THE Bahamian auto market could suffer “a bloodbath” starting as early as the 2026 second half, a dealer warned yesterday, as he and others voiced concerns about the industry “hitting saturation point”.
Fred Albury, principal at the Auto Mall, which is the authorised distributor for the Toyota, Hyundai and BMW brands, told Tribune Business that “the market cannot continue to absorb the amount of new vehicles coming in” with an influx of lower-priced Chinese brands further adding to the competitive pressures.
Dealer: Buyers ‘can’t continue absorbing’ new vehicle spike
Slowdown may hit in 2026 second half but sales still ‘robust’
Shipping and freight fuel surcharge ‘doubles’ over oil price
Emphasising that it was his personal opinion, the Auto Mall chief said his 50 years in the auto industry has sensitised him to the market cycles and “ups and downs”, alerting him to when a slowdown seems likely. He forecast that, when the “saturation” tipping point is hit - with too many vehicles seeking too few
Rosewood Exuma parties battle over ‘safe and navigable’ shipping channel
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE warring parties battling over the $200m Rosewood Exuma development have supplied conflicting evidence over whether the shipping channel that will be used to supply the project with fuel and other key commodities is “safe and navigable”.
Jose Baldwin, in a February 10, 2026, Supreme Court affidavit sworn on behalf of Turtlegrass Resort & Island Club, the project’s next-door neighbour and leading opponent, argued that the route the developer, Miamibased Yntegra Group, intends to employ through Sampson Cay’s North Bay will “remain operationally unsafe and impractical” regardless of how much dredging is done.
The location of Rosewood Exuma’s service dock, and
Opponents: ‘Unsafe’ regardless of any dredging
Developer: Route ‘poses no navigation hazards’
Sides launch new fight on service dock’s look
accompanying sea wall, and the amount of dredging required to provide a safe commercial shipping channel through North Bay for the resort’s supply vessels, is a central feature of the ongoing Supreme Court battle where Turtlegrass and its principal, Bob Coughlin, are seeking to overturn Yntegra’s certificate of environmental clearance (CEC) approval via Judicial Review.
‘Fruitful exchange’ on VAT exempt concerns
BY FAY SIMMONS Tribune Business
Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday said the Government had “a very fruitful exchange” with food merchants to address the challenges posed by eliminating VAT on uncooked foods while pledging that Bahamians will see relief from the April 1 target date as promised. Michael Halkitis, minister of economic affairs, acknowledged the industry’s “bottom line concerns” over the decision to treat
the VAT elimination as ‘exempt’, rather than ‘zero rated’, but said the Government’s priority is to ease inflationary and cost of living pressures that continue to hurt Bahamian families.
“We spoke about some of the challenges with the elimination of VAT on unprepared food, which goes into effect April 1,” he said. “We walked away confident that everyone will be ready to make the change, and we agreed to continue discussions so that any administrative difficulties
Skilled workers targeted as top Bahamian export
BY FAY SIMMONS
Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas’ highly-educated workforce could become one of its biggest export assets, with officials eyeing professional services - from engineers to digital specialists - as part of a new national export strategy aimed at expanding the country’s presence in global markets.
Barry Griffin, executive chairman of the Bahamas Trade Commission, said the Government is moving to establish the country’s first formal export strategy, which will help define
priority sectors for investment and outward exports over the next two decades. He added that while exports are frequently cited as a priority by Bahamian businesses and the public, the country has never had a
qualified buyers - many dealers will go into “survival” mode and start discounting prices, with those possessing strong parts and services departments best-placed to survive.
Fred Albury told this newspaper that there has already “been a big slow down” in Japanese used car imports, which
he attributed to the arrival of Chinese-made new autos entering the Bahamian market. He disclosed that he and Auto Mall are receiving two to three phone calls per day from Japanese used car dealers, which he interpreted as a sign they are “hurting”. The same “saturation” concerns were voiced by Ben Albury, the Bahamas Motor Dealers Association’s (BMDA) president and Bahamas Bus and Truck’s principal, albeit to a lesser extent. He agreed that competitively-priced new Chinese made vehicles are displacing the used autos that many Bahamians have traditionally relied upon as a lower-cost transportation option.
fear
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister said the near-doubling of the Government’s year-end payment arrears to $242m at 2025’s close does not signal it is in financial trouble as he dismissed the Opposition’s concerns. Michael Halkitis, minister of economic affairs, said the existence of outstanding payments such as arrears and unpaid invoices is a normal part of government operations as new services are continuously rendered while others are being paid.
“Every day the government works,” said Mr Halkitis. “Every day you have some vendors who are being paid, and you have vendors who are rendering services that require payment. As a result, every day the Government is paying off bills and incurring new ones.”
He explained that the Ministry of Finance also has a responsibility to verify that goods or services were properly delivered before invoices are settled. “A very important function of the Ministry of Finance is to make sure that when someone presents a bill, the work has been done and the Government has received value for money,” Mr Halkitis said. He stressed that there is an important distinction between arrears, which represent significantly overdue obligations, and normal outstanding payables, which simply reflect bills awaiting payment at a given moment.
“There’s a difference between arrears and outstanding,” he said. “Arrears means you’re way back. Outstanding means you’ve rendered a service and I have to pay it. That’s simply a snapshot at a particular time.”
Unpaid invoices and arrears owed by the Government increased by 97.6 percent, or almost $120m, year-over-year to hit $241.898m as a year-end 2025, the mid-year Budget disclosed. Documents tabled in the House of Assembly revealed that sums
Preparing emerging leaders is strategic long-term investment
AS The Bahamas continues to evolve within an increasingly competitive global economy, the development of emerging leaders has become a strategic priority for corporate sustainability and national growth. Companies that invest deliberately in leadership preparation are better positioned to navigate economic shifts, drive innovation and maintain continuity in times of transition.
Emerging leaders represent the next generation of decision-makers, yet many are thrust into leadership roles without adequate preparation. This gap often results in reduced effectiveness, diminished confidence
and missed opportunities for advancement. To address this, ‘Corporate Bahamas’ must adopt structured and intentional approaches to leadership development. One of the most effective methods is the establishment of formal succession planning frameworks. These systems identify high-potential employees early and provide them with clear pathways for advancement. By aligning individual competencies with needs, companies can ensure a steady pipeline of capable leaders ready to assume critical roles.
Equally important is mentorship. Pairing emerging leaders with experienced executives allows
for the transfer of institutional knowledge, leadership insight and practical wisdom. Mentorship fosters confidence and provides a safe environment for learning, reflection and professional growth. In the Bahamian context, where relationships and cultural understanding are vital, mentorship also strengthens organisational cohesion. Leadership training programmes must also be prioritised. Workshops, executive courses and certifications in areas such as strategic thinking, financial management and emotional intelligence equip emerging leaders with the skills necessary to perform effectively. Continuous learning should be
Bahamian realtors make mark with 120k-strong global brand
BAHAMIAN realtors were recognised as some of the top performers among the Better Homes & Gardens Real Estate franchise’s 12,000-strong worldwide broker and agent workforce in 2025.
Timothy Smith, a repeat member of the franchise’s Emerald Elite Founders Club, delivered a 2025 sales performance that landed him in the top 1 percent globally, becoming one of only 120 to hold that title.
And Mario Carey, founder and chief executive of Better Homes & Gardens Real Estate MCR Bahamas, the local franchise, cemented a spot in the top 3 percent worldwide. After arranging $3bn in transactions in a career spanning four decades, he credits the “support of a strong team” for the firm’s showing on a global scale.
“We have great support and I give our MCR team credit for our success,” said Mr Carey, who praised the firm’s young agents and other winners such as Ilianna Spychalla, who focuses on the Berry Islands, and her father Dean, who spearheads sales in Exuma and Eleuthera, where the firm opened a new office in 2025.
