03062026 BUSINESS

Gov’t

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government’s right to approve major investment projects is “not overborn” by the outcome of public consultation and feedback, its top environmental regulator is asserting, with the Rosewood Exuma developer set to pay an annual $527,000 rent for its 124-acre Crown Land lease, Dr Rhianna Neely-Murphy, the Department of Environmental Planning and Protection (DEPP) director, in a January 16, 2026, affidavit filed with the Supreme Court asserted that “sound science” was “the foundation” of its decision to approve the Sampson Cay development’s certificate of environmental clearance (CEC) despite significant concerns and opposition from neighbouring projects and others.

And she also rejected claims by Turtlegrass Resort & Island Club and Over Yonder Cay’s developer that a project’s environmental management plan (EMP), as well as the initial Environmental Impact Assessment (EIA), “must be published in

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

FRUSTRATED former staff at a now-closed Grand Bahama food merchant yesterday voiced fears they now face becoming “another City Markets” amid a near yearlong wait to be paid due severance and other termination benefits.

Charlicia Smith, who said she was employed by Sawyer’s Fresh Market for two years, told Tribune Business that efforts to obtain what

Rosewood Exuma CEC based on ‘sound science’

$527k annually for 50-year, 124-acre Crown lease

advance of the public consultation”. Dr Neely-Murphy said it had never been DEPP’s policy or practice to publish such documents before such a process occurs. Meanwhile, other documents filed with the Supreme

workers are owed under the Employment Act have thus far proven fruitless with Department of Labour officials relaying to them assertions by the company’s proprietor that he cannot pay them until receivables due from the Government are collected.

Recalling a meeting that she and another ex-Sawyer’s employee held with Freeport-based labour officials two weeks’ ago, she disclosed they were informed that Sandy Sawyer was waiting to receive payments related

PM: GBPA owners fail ‘to meet that standard’

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

THE Prime Minister last night asserted that the Grand Bahama Port Authority’s (GBPA) current owners have failed “to meet that standard” for Freeport’s growth and development that was set by their predecessors as he argued that the city’s governance model is “no longer delivering”.

Philip Davis KC, in an open letter replying to concerns raised by Rupert Hayward, the GBPA director and member of one of its two ownership families, again sought to justify the Government’s actions in

launching arbitration proceedings over its demand that Freeport’s quasi-governmental authority pay $357m by asserting that investment in the city has stalled and services have declined.

“When I spoke to the Grand Bahama Chamber of Commerce in May 2024, I said I could not explain why the current shareholders of the Port Authority are not more productive partners for Grand Bahama,” Mr Davis wrote to Mr Hayward.

“I reminded them that this was not always the case. Many remember Sir Jack Hayward with respect. His

Court as part of the other two developers’ Judicial Review challenge that seeks to overturn the environmental approvals granted to the developer, Miami-based Yntegra Group, reveals that the latter has leased 124 acres

to Department of Social Services food vouchers as well as money purportedly owed over similar coupons provided to Progressive Liberal Party (PLP) supporters for the West End by-election in late 2023.

Describing her search for a new job as “hell”, Ms Smith - a mother of three - said she is still trying to catch up on bills after being included among the estimated 20 staff who were furloughed when Sawyer’s closed its Lucayan store and distribution warehouse around Christmas 2024.

for a 50-year period from the Government for its Sampson Cay project.

The lease deal, which was signed on the same December 19, 2023, date that the project’s Heads of Agreement was executed by the Davis administration, commits Yntegra to paying an annual $527,000 rent plus VAT over the lease’s five-decade lifetime. That translates into a total $26.35m payment over that 50-year period. There appears to be no review of the annual rental sum provided for in the lease, and nor does it seem to be linked or indexed to inflation or have any kind of ‘escalator’ clause. The lease also gives Yntegra, or whoever is the

Although eventually able to find fresh employment last March, she added that National Insurance Board (NIB) unemployment benefits were first received in February 2025 - creating a two-month window where no income was received. Mr Sawyer could not be reached by phone call or text before press time last night, and no response was received to messages sent by Tribune Business. Howard Thompson, the director of labour,

Hawksbill Creek’s free trade zone model must survive GBPA battle

Top attorney urges owner, governance power changes

But Rupert Hayward warns: GBPA ‘not going anywhere’ Arbitratrors: No ‘free pass’ for laws to erode Freeport

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FREEPORT’S tax advantages and free trade zone model must survive the Government’s battle with the Grand Bahama Port Authority (GBPA), a senior attorney argued yesterday, while calling for the latter’s owners to exit and a devolution of its quasi-governmental powers.

Terence Gape, the Dupuch & Turnquest law firm’s Freeport-based managing partner, told Tribune Business that the Hayward and St George families need to sell their economic interests to a “proven investor” given the city’s “total lack of growth for the past 22 years”. And he reiterated his belief that the GBPA’s owners had abdicated their development responsibilities to licensees and residents by selling Dorian-devastated Grand Bahama International Airport to the Minnis administration for just $1. However, he argued that any sale should not involve the GBPA’s regulatory, governance and administrative powers. Instead, Mr Gape argued that these should be devolved to a local government or public administration-type body that would assume responsibility for

BAHAMAS Power & Light’s (BPL) chief operating officer yesterday said its renewed fuel hedging initiative will protect Bahamians from higher electricity bills as a result of the surge in global oil prices caused by the Iran war.

Anthony Christie reassured that the spike in global oil prices to about $85 per barrel will not immediately impact energy costs in The Bahamas after

BPL initiated a new fuel hedge covering two millon barrels of oil in December 2025. The all-in price obtained by the hedge is around $70 per barrel. This, he added, has locked in BPL’s fuel prices and will help to shield the utility from oil market volatility triggered by geopolitical tensions and market uncertainty.

“We operate fuel-to-rate fuel charges based upon the cost of fuel at the time. We can’t control that. But, luckily, the company would

Protecting middle managers from burnout and overload

Across multiple industries in The Bahamas, ranging from tourism and hospitality to banking, education, healthcare and public service, middle managers play one of the most critical yet often under-appreciated roles in corporate success.

Positioned between senior leadership and front-line employees, they translate strategy into action while simultaneously managing teams, operations and expectations. However, many companies are discovering that without proper support, middle managers face significant burnout due to the pressure of leading in both directions.

Empowering middle managers has therefore become essential for improving productivity, strengthening company culture and ensuring long-term

talent retention. One of the most effective ways to support these managers is by granting greater decision-making autonomy. When managers are trusted to make decisions within clearly defined boundaries, they develop a stronger sense of ownership and accountability. Moving away from excessive micromanagement allows them to respond more quickly to challenges and opportunities within their teams. Equally important is targeted leadership development. Middle managers benefit greatly from training that focuses on emotional intelligence, conflict resolution and strategic thinking. Rather than relying on generic annual training programmes, companies should provide coaching and mentorship opportunities that address

the specific realities managers face in their daily work. Another key strategy is to involve middle managers in strategic planning. Too often they are only responsible for executing decisions made at the top. By including them in early conversations about strategy, companies gain valuable insight from individuals who understand operational realities and can help ensure plans are practical and achievable. Companies must also address the problem of operational overload. Many managers spend an overwhelming amount of time on administrative tasks. By streamlining processes, investing in better technology or providing additional administrative support, companies can free managers to focus on leadership and team development.

