03232026 BUSINESS

Schooner Bay owners hail ‘total moral, ethical victory’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE developer behind Abaco’s Schooner Bay community has seen its bid to impose $261,500 in “punitive” fines on a group of homeowners, and bar them from selling their properties, totally quashed by the Supreme Court.

Justice Darron Ellis, in a March 20, 2026, verdict ruled that the project - once held-up as a sustainable development model that the whole Bahamas should emulate - cannot

Supreme Court quashes $261,500 fines levied by developer

And removes bar blocking homeowners from selling properties

Developer bid to recover legal fees ‘circumvented’ prior ruling

use Schooner Bay’s master declaration, which governs how the community operates, in the way it has to levy sanctions in an effort to recover legal fees stem ming from a previous legal

Bahamas’ import switch in minimal cost of living gain

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN INTERNATIONAL

Monetary Fund (IMF) research paper has exposed just how tough The Bahamas’ cost of living crisis is to crack by calculating that a 2-5 percent cut in this nation’s import bill will only lower consumer prices “by up to 1.5 percent”.

The paper, by Julien Acalin, argued that Bahamians will enjoy “non-trivial” gains by switching just 2-3 percent of imports from the US to lower-cost supplier countries such as China, Canada and Japan. But, while this would slash import costs by between 2-5

battle with the same homeowner group. As a result, he declared the fines “invalid, unlawful and unenforceable” while ruling that Schooner Bay

“not entitled” to use the community’s master declaration in the manner it sought to impose such penalties or assessments against the homeowner group and their properties in the south Abaco development.

And Justice Ellis also ordered that the developer, by this Friday, provide the homeowner claimants with the signed “certificates” they require to be able to sell their properties. Schooner Bay Ventures had “refused” to issue these until the homeowners paid their respective fines, and thus reimbursed its legal costs, which has prevented - and, in one case, appears to have cost - the claimants a potential sale of their property within the community.

‘No downturn signs’: Electric auto dealer targets 10% growth

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN electric vehicle dealer is “targeting at least another 10 percent sales increase” for 2026 despite fears the new auto market could suffer “a bloodbath” by “hitting saturation point” as early as the second half, adding: “We are not seeing any signs of a downturn.”

Pia Farmer, partner in Easy Car Sales, told Tribune Business that electric vehicle sales will likely receive a further boost due to the Middle East conflict’s impact on global oil prices making it even more expensive to drive gasoline-powered autos - at least in the short-term.

And, with her dealership’s sales increasing by 10-15 percent year-overyear for 2025, she voiced optimism about a repeat performance this year despite the global uncertainties, and asserted: “We’re not going to be fearful about the future.”

Speaking after Fred Albury, principal at the Auto Mall, which is the authorised distributor for the Toyota, Hyundai and BMW brands, last week

percent, the IMF paper sig nalled that the reduction in consumer prices at the store will be relatively minimal and conceded that “large uncertainty” surrounds the peak 1.5 percent estimate. It added that multiple domestic factors on the ground in The Bahamas will determine the level of savings ultimately realised by its people from greater import diversification, including the level of com petition in the wholesale and retail sectors. The IMF paper added that “oligopo listic” market structures, where there are relatively few competitors within a particular sector, will likely

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Tour operator’s Easter uptick hope with bookings off 45%

ANNELIA

BY

NIXON Tribune Business Reporter anixon@tribunemedia.net

A BAHAMIAN tour operator is hoping for a late winter season upturn with bookings down 45 percent year-over-year as the peak Easter holiday weekend approaches.

Astra Charlton, director of business development for My Own Water Sports, told Tribune Business that the company’s booking pace, too, is off by around 35 percent compared to the same period in 2025, which she attributed to economic

challenges and uncertainty in the US that have caused visitors to cut back on tour and excursion spending.

Cautiously optimistic that Spring Break, as well as the Easter holiday weekend, will generate increased visitor numbers and spending, Ms Charlton said: “Our current booking pace as of now is about 35 percent down year-over-year as compared to last year's performance.

“But as we approach the Easter peak, I think our bookings so far reflect a decline of over 45 percent compared to the same point

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warned that “the market cannot continue to absorb the amount of new vehicles coming in”, Ms Farmer acknowledged to this newspaper that auto sales move in “cycles” and Bahamian auto dealers have enjoyed several strong-performing years.

However, she argued that the fuel and service cost savings drivers will enjoy from switching to electric vehicles is likely to “sustain” her and other dealers amid the global economic turbulence, and called for The Bahamas to further enhance its energy independence through going electric with public transportation such as jitneys and taxis.

“We’re targeting at least another 10 percent increase over last year,” Ms Farmer told Tribune Business of Easy Car Sales’ 2026 sales goals. “We’re happy to see the expansion of electric vehicles because a lot of legacy gas car dealers are entering the electric vehicle market and that benefits all of us.

“Last year we ended selling about 10-15 percent more than the year before, and we are pushing for

Bahamian online creators eye direct payments boost

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMIAN social media creators and influencers yesterday said being able to earn revenue directly from platforms such as TikTok, Instagram and Facebook for their content could transform the growing sector.

Speaking after it was announced that the Prime Minister will meet this coming Sunday with content creators and infuencers to address the payment issue, Alex Watson said he and many others currently rely heavily on brand deals and affiliate marketing for income.

He added that direct payment could significantly expand opportunities for Bahamians who currently rely on these mechanisms to generate income online. “I would be ecstatic because then I can finally make those funds while making content,” said Mr Watson. He added that most Bahamian creators currently earn money primarily through sponsored posts or partnerships with brands. “Brand deals or sponsored posts are the only way we can make money off social media right now,” said Mr Watson. “So I think most Bahamian creators would be encouraged by actually being able to make money for creating their content, but also to help them create

Security provider appoints first-ever Board in 25 years

A BAHAMIAN security services provider has appointed its first Board of Directors in more than 25 years of operation.

WEMCO Security & Collections, in a statement, said the newly-appointed Board is chaired by Dwayne J. Mortimer and includes Dr Waldon Russell, deputy chairman; Henry A. Wemyss, president; Keisha M. Wemyss, chief executive, finance; Acribba Lightbourne, chief executive, human resources and marketing; Bishop Arlington G. Rahming, executive vice-president of operations; and Clinton C. Clarke, secretary.

The company added that the directors bring strategic oversight, accountability and the diverse expertise necessary to guide its governance as WEMCO enters its next growth phase.

“The formation of this Board reflects the company’s

growth over the past 25 years and signals to our clients and partners our commitment to a focused, long-term direction for our future,” Mr Mortimer said. He added that the Board is committed to sound decision-making and responsible growth, and voiced full confidence in the executive leadership team’s ability to execute the company’s operations and overall strategy as WEMCO continues to expand.

Mrs Lightbourne, chife executive for human resources &and marketing, said the appointment of the Board aligns with the company’s values and its way forward. “Over the past 25 years, WEMCO has evolved into a structured, forward-thinking security services provider built on a strong foundation of professionalism, consistency and trust,” she said.

more content, because it takes a lot of time and can be costly depending on what you are doing.”

Another creator, Catherine Duncombe, said monetisation would allow more Bahamians to pursue creative work while earning income from it. “I think for me it would be a great opportunity, because just being able to make revenue off something you love would be so incredible,” said Mrs Duncombe.  “If more Bahamians are able to do it, I think that would be incredible, and it would just allow them to be creative and put more energy into it.” She added that content creation requires significant time and effort, particularly

when it comes to editing and production.

“Content is very consuming. It really takes up a lot of time and requires hours of editing,” said Ms Duncombe. “So I think people would take it more seriously if they can make revenue from it.”

Ms Duncombe added that most creators she knows, and who earn income online, do so through affiliate marketing or brand collaborations rather than direct platform payments. “When they do videos, they link their clothing to, let's say, Shein or Amazon or whatever clothing brand it is, and then they make money off those links,” said Ms Duncombe.

However, she also raised questions about how a

AFTER 25 years in business, WEMCO Security & Collections Ltd. appoints its first Board of Directors. Picture l to r: Mr. Clinton C. Clarke, Secretary, Dr. Waldon Russell, Deputy Chairman, Mr. Dwayne J. Mortimer, Chairman, Mr. Henry A. Wemyss, President, Mrs. Acribba Lightbourne, CEO, Human Resources & Marketing, Ms. Keisha M. Wemyss, CEO, Finance and Bishop Arlington G. Rahming, Executive Vice President, Operations.

“From an operational standpoint, we will continue to invest in our people, training and systems. These investments are essential to maintaining service excellence, ensuring reliability and strengthening our client partnerships.”

The Board’s creation positions WEMCO Security to support sustainable growth while meeting the

expectations of its clients, employees and stakeholders across The Bahamas.

Founded by Mr Wemyss, its president, in April 2000 to meet the security needs of corporate clients, WEMCO began operations with a team of 90 officers. It has grown steadily to now maintain a full-time staff of more than 150 employees.

monetisation system would operate locally, particularly when it comes to how payments would be distributed.

“I think if they could deposit it directly to our accounts, that would be great,” said Ms Duncombe. “My concern is how that would work. Would the Government be responsible for sending us the funds?

“Because sometimes it takes extremely long to receive money from the Government. So I wonder if they would have a board or another organisation allocating those funds, because if it takes forever to get your money, that would still cause a lot of complications.”

Officials said Bahamian influencers are currently not being paid partly due to policies imposed by global technology companies that do not currently support creator payments in many Caribbean markets.

Latrae Rahming, director of communications in the Office of the Prime Minister, said the Government plans to host discussions with influencers and technology

platforms aimed at addressing the issue.

“The Prime Minister will invite influencers from across this country to discuss monetisation and how they could be paid on TikTok, Facebook and Instagram,” said Mr Rahming. He added that the initiative is intended to create a pathway for Bahamian creators to earn income from their digital work.

“One of the things we realised is that a number of the platforms do not make payment available in our region,” said Mr Rahming. “What the Prime Minister is leading is the effort to change and reverse that policy by engaging the companies directly.”