The Spychallas, along with Linda Mackey-Treco and Danae Bethel, ranked in Better Homes & Gardens Real Estate’s top 15 percent worldwide in 2025, making them award winners in a company with around 400 offices across the US, Canada, Jamaica, The Bahamas, Australia and New Zealand.
“Some are afraid when they see instability or uncertainty, othersespecially those with a lot of money, the ultra-wealthy - see the advantages of a place like The Bahamas where they see peace and calm,” said Mr Carey. “But we can never take that for granted. We have to remember why they come here –the political stability, the tax-neutral structure and for those who could afford to live anywhere but choose to live here, it’s the beauty of The Bahamas.”
The latter, he said, is critical because it differentiates The Bahamas from other markets. “Ask the ultra-wealthy what made them choose The Bahamas and they will tell you it was the beauty and the lifestyle if affords,” Mr Carey added.
“If any government loses sight of how important the beauty of the waters and the land in The Bahamas is, if they fail to protect it, they will lose more than they can begin to understand. We are blessed and we need to remember that.”
Mr Carey cited what a friend told him years ago. “Imagine where we would be if Vegas (Las Vegas) had waters like The Bahamas,” his friend said. “The differential is our natural beauty.”
Mr Carey and Mr Smith, who are partners in the firm with offices or agents in Nassau, Exuma, Eleuthera, Abaco and the Berry Islands, agreed that stability and environment are critical to market desirability and value.
“It’s about lifestyle,” said Mr Smith. “When what you have is
Jarol Investments, Ltd. T/A Chances Games
embedded into corporate culture, ensuring leaders remain adaptable in a rapidly-changing environment.
Experiential learning is another critical component. Assigning emerging leaders to lead projects, manage teams or participate in cross-functional initiatives provides real-world exposure. These opportunities develop problem-solving abilities, resilience and decision-making skills, which are qualities essential for leadership success.
Additionally, companies must cultivate a culture of feedback and performance evaluation. Constructive feedback helps emerging leaders understand their strengths and areas for improvement, while
what attracts people to you, you have to preserve that. Look at the land and the sea with a long lens.”
Dean Spychalla, who also manages hotels in Eleuthera and Exuma, said a large database gathered over decades of hotel management helps him put people and property together.
“Interestingly, most of my clients are older. I think they find it comfortable to work with someone more their age who has a lot of experience, especially in the Family Islands,” said Mr Spychalla, who specialises in residential sales with few buyers needing financing.
“They know what they want. They want what the Family Island life offers.” For his daughter, Ilianna, who manages a marina and villas in the Berry Islands, the hospitality experience is similar to her father – the hospitality job holding hands with the real estate professional, turning boaters into buyers.
Danae Bethel focuses on the western New Providence commercial sales space, handling sales for Venetian Village, the two-storey shopping plaza in Old Fort Bay that just held a soft opening. “There is limited inventory in the west where everyone wants to be,” said Ms Bethel. “Demand is great. Prices are only going to increase over time.”
Mr Carey added: “One firm in the tiny Bahamas taking home six top producer awards – that is amazing. And what’s best looking at the future is that every one of the winners did something different from others, and that just shows the diversity of ability of the firm.
“We want people to become part of The Bahamas, not just buyers in The Bahamas. There is so much wisdom and talent that could lend support to nation-building. That is the reward I want for our 10th anniversary; to be known as the firm that helps to build community.”
Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market and such are looking for qualified, dedicated, people friendly customer services representatives.
Jarol Investments Limited is seeking to fill the following position: Island Manager (Abaco)
Duties include, but not limited to:
· Overseeing adherence to company policies and procedures by employees.
· Auditing cashiers work to ensure efficiency.
· Maintain a safe and secure working environment for customers and staff
· Maintaining confidentiality of sensitive data.
· Evaluating, assessing and managing the performance of each employee.
· Ensuring that the opening and closing of shops in a timely manner.
· Ensure safe keeping of company funds.
· Overseeing the selection and recruitment of new employees
Education & Experience Requirements:
· Bachelor’s degree in Business Administration, or a related field. Equivalent relevant work experience will be considered in lieu of formal education.
· Proficiency and Microsoft Office Suite (Excel, Word, Outlook) is essential.
Interested persons should email their resume to careers@chancesgames. com. Subject: Island Manager (Abaco) – Your Name or visit our Head Office on #13 Ruthaven Plaza, Logwood Road (across from The $2 Dollar Store) between the hours of 9 a.m. to 5 p.m.
transparent evaluation systems promote accountability and growth. Ultimately, preparing emerging leaders is not a short-term initiative but a long-term investment. Corporate Bahamas must recognise that leadership development directly impacts productivity, innovation and economic resilience. By implementing structured programmes, fostering mentorship and prioritising continuous learning, companies can build a strong cadre of leaders ready to seize new opportunities and drive the nation forward.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market and such are looking for qualified, dedicated, people friendly customer services representatives.
Jarol Investments Limited is seeking to fill the following position: Accounts Clerk (Freeport)
Key Responsibilities:
· Maintain accurate accounting records by organizing and filing financial documents.
· Count cash and reconcile daily totals with reports.
· Enter financial data into the general ledger system.
· Prepare and verify daily bank deposits.
· Support inventory tracking and control efforts.
· Compile and review financial and theoretical reports as needed.
· Prepare the daily cash collection report.
· Ensure confidentiality of financial information and company data.
· Participate in relevant training or professional development opportunities.
· Contribute to departmental goals and organizational mission through timely and accurate work.
· Perform additional duties as assigned by the CFO.
Education & Experience Requirements:
· Bachelor’s degree in Accounting, Finance, Business Administration, or a related field. Equivalent relevant work experience will be considered in lieu of formal education.
· Proficiency in QuickBooks and Microsoft Office Suite (Excel, Word, Outlook) is essential.
· Must be a dependable and collaborative team player.
Interested persons should email their resume to careers@chancesgames.com.
Subject: Accounts Clerk – Your Name or visit our Head Office on #13 Ruthaven Plaza, Logwood Road (across from The $2 Dollar Store) between the hours of 9 a.m. to 5 p.m.
FROM TOP LEFT: Dean Spychalla, Ilianna Spychalla, Linda Treco-Mackey and Danae Bethel, who were all ranked in the top 15 percent worldwide in 2025.
Timothy Smith, Better Homes & Gardens Real Estate MCR Bahamas partner, ranked in the top 1 percent of the worldwide franchise for his sales performance in 2025.
Mario Carey, founding Better Homes & Gardens Real Estate MCR Bahamas partner and chief executive, earns a top 3 percent award for sales performance in 2025 in a career marked by nearly $3bn in transactions.
Land surveyors renew foreign hirings concern
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
BAHAMIAN land surveyors yesterday renewed concerns that expatriates hired by the Government to address the backlog of Crown Land applications are costing them jobs and income by doing private work on the side.
Rodrick Wood, the Bahamas Association of Land Surveyors (BALS) president, and other union members argued that The Bahamas already has sufficient and qualified surveyors to do the work and that it was unnecessary to recruit foreigners.
And Reggie Patterson, its vice-president, asserted: “They are also doing private work and are taking large private survey jobs at
a major development as the surveyor of record outside the terms of employment and Immigration work permits,” he added. “This is unacceptable. This would be impossible for me, as a surveyor, to go to the US, Jamaica or wherever.”
Mr Patterson challenged why non-Bahamians can do this, and said that while the BALS council has reported the matter to the relevant authorities, no investigation has occurred.
He said the BALS council and members supplied the union’s nominations to the Land Surveyors Board, but these have yet to be honoured or implemented, which is legally required to fully constitute the Board with the required number of members. Mr Patterson called on the Government to “perform its duty to appoint our nominations
Minister: Bahamas’ US proximity will offset increasing travel costs
BY FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
A CABINET minister yesterday voiced optimism that The Bahamas’ proximity to its major visitor source market may offset the impact of higher travel costs caused by the Middle East conflict’s impact on fuel and oil prices.