Clear career pathways are also essential. Middle managers should not feel trapped in their roles. Opportunities for lateral movement, project leadership or specialised training can help maintain engagement even for those who may not aspire to executive positions.

Creating a ‘safe-to-fail’ environment encourages innovation and growth. When managers know that thoughtful risks will be supported - even if outcomes are not immediately successful - they are more likely to experiment with new ideas that improve performance.

Regular feedback loops also strengthen leadership capacity. Informal one-on-one conversations that address challenges, mental well-being and career growth can be far

more effective than traditional annual performance reviews.

Support networks are equally important. Establishing manager support groups allows middle managers to share experiences, brainstorm solutions and reduce the sense of isolation that often accompanies leadership roles.

Finally, companies should recognise and reward the unique role middle managers play as the ‘glue’ that holds teams together. Encouraging them to lead upwards by respectfully challenging unrealistic expectations and collaborating with senior leadership also helps create healthier workplaces.

In a rapidly-evolving Bahamian economy, empowering middle managers is not simply a leadership initiative; it is a

strategic investment in sustainable corporate success.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

ALBANY employees will receive payouts worth up to $4,500 after the south-western New Providence development fulfilled a promise to sell one of its lots and assign the proceeds to them.

The project’s human resources vice-president, in a February 11, 2026, memorandum to staff, confirmed that the financial benefits from selling lot 72 will be distributed to staff. The size of the payments,

which will be made in two tranches - with one taking place on March 1, 2026, and the other on the same date next year - are determined by length of service.

Persons employed from June 2021, which is when

Albany promised the sale proceeds to workers, will receive two payments of $2,250 for a total $4,500. Thereafter, a sliding scale applies, with persons employed from January 2022, January 2023, January 2024, January 2025 and January 2026 receiving total sums ranging from $3,960 to $160.

“In 2021, Albany assigned Lot 72 for the benefit of employees as part of our

Pacific

Cash N’ Go expands to southern Eleuthera

To provide fast, reliable and accessible financial solutions with professionalism, respect and care.” Mr Rolle added that the Rock Sound location reflects the payments

provider’s ongoing focus on expanding access across the Family Islands.

“This new location represents more than just business growth. It represents local jobs created, local partnerships formed, and a deeper investment in the people of this island,” he said. Mia Outten, Cash N’ Go’s assistant operations manager, emphasised the importance of providing a comprehensive, one-stop financial hub for residents. She said the expansion comes at a critical time for Family Island communities.

“We know banks are retracting from some Family Islands, so we want Bahamians to know we are here to facilitate them. Clients can download the Cash N’ Go app and perform many of the same transactions they would normally do in our store, including transfers between mobile wallets and bank access,” she said.

With the addition of Rock Sound, Cash N’ Go now operates in Grand Bahama, Abaco, Exuma and New Providence with sub-agent locations in Harbour Island, Eleuthera, San Salvador and Ragged Island.

continued commitment to recognising and rewarding our team. We are happy to advise that Lot 72 has now been sold, and the proceeds will be distributed to eligible full-time Albany Resort employees,” the staff memorandum read.

“The total distribution will be made in two payouts – one on March 1, 2026 and the second on March 1, 2027. The amount each employee will receive will be a

THE Bahamas has been honoured as a partner destination and event partner at the 26th edition of the PATWA World Tourism Leaders Summit and PATWA International Travel Awards. The Ministry of Tourism, Investments and Aviation, in a statement, said The Bahamas received four major honours at the awards ceremony held during a major hospitality conference in Berlin during March 2026. It added that they recognised excellence in sustainability, destination management and lifetime contribution to the tourism industry.

The awards were presented as part of the PATWA International Travel Awards programme, organised by the Pacific Area Travel Writers Association (PATWA). It recognises governments, organisations and individuals who demonstrate leadership and impact across the global tourism sector.

pro-rata distribution based on the months of service since the announcement in 2021 through March 1, 2026.

“The proceeds of the sale of Lot 72 will contribute approximately $80 for every month of service to each employee. Employees will receive half in their March 1, 2026, pay slip and the second payment in their March 1, 2027 pay slip.”

Mrs Duncombe picked up the PATWA Gold Award for destination management in the Caribbean, while the PATWA Gold Award for lifetime achievement in tourism went to Sir Baltron Bethel. The Bahamas also took the PATWA destination award for vibrant beaches, while Joy Jibrilu, the Nassau and Paradise Island Promotion Board’s chief executive, received the PATWA Gold Award for excellence in destination promotion in the Caribbean.

“To be recognised at ITB Berlin alongside leaders from across the global tourism industry is meaningful for The Bahamas,” Mrs Duncombe said. “These awards reflect the strength of our tourism sector and the collective efforts of many across our islands who contribute to the visitor experience. I also congratulate I. Chester Cooper and Sir Baltron Bethel on their well-deserved recognition.”

She added that to be recognised on the world stage at ITB Berlin, in categories spanning sustainability, destination excellence, management leadership and lifetime achievement, reflects the depth of The Bahamas’ commitment to delivering world-class experiences.

Latia Duncombe, director-general of the Ministry of Tourism, Investments and Aviation, represented The Bahamas at the summit. Chester Cooper, also deputy prime minister, was recognised as tourism minister of the year for sustainability, while The Bahamas also won destination of the year for the lifetime experiences it offers.

Jet skis: Not riding with guests to ‘cramp business’

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A BAHAMIAN jet ski operator yesterday warned that a new rule barring them from riding with guests could damage watersports businesses and reduce safety for tourists.

Vonshaw Brown, owner of Brown’s Watersports, said the new policy will “cramp the business” and punish legitimate vendors, describing the new mandate as “the innocent suffering for the guilty”. He argued that arguing that proper instruction often requires operators to accompany first-time riders on the water.

Speaking to Tribune Business, Mr Brown said the restriction fails to recognise the realities of the watersports industry, where many visitors have little to

no experience operating jet skis and rely on operators to demonstrate how the machines work in real conditions.

“I’m not going to go into Yamaha and spend $13,000 on a jet ski and then give it to a guest who don’t know how to operate it,” said Mr Brown. “What happens if they run it on a rock, run it into someone else, or do some type of reckless driving? That’s why we have to go out there and show them properly how to operate it.” Mr Brown argued that providing instructions on the beach alone is insufficient, particularly for inexperienced riders who need to feel how the craft responds in the water.

“There are two types of instruction,” he said. “You could tell them something on the beach, but it’s different when they get out there and feel the waves

Minister says electricity costs undermine competitiveness

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CABINET minister yesterday said high electricity costs are undermining business growth and investment in The Bahamas, arguing that reform of the country’s energy industry is essential to improving economic competitiveness.

Speaking at the Energy Reform Stakeholder Forum, JoBeth Coleby-Davis, energy and transport minister, said electricity costs in The Bahamas rank among the highest in the region and have become a major obstacle for businesses and entrepreneurs.

“The Bahamas currently faces some of the highest energy costs in the Caribbean and, by extension, the world,” said Mrs Coleby-Davis. She said those costs affect far more than utility bills, influencing everything from food prices to the broader cost of doing business.

