03132026 BUSINESS

‘Complete destruction’ of VAT principles and model

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE benefits Bahamian consumers will enjoy from eliminating VAT on uncooked foods are likely to be “far less than originally intended”, a senior banker warned yesterday, as he branded its ‘exempt’ treatment as “the complete destruction of the principles and system” underpinning the tax.

Gowon Bowe, the Fidelity Bank (Bahamas) chief executive who headed the private sector’s Coalition for Responsible Taxation when VAT was first implemented in 2015, told Tribune Business that applying ‘exempt’ as opposed to ‘zero rated’ status to the Government’s flagship tax relief initiative - set to take effect from April 1, 2026 - turns the long-standing global concept that VAT is ultimately paid by the end-consumer on its head.

And, with food stores, gas stations and pharmacies no longer able to recover or net-off VAT paid on input

Tax Coalition chief: Uncooked food VAT-end benefits ‘far less’

Asserts ‘fool’s errand’ as exempt status just ‘shifting the burden’

Food stores, gas stations, pharmacies to increase other prices

expenses related to uncooked food, he warned that impacted companies will likely have to increase prices on other goods they sell, resort to cost-cutting or implement a combination of the two simply to “keep the doors open”.

Speaking after this newspaper revealed Super Value’s fears that the VAT ‘exempt’ treatment on uncooked foods will cost it an extra $400,000 per month, or $4.8m per annum, Mr Bowe said it was yet another example highlighting that “the road to hell is paved with good intentions” and “the devil is in the detail”.

Acknowledging that Bahamians have valid complaints about the cost of living, and inflationary pressures, he added that the Government’s intentions behind eliminating VAT on all uncooked foods “may have been noble” but it had failed to disclose upfront its plans for ‘exempt’ as opposed to ‘zero rated’ treatment. This, Mr Bowe said, will merely result in shifting the VAT burden from Bahamian consumers and households to businesses, but not necessarily reducing it, which he branded “a fool’s errand”.

Judge pleads with Gov’t bank not to repossess family home

BY NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A SUPREME Court judge has pleaded with a government-owned bank not to proceed with repossessing a couple’s Charlotteville family home after they purportedly made monthly payments plus a $32,000 “lump sum” to bring their mortgage back into compliance.

Justice Camille Darville-Gomez, in a March 11, 2026, verdict urged BISXlisted Bank of The Bahamas,

which is 82 percent majority-owned by the Government through the Public Treasury and National Insurance Board (NIB), to resume mortgage restructuring negotiations with Andrew and Natasha Gibson so as to “avert unnecessary hardship” and destabilising their family. She argued that this may prove a better path for Bank of The Bahamas to recover its depositors’ funds than seizing and ultimately selling-off the Lot 33 home that the family now occupies, having ruled

‘You can’t always win in business’

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

THE Bahamas Petroleum Retailers Association’s vice-president yesterday suggested that the impact of VAT ‘exempt’ treatment on uncooked foods will be relatively minimal for gas station operators, as he asserted: “You can’t always win in business.”

Vasco Bastian, operator of the Esso gas station at the corner of East Street and Soldier Road, told Tribune Business that the private sector “sometimes has to give and take” over the impact of government policies especially if they benefit the public good and

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A RENEWABLE energy provider last night said key equipment is already en route to The Bahamas as it prepares for construction on a $160m hybrid power project in Abaco and Eleuthera that will supply electricity by early 2027.

Erold Farquharson, chief executive of EA Energy, told an Eleuthera town hall meeting that the company has already secured the necessary regulatory approvals

are in the interests of most Bahamians.

Asked how concerned the industry is about not being able to recover, or net off, VAT paid on expenses related to uncooked foods with effect from April 1, he replied: “In the gas stations we don’t have that much uncooked food. You cannot always have the best of both worlds.

“I think that what the Government is doing is a good initiative. The Government is looking out for business owners, and looking out for not only business owners but the greater good of the economy and society. You can’t always

that the “writ of possession” that was served on the couple on November 28, 2025, be “stayed” for 90 days until June 9 this year.

“While the court cannot order the bank to resume restructuring discussions with the defendants, it is appropriate to invite them to consider doing so, particularly given the 90-day stay presently in place and because the defendants are now in possession of the requested documentation,” Justice Darville-Gomez urged.

He suggested that companies will likely mark-up non-price controlled items in a bid to maintain profit margins and recoup increased costs if they are unable to

“Such engagement may secure stability for the defendants' household and avert unnecessary hardship, while at the same time advancing the bank's own interest in recovering its funds through consensual repayment rather than by resort to possession and eventual sale.”

The writ’s serving on the Gibsons occurred more than two-and-a-half years after Bank of The Bahamas obtained the initial April 6, 2023, judgment against the couple over their delinquent mortgage loan. But, despite making efforts to bring the mortgage back into compliance, the BISX-listed lender said they had made

Plans ‘to build an entire economy’ shown to PM Ex-Jamaica planning chief: ‘Perfect for logistics’ Housing, infrastructure issues ‘carefully’ tackled

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AMBITIIOUS plans to transform Mayaguana into a Caribbean “hub” for artificial intelligence (AI) and semi-conductor manufacturing, with a $5.4bn annual economic impact generating more than 77,000 jobs, were yesterday said to have “carefully” assessed the island’s lack of population and supporting utilities for such a venture.

Professor Gladstone “Fluney” Hutchinson, a former Planning Institute of Jamaica (PIOJ) director-general who is spearheading the Mayaguana Vision 2030 project, told Tribune Business he and his team have presented a report to Prime Minister Philip Davis KC in which they “outlined how we’re going to build an entire economy” - also featuring sustainable agriculture and eco-tourism - on one of The Bahamas’ most remote and sparsely-populated islands.

Together with Professor W. Mark Crain, who is also based at Lafayette College in Easton, Pennsylvania, he held a second round of meetings in Nassau from March 6-7 in a bid to advance the proposal with Bahamian private and public sector executives. They have also teamed with Global Lead Consultant Group, the all-Bahamian company behind plans to develop a maritime port and logistics facility on Mayaguana billed as creating 2,000 jobs. Asserting that Mayagauna needs far more than a port facility that can also accommodate cruise ships to develop a sustainable economy, Professor Hutchinson told this newspaper that the island fits “perfectly in the logistics space” given its proximity to major shipping routes and location that can serve as a bridgehead between Africa and the Western Hemisphere.

Describing himself and his team as specialists in solving what he termed as “wicked

and is moving toward the construction phase.

“Up to this point, we've already achieved all of our licence and regulatory requirements that we have from URCA. We have a licence for the LNG, as well as the electrical licence for our independent power producer, and we also have our CEC from the Department of Environmental Planning and Protection,” said Mr Farquharson.

“So our final design works and building permit, we expect to have by the second quarter of this year.

Employers play critical role in aiding challenged workers

Across The Bahamas, workplaces are more than places of business; they are communities. When an employee becomes seriously ill, the response of employers and co-workers can make a meaningful difference to that person’s physical, emotional and financial well-being. Bahamian business owners and employees alike have a role to play in ensuring those facing serious health challenges feel supported rather than isolated.