Michael Halkitis, minister of economic affairs, said increased airline ticket prices are a concern for tourism-dependent economies such as The Bahamas. However, he added that this nation’s proximity advantage to the US could make it a more attractive option if travellers become more cost conscious.
“When you talk about an increase in fees, perhaps brought about by what’s happening in the Middle East, airline prices are already very high,” said Mr Halkitis. “Those of us who travel know that airline prices are very high, so anything that impacts the price we are concerned about.
“The fortunate thing about The Bahamas is that most of our visitors come from the US, and we are still very close. If people are deciding whether to go further afield from the US or just take a vacation, and they consider the cost of
the airline ticket, we might actually benefit from that.”
Mr Halkitis said tourism officials are increasing marketing efforts to ensure the country remains competitive, and are keeping a close watch on developments in global markets and travel costs. “We are redoubling our marketing efforts,” he added.
“It’s something that the Ministry of Tourism is monitoring, and any adjustments that need to be made in terms of marketing or promotion we will do.” Still, he expressed hope that geopolitical tensions driving the uncertainty will ease soon.
“We are hopeful that the hostilities and unrest in the Middle East are resolved sooner rather than later,” said Mr Halkitis. Global geopolitical tensions can
FLY - See Page B5
and properly constitute the Land Surveyors Board.
“We were the only country kicked out of the International Federation of Surveyors, creating international embarrassment for our country and our profession,” he said. “We are now proudly reinstated.
“We have every intention of sending some members of the council, if not all, to the FIG (International Federation of Surveyors) conference in Cape Town, South Africa, which is going to be from May 23 to the 29th of this year. We are going to show the whole world that The Bahamas is back. We're serious. We're not just names on paper. Here we are.”
Mr Wood said the union is also looking forward to a new and updated Land Surveyors Act, adding: “We have a Surveyors and
Geomatics Professions Bill 2019. We're looking forward to seeing this implemented. The Surveyors Act was last implemented in 1975. That's a long time ago, and a lot has changed since then. Procedures and technology has changed, but we're still mandated to follow the act of 1975.”
He said the data surveyors rely on, and which is used to measure and locate parcels of land and create legal descriptions, “is very weak right now.” Mr Woods said the assistance BALS gets from the Department of Lands and Surveys also needs improvement.
The land surveyors union is also helping other Trades Union Congress (TUC) affiliates apply for Crown Land, it was revealed yesterday.
Mr Wood said: “The Bahamas Association of
TUC president launches Lucayan defamation writ
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Trades Union Congress (TUC) president yesterday said he has made good on his threat to sue the Government, and senior labour and investment officials, over assertions that he attended meetings and discussions over the severance packages for Grand Lucayan workers.
Obie Ferguson asserted that he has acted to preserve his credibility after a government-produced video recorded Phylicia WoodsHanna, the Government’s investments chief and head of the Bahamas Investment Authority (BIA), stating he had met with Howard Thompson, the Department of Labour’s director, and Bernard Evans, the chief labour consultant, over the resort’s recent terminations.
“Yesterday, I sued the Government,” Mr Ferguson said. “I sued all them yesterday...” He had previously warned he would sue for defamation of character due to the video allegedly implying he had agreed to unfavourable terms in the redundancy exercise that included 94 middle managers he represents through the Bahamas Hotel Managerial Association (BHMA).
“You see the people around this room,” he said at a press conference held with affiliate unions
Land Surveyors is partnered with the TUC, the Trade Union Congress, and we are doing our part to work along with them to assist in their applications for Crown Land. All these organisations, we are supporting the idea that each of these organisations should be entitled to receive Crown Land to have their own office complex on their basis of operation.
“I don't know if some organisations are paying rent for buildings. We would like to see that change, and we intend to do our part to support that. We will assist these organisations in submitting their applications, and making sure that their applications are presented in a way that is likely to be as successful as it can be in the shortest possible time by using our technical skills and our knowledge of the profession to get those applications prepared and submitted.”
The Bahamas Educators Managerial Union, a TUC affiliate, is one of those that the surveyors will be assisting. “We shall commit to doing our part as the Bahamas Association of Land
Surveyors, to assisting you with having this application reviewed with the hope of getting a quick favourable response,” Mr Wood added.
Obie Ferguson KC, the TUC president, added:
“And what I like about what he said, in particular, is every trade union that is associated with Trade Union Congress will have a plot of land, a couple acres. We will submit that to the Government, and we will insist that it happens for all the trade unions as critical.
“Everybody else can get it 50, 70 acres at different points, and we can't even get an acre. Well, we will change that. Whatever we have to do. We going to do it to have that corrected. This country is our country. We own this land. We can't allow other people to come in and take over and run it the way they want to run it. But when they get to Bahamians, something is unusual. But last time I checked it, I saw a company got 50 something acres. We can't find an acre or two for each union.”
yesterday. “These are very highly credible people. If I'm found to be a liar or dishonest or not reliable to them, you think we would have what we have this morning? So they were served. The press was served with a notice to give me a copy of what happened, and we're going to work on that, and we'll keep you informed, because I think it's important.
“These men are responsible people. They got families, they have membership, they have credibility. You lose credibility in me or I lose credibility in you, I ain't checking for you. So we got to try to be firm, but be honest and be accurate.
“Your credibility, that's all we have, you know. Credibility, honesty, character, that's what we have going for us. And we have somebody out there trying to undermine the movement, but they're not going to undermine this organisation no matter what they try, because we are in this together. If they hit one of them, they hit all of us. That's the way we function in this body.”
Following Mr Ferguson’s initial threat to sue, Mr Thompson, in a written response to Tribune Business, clarified that while the
“director of investments asked Mr Evans and me to convene a meeting with Mr Ferguson”, a face-to-face meeting did not occur. He confirmed telephone discussions between them but said there were “no final decisions or agreements arising from those calls”.
Noting that he was on vacation, Mr Thompson said upon learning that he was being sued, “Mr Evans and I contacted Mr Ferguson directly to address the misunderstanding”. He added that they agreed that. once he returned from vacation, they will meet in person to bring the matter to a close “and
Jarol Investments, Ltd. T/A Chances Games
Our company has been around gaming for over 30 years and pride ourselves on quality service and customer relationships. We are moving forward in the market and such are looking for qualified, dedicated, people friendly customer services representatives.
Jarol Investments Limited is seeking to fill the following position: Island Manager (Exuma)
Duties include, but not limited to:
· Overseeing adherence to company policies and procedures by employees.
Auditing cashiers work to ensure efficiency.
Maintain a safe and secure working environment for customers and staff
· Maintaining confidentiality of sensitive data.
Evaluating, assessing and managing the performance of each employee.
Ensuring that the opening and closing of shops in a timely manner.
Ensure safe keeping of company funds.
Overseeing the selection and recruitment of new employees
Education & Experience Requirements:
Bachelor’s degree Business Administration, or a related field. Equivalent relevant work experience will be considered in lieu of formal education.
· Proficiency and Microsoft Office Suite (Excel, Word, Outlook) is essential.
Interested persons should email their resume to careers@chancesgames. com. Subject: Island Manager (Exuma) – Your Name or visit our Head Office on #13 Ruthaven Plaza, Logwood Road (across from The $2 Dollar Store) between the hours of 9 a.m. to 5 p.m.
COURT - See Page B5
MICHAEL HALKITIS
BMDA chief does more business in March than January/February total
Both men agreed that the Middle East conflict, and the surge in global oil prices, have yet to seemingly impact Bahamian consumer confidence or spending with auto buyer interest and sales remaining relatively “robust” for early 2026.