Mr Rahming said representatives from several platforms and industry professionals are expected to participate in the upcoming discussions, some virtually and others in person, as the Government seeks to expand economic opportunities in the country’s growing digital content sector.

Ministry of Works partners for east GB environment project

THE Ministry of Works has teamed with the Bonefish & Tarpon Trust (BTT) to launch construction on a major environmental restoration project in east Grand Bahama.

The two sides, who have signed a memorandum of understanding (MoU), joined contractor Waugh Construction for the formal signing and ground-breaking ceremony on an initiative designed to boost coastal resilience and fisheries habitats.

The project will begin with the removal of the West Gap Creek Causeway and Snapper Island Causeway, which are barriers that have obstructed natural water flow for decades.

Restoring tidal connectivity will revitalise critical mangrove ecosystems, improve water quality and strengthen climate resilience for communities in Grand Bahama’s East End.

The MoU between the Ministry of Works and BTT establishes the framework for their collaboration, outlining a strategy that includes the development of an Environmental Management Plan (EMP), the co-ordination of contractors, the restoration of mangroves and native vegetation, and the re-establishment of natural creek hydrology.

Clay Sweeting, minister of works and Family Island affairs, said: “The Ministry is dedicated to enhancing our natural environments and supporting sustainable development for Bahamians while simultaneously promoting the success of key, high-dollar tourism industries such as fly fishing by protecting and restoring fish nursery habitats.

“Through partnering with Bonefish & Tarpon Trust, we can combine our efforts and expertise to make a meaningful impact. We look forward to working closely

with the community to achieve our shared goals.”

The Ministry of Works’ project implementation unit and BTT held public meetings to gather resident input, report progress and proactively address any concerns from stakeholders. The two sides said this partnership-oriented approach will continue to ensure the projects meet environmental objectives, promote sustainable economic development and align with the interests and needs of the local community, which has long called for this restoration and water quality improvement.

Jim McDuffie, president and chief executive of Bonefish & Tarpon Trust, said:

“Breaking ground on this project is a major step forward - not only for Grand Bahama, but as a model for creek restoration across The Bahamas. Healthy mangrove systems are essential to sustain fisheries that are both economically and culturally important. We are proud to work alongside the ministry and local partners to deliver meaningful, lasting impact.”

Charlene Collie, of the Ministry of Works’ project implementation unit (PIU), added: “The progress to-date reflects strong collaboration between all partners. From planning through to implementation, PIU is committed to ensuring the project is delivered efficiently and to the highest standard. We are excited to see work now underway and what it will mean for the future of these ecosystems and surrounding communities.” With the necessary approvals secured from the Department of Environmental Planning and Protection (DEPP), construction and restoration efforts are now underway. The partners aim to complete the project in 2026, delivering long-term environmental and community benefits.

Realtors: Bahamas must push itself as alternative to Dubai

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

REALTORS are urging the Bahamas “to as strong as it possibly can” market itself as a safe alternative to those investors and property purchasers still reeling from the Middle East conflict and missile and drone strikes on destinations such as Dubai.

George Damianos, president and chief executive of Bahamas Sotheby’s International Realty, told Tribune Business that the firm has already received inquiries from persons in Dubai and other impacted nations who are assessing whether to relocate to locations such as this nation that are thousands of miles removed from the war zone.

Voicing hope that the conflict ends soon, he added that there was “no question about it” when asked whether The Bahamas could benefit from investors relocating from the Middle East and if this nation should do more to target them via specific marketing and promotions.

“It should give us a boost here and will give us a boost,” Mr Damianos told this newspaper. “There’s no question about it. We’ve had a few inquiries already from a person in Dubai, and a person in another country. People are looking for places; I wouldn’t call it a ‘safe haven’, but it may be a wake-up call for them to look at properties for the winter.

“I think The Bahamas could benefit from it. It’s sad to say but, yes The Bahamas

could benefit from it. I feel bad for them, but would love to have them in our country. It’s good, but the war is not good. It’s good people are looking at The Bahamas. People are suffering, but it is interesting that people are considering to go to a safer place.”

As for whether The Bahamas should seek to exploit the war’s impact by marketing itself as an alternative for those investors and high net worth families who have been impacted, Mr Damianos replied: “I think as strong as we possibly can. I think the Ministry of Tourism, Investments and Aviation and financial services should do something and also give the country a push in the region just to let them know and remind them of the advantages of being here.

“I do think we need to push it as a country. If we want to sell real estate, we need to push it in that direction. It’s a good reason for us, and hopefully we’ll get more and hopefully some persons will look at this country and invest in The Bahamas. We have to hope for two things: Everyone benefits, and that the war ends to limit the casualties and problems it’s creating for so many people.”

John Christie, HG Christie’s president and managing broker, agreed that The Bahamas could “get a slightly bigger piece of the pie” for global high net worth real estate as a result of the US and Israeli assault on Iran.

“I would say definitely The Bahamas will be even more attractive now,” he told Tribune Business.

“Places like Dubai are now not so attractive with missiles dropping on you, which we don’t have here. I think it will be very good for us.: He added that there has been “no change in the market or attitudes” among The Bahamas’ existing real estate buyers despite the global economic fall-out from the Middle East conflict, and said: “Depending on how the war pans out it will definitely be a positive that we’re a safer jurisdiction than those places…. There are other places, but we’ll get a slightly bigger piece of the pie now for sure.: Asked whether The Bahamas should be targeting those shifting their focus from Dubai and Abu Dhabi, Mr Christie added: “Definitely we should. The

Bahamas should be for sure. We’re starting doing some of that marketing now [at H. G. Christie]. I’m not really sure we’re doing anything. I think it would be a good push for people thinking about it and leaving those jurisdictions for somewhere much more safer.” He argued that The Bahamas’ climate is “probably better than the Middle East”, and pointed to this nation’s direct airlift connectivity to London and Europe as further attractions for wealthy investors and their families.

By ANNELIA NIXON Tribune Business

LIQUOR merchants are continuing to voice frustration over surprise inspections and fees, while voicing doubt that many will be compliant by the upcoming April 1 deadline when enforcement of the industry’s new regulatory regime will begin.

George Robinson Jr, owner of Base Road Wholesale Bar, said liquor-related businesses must now pay $50 for a mandatory inspection by The Bahamas Agricultural Health and Food Safety Authority (BAHFSA). This inspection fee is in addition to the $100 that operators must now also pay in order to apply for, and obtain, the registration certificate that must be presented to renew or be granted a Business Licence.

“They said that even though we are not selling food, we are selling water, soda and juices,”

Mr Robinson said. “So we need that certificate. We need an inspection from them (BAHFSA) even though we're not selling cooked food. This is a new requirement.

“I didn't know this was a requirement until we got to that part of the form.

This one was a surprise to us, because we always depended on the environmental health. They just added this one, and then to get this inspection is $50.

“On the onset, they told us we only had to pay for the registration. They didn't mention nothing about additional fees for these inspections. This came as a surprise to us, and we found out that we had to pay the $50 for the inspection. We were only aware of the $100 for the registration but now it's an additional $50.”

Mr Robinson explained that liquor retailers, bars

and restaurants were initially informed they could expect fire inspections as well as inspections from the police. However, he added that the sector has effectively been blindsided by the need for additional inspections and requirements, including a visit from BAHFSA as well as having to work with the Department of Physical Planning. He said operators are frustrated with the additional fees and constant inspections that seem to be repetitive.

“Everybody's frustrated now,” he said. “They are frustrated because they weren’t expecting these additional fees and certain inspections. They are repetitious. You have Environmental Health. They do an inspection. They came in, they inspected the bathroom, the garbage and everything. Now these people say they have to come inspect the bathroom, the garbage and everything also. The police came. They inspected the bathroom and everything. It's just repetitious.

“When we had the Zoom meeting, they told us about the fire inspection. One time ago, it was just the police - a police report. So, they added the fire inspection on to it.” Furthermore, the government agencies who must work together in the registration process are “overwhelmed”, according to Mr Robinson, leading to delays in approvals. He

added that, once payment is complete, certificates are being issued and some inspections will be conducted at a later date.

“Because they are overwhelmed, what they are doing [is] once you pay, they are issuing you the certificate,” he said. “And they're just letting them know that the inspection will have to be done at a later date so you can meet the deadline. And they said when you do the inspection, if something needs to be done, they'll just give you time to do it, and if you don't comply, then you get shut back down.”

Mr Robinson added: “They [BAHFSA] are reaching out to us. They said ‘pay for it in advance, put in the application’, and they would let Inland Revenue know that 'Hey, this company has applied for it. We are the hold up.' So they'll go ahead and issue us the licencse, and they will come afterwards and do the inspection, because they can't meet the March 31 deadline. Too many applications are in.”

Mr Robinson said he does not believe the process of applying for registration was organised or well thought-out, adding that both he and other merchants and bar operators are hoping the process will run much more smoothly next year.

“It was not organised, and I don't think it was well thought-out,” he said. “Like I said, we like the concept.

We like what they are trying to do. But just the way that they are doing it and with the time constraint because of the different agencies who are not well staffed, I think that that is the delay in getting this inspection done. And we are just hoping that we don't have to go through this every time there is a renewal.

“Our last meeting, we discussed that. We feel like we already did this inspection and everything. Everybody's on par now. So we are hoping that next year we can get the renewal with less stress and a smooth sailing, and the different departments just come in and do the inspection.

“So we are just hoping next year when there's renewal, since these things were already put in place, and they shouldn't wait till, let's say your licence expires. We feel like these should be routine inspections to keep you on track.

Don't wait until it's time for us to licence. It's just like when everybody have to licence their vehicle the same month. Spread it out. Do the inspection throughout the year. So when it's time for licensing, you don't have that bottleneck,” Mr Robinson added.

“And if you find us non-compliant, just let us know 'Hey, even though you got your renewal, this needs to be done. If not, your licence will be revoked.' So we are just hoping this is a one-time thing for the renewal. Now for new applicants, yes, but to go through this every year? Trust me, we can't take it. Can't take it; not to go through this every year for renewal. That would be disastrous.