One of the most practical ways employers can help is by implementing flexible work arrangements. Allowing remote work, hybrid schedules or modified hours can enable an employee to continue contributing

while managing treatment schedules, fatigue or mobility challenges. In addition, businesses should offer flexibility during flareups, recognising that many chronic illnesses are unpredictable. Employees must feel comfortable taking time off for sudden symptoms without fear of losing their job or being penalised. Employers should also provide tailored reasonable accommodations. Something as simple as ergonomic equipment, quieter workspaces or adjustments to job tasks can help an employee continue working safely and comfortably. These accommodations are most effective when they come through open dialogue. Creating a culture of open

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When an employee must take extended leave, a phased ‘return to work’ plan can make reintegration easier. Gradually reintroducing responsibilities,

$160m renewable provider targets final permits by Q2

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A RENEWABLE energy provider last night said key equipment is already en route to The Bahamas as it prepares for construction on a $160m hybrid power project in Abaco and Eleuthera that will supply electricity by early 2027.

Erold Farquharson, chief executive of EA Energy, told an Eleuthera town hall meeting that the company has already secured the necessary regulatory approvals and is moving toward the construction phase.

“Up to this point, we've already achieved all of our licence and regulatory requirements that we have from URCA. We have a licence for the LNG, as well as the electrical licence for our independent power producer, and we also have

our CEC from the Department of Environmental Planning and Protection,” said Mr Farquharson.

“So our final design works and building permit, we expect to have by the second quarter of this year. And we are scheduled to start our construction works before the end of this first quarter of 2026, so we actually have equipment on the water right now.”

Mr Farquharson added that shipments of equipment are already heading to Abaco and Eleuthera in preparation for construction.

“We have 44 containers on the water right now that are going to be arriving, landing in Abaco first, probably by the end of this month. And then some of that equipment is going to be coming over to Eleuthera as well,” said Mr Farquharson.

Doctors ‘dropping out’ of NHI over payment delays

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

DOCTORS are “pulling back” and “dropping out” out of providing care services to the National Health Insurance (NHI) scheme over late payments and the rising cost of doing business.

Dr Denotrah Archer-Cartwright, a leading representative of the NHI providers group seeking to become a registered union to represents and negotiates for their interests, detailed mounting concerns with the Government-run healthcare scheme. She added that the late payments are occurring despite an extra $2m being allocated in the 2025-2026 Budget for NHI to take its total spend to $48m/

Questioning where the funds are going, she said doctors do not even receive half of what they are owed for some months. Dr Archer-Cartwright added that medical laboratories have also expressed similar concerns and, as a result, both “physician providers and laboratory providers are slowly either pulling back from the programme or dropping out of the programme”. Stating the last recorded number of NHI providers was at 140, she added she is not sure if that number is still correct.

“So, in the case of this particular lab provider, they realise that they may be even incurring a loss because they haven't been paid for over three months, and so they cannot provide those services any more,”

Dr Archer-Cartwright said.

“So they have made the decision that they simply aren't going to do it any more.

“And so you have some of that going on. You have a lot of us who have been trying to work with the

NHI in order to keep it going until they can sort everything out. But as I mentioned, where is the money that's allocated for the programme?

Dr Archer-Cartwright added: “So doctors have dropped out quietly, laboratories have dropped out quietly, but they're still expanding the programme. This is the thing that we don't understand. If you're saying you're having an issue with cash flow, why would you be expanding?

A lot of the providers in our group, are small providers, one, two, three doctors. We're not the large groupings as much.

“So there are some groups that have a few more doctors in it, but we really realise as small providers we need to look out for ourselves and our patients. So if you're with some of the larger providers, and you're actually expanding the programme, that's a disconnect from what you're saying to the smaller providers in terms of not being able to facilitate what you're contracted to do.”

Dr Ian Kelly, another NHI provider, reiterated that doctors are now being charged fees including a $500 facility fee, $250 fee per physician “working in the office facility” fee and other levies such as laboratory fees. He said upon late payments and no consultation, “clawbacks” have been introduced. Dr Archer-Cartwright said there is also a utilisation fee for using an electronic medical system introduced by NHI, which was initially free.

Dr Archer-Cartwright said physicians who were once “very liberal in going above and beyond providing those basic services”, as well as additional services, have cut back because they cannot afford to do so any more. She said if every provider decided to leave the

through part-time hours or adjusted workloads, helps the employee rebuild strength and confidence while maintaining productivity for the business. Support, however, should not end at the office door. Co-workers can offer practical help beyond the desk, such as organising meal deliveries, offering rides to medical appointments or assisting with childcare or pet care. These gestures reflect the spirit of community that Bahamians value so deeply.

At the same time, respect is critical. Employers must ensure privacy and confidentiality, sharing medical information only with the employee’s permission and using respectful language when explaining absences.

about $160m, with a significant portion of the spending already committed. Mr Farquharson said over $50m has already been spent on equipment pre-construction.

He added that the company expects the new facilities to begin producing electricity in early 2027 under a long-term power purchase agreement (PPA) signed with the Government and Bahamas Power & Light (BPL).

“Our commercial operation date, when we plan to have the plants in operation, is the first quarter of 2027. And then the PPA term, as I mentioned, which is 25 years, will take us to the year 2052,” Mr Farquharson said.

EA Energy was awarded the contract by the Government to develop hybrid microgrid power plants on Abaco and Eleuthera. The project requires the company to design, finance, build, operate and maintain the facilities over the life of the 25-year agreement.

The combined projects are expected to cost

programme, 150,000 Bahamians would be back in the public health care system.

She added that many practices have become NHI practices, so dropping out of the scheme could mean losing all patients. Dr Archer-Cartwright said there is a cap on the amount of patients providers can have. She said if a provider is at their cap they may not be able to take on patients who are not under the NHI scheme, making it difficult for those providers to leave the programme.

“If everyone decides to leave, you will have 150,000 Bahamians that are going to be back into the regular public health care system,” she said. “So there's a heart thing to this, and this is where doctors get in trouble. We tend to care about our patients.

“We want the best for them. And when they come to see us, they're telling us we don't want to have to go back into the public healthcare system. Not to bash it, because a lot of great doctors and nurses in there. But structurally, bringing some of the problems maybe from the way of doing public health into the private care system is really, really affecting us.

“A lot of persons have transformed their practices into NHI practices. So your patients are now NHI patients. If you leave, they literally will take them from you and sign them up some place else. So is it that they want a revolving door of doctors who are in and out. Because once they realise they're not getting paid, then eventually that's going to fall apart if they do it like that.”

Providers are paid a capitation rate, and Dr Archer-Cartwright added: “There's a range starting from about $6. So it's not a lot. So what it is, is we take what we call a capitation rate, where we take a set rate, like a discount. So the Government comes to you and says, ‘We can't afford to pay for all of these people. But hey, because there's so

Training managers in empathy also matters. Leaders should understand how to have sensitive conversations and avoid dismissive remarks such as telling someone to “just think positive”. Compassionate leadership fosters trust and dignity. Finally, colleagues should maintain connection without pressure. Including an ill co-worker in occasional messages, updates or social events, should they wish, helps them remain part of the team while allowing them the space they need to focus on recovery. In difficult moments, the strength of a workplace community becomes clear. By combining flexibility, compassion and respect, Bahamian businesses can

ensure that no employee faces serious illness alone.