Following a soft January, overall market activity was said to have picked up in February, and Ben Albury revealed that Bahamas Bus and Truck has enjoyed more sales during the first three weeks of March than for those two months combined following the arrival of fresh stock.
However, the BMDA president said the auto industry - as well as others - is feeling the initial effects of increased shipping costs as a result of the fuel price spike triggered by the Iran conflict’s impact on global crude oil expenses. The latter jumped to $116 per barrel yesterday following missile and drone strikes on key Middle East energy infrastructure, and Ben Albury said shipping fuel surcharges - a component of total freight costs - had “in some cases” doubled compared to the war’s start.
Fred Albury, meanwhile, sounded the alarm that the Bahamian new vehicle
market could soon suffer a downturn following several strong sales years after the economy emerged from the COVID-19 pandemic. He signalled that the industry typically moves in cycles, with a period of strong growth often followed by slower years, as the market adjusts and levels out.
“I said it last year,” the Auto Mall principal told Tribune Business. “With the amount of vehicles coming to the island, all the new vehicles and with all the new competition out there, the new car market is going to hit saturation very soon out there. And, when that happens, you will see a bloodbath with survival and discounts. The dealers which have been around for quite a while, with strong service and parts departments, they will survive.
“A lot of Chinese brands are entering into the car market. There’s been a big slowdown in Japanese used cars. The Chinese vehicles are very competitive and banks are willing to offer financing. I get two or three calls a day from Japanese exporters. I think they’re hurting.”
Asked when he believes the so-called “saturation point” will be reached, Fred Albury replied: “I feel some time this year; the middle
Developer: This passage not ‘invented from nothing’
However, Yntegra has provided testimony from its own sea-faring witness, Captain Gregory Adderley, who has served as commodore of the Black Point regatta, that the water depth in North Bay is “sufficient” to allow cargo and transport vessels to safely reach Rosewood Exuma’s service dock. He asserted that the route, channel and dock location “pose no navigation hazard” for ships arriving at, and leaving, the development. And the Miami-based developer, in one of its recent Town Hall meeting presentations, asserted that the safety and navigation associated with the proposed North Bay supply channel had been
verified by not just Captain Adderley but three other Bahamian boat captains with knowledge of the areaDwight Rolle, Gerard Rolle and Therevous Black - who all hold certified licenses to operate commercial vessels weighing between 200 and 500 tons.
The fight over the location of Rosewood Exuma’s service dock, and the need for - and amount of - dredging that will accompany this was reignited earlier this week after Turtlegrass released a computer-generated simulation of what this might look like when constructed (see photo on Page 1B). It reiterated its charge that the development, in its current form, would undermine both North Bay’s marine environment and ecosystems, and the area’s recreational usage, by
of this year, the second half of this year. The market cannot continue to absorb the amount of new vehicles coming in. People are taking out loans that have to be paid off in five years, so they are committed.
“Once that saturation point is hit, we are going to go into a slump for a few years. Once we hit that slump, those who are strong in service and parts will survive. That’s only my opinion but I’be been in the business for 50 years. I’ve been in it a long time to see the ups and downs. We’ve been up for quite a while and it’s been very strong.”
Ben Albury, while voicing similar concerns, acknowledged the new vehicle influx but also viewed it as Chinese brands displacing Bahamians’ prior reliance on used autos. “I always get concerned when I see people bullish on the auto industry because, over the last couple of years, we’ve seen robust growth and very strong sales,” the BMDA president told Tribune Business.
“It always makes me nervous to see that as there comes a point in time where there’s always potential for market saturation, but now we’re increasingly seeing lower costs and more technological options
creating a commercial shipping channel.
However, architectural renderings for the Rosewood Exumas backof-house facilities, such as fuel storage and garbage disposal, are seemingly nothing like the images released by Turtlegrass. They suggest these will largely be screened from sight, and obscured for Turtlegrass and its guests, by tropical vegetation (see photo on Page 1B).
Mr Baldwin, a Class A Bahamian boat captain who also holds US and UK licences to operate vessels weighing 200 tons, warned that “navigational challenges.. would arise if dredging occurs” and the breakwater and service dock are constructed as proposed in Sampson Cay’s North Bay. He described himself as having extensive knowledge of the area, being a resident of nearby Wild Tamarind Cay.
“In summary, it is my view that based on my experience and assessment of the environmental and hydrodynamic conditions affecting the North Bay, and having regard to the statutory requirements governing safe navigation and vessel operations in The Bahamas, it is my view that commercial fuel and supply vessels cannot safely or lawfully operate within the North Bay under existing conditions,” Mr Baldwin alleged.
“In accordance with accepted principles of confined water navigation and the safety obligations imposed by the Merchant Shipping Act 2021, vessels must maintain sufficient dynamic under-keel clearance to account for squat, wave-induced motion during manoevering, and loss of steerage in restricted waters. For the North Bay,
On Saturday, March 28, 2026, Temple Christian School will hold its Entrance Examination for students entering grades 7, 8, 9 and 10.
TIME: 9:00 a.m. to 12:00 Noon
LOCATION: High School Campus, Shirley Street
Application forms are available at the High School Office and should be completed and returned to the school by Friday, March 27, 2026. The application fee is twenty-five dollars ($25).
For further information, please call telephone number: 394-4481/394-4484.
for consumers from China. What we’re seeing is an increase in new car imports and an increase in domestic purchases, because people are realising they are very cost efficient new vehicle options.”
As a result, the BMDA president said Bahamians are realising “they can buy new vehicles at very attractive prices” and no longer have to import used autos from abroad if they want something of “a certain calibre”.
Despite the “saturation” concerns, both Alburys agreed that signs of a market slowdown have yet to emerge despite predictions of inflationary and cost of living pressures due to the Middle East war’s impact on oil prices. Ben Albury, though, confirmed that these are already feeding through into shipping costs.
“Buyer interest is very, very strong, sales are very strong,” the BMDA president said. “We are starting to see some of the effects of the [oil] increase in shipping costs. As of right now, we don’t know how far out and how bad that’s going to go. As far as the industry goes, sales are extremely robust.
“Right now, we don’t see any signs whatsoever of a slowdown. I don’t know
these factors require a minimum additional clearance of approximately 5.5 feet beyond the vessel’s static draft to permit safe and seaman-like operation.
“Accordingly, a vessel drawing nine feet would require a minimum navigable depth of approximately 14.5 feet throughout the transit corridor,” Mr Baldwin added. “Depths of this magnitude are not present along the eastern or western approaches to the North Bay. As a result, entry to the North Bay from either the east or the west is not navigable for commercial fuel or supply vessels without extensive and continuous dredging over substantial distances.
“Such dredging would constitute a major alteration of existing bathymetry and coastal processes, and would trigger significant regulatory and environmental considerations under Bahamian law.” Mr Baldwin asserted that problems would persist even if the level of dredging that he believes is necessary was conducted.
“Further, even if such dredging were undertaken, the eastern and western approaches would remain operationally unsafe and impracticable due to persistent hazards including rocky shoals, wave exposure, current interaction, narrow channel geometry, and the absence of a recoverable manoevering envelope,” he added.
“These conditions prevent the establishment of a reliable maritime fairway and preclude safe vessel transit in accordance with the duties imposed by the Merchant Shipping Act and the oversight authority of the Port Department. For the above reasons, the North Bay cannot be considered a safe or navigable access area for commercial fuel or supply vessels under Bahamian maritime law,
how bad shipping costs are going to increase, I don’t know what other expenses people have that may increase. Right now, I am not seeing any indicators of a slowdown whatsoever.”