“Energy is the invisible thread that runs through every aspect of Bahamian life. When the cost of electricity rises, the cost of a loaf of bread in the grocery store rises,” she added.

For businesses, Mrs Coleby-Davis said the impact can determine whether companies expand or scale back operations. “For the business community represented here today, these

costs are not just line items on a balance sheet; they are the difference between expansion and stagnation,” she added.

“They are the reason a young Bahamian entrepreneur is reluctant to expand their business, and why international investors might hesitate in looking at our shores.”

Mrs Coleby-Davis said the Government’s reform agenda aims to break a long-standing cycle of short-term fixes that have dominated the sector. “For too long, our approach to energy in this country has been a series of reactive measures – patching aging generators and working out fuel surcharges,” said Mrs Coleby-Davis.

She added that the reform programme is intended to transition the country toward a more diversified and resilient energy system, including renewable energy and alternative fuel sources.

“Our transition to a diversified energy mix –including renewable energy, LNG as a bridge, and micro-grid technology – is our best defence against the volatility of the future,” said Mrs Coleby-Davis.

She said reducing energy costs and improving reliability will be critical to strengthening the economy and supporting long-term growth. “We cannot expect to lead the region if energy is a prohibitive expense,” the minister added,

and the machine moving. Sometimes you have to go with them so they can really understand how to control it.”

He added that many guests specifically request that operators accompany them, especially when water conditions are rough or when they are nervous about trying the activity for the first time.

“Jet skis are fun, but at the same time they’re dangerous,” said Mr Brown. “We try to give people as much instruction as we can because we don’t need no accidents and we don’t need nobody getting hurt. All we want is for the guests to have clean fun and come back the same way they went out.”

Mr Brown, who added that he has been in the industry for more than 20 years, argued that the new rule unfairly penalises

licensed operators who already comply with regulations while failing to address unregulated individuals operating illegally.

“This is the innocent suffering for the guilty,” he said. “The real problem is people buying jet skis and trying to play jet ski operator. But instead of dealing with them, the rules are affecting everybody.”

Mr Brown said licensed operators already undergo training and operate under strict oversight from authorities and hotels in major tourism zones.

“We get our licences, we go through Bahamahost, we have the police on the beach, the Defence Force on the beach, the Port Authority on the beach and even hotel security watching what we doing,” said Mr Brown. “We trying to make sure the guests understand

PM: True Out

Island energy costs high as 94c per KWh

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Prime Minister yesterday affirmed that the true cost of electricity on some Family Islands is as high as 94 cents per kilowatt hour (KWh) once subsidies provided by New Providence are stripped out.

Philip Davis KC, highlighting the scale of the challenge facing the Government’s energy reform initiative, told a stakeholder forum that the high cost of producing electricity outside New Providence has long placed a significant financial burden on Bahamas Power & Light (BPL) and forced the Government to subsidise power generation across multiple islands.

“In some Family Islands, that true cost exceeds 48 cents and, in some cases, approaches 94 cents per kilowatt hour,” said Mr Davis. “Those are the hidden figures that have driven subsidies for years.”

He added that the Government’s new power purchase agreements (PPAs) with independent electricity operators are intended to replace those high generation costs with

lower long-term prices while improving the stability of the electricity system.

“The new contracts are designed to replace high true costs with lower longterm prices, easing pressure on the system as a whole and putting us on a path to reduce the Family Island subsidy burden by around half over time,” said Mr Davis.

He said the reforms are part of a broader effort to shift the electricity sector away from what he described as a cycle of crisis management toward a more stable and sustainable model. “All of this has one purpose: To change the direction of the electricity system from permanent crisis to steady progress,” said Mr Davis.

He added that the structure of the Bahamas Grid Company’s transmission and distribution model includes mechanisms designed to strengthen hurricane recovery and address legacy debt within the electricity system.

“We have created Bahamas Grid Company as a transmission and distribution company, with BPL holding a 40 per cent share. The transmission and distribution tariff includes money

how to operate the jet ski safely.” He also warned that the inability to accompany inexperienced riders could actually increase risks on the water, where swimmers, kayakers, boats and other vessels often share the same space. “You can’t just give somebody a jet ski and say go,” said Mr Brown.

“Out there you got swimmers, boats passing, all kind of things happening. If they never do it before, somebody needs to be there to guide them.”

Mr Brown also questioned whether policymakers fully understand how the industry operates. “I feel horrible. I feel disappointed and I feel betrayed. Whoever made that rule, they behind a desk in an office,” said Mr Brown. “They not out there in the water seeing what really going on.”

Mr Brown said authorities should instead engage directly with operators and industry stakeholders before implementing sweeping changes that affect their livelihoods.

“They need to come and talk to us,” he added. “Talk to the operators, talk to the Port Authority, talk to the

Defence Force so everybody understand what really happening out there.”

Mr Brown added that with tourism entering one of its busiest periods, clarity and collaboration are essential to avoid disruptions for both operators and visitors.

“This is our busy time,” he said. “We just need to know what the rules are and make sure they make sense for the people actually doing the work.”

New maritime regulations now prohibit jet ski operators in The Bahamas from riding on jet skis with guests, part of a broader effort to improve safety and prevent misconduct in the water sports sector. The rule is intended to reduce the risk of sexual assault and other incidents involving tourists while tightening oversight of the industry. The changes come after pressure from the US and ongoing concerns about safety in the jet ski rental industry, including allegations of sexual assaults and accidents involving operators. Authorities say the stricter rules are designed to better protect visitors and improve regulation of water sports activities in the country.

that is set aside every year for a hurricane restoration fund and for paying down BPL’s old debt,” said Mr Davis.

He explained the arrangement is intended to allow a faster and more systematic response when storms damage the electricity network. “When storms hit, and poles and lines are damaged, this is the mechanism that allows us to respond faster and more systematically,” said Mr Davis.

He said that profits generated by Bahamas Grid Company will also flow back into BPL. “When the grid company earns a profit, a share of that profit flows back to BPL and therefore to the Bahamian people,” he added.

Mr Davis also stressed that transparency has become a key part of the Government’s energy reform approach, noting that thousands of pages of agreements related to the sector have already been made public.

“We have already released more than 3,000 pages of energy agreements and supporting documents. Power purchase agreements. Technical appendices. Term sheets. Tariff models. Regulatory approvals,” said Mr Davis. “They are part of the public record. They are there for parliamentarians, journalists, civil society and citizens to examine.” Mr Davis argued that making those documents public was necessary to rebuild trust in a sector where major agreements were historically not widely accessible.

“In the past, large energy projects were often announced with fanfare while the contracts sat in drawers. People were asked to trust what they could not see. We know where that approach led. It bred mistrust,” he said.

“We did this because energy policy is too important to be hidden. It affects every home, every business, every clinic, every school.”

Bimini beachfront work ordered to halt

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

AUTHORITIES have ordered an immediate halt to unauthorised work on a beach opposite Resorts World Bimini after officials confirmed that no permit or licence had been issued for the activity.

Randy Rolle, chairman of the Consumer Protection Commission and the Progressive Liberal Party’s candidate for Bimini and the Berry Islands, said

inquiries made through the office of the administrator on the island revealed that the work currently taking place on the beach had not been approved.

