03122026 BUSINESS

Super Value facing $400k monthly VAT ‘exempt’ hit

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SUPER Value is bracing for an up to $400,000 per month hit due to the Government’s decision to treat the elimination of VAT on uncooked foods as ‘exempt’ rather than ‘zero rated’.

Debra Symonette, the 13-store supermarket chain’s president, told Tribune Business that the planned tax treatment means Super Value and all other food stores, as well as the likes of gas stations and pharmacies, will from April 1 be unable to reclaim or ‘net of’ VAT they pay on input expenses linked to uncooked foods.

As a result, they will be unable to recover VAT on all purchases and expenses related to their uncooked food inventory, which represents a signifcant share - if not the majority - of their business. Ms Symonette warned it would have “a detrimental” impact for the food store chain’s proftability, and is “defnitely going to afect our bottom line”. The ‘exempt’ VAT treatment was revealed to grocery merchants during a recent meeting with the Ministry of Finance. The Super Value president disclosed that she and other retailers are now urgently seeking a second meeting, given that the April 1 elimination of VAT on uncooked foods is now just 20 days

Ex-chair: Was Mortgage Corp $110m re nanced?

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Bahamas Mortgage Corporation chairman last night urged the Government to clarify whether the $110m in bond principal coming due for repayment in the four years ending in 2026 was refnanced and rolled-over given that only 52 percent of the sum was covered.

Dr Duane Sands, now the Free National Movement’s (FNM) chairman, speaking after the Mortgage Corporation’s accounts for the four years to 2017 were yesterday tabled in the House of Assembly, told Tribune Business that Bahamian taxpayers yet again appear “to be on the hook” for multi-million dollar guarantees underpinning a state-owned enterprise (SOE) based on the latest fnancials.

The audited accounts for 2017, which were only signed of more than eight years later on November 18, 2025, reveal that the Mortgage Corporation’s sinking fund - containing monies, assets and investments intended to cover the repayment of bond principal when these issues mature - contained some $57.096m at end-June that year.

That valuation had declined from $59.552m just two years previously, and the full amount was only adequate to cover just over half of the $110m worth of bonds - divided into four issues ranging in size from $10m to a maximum of $50m - that were due to mature over the four years between 2023 and 2026. As a result, Dr Sands last night called on the Davis administration to confrm whether this $110m bond principal has been refnanced, rolled over or had its maturity extended further out into the future to prevent a default. The Government’s 2025-2026 mid-year Budget report shows a possible $142.5m guarantee it may have to provide on the Mortgage Corporation’s behalf, which

FUNDING - See Page B11

‘More costly’ fear: ‘Experts’ to assess OECD compliance

BY NEIL HARTNELL Tribune Business Editor

A BAHAMIAN fnancial services executive yesterday warned “it’s going to be more costly” to conduct business in this jurisdiction after the Government unveiled reforms that will permit a “designated tax expert” to assess compliance with automatic tax information exchange laws, regulations and standards. Paul Moss, Dominion Management Services' principal, told Tribune Business that legislative changes such as the Automatic Exchange of Financial Account Information (Amendment) Bill 2026 highlight “the number one goal” of the Organisation for Economic Co-Operation and Development (OECD) and other agencies to make the cost and bureaucracy associated with doing business in The Bahamas and other international fnancial centres (IFCs) so onerous as to drive them out of fnancial services.

The Bill, which was tabled in the House of Assembly, if

Uncooked food elimination leaves business holding bag

passed as is mandates that all Bahamas-based fnancial institutions - regardless of whether they have clients and accounts subject to automatic tax information exchange reporting - must register with the Ministry of Finance “no later than” June 15, 2026, if The Bahamas is to avoid further OECD scrutiny. The legislation also creates an “automatic exchange of information steering committee”, which will feature representatives from all fnancial services regulators such as the Central Bank and Securities Commission, as well as the Attorney General’s Ofce, to advice the Ministry of Finance on the Common Reporting Standard (CRS) that is overseen by the OECD and assist co-operation and information sharing between its members. And, besides the mandatory registration requirement, which imposes a penalty of up to $100,000 for breaches, the Bill also introduces a new section

CHANGES - See Page B7

away, in the hopes of persuading the Government to adopt a diferent approach that works for all sides including consumers.

Neither Michael Halkitis, minister of economic afairs, nor Simon Wilson, the Ministry of Finance’s fnancial secretary, responded to Tribune Business calls and messages seeking comment and confrmation of the Government’s position before press time last night. However, other food retailers and advisers to the grocery industry confrmed that Ms Symonette’s concerns - that the industry will be unable to recover, or reclaim, the proportion of VAT input payments that relate to uncooked foodsis correct. The Super Value

chief told this newspaper in a subsequent message that the food store chain has calculated “the impact could be up to $300,000-$400,000 per month” through lost or reduced profts, which translates into between $3.6m to $4.8m per year. That would be a signifcant blow to any business. Another major grocery merchant, speaking on condition of anonymity, echoed Ms Symonette’s fears and estimated that the VAT ‘exempt’ treatment could increase non-staf costs by 7-8 percent from April 1, 2026. They added that the impact will not be confned just to food stores, but all businesses that sell uncooked food, including gas stations and pharmacies.

Gas stations, pharmacies, wholesalers are also impacted Non-sta costs to rise 7-8% amid price hikes warning

And wholesalers will also be impacted as they will have to adopt the VAT ‘exempt’ treatment on the uncooked food supplied to retailers. Tribune Business was told that, if wholesalers elect to pass on the extra costs incurred from being unable to reclaim VAT on input expenses related to uncooked food, the cost of goods will likely rise by a further 2-3 percent.

A retailer, speaking on condition of anonymity, added that the VAT ‘exempt’ treatment will

further increase the cost and complexity for food stores when it comes to administering the tax and remitting the correct returns and sums to the Ministry of Finance. And fnancial observers warned that, as opposed to “eating” the increased VAT-related costs, food stores will simply “mark-up” and increase prices on items that are not price controlled to maintain their margins.

One argued that the VAT ‘exempt’ treatment will be

TAXATION - See Page B10

Ownership certainty nearer for hundreds in Bozine Town

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

DECADES of uncertainty for hundreds of Bozine Town residents may soon end when they receive legal ownership of their land and homes through the Government’s plan ti fnally regularise their title.

Keith Bell, minister of housing and urban renewal, yesterday explained that the disputed land in New Providence, located of Tonique Williams Highway close to Knowles Drive, is being transferred to his ministry as the frst step towards providing home and property owners with documentary certifcates of title.

He added that the decades-long uncertainty surrounding land ownership in Bozine Town highlighted the urgent need to modernise The Bahamas’ land administration system.

Mr Bell said the circumstances afecting the

community stemmed from a Quieting Titles petition fled in 1962 involving approximately 148 acres of land, triggering a legal process that remained unresolved for more than four decades while families continued to purchase lots and build homes.

He explained that the petition efectively paused the normal operation of adverse possession laws while the matter remained before the courts, meaning that long-term occupation of the land could not mature into legal ownership in the usual way. “That petition, fled in 1962, remained unresolved for decades,” said Mr Bell.

He explained the community continued to develop as residents purchased land parcels, constructed homes and established families, unaware that a decades-old court proceeding could later afect their ownership claims.

The legal proceedings eventually concluded in

2004, when a certifcate of title was granted for the 148 acres - more than 40 years after the petition had been fled. The discovery that their occupation did not automatically translate into ownership proved devastating for many residents.

“And so hundreds of Bahamian families suddenly found themselves confronted with a reality they never anticipated: That the land on which they had built their homes might not legally belong to them,” said Mr Bell.

He added that the Davis administration is now seeking to resolve the issue by frst acquiring, then transferring, the land to the Government so that it can be regularised and eventually conveyed to current residents to confrm ownership of ‘their piece of the rock’.

Mr Bell said the land was transferred to the Bahamas treasurer on June 27, 2025, through a deed of exchange between the

Government and Harold Road Properties.

“This tesolution before the House today is therefore not simply a technical land transaction,” Mr Bell said. “It represents the determination of this government to bring justice and certainty to a community that has waited far too long.”

Under the proposed process, the land would be vested in the minister responsible for Housing, allowing surveys and legal steps to begin so that residents can obtain proper conveyances. “The objective is clear,” said Mr Bell.

“Through the necessary surveys, legal processes and administrative steps that must follow, the Government will be in a position to regularise the occupation of the land and issue conveyances to the persons who are living there.”