Ben Albury said increased fuel surcharges are just one component of overall freight costs that have to be paid by Bahamian auto dealers and, indeed, all companies and importers. “It’s not the overall cost of shipping,” he explained. “It’s the fuel surcharge that has started to creep up on you. It’s not the total freight charge. It’s a line item but, in some cases, we’ve seen that line item double. It’s always a concern with anything that can increase price levels. We’re going to have to monitor how long this situation lasts.”
Ben Albury added that Bahamas Bus and Truck was fortunate to receive a shipment of new vehicles just prior to the Middle East conflict’s start. “The industry itself has been extremely robust,” he told Tribune Business. “I know we were waiting on some product we were out of, and other factors that gave me a slower January and February.
“But inventory levels increased and we got
either in its existing state or as proposed.”
However, this assessment was directly contradicted by Captain Adderley in a May 14, 2025, letter to Yntegra’s principal, Felipe MacLean, which has been filed with the Supreme Court. Describing the document as his “assessment of the navigation conditions” for the proposed service dock, he asserted: “I can confirm that the water depth on the channel on the north side of Sampson Cay is sufficient for cargo and transport vessels that will access the proposed service dock.
“The water depth of the referenced channel, as shown by the bathymetry, has a minimum depth of seven feet relative to mean low water level, and up to ten feet relative to mean higher water level. The service dock basin has a depth of ten feet relative to the mean low water level, which is sufficient for the landing craft required for cargo deliveries.
“The routes, access channel and location of the proposed supply dock are satisfactory for safe navigation and pose no navigation hazard for the safe and efficient delivery of cargo and equipment to the proposed service dock.”
Yntegra, in its February 2026 Town Hall presentation, described the dredging concerns voiced by Turtlegrass and others as “a myth”. It produced slides purporting to show that no dredging will be carried out for the commercial shipping channel, and only 1.26 acres of seabed - related to the service dock - will be impacted by such activities.
And, tackling the service dock’s access and navigability concerns head on, the Miami-based developer added: “We have heard many claims; some measured, some exaggerated…. First, let’s acknowledge a contradiction we’ve heard: Some describe this
product back in. We’ve seen sales skyrocket, and actually surpassed our total sales combined for January and February during the first 20 days of this month. I spoke to other stakeholders in the auto sector and other industries, who saw a slower December and January but it seems that the economy in February and March has simply picked back up. Right now, it’s extremely busy.”
A similar trend occurred at Auto Mall. Fred Albury confirmed that his dealership has seen no impact from global events, but added: “We’ve seen a little tapering off, but it’s still reasonably strong out there…. All in all, we’re still holding our own quite well. January was off a bit, and I say that for overall dealer numbers, but February seems to have bounced back.” Ben Albury added: “I was speaking to a colleague, and we were saying that we’ve gone through COVID, gone through this thing and that thing, whether it’s a war or VAT. It always seems like something’s around the corner to make another challenge that we’ve not anticipated or want. That’s life. Let’s hope that everything stabilises quickly and we can get back to some sort of normalcy.”
area as calm enough for swimmers, snorkellers and paddleboards, while others describe it as routinely unsafe due to extreme swells and currents. Both descriptions cannot be true at the same time.”
And it added: “This area should be described for what it really is: A waterway - a navigable marine corridor used for controlled vessel traffic. The service dock has two navigable access routes, one through Over Yonder Cut and the second one through the west.
“The bathymetric surveys show natural depths in key access zones and the proposed entrance channel in the range of approximately 7 feet to 12 feet mean lower low water, including ten feet within the entrance footprint roughly 120 to 150 feet off the shoreline.
“This is not a passage ‘invented from nothing’. It is an existing corridor or waterway, which will be enhanced with minimal, targeted dredging and a jetty/breakwater to further reduce exposure and improve predictability.”
The Rosewood Exuma developer also asserted that multiple cargo vessels presently servicing Exuma have a shallow draft and are “perfectly capable of accessing the service dock”.
“The service dock is designed for shallow-draft landing craft and barges commonly used in Bahamian construction and supply operations, often with loaded drafts in the four to eight-feet range,” Yntegra said. “We are not planning for deep-draft vessels that require ten to 15 feet of water. The operational model aligns with vessels that already work successfully across the Family Islands.”
Minister: Cost of living relief Gov’ts number one priority
they anticipate can be worked through together.”
The Government last year reduced VAT on unprepared food from 10 percent to 5 percent, and the rate will fall to zero at the start of April. Mr Halkitis said the shift to zero presents unique accounting adjustments for retailers. “It previously went from 12 percent to 10 percent, then from 10 percent to 5 percent, and now from 5 percent to zero,” he explained. “Because of that, there are some back-office accounting and administrative procedures they have to adjust to properly account for it.”
Mr Halkitis added that moving from 5 percent to zero differs from previous rate changes because there will be no VAT payable, requiring modifications to bookkeeping and accounting systems. “It’s a little different going from 10 percent to 5 percent than going from five to zero,” he said.
Grocery retailers have raised concerns about the potential financial impact, highlighting that the Government’s decision to treat the elimination of VAT on uncooked foods as ‘exempt’ rather than ‘zero rated’ has added fresh complexity to their monthly and quarterly VAT filings by creating a new and separate category of goods they will have to break-out and account for in their submissions to the Department of Inland Revenue (DIR). Mr Halkitis acknowledged that grocery retailers have “some bottom line concerns”. However, he argued the move is aimed at addressing the cost of living affecting consumers globally. “The cost of living is at the forefront of people’s minds. Surveys show that people around the world see it as their number one issue,” said Mr Halkitis. “To tackle it requires government and the private sector. If there is the potential for a little bit of an impact to the bottom
‘One of biggest assets is our human capital’
EARNINGS - from page B1
comprehensive policy outlining its export objectives or the industries it intends to develop for international markets.
line, people understand that this is one of those situations where we are looking to bring relief, and it is a shared responsibility.”
Tribune Business exclusively revealed last week how Super Value had warned it could incur extra costs of between $300,000 to $400,000 per month, or around $3.6m to $4.8m per year, as a result of the Government’s decision to treat the uncooked food VAT elimination as ‘exempt’ rather than ‘zero rated’.
While the latter treatment would have eradicated VAT at all stages of the supply chain, using the ‘exempt’ approach would mean only the consumer, or end purchaser, is not charged this tax. VAT will still apply at all levels in the supply chain, and ‘exempt’ treatment means businesses such as grocery retailers and wholesalers would have been unable to recover the tax paid on their input expenses associated with purchasing uncooked foods.
used to engage the private sector and international stakeholders in consultations aimed at refining the country’s export priorities.
For example, if uncooked foods account for 60 percent of a merchant’s sales, it would have been unable to reclaim or recover 60 percent of the VAT paid on its light bill, store rents and maintenance expenses. As a result, operating costs will rise, and retailers had warned they may have to increase prices to offset the impact, thereby negating the impact of the uncooked food VAT elimination. Merchants had also warned that introducing VAT ‘exempt’ treatment would make the tax much more complex to administer, increasing costs and time involved with this, and raising concerns they may miss filing deadlines and provide inaccurate return submissions. This was because they now have to correctly categorise products into those that are VAT ‘exempt’, ‘zero rated’, or taxed at 5 percent or 10 percent.
Debra Symonette, Super Value’s president, confirmed that Super Value
had calculated “the impact could be up to $300,000$400,000 per month” from the VAT ‘exempt’ switch through lost or reduced profits, which translates into between $3.6m to $4.8m per year.
BISX-listed AML Foods, too, in its recent 2026 third quarter results filing, said: “Recently our industry was informed of a change in the treatment of VAT inputs, which is expected to increase our non-payroll expenses and impact our cost of goods by several percentage points. We are reviewing how we will address these changes ahead of its April 1, 2026, implementation.”
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.
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.
“There has never been a single, concise policy that tells the private sector or international stakeholders what the country’s export objectives are; where we see the future of exports, or where we are going to invest our money,” said Mr Griffin.