“So we'll see what happens next year. We just hope next year we don't have to go through the same thing again, especially for renewal. So we'll see what happens come

April 1; if they really going to enforce it on those who didn't comply. That's what we are waiting to see; how this enforcement is going to go.”

As the Government aims to crackdown on the over-saturation of liquor vendors, especially in inner-city Nassau, it has implemented new policies which require industry operators to register with the Department of Inland Revenue before they can apply for or renew a Business Licence.

Applicants must apply for registration through an online portal and applications will be publicised for public consultation. Sustainability of the premises as well proximity to other liquor establishments, schools and churches will also be considered before approval is granted. This has led to the renovation of some liquor stores.

NOTICE

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.

Uncompetitive industries to hurt consumer trade boost

result in at least some of the benefits from lower import costs being retained by businesses rather than passed on to consumers.

The findings highlight why it is so difficult to make sustained, deep cuts in inflationary and cost of living pressures that have been squeezing Bahamian families since the world emerged from the COVID-19 pandemic, with Prime Minister Philip Davis KC branding the issue as an “elephant” that his administration has struggled to tackle despite making policy changes such as the elimination of VAT on uncooked foods and other food-related Customs duty reductions.

The IMF paper, noting that Numbeo, the crowdsourced online database, “consistently ranks” The Bahamas among the world’s most expensive countries in its ‘cost of living’ index, said it had employed data from the Bahamas National Statistical Institute (BNSI) and Bahamas Customs to determine the impact if this nation switched some of its import-sourcing away from the US to lower-cost suppliers.

Noting that the US share of cheapest available products has been declining, due in part to the US dollar’s appreciation in value when compared to other global currencies, the IMF paper asserted: “We show that the US price advantage has declined over time.

“While US imports were the lowest-cost option for 73 percent of product categories in 2014, this share declined to 62 percent by 2024. Over the same period, China’s share rose from 4 percent to 10 percent. Yet the US remains The Bahamas’ dominant supplier, accounting for more than 80 percent of total imports, with similar shares across main aggregate product sections - machinery and transport equipment; food and live animals; mineral fuels; and manufactured goods”.

The IMF paper and its author assessed four models or scenarios - diversifying towards all cheaper sources than the US for a given product category; a small group of countries representing at least 5 percent of a particular product

imported by The Bahamas; and increased import volumes from those nations by 20 percent or 50 percent respectively.

“Based on these scenarios, we estimate that reallocating around 2 to 3 percent of imports from the US to lower-cost partners could reduce the total import bill by 2 to 5 percent,” Mr Acalin wrote. “As imports represent about a third of GDP (gross domestic product) in The Bahamas, these savings could translate into an improvement in the current account to GDP ratio by 0.5 to 1.5 percent. “A small number of country–product category combinations account for most of the potential savings, suggesting that a carefully targeted approach could generate prompt benefits. Additionally, our pass-through estimates suggest that these import cost savings could lower consumer prices by up to 1.5 percent, although large uncertainty remains around this effect.”

While Bahamians will welcome any savings on food and other essential commodities, a 1.5 percent cost is unlikely to be significant. Tribune Business reported 25 years ago how the Organisation for Economic Co-Operation and Development (OECD) had ranked The Bahamas as the world’s fourth most vulnerable economy to global and other shocks, including inflationary pressures, and little has changed since.

Supply chain and import diversification has been a growing theme under the Davis administration, with the Bahamas Trade Commission as well as other agencies and the private sector, seeking out new markets and relationships in the Caribbean, Africa and Latin America via the likes of Brazil, as well as strengthening ties wth China. The IMF study recommended focusing on a narrow range of countries and products in the diversification drive - chiefly China, Canada and Japan. And, among the products that The Bahamas was urged to focus on, the report suggested Japanese autos; Chinese steel, windows and doors; medical treatments from the UK; meat produced by Brazil;

and cement from the Dominican Republic.

“The US supplies the bulk of Bahamian imports, with an import share standing at 87.4 percent in 2024. This high share is explained by a few factors, notably that the US is the largest economy in the world, and the geographically closest trading partner to The Bahamas, which has a long-standing currency peg vis-a-vis the US dollar,” the IMF paper added.

“However, the US dominance is gradually declining, albeit modestly, as competitors increase their presence. Between 2014 and 2024, the share of China in Bahamian imports increased from 0.9 to 2.9 percent, while the shares of Japan and Switzerland both increased by 0.6 percentage points over the same period.

“Notably, the count share of Chinese observations among all observations has increased by four percentage points over this period, matching the drop in the corresponding US share. This mild decrease in the US share in Bahamian imports is associated with a relative decline of its traditionally held price advantage over the past decade…. Overall, these results point to growing opportunities for import bill savings through strategic trade diversification.”

The IMF paper added that restricting trade diversification efforts to food only would still have yielded import bill savings of between 1.4 percent to 3.5 percent, suggesting that this “could more directly feed

into the cost of living”. It continued: “A few partners and categories account for most of the potential gains. China, Japan and Canada feature prominently.

“The results suggest that targeted trade diversification efforts towards these three trading partners only would account for up to 47 percent of the total import bill savings. Targeting Canada, the Dominican Republic, Brazil and Thailand would yield about 40 percent of the estimated food import bill savings.

“Products with consistent price advantages from non-US trading partners include, among others, Japanese motor vehicles, Chinese steel, doors and windows, medicaments from the UK., cement from the Dominican Republic or Brazilian meat. The concentration of gains among a few source country–category pairs suggest that targeted trade missions and supply chain initiatives could effectively operationalise the trade diversification strategy and yield prompt import bill savings.”

But, while asserting that this could “reduce the risks associated with import concentration”, the IMF paper added that trade-related reforms will also need to be accompanied by domestic economy changes.

“These diversification strategies may face constraints related to consumers’ preferences for certain brands or product quality, or involve tradeoffs related to exchange rate risks, regulatory costs and hurdles, supply chain

reliability, economies of scale and geographic factors,” it warned.

“Trade diversification strategies would require complementary improvements in logistics by investing in the efficiency of transportation and distribution networks, product harmonisation standards to streamline Customs procedures, and exchange rate risk management to hedge importers’ balance sheet risks. With appropriate enabling policies, trade diversification could serve as a tool to reduce import bill costs.”

The IMF paper also warned that retailers and wholesalers may take time to “lower their mark-ups” and pass import cost savings on to Bahamians. “In small island economies, the passthrough of lower import prices into retail prices is generally considered to be high and relatively rapid due to these countries’ high dependence on imports,” it added.

“Our pass-through estimates for The Bahamas.. are around 0.3, suggesting that import cost savings of 5 percent could lower consumer prices by up to 1.5 percent, although large uncertainty remains around this effect. The full pass through into consumer prices still depends on the domestic market structure.

“In markets with less competition - monopolies or oligopolies, which may be dominant in isolated island regions - firms may absorb some of the cost reductions in their margins rather than passing the full

amount on to consumers.

Additionally, even with lower import prices at the border, local distribution costs - transportation, warehousing - can be high and may cushion or slow the pass-through effect to the final retail price.

“In essence, while high import reliance may induce a strong link between global import prices and local retail prices, market power and local cost structure can influence the speed and completeness of the pass-through for any specific good.”

Successive governments have long-touted bringing a Competition Bill and accompanying regulations to Parliament, although none has yet made good on such promises.

The Bahamas, due to its economic structure and a nation that imports virtually all it consumes, will always be vulnerable to external economic shocks and inflation such as global crude oil price pressures. And the impact is worsened by its consumption-based tax structure, principally VAT and Customs duties, which are effectively a tax on the cost of living.

Many observers would argue that The Bahamas quickest and most effective way to tackle cost of living pressures is to focus on what it can control and deliver long-pledged reductions in energy costs. Initiatives such as growing more of its own food will take time to bear fruit, as signalled by the Prime Minister.

Bank president: Bahamas and region facing decisive decade

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Caribbean Development Bank’s (CDB) president says The Bahamas and other nations in the region face a decisive decade that will determine whether they merely survive mounting global shocks or unlock new opportunities for growth and resilience.

Speaking ahead of the bank’s upcoming annual meeting in Nassau, Daniel Best said the coming years will be critical as Caribbean nations confront rising geopolitical tensions, energy volatility and climate pressures. “The decade ahead will be one of the most consequential periods in modern history,” said Mr Best.

“The decisions we make about energy, economic diversification, resilience and institutional strengthening will determine whether our region simply survives or unlocks its full potential in a rapidly changing world.”

He added that, for decades, international narratives about the Caribbean have often focused on its vulnerabilities, including small economies, exposure to

external shocks and limited fiscal space. While those challenges are real, he argued they no longer define the region’s full economic potential.

“As the global economy transitions toward renewable energy, sustainable tourism, digital services and resilient infrastructure, characteristics that once appeared to be constraints are increasingly becoming sources of opportunity,” said Mr Best.

He added that the Caribbean possesses several strategic advantages that could position it well in the evolving global economy, including renewable energy potential, geographic proximity to major trade routes and a young, skilled population with strong diaspora connections.

“We are a region rich in renewable energy potential. We sit at the crossroads of some of the world’s most important trade routes, and we have a young and talented population connected to diaspora networks that span every major economy,” said Mr Best.

However, he warned that global economic instability continues to pose immediate challenges for Caribbean economies, particularly small island developing states.

The Bahamas will be the host country for the Caribbean Development Bank’s (CDB) 56th annu-

al meeting, which is scheduled to be held at Baha Mar from June 1-5, 2026.  Senator Michael Halkitis, minister of economic affairs, who serves as chairman and governor of the upcoming conference, joined CDB president, Daniel Best, in previewing the event. Also present were Glenys Hanna-Martin, minister of education and technical and vocational training; Ruby Ann-Darling, deputy governor-general; members of the local organising committee, chaired by permanent secretary, Janeen McCartney, other senior government officials and the CDB public relations team.

“Rising oil prices driven by geopolitical tensions immediately affect electricity costs, transportation and the price of food across our islands,” said Mr Best.  “Global shocks can quickly translate into household realities.” Mr Best was speaking during a preview of the Caribbean Development Bank’s 56th annual meeting, which will be held in Nassau from June 1 to June 5 this year.