“In light of this finding, the responsible party has been formally directed to cease all activity and remove their apparatus until their application has been properly submitted and fully processed in accordance with the

law,” Mr Rolle said in a statement. He added that the directive was issued to ensure that proper procedures are followed before any development or activity takes place in the area. “The people of Bimini deserve to know that our beaches and public spaces are protected,” he said. Mr Rolle added that he will continue to monitor the matter to ensure due

process is followed, and the interests of the community are safeguarded.

The situation has raised concerns among residents about activity occurring on public beachfront property without the necessary approvals. The work being carried out appeared to involve a watersports operator renting so-called “jet cars” from the beach prior to the order to cease operations.

GBPA director hits back at PM ‘populist rhetoric’

managing Freeport’s city affairs, including its maintenance and upkeep. In effect, ownership of assets such as the Freeport Harbour Company and Grand Bahama Development Company (DevCo) would be totally separate from the city’s administration Speaking after the Government’s demand that the GBPA pay it $357m was rejected by an arbitration tribunal, the Dupuch & Turnquest chief backed the Government’s ambitions to change Freeport’s ‘status quo’ and ownership of its quasi-governmental authority - but not abandoning the economic model created by the Hawksbill Creek Agreement. However, there are increasing signs that calls by GBPA licensees, the private sector and others for both sides to secure Freeport’s future through collaboration and halt all legal battles are not being heeded. Each appears to be digging its heels in and preparing for a further, and potentially lengthy, fight with Rupert Hayward, the GBPA director, in an open letter to the Prime Minister warning that Freeport’s quasi-governmental authority “is not going anywhere” (see other article on Page 1B).

And, while calling for the parties to “work together for betterment of the people of Freeport”, he pushed back against Philip Davis KC’s House of Assembly address on the arbitration ruling by urging that the “temptation… to lean into populist rhetoric” - especially with the general election - looming should be avoided as the Prime Minister governs for “all Bahamians”.

Mr Davis has described the arbitration ruling as “historic” and “a game changer”, with both himself and Ryan Pinder KC, the attorney general, asserting that it both confirms and clarifies that the Government has a significant, and rightful, involvement in Freeport’s governance, regulation and administration. However, multiple sources have argued that the arbitration ruling merely upholds the status quo - especially on Customs, Immigration and business licensing - which are already under the government’s purview.

And the arbitrators, a former Cayman Islands chief justice and two UK law lords, also appear to have formed the view that the Government does not have a ‘free pass’ to chip away at the Hawksbill Creek Agreement and its contents without consequences. Ruling that Freeport’s founding treaty is a binding contract with the GBPA, they seemed to find the Government could be “liable to pay damages” to the quasi-governmental authority if Parliament enacts legislation that undermines its rights.

Mr Gape, meanwhile, told Tribune Business that the Hawksbill Creek Agreement, with its free trade zone structure, tax benefits and existing licensee rights, must be preserved regardless of how the Government’s dispute with the GBPA is resolved. “I would like the Hawksbill Creek Agreement and the benefits thereto to remain as a part of the administration of Freeport,” he asserted.

“Licensing, Customs and bonding should all continue so there’s no disruption in the operation.

Payment delay is blamed on Gov’t, West End by-election

SEVERANCE - from page B1

could also not be contacted for comment despite calls and messages being sent.

Ms Smith, though, said some of her former colleagues have “given up” hope of receiving their lawful severance and other benefits given that it has been almost a year since Sawyer’s Fresh Market’s last location at Oak Street closed its doors. She added that some are comparing it to the collapse of City Markets, where staff of the long-shuttered supermarket chain have been fighting to

obtain their due pension benefits for more than a decade.

Carnival’s Celebration Key staff are currently using the Lucayan store’s parking lot as a place to leave their vehicles when the bus comes to take them to the $600m private cruise port destination, and Ms Smith questioned whether Sawyer’s proprietor could generate the necessary funds to pay what she estimated was 200 former workers by selling-off the company’s former real estate if it owns such assets.

“We have a What’s App group where we talk among

The families [the Haywards and St Georges] sell their assets, get their money and go, but the new investor that comes in does not take over the quasi-governmental functions as such. Those are handed over to a public corporation which would be created to administer the Port area. The buyer would come as a pure investor; not be in charge in a bureaucratic way.”

Mr Gape said Freeport has suffered because Nassau and the central government have treated it as a “foreign-owned city” under the GBPA’s control for the past 60 years. ”What has hurt us for 60 years is that Freeport was treated as a foreign city,” he added. “Nassau is Nassau-centric. That has hurt us badly.”

Agreeing that the present status is untenable, Mr Gape agreed that Freeport’s Bahamian residents “deserve the right of self-determination” as - unlike with the Government - they have no ability to hold the GBPA’s owners and managers accountable by voting them in or out of office. “We lived in a company town,” he added. “The families were exercising this power and touting this as a part of their value to prospective purchasers of GBPA.

“Instead of this condition continuing, I feel the families should sell their assets to progressive investors, take their money and hand over GBPA to the Government to continue as a public corporation or such.

“Freeport has suffered a total lack of growth for the past 22 years under the families who showed their failure and inertia when they sold the airport to the Minnis administration for

ourselves and we have no idea what’s going on,” she said of the outstanding termination pay. “Two weeks ago, myself and Ms Missick went back to the Labour Board because it’s been a year.

“The lady told us he was waiting on the Government to pay him for [social services food vouchers] and the by-election in West End. They had a lot of vouchers that were being given out to the people, and he was just saying that he was waiting on the Government to give him his funds.” Sawyer’s Fresh Market’s Paradise Island food store has also under new management for some months.

Following the Oak Street location’s Spring 2025 closure, Ms Smith said of Mr

$1. Freeport is now on the verge of a major resurgence thanks to the efforts of the Bahamas Government and not the families. Now is the time for Freeport to be a part of the free Bahamas.”

Meanwhile, the arbitrators said they “preferred the arguments and analysis of the GBPA” over the Government’s after the latter raised constitutional issues regarding the ability of laws passed by Parliament to take full effect in the Port area and override the Hawksbill Creek Agreement if there is a conflict.

The Government argued that it “could not fetter, whether by contract or otherwise, the right of the legislature to enact legislation affecting the Port Area. It asserted that, under the constitution, Parliament has a sovereign right to legislate for the whole Bahamas, which “leaves no room for a remedy of damages against the [Government] where legislation alters contractual rights: The remedy is constitutional review only”.

The Davis administration, represented largely by UK KCs and law forms, also argued that any provision in a contract such as the Hawksbill Creek Agreement “is unenforceable” and illegal if it overrides Parliament’s ability to legislate. “Thus the Hawksbill Creek Agreement could not prevent the legislature from passing laws that might affect the administration of the Port area or the contractual rights of the GBPA in relation thereto,” the arbitrators said of the Government’s arguments.

“Contractual arrangements cannot override or displace statutory functions, especially the law-making authority of Parliament under Article 52 of the

Sawyer: “He gave us a promise letter stating that he recognised he owed us money, didn’t know when he was going to pay us, but he did owe us. No timeline,” she told Tribune Business. “I later spoke with him myself asking what was going on, what’s the problem? He said: ‘Give me some time. By the end of the year, you guys should be paid. Nothing… nothing has happened.