He explained that Cabinet recently approved a consultative document that will serve as the foundation for the development of a national export strategy. The document will now be
Union chief says it is a matter of trust
COURT - from page B3
during that time I will personally extend an apology to Mr Ferguson KC (whom I hold in high regard) for any miscommunication or misunderstanding”.
Mr Ferguson, however, insisted that he’s “not going to wait for them”. “I have everything to lose there,” Mr Ferguson said. “I’m a KC. I was just in court yesterday from Venezuela. You
know how I got the job? On my reference. I don’t know the people, but they look on it, and they check my record, and they hired me. “In Ghana, a doctor. I don’t know him. I know him now. So I’m saying to you, your character is what you have going for you. The day you lose that you don’t have anything working for you,. You can be the smartest guy in The Bahamas. People don’t trust. Trust is a serious
NOTICE
NOTICE is hereby given that I RODELINE JOSEPH of Harbour Island, Eleuthera, 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 20th 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 JEAN DENIS AUGUSTIN of Harbour Island, Eleuthera, 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 20th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The strategy will outline the sectors that the Government intends to prioritise for both investment and exports over the next 10 to 20 years. While manufacturing and light manufacturing will form part of the strategy, Mr Griffin said services are expected to play a major role, reflecting the structure of the Bahamian economy.
matter. If I don’t trust you, we got a problem.
“I understand he wants to apologise, but you think apologising to me is apologising to the Bahamian public? It’s not done like that. Your reputation is all you have. I negotiated a deal for 94 people in Grand Bahama; 94 of them. They are in my union. So if you want to change that, let’s call a meeting. Let’s have a meeting. Let’s discuss it. But they didn’t do that. They said they met with Mr Ferguson. The court will take care of that.”
“We are a heavily services-based economy, and many of our services already export to the world,” said Mr Griffin. He added that a range of professional skills developed in The Bahamas could also be marketed across the region and internationally.”
Mr Griffin cited the expertise of Bahamian engineers and architects who have worked on major developments such as Baha Mar and Albany, suggesting those capabilities could be exported to support
large-scale projects elsewhere in the Caribbean. He also highlighted opportunities for creative professionals, digital specialists and other professional services to expand their reach beyond the domestic market. “One of our biggest assets in The Bahamas is our human capital,” Mr Griffin said. “We have a very educated population across the services and professional sectors, and we want to highlight that.”
Minister hopes Middle East hostility eases soon
FLY - from page B3
affect aviation costs because fuel is one of the airline industry’s largest operating expenses. When oil prices rise or supply routes are disrupted, airlines often pass the higher costs on to passengers through ticket prices.
The Bahamas’ proximity to major US cities has long been considered one of its key tourism advantages,
NOTICE
NOTICE is hereby given that I JEAN DENIS AUGUSTIN of Harbour Island, Eleuthera, 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 20th 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, ROMANA DONGGA-AS NEILLY of Spanish Wells, Btw 14 & 15 St., The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th 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 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.
with relatively short flight times compared to destinations in Europe, Asia or other long-haul markets. However, local resort operators are warning that rising global fuel prices could begin weighing on travel demand for The Bahamas. In the meantime, Mr Halkitis said the country’s geographic advantage could help cushion any potential impact on tourism demand.
The Government is partnering with the Inter-American Development Bank (IDB) to develop the strategy, with grant funding from the institution supporting consultations and technical work to finalise the plan. Mr Griffin said the consultations will help shape the final national export strategy and ensure it reflects both private sector priorities and emerging opportunities in global markets.
“One of the blessings that we have in this country is that we are very close to our source market,” said Mr Halkitis. “So if people are looking to save, we might actually be more cost-effective than going further.”
NOTICE
NOTICE is hereby given that I MAY-DJONA PAUL of Governor’s Harbour, Eleuthera, 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 20th 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 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.
NOTICE
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.
OBIE FERGUSON KC
‘No cause for concern’ on 98% arrears jump
owed to suppliers, vendors and other purveyors of goods and services to the Government had increased significantly and almost doubled compared to the $122.425m shown to have been due exactly one year before on December 31, 2024.
Arrears had more than doubled, increasing by 142 percent from the prior year’s $25.006m to just over $60m, while invoices outstanding and due from SOEs had risen ten-fold from the prior year’s $10m. Capital spending invoices, too, had jumped from just under $5m to almost $60m - a near 12-fold increasealthough those related to recurrent spending were around just one-quarter of the prior year’s total.
But, according to Mr Halkitis, the Government continues to settle its obligations while new ones arise as part of routine operations. “There’s no cause for concern. We move to liquidate them as soon as possible,” said Mr Halkitis. Responding directly to suggestions that the existence of outstanding bills means the Government is financially strained, the Mr Halkitis dismissed the idea. “The Government can’t be broke,” he said. Mr Halkitis added that recent legislative changes have significantly increased transparency around the public finances. He pointed to the updated Public Financial Management Act 2023, which requires more frequent and detailed reporting. “One of the benefits of the Public Financial
Management Act we passed in 2023 is that it provides for the disclosure and publication of a tremendous amount of information that previously the public would not know about,” he said.
The legislation mandates monthly, quarterly and mid-year reports outlining the Government’s fiscal position and financial activity. According to Mr Halkitis, these reporting requirements mean the public now has far greater visibility into government finances than in the past.
The 2025 year-end figures showed that close to three-quarters of the $242m, or a combined $176.606m worth of unpaid invoices and arrears, were owed by just five government ministries and entities. The one with the largest liabilities was shown to be the Ministry of Works, which
Brent crude briefly tops $119 per barrel, before receding, and shakes stock markets worldwide
By STAN CHOE AP Business Writer
A ROLLER-coaster day for oil prices showed how they’re dictating where financial markets and maybe even the global economy are heading.
Stocks tumbled in Europe and Asia when oil prices shot higher early on Thursday, but U.S. stocks pared their sharp losses as the day progressed and oil prices fell back.
The morning began with the shock of Brent crude, the international standard, briefly rising above $119 per barrel, up from roughly $70 before the war with Iran began.
The jump followed intensified attacks by Iran on oil and gas facilities around the Persian Gulf in response to an Israeli attack on an important Iranian natural gas field. They worsened fears that the war could knock out oil and gas production in the Middle East for a long time, which would mean high prices could last a while and cause inflation to rip higher around the world.
Stock indexes dropped 3.4% in Japan, 2.8% in Germany and 2.7% in South Korea. But oil prices pared their big gains as the day progressed, the latest in
their hour-to-hour swings since the war began. Brent oil settled at $108.65, up only 1.2% from the day before, and then eased further as trading continued. After briefly topping $101, a barrel of benchmark of benchmark U.S. crude settled at $96.14 and then fell toward $94.
That helped stocks on Wall Street pare their own losses, which were already more modest than in Europe and Asia because U.S. companies are less reliant on oil from the Middle East.
The S&P 500 finished with a dip of 0.3% after coming back from an early loss of 1%. It even briefly turned higher in the last hour of trading. The Dow Jones Industrial Average dropped 203 points, or 0.4%, and the Nasdaq composite fell 0.3%.
President Donald Trump and countries around the world have made moves to stem the spike in oil prices. But they’re mostly shortterm fixes, and markets want to see less risk for oil and gas fields around the Gulf and a clearance of the Strait of Hormuz off Iran’s coast, where a fifth of the world’s oil typically sails.