Mr Bell said the case also highlights deeper weaknesses in The Bahamas’ land ownership framework,

which relies on long chains of title deeds and fragmented historical records to establish ownership.

“They demonstrate, in very practical terms, why the reforms this government has begun in the area of land administration are not simply desirable but necessary,” he added.

Mr Bell said the Land Adjudication Bill and Registered Land Bill are intended to modernise the system by creating a national register where ownership is clearly recorded and protected by the state.

“Through the Land Adjudication Bill and the Registered Land Bill we are moving this country toward a system where land ownership is clearly recorded, where boundaries are properly surveyed, and where once ownership is established it is protected by the state and refected in a national register,” said Mr Bell.

KEITH BELL

“It cannot be right that a proceeding fled decades earlier can remain dormant for 40 years and then suddenly emerge to determine the rights of persons who have lived on the land for generations,” Mr Bell said.

The ultimate goal, he added, is to allow Bozine Town residents to secure the same certainty that other homeowners expect.

“For the residents of Bozine Town this is not simply a legal exercise,” Mr Bell said.

“It is about dignity. It is about security. It is about knowing that the home you built with your savings and your labour is protected and recognised by law.”

He also indicated that the Government is examining whether reforms are needed to the Quieting Titles Act to prevent legal petitions from remaining dormant for decades.

Personality is key factor in recruitment interview

In an ideal world, every round of recruitment would interact with candidates who combine ‘know-how’ with ‘personality and attitude’ that hopefully constitutes a good ft for the employer.

In reality, however, we often encounter candidates who seem like the best match but may not have the most extensive skills or experience required. This can possibly create a ‘catch-22’ for hiring managers. For example, in the case of two great candidates, do you choose the one who is a better match for technical skills or the one who aligns best with the workplace culture? When should skills and experience be the deciding factor, and why?

When do skills matter most?

There is no denying that both skills and experience play a role in how successfully a candidate performs. However, while some positions may require specifc technical knowledge, there are those that rely more on soft skills such as relationship building, communication or time management. While some qualities are required for qualifcations or experience, others may not be necessary or called upon in the next fve years.

On the fip side, it may be harder to quantify skills or experience, as this requires employers to delve into

personalities, which can feel quite subjective. Furthermore, interviewers might simply cite a “gut feeling” about one candidate over another, making decisions that are open to being overly infuenced by their own conscious or unconscious biases. This results in not having any supporting evidence that explains their selections for the company. Despite these considerations, according to research, 90 percent of employers say that fnding candidates who are a good ft with the company’s culture is very important. On a fundamental level, ft can be as simple as whether someone is likely to get on well with other members of the team. However, there

is also a wider picture to consider and, of course, interviews will always remain an integral part of the hiring process since it is a better setting to assess, and privately ask, the right questions such as: Are you impossible to work with? Can you accept constructive criticism? How do you handle confict?

In my estimation, both knowledge and skills are crucial for a candidate's success. Knowledge is the theoretical understanding of a subject, while skills are the practical abilities that enable individuals to perform specifc tasks efectively. Nonetheless, it is important to note that a candidate with a strong knowledge base can apply

understanding to solve problems and perform tasks efectively, while skills can be developed through hands-on experience and practice.

So, what is more signifcant on the job: Knowledge or skills? Well, after much debate - and while it may never be admitted or ofcially recorded in interview assessments - it appears that, to a certain degreem, the decision sometimes may be based on whether the interviewer likes the candidate’s personality and

attitude. When the vibe is right, it is easy for progress to follow. Until we meet again, live life for memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail. com ABOUT COLUMNIST: Deidre M. Bastian is a Graphic Designer/Brand Marketing Analyst, International Award-winning Author and Certifed Life Coach.

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

VACANCY NOTICE

WAREHOUSE ORGANIZER

Job Summary: A vacancy exists in our Company for a Warehouse Organizer. e Warehouse Organizer plays a critical role in ensuring that our warehouse is properly structured and maintained for optimal performance and e ciency is position is responsible for creating and sustaining an organized environment where inventory ows smoothly, sta are guided e ectively, and operations meet the highest standards of accuracy and safety.

Key responsibilities of the position include the following:

• Ensure the warehouse is organized and structured to maximize e ciency, safety, and productivity.

• Establish and maintain clear systems for inventory fow, storage, and product placement.

• Provide direction and guidance to staf to uphold high standards of organization and customer service.

• Oversee stocking and replenishment of inventory (windows, doors, tiles) in a systematic manner.

• Oversee the proper display and movement of products throughout warehouse areas

(upon management approval).

• Record, track, and manage impaired or damaged merchandise items to maintain accurate inventory records.

• Operate forklifs, trucks, and other warehouse machinery with a focus on safe and orderly operations.

• Continuously monitor and improve warehouse processes to support optimal performance

• Assisting in all areas of the warehouse.

Job Requirements:

• Minimum of 2 years’ experience in a similar role.

• Strong leadership skills with the ability to motivate and guide a team.

• Experience operating a forklif.

• Excellent attention to detail and problem-solving abilities.

• Efective communication and interpersonal skills.

• Must be over 35 years of age.

• Profciency in Microsof Ofce applications.

• Writing skills for documentation and reporting.

If you meet the above requirements, please forward your resume to chinainvestment1969@hotmail.com

DPM: Bahamas reforms units targeting faith-based tourism

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE deputy prime minister says The Bahamas is seeking to exploit the fast-growing market for faith-based and religious travel in a bid to diversify the tourism industry beyond traditional leisure visitors.

Speaking at the Bahamas Empowerment Conference, Chester Cooper, also minister of tourism, investments and aviation, said religious tourism is becoming an increasingly important component of the sector’s expansion, with millions of

travellers worldwide now travelling annually for conferences, retreats, missions and other faith-centred gatherings.

He added that faith tourism aligns naturally with The Bahmaas’ culture and history, noting that churches have long been central to community life. “Faith has always been woven into the fabric of Bahamian life,” said Mr Cooper.

He added that places of worship have traditionally served not only as spiritual centres but also pillars of education, leadership and community development. According to Mr Cooper, these cultural foundations

place The Bahamas in a strong position to attract a growing share of a rapidly expanding global market.

He said hundreds of millions of travellers visit religious sites each year, with the broader faithbased tourism sector projected to grow into a market worth hundreds of billions of dollars over the coming decade.

The deputy prime minister said that, to capture that opportunity, the Davis administration has relaunched the religious tourism unit within the Ministry of Tourism supported by the country’s frst comprehensive

religious tourism strategic plan aimed at attracting conferences, conventions and other large faith-based gatherings.

Mr Cooper said such events can generate economic benefts that extend well beyond the initial visit. Delegates frequently travel with spouses or families, and often return later for leisure trips, sometimes exploring multiple islands across the archipelago.

He added that purpose-driven travel such as conventions and conferences can also help spread tourism spending more widely through local communities by flling hotels,

restaurants and transportation services while events are taking place.

The conference itself, Mr Cooper suggested, ofered a practical example of how spiritual gatherings can translate into economic activity, with visiting delegates supporting businesses throughout the host community.

“By developing faith tourism, we can diversify our tourism product, attract new visitors from major faith markets in the United States and beyond, and deepen the cultural experiences that visitors have when they come to our islands,” said Mr Cooper.

PM: Arts school to push creative entrepreneurs

BY FAY SIMMONS

The Government is seek-

the Bahamas’ ‘orange economy’, the Prime Minister asserted yesterday.

Philip Davis KC told the House of Assembly that the new national performing arts school will help transform cultural talent into economic opportunity. Speaking during the debate on legislation to establish the Creative and Performing Arts School (CAPAS), he said the initiative is designed to develop a generation of Bahamian professionals capable of building careers in music, flm, production and other creative industries.

Mr Davis added that the creative sector represents a major economic opportunity, noting that the so-called ‘orange economy’ which includes industries such as music, flm, fashion and cultural production, generates trillions of dollars annually worldwide.

“The global creative economy generates between $2trn to $4trn annually. It drives tourism

growth and produces intellectual property that grows in value over generations,” said Mr Davis. “As a result, countries that invest in their creative sectors don’t just produce better cultural outputs. They produce better economies.”

He added that CAPAS will provide specialised training in areas such as performance, directing, production, audio engineering and other creative disciplines, while also encouraging entrepreneurship within the arts sector.