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“The total value of the contract in terms of both the Abaco and Eleuthera electric projects is $160m,“ he added. “The estimated cost of the combined projects, of which we've already spent over $50m at this point with equipment and manufacturing of equipment, and that's all being made at this time, some of that is being delivered soon.”

Mr Farquharson said that, in Eleuthera, the power generation system will combine gas, solar energy and battery storage as part of a hybrid microgrid designed to improve reliability.

“For Eleuthera, we're going to have 20 mega watts (MW) of gas engine power, 10 MW of solar capacity from solar panels, and BESS, which is the battery storage capacity. We can have 50 MW hours of that. And then we estimate the total generation guaranteed would be 79 million

many people who are going to be a part of your panel, can we get a discount?’

“So you discount the price really, really small, $75, $100 and you split that payment over a year. To divide that by 12, and that is what you get as a capitation payment. So if they're not paying the monthly payment, you can see how this can actually end up where a doctor is in a loss. It only works if the system is working. And the way that it was sold to us is that we will provide consistency and transparency for you taking a tiny, tiny, tiny allocation of funds to see these patients. Essentially, we’ve created a very cheap and efficient way for the Government to have 150,000 Bahamians have primary care. So we've made this so easy for them.”

Dr Kelly said they are expected to phone patients and get them to come in for a visit. “I'm too busy for that, man,” he said. “I got other things to do. I'll come and see you if I'm sick. So this is a complete reversal of what they promised at the beginning. And as I was saying to you, we get paid this minimal amount, supposedly per month, but we've had no increase since 2017 and the cost of living has gone up by more than 30 percent.

“And now they're making a grab back of the money that we're getting. So it's completely dysfunctional for a start. It's completely dishonest, and it downgrades us as professionals. It makes it easier to develop burnout because you realise you're being disrespected by the people who are in charge. And we have no say.”

kilowatt hours per year,” said Mr Farquharson. He added that the system is intended to strengthen the island’s energy supply for years to come, saying :”Those are some significant numbers that we're going to be installing here to support the islands for at least the next five years.” Mr Farquharson said the company also plans to generate international carbon credits from its solar installations in Abaco and Eleuthera, and is currently being certified.

“Through our solar installation at both of these sites, we are in the process now of being certified by an international carbon credit rating agency, so that when we do start production we will be able to compile and build up carbon credits through our solar plants, and we'll be able to use those carbon credits or exchange them on international markets,” said Mr Farquharson. “So that's a very critical part and important aspect of our project as well.”

Mr Farquharson said CFAL managed a retail share offering last year that

resulted in Bahamian investors acquiring a quarter of the company.

“Consus and Verdant are the two major shareholders of EA Energy, both holding 37-and-a-half percent. And then the next 25 percent is owned by Bahamian investors, local Bahamian investors,” said Mr Farquharson.

“Last year, CFAL managed our retail sale of shares for the company, and it was well received. And at this point now, 25 percent of EA Energy is owned by Bahamian investors, and we are very glad to see that Bahamians were interested in being a part of this.”

Mr Farquharson added that the investment opportunity allows Bahamians to participate directly in the country’s energy transition.

“By investing in these power plants, Bahamian shareholders will not only contribute to the green transformation of The Bahamas but also the financial gains of the project with highly viable income. So, Bahamians will also benefit as this project benefits and becomes profitable.”

Restaurants, bakeries fear VAT exempt price pressure

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

RESTAURANTS and bakeries yesterday warned they may have to increase their prices if food stores elect to pass on higher costs associated with being unable to recover VAT paid on input expenses associated with uncooked foods come April 1.

Kenneth McKenize, owner of McKenzie’s Fresh Fish and Conch located on Potter’s Cay Dock, voiced concern over the possible rise in prices for unprepared food. As a restaurant owner, he said the price of groceries is already high and he is barely making a profit, adding that if food store prices go up any more he is not sure how things will work at his establishment.

“I don't know how it's going to be,” he said. “I know the [Iran] war is going on and it's going to affect things. Right now, I'm getting a small profit. We have a lot of people coming to our place, but you can't see

the funds make up for what you put out.

“You don't want to go too high up on things and then the business drop. Right now, we just have to take it as it is, keep the bills low. You can't save nothing what you want to save.

“I just went this morning to get a case of tomato from John Chea, which is one of the cheapest places on the island. They say $78 for a case of tomato... Before, it was $32. That's from last week. Now this week, the price jumped up high. The lime is $75, which I buy last week, and the tomatoes were cheap, $32.”

Mr McKenzie said the restaurant is currently trying to keep prices as low as possible, adding: “We have very low prices compared to what it’s supposed to be. We buy fish like $7 a pound, $8 a pound. People, they're not really going to pay $30 for a fish dinner. If it's a tourist they may not feel no way but it's the locals that won't pay $30.”

Oppostion brands uncooked food VAT end as ‘empty relief’

reclaim VAT paid on input expenses linked to uncooked food. If a merchant’s sales are 60 percent uncooked food, and 40 percent other products, under ‘exempt’ treatment it will be unable to recover or netoff 60 percent of the VAT paid on substantial overheads such as its light bill, rent and maintenance costs with effect from April 1.

Many food retailers and other merchants will be unable to completely absorb such a cost hike within their expense base, and will find a way to pass at least some of this on to consumers “by other means”, thereby blunting the cost savings from eliminating VAT on uncooked food - and potentially even eradicating them.

No official response or comment was received from the Government before press time last night, but pro-Progressive Liberal Party (PLP) blogs and social media channels made clear its public relations narrative will be that it is all the fault of “greedy merchants” if the cost savings from eliminating VAT on uncooked foods do not materialise for Bahamian consumers as promised.

However, the opposition Free National Movement (FNM) seized on food retailers’ concerns to label the elimination of VAT on all uncooked foods as “empty relief” while warning that the ‘exempt’ treatment could make things worse” and drive an overall increase in food prices for Bahamians.

Kwasi Thompson, the Opposition’s finance spokesman, in a messaged reply to Tribune Business, said: “This government’s VAT relief will add additional costs to wholesalers and food stores that could be passed on to Bahamian families. This could have the

opposite desired affect and drive up the costs of groceries, and make the high cost of living even worse. Further, they did not step up and tell the Bahamian people directly that this is what they are doing.”

Mr Bowe, meanwhile, said further clarification and details were required from both the Government and food retailers. In particular, he questioned whether merchants will have to pay VAT on uncooked food-related input expenses at the standard 10 percent rate or just 5 percent. The Davis administration first slashed the rate on uncooked foods in half, or by 50 percent, one year ago in its first bid to ease cost of living pressures.

And the Fidelity Bank (Bahamas) chief also queried whether the private sector is complaining about uncooked foods not being VAT ‘exempt at the border, or point of importation, or if the concern relates to being unable to recover tax paid on input expenses according to the proportion of sales generated by uncooked foods.