Late on Thursday, Israeli Prime Minister Benjamin Netanyahu said his country will hold off on any further
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, AMANDA CLAIRE MARITZ of Seapointe 10, Port New Providence, Eastern District of New Providence, The Bahamas, intend to change my name to AMANDA CLAIRE ZELIA MARITZ If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, MACKLOVE RAPHEAL of Bacardi Road, New Providence, The Bahamas, intend to change my name to MACKLOVE RAPHAEL If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
Legal Notice NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) In Voluntary Liquidation
Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), REDFIELD CORPORATION (the “Company”) is in dissolution. The date of commencement of the dissolution is 18th March, 2026 Maria Luz Mier Garcia is the Liquidator and can be contacted at 2401 Collins Ave., Apt. 1707, Miami Beach, FL 33140, United States of America
All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 17th April, 2026
commissions and funds large-scale infrastructure and public works projects. It was shown as owing $46.327m in unpaid invoices that fall under capital expenditure, plus a further $21.562m in arrears, for a total $68.095m.
The Water & Sewerage Corporation was shown as owing $38.185m in unpaid invoices, while the Ministry of the Public Service had $18.251m in arrears, and $6.111m in invoices awaiting payment, for a total $24.362m on its books as at year-end December 31, 2025. That, though, represented a major 63.8 percent decrease on the $67.262m that the latter was said to be owing at year-end 2024with unpaid invoices having been reduced significantly from the $49.171m outstanding then.
Others shown to have built-up significant accounts payables at year-end 2025 were the Public Hospitals Authority (PHA), operator of the Princess Margaret Hospital (PMH), Rand Memorial Hospital and Sandilands Rehabilitation Centre, which was owing $22.609m via a combination of $16.689m in unpaid invoices and $5.919m in arrears. Bahamasair, too, had some $23.355m in outstanding invoices that required paying. The mid-year Budget documents show that, in total, the Government owed $20.993m in invoices classified as recurrent spending; $59.936m in unpaid invoices relating to capital spending; and accumulated collective arrears worth $60.542m, while state-owned enterprises such as the PHA,
Bahamasair and Water & Sewerage owed the largest collective sum at just over $100m. These figures represent a one-time snapshot of the Government’s accounts payables, or sums due and owing to outside third parties, meaning that they do not represent a continuous trend and the situation may have changed significantly over the past two months. However, the near-$120m year-over-year increase is likely to reinforce the suspicions of many in the Bahamian business community - especially those owed major sums by the Government for some time - that it is having critical cash flow and liquidity challenges when it comes to paying its bills in full and on a timely basis.
attacks on the Iranian gas field, at Trump’s request. Uncertainty about what will happen in the war has led to manic back-andforth swings in the oil and stock markets since the war began nearly three weeks ago. The yo-yo movements also hit the bond market Thursday, as Treasury yields jumped in the morning with the price of oil and then eased back.
The two-year Treasury yield got as high as 3.96% before receding to 3.79%, which is a major move for the bond market. The twoyear yield tends to follow expectations for what the Federal Reserve will do with short-term interest rates. Oil prices have gotten so high that traders are nixing bets that the Federal Reserve will cut interest rates even once this year. It’s a dramatic turnaround from before the war, when traders were betting heavily
that the Fed would cut rates multiple times. Cuts to rates would give the economy and prices for investments a boost, and they’re something Trump has angrily been calling for, but they would risk worsening inflation. The Fed on
Wednesday decided to hold off on cutting interest rates at its latest meeting, and traders found comments from Chair Jerome Powell discouraging about the possibility for cuts in 2026. Now, traders are betting on a 73% chance that the
Fed will hold rates steady this year or maybe even raise them, according to data from CME Group. Just a month ago, those same traders were betting on a 74% probability that the Fed would cut rates at least twice.
ANTHONY MATESIC left, and James Denaro work on the floor at the New York Stock Exchange in
New York, Thursday, March 19, 2026.
Photo:Seth Wenig/AP
Live Nation CEO Michael Rapino, defending his company, takes star role at antitrust trial
By LARRY NEUMEISTER Associated Press
LIVE Nation Enter-
tainment’s longtime chief executive was the star witness at a New York antitrust trial Thursday, defending the dominant position his company has taken over the last two decades as a lawyer for nearly three dozen states tried to portray the concert giant as greedy and abusive to customers.
Michael Rapino, who has led the company since it was formed 21 years ago, testified at the trial resulting from the lawsuit the U.S. Justice Department brought two years ago against Live Nation and its ticketing subsidiary, Ticketmaster.
“I’m very proud,” Rapino said, speaking of the way he believed his company had taken a fragmented industry over 20 years ago and organized it to better serve artists and fans in a manner that other companies now
try to emulate. In 2010, Live Nation merged with Ticketmaster.
The federal government settled its role in the case last week, winning concessions from Live Nation that are meant to increase competition and ideally lower ticket prices for concertgoers. Six states have joined the federal government in settling. But 33 states and the District of Columbia are continuing the court fight.
Attorney Jeffrey Kessler, representing the states, questioned Rapino throughout the day as he tried to show the company was shutting out competitors and driving up prices for fans.
Rapino portrayed the concert promotion and ticketing industry as so competitive with such narrow profit margins that Wall Street was skeptical that the public company
Tesla faces wider probe of self-driving feature as it prepares to sell cars without steering wheels
By BERNARD CONDON AP Business Writer
FEDERAL auto regulators have escalated a probe of Tesla after several of its cars crashed while using its self-driving feature, just as CEO Elon Musk prepares to roll out a new model with no steering wheel or pedals.
The National Highway Traffic Safety Administration said in a memo dated March 18 that it was examining nine crashes where the self-driving software failed to quickly alert drivers to take control in fog and other poor conditions because the vehicle’s cameras weren’t picking out road hazards. The NHTSA memo signals a regulatory investigation begun in 2024 over poor visibility crashes could now lead to enforcement action, possibly including a recall of 3.2 million Tesla vehicles. Tesla stock fell 3.2% to $380.30.
The increased regulatory scrutiny comes as Tesla is trying to convince investors that the future of the company lies less in selling cars as sales drop and more in making its self-driving software ubiquitous. Musk has said he will soon turn millions of Tesla cars already on the road into taxis that their owners can rent out when they are not using them.
As part of that transition, Musk said Tesla will roll out its robotaxi service with no one behind the wheel in
several U.S. cities this year. It is also planning to launch production of its no-wheelno-pedal Cybercab to sell to customers next month.
Tesla did not immediately respond to a request for comment.
Unlike other autonomous vehicles, Tesla vehicles rely solely on cameras to spot problems on the road. Others supplement cameras with light radar or lidar, a more expensive method that Musk has dismissed as unnecessary.
The NHTSA probe into crashes when there is sun glare or dust or too much fog will now move to an “engineering analysis,” a more serious level of scrutiny.
Tesla had called its driver assistance software Full Self-Driving, or FSD, a name that auto experts and regulators have said is misleading because drivers must always keep their eyes on the road and be ready to take over at any time. The company has since changed the name to Full Self-Driving (Supervised). Of the nine crashes under review, Tesla has told regulators that three would not have occurred with new over-the-air FSD upgrades.
Tesla is facing several regulatory other probes including one over its FSDequipped cars running red lights and another on door handles that reportedly failed to work in crashes, trapping passengers inside.
Brazil rolls out law boosting online protection of minors
By ELÉONORE HUGHES Associated Press
A BRAZILIAN law that seeks to shield minors from addictive, violent and pornographic online content took effect this week, with experts calling it a milestone in the protection of children and adolescents.
The issue gained traction in August, after influencer Felipe Bressanim, known as Felca, published a video denouncing the sexualization of children and adolescents online. The 50-minute video, which
could produce steady growth and profits. He said 40 amphitheaters it owns or controls would lose $150 million annually if Live Nation couldn’t profit from the sale of food and beverages, parking and other amenity products such as lawn chairs. At one point, Kessler brought up 2022 messages in which one of Live Nation’s key ticketing employees wrote to another employee on the company’s private messaging system that some customers were “so stupid” and boasted of “robbing them blind, baby” on the sale of the amenities, including access to VIP areas.
