he still runs as publicly traded company — for $420 per share in a proposed 2018 deal that never materialized. A nine-member jury absolved Musk of wrongdoing in that case. Before his Wednesday testimony concluded, Musk acknowledged that his frequent posts on social media probably reveal too much about what his going on his mind.

“What I think privately is what I say publicly,” Musk said.

and co-director New York Law School's Center for International Law. "It will make customs brokers busy. It should make things easier for the courts — and get a process underway for those importers who paid within the last 180 days."

On Monday, another federal court rejected the Trump administration's attempt to slow the refund process. The U.S. Court of Appeals for the Federal Circuit started the next phase in the refund process by sending it to New York trade court to sort out. Now the U.S. Customs and Border Protection agency must come up with a way to process the refunds. Customs routinely refunds tariffs when there's been some kind of error, but its system was "not designed for a mass refund," said trade lawyer Alexis Early, a partner at Bryan Cave Leighton Paisner. "The devil will be in the details of the administrative process."

NOTICE

Viva Agro Serviços Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 210695 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 3rd day of March A.D. 2026.

ELON MUSK left, arrives for a Twitter shareholder trial at the U.S. District Court for the Northern District of California, Wednesday, March 4, 2026, in San Francisco.

Photo:Godofredo A. Vásquez/AP