Mr Davis said the school will nurture a new generation of creatives who are not only performers but also producers, innovators and business owners capable of generating economic value from their work.

“We view the creative economy, the orange economy, not as a supplement to what we are building but as a central pillar for economic growth,” said Mr Davis.

“For The Bahamas, a nation whose greatest natural resource has always been the depth, originality and vitality of its people, this represents an immeasurable opportunity. And we are making the necessary investments with no doubt that we will get exponential returns. How could we not when we invest directly in our people?”

He also tied the initiative to the Government’s broader eforts to modernise intellectual property protections, noting that stronger copyright laws and enforcement will allow Bahamian artists to better protect and monetise their creations.

The Prime Minister said the goal is to ensure Bahamian creators can generate revenue not only from live performances but also through licensing, distribution and other intellectual property opportunities.

“After all, you cannot build an economy around

CHESTER COOPER

“What is further compelling is that when visitors come for a purpose like a convention, they bring their spouses, they return with their children and visit one or more of our other 16-island destinations.

“And this conference demonstrates exactly what is possible as a spiritual gathering has translated into economic activity fowing through our communities.”

creativity if you cannot protect what is created,” said Mr Davis. “Our updated IP legislation ensures that Bahamian creatives have robust copyright enforcement and the legal tools to monetise their work.” He added that CAPAS will serve as a cornerstone of a broader strategy to expand the country’s creative economy and diversify economic activity beyond traditional sectors such as tourism and fnancial services.

“The long-term vision is the creation of an institution that will produce not just performers, but directors, producers and creative entrepreneurs who will build the next chapter of our orange economy right here at home,” said Mr Davis.

He added that investing in the creative industries is ultimately an investment in both culture and economic development, positioning The Bahamas to participate more fully in the rapidly growing global creative marketplace.

Doctors: ‘Concerted e ort to thwart’ our NHI union

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A DOCTOR yesterday asserted that there is a “concerted efort to thwart” National Health Insurance (NHI) physicians and care providers forming a registered union, or association, to advocate for their interests.

Dr Ian Kelly told Tribune Business that eforts to establish the National Health Insurance Providers Association (NHIPA), which was unveiled in December 2025, as a registered union are constantly

being delayed. He added that the group was told to remove NHI from the union’s name and the group’s constitution.

“But here's the thing, we've tried to unionise, and they've delayed and delayed,” Dr Kelly said.

“There's obviously a concerted efort to thwart us being a union... We're going ahead. So it doesn't matter what you say, we're going to be a union.

“We're trying to do it, but they're delaying us. We had to take NHI out of the name in case the public would be confused. And then when we sent it back

with a new name, they said verbally - there wasn't a letter saying this - that we had to take NHI out of the constitution. And the lawyer wrote back to them, saying there's no precedent, or there's no way that they could take NHI out of the constitution, because that's why it's been formed; to negotiate for themselves with the Government.”

Dr Denotrah Archer-Cartwright, another NHIPA representative, confrmed that the registrar of trade unions asked that NHI be removed from the union’s name. However, she said although they

Medical marijuana chief: Portal set within 90 days

BY ANNELIA NIXON Tribune Business Reporter

THE Cannabis Author-

ity’s chairman yesterday reassured that the online platform that will receive licence applications and help to regulate the medical marijuana industry will be completed within its target 90-day deadline.

Dr Lynwood Brown said the completed agreement states that “a workable product” must be provided within 90 days after the agreement was signed.

“We have completed the agreement with the persons providing the platform,” he added. “The person providing the platform has given us a delivery date that doesn't extend beyond 90 days.

“Meaning that since the agreement was signed, they have 90 days to give us a workable product. That is what the agreement states.

But, by all indications, we will be completed before that 90-day deadline. Ninety days is the rails in which we are guarded by that they cannot extend. But they have indicated to us that it is very, very likely that it will be fnished before the 90 days. So that is on track.

“Now, the provider of this platform is not BioTrack. BioTrack was the initial person we had conversations with but, during the course of our discussions, BioTrack was bought by another company called Metrc,” Dr Brown added. “And our agreement had to restart after the acquisition of BioTrack by Metrc. “Since BioTrack was acquired by Metrc, we entered into discussions with Metrc because BioTrack was no longer a thing. And that discussion had to restart from the beginning because there are some key elements of the agreement with BioTrack that Metrc

wasn't agreeing with, and vice versa.

“So we were able to come to an agreement point. We had a meeting of the minds, and we decided on how it's going to be done, how it's going to be executed, and we have signed on to that agreement, and we are only awaiting for Metrc to produce the platform and its beta tested, get trained on it, and then we will bring the platform to the public space for the public to apply via the platform for various licenses to participate in the medicinal cannabis industry in The Bahamas.”

Noting that the platform provider, Metrc, is “not a novice in the industry”, Dr Brown added: “The deliverables that Metrc has promised, I have no reason to doubt their capability of doing so. They are not a novice in the industry.

“They are providers for many countries and regions, as well as many states in the United States, providing

submitted a new name, they still have not been registered.

The group, which seeks to represent about 48 doctors and other NHI care providers, voiced a number of concerns during a press conference held at the ofce of Trade Union Congress president, Obie Ferguson, last year. Dr Archer-Cartwright said at the time that NHI providers were not being involved in consultations and other key policy discussions.

“NHI was designed to provide healthcare access to all, but its sustainability and efectiveness are deeply

a platform for something similar what we require for them to provide for us. And they are doing this in much larger jurisdictions - many more people and much more nuances involved - and they were able to

threatened by the lack of meaningful consultation with the physicians who are the actual providers of care, despite being an integral to the programme,” she said. “As healthcare providers and major stakeholders in the NHI, we believe it is essential that we have a seat at the table when it comes to direction, policy and sustainability of the programme.”

Mr Ferguson challenged how labour laws are being applied in The Bahamas given the constant and continued delays he experienced in registering the association, which he labelled as unjustifed.

Despite this, Dr Kelly said they would persevere as they are determined to become a registered union.

The formation of the union is signifcant, he said, as many of the same concerns outlined when the group frst announced its formation remain including

produce deliverables on the scheduled time.

“So I have no doubt that they will be able to do so. I'm hopeful that it will be long before the 90 days, but they have up to 90 days. So I'm excited, and

late payments, additional fees, micro-management, policy changes and a lack of consultation.

“They're charging us a facility fee, and they're charging us a doctor fee,” Dr Kelly said. He added that they are also charged for using electronic health records, which came into efect on January 1, 2026, and still have not been informed why they have now been hit with these fees.

New application fees as well as primary care provider (PCP) per physician fees are set at $250. The facility fee is $500 and the laboratory fee is $100- $500 per collection centre. A monthly digitisation fee is set at $300 per physician/ clinic.

“Fees will be withheld from capitation payments and deducted monthly in equal increments,” the NHI Authority added.

I'm optimistic that they'll produce, they will deliver, and Bahamians can now start the process of putting in applications for various types of licences in the industry. So this is very, very good and exciting times.”

Payments provider relaunching through OMNiVerse digital hub

A BAHAMIAN payments provider says it is relaunching through a new digital hub that will give consumers online access to all its services in a bid to boost speed and efciency.

OMNi, in a statement, said its new hub - the OMNiVerse - is at the centre of its new, modernised operational model that focuses on a transparent, digital-frst infrastructure designed for providing Bahamians with fnancial access.

Davinia Bain, chief executive of the 23 yearold fnancial provider that was founded in 2003, said: "True evolution is about

more than just moving forward; it is about taking full accountability for the road travelled and ensuring the path ahead is built on solid ground.

“We have used our recent period of refection and restructuring to build a version of OMNi that is stronger, more resilient, and deeply empathetic to the needs of our clients. The OMNiVerse is our promise of a better, more reliable way of banking reimagined for the world we live in now.”

Developed in collaboration with software architects at FinPlus Group, the company said the OMNiVerse

serves as a comprehensive digital ecosystem for all its services, ofering a seamless experience that eliminates ‘red tape’ while operating with the speed and transparency of SandDollar, the Bahamian digital dollar that is backed by the Central Bank. The digital hub’s key features include full digital Know Your Customer (KYC) processes and onboarding of clients, with OMNi asserting that modernised identity verifcation allows customers and merchants to join in minutes. Money transfers, involving the ability to send funds to banks, wallets and cards via

Insurers present 50th birthday book to university’s librarian

THE Bahamas Insurance Association (BIA) recently presented fve copies of its 50th anniversary commemorative book to Elsie Bain, university librarian, at the University of The Bahamas (UoB).