Suggesting it was likely the latter concern, especially as the VAT (Amendment) Bill 2026 which eliminates the tax on uncooked foods refers to imports being ‘exempt’, Mr Bowe told Tribune Business: “This is one of those that I say sometimes the devil is in the detail.

“When planning a major tax initiative it must factor in all the empirical evidence that allows you to analyse the impact on all stakeholders and not necessarily the one group you believe to be assisting…. It shows that the intentions may have been noble, but that the devil is in the details.”

Implying that the VAT concept, which is a tax ultimately paid in full by the end-user based on ‘value added’ at every stage of the supply chain, is being turned upside down by the

Previous projects failed as no ‘ecosystem for clusters’

DEVELOP - from page B1

problems”, which are complex, interconnected social, commercial and environmental challenges that are hard to recognise and fix, he added that they had focused on how to “create value” on Mayaguana while also learning from past failed projects such as the Boston-based I-Group’s much-touted $1.8bn investment.

Asserting that the I-Group and its predecessors failed because they did not create “a sufficiently comprehensive enough ecosystem” with industry and business “clusters” that could “spill over”, feedoff each and drive one another’s development, Professor Hutchinson said placing AI and technology at Mayaguana Vision 2030’s core would help produce a sustainable agriculture industry that is sufficiently productive and competitive enough to slash The

Bahamas’ annual $1bn food import bill. He suggested that, at full build-out, the proposed Mayaguana agriculture industry could produce sufficient homegrown food to cut that import bill by up to $500m-$600m. And, if all goals are achieved and Mayagauna Vision 2030 realised, he suggested the project’s annual economic impact and output will be equal to around one-third of The Bahamas’ gross domestic product (GDP) based on 2025 figures in the full first year.

Many Bahamians are likely to be sceptical about the dollar values and impact projected by Professor Hutchinson having seen many similar investment promises fail to materialise in past decades. And Mayaguana residents earlier this year voiced unhappiness about not being consulted on Global Lead Consultant Group’s port project before it was announced, arguing that

‘exempt’ treatment, Mr Bowe added: “A business should not be penalised because the VAT system, but its very nature, is supposed to be a flow-through tax system meaning that it is borne by the end consumer.

“When you have amendments to the tax legislation and implement a tax system that changes the very principles of VAT… If you are now making businesses the bearer of the tax, understand there will be consequences.” While it may be politically safer for profit-making entities, rather than Bahamian households and consumers, to carry an increased burden, “in the commercial world businesses bearing a tax they are not supposed to bear will recover the tax through other means”.

“What it means for items that are not ‘exempt’, they may have to increase profit margins on those items to cover losses on uncooked items,” Mr Bowe warned. “When you look at this initiative, has it been well thought-out. When it went from 10 percent to 5 percent, there was still a flow-through because it was zero-rated…

“Now businesses are being charged VAT and the end consumer is not. That’s a complete destruction of VAT principles and the VAT system. It leads to anarchy because everyone is in complete disarray as to how to manage their financial affairs. The most fair and efficient tax system is one that is most transparent. If businesses are forces to bear a tax burden that is not passed on to the consumer, their pricing of other items is going to change, their cost management will change and their strategy will change.

“Are consumers better off or worse off? I go back to say that, while the public outcry regarding the cost of living is valid, is the mechanism we have opted for

Nassau was once again imposing its development vision on their island without locals having any input. When asked by Tribune Business about how feasible Mayaguana Vision 2030 is, given the huge infrastructure investments that will be required to support the proposed industries, as well as the island’s lack of population, housing and a skilled workforce coming anywhere close to the required numbers, Professor Hutchinson pledged that “we have gone through that very carefully”. The utility and infrastructure outlay required typically make it challenging to earn the desired investment return in the Family Islands. He revealed that his interest in Mayaguana was sparked by chance when one of his students visited Nassau in January 2024 and ended up at Curly’s Place at the Arawak Cay Fish Fry, which is owned by Vincent McDonald, a 35-year hospitality entrepreneur who heads Global Lead Consultant Group. Mr McDonald contacted him, and Professor Hutchinson first visited Mayguana in March 2024 accompanied

going to achieve the desired outcome in the long-term or is it simply going to shift the burden from one set of items to another? If it’s going to be a shift, the benefits [for consumers[] will be far less than originally intended,” he added.

“The general challenge in all this is what was announced as a policy initiative in January by the Prime Minister, in his capacity as minister of finance, lacked the details because businesses were not aware this will be treated as ‘exempt’ as opposed to ‘zero rated’…. This is where the devil is in the details or the road to hell is paved with good intentions.”

Mr Bowe said impacted businesses will likely be forced to raise prices on uncooked foods, cut costs or a combination of the two to ensure they still “get to a point where there’s a favourable return on equity”. He added: “I cannot think that the Government was of the mindset that not only was it going to eliminate the income it was getting from VAT on uncooked foods, but it was shifting the burden from one stakeholder group at the expense of another.

“It was expected that the Government would forego revenue and make it up in other areas, but to shift the burden from consumers to businesses, that’s a fool’s errand because businesses - to ultimately keep the doors open - have to figure out how to address that and will increase prices in other areas. It will come full circle.”

The Fidelity Bank (Bahamas) chief reiterated his long-held belief that the Government would be “better served” targeting increased welfare spending and social assistance to low income Bahamian families who genuinely need cost of living relief as opposed to tinkering with the VAT system that gives tax breaks

to those who do not need them. And the increasing exemptions and zero ratings are undermining the ‘broadbased, low rate’ VAT model that The Bahamas introduced in 2015, while also making it more complex to administer the system and prevent misclassifications, avoidance and evasion.

Mr Bowe said “tax should be KISS: Keep it Simple Stupid”, adding: “The more complex you make it, even with the viewpoint of helping others, means far more elements come out of the woodwork later on.”

The FNM, meanwhile, in a statement asserted: “When the Government announced it would remove VAT on uncooked food, it sounded like good news.

Wholesalers, supermarkets, gas stations, pharmacies and small neighbourhood food stores across Nassau, Grand Bahama,and every Family Island will all be affected.

“Under this approach, many of them will be unable to claim back the VAT they pay on every day operating costs, including freight, utilities and commercial rent, the way they could before. This move is creating a new hidden cost, and someone has to pay it….

“When the FNM removed VAT on breadbasket items during our time in office, we used zero-rated treatment. That meant businesses could recover VAT at every stage of the supply chain, and the savings flowed through to consumers. The Davis administration has now abandoned that approach and has never once explained why,” the Opposition asserted.

“The result is predictable: Food distribution costs go up, not down. Food stores face new, unrecoverable tax burdens on their operating costs. And families, already under enormous pressure, end up paying more, not less. What is worse, neither

the Prime Minister nor anyone from his government bothered to explain this new burdensome approach to so-called ‘tax relief’. Now, businesses are scrambling for clarity.”