Michael Halkitis, minister of economic affairs, who currently serves as chairman of the CDB’s board of governors, said of the upcoming meeting: “It represents the beginning of a renewed conversation about the future of the Caribbean-— our shared aspirations, our common challenges and the partnerships that will shape the path forward for our region.”

He added that Caribbean countries are navigating an

increasingly complex global environment marked by economic uncertainty, climate change, technological transformation and geopolitical tensions.

Recent developments in global energy markets, including volatility linked to conflict in the Middle East, have underscored how quickly external shocks can affect Caribbean economies and raise the cost of living

for households across the region, the minister said.

“For small island developing states, these challenges are especially acute,” said Mr Halkitis. “Our economies are highly interconnected, our populations are relatively small and our exposure to external shocks - economic, environmental and geopolitical - is significant.”

Despite these pressures, Mr Halkitis stressed that the Caribbean has consistently demonstrated resilience and the ability to adapt. “Yet the Caribbean refuses to be defined by its vulnerabilities,” he said. “Our region has long been defined by resilience, creativity and determination.”

The upcoming meeting in Nassau is expected to bring together finance ministers, development institutions, private sector leaders and international partners to discuss strategies for strengthening economic resilience, mobilising investment and promoting sustainable growth across the region.

Mr Best said the gathering will provide an opportunity for Caribbean leaders and stakeholders to focus on practical solutions that can help the region navigate uncertainty while positioning it for long-term development.

“The potential exists for the Caribbean to become a global model for resilience,” said Mr Best. “What matters most are the decisions we make now to unlock that potential.”

Oil price spike could give electric vehicle sale boost

increased growth this year. We just received something like 100 cars with different models. Sales have been brisk and we expect them to continue. Business has been good.”

Easy Car Sales has just added the Hongqi high-end Chinese electric vehicle brand to its portfolio, holding a reception last week to promote its newest offering, and Ms Farmer added: “We continue to be very busy and expect a lot of sales this year. I’m again targeting an increase, but there are a lot of intangibles.

“We are going to make sure we have a variety of brands, quality of service and have ten years’ experience of supplying the local market with electric vehicles. That’s all we can do. We’re not going to be fearful about the future at all. Electric public transportation would be great, and will have benefits for a lot of people. We don’t seem to be able to get that done, but that will be very important. We need to get electric

public transportation going for the benefit of our country and environment.”

Ms Farmer said she has not detected any sign of a slowdown in electric vehicle demand and sales despite the uncertainties sparked by the US and Israeli assault on Iran, and impact on global oil prices which closed on Friday at around $112 per barrel. That represents around a 50 percent increase just weeks into the conflict, and analysts at Citi, the global financial institution, have forecast costs could go as high as $200 per barrelfar higher than the previous $147 high hit in 2008.

However, Ms Farmer said higher auto gasoline costs could drive buyers to electric vehicles and increase the latter’s share of the Bahamian new auto market. “No, I’m not seeing that in electric vehicle sales,” she said in response to Fred Albury’s concerns. “All the vendors are doing very well right now. It’s been a couple of intense, busy years for all of us. No, we are not seeing any sign of that…

“I respect the opinion of Fred Albury. He’s been in the business for so long. He is correct that there are cycles in the sales of vehicles in the country. I am optimistic that the pace of electric vehicle adoption will continue to increase while taking Mr Albury’s comments seriously. He has a lot of experience. I agree there are cycles, and there have been a lot of sales in the last few years.”

The Auto Mall chief had told Tribune Business on Friday: “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 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.”

Ms Farmer, though, said current circumstances could drive more buyers to electric vehicle dealers. “I think that most likely, considering

world events, people will choose to go electric rather than gasoline,” she told Tribune Business. “If there’s a downturn, I think electric vehicles will be able to sustain quite well..

“Right now, driving an electric vehicle saves you 65 percent on fuel costs and that’s with gasoline at $5.30 per gallon more or less. Now the price of oil is over $110 per barrel, and that’s a huge increase from where it was. We haven’t seen that at the pump yet, but are inevitably going to be affected by the cost of energy.

“It’s always a lesson that our energy independence is so important; relying on renewable energy, solar panels, a greater mix of renewable sources in energy generation. You can charge your electric vehicle from solar and pay the equivalent of a few cents per gallon; less than ten cents per gallon with solar,” she added.

“If you’re going to buy a car, electric is the only way to go because it empowers you for the future rather than locking you into a losing dynamic. If you are

charging from electric, it’s four times’ more efficient and one-third the cost of gasoline. It’s really an option that I recommend people take seriously because they are spending too much money on gasoline and service costs.”

Ms Farmer said it was positive that the “huge influx” of new, competitively-priced Chinese vehicles into The Bahamas over the past two years may have reduced second-hand autos purchases from an environmental perspective, but reiterated that “the answer” remains to transition away from fossil fuels.

Voicing hope that the Middle East conflict ends as rapidly as possible, she added that electric vehicle sales have grown by 20 percent worldwide over the past year. “We are on that path,” Ms Farmer said. “The path of gasoline is not our path. We are not walking that road. We are only selling 100 percent electric vehicles. We don’t do hybrid cars. Fully electric vehicles are the only and most successful way to go.”

Developer hints at appeal: Key factor ‘not argued’ before court

The claimants and homeowners include James Malcolm, now a Harbour Island-based realtor with the Bahamas Property Group, as well as Bennet Holdings Ltd, a company owned by well-known Bahamian accountant, Bennet Atkinson. The others are Thomas Scheerer; Arunas and Marilyn Pleckatis; and Teofilo Victoria and Maria Mercedes de la Guardia.

Mr Malcolm, speaking to Tribune Business after the judgment was delivered, hailed the verdict as a “moral, ethical and emotional victory as much as it is a legal victory” for the homeowners. Voicing disappointment that it has taken an acrimonious legal battle to reach this point, he added that it was another sign of what he described as Schooner Bay’s “stagnation”, suggesting property values within the community have declined by up to 50 percent just as those for other highend Abaco destinations are increasing.

However, John Wilson KC, senior partner at the McKinney, Bancroft & Hughes law firm, and the attorney for Schooner Bay Ventures, hinted in a statement to this newspaper that his client is likely to appeal the Supreme Court decision as the case was decided on an issue “not even argued before it”.

But Mr Malcolm, in the meantime, said of the homeowners: “We’re just very happy to finally have a clear ruling. It’s the right thing. Justice has been served. It’s a shame it had to take this long, it’s a shame we had to

have this process but, ultimately, it’s the law of the land.

“It’s a victory for us. It’s a complete ethical, moral and emotional victory as well as legal victory. It’s affected a lot of people who have second homes. They buy second homes to feel good, not to get into a battle with the developer. It’s been a real buzz kill. Hopefully, we can move on. It’s a shame it came to this. The project has stagnated and property values have gone down.”

Mr Malcolm said conveyancing documents filed with the Registry of Records show that “property values have depreciated there by up to 50 percent” in Schooner Bay at a time when real estate prices in other high-end Abaco communities, such as Elbow Cay and Hope Town, have been increasing despite having to content with the devastation inflicted by Hurricane Dorian in 2019 as well as the COVID pandemic.

“It’s a great day. It’s been a long time coming, and we feel a sense of moral, ethical and emotional victory as well as legal,” Mr Malcolm reiterated. He added that there was a major gap between what Schooner Bay is today, and “what could have been, what should have been”, and signalled that some homeowners were now likely to seek an exit route and sell their properties following Friday’s verdict.

But Mr Wilson, on Schooner Bay Ventures’ behalf, indicated that the Supreme Court ruling may not be the end of the matter. “This matter raises important questions

concerning the operation and enforcement of provisions within the Schooner Bay community declaration, which governs the rights and obligations of all property owners within the development,” he told Tribune Business in a statement.

“The court, at this stage, has taken a particularly narrow view of the relevant provision, and made its decision based on a point not even argued before it. We will be reviewing the judgement with our client and will be considering next steps.” Schooner Bay Ventures’ principals are Dr David Huber, once dubbed “America’s richest Mormon”, who has financed the development, and Tina Gascoigne, an American lawyer who is a director and general counsel for the company.

Among Schooner Bay’s homeowners is ex-prime minister Dr Hubert Minnis, who was not among the claimants. The dispute over the fines stemmed from a previous legal battle between Schooner Bay Ventures and the homeowner group over efforts by Mr Malcolm to establish a property management and vacation rental company that would both manage the other claimants’ homes and promote them via Coastal Living magazine.

The developer, though, objected on the basis that it had exclusivity over all real estate sales, rentals and property management within Schooner Bay itself. It alleged that the arrangement with Mr Malcolm violated the community’s covenants and restrictions, but the latter - joined by the homeowners - counter-claimed by accusing Schooner Bay Ventures of interfering with his business and engaging in restraint of trade.

Both sides sought damages, but their claims were each dismissed by then-justice Indra Charles in a July 20, 2021, verdict where she ordered them to pay their own respective legal costs. She also pleaded with them to find a harmonious “way forward”, adding:

“At the end of the day, it is hoped that this community would thrive and flourish in growth, and everyone would live peacefully and happily ever after.”

This, based on Justice Ellis’ verdict, appears to have fallen on deaf ears. He found that Schooner Bay Ventures’ imposition of the fines was tantamount to an attempt by the developer to “circumvent”, or do an endrun around, then-justice Charles’ decision that both parties cover their respective legal costs.

Schooner Bay Ventures argued that the fines were triggered because, in launching the claim decided by then-justice Charles, the homeowner group had violated key provisions in the community declaration setting out how the Abaco project was to be governed and operated. It claimed that they had breached the article seven “waiver”, which stipulates that “every owner” agrees not to bring legal action against Schooner Bay Ventures for damages relating to “enforcement or non-enforcement” of the community declaration. This article also mandates that the developer cannot be held “liable for damages” by any homeowner - including for “negligence, nonfeasance, action or inaction” - relating to the declaration’s administration and that for its Design Code.