Julian Rolle, the BIA’s chairman, was joined by BIA executives and Neko Meicholas, chief executive of Guanima Press, which is responsible for production of the book in close collaboration with the Association. The BIA said the book will be an important tool for research on insurance, and will be a resource for students and persons seeking to acquire information on the development of insurance in The Bahamas over the past fve decades.

wallet-to-wallet transfers, will also be available to clients.

OMNI added that it will also ofer “streamlined digital lending” of up to $1,500, with approvals delivered within 24 hours, along with revenue-based business loans and payroll management. The company said it will roll-out a two-way automated teller (ATM) network allowing users to convert Sand Dollars to cash and vice versa, ensuring Bahamians - including those in the Family Islandscan access the ecosystem on their own terms.

OMNi said it has strengthened its

partnerships with international providers, including TerraPay and Digicel MonCash, through the support of the Caribbean American Alliance (CAA). Through the CAA's network, it added that it has been able to forge relationships that enable users to facilitate real-time, cross-border transactions and direct wallet- to-wallet transfers to Haiti, China, the US and other countries. "The Caribbean American Alliance builds bridges between communities, economies and opportunity.

OMNi’s move toward a digital-frst fnancial ecosystem

refects the kind of bold innovation we champion. By connecting OMNi with partners like TerraPay, Finplus and Digicel MonCash, we’re proud to help expand faster, more reliable fnancial access across The Bahamas and the Caribbean diaspora,” said Carl Momplaisir, co-founder of the Caribbean American Alliance.

"We believe that distance should never be a barrier to fnancial inclusion," Ms Bain added. "By combining the OMNiVerse with physical touchpoints like our new ATMs, we are ensuring that persons living in The Bahamas have access to pay, bank and support their families without feeling detached from society. It’s more than just ofering digital banking services; it is about giving dignity, reliability and accessibility to the most vulnerable communities.”

Iran war has blocked the Strait of Hormuz, a vital oil choke point. Reopening it is a big challenge

By JOHN LEICESTER Associated Press

GASOLINE prices are rising largely because of the Iran war's impact on the Strait of Hormuz, a crucial passageway for oil and gas from the Persian Gulf. The waterway of Iran's coast, now efectively closed, is so vital for the global economy that governments are working on blueprints to speedily reopen it to shipping when the shooting stops.

In Europe, French President Emmanuel Macron is leading an international efort to unblock the energy choke point, so that oil, gas and goods could fow freely again "when circumstances permit." He envisions countries using warships to escort tankers and container vessels through the strait when fghting is less intense, whenever that may be. Former naval ofcers who have served in the Hormuz passage say vessels would be sitting ducks, with little room for maneuver in the strait's narrow shipping lanes, if foreign naval forces attempted to reopen the waterway before a cessation of hostilities.

"In today's context, sending warships or civilian vessels into the Strait of Hormuz would be suicidal,"

French navy retired Vice Adm. Pascal Ausseur said in an interview with The Associated Press. A ceasefre agreement with Iran "would make the situation shift from suicidal to dangerous. At that point, military ships could be deployed. And then escort operations could begin," he said.

Battle-hardened in the Red Sea

French, American, British and other naval crews already have valuable experience of fghting of missiles and drones in the region. They have escorted and defended cargo vessels through attacks in the Red Sea carried out by Iranbacked Houthi rebels in Yemen.

French frigates used machine guns, cannons and sophisticated air-defense missiles to fend of Houthi strikes. French frigate Alsace downed three ballistic missiles in the Red Sea in 2024 as it was escorting a container ship. The ship's commander at the time, Capt. Jérôme Henry, told the AP that being on the receiving end of the potentially deadly strikes was unnerving and exhausting. The sea battles also took a toll on U.S. Navy ships and personnel.

"There were repeated attacks, either by drones or missiles," Henry said in an interview. "The crew didn't get much sleep."

French retired Vice Adm. Michel Olhagaray, a former head of France's center for higher military studies, says that "all navies learned a great deal" about working together and escorting ships from their Red Sea missions and have also drawn on Ukraine's experiences against Russian barrages of missiles and drones during Moscow's war.

"It would allow us to deploy to that region with fairly refned know-how and a high level of cooperation — and that is extremely important," said Olhagaray, who commanded a French frigate that patrolled the Strait of Hormuz during the Iran-Iraq war in the 1980s. Higher risks Iran is militarily far better equipped than its Houthi proxies in Yemen, which caused considerable damage and disruption in the Red Sea between November 2023 and January 2025. Armed by Iran, the rebels targeted more than 100 merchant vessels with missiles and drones, sinking two and killing four sailors, and greatly reduced trade fows.

All Bahamas institutions must register for CRS by June 15

13A covering “designated tax experts” who will be selected by the Ministry of Finance to “conduct a CRS review of a fnancial institution to assess compliance with this Act” at the licensee’s expense.

The “expert” must be a member of the Bahamas Institute of Chartered Accountants (BICA) or an attorney covered by the Legal Profession Act, and they have to be “in good standing” with their profession. “A designated CRS tax expert shall submit a report to the Competent Authority [Ministry of Finance] on the review of the compliance of a fnancial institution with this Act,” the Bill reiterates.

“These are not original plans by the Government,” Mr Moss told this newspaper of the Bill’s contents. “These are things that are being dictated to them, and by what they are doing, this is not the plan. I don’t even know what to say. These things are evolving.

“It just seems as if the Government is just acquiescing or accepting of so many things by the OECD. They are making the lives of the licensees or people registered under them complicated. It’s going to be more costly to do the business. The Bahamas and the other IFCs have not really seen the strategy or way to really collaborate as a unit so they can respond as a unit. It’s unfortunate.

“They come at us individually, divide and rule, and that’s how they conquer us. It’s making it quite expensive to do business in this country,” Mr Moss added. “That was their [the OECD’s] number one goal: To make it so onerous that it makes no sense to be in business. We’ll see what happens. Hopefully we’ll get people in [government] who understand the need to be collaborative among IFCs so that we can respond in one way.

“We’ve been doing this since 2000; responding this way and look where it’s got us. Every year we live closer to being out of existence

because of acquiescing to the dictates of the OECD. There must be a grouping of all these jurisdictions so that we can respond in one way.”

Ryan Pinder KC, the attorney general, fagged the mandatory registration reforms and other automatic tax information exchange changes were coming earlier this year to meet new OECD demands over the CRS.

Addressing the Bahamas Financial Services Board’s (BFSB) 2026 chief executive conclave, he warned that all Bahamian fnancial institutions - not just those with “reportable accounts” - will have to register with the online automatic tax information exchange portal by June 2026 to close what he branded as “a regulatory gap”.

Mr Pinder added that the expansion of the tax reporting net to mandate registration by all institutions was essential to maintaining this nation’s compliance with the global CRS initiative that is policed by the OECD.

Confrming that The Bahamas is still undergoing an OECD examination of its automatic tax information exchange laws and regulations, and the efectiveness of their implementation and enforcement, he said: “We are currently in the middle of an OECD peer review, having had preliminary meetings and assessments with our fnal submission on our assessment due by the end of April.

“We passed amendments that empower the regulators to be responsible for inspections and evaluations of the industry, and to ensure enforcement measures are complied with. There is a regulatory gap - the identifcation of all fnancial institutions in the jurisdiction. You will hear from the regulators about how they intend on obtaining the population of fnancial institutions in the short-term.”

Explaining the changes and reforms now required, Mr Pinder added: “The

current legislative regime only requires fnancial institutions with reportable accounts to fle in the portal. We will pass new legislation that will require a one-time registration for all fnancial institutions in The Bahamas, regardless of [whether] they have reportable accounts.

“We will require this registration to be done by June of this year. We will work with you so you have a complete understanding of what the new requirements will be and how to ensure clients who are fnancial institutions comply.”

Mr Pinder could not be reached for comment before press time last night, but the Government also yesterday tabled the Decentralised Autonomous Organisations Bill 2026 in the House of Assembly in a bid to boost The Bahamas’ competitiveness and attract new digital assets business to the jurisdiction.

The Bill, which represents the innovation track of the Government’s parallel approach to marrying fnancial services regulatory compliance with product development, was also highlighted by Mr Pinder at the same BFSB meeting.