“It’s getting ridiculous, and he’s saying the Government is the reason why his store closed down because he didn’t get paid. I reached out to one of the PLP’s generals and said: ‘This man cannot be saying this. Sandy’s saying you guys owe him money and he needs to be paid. Can you

Bahamian Constitution…

Accordingly, the GBPA has no private law remedy for the loss of property rights as a result of an enactment of statutes by the legislature.

“It may, however, have a constitutional right to claim compensation in such circumstances under Article 28 of the Bahamian Constitution. This includes the ability to claim that the enactment of legislation interferes with property rights.”

However, the GBPA countered: “The Government cannot rely on the enactment of legislation subsequent to the Hawksbill Creek Agreement as disabling it from complying with its obligations under the Hawksbill Creek Agreement in circumstances where, as will inevitably be the position, the legislation was promoted or enabled by the Government and where, in any event, the Government is presently in a position to repeal or modify any such legislation so as to remove any such disabling effect but has not done so.

“Whilst no order for specific performance or injunction would be made to require the Government to breach such statute law, there is no reason why the Government should not on ordinary principles be liable to pay damages in respect of its breach of such obligations, and there is no reason why the tribunal should not declare that such breaches have occurred and are continuing.”

Backing the GBPA’s position, the arbitrators said that while the Electricity Acts of 2015 and 2024 “may have disabled the Government from complying with its contractual obligations under the Hawksbill Creek

look into it?’ He came back and said: ‘Sadly, it’s true’.”

Ms Smith said she received no satisfactory response when she pointed out she remains two months behind on her bills, and added: “I have three children, and that two months of waiting on NIB put me in a jam. I couldn’t pay my light bill, I couldn’t pay my rent and had to take care of my children. Looking for a job in Freeport is hell.

I couldn’t find one until March.

“I only got paid by NIB at the end of February, so I’m still trying to catch up on my bills and make sure my children have something to eat. I just want to know if he’s going to pay us and what to do. He’s telling the Labour Board he’s waiting on the Government. Once the Government pays him then he can pay us. I just want to get paid. No one’s received any severance.”

Ms Smith said she was still in touch with some of Sawyer’s Fresh Market’s

Agreement, by analogy with the principles of frustration of contracts, the Government cannot rely on such an event to discharge it from its liability to pay damages because the disabling state of affairs has, effectively, been brought about by the Government itself – whether by promoting or enabling the legislation in the first place, and/or by failing to bring about the repeal or modification of the legislation so as to place it in conformity with the terms of the Hawksbill Creek Agreement.”

While the GBPA would be unable to demand that the Government perform its Hawksbill Creek Agreement obligations, the arbitrators said: “We see no reason why, in principle, the Government should not be subject to a liability, in its capacity as commercial contracting party, to pay contractual damages or to the making of a declaration against it, in circumstances where, albeit for justifiable public purposes, it chooses to pass legislation which deprives the other contracting party of its rights under its contract with the Government.

“Nor are we persuaded by the analysis that a potential contractual liability under the Hawksbill Creek Agreemen would act as an improper fetter on the ability, or freedom, of the Government to enact appropriate legislation, and therefore is not an enforceable remedy at the suit of the GBPA. It is equally arguable that a potential liability under Article 28 of the Bahamian Constitution to pay compensation where a person is deprived of its property rights would have a similar ‘fettering effect’.”

expatriate employees, including the ex-produce manager from the Virgin Islands, who had confirmed to her he had not received due severance and was still owed his final three weeks’ pay. There have been at least two advertisements in The Tribune over the past year publicising Supreme Court actions launched against Sawyer’s Fresh Market by suppliers presumably over unpaid bills. Ms Smith said one of the options discussed with Department of Labour officials was former staff banding together to hire an attorney and petition the Supreme Court for a liquidator to be appointed as an alternative for recovering what they are owed, although it is unclear what - if any - assets remain.

“We’re the small fry,” she told Tribune Business. “If the Government has to pay him for him to pay us, so be it. They are all in election season trying to get votes from Bahamians. So be it.”

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Initial Yntegra plan ‘boutique’; eyes just 29 Crown Land acres

Rosewood Exuma’s owner, the option to renew the lease for “no less than four” additional terms of 25 years - collectively 100 years.

In return, the developer has committed to construct on the 124 Crown Land acres “permanent building improvements” worth at least $10m featuring a 44-slip marina, yacht club, and the project’s so-called ‘back of house’ facilities.

Meanwhile, other documents filed with the Supreme Court reveal that the Yntegra project for Sampson Cay was first proposed when the Minnis administration was in office and, at that time, appeared to be much smaller in size.

One of the major criticisms of the $200m Rosewood Exuma development has been that it is simply too large in scale for Sampson Cay, which currently has none of the infrastructure required to support such a development.

Carol Young, in an August 30, 2021, memorandum on behalf of the Government’s director of investments,

signalled that Yntegra at that time was seeking to acquire a Crown Land lease for just 29 acres - less than one-quarter of what it has now obtained - “for development of a boutique resort and marina”. She added that the “ultra luxury and environmentally sustainable” project would feature 12 residences, 26 bungalows - including 21 of the overthe-water variety - beach club, spa, organic farm and nursery. However, Phylicia Woods-Hanna, the Bahamas Investments Authority (BIA) director, in a November 15, 2023, letter to Yntegra’s then-attorney, Campbell Cleare, the McKinney, Bancroft & Hughes partner, revealed that 22 acres of Crown Land on Sampson Cay’s north-west tract had been appraised and valued by the Government at $6.5m. The National Economic Council (NEC), which is really the Cabinet or a Cabinet sub-committee, had recommended that the Government also “negotiate a conditional purchase lease and an option to purchase agreement” with

Two million barrel lock-in to offset Iran war impacts

SPIKE - from page B1

have engaged the fuel hedging programme over the last few months,” said Mr Christie.

“Again, we’re basically fuel hedging so our price of fuel is controlled, and we won’t see or be impacted by the volatility that’s occurring in the Middle East.”

Mr Christie added that global crude oil prices have

Yntegra for the full 124acre Crown Land parcel. Also recommended was a seabed lease with a large enough footprint to accommodate the Rosewood Exuma’s proposed over-water bungalows. The approval also recommended that Yntegra be granted a permit “to mine sand from the seabed, extract (dredge) the rock and fill within the area covered by the seabed lease for use in the construction of the project”. This was dependent on consultation with the relevant government regulators and obtaining a CEC, while none of sand, rock or fill could be sold to third parties without the Government’s approval.

Felipe MacLean, Yntegra Group’s president and director, in an October 23, 2025, asserted that the legal challenges launched by Turtlegrass and Over Yonder Cay’s developer have inflicted “substantial financial damage to the developers and further delay produced by injunctive relief would result in significantly greater financial loss” for the Rosewood

work through all of these energy initiatives that are happening now,” he said.

risen sharply in recent days but said the company’s hedge has helped protect customers from those increases for now.

“I just checked my phone and it’s showing that crude oil is up to $85. I guess a few weeks ago it was around $67. But again, based on our fuel hedge, we’re protected from this. And again, we’re trying to control and make sure that our price of electricity stays stable as we

GBPA director calls to avoid ‘populist rhetoric’

EXCHANGE - from page B1

care, his sense of duty and his capability made him a good partner for the city and for the country. My criticism is not directed at that earlier chapter. It is directed at the failure ofthe present owners to meet that standard and at the posture the Port has chosen to adopt.”