In addition, Schooner Bay Ventures alleged it was entitled to levy the fines on the homeowner group under the “corrective action for enforcement rights” provision of the community declaration’s article two. However, the homeowners “argued that the article in question did not authorise punitive or compensatory sanctions, [and] that the fines were in substance an attempt to recover legal costs contrary to the court’s prior order”.

They also claimed that “the enforcement procedure to levy fines prescribed by the declaration had not been followed”. This required the ‘Town Manager’ to first resolve any alleged violation and, if unable to do so, the matter must be referred to Schooner Bay’s Board where the alleged offender has a right to be heard.

Mr Atkinson, in affidavit evidence provided to the Supreme Court, alleged that Schooner Bay Ventures had also likely scuppered a 2023 deal to sell his property by both levying the fines and refusing to “issue certificates” needed to confirm the developer’s approval of the transaction. Besides approving the sale, these certificates would also inform a purchaser of any “assessment” attached to the property they are buying, and for which they would become liable.

“The denial of the certificates prevents the claimants from selling their lots, as they cannot sell their lots until the relevant authority has signed and issued the certificates,” Justice Ellis recorded. He added that Mr Atkinson, who owns lot U13 or Carioca, had alleged the fines “have had practical consequences for the marketing and sale of the claimants’ properties”.

“He states that purchasers and their attorneys require confirmation that no assessments, special assessments, or charges are outstanding as a condition of completion, and that the existence of the disputed sums has impeded sales,”

Justice Ellis said of Mr Atkinson’s evidence.

“In particular, Mr Atkinson states that Lot U13 is under contract for sale, and that the purchaser has indicated an unwillingness to proceed while there is a risk that substantial disputed fees may encumber the property. Mr Atkinson exhibits a letter dated July 16, 2023, from the purchaser giving notice that, unless confirmation is provided within 14 days, that no such fines or assessments have been imposed in connection with the earlier action, the purchaser will terminate negotiations.

“Mr Atkinson states that he has been unable to obtain the requested confirmation. He alleges that the defendants have made clear that they will not issue confirmation or facilitate completion unless the first defendant’s legal costs [Schooner Bay Ventures] are reimbursed.”

Ms Gascoigne, though, in evidence given for Schooner Bay Ventures, asserted that the homeowners were warned that the fines would be levied as assessments against their lots if not paid by February 14, 2022. She added that these assessments were not an attempt to “enforce any costs order” from the Supreme Court but merely an attempt to uphold the developer’s contractual rights due to the alleged declaration breaches.”

Justice Ellis, in his analysis of the relevant clauses, described article seven as “an exclusion clause or a limitation of liability” to protect the developer, as well as a “procedural bar”.

Yet he added: “This part is a negative covenant not to sue, which is usually enforceable procedurally by a stay/strike-out application. It does not appear to be a covenant whose breach automatically gives rise to damages. Critically, nothing in the wording of article seven suggests that bringing a suit is a violation of the declaration that triggers fines, sanctions or enforcement powers, or that the Board may punish or discipline for breach.”

As for article two, which Schooner Bay Ventures had cited as supporting the imposition of fines, Justice Ellis found this was “highly structured” and targeted at land-use and covenant violations, plus homeowner behaviour; compliance with the declaration, design code and rules; corrective actions related to repairs and maintenance; and administrative sanctions.

Enforcement powers were only triggered by a violation of the declaration, and associated rules and regulations, and article two is tied strictly to land use and covenants. Neither article appeared to be triggered, or touch, legal action brought against the developer by homeowners.

“In the court’s opinion, article two, in its natural and ordinary meaning does not authorise the recovery of legal fees in defending a concluded Supreme Court litigation, and it does not authorise the defendants to sanction owners for any breach of article seven,” Justice Ellis ruled. “The enforcement powers under article two are naturally directed at breaches related to the use, condition, management or enjoyment of property within the community, and at other community-based violations that can be practically addressed or resolved.

“The disputed fines do not match that description.

They were not imposed to address ongoing physical, managerial or community violations. Nor were they said to reflect any costs of corrective measures undertaken by the defendants within the community. Instead, they were calculated based on legal fees claimed to have been incurred by the first defendant in defending the earlier action.”

And Justice Ellis added: “In my judgment, on a strict interpretation of the declaration, neither article seven nor article two conferred on the defendants any authority to impose fines in the sum of $261,483 by reason of the commencement of the earlier action.

“That conclusion is reinforced by the clear language of article two itself. A provision in Article two states that ‘the primary goal of this article is not to punish but to resolve problems’. That statement conflicts with the defendants’ arguments and interpretation of article 2. The fines in question did not address any ongoing issue within the community. The earlier action had already been concluded. Essentially, the fines aimed to impose a monetary penalty for initiating that litigation….

“In substance, therefore, the fines represented an attempt to replicate or recoup litigation costs. That is impermissible on the language of the declaration. It is also inconsistent with the costs order made in the earlier action, by which the court ordered that each party shall bear their own costs.

“Absent the clearest contractual language, the court cannot accept a construction which would permit a private body, by labelling a charge a ‘fine’, to achieve substantively what the court declined to award by way of costs.”

Justice Ellis added that, even if this conclusion was wrong, Schooner Bay Ventures was guilty of “procedural impropriety” because it had not complied with the article two procedures for resolving grievances that involved both the town manager and community’s Board. And he found that he fines also breached the “penalties doctrine” that prevents the imposition of private contractual penalties as a means to “displace judicial remedies”.

This means Schooner Bay Ventures will now have to pay the $261,500 legal bill to Callenders & Company for the first Supreme Court action. Gail Lockhart-Charles represented the homeowner group in the latest case before Justice Ellis.

Schooner Bay was initially held up as a model for sustainable, resilient development that The Bahamas is increasingly seeking to cope with the realities of climate change. However, its rate of build-out has slowed dramatically for much of the past decade.

Schooner Bay’s abrupt change in direction appears to have coincided with its decision in 2013-2014 to part ways with Bahamas-based developer, Orjan Lindroth, and his Lindroth Development Company.

The latter had acted as the 220-acre project’s master planner and development partner since inception, handling all real estate sales and promotions. They were replaced by a succession of foreign sales companies who met with seemingly limited success.

While Mr Lindroth and his company were Schooner Bay’s public face, the project’s financing was provided by Dr Huber, who has made a multi-billion dollar fortune from patenting fibre-optic technology and then taking the companies that owned it public on the US stock market.

Tribune Business wrote a series of articles in late 2017 questioning the project’s management and other practices, with many of the issues raised not being directly addressed by Schooner Bay Ventures. The project is one of the few developments outside Nassau to attract Bahamian buyers, including artist Antonius Roberts.

Independent auditors’ report

To the Shareholders of Itaú Bank & Trust Bahamas Ltd.

Report on the audit of the consolidated financial statement

Our opinion

In our opinion, the consolidated financial statement presents fairly, in all material respects, the consolidated financial position of Itaú Bank & Trust Bahamas Ltd. (the Company) and its subsidiaries (together ‘the Group’) as at December 31, 2025, in accordance with IFRS Accounting Standards relevant to preparing such a financial statement.

What we have audited

The Group’s consolidated financial statement comprises: the consolidated statement of financial position as at December 31, 2025; and the notes to the consolidated financial statement, comprising material accounting policy information and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the consolidated financial statement section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code.

Emphasis of matter – Basis of preparation and restriction on distribution and use

We draw attention to the fact that the consolidated financial statement does not comprise a full set of consolidated financial statements prepared in accordance with IFRS Accounting Standards. Our opinion is not modified in respect of this matter.

Our report is intended solely for the Shareholders and the Group’s regulator and should not be distributed to, or used by, parties other than the Shareholders and the Group’s regulator

Responsibilities of management and those charged with governance for the consolidated financial statement

2019 The principal activities of the Company and its wholly-owned subsidiaries, (together, the Group), are providing trustee and corporate services from within The Bahamas. The Group has ceased its banking operations and continues with a fiduciary services only platform.

PricewaterhouseCoopers, 2 Bayside Executive Park, West Bay Street & Blake Road, P.O. Box N-3910, Nassau, Bahamas T: + 1 242 302 5300, F: + 1 242 302 5350 www.pwc.com/bs

Management is responsible for the preparation and fair presentation of the consolidated financial statement in accordance with IFRS Accounting Standards, relevant to preparing such a financial statement, and for such internal control as management determines is necessary to enable the preparation of a consolid ated financial statement that is free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statement, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditors’ responsibilities for the audit of the consolidated financial statement

Our objectives are to obtain reasonable assurance about whether the consolidated financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this consolidated financial statement.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statement or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statement, including the disclosures, and whether the consolidated financial statement represents the underlying transactions and events in a manner that achieves fair presentation.

Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are respo nsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters

Audited financial statements

The Group has prepared a separate set of consolidated financial statements for the year ended December 31, 2025 in accordance with IFRS Accounting Standards, on which we issued a separate auditors’ report to the Shareholders dated February 23, 2026

Use of this report

This report, including the opinion, has been prepared for and only for the Shareholders, in accordance with the terms of our engagement letter and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

The Company is owned by ITB Holding Ltd. (ITBHL) (999,999 shares) and ITB Holding Brasil Participações Ltda. (ITBHBPL) (1 share) and is ultimately owned by Itaú Unibanco Holding S.A. (IUHSA), a company incorporated in Brazil. IUHSA and companies in which IUHSA owns directly or indirectly 20% or more of the issued voting shares are referred to as affiliates. Amounts arising from transactions with affiliates are disclosed in this consolidated financial statement and the accompanying notes.

The Company has two subsidiaries; from which two are wholly-owned: Itaú Bahamas Nominees Ltd. (IBNL) which is limited to serving as nominee shareholder on behalf of clients of the Company; and Itaú Bahamas Directors Ltd. (IBDL), which is limited to serving as nominee director of clients of the Company On March 31, 2024 the Company and Karen International Ltd. a former subsidiary entered into a merger agreement to transfer the latter’s business into the Company. Prior to the merger, the Company held 99.998% of Karen International Ltd. which had no business activities (see note 20)

The Company’s registered office is located at 340 West Bay Street, Glass Box Building (west of Goldwynn Resort and Residences), Nassau, The Bahamas.