The Opposition demanded that the Government move from ‘exempt’ to ‘zero-rated’ treatment, and called for “a full and transparent explanation of this VAT change, including its expected effect on food prices and small food retailers. At a time when Bahamian families are already struggling, this country cannot afford policies that sound helpful but make life more expensive”.

Debra Symonette, Super Value’s president, told this newspaper that the food store chain had calculated “the impact could be up to $300,000-$400,000 per month” through lost or reduced profits, which translates into between $3.6m to $4.8m per year.

That would be a significant 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-staff costs by 7-8 percent from April 1, 2026. They added that the impact will not be confined just to food stores, but all businesses that sell uncooked food, including gas stations and pharmacies. 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.

then by Howard Mitchell, former head of the Private Sector Organisations of Jamaica (PSOJ).

and creating value in those other industries.”

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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 offices 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 offices or via the emails listed. No nominations will be allowed from the floor.

Professor Hutchinson explained that, in their previous capacities as planning institute head, while Mr Mitchell chaired All Jamaica Air Services (AJAS), a major logistics operator, they had been working on solutions that incorporated commercial shipping ports and cargo hubs “into larger development plans”. While Mr Mitchell is no longer involved, the professor indicated he saw the same potential with Mayaguana and the Global Lead Consultant Group port, and has visited the island multiple times since.

“Mayaguana, when we got there, we said: ‘Ok, this has a perfect logistics space’. We see the previous infrastructure that was built there for US space exploration in the 1950s; for Mercury and Apollo,” Professor Hutchinson told Tribune Business. “It’s well removed from Nassau, so it’s value; how do you create value with this latent asset? That’s how we thought about it: How would you create value with this latent asset.

“We studied what had been there in the 2010s and teens, the I-Group. What we learnt is that the those initiatives were not a sufficiently comprehensive enough ecosystem to have number of [industry] clusters created. They were standalone kind of things. If you notice in the work that we are doing, it’s a feeder system and we are using technology to create a whole new synthesis and synergies. That’s the secret: The spill over

Professor Hutchinson, as an example, cited the ability of AI and technology to “solve the problem of productivity and competitiveness” for Bahamian agriculture against food imported from overseas.

“The Bahamas imports 92 percent of its food, $1bn, but we’re looking at how to use technology to create other sectors,” he added.

“We were looking at AI and technology to help problem solve in agriculture and increase growing for what the tourism sector needs to replace $500m-$600m worth of imports.”

The economic impact assessment presented to the Prime Minister forecasts that, at full build-out, Mayaguana Vision 2030 could deliver $387m in direct economic activity supporting 4,066 direct jobs, with $130.3m in worker income and $240m “in value added”. Adding in the indirect impacts takes this to $5.4bn, and the report added: “For every $1bn of new economic activity in the project, GDP would grow by 6 percent using 2025 nominal GDP as the base.”

The Mayaguana Vision 2030 project is supported by the Gladstone T. Whitman Fund and a planning grant from the African Export-Import Bank (Afreximbank) to the PJ Patterson Institute for Africa-Caribbean Advocacy at the University of the West Indies. Both the PJ Patterson Institute and Lafayette College’s economic empowerment and global learning project (EEGLP) and its policy studies programme are also involed.

The plan involves transforming Mayaguana into a regional hub for AI, semiconductor fabrication, digital infrastructure, sustainable agriculture and ecotourism. This includes an integrated energy and digital infrastructure platform; boutique semi-conductor fabrication plants; AI-driven data centres; hurricane-resistant greenhouse agriculture systems; a deep water commercial port; and a Business, Innovation and Technology (BIT) Park. The project is also designed to establish a framework for an Africa–Caribbean mineral value chain partnership, positioning Mayaguana as a bridge between African mineral reserves and North American technology markets.

“Mayaguana is not a blank slate; it is a place with deep history, latent strengths and a strategic location at the crossroads of Atlantic shipping lanes, global submarine cable networks and the Africa–Caribbean–Americas corridor. This project is about enabling Mayaguanans and Bahamians to own the knowledge layer and capture the long-term returns of the industries of the future,” said Professor Hutchinson in a statement.

The project is co-directed by Professor Paulette Ramsay of the PJ Patterson Institute and the University of the West Indies –

Transparency must become norm, not a political reaction

Dear Editor,

In recent weeks, a flurry of information has been released into the public domain: Pages of energy contracts; competing narratives around the mid-year Budget report; commentary about the arbitration between the Government of The Bahamas and the Grand Bahama Port Authority involving the Hawksbill Creek Agreement; environmental concerns emerging alongside development proposals. On the surface, this might appear to be a moment of increased transparency. But transparency that appears only when pressure mounts or when political debate intensifies is not true transparency - it is a reaction. What Bahamians need and deserve is a system where access to meaningful, understandable public information is the norm. Recent debates such as the public discussion around the mid-year

LETTER EDITOR TO THE

Budget report reveal just how difficult it still is for citizens to access clear information about how public funds are being used. Technical documents are often difficult for ordinary citizens to find or interpret without additional context. But we know that Bahamians are capable of engaging deeply with fiscal information when it is presented in clear and accessible ways. Through the Organisation for Responsible Governance (ORG’s) ‘Be Clear Bahamas’ initiative, we have worked to build the capacity of hundreds of Bahamians to better understand and engage with

the national Budget. We have seen when people are given the tools and regular opportunities to access and understand fiscal policy, they engage thoughtfully and ask informed questions, which is exactly what a healthy democracy should encourage.

Also in recent weeks, political back-and-forth around national energy contracts ultimately resulted in hundreds of pages of documents being released, but the circumstances surrounding their release highlight a deeper problem. Transparency should not be the occasional product of political pressure or partisan debate. It should be built into the system itself to establish a norm.

We are seeing similar gaps in environmental governance. It was recently revealed that the Department of Environmental Planning and Protection (DEPP) does not yet have formal

Gas station chief eyes minimal VAT ‘exempt’ impact on uncooked food

EXEMPT - from page B1

win. If these types of policy adjustments will benefit the country as a whole, then as a gas station owner - speaking in the capacity of a gas station owner and business entrepreneur - if an initiative that the Government is doing benefits Bahamians across the board, then I endorse it.”

Tribune Business reported on Wednesday that 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, said 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 off’ 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 significant share of their business. However, Mr Bastian affirmed that the

impact will be less for gas stations because uncooked foods and their convenience stores account for a smaller proportion of total sales when compared to the likes of Super Value and AML Foods.

“I’m one for policies that benefit the country at large,” he added, “if it’s a good decision, good policy that sits well with Bahamians across the board. It can always go both ways if you have bought inventory on hand.. You can’t always win in business. Sometimes you have to give and take in business. Under this PLP administration, the minister of finance, Philip Davis KC, along with Michael Halkitis, minister of economic affairs, all of their policies since they came to office are in the best interests of the Bahamian people.

“I don’t want to get caught up in minor debates. If it’s a good savings that Bahamians by and large benefit from, we are all consumers. What they did [eliminating VAT on all uncooked foods] we all benefit from this and it will help the small man.”