“One area that has evolved, and we think the time is right to develop regulation and structure, is with Decentralised Autonomous Organisations or a DAO, a blockchain-based, community-owned entity with no central leadership, governed by code and member votes through smart contracts,” he said then.

“Through work with the Securities Commission of The Bahamas we will authorise proposed structures and corresponding scope of regulation for DAOs. We hope to release a draft Bill next month and pass it by the end of March.”

The DAO Bill seeks to balance innovation with regulation. It requires that such an organisation frst be registered in The Bahamas as either an exempted limited partnership, purpose trust or SMART fund. And it must also have a

“responsible person” based in The Bahamas - either a corporate entity or individual - who will be the “point of contact” for regulators and be “accountable for the actions of a registered DAO”.

A DAO will also be required to “issue governance tokens” and explain what rights and powers these give to someone who holds them, thus “ensuring that there is decentralisation by requiring a DAO to have systems and controls in place to prevent one person or a group of related people from holding a signifcant number of tokens”. A token register will also be created.

“The Decentralised Autonomous Organisations Bill 2026 seeks to establish a comprehensive legal framework for the registration and governance of DAOs in The Bahamas,” the Bill states in its ‘objects and reasons’ section. “The primary purpose of this legislation is to establish a method in which DAOs can operate in The Bahamas with legal certainty while ensuring that safeguards are in place for consumers.

“By mandating initial registration as either an exempted limited partnership, purpose trust or a SMART Fund prior to registering as a registered DAO in The Bahamas, the Bill ensures that the registered DAO takes a specifc legal form. Under the Bill, a DAO has separate legal personality from its governance token holders and is required to appoint an approved responsible person, who will have a presence in The Bahamas and be answerable to the Registrar.

“Governance tokens are digital assets that grant holders voting rights on decisions such as amending smart contracts, approving proposals, appointing or removing responsible individuals, and modifying the DAO’s statement of

purpose. For instance, a token holder may vote on new smart contracts or in elections. These tokens are governed under the Digital Assets and Registered Exchanges Act (DARE) 2024.”

Food retailers seek urgent Finance ministry meeting

counter-productive and could have the opposite efect to what the Government intends, namely to reduce the cost of living and make foods more afordable, especially given the renewed infationary pressures likely to result from the Iran confict’s impacts on global crude oil prices. Brent crude yesterday hit $92 per barrel despite 30 countries pledging to release 400 million barrels from their emergency oil reserves.

The VAT Amendment Bill 2026, which was debated in Parliament over the past week alongside the mid-year Budget, specifcally states: “This Bill seeks to amend the VAT Act to eliminate VAT on qualifying unprepared food items, thereby reducing the cost of essential goods for consumers and on certain taxable imported goods.” However, it refers to the elimination of uncooked food VAT at both the wholesale and retail level, as well as at border importation, as ‘exempt’ rather than ‘zero rated’.

VAT ‘exempt’ treatment means that, while end-consumers will not be charged the tax at the point of purchase, it must still be paid by businesses at each stage of the supply chain. Therefore only food shoppers will see or feel any tax relief. But, had ‘zero rated’ treatment been employed, VAT

would have been eliminated at each stage of the logistics network.

Ms Symonette, giving a hypothetical example of what the VAT ‘exempt’ treatment will mean, said that a business whose sales mix is 80 percent uncooked foods and 20 percent non-food willfrom April 1 - only be able to reclaim VAT paid on input expenses related to the latter 20 percent. As a result, the business will now have to pay the remaining 80 percent VAT input tax itself unless it passes all, or some of this, on to consumers via price increases.

“The other issue is going to be on the VAT returns when we go from 5 percent to zero,” the Super Value president told Tribune Business. “It’s actually exempt; not zero rated. We’re not allowed to take away.. you know how we were allowed to take a credit for the inputs, we’re no longer going to be able to do that.

“We’ll have to split those amounts to what’s related to food and purchases related to non-food or cooked food. If your sales mix is 80 percent cooked food and 20 percent nonfood, you will only be allowed to deduct [VAT] for 20 percent; 20 percent of what you purchase.

“That’s going to cost us quite a bit. We did do a calculation, and its’s defnitely going to afect our bottom line because of the expense of the VAT.” Ms Symonette said Super Value and

other food merchants only became aware of what the Ministry of Finance was planning when it invited them to a meeting on eliminating VAT on uncooked food.

“They actually invited us, which was a good thing, and advised us on how it was going to work for submitting returns,” she added. “They went over the whole method so we’d be aware of how it’s supposed to work. Since then, we were able to come back and discuss it among ourselves and determine it’s going to have an afect on our bottom line.”

Ms Symonette said the VAT ‘exempt’ treatment is efectively turning the VAT concept on its head because, in The Bahamas, it is now becoming a business tax when it is supposed to be a levy on the fnal consumer or purchaser. “It’s actually supposed to be a consumer tax,” she added.

This was echoed by another food retailer who, speaking on condition of anonymity, said: “VAT now has become a business tax.”

They also pointed to the 2025-2026 Budget reforms, which prevent businesses from reclaiming VAT paid on construction materials and other inputs related to construction projects valued at $1m and more, adding: “The cost of investments will now increase as you cannot reclaim VAT on fxed assets.”

Ms Symonette, meanwhile, also voiced concerns that Bahamian wholesalers

New drone maker partly owned by Trump sons hopes to win Pentagon contracts

By BERNARD CONDON AP Business Writer

wil “have to do the same thing” as their retail customers when it comes to the VAT ‘exempt’ treatment. She added that the industry is seeking another meeting with the Ministry of Finance to make the case for the VAT treatment to be revised ahead of April 1.

“We’re hoping we can discuss it with them and work something out that will not be so detrimental to us,” the Super Value president told Tribune Business. “It’s going to take time to determine what we can take and not take.

“We have to go through invoices and clarify items, and what falls into food and non-food categories, and how much we should takeof. It’s going to be really complicated and time-consuming…. We’re hoping we’ll have a meeting with them before April 1 so we can get some things sorted and hopefully come up with something diferent.”

Another retailer agreed, adding: “Administration of the new rules will be onerous. Every invoice will have to be allocated between exempt and non-exempt items.” An adviser to food retailers, also talking on condition of anonymity, confrmed both the VAT ‘exempt’ treatment and Ministry of Finance meeting, and said of the sector: “It would appear basically that they are being hit again because of the inability to reclaim the VAT because it’s exempt.”

A fnancial analyst suggested the impact will the exact opposite of what the Government is seeking to do. “They’re going to mark-up the prices on the non-price controlled items,” they added of food retailers. “Unless they are price controlled it will not stop them marking up the price. They are just going to increase their prices in response to that.

“They are not going to eat that and why should they? This is not customer-friendly, this is not business friendly. This is not something that the Government should have said on the back end; it’s something you come out and explain. There could also be a compounding if the wholesalers pass their costs on.”

Ms Symonette, meanwhile, said Super Value will likely require between one to two weeks beyond the April 1 VAT uncooked food elimination deadline to alter all its product and shelf sticker prices accordingly. And she added that the implementation costs involved, especially man hours and overtime, will be signifcant for the second such exercise within the past year.

“It’s mainly going to be the issue of pricing the items from the 5 percent to zero percent,” she told Tribune Business, “because right now the prices on the shelf are VAT inclusive so we will have to adjust all the stickers on the shelf and the stickers on the items. We’re

not actually required to put stickers on each item but we found customers want that and are try to oblige them.

“That’s going to be a major exercise and doesn’t happen overnight. The point-of-sale system won’t be very difcult. Our technology person should be able to adjust the program to switch from 5 percent in the system to zero, so even if consumers go to the shelf on April 1 and the price is not correct on the item, when they go to the register the correct price will be on the tape.

“It’s going to take a lot of man hours to change those sticker prices and a lot of overtime. There’s no way we can do all the prices for April 1,” Ms Symonette added. “One night they’ll be at 5 percent VAT and the next morning they won’t have any VAT on them at all. There’s no way we can go through all the stores and change the prices overnight.

“I guess it will be a couple of weeks; maybe a week. It actually will depend on how quickly our team is able to do it. It [overtime costs] could run into the thousands if we’re required to get extra help and they have to spend many hours.” The Government has estimated it will forego $15m in annual VAT revenues by eliminating the tax on unprepared foods.

AMONG dozens of companies competing for Pentagon contracts to supply attack drones, one stands out.

owned by President Donald Trump’s two oldest sons.