2. Material Accounting Policies

The material accounting policies applied in the preparation of this consolidated financial statement is set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation

The Group’s consolidated financial statement has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) The consolidated financial statement is prepared under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of consolidated financial statement in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statement in the period the assumptions change.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Changes in assumptions may have a significant impact on the consolidated financial statement in the period the assumptions changed. Management believes that the underlying assumptions are appropriate, and the Group’s consolidated financial statement therefore present the financial position and results fairly.

There are no areas involving a higher degree of judgments or complexity, or areas where assumptions and estimates are significant in the consolidated financial statement.

(i) New standards, amendments and interpretations adopted by the Group Certain new accounting standards, amendments and interpretations that became effective for the Group’s financial year beginning on January 1, 2025 were either not relevant or not significant to the Group’s operations and accordingly did not have a material impact on the Group’s accounting policies or financial statement.

(ii) New standards and interpretations not yet adopted

The following new accounting standards and interpretations have been published that are not mandatory for December 31, 2025 reporting periods:

IFRS 18, Presentation and Disclosure in Financial Statements - IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. The standard is effective for annual periods beginning on or after January 1, 2027.

IFRS 19, Subsidiaries without Public Accountability: Disclosures - IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The standard is effective for annual periods beginning on or after January 1, 2027.

Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments: The IASB has issued targeted amendments to IFRS 9, ‘Financial Instruments’, and IFRS 7, ‘Financial Instruments: Disclosures’. The amendments respond to recent questions arising in practice, and include new requirements not only for financial institutions but also for corporate entities. These new requirements will apply from 1 January 2026, with early application permitted. These amendments: clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets)

The standards listed above have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

(b) Principles of consolidation Subsidiaries

(b) Principles of consolidation

Subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Accounting policies of the subsidiaries are consistent with the policies adopted by the Company. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group.

(c) Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, interest-bearing deposits and other short-term, highly liquid investments, with original maturities of three months or less from the date of acquisition that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(d) Interest-bearing deposits

Interest-bearing deposits comprise deposits with original maturities within 12 months from their placement date and are carried at amortised cost, determined using the effective interest method, less any provision for impairment.

(e) Accounts receivable and other assets

Accounts receivable and other assets are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method, less the allowance for credit losses. The Group holds accounts receivable with the objective to collect contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

(f) Financial instruments

Classification and measurement of financial assets

Financial assets are measured at initial recognition at fair value and are classified and subsequently measured at amortised cost based on the Group’s business model for managing financial assets and the contractual cash flow characteristics of the instrument.

Debt instruments are measured at amortised cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect (HTC) as described below, and (b) the contractual terms of the instruments give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI).

Business model assessment

The Group determines the business models at the level that best reflects how it manages portfolios of financial assets to achieve business objectives. Judgement is used in determining the business models, which is supported by relevant, objective evidence including:

• How the economic activities of the business generate benefits, for example through trading revenue, enhancing yields or other costs and how such economic activities are evaluated and reported to key management personnel;

• The significant risks affecting the performance of the business, for example, market risk, credit risk, or other risks as described in Financial Risk Management (Note 3), and the activities taken to manage those risks;

Historical and future expectations of sales of the instruments managed as part of a business model; and

The compensation structures for managers of the businesses within the Group, to the extent that these are directly linked to the economic performance of the business model.

The Group’s business models fall into one category:

HTC: the objective of this business model is to hold instruments to collect contractual principal and interest cash flows; sales are incidental to this objective and are expected to be insignificant or infrequent.

SPPI assessment

Instruments held within an HTC business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected for basic lending arrangements. Principal amounts include the fair value of the financial asset at initial recognition from lending and financing arrangements, and interest primarily relates to basic lending return, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin.

Impairment

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.

The ECL model includes the use of forward-looking information and classification of financial assets in three stages as summarised below:

Performing financial assets:

Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognised equal to the credit losses expected to result from defaults occurring over the 12 months or shorter if the remaining term is less than 12 months following the reporting date.

Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognised equal to the credit losses expected over the remaining lifetime of the asset.

Impaired financial assets:

Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognised equal to credit losses expected over the remaining lifetime of the asset.

Measurement of expected credit losses

Expected credit losses are based on a range of possible outcomes and consider available, reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s probability of default (PD), loss given default (LGD) and exposure at default (EAD) discounted to the reporting date. The estimated 12-month and lifetime (PD) is determined based on credit risk ratings published by external credit rating agencies. The LGD is determined based on default studies published by external rating agencies. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument.

Expected credit losses are discounted to the reporting period date using the effective interest rate.

For accounts receivable, the Group applies a general approach in calculating estimated credit loss. The Group’s principal activities consist of the provision of fiduciary and funds services. Therefore, the Group has the ability to collect payment through fiduciary appointments. The Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The LGD is equal to zero and lifetime ECL is considered nil.

Expected life

For instruments in Stage 2 or Stage 3, the loss allowance reflects the expected credit loss over the expected remaining lifetime of the instrument. For all instruments, the expected life is limited to the remaining contractual life.

Use of forward-looking information

The PD and LGD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses. Each macroeconomic scenario used in the Group’s expected credit loss calculation includes a projection of relevant macroeconomic variables. Macroeconomic variables used in the Group’s expected credit loss models include, but are not limited to, gross domestic product (GDP).

Definition of default

The definition of default for the purpose of determining expected credit losses considers the following indicators: - a financial institution is highly vulnerable to non-payment; - financial asset has “defaulted” external rating; - financial institution fails to pay one or more of its financial obligations if the exposure is more than equal to 90 days due, it is automatically assessed as defaulted; - financial institution has selectively defaulted on a specific issue or class of obligations but if will continue to meet its payment obligation on other issues or classes of obligations in a timely manner.

Financial Liabilities

Other liabilities represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 to 60-day terms. These payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when they are extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires).

Derecognition

Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. If the Group has neither transferred nor retained substantially all the risks and rewards of ownership, an assessment is made whether the Group has retained control of the financial assets.

(g) Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and ROU assets representing the right to use the underlying assets.

ROU assets

The Group recognises ROU assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

Buildings 3 to 5 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The ROU assets are also subject to impairment.

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

The Group uses its Incremental Borrowing Rate (IBR), based on the rate of interest that the Group would have to pay borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right -of-use asset in a similar economic environment.

In calculating the present value of lease payments, the Group uses its IBR at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

(h) Property and equipment

Property and equipment are carried at historical cost less accumulated depreciation and amortisation and any accumulated impairment. Historical cost includes expenditure that is directly attributable to the acquisition of an item.

Subsequent costs are included in the asset’s carrying amount or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All repairs and maintenance are charged to the consolidated statement of comprehensive income as a part of net income during the financial period in which they are incurred.

Depreciation and amortisation are calculated using the straight-line method to allocate costs (net of residual values) over estimated useful lives as follows: Estimated Useful Life

Furniture & Equipment 5 years

Computer Hardware 3 years

Leasehold Improvements Shorter of life improvement or life of lease

(i) Foreign currency translation

Items included in the consolidated financial statement of the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). This consolidated financial statement is presented in United States dollars, which is the Group’s functional and presentation currency. Foreign currencies are translated into the functional currency at rates prevailing on the date of such transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from translation of monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the consolidated statement of financial position date and recorded in the consolidated statement of comprehensive income.

(j) Fiduciary activities

The Group acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts and other entities. These

(k) Taxation

The

In December 2021, the organization for Economic Co-operation and Development (OCED) issued model rules for a new global minimum tax framework (Pillar Two). The Government of The Bahamas in July 2021 signed for the OCED’s Pillar Two framework. As a result, The Government of The Bahamas enacted on November 28, 2025 Domestic Minimum Top up Tax Act, 2025, the DMTT Act implements a domestic minimum top-up tax of 15% effective January 1, 2025 for qualifying multinational entities in The Bahamas. The Group is within the scope of the OECD Pillar Two Rules and the DMTT Act will become effective for the Group’s fiscal year beginning January 1, 2025.

Management has performed an assessment of the Group’s exposure to the Pillar Two requirements and obtained the Transitional Country-by-Country Reporting (CbCR) Safe Harbour analysis prepared for the jurisdiction of The Bahamas, which indicates that the Bahamian constituent entities report a jurisdictional loss for the fiscal year. Under the OECD GloBE Rules incorporated directly into the DMTT Act, no top-up tax arises where a jurisdiction reports zero or negative GloBE income. Accordingly, management has concluded that no Pillar Two or Domestic Minimum Top -Up Tax implications arise for the current reporting period. The Group applies the Income Taxes (IAS 12) mandatory exemption from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes and will continue to monitor legislative developments and reassess the implications in future reporting periods.

Management has performed an assessment of the Group’s exposure to the Pillar Two requirements and obtained the Transitional Country-by-Country Reporting (CbCR) Safe Harbour analysis prepared for the jurisdiction of The Bahamas, which indicates that the Bahamian constituent entities report a jurisdictional loss for the fiscal year. Under the OECD GloBE Rules incorporated directly into the DMTT Act, no top-up tax arises where a jurisdiction reports zero or negative GloBE income. Accordingly, management has concluded that no Pillar Two or Domestic Minimum Top -Up Tax implications arise for the current reporting period. The Group applies the Income Taxes (IAS 12) mandatory exemption from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes and will continue to monitor legislative developments and reassess the implications in future reporting periods.

(l) Share capital

(l) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

3. Financial Risk Management

3. Financial Risk Management

The Group engages in transactions that expose it to credit risk, liquidity risk, market risk and other operational risk in the normal course of business. Market risk includes interest rate, currency and other price risks. The Group's financial performance is dependent on its ability to understand and effectively manage these risks.

The Group engages in transactions that expose it to credit risk, liquidity risk, market risk and other operational risk in the normal course of business. Market risk includes interest rate, currency and other price risks. The Group's financial performance is dependent on its ability to understand and effectively manage these risks.

Liquidity risk

Liquidity risk

Liquidity risk is the risk that the Group might be unable to meet its contractual obligations.