But Ms Symonette, giving a hypothetical example of what the VAT ‘exempt’ treatment will mean, said a business whose sales mix is

Judge gives 90-day stay, wants talks to resume

MORTGAGE - from page B1

“inconsistent and sporadic” payments” with the $90,046 - excluding the $32,000 lump sum - that was received between March 2024 and November 2025 falling short of the $117,600 that was due.

The Gibsons, after finally being served with the “writ of possession” on November 28 last year, applied to the Supreme Court 13 days later, on December 11, 2025, for an Order that the process be stayed on the basis that they had made “consistent monthly payments” in compliance with an agreement with Bank of The Bahamas. They argued that they had also accepted the lender’s proposed mortgage restructuring, and asserted that the bank had moved before the deadline for producing the required documents expired. The loan, whose repayment the couple had guaranteed, had been taken out in the name of their business, The Heart Services Company, trading as La Scoops Deli & Ice Cream/ Island Grubb, in 2013.

Justice Darville-Gomez agreed to “stay” the bank’s attempts to seize possession because the Gibsons had negotiated in “good faith” and made payments towards the mortgage of more than $90,000.

“The defendants [the Gibsons] contended that following judgment delivered on April 6, 2023, they made a lump sum payment

of $32,000 to the claimant and consistent monthly payments of $5,600 pursuant to an agreement with the claimant, and that negotiations for restructuring of the mortgage were ongoing,” the judge recorded. “They argued that the writ of possession was served before the extended timeline for restructuring expired.

“The claimant [Bank of The Bahamas] disputed the relief sought and maintained its entitlement to enforce possession on several bases, including the defendants’ failure to comply with the monthly payments and their failure to comply with the timeline for provision of documents requested for restructuring…

“The claimant, despite its negotiations to restructure, had given several deadlines to the defendants for submission of required documentation which had not been provided. Further, the claimant had made it expressly clear via e-mail that any failure by the defendants to provide the documentation by November 2025 would result in enforcement of its rights under the April 2023 order,” Justice Darville-Gomez continued.

“However, there was a dispute on this issue because the defendants’ evidence was that they were given a further extension to December, 2025. In any event, the court took the view that the defendants were on notice from November 2025 of the

protocols requiring environmental management plan (EMP) assessments to be publicly accessible before consultation processes for major developments begin. This gap undermines the very purpose of consultation. Citizens cannot meaningfully participate in decisions if they do not have access to the information needed to understand what is being proposed. Meaningful engagement requires timely access to the underlying documents and facts that allow citizens to evaluate complex policy and legal issues.

Town halls, public debates, the release of contracts and full fiscal reporting are all examples of good governance practices. They underpin the fundamental right of citizens to know how their tax dollars are being spent and how their interests are represented in public policy. However, when these actions occur sporadically,

in isolation, or only after public pressure builds, they often fail to achieve their intended purpose. Instead of strengthening public understanding, they can fuel political back-andforth, deepen scepticism and erode trust in institutions. They create more noise instead of clarity. With The Bahamas approaching another election cycle, sudden bursts of transparency can easily be interpreted through a political lens. That is why transparency and accountability cannot be seasonal, but must be embedded into the every day functioning of government. It is also precisely why the full implementation of key governance reforms matters so much. Laws and institutions designed to support transparency, such as the Freedom of Information Act, an independent Ombudsman, the Independent Commission of Investigations etc, are the foundation of a more open, accountable and effective democracy.

ORG is guided by a simple theory of change: Better governance leads to better outcomes for people. Transparency is not about shaming governments or winning political arguments.

It is about building trust. It is about ensuring citizens can see how decisions are made, understand the trade-offs involved, and participate constructively in solving national challenges. As the country moves towards the next election, Bahamian voters should ask more of those seeking their support. Not simply promises of transparency and accountability - those words appear in every campaign - but clear, practical answers to valid questions. How will transparency be implemented? How much funding will be allocated to make systems of reform work? What concrete steps will be taken to ensure citizens have timely access to meaningful public information? The promise of better governance means very little without the substance of a plan.

Trust must be earned, not demanded by those in power. Bahamians cannot be expected to trust candidates and potential governments if they cannot understand how they will do the work required to make the system open, accountable and accessible to the people it serves. The Organisation for Responsible Governance (ORG)

80 percent uncooked foods and 20 percent non-food will - from 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. It will thus be unable to recover 80 percent of the VAT paid on utility bills, rent and maintenance costs - all of which are significant costs incurred in running a business.

Other food retailers and advisers to the grocery industry confirmed 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 foods - are correct. The Super Value chief told this newspaper that the food store chain has calculated “the impact could be up to $300,000-$400,000 per month” through lost or reduced profits, which translates into between $3.6m to $4.8m per year.

That would be a significant blow to any business.

Another major grocery merchant, speaking on condition of anonymity, echoed

consequences of non-compliance, and their failure to comply caused the claimant to proceed with service of the writ of possession.”

The Gibsons, though, had made a lump sum payment of $32,000 towards the mortgage arrears in September 2023 and monthly payments thereafter. “Their evidence, which included receipts totaling $39,275, was that they made payments totaling $128,800 from about September 2023 to 7 November, 2025,” Justice Darville-Gomez said.

“On the other hand, the claimant’s evidence was that between March 2024 and December 2025 they paid $90,046 excluding the lump sum payment of $32,000. Despite this, the claimant noted that $117,600 ought to have been paid and characterised the defendants’ payments as ‘inconsistent and sporadic’.

“In any event, and notwithstanding this, the court was satisfied that the defendants had acted in good faith in pursuing restructuring negotiations, albeit with missed deadlines, and that they reside in the family home with four children, at least one of whom is a minor,” the judge ruled.

“Importantly, the court found that the defendants had made payments of over $90,000 since the date of judgment and therefore the claimant would not be unduly prejudiced by the grant of temporary relief in circumstances where the defendants had at least been servicing the debt up until service of the writ of possession even if inconsistently and sporadically.”

Ms Symonette’s fears and estimated that the VAT ‘exempt’ treatment could increase non-staff costs by 7-8 percent from April 1, 2026. They added that the impact will not be confined just to food stores, but all businesses that sell uncooked food, including gas stations and pharmacies. 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 financial 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 counter-productive and could have the opposite effect to what the Government intends, namely to reduce the cost of living and make foods more affordable, especially given the renewed inflationary pressures likely to result from the Iran conflict’s impacts on global crude oil prices. The VAT Amendment Bill 2026, which was debated in Parliament over

the past week alongside the mid-year Budget, specifically 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.

Eleuthera and Abaco supplier unveils carbon credits plans

And we are scheduled to start our construction works before the end of this first quarter of 2026, so we actually have equipment on the water right now.”

Mr Farquharson added that shipments of equipment are already heading to Abaco and Eleuthera in preparation for construction.

“We have 44 containers on the water right now that are going to be arriving, landing in Abaco first, probably by the end of this month. And then some of that equipment is going to be coming over to Eleuthera as well,” said Mr Farquharson.

He added that the company expects the new facilities to begin producing electricity in early 2027

under a long-term power purchase agreement (PPA) signed with the Government and Bahamas Power & Light (BPL).