Powerus is fush with cash and ballooning in size as it buys up rivals and has one other advantage: It is partly

The Trump family has drawn criticism for expanding its real estate business into foreign countries that

LOCAL CONSTRUCTION COMPANY SEEKS TO EMPLOY THE FOLLOWING:

Specialty Construction Supervisor, Construction Supervisor, Mechanical Supervisor, Maintenance Supervisor, Construction Specialist, Specialty Technician, Site Supervisor, Technician Specialist, Site Engineer, Project Engineer, MEP Project Manager, Heavy Equipment Maintenance Supervisor, MEP Manager, Project Manager and Quantity Surveyor

Please send CV/Resumes via email – landpresumes@gmail.com ONLY SERIOUS, WELL PREPARED BAHAMIANS NEED APPLY.

are trying to curry favor with the president and for making billions of dollars of cryptocurrency ventures benefting from his policies. Grabbing less attention are new ownership stakes in federal contractors providing everything from rocket parts and rare earth magnets to AI chips and computer hardware.

“It’s corruption,” said Kathleen Clark, a government ethics expert at Washington University School of Law in St. Louis. “Government decision makers will feel pressure to use contract awards to enrich the president’s family.” The latest Trump venture is hoping to win some of the $1.1 billion set aside by the Pentagon to build up a U.S. manufacturing base for

armed drones now that the Trump administration put a ban on importing them from China. Powerus says there is no problem with it bidding for government money that could make the president’s sons richer.

“There’s no confict there. Whatever they’re doing, is what they’re doing,” said co-founder Brett Velicovich, referring to the Trump brothers. “Our focus at the company has nothing to do with politics.”

Asked to comment about potential conficts, the Trump Organization sent a statement from Eric Trump: “I am incredibly proud to invest in companies I believe in. Drones are clearly the wave of the future.”

Founded by U.S. Army Special Operations veterans

about a year ago, Powerus makes drones mostly for commercial uses, from spreading fertilizer to putting out forest fres. But it is bulking up fast to supply the Defense Department with armed drones like the ones being used by Ukraine and Russia and, more recently, Iran as it rains havoc on Gulf states allied with the U.S. The company bought three rivals in the past six months and plans to buy more. It just raised $60 million from investors to fund the buying spree and hopes to tap additional fnancing by doing a “reverse merger” in which a private company gets a public listing by buying one already on the stock market, usually a business with little or no operations.

The Public Worker’s Co-operative Credit Union Limited announces that its 46th Annual General Meeting will be held on Friday, May 29th, 2026, at the National Training Agency beginning at 5 pm.

Applications are invited from members in good standing who may wish to run for the following vacant positions: Board of Directors (2 vacancies); Supervisory Committee (1 vacancy) and Credit Committee (1 vacancy).

Nominations forms are available at our Nassau and Freeport offces or by emailing sthompson@pwccul.com & edavis@pwccul.com

Completed Nomination forms, along with a cover letter and resume must be submitted by 5 pm on Friday, May 1st, 2026, either by delivering to any of our offces or via the emails listed.

No nominations will be allowed from the foor.

Sands: Taxpayers ‘on the hook for political patronage’

was the largest potential such exposure on the books, accounting for just over 45 percent of what taxpayers may have to provide.

The “subsequent events” notes in the Mortgage Corporation’s 2017 fnancial statements suggest that there have been no major developments positively impacting its fnancial position. And Nexia Financial Solutions Bahamas, the external auditors, said they were provided with insuffcient evidence to support the fnancial statements and transactions recorded in it because the accounts were in a mess.

“The current state and quality of the Corporation’s accounting records did not enable management to provide us with sufcient and appropriate evidence to support the balances and transactions reported in the accompanying fnancial statements,” Nexia wrote.

“There were no satisfactory

audit procedures that we could have performed to obtain a reasonable assurance that the balances and transactions were free from material misstatement.”

The just-released audited fnancials relate to the fnal years of the second Christie administration. Dr Sands, who chaired the Mortgage Corporation in the latter years of the last Ingraham administration, asserted that little appeared to have been done to carry on the eforts of the Board he headed to improve governance and fnancial reporting, and place the entity on a more stable footing.

“Nothing you are describing is a surprise,” he told Tribune Business.

“This reckoning we anticipated way back in 2011 going into 2012. When I was chairman of the Mortgage Corporation we anticipated there would be a reckoning soon.” Pointing to the 30-40 percent delinquency rate among its mortgage borrowers, he added: “No serious efort has been

made to improve that performance. “I don’t think there’s been a consistent efort to maintain the Mortgage Corporation as a going concern. It’s been used as a tool of political patronage. Once again the Bahamian people are on the hook for the excesses of some of the politicians that just don’t get it.”

Of the Mortgage Corporation’s total $165.1m in outstanding bond principal at end-June 2017, some $96.2m or just over 58 percent was owed to the National Insurance Board (NIB). The remaining $68.9m was due to banks, insurance companies, pension funds and other institutional investors, which previous reports had identifed as including Commonwealth Bank and Family Guardian.

Dr Sands said NIB’s exposure means there is a “doubling efect” for the Bahamian public and taxpayers when it comes to the risks presented by the

Lawmakers vent frustration over DHS shutdown as lines grow at nation’s airports

KEVIN FREKING

Associated Press

REPUBLICAN and Democratic senators vented their frustrations Wednesday with the lack of progress in funding the Department of Homeland Security, which is resulting in more Americans enduring long lines at airports around the country. It’s a problem that is expected to intensify as the impasse enters its fourth week.

Democrats stressed they were willing to fund some of DHS, but not Immigration and Customs Enforcement as well as Customs and Border Protection, without changes in their operations.

Republicans made clear that some of the Democratic demands were a non-starter. The result was that each party blocked the other’s proposal for temporarily resolving the standof during an hourslong debate on the Senate foor.

The stark divide over a shutdown that began on Feb. 14 was acknowledged by members on both sides of the political aisle.

“We are in a negotiation. However, we are not close,”

Sen. Brian Schatz, D-Hawaii, said at one point. “You may think this is some issue that we think we’re going to turn to our political advantage, but I promise you, when we saw Renee Good and Alex Pretti killed, this became an issue that was beyond politics.”

“And there are a lot of us who are not going to provide resources to this agency that is acting in such a ways that makes citizens of the United States so unsafe.”

Some Republicans were just as adamant that they oppose some of the changes

Democrats are seeking to make.

“Let me be clear, we are going to do nothing — nothing — that kneecaps ICE’s ability to enforce our immigrations laws,” said Sen. Eric Schmitt, R-Mo. Following the longest federal shutdown in the country’s history last year, Congress completed work on 11 of this year’s 12 appropriations bills. Only the bill for Homeland Security remains outstanding.

Democrats are seeking several changes at the department that include prohibiting ICE enforcement operations at sensitive locations like schools and churches, allowing independent investigations into alleged wrongdoing, requiring warrants to be signed by judges before federal agents can forcibly enter private homes or other nonpublic spaces without consent, and requiring agents to wear identifcation and remove their masks.

A push for more talks

Senate Majority Leader John Thune, R-S.D., said his side has made repeated overtures to Democrats on a funding bill. He said the last ofer on Homeland Security funding came from the White House nearly two weeks ago and there has been no response from the Democrats.

“Usually, around here, in order to get a deal, there has to be a negotiation where the two sides sit down together,” Thune said. “And my understanding is that has been completely rebufed by the senator from Washington.”

The senator Thune was referring to, Sen. Patty Murray, the lead Democrat on the Senate

Mortgage Corporation.

“There’s investment in these so-called securities by NIB such that the exposure is not just at the Mortgage Corporation but it’s at NIB,” he added. “The lion’s share of the exposure is the Bahamian people’s through NIB and the guarantees of the state.

“What they’ll [the Government] do is kick this down the road, and kick it down the road as long and as far as they can. The Bahamian people fnd themselves once again holding the bag. We’d like to see now where the Government is going to fnd the funds, because they obviously don’t exist in the sinking fund, to make good on these obligations, for the tens of millions of dollars owed to investors.”

When asked what he did as chairman to resolve the Mortgage Corporation’s woes, Dr Sands replied: “We went through the mess that was the accounting and tediously, laboriously managed to get it to the point

Appropriations Committee, said she’s continued to talk with Republican colleagues, but those aren’t “real negotiations.” The White House needs to be at the table for that to occur. She said she needed assurance that Stephen Miller, the infuential White House deputy chief of staf, would not upend any agreements that senators reach.