Liquidity risk is the risk that the Group might be unable to meet its contractual obligations. The Group manages its liquidity by matching as far as possible liabilities with assets of similar maturity periods. The relevant maturity groupings based on the

The Group manages its liquidity by matching as far as possible liabilities with assets of similar maturity periods. The relevant maturity groupings based on the remaining period at the

period at the consolidated statement of financial position date to the contractual maturity

are shown below, based on undiscounted cash flows Interest receivable/payable is allocated to the period in which it is to be received or

and corporations.

The table below presents an analysis of the main financial assets by rating agency designation, based on S&P ratings or their equivalent.

to

of financial position are:

with the capital requirements set by the Central Bank of The Bahamas (the Central Bank); • To safeguard the Group’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; To maintain a strong capital base to support the development of its business. Capital adequacy and the use of regulatory capital are monitored by the Group’s management, employing techniques based on the guidelines developed by the Basel Committee, as implemented by the Central Bank for supervisory purposes. The required information is filed with the Central Bank on a quarterly basis.

Visitors ‘selective’ over in-destination spending

last year. But, again, that’s April, and it’s important to put that into context. I think I said this before, but 90 percent of our customer demographic is comprised of US residents and citizens, and those persons that would have already booked were travellers who intended to visit for the Easter period anyway, and they would have secured their trips well in advance.

“However, given the current economic climate in the US, I think we’re seeing a more cautious approach to spending, and while persons may have or may still travel, a lot of visitors are still, being increasingly, I want to say selective, with their add-on experiences, especially the excursions. And I think that helps them to balance the overall cost of the trip,” she explained.

“We’re still cautiously optimistic. Like I said, as the Easter travel peak period approaches and the air arrivals begin to

increase, we do anticipate that there will be an uptick in last-minute and on-island bookings once those persons would have already landed in The Bahamas.

“But, historically, this period here, we call it the Easter break. I like to say Spring Break. Historically, this period brings a surge of activity on the island, and we do expect the same trend to continue this year. And hopefully our figures would strengthen as persons begin to arrive on island.”

Kate Nottage, of My Bahamas Private Tours & Excursions, said tours are being booked up quickly with her firm having business into September. The bulk of that is set for July, and she added that business is continuing to grow “especially as we continue to build trust in the brand name and get more wordof-mouth referrals, and just our name out there. Mosy definitely, things are picking up.”

Ms Nottage, however, warned about the problems posed by unregulated water sports operators and the negative narrative they create around the industry as a whole, which can damage both its reputation and that of the wider Bahamas. Speaking after the most recent sexual assault claim involving a jet ski operator and a US visitor, Ms Nottage said incidents such as this cab be “damaging” for the industry.

“Especially with the political climate right now and everything going on, and them being 73 or 74 percent of our visitors, that can be incredibly damaging for us,” she said. “And right now the entire world is pretty volatile. So I think that is something that’s very important for us to be on top of.”

Ms Nottage added that rogue operators may be conducting business that way because fees to operate are high, and there is a lot of bureaucracy and ‘red tape’ impacting the water sports

industry. “So that’s kind of two-fold, because it is really frustrating as people who are, by the book, fully commercially licensed and insured, registered in every way we need to be,”she said. “It puts a bad name out there for all of us.

“I kind of think when people aren’t following the rules in that way, because things do happen, unfortunately, and that’s not good for the country. It’s not good for anybody because it’s not good for the people that it happens to. But then the other thing that I think is putting a bit of a barrier up is a lot of the registration fees, and a lot of things are kind of difficult to get, so you are jumping through a lot of hoops, and a lot of it is really expensive, so it is harder, and a lot of the smaller operators, I think, just give up and don’t even bother with it because of that. So that’s also, I think, a problem.”

Ms Nottage continued: “When you’re commercially registering your boat,

it’s pretty expensive, and then obviously you have to do that annually. It’s most expensive the first time you do it. And then even just getting your full Business Licence as a tour operator can be pretty difficult because of the way they have it set up.

“So there are kind of a lot of barriers in that sense, and some of the fees are pretty high, especially for people just starting out. And then even just the application process can be a bit difficult as well. So I think that there needs to be a bit more accessibility, like bridging the gap in that sense. The fees are high, and I understand why some of them have to be high, but I think some of them are made potentially a little too high, which is discouraging people from doing it the right way.

“But I do understand why some of them do need to be high. But then also, even just the application process to get your full Business License, some of the the way they have it set up doesn’t fully make sense for some operators because of the way that most of the vessels are in a marina and they are like home-based operations,” she said.

“So, there’s a bit of difficulty there. But also, as people who do it by the books fully, I still want to see people doing that. I still want to see people doing it properly, having the proper insurance, going through the proper channels, because at the end of the day, it’s really important you’re protecting your guests and yourself, and it’s also part of our brand as a country.”

Women farmworkers who built their own fight against sexual assault cope with Chavez allegations

By ALEXANDRA OLSON, DORANY PINEDA and CLAIRE SAVAGE Associated Press

ALMOST two decades ago, legendary labor rights activist Dolores Huerta joined Mónica Ramírez at a Chicago event to promote the Bandana Project, a campaign Ramírez had launched to raise awareness about sexual violence against women farmworkers.

Huerta spoke there about the need to educate women farmworkers about their rights and empower them to speak out about sexual exploitation that is both widespread and underreported among agricultural field workers. Little did anyone know at the time that Huerta herself had been sexually abused at the hands of icon César Chavez, who in 1962 co-founded the organization now known the United Farm Workers with Huerta.

The allegations against Chavez by Huerta and other women and girls show that the culture of fear and intimidation that enables sexual abuse in agricultural fields had also for many years existed within top ranks of the male-dominated labor movement that fought for farmworker rights.

At the same time, advocates like Ramírez say the decision by Huerta and other women to speak out — first revealing their

allegations to the New York Times — is a powerful sign that things have changed since Chavez's time. In the three decades since Chavez died in 1993, the network of grassroots organizations led by women farmworkers has grown, pushing for federal and state investigations into sexual abuse on farms and laws mandating sexual harassment training, as well as securing commitments from growers and produce buyers to adopt policies for women, among other gains.

To Ramírez, Chavez's alleged abuse feels like a betrayal because she and other advocates admired him and credited him with inspiring the movement that galvanized their own organizing efforts. But his shattered legacy does not erase the gains women farmworkers and advocates have made on their own.

"It feels a little bit bewildering because so many of us have grown up looking up to César Chavez," said Ramírez, founder and president of the advocacy group Justice for Migrant Women whose own parents

were migrant farmworkers in Ohio. "But we have to remind each other that this is a long-standing movement that is made of many, many people, including women leaders."

Some 25% of the country's more than 1 million hired farm workers are women, according to government figures, although estimates on the population of agricultural workers vary. The prevalence of sexual harassment and abuse is difficult to quantify because it often goes unreported, but in field surveys conducted by groups Human Rights Watch, the Southern Poverty Law Center and the University of California-Santa Cruz, some 80% or more of women crop workers have reported some form of sexual harassment.

A watershed moment in building awareness came in 1999 when the U.S. Equal Employment Opportunity Commission, the federal agency that enforces anti-discrimination laws in the workplace, won a $1.85 million settlement against

“It feels a little bit bewildering because so many of us have grown up looking up to César Chavez. But we have to remind each other that this is a long-standing movement that is made of many, many people, including women leaders.”

Mónica Ramírez

What to know about Diego Garcia after Iran targets the remote island’s

By JILL LAWLESS Associated Press

key US military base

a major U.S. lettuce grower on behalf a California worker who was subjected to sexual advances by her managers and fired when she complained.

Since then, the EEOC has secured millions more in compensation from farmworkers who have reported sexual harassment or abuse.

It's hard to say how much sexual violence against women farmworkers has eased as a result of government enforcement and growing outreach and educational efforts. Fear, isolation in the fields, language barriers, and immigration status continue to make farmworkers particularly vulnerable to exploitation. More than 40% of agricultural workers had no work authorization between 2020 and 2022, according to government estimates, and many are in the country on H2-A visas that are tied to their employment, increasing their fear of dismissal and

for clandestine rendition flights of terror suspects.

The U.S. deployed several nuclear-capable B-2 Spirit bombers to Diego Garcia last year amid an intense airstrike campaign targeting Yemen's Houthi rebels.

deportation if they speak out.

Darlene Tenes, executive director of Farmworker Caravan, an advocacy group in California, said that during meetings, majorities of women still report being victims of sexual abuse, and that the Trump administration's immigration crackdown has forced them to cancel education conferences and try to visit communities directly to quietly provide resources.

Still, in regions where the most robust legal protections and protective programs have been put into place, women farmworkers say things have started to improve.

Nely Rodriguez said sexual abuse was "bread and butter" when she worked the fields decades ago, but she didn't fully understand her rights until she joined the Florida-based Coalition of Immokalee Workers, which runs the Fair Food Program, a partnership with major

attack ships in the Strait of Hormuz.

The U.K. says that the British bases can only be used for "specific and limited defensive operations."

produce buyers including Walmart and McDonald's that pledge to source food from growers who have entered into a legally binding agreement to abide by a code of conduct. That includes sexual harassment training and a system for investigating complaints and holding perpetrators accountable. For many women advocates, the biggest difference has been breaking the taboo in farm worker communities about even speaking about sexual abuse. In her statement saying that Chavez raped her in the 1960s, Huerta, now 96 years old, said she kept her secret for so long because she feared that "exposing the truth would hurt the farmworker movement" but today, she understands that she is a "survivor — of violence, of sexual abuse, of domineering men who saw me, and other women, as property, or things to control."

IRAN has launched missiles at Diego Garcia, an Indian Ocean island that is home to a strategic U.K.U.S. military base. Britain condemned "Iran's reckless attacks" after the unsuccessful attempt to hit the base. It's unclear how close the missiles came to the island, which is about 2,500 miles (4,000 kilometers) from Iran. Here is what to know about the remote but strategic base. The United States has described the Diego Garcia base as "an all but indispensable platform" for security operations in the Middle East, South Asia and East Africa.

Legal Notice

Megabucks International Ltd.