Again reiterating his objective of overturning Freeport’s current governance and administrative set-up, Mr Davis added that the GBPA will continue to exist “under a new status quo with clear rules” that authority and sovereignty rest with the Government in Nassau.

“For decades, Freeport has operated under a model in which two families, through the Port, have exercised extraordinary influence over the city’s fate,” the Prime Minister said, referring to the Haywards and St Georges. “Whatever the logic at the beginning, that model is no longer delivering for many who live there.

“Too many licensees, workers and families have seen investment stall, services decline and promises fade. In that setting, it is neither fair nor sustainable for the Port Authority to insist on its privileges, to contest its obligations and then to suggest that the Government should pay it for the right to reset the balance.

“My responsibility is to every family in Grand Bahama and to every taxpayer across the Commonwealth. When private claims collide with the interests of those citizens, I am required to choose the public interest. That is what I have done and will continue to do,” Mr Davis added.

“You have said that the Grand Bahama Port Authority is not going anywhere and that the Government is not going anywhere. On that we agree. Both will remain. What is changing is the framework within which we co-exist.

“Under this administration, the Port Authority will remain in Freeport under a new status quo and under clear rules. Those rules start from a simple order of

authority. Sovereignty rests with the Bahamian people and the Government they elect. Every concession, licence and private agreement sits beneath that principle, never above it,” he continued.

“We are pressing for the collection of sums owed. We are contesting in court any attempt to reassert a theory of Port supremacy. We will be in direct dialogue with licensees, unions, churches and civic groups in Grand Bahama about the future they want for their city, because that future cannot be shaped solely in boardrooms.”

Mr Davis hit back after Mr Hayward, in his own letter, asserted that the GBPA is “not going anywhere” and called on the Prime Minister to avoid “the temptation… of populist rhetoric” over the dispute with the Government given that a general election is fast approaching.

“You and I may not always agree on the precise path forward for the economic development of our country or of Grand Bahama. That is natural in a democracy. But I believe strongly that we both ultimately want the same thing: What is best for the Bahamian people,” Mr Hayward told Mr Davis.

“The Grand Bahama Port Authority is not going anywhere, and the Government of The Bahamas is not going anywhere. The reality is that we must work together for the betterment of the people of Freeport and Grand Bahama. And while there may be a temptation, particularly in moments when elections approach, to lean into populist rhetoric, we must remember that the Office of Prime Minister represents all Bahamians — not only those of a particular political persuasion.

Exuma project. The injunction, together with discovery applications, was the subject of two days of Supreme Court hearings earlier this week.

Dr Neely-Murphy, meanwhile, hit back at claims by Turtlegrass and Over Yonder Cay that the decision to grant the Rosewood Exuma project its CECs were “irrational and inconsistent with the purposes of the” Environmental Planning and Protection Act. She added that the Government, and its regulators such as DEPP, constantly have to “balance” the need for economic growth and development with the potential environmental impact and implications.

“The Bahamas is a small island developing state, whose economy is heavily dependent on tourism and tourism-related development,” the DEPP chief said. “With this understanding, part of my duty as a director is to ensure that there is a balance when considering development activity and environmental impact. No matter the size or scope of a proposed development, there is some

areas on the island, particularly in the west,” he explained.

Mr Christie also addressed a series of power outages earlier this week that affected communities in western New Providence, including Coral Harbour and surrounding areas. He said the disruptions were caused by a combination of infrastructure issues, including cable overloading, a pole fire and an underground cable failure.

“Since Tuesday, there have been a series of outages impacting Coral Harbour and some other

“On that fundamental goal, we should be aligned. I therefore hope that, even in moments of political disagreement, we can speak about one another with fairness and respect, and recognise the shared commitment we both hold to the prosperity and sovereignty of The Bahamas. I remain, first and foremost, a proud Bahamian, committed to the future of Grand Bahama and to the people who call it home.”

Mr Davis, though, implied that the Government had little choice but to issue the payment demand and arbitration after two years of negotiations did not produce the desires results.

“Through public statements and in the arbitration, the Port Authority advanced a view of itself that no responsible Government can accept,” the Prime Minister said.

“It claimed a degree of control in Freeport that would place a private company above the elected government. It resisted the position that substantial sums are owed to the public purse. It argued that concessions under the Hawksbill Creek Agreement allow it to limit the reach of Bahamian law in areas such as licensing, Immigration, Customs, utilities, foreign land purchases and environmental regulation.

“When all the legal drafting is stripped away, the Port Authority’s case was simple. It wished to decide how Freeport is governed. It wished to keep that power in private hands. The Port Authority went further; it counter-claimed, insisting that it had the right to control, without government intrusion, the licensing of businesses, Immigration and Customs, and utilities, and that the Government was diverting investments elsewhere on Grand Bahama. It claimed damages for such intrusion in the amount of $1bn.”

level of environmental degradation…

“DEPP works with other regulators to manage the potential negative environmental impacts, the proposed positive economic impacts and the socio-economic predictions of any one development. Where the negative environmental impacts are considered unsustainable by DEPP, changes to the scope of the development are proposed for consideration. This is done in most instances prior to the issuance of the CEC.”

Dr Neely-Murphy said DEPP holds informal meetings with developers prior to the submission of applications to identify issues that may require further examination. “As a result of the meetings, DEPP was successful in reducing what was considered negative environmental impacts,” she asserted. “The marina was relocated and the dredge footprint significantly reduced.

“The review process also highlighted the need to reduce the footprint of the seabed lease requested by the developers, which will

“What we experienced was overloading in some cables, a pole fire occurred, and additionally there was a cable fall underground. Since Tuesday, the teams have been out there restoring and repairing, and trying to assess what caused the fault and determine how we can improve that network out there.”

Mr Christie said BPL crews worked throughout the week to repair the faults and restore electricity to affected customers.

He added: “My government could not accept that. The people of Grand Bahama cannot be asked to live in a city where a private authority claims a higher footing than their own government.

“The arbitration has now exposed the reality. The tribunal confirmed that the Port Authority carries an ongoing duty to make payments to the Government up to 2054. It confirmed that

“As of 11pm last night, all customers were restored. Again, we apologise for any inconvenience experienced, but the team continues to work. As we know, work continues across the island to improve our system, reduce outages, and restore power as quickly as we can,” he added. Mr Christies estimated that hundreds of customers — potentially as many as 1,000 — were affected across multiple communities in the western corridor.

“I would say hundreds to 1,000 maybe in that particular area because, again, it’s

the Government retains authority in Freeport in the core areas where the Port sought to erect a special shield. The Port entered the tribunal seeking sweeping powers and a very large award. It emerged with a much narrower outcome and a clear recognition that Freeport remains subject to Bahamian law and to the authority of Parliament.

“That result matches a wider truth. Freeport

keep those areas of seabed with the Crown, maintaining public access and improving socio-economic outcomes.” Conceding that the Rosewood Exuma development is “a significant one”, Dr Neely-Murphy pledged it wilk be subject to ongoing scrutiny by DEPP.