“Our commercial operation date, when we plan to have the plants in operation, is the first quarter of 2027. And then the PPA term, as I mentioned, which is 25 years, will take us to the year 2052,” Mr Farquharson said. EA Energy was awarded the contract by the Government to develop hybrid microgrid power plants on Abaco and Eleuthera. The project requires the company to design, finance, build, operate and maintain the facilities over the life of the 25-year agreement. The combined projects are expected to cost about $160m, with a significant portion of the spending already

Restaurants already fretting on high prices

PURCHASE - from page B3

While the Government is still working to bring electricity to Potter’s Cay, Mr McKenzie noted that many vendors are using gas stoves and generators. Fuel prices are rising, he added, asserting that the war between the US, Iran and Israel will only add to the financial strain.

Michael Turner, owner of Jumper Brother’s Bakery is also concerned about grocery stores charging higher prices once the VAT elimination takes effect on April 1. He said the only solution is for bakeries and restaurants who buy those groceries to up their costs as well.

“The solution is that you will have to go up,” Mr Turner said. “Everybody will have to do that. We all will have to make a move. And I think you have no choice, because there’s a domino effect. If that’s the case, I cannot absorb it. They cannot absorb it. So therefore the consumer...”

Mr Turner said the idea to eliminate VAT seems like a good idea but the Government must also take into consideration how the move will impact not just the grocery stores but restaurants, bakeries and other food vendors as well. He also questioned if the Consumer Affairs Department will ensure grocery stores do not over charge consumers.

“It’s a good idea but the problem is you got to look at how the domino is going to fall,” he said. “Or, you know the game of sticks. You have to think how it’s going to play out. And, for the most part, what I’m seeing, it’s going to affect the people because at the end of the day, who’s to say that they calculated how it’s going to pan out?

“Who’s the watchdog. Who’s watching what’s happening? Is there any law there to protect us when it comes down to things like that? Who’s going to watch to see how these prices are rising? Who’s going to police it?

“Over the years, my experience, when things go up, very rare they come down. The only thing I’ve seen come down tremendously is eggs. The only thing I’ve seen gone up tremendously is eggs,” Mr Turner said.

“So when you decide to make a decision on anything to do with finances, you got to look at the whole picture. You have to use a drone per se where you can see what’s happening from overhead, so you can make a sensible decision that will affect the whole nation. You can’t just look at one sector. You want to please the people, but what you do to these people? They’re still a part of the people. So therefore, when you hit them, it’s a domino effect. So my question is, have you really looked at it properly?”

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.

The 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, The Bahamas.

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

Kim D Thompson 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.

The 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, The Bahamas.

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

Kim D Thompson Sole Liquidator

committed. Mr Farquharson said over $50m has already been spent on equipment pre-construction.

“The total value of the contract in terms of both the Abaco and Eleuthera electric projects is $160m,“ he added. “The estimated cost of the combined projects, of which we’ve already spent over $50m at this point with equipment and manufacturing of equipment, and that’s all being made at this time, some of that is being delivered soon.”

Mr Farquharson said that, in Eleuthera, the power generation system will combine gas, solar energy and battery storage as part of a hybrid microgrid designed to improve reliability.

“For Eleuthera, we’re going to have 20 mega watts (MW) of gas engine power, 10 MW of solar capacity from solar panels, and

BESS, which is the battery storage capacity. We can have 50 MW hours of that. And then we estimate the total generation guaranteed would be 79 million kilowatt hours per year,” said Mr Farquharson. He added that the system is intended to strengthen the island’s energy supply for years to come, saying :”Those are some significant numbers that we’re going to be installing here to support the islands for at least the next five years.”

Mr Farquharson said the company also plans to generate international carbon credits from its solar installations in Abaco and Eleuthera, and is currently being certified.

“Through our solar installation at both of these sites, we are in the process now of being certified by an international carbon credit

rating agency, so that when we do start production we will be able to compile and build up carbon credits through our solar plants, and we’ll be able to use those carbon credits or exchange them on international markets,” said Mr Farquharson. “So that’s a very critical part and important aspect of our project as well.”

Mr Farquharson said CFAL managed a retail share offering last year that resulted in Bahamian investors acquiring a quarter of the company.

“Consus and Verdant are the two major shareholders of EA Energy, both holding 37-and-a-half percent. And then the next 25 percent is owned by Bahamian investors, local Bahamian investors,” said Mr Farquharson.

“Last year, CFAL managed our retail sale of shares for the company, and it was well received. And at this point now, 25 percent of EA Energy is owned by Bahamian investors, and we are very glad to see that Bahamians were interested in being a part of this.”

Mr Farquharson added that the investment opportunity allows Bahamians to participate directly in the country’s energy transition.

“By investing in these power plants, Bahamian shareholders will not only contribute to the green transformation of The Bahamas but also the financial gains of the project with highly viable income. So, Bahamians will also benefit as this project benefits and becomes profitable.”

When stock markets get shaken, it can pay for investors to be patient

By STAN CHOE AP Business Writer

WHEN stock markets are as manic as they’ve been recently, it’s natural to want to do something to protect your retirement savings. Historically, though, staying calm has usually been best.

The U.S. stock market has a track record of recovering from every steep drop it’s taken. Whether it’s a global financial crisis, a trade war or a military war, the S&P 500 has so far always recouped its losses to push toward more records. Of course, that can take years, but anyone who moved their 401(k) investments out of stocks risked missing out on the recovery and further gains.

Will that happen again? No one can say for sure, and some things are different this time around. But many professional investors and strategists are sticking with the advice they usually give: As long as it’s money you don’t need soon, which should never be in stocks in the first place, try to be patient and ride out the stock market’s swings, tough as it is.

They gave the same counsel after President Donald Trump unveiled his global tariffs on “Liberation Day”

last year, after inflation skyrocketed in 2021 and after COVID crashed the global economy in 2020. Stomaching these kinds of shocks is the price of admission to get the bigger returns that stocks can offer over the long term.

“Although volatility may feel uncomfortable, could rise from here, and possibly cause a near-term drawdown in stocks, volatility in itself tends to be brief when it reaches more extreme levels,” according to Anthony Saglimbene, chief market strategist at Ameriprise. “And, more often than not, the extreme volatility provides investors with a solid long-term entry point to buy stocks rather than sell.”

War worries

The war in Iran is slowing the global flow of oil and causing extreme swings in markets.

The fighting has halted most of the traffic in the Strait of Hormuz, a narrow waterway off Iran’s coast where a fifth of the world’s oil sails on a typical day. That has storage tanks for crude in the region filling up because it has nowhere else to go. And that is pushing oil producers to say they’re cutting their output.

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.

The 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, The Bahamas.

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

Kim D Thompson Sole Liquidator

Oil on Monday briefly spiked to nearly $120 per barrel, the highest price since the summer of 2022, on worries that the production problems could last a long time. Some analysts say prices could quickly reach $150 if the strait remains closed.

A long stretch of high oil prices could put the global economy in a worst-case scenario called “stagflation.” That’s what economists call it when growth stagnates yet inflation remains high. It’s a miserable combination that the Federal Reserve and central banks worldwide have no good tools to fix.