“I am willing to talk to people, but I’m not willing to sit in a room, have cofee, give away a few things and have Stephen Miller override whatever we all agree to,” Murray said. “ … We need to know the White House is serious.” DHS has been central to President Donald Trump’s sweeping changes in immigration enforcement. Under Trump, the number of people ICE arrests and detains each month has climbed dramatically. The tactics that ICE has employed have generated

NOTICE

FERREIRA INVESTIMENTOS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 206937 B (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 10th day of March A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. CELSO RICARDO FERREIRA, whose address is Rua Maria Tereza 126, Santa Rita Passa Quatro, CEP: 13670-000, São Paulo, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 10th day of April A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 10th day of March A.D. 2026.

CELSO RICARDO FERREIRA LIQUIDATOR

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 SANTELMO LTD.

(IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Santelmo Ltd. is in dissolution.

e dissolution of the said Company commenced on 10th March 2026 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, e Bahamas.

e sole liquidator of the said Company is Kim D ompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D ompson Sole Liquidator

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 MIRAZUR LIMITED

(IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, MIRAZUR LIMITED is in dissolution.

e dissolution of the said Company commenced on 10th March 2026 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, e Bahamas.

e sole liquidator of the said Company is Kim D ompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D ompson Sole Liquidator

where we had a workable, trial-able balance to start and put the Mortgage Corporation back on the path to having books able to be audited.

“Ultimately, for the frst time in years we were able to get fnancial statements and put in place policies and procedures for the sustainable operation of the Mortgage Corporation. We even went after instances where the Mortgage Corporation had been taken advantage of.”

The Mortgage Corporation’s audited fnancials, which disclosed a net $1.366m loss for the 12 months to end-June 2017, also reveal that Bahamian taxpayers are potentially liable for a second guarantee - this one given by the Department of Housing to secure some $114.19m in mortgage loans. And end-June 2017, the Mortgage Corporation was carrying some $76.607m in loan loss provisions for a gross mortgage book worth $186.23m. This means that

alarm among Democrats, and some Republicans have also called for a more “strategic” approach.

During bipartisan negotiations earlier this year, appropriators agreed to a DHS funding bill that did include more resources for de-escalation training and $20 million to outft immigration enforcement agents with body-worn cameras. But that deal unraveled after the Pretti shooting in Minneapolis.

“My side was not going to stand down and say, ‘oh

some 41.1 percent of its portfolio had been provided for, with net good mortgage loans totalling $110.548m. And, despite having “no formal overdraft arrangements in place”, the Mortgage Corporation had an informal facility of $942,762 with BISX-listed Bank of The Bahamas, which is 82 percent majority owned by the Government. The Mortgage Corporation also subsequently saw a major clear-out and exodus of senior executives, with the deputy managing directors for accounting and fnance and business development both “disengaged” on April 2, 2019. The deputy managing director for legal afairs was “disengaged” on May 26, 2021, and the deputy managing director for credit and collections resigned fve days later on May 31, 2021. Finally, the fnance director resigned on April 11 last year with efect from May 9, 2025. All posts were flled “with qualifed individuals”.

well, nothing happened,’” Murray said. For the second time in two weeks, Murray ofered a proposal to fund all of DHS except for ICE and Customs and Border Protection, but Republicans objected. Similarly, Sen. Katie Britt, R-Ala., ofered a proposal to fund all of DHS for two weeks so that federal workers could get paid and government operations could continue while the two sides negotiate their diferences on immigration enforcement. This time, Democrats objected.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 PEMACA LIMITED

(IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, PEMACA LIMITED is in dissolution.

e dissolution of the said Company commenced on 10th March 2026 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, e Bahamas.

e sole liquidator of the said Company is Kim D ompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D ompson Sole Liquidator

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

HPCZ LTD.

(IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, HPCZ LTD. is in dissolution.

e dissolution of the said Company commenced on 10th March 2026 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, e Bahamas.

e sole liquidator of the said Company is Kim D ompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D ompson Sole Liquidator

Murphy Phuong Nam Oil Co., Ltd.

NOTICE IS HEREBY GIVEN as follows:

(a) Murphy Phuong Nam Oil Co., Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Company commenced on the 10th day of March 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Brian Selvadurai.

Dated the 10th day of March 2026.

H&J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

Trump touts cutting drug prices, slams fellow Republican Rep. Massie during stops in Ohio, Kentucky

By WILL WEISSERT and SAGAR MEGHANI Associated Press

PRESIDENT Donald Trump on Wednesday touted lowering prescription drug prices in Ohio and campaigned in the Kentucky district of Rep. Thomas Massie, calling his fellow Republican a “nutjob” he said should lose their party’s upcoming primary.

It was a full day on the road as Trump attempted to project economic and political strength even as war in Iran has scrambled fnancial markets and hurt his poll numbers.

Massie is one of the few remaining Republicans who has dared defy Trump in Congress, and the president took the unusual step of holding a rally in Massie’s northern Kentucky district. He gleefully told the crowd, “I just can’t stand this guy,”

and called him “stupid” and a “disaster.”

“We’ve got to get rid of this loser,” said Trump, who has endorsed Massie’s challenger, Ed Gallrein, in Kentucky’s primary on May 19.

The event felt like vintage Trump from his reelection bid in 2024 — so much so that he briefy called Gallrein, a farmer, business owner and retired Navy SEAL, to the stage. There, Gallrein declared, “Tom Massie stands with the ladies of ‘The View.’ Mr. President, we stand with you!”

The trip was a test of Trump’s ability to cleanse his party of those who oppose him, but also to try to stay on an economic message increasingly strained by the military action launched by the U.S. and Israel against Iran. Polls show that Americans were increasingly wary

NOTICE

NOTICE is hereby given that I SULTAN LESSAGE of Bimini Place, Hawksbill, Grand Bahama, 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 12th 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 IESHA ALLIEA MORRISON of #135 South Beach Drive P.O Box: SB50528, 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 12th 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.

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 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.

of Trump’s handling of the economy even before the confict began, and fghting there has derailed Trump’s messaging, as the low gas prices he once bragged about are now surging and stocks that had set record highs have slipped.

Employers also cut an unexpectedly high 92,000 jobs in February, and revisions trimmed another 69,000 jobs from December and January payrolls — which the White House had previously hailed as “blockbuster.”

Iran looms large in both Ohio and Kentucky stops

Trump’s swing began with a tour of Thermo Fisher Scientifc in suburban Cincinnati. There, he discussed his administration’s eforts to persuade major manufacturers to lower prescription medication prices so that they are closer to what is charged abroad.

“I used some very strong negotiating talent to get every single country to almost immediately approve,” he told reporters. But the president also told reporters that what was happening in Iran was “an excursion that will keep us out of a war.” He added of Tehran, “for them, it’s a war. For us, it’s turned out to be easier than we thought.”

Later, at the Kentucky rally, Trump suggested the confict wasn’t about to end, saying, “We don’t want to leave early, do we? We’ve got to fnish the job.”

He said that Iran was on the verge of rebuilding its nuclear capabilities, saying that fghting needed to continue so, “We don’t want to go back every two years.”

That contradicts many previous Trump claims and justifcations for the U.S. and Israel launching strikes on Iran — not the least of which was Trump saying

NOTICE

NOTICE is hereby given that I MARIE MARCELINE DORLEANS of Market Street, 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 12th 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 MAURICE ALCY of Roosevelt Avenue, 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 12th 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 SANNOZILE LUCKNER of Saki Close of Soldier 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 12th 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 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 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.

U.S. strikes last summer had obliterated that country’s nuclear capabilities. Also Wednesday, Trump did an interview with Cincinnati’s WKRC-TV CBS and said he planned to tap the nation’s Strategic Petroleum Reserve, in an efort to bring down gasoline prices.

“Right now, we’ll reduce it a little bit, and that brings the prices down,” Trump said, without providing details.

That interview followed the president acknowledging during the tour of the drug factory that stock markets had been volatile as gas prices have risen, saying, “I fgured we’d be hit a little bit. But, we were hit probably less than I thought.”

“We’ll be back on track in a pretty short while,” Trump said. “Prices are coming down very substantially. Oil will be coming down.”