“Generally, the DEPP process did what it was designed to achieve,” she added of Yntegra Group’s project. “The general public, including local actors, were able to have their voices heard and had an influence over the regulatory process. Ultimately, it is the statutory mandate of the regulators to issue permits, clearances and approvals. This process, while it may be influenced by public opinion, should not be overborn by that opinion or by the particular opinion of any one actor.

“It is the statutory responsibility of DEPP, through the director, to effect the mandate of DEPP using all the information available; sound science, as the foundation of any decision. It is my view that this was accomplished during this process.”

not only Coral Harbour but the vicinity. Even Sea Beach Estates was impacted by the situation that occurred in that area, so multiple customers from Coral Harbour all the way to Sea Beach Estate were affected,” he said.

Mr Christie added that BPL’s teams remain on standby to respond to any further incidents. “Our teams are ready to respond to any incidents that occur. But I would say right now the system is fully restored and power is accessible for all customers in that area.”

is a Bahamian city. It sits within a Bahamian island. Its residents are Bahamian citizens. The idea that any private company can stand above the state, or present itself as a second centre of power, cannot be reconciled with our independence, our constitution or basic fairness to the people who live and work in Grand Bahama.”

Stocks drop after oil spikes to its highest price since the summer of 2024

By STAN CHOE AP Business Writer

STOCKS sank on Wall

Street Thursday after the price of oil spiked to its highest level since the summer of 2024 because of the war with Iran.

The S&P 500 fell 0.6% and erased what had been a small gain for the year so far. The Dow Jones Industrial Average briefly dropped more than 1,100 points before finishing with a loss of 784, or 1.6%. The Nasdaq composite slipped 0.3%.

The losses came as financial markets around the world keep following the cue of oil prices. Sharp increases there are raising worries that a long-term surge could grind down the global economy, exhaust households’ ability to spend and push interest rates higher.

The price for a barrel of benchmark U.S. crude shot up 8.5% Thursday to settle at $81.01 per barrel. Brent crude, the international standard, climbed 4.9% to $85.41 per barrel and is likewise near its highest price since 2024.

Oil prices gave back some of those gains later in the day, which helped stocks

in the U.S. moderate their losses at the end of trading. But worries nevertheless remain high about how long disruptions will last for oil production because of the escalating war with Iran. Prices at U.S. gasoline pumps have already leaped because of them. The average price for a gallon is $3.25, up 9% from $2.98 a week ago, according to auto club AAA.

If oil prices spike further, like to $100 per barrel, and stay there, some analysts and investors say it could be too much for the global economy to withstand. Uncertainty about what will

happen has caused frenetic swings across financial markets this week, sometimes hour by hour.

Much will depend on what happens with the Strait of Hormuz. Roughly a fifth of the world’s oil typically sails through the narrow waterway off Iran’s coast.

To be sure, the U.S. stock market has a history of bouncing back relatively quickly following conflicts in the Middle East and elsewhere, as long as oil prices don’t jump too high for too long. That has many professional investors suggesting

Elon Musk defends tweets in lawsuit alleging they caused Twitter stock to fall before acquisition

By BARBARA ORTUTAY AP Technology Writer

ELON Musk continued to defend his actions in the months leading up to his 2022 purchase of Twitter in court Thursday as he faces a class action lawsuit claiming he misled investors and caused them to lose millions of dollars.

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.

NOTICE is hereby given that CARDILIA IDEUS of P.O. BOX N-8634 of Faith Avenue North, 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 6th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

ANTHONY Matesic works on

patience and riding through the market’s swings.

“While further escalation remains a risk, we think the more likely outcome is an increase in market risk aversion that likely lasts only a short time until investors can see a winding down of hostilities,” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

The S&P 500 is down only 0.7% for the week so far, despite its sharp swings, as gains for Big Tech stocks and oil producers have helped to blunt losses across the rest of the market.

Stocks of airlines fell to some of the U.S. market’s worst losses again on Thursday. Higher oil prices are increasing their already big fuel bills, while the war has left hundreds of thousands of passengers stranded across the Middle East.

American Airlines lost 5.4%, United Airlines fell 5% and Delta Air Lines sank 3.9%.

Stocks of smaller companies, meanwhile, took heavy hits. That’s typical when

the deal or wrangle a lower sales price.

This includes Musk’s claims about the number of bots on Twitter. Taking the stand for the second day, Musk continued to double down on his assertion that Twitter had a much higher number of fake and spam accounts than the 5% it disclosed in regulatory filings.

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

NOTICE is hereby given that EVELT FLEURIMOND of #31 Bellot 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 27th day of February, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

worries are growing about the strength of the economy and about interest rates rising. The Russell 2000 index of the smallest stocks fell a market-leading 1.9%.

Wall Street’s drop would have been worse if not for Broadcom. The chip company’s stock rose 4.8% after it reported stronger profit and revenue for the latest quarter than analysts expected. It’s one of Wall Street’s most influential stocks because it’s one of the biggest by total value, and CEO Hock Tan said it benefited from a 74% jump in revenue for AI chips.

All told, the S&P 500 fell 38.79 points to 6,830.71. The Dow Jones Industrial Average dropped 784.67 to 47,954.74, and the Nasdaq composite slipped 58.50 to 22,748.99.

In the bond market, Treasury yields climbed as rising oil prices put more upward pressure on inflation, which could keep the Federal Reserve from cutting interest rates.

The yield on the 10-year Treasury rose to 4.13% from 4.09% late Wednesday

disclosed its bot estimates to the Securities and Exchange Commission for years, while also cautioning that its estimate might be too low. But Musk said the number was much higher, at least 20%, according to some analysts. Saying the bot number was at least this high was like “saying the grass is green or the sky is blue,” Musk said.

Musk was only on the stand briefly, followed by expert witnesses and Twitter’s former CEO, Ned Segal. Much of the

and from just 3.97% before the war with Iran started.

The Fed could keep interest rates high to keep a lid on inflation. But high interest rates would also keep it more expensive for U.S. households and companies to borrow money, which would grind down on the economy.

The central bank had indicated it planned to resume its cuts to interest rates later this year, in hopes of giving a boost to the job market and economy. Because of the war and higher oil prices, traders have pushed their forecasts further into the summer for when the Fed could begin cutting rates again. In stock markets abroad, indexes rebounded in Asia following historic losses the day before. South Korea’s Kospi soared 9.6% to recover much of its 12.1% plunge from Wednesday, which was its worst drop ever.

But indexes fell in Europe as oil prices began to accelerate. France’s CAC 40 fell 1.5%, and Germany’s DAX lost 1.6%.

testimony Thursday centered on the 5% spam accounts number. Asked if Twitter ever filed false filings to the SEC that misstated its spam numbers, Segal said it did not. He mentioned that the company once restated finances after it became aware of a mistake in its calculation of daily users. In 2017, Twitter said it had been overstating its monthly user numbers by mistake because it was including users of a thirdparty app it should not have.

US Postal Service expects to run out of cash in a year without help from Congress, postmaster says

By SUSAN HAIGH Associated Press

THE U.S. Postal Service

will run out of cash within a year unless Congress lifts a decades-old cap and allows the agency to borrow more money, the new postmaster general warned in an interview.

If it doesn’t, the Postal Service might not be able to pay its employees or vendors by February 2027, with potentially dire consequences for mail delivery, Postmaster General David Steiner told The Associated Press.