Huge swings but not much change

The S&P 500 is only 4.4% below its all-time high, which was set in January, as of Thursday’s close. It feels worse because of how sharply stock prices have swung recently, often hour to hour as well as day to day.

Several times since the start of the Iran war, the Dow Jones Industrial Average has plunged roughly 900 points in the morning only to erase its loss later in the day or come close to it.

This isn’t unusual

The U.S. stock market doesn’t often behave exactly like this, but it has a regular history of falling to steep losses before rising again.

The S&P 500 has seen a decline of at least 10% every year or so. Such drops are common enough that professional investors have a name for them: a

“correction.” Often, experts view them as a culling of optimism that could otherwise run overboard and drive stock prices too high. Should I sell now?

Selling your stocks or moving your 401(k) investments away from stocks and into bonds may offer less chance of seeing huge drops. But getting out of the market would also mean having to figure out the right time to get back in, unless you’re willing to give up any future recovery and gains.

And timing the market correctly is always difficult. Some of the best days in the U.S. stock market’s history have been clustered in among downturns.

Some recoveries take longer than others, but experts often recommend not putting money into stocks that you can’t afford to lose for several years, up to 10. Emergency funds, for things like home repairs or medical bills, should not be invested in stocks.

For those new to investing Apps on smartphones have made trading easier and cheaper than ever. That’s helped draw in a new generation of investors who may not be used to such wild swings in the market. But the good news is younger investors often have the gift of time. With decades to go until retirement, they can afford to ride the waves and let their stock portfolios hopefully recover before compounding and eventually growing even bigger.

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.

The 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, The Bahamas.

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

Kim D Thompson Sole Liquidator

Live Nation employee mocks customers as ‘so stupid’ in internal messages released in court case

By LARRY NEUMEISTER Associated Press

INCENDIARY internal messages in which a Live Nation employee mocks customers as “so stupid” and says the company is “robbing them blind, baby” have been made public as over two dozen states weigh whether to continue their antitrust trial against the entertainment giant and its subsidiary Ticketmaster.

The messages from late 2021 through early 2023 on the online work messaging platform Slack were highlighted late Wednesday in a filing by government lawyers released in the public court record. The lawyers insist the messages should be evidence in the week-old trial in Manhattan federal court against Live Nation and Ticketmaster.

At the trial, lawyers for the federal government and 39 states and the District of Columbia say Live Nation and Ticketmaster were squelching competition and driving up prices for fans through threats, retaliation and other tactics to “suffocate the competition” by controlling virtually every aspect of the industry, from concert promotion to ticketing. The companies insist that artists, sports teams and venues set prices and decide how tickets are sold.

The government lawyers wrote that the statements should be part of the trial because they are “candid, internal messages” in which Ben Baker “calls fans ‘so stupid,’ explains that he ‘gouge(s)’ them, and brags that Live Nation is ‘robbing them blind, baby.’”

In the submission to Judge Arun Subramanian, the lawyers noted that Baker made the statements while he was a regional

director of ticketing with responsibility for a large amphitheater in Florida but has since been promoted to head of ticketing for Venue Nation with responsibilities relating to all of Live Nation’s venues.

They said the employees were discussing Live Nation’s price for access to the VIP area of a show at the MidFlorida Credit Union Amphitheatre in Tampa when Baker wrote that the

Average US long-term mortgage rate rises to 6.11%, back to where it was 5 weeks ago

By ALEX VEIGA AP Business Writer

THE average long-term U.S. mortgage rate rose again this week, reflecting ongoing bond market jitters over the war with Iran.

The benchmark 30-year fixed rate mortgage rate ticked up to 6.11% from 6% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.65%.

The average rate is now back to where it was five weeks ago. Just two weeks ago, it touched its lowest level in three and a half years. It has been hovering

around 6% this year, an encouraging backdrop for prospective home shoppers who can afford to buy at current rates just as the spring homebuying season gets rolling. Meanwhile, borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. That average rate rose to 5.5% from 5.43% last week. A year ago, it was at 5.8%, Freddie Mac said. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market

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NOTICE is hereby given that CARDILIA IDEUS of P.O. BOX N-8634 of Faith Avenue North, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that I VIRGINIA JEAN of Romer Street, Fox Hill, 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 13th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that I NIKIETA VALCIN of St. Vincent 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 13th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year Treasury yield was at 4.25% at midday Thursday, up from around 4.13% a week ago. Treasury yields have climbed recently as rising oil prices have stoked fears of higher inflation. That

prices are “outrageous,” that “these people are so stupid” and that “I almost feel bad taking advantage of them” before writing, “BAHAHAHAHAHA.”

Live Nation wants the exhibits disqualified from the trial, saying the messages reflect “off-the-cuff banter, not policy” between two personal friends who do not work together.

The company’s lawyers wrote that the exhibits don’t

concern has outwestighed last month’s surprisingly weak report on hiring by U.S. employers and a relatively stable snapshot on inflation at the consumer level taken before the outbreak of the Iran war.

“Under normal circumstances, these soft economic readings would put downward pressure on mortgage rates, however, the news out of the Middle East is overriding those signals,” Hannah Jones, senior economist research analyst at Realtor.com said in an email.

relate to the antitrust claims. They said the employees were making “passing references to non-ticket ancillary products — such as VIP club access, premier parking, or lawn chair rentals — sold to concertgoers at two amphitheaters” in Florida and Virginia.

But lawyers for the plaintiff states and U.S. government wrote that “excessive prices for ancillary services are directly relevant” to their claims and that “ancillaries are a significant way that Live Nation monetizes its monopoly position in the amphitheater market.”

In a statement Thursday, the company said the Slack exchange “from one junior staffer to a friend absolutely doesn’t reflect our values or how we operate.”

The company added: “Because this was a private Slack message, leadership learned of this when the public did, and will be looking into the matter promptly.”

The arguments regarding the exhibits were made after Bloomberg News, The New York Times and MLex, a publication which covers legal and regulatory matters, and Inner City Press requested their release.

The trial’s status is up in the air after the federal government announced this

week it was settling with Live Nation in a deal that would give Live Nation’s competitors some access to ticket sales they are currently excluded from.

Lawyers for more than two dozen states have asked that the ongoing trial be scrapped and that a new jury be chosen in the weeks ahead. A jury that began hearing evidence last week was told to stay home this week with the expectation the trial would resume on Monday.

Meanwhile, Subramanian encouraged lawyers for the states and Live Nation to negotiate this week before telling him late Friday whether they’ve reached a deal.

Although the parties were not speaking publicly about the progress of any talks, a lawyer for Live Nation indicated at a court hearing Tuesday that there was no realistic chance of a fast deal with all states. In a letter to the judge Thursday, a states’ lawyer signaled the trial was likely to resume, saying the judge needed to rule on whether the Slack message exhibits can be shown to the jury because his decision will have a “material impact” on which witnesses the states call to testify as the states “prepare to resume trial next week.”

NOTICE is hereby given that I

TECHLER ST FORT of Abbie Corner off Carmichael 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 13th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

CRYPTOQUOTE