Rapino called the language “disgusting” and “not the way we operate” and said he just learned about it last week and planned “to deal with it this week.”
As Kessler pressed as to whether the employee
would be disciplined, Rapino said his company tends “to give employees a break” and added that “I heard he’s apologized.”
Live Nation has said that the company only learned of the employee’s private messages last week when they were made public in the litigation. Its lawyers have described the conversation as “off-the-cuff banter, not policy” between two employees who are personal friends.
The chastened employee, Benjamin Baker, now head of ticketing for Venue Nation, which includes the company’s amphitheaters, described the messages as “very immature and unacceptable” when he testified this week.
Throughout his testimony Thursday, Rapino remained composed and relaxed as he explained why he believed many of Kessler’s assertions were misleading or wrong.
For instance, Kessler confronted him with a Ticketmaster executive’s explanation on the day of the company’s infamously problem-plagued effort to sell Taylor Swift tickets in 2022 that outdated Ticketmaster systems were to blame.
“We thought demand overloaded the system,”
has 52 million views on YouTube, accelerated the approval of a bill that had been in the works since 2022. The Digital Statute of Children and Adolescents passed both houses of Congress and was sanctioned by President Luiz Inácio Lula da Silva in September. It came into force on Tuesday. Under the new law, minors under 16 are required to link their social media accounts to a legal guardian to ensure supervision. The legislation also prohibits
Rapino said. “It turned out not to be true.”
Instead, he said, a cyberattack was to blame. Kessler confronted Rapino with email evidence that he said shows that Live Nation threatens to reduce the number of concerts a venue can get if it doesn’t use Ticketmaster. Rapino brushed it off.
EU asks for reopening of the Strait of Hormuz and no more strikes on energy, water sites
By SAM McNEIL and LORNE COOK Associated Press
EUROPEAN leaders have demanded the reopening of the Strait of Hormuz and a moratorium on strikes on water and energy infrastructure in the Middle East as they met in Brussels to grapple with rising energy prices caused by the war.
All heads of the 27 European Union nations known collectively as the European Council issued a joint statement Thursday calling for the stabilization of energy shipments and “de-escalation and maximum restraint” from warring parties.
“The European Council deplores the loss of civilian life and is closely monitoring the far-reaching impact of the hostilities, including on economic stability,” the statement read. The leaders also asked Iran to stop striking neighbors across the Persian Gulf, sought international cooperation to prevent any large-scale refugee crises in the Middle East, and said some EU nations are exploring ways “to ensure freedom of navigation in the Strait of Hormuz.”
European leaders have deflected entreaties from U.S. President Donald Trump to send military assets to secure the Strait of Hormuz, a key waterway for the global flow of oil, gas and fertilizer. However, rising energy prices because of the war and fears in Europe of a new refugee crisis have pushed leaders to make the Middle East a priority at the summit.
“We are very worried about the energy crisis,” said Belgian Prime Minister Bart De Wever ahead of the summit. He said that energy prices were too high before the war, but that the conflict “created another spike.”
“If that becomes structural, we’re in deep trouble,” he said.
platforms from using addictive features such as infinite scroll and the automatic play of videos. Digital services are also obliged to implement an effective age verification mechanism that goes beyond self-declaration that the user is over 18 to protect them from accessing inappropriate or prohibited material.
“We can no longer think that freedom doesn’t go hand in hand with protection,” said Lula during Wednesday’s signing ceremony. “Enough of tolerating exploitation, sexual abuse, child pornography, bullying, incitement to violence and self-harm just because it happens in the digital environment.”
Maria Mello, head of the digital branch at the Alana Institute that defends the rights of children, said that
Leaders also discussed alternative funding Ukraine after they failed to convince Hungary to stop opposing a massive loan for the cash-strapped and war-torn country.
European leaders have no ‘appetite’ for joining the war European leaders were deeply critical of the Iranian government, but none have offered immediate help to the U.S. Britain is flat-out refusing to be drawn into the war. France says the fighting would have to die down first.
Austrian Chancellor Christian Stocker said that Europe “will not allow itself to be blackmailed” into joining the United States and Israel military campaign in the Middle East.
“Europe — and Austria as well — will not allow itself to be blackmailed,” he said ahead of the European Council summit of the leaders of the 27 EU nations. “Intervention in the Strait
manipulative design meant to keep people engaged is particularly harmful for children.
“It increases anxiety levels, pulls children out of school, causes vision problems,” Mello said. Other issues include sexual exploitation, encouragement of self-harm, cyberbullying and exploitation of children’s and adolescents’ personal data for commercial interests.
Brazil is the latest to join a group of governments around the world grappling with how to protect children online. In December, Australia implemented a world-first social media ban for children younger than 16, and earlier this month Indonesia announced a similar move starting this year. Unlike an outright ban, Brazil’s law seeks to
of Hormuz is not an option for Austria anyway.”
EU foreign policy chief Kaja Kallas said there was “no appetite” among leaders to expand a European naval force in the Red Sea to help secure the Strait of Hormuz or otherwise join the fray.
Four of the EU’s largest economies signaled a willingness Thursday to contribute to “appropriate efforts” to ensure ships can pass safely through the Strait of Hormuz.
France, Germany, Italy, and the Netherlands, alongside the United Kingdom and Japan, issued a joint statement welcoming “the commitment of nations who are engaging in preparatory planning” for securing the key oil route, and demanding Iran “cease immediately” its drone and missile attacks and other attempts at blocking it.
Looking ahead to the war’s end
strengthen parental supervision, said Guilherme Klafke, a law professor at Getulio Vargas Foundation, a thinktank and university. The new framework, he said, “places more responsibility on those who offer digital products and services that may be accessed by children and adolescents.”
Lincoln Silva, a 48-yearold businessman who was picking up his two children aged 8 and 11 from school Thursday in Rio de Janeiro, welcomed the new legislation, saying it will reduce access to information that people shouldn’t have at a certain age. “There’s information we should only have in adulthood,” he said.
Tech companies have made a series of announcements to coincide with the new law. WhatsApp last week said it would introduce
Chancellor Friedrich Merz said the war must end before his country can help with matters such as keeping shipping lanes clear.
“We can and will commit ourselves only when the weapons fall silent,” he said of potential German military support to secure shipping lanes in the Strait of Hormuz. “We can then do a great deal, up to opening sea lanes and keeping them clear, but we’re not doing it during ongoing combat operations.”
He said that would require an international mandate, among other complicated steps, “before we can even consider such an issue.”
While the EU isn’t a party to the conflict, Dutch Prime Minister Rob Jetten said he understood the U.S. and Israeli reasons for launching the campaign against the “brutal” Iranian government. He called for the EU to increase both sanctions on Iran and support for Iranian opposition groups
parent-managed accounts, allowing legal guardians to decide who can contact the child’s account and which groups it can participate in. And Google said that in Brazil it would use artificial intelligence to estimate whether a user is a minor or adult in order to automatically block certain content. YouTube users under 16 years old will also need parental supervision to create or maintain a channel, the company added. Companies that disregard the new law could face fines of up 50 million reais (approximately $9.5 million).
The new restrictions may create frustrations among young users, said Renata Tomaz, a communications professor at the Getulio Vargas Foundation.
A MOTORIST sits in a Tesla Model 3 at a Tesla charging station Friday, March 13, 2026, in Lakewood, Colo., in Denver. Photo:David Zalubowski/AP
MICHAEL RAPINO, left, chief executive officer and president of Live Nation Entertainment Inc., arrives at Manhattan Federal court, Thursday, March 19, 2026 in New York.
Photo:Adam Gray/AP
FRENCH President Emmanuel Macron, center, speaks with Spain’s Prime Minister Pedro Sanchez, right, prior to a group photo at the EU summit in Brussels, Thursday, March 19, 2026.