“How long are employees going to work and vendors going to show up if we’re not paying them?” Steiner said in an interview on Wednesday.

The postmaster general is scheduled to testify before Congress later this month about the Postal Service’s financial struggles and the need to change longstanding rules and regulations that he considers burdensome. He singled out the $15 billion cap on borrowing that has been in place since 1990.

The Postal Service is an independent agency that is funded mostly through

postage revenue and the services it provides. Steiner said it has all the burdens of a government agency, such as having to deliver mail six days a week to every address, but none of the benefits, such as an annual appropriation from the federal budget.

“We have to have a conversation with the American public,” Steiner said. “If you want us to deliver everywhere, every day, we’ll do it. That’s not a problem. But who is going to pay for it?”

Steiner, a former CEO of the nation’s largest waste management company and a former member of the FedEx board of directors, took over the struggling Postal Service last July. He said raising the borrowing limit is the easiest thing lawmakers can do immediately to help the agency.

“That will buy us the time to make the fixes we need to make, and we can sail on down the road,” he said. He has called for expanding the service’s revenue base, including extending its last-mile delivery service to more entities. Last-mile delivery refers to the final step of getting a package from a local distribution

Crews in Cuba rush to repair a damaged power plant to ease a blackout

By MILEXSY DURÁN Associated Press

SWATHS of Cuba remained without power on Thursday nearly a day after a huge blackout hit the western part of the island in the latest outage blamed on a fragile electric grid and a lack of fuel.

Crews worked overnight to repair a broken boiler at one of Cuba’s largest thermoelectric plants, but officials have warned that it could take three to four days for power to be fully restored.

State media reported that nearly 660,000 customers in Havana, or 77%, had power, as well as 43 hospitals and 10 water supply stations. However, officials warned of low power generation and said some circuits that crews had reconnected were kicked offline again.

Millions still remained without power, including Miguel Leyva, 65, who lives with his mother and brother, both of whom are ill.

“I have no words to describe what I’m going

through: the heat, the mosquitoes and no electricity. The food could spoil,” he said. “I’m aware of all the problems that exist, but listen, it’s been more than 24 hours now.”

Cuba’s Ministry of Energy and Mines wrote on X that the electrical system is operating “in a limited capacity, prioritizing basic services, primarily health and water supply.”

State media reported that two power plants are offline because of a lack of petroleum.

Government officials said Wednesday afternoon that crews have located the crack in the boiler drum that led to the outage. They said it will take 12 hours to cool that area so crews can enter the furnace and start repairing it. Work already is underway to fix a pipe that also is damaged, officials added.

Sonia Vázquez, 61, said the blackout didn’t stop her from selling coffee to passersby daily, saying she prepared it with gas at 5

center to a customer’s door, the most labor-intensive part of the delivery process.

USPS’s net losses for the 2025 fiscal year totaled $9 billion, even though total operating revenue increased by $916 million or 1.2%, due largely to its Ground Advantage shipping service. Net losses in fiscal year 2024 were $9.5 billion. Ultimately, other changes are needed, as well, Steiner said, including giving the Postal Service authority to raise postage prices high enough to cover losses. He said increasing the price

a.m. under a rechargeable lamp.

“I didn’t sleep last night. Too many mosquitoes,” said Vázquez.

Meanwhile, 57-year-old cafe owner José Ignacio Dorta, said that some of his frozen food has spoiled.

“We’ve looked for ways to prevent further spoilage. We’re working on it. We hope nothing else will spoil,” he said.

Cuba has long struggled with an aging electric grid and intermittent fuel supplies, but the crisis has deepened in recent months.

Key oil shipments from Venezuela were halted after the United States attacked the South American country in early January. Then

of a first-class stamp to 95 cents, from today’s 78 cents, would be enough to “fix” the Postal Service’s fiscal woes. A decade ago, a first-class stamp was 47 cents, although postal officials note it’s still the lowest price in the industrialized world and covers a delivery range that’s ten times farther than in other countries.

But he said an independent agency created by Congress to oversee the Postal Service won’t allow it, he said.

“If the Postal Regulatory Commission adopted our pricing model, problem

later that month, U.S. President Donald Trump warned that he would impose tariffs on any country that sells or supplies oil to Cuba.

On Thursday, Trump suggested a deal may be imminent with Cuba but that he’s focusing on Iran in the meantime.

Referring to a co-owner of Inter Miami being originally from Cuba, Trump said, “You’re gonna go back” and added, “That’s going to be a great day, right?”

Without providing details, Trump said, “We’re going to celebrate that separately. I just want to wait a couple of weeks. I want him to wait a couple of weeks. But we’ll be together again soon, I

solved,” he said, adding how the package delivery side of the business could then subsidize the mail side.

Steiner and other Postal Service officials also have called for reforms to its pension and retiree health benefit obligations, including the ability to invest the money in something other than Treasury bills.

Multiple postmaster generals over the past two decades have repeatedly asked Congress or regulators to change the various rules governing the Postal Service. In 2022, Congress did pass the Postal Service Reform Act, which ended a requirement that the agency prefund its retiree health benefits, but it left other constraints intact.

Meanwhile, the Postal Service has seen annual volume plummet from about 220 billion pieces to about 110 billion today as more people pay bills and communicate online.

“Take those 110 billion and put a 78-cent stamp on them. That’s $86 billion of revenue that evaporated in 15 years,” he said. “If either

suspect, celebrating what’s going on in Cuba.” He added of the island’s government, “They want to make a deal so badly. You have no idea.”

Then, referring to Marco Rubio, the president said the secretary of state wants to work on Cuba but is cautious to do so during the war in Iran.

“You’re next one’s going to be -- we want to do that special – Cuba,” Trump said.

“He’s waiting. But he says, “Let’s get this one finished first.’ We could do them all at the same time. But bad things happen. If you watch countries over the years, you do them all too fast, bad things happen.”

FedEx or UPS lost $86 billion of revenue, they would have no revenue.”

But instead of helping the Postal Service, Steiner said regulators and Congress have imposed costly mandates.

“I like to say we sort of got thrown overboard on a ship into the cold water, right? And instead of throwing us a life preserver, we get thrown an anchor,” he said.

Calls on Thursday to some members of Congress who oversee the Postal Service were not immediately returned. A message was also left with Keep Us Posted, an advocacy group launched in 2021 in response to price increases and service delays. Last month, the organization warned the USPS was “headed for a taxpayer bailout” given its cash flow issues. The group urged Congress to pass legislation it says would limit rate increases to once a year, tying them to service performance, among other measures.

Trump didn’t clarify his meaning, but the comments followed his from last week, when he raised that the prospect of a “friendly takeover” of Cuba might be possible without elaborating.

Wednesday’s outage is the second one to hit western Cuba in three months. The outage in early December lasted nearly 12 hours. Some of Cuba’s thermoelectric plants have been operating for more than three decades and receive little maintenance because of high costs. U.S. sanctions also have prevented the government from buying new equipment and specialized parts, officials say.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LIMITED (the “Company”) date of commencement of the dissolution is March, 2026 can be contacted at 238 Orchard Boulevard #32-06 Singapore 237973.

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 4th March, 2026 3rd April, 2026