Trump laces into Massie

At the rally, the president stressed the importance of Republicans winning the midterms, ticking of his administration’s accomplishments while telling the crowd, “The midterms are going to be very, very important to keep it going.”

But that doesn’t extend to Massie, who Trump called “the worst.”

Massie is an outspoken Trump critic who opposed the White House-backed tax and spending measure and bucked Trump by pushing to have fles related to the sex trafcking investigations into Jefrey Epstein released.

He’s also criticized the U.S. strike on Venezuela

that toppled then-President Nicolás Maduro and, most recently, the war in Iran.

Massie told The Cincinnati Enquirer that Trump’s endorsement is “all my opponent has going for him.” adding that Gallrein “has promised to be a rubber stamp when he gets to Washington D.C. and I don’t think people here want a rubber stamp.”

Wednesday’s swing was part of a tour the White House said would see Trump travel the country and attempt to show that he’s taking kitchen table issues seriously and reassure voters nervous about still-rising prices and economic growth. It followed Democrats pushing the message that the everyday cost of living remained too high and winning the Virginia and New Jersey governors’ races in November.

Since then, the president has made stops in Pennsylvania, Georgia, Michigan, North Carolina and Texas — though his speeches have sometimes been more focused on his own political grievances than on his plans to help lower everyday costs across the country.

Even in Kentucky, Trump spent long stretches mocking his Democratic predecessor, President Joe Biden, and slammed California Gov. Gavin Newsom for publicly talking about his dyslexia, saying “I don’t want the president of the United States to have a cognitive defciency.”

NOTICE

NOTICE is hereby given that I FLODETTE ALCY of Roosevelt Avenue, 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 12th 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 WHISLEY ALICIME of Eight Mile Rock, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th 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 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.

US stock market remains calm, even as oil prices rise

By STAN CHOE AP Business Writer

THE U.S. stock market remained calm Wednesday, even as the price of oil got back to rising.

The S&P 500 edged down 0.1% for a second day of modest moves following what had been a wild stretch caused by the war with Iran. The Dow Jones Industrial Average dropped 289 points, or 0.6%, and the Nasdaq composite rose 0.1%.

Since the start of the war, sharp moves for oil prices have triggered swings up and down for fnancial markets worldwide, sometimes by the hour. Oil prices briefy spiked to their highest levels since 2022 this week because of the possibility that production in the Middle East could be blocked for a long time, which in turn raised worries about a surge of debilitating infation for the global economy.

The International Energy Agency said Wednesday

that its members will release a record amount of oil, 400 million barrels, from stockpiles they’ve set aside for emergencies. Such moves push downward on oil prices in the near term, but it will likely require a full resumption of the fow of oil and natural gas from the Persian Gulf area to fully ease the market. That has investors worldwide anxiously awaiting the end of the war.

The price for a barrel of Brent crude, the international standard, rose 4.8% to settle at $91.98. A barrel of benchmark U.S. crude gained 4.6% to $87.25. Worries are centered on the Strait of Hormuz, a narrow waterway of Iran’s coast where a ffth of the world’s oil sails on a typical day. The war has halted most of that trafc, which means storage tanks for crude in the region are flling up because the oil has nowhere else to go. That in turn is pushing oil producers to say they’re cutting their output.

The United States said it took out more than a dozen minelaying Iranian vessels Tuesday, and the Islamic Republic vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.

All this is happening at a time when infation was already relatively high in the United States. A report released Wednesday showed that U.S. consumers paid prices for groceries, gasoline and other costs of living that were 2.4% higher in February than a year earlier.

To be sure, that infation rate was the same as the prior month’s and better than the 2.5% that economists expected, but it remains above the 2% target the Federal Reserve has set for the economy. It also doesn’t include the spike in gasoline prices that’s happened this month because of the war.

“Looking forward, we expect a spring bulge in infation due to the spike

Trump administration kicks o new process to try to replace tari s struck down by Supreme Court

By JOSH BOAK Associated Press

THE Trump administration on Wednesday opened a new trade investigation into manufacturing in foreign countries — an efort that comes after the Supreme Court struck down President Donald Trump's previous use of tarifs by declaring an economic emergency.

Trump and his team have made clear that they're seeking to replace the hundreds of billions of dollars in lost revenues after the Supreme Court's February ruling by using diferent laws to establish new tarifs.

In this case, the administration is starting investigations under Section 301 of the Trade Act of 1974, which could eventually lead to new import taxes. But U.S. Trade Representative Jamieson Greer, in a Wednesday call with reporters, said he didn't want to prejudge the outcome of the process.

"The policy remains the same — the tools may change depending on, you know, the vagaries of courts and other things," said Greer, stressing that the goal was to protect American jobs. The start of the process to fully replace Trump's prior tarifs could invite a return of much of the drama that rattled the global economy last year. The since-overturned tarifs led to new frameworks with U.S. trade partners — and it's unclear what impact a new set of import taxes could have on those agreements. Greer described the trade frameworks as standing on their own and suggested they were separate from the new investigation.

This new set of tarifs could play out against the

in energy prices tied to the Iran war, the duration of which will dictate the landing spot for headline infation by year end,” according to Gary Schlossberg, global strategist at Wells Fargo Investment Institute.

High infation combined with a stagnating economy would create a worst-case scenario called “stagfation” that the Federal Reserve has no good tools to fx. Stagfation fears are rising not just because of higher oil prices but also because of weakness in hiring by U.S. employers.

On Wall Street, the majority of stocks fell. Campbell’s sank 7.1% after the soup company reported a weaker proft for the latest quarter than analysts expected. It was hurt by struggles for its snack business, and it cut its forecasts for revenue and proft this fscal year.

Helping to limit Wall Street’s losses was Oracle, which jumped 9.2%. The tech giant reported stronger

proft and revenue for the latest quarter than analysts expected. It also raised its forecast for revenue growth next fscal year, in part because of demand for cloud computing for artifcial-intelligence training and inferencing.

All told, the S&P 500 fell 5.68 points to 6,775.80.

The Dow Jones Industrial Average dropped 289.24 to 47,417.27, and the Nasdaq composite rose 19.03 to 22,716.13. In stock markets abroad, indexes fell in Europe following better performances in Asia. Germany’s DAX lost 1.4%, while Japan’s Nikkei 225 rose 1.4%.

In the bond market, Treasury yields rose because of the upward pressure from higher oil prices. The yield on the 10-year Treasury climbed to 4.22% from 4.15% late Tuesday, a notable move for the bond market. Higher yields crank up the pressure on other investments, pushing downward on their prices. Because of the spike for oil prices, traders have pushed back forecasts for when the Fed could resume its cuts to interest rates. President Donald Trump has been angrily calling for such cuts, which would give the economy and job market a boost but also potentially worsen infation.

backdrop of a war in Iran and midterm elections in which Democrats are running against Trump's Republican allies by emphasizing that the public is owed tarif refunds following the Supreme Court decision.

Greer said that the investigation would examine excess industrial capacity and government backing that could give foreign companies an unfair advantage over U.S. companies.

The entities subject to the investigation include China, the European

Union, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, the self-governing island of Taiwan, Bangladesh, Mexico, Japan and India. The government is looking for what it deems to be persistent trade surpluses with the U.S. and policies such as subsidies and the suppression of workers' wages, among other factors.

The administration is also rolling out a Section 301 investigation to ban the importing of goods made by forced labor.

Greer indicated that there could be additional Section 301 investigations over issues such as digital service taxes, pharmaceutical drug pricing and ocean pollution, among other possibilities. The Commerce

Department has separate trade investigations under Section 232 of the 1962 Trade Expansion Act. There are timeline pressures for the administration to complete its investigations. The administration has imposed 10% tarifs on foreign-made goods under section 122 of the 1974 Trade Act, but those expire after 150 days on July 24.

Trump said he planned to raise that import tax to 15%, but he has yet to do so. Greer said the administration is "keying of" the new investigation based on the 150-day deadline, saying that the goal is to bring "potential options" to Trump as soon as possible.

Greer said the investigations would be separate from the trade frameworks announced last year by

Trump that set baseline tarif rates, which led to 15% rates charged on goods from the European Union, Japan and South Korea, among other places, that have since been overturned by the Supreme Court. Still, he suggested that the frameworks could play a factor. "My sense is that these countries continue to want to deal, and President Trump continues to want the deal," Greer said, adding that since tarifs are in play the commitments that the countries have made and the implementation of the frameworks would be considered as they "bump" against the demands of the Section 301 process.