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

LEGAL NOTICE

KEW GREEN LIMITED Registration No. 141838 B 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), that Megabucks International Ltd. (Registration no. 156787B is in dissolution. The date of commencement of the dissolution is the 18th March, 2026. The Liquidator of the Fund is Crowe Bahamas and can be contacted at Harbour Bay Plaza, Shirley Street, Suite 587, P. O. Box AP-59223, Nassau, Bahamas. Email andrew.davies@ crowe.bs . All persons having claims against the abovenamed company are required to mail and email their names, addresses and particulars of their debts or claims to the Liquidator before 17th April, 2026.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of KEW GREEN LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was _________________________. Crowe Bahamas Liquidator

Home to about 2,500 mostly American personnel, it has supported U.S. military operations from Vietnam to Iraq and Afghanistan. In 2008, the U.S. acknowledged that it also had been used

Britain initially refused to let the base be used for U.S-Israeli attacks on Iran, but after Iran lashed out at its neighbors, the United Kingdom said American bombers could use Diego Garcia and another British base to attack Iran's missile sites. On Friday, the U.K. government said that includes sites being used to

NOTICE

OLONNES INVESTMENTS INT’L LTD.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Olonnes Investments Int’l Ltd. has been completed and the company has been struck from the Register on the 16th day of February, 2026.

But Iranian Foreign Minister Abbas Araghchi said on X that U.K. Prime Minister Keir Starmer "is putting British lives in danger by allowing UK bases to be used for aggression against Iran." Iran previously has put a self-imposed limit on its ballistic missile program, limiting their range to 1,240 miles (2,000 kilometers).

Diego Garcia is well outside that range. However, U.S. officials long have alleged Iran's space program could allow it to build intercontinental ballistic missiles.

Justin Bronk, a senior research fellow at defense think tank the Royal United Services Institute, said that the attempt to hit Diego Garcia may have involved improvised use of Iran's Simorgh space launch rocket, "which could offer greater range as a ballistic missile," though at the cost of reduced accuracy.

Diego Garcia is part of the Chagos Archipelago, a chain of more than 60 islands in the middle of the Indian Ocean off the tip of India. The islands have been under British control since 1814, when they were ceded by France. In the 1960s and 1970s, Britain evicted as many as 2,000 people from Diego Garcia, so the U.S. military could build the base there.

In recent years, criticism has mounted over Britain's control of the archipelago

and the way it forcibly displaced the local population. The United Nations and the International Court of Justice have urged the U.K. to end its "colonial administration" of the islands and transfer sovereignty to Mauritius. After long negotiations, the U.K. government struck a deal last year with Mauritius to hand over sovereignty of the islands. Britain would then lease back the Diego Garcia base for at least 99 years.

The U.K. government says that will safeguard the future of the base, which is vulnerable to legal challenges. But the agreement has been criticized by many British opposition politicians, who say giving up the islands puts them at risk of interference by China and Russia.

Some of the displaced Chagos islanders and their descendants also have challenged the deal, saying they weren't consulted and it leaves them unclear on whether they will ever be allowed to return to their homeland.

The U.S. administration initially welcomed the deal, but U.S. President Donald Trump changed his mind in January, calling it "an act of GREAT STUPIDITY" on his social media platform Truth Social.

Starmer's initial refusal to let the U.S. attack Iran from Diego Garcia further angered Trump, who said earlier this month that "the U.K. has been very, very uncooperative with that stupid island that they have."

NOTICE

MALARK INVESTMENTS LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Malark Investments Limited has been completed and the company has been struck from the Register on the 12th day of February, 2026.

Sparrow Nominees Ltd. Liquidator

Trump touted bigger tax refunds this year, but Americans will likely spend them on gas

By CHRISTOPHER RUGABER AP Economics Writer

THE U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump’s tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend.

“Next spring is projected to be the largest tax refund season of all time,” Trump said in a prime-time speech in December that was intended to address voters’ concerns about the economy and stubbornly high prices.

But that was before the Iran war, which began Feb. 28. Oil and gas prices have soared since then, with the nationwide average price of gas reaching $3.94 Sunday, up more than a dollar from just a month earlier.

Gas prices are likely to remain elevated for some time, even if the war ends soon, because shipping and production have been disrupted and will take time to recover. Economists now expect slower growth this spring and for the year as a whole, as dollars that are spent on gas are less likely to be used for restaurant meals, new clothes, or entertainment.

Lower and middle-income households are likely to be hit particularly hard, because they receive lower refunds, while spending a greater proportion of their earnings on gas.

“The energy shock is to going to hit those who have the least cushion,” said Alex Jacquez, chief of policy at the left-leaning Groundwork Collaborative and a

former economist in the Biden White House. “And it doesn’t look like those tax refunds are going to be here to save them.”

Neale Mahoney, director of the Stanford Institute for Economic Policy Research, calculates that gas prices could peak in May at $4.36 a gallon, based on oil price forecasts by Goldman Sachs, followed by slow declines for the rest of the year. The notion that gas prices decline much more slowly than they rise is so ingrained among economists that they refer to it as the “rocket and feathers” phenomenon.

In that scenario, the average household would pay $740 more in gas this year, nearly equal to the $748 increase in refunds that the Tax Foundation has estimated the average household will receive. Through March 6, refunds have risen by much less than that, according to IRS data: They have averaged $3,676, up $352 from $3,324 in 2025. Still, average refunds could rise as more complex returns are filed.

Other estimates show similar impacts. Economists at Oxford Economics, a consulting firm, estimate that if gas prices average $3.70 a gallon all year, it will cost consumers about $70 billion — more than the $60 billion in increased tax refunds.

The gas price spike comes with many consumers already in a precarious position, particularly compared to 2022, when gas prices also soared because of Russia’s invasion of Ukraine. At that time, many households still had fattened bank accounts from pandemic-era stimulus payments

PUBLIC NOTICE

The public is hereby advised that I, MARCIA ALTHEA DEVEAUX of P. O. Box CR-56564, Doris Johnson Estates, New Providence, Bahamas intend to change my name to MORCIA ALTHEA DEVEAUX. 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. INTENT TO CHANGE NAME BY DEED POLL

NOTICE

NOTICE is hereby given that I LORVINS DORSEMA of Carmicheal Road West, 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 23th 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 PHILLIP EDWARD JOHNSON of FH 14-158 Fox Hill 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 23th 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 RENAUD LEGISTE of Peach 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 twentyeight days from the 23rd day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

and companies were hiring rapidly and sharply lifting pay to attract workers.

Now, hiring is nearly at a standstill and Americans’ saving rate has steadily fallen in the past few years as many households borrow more to sustain their spending.

“When you start looking across the perspective from a consumer side, you’re seeing people who have maxed out their credit cards, are using ‘buy now, pay later’ to purchase their

groceries,” said Julie Margetta Morgan, president of The Century Foundation, a think tank. “They’re making it work for now, but that can fall apart quite quickly.”

The impact will likely worsen the “K-shaped” narrativ e around the U.S. economy, analysts said, in which higher income households have fared better than lower-income households. The bottom 10% of earners spend nearly 4% of their incomes on gasoline, Pantheon Macroeconomics

NOTICE

NOTICE is hereby given that JUSTIN DARIUS of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 23rd day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

estimates, while the top 10% spend just 1.5%.

For now, most analysts still expect the U.S. economy to expand this year, even if more slowly, given the gas price shock. Higher gas prices will likely worsen inflation in the short run, but over time weaker spending will also slow growth.

American consumers and businesses have repeatedly shaken off shocks since the pandemic — soaring inflation, rising interest rates,

A PERSON fills up her vehicle’s gas tank at a gas station in Buffalo Grove, Ill., Thursday, March 19, 2026.

tariffs — and continued to spend, defying concerns that the economy would tip into recession. Many economists note that the proportion of their incomes that Americans spend on gas and other energy has fallen significantly compared with a decade ago.

Data from the Bank of America Institute, released Friday, showed that spending on gas on the bank’s credit and debit cards shot 14.4% higher in the week ended March 14 compared with a year ago. Before the war, such spending was running 5% below the previous year, a benefit to consumers.

Spending on discretionary items — restaurant meals, electronics, and travel — is still growing, the institute said, evidence of consumer resilience. But there is little sign it is accelerating, as many economists had hoped.

“The longer these gasoline prices persist, the more that will gradually sap consumer discretionary spending,” said David Tinsley, senior economist at the institute.

NOTICE

NOTICE is hereby given that I ERMIDE

of Francis

Fox

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.

For airline travelers, the shutdown answer is simple: Pay TSA officers

By JEFF AMY Associated Press

REGARDLESS of politics or destination,

American air travelers were unified by one desire Saturday: It's time to pay Transportation Security Administration employees.

"Everybody got bills they have to pay, and it's horrible," said Patrice Clark, whose trip to Las Vegas began Saturday with a nearly four-hour wait in a security line at Dallas Fort Worth International Airport. "Times are hard for everybody at this point. Working and not getting paid and gas prices are extremely high — like everybody needs their money. They need to pay them."

TSA officers haven't gotten a paycheck since the U.S. Department of Homeland Security partly shut down on Feb. 14. Democrats balked at funding the agency, while other departments are unaffected, demanding changes to immigration enforcement by federal agents following the shooting deaths of Alex Pretti and Renee Good in Minneapolis.

Some travelers arrive 4 hours early

Christian Childress is a private flight attendant, so when he is working, he doesn't wait in TSA lines.

But the Redwood City, California, resident frequently

goes through a checkpoint when flying commercial to get to his job.

Childress said shutdown effects have been "hit or miss" thus far. He came to the Atlanta airport nearly three hours before his 1:30 p.m. Saturday flight to Nashville, Tennessee, for a leisure trip. Some passengers have been arriving even earlier in Atlanta — one of the world's busiest airports — spooked about missing flights because of delays.

"Issue No. 1 should be paying the people who need to get paid and keeping our

air travel system secure," Childress said. "Then they can debate whatever they want to debate about homeland security."

Some passengers said it is time for Democrats to give up on the shutdown.

"I don't want to go between the Democrats and the Republicans, but I think the Democrats are holding everything up because they can't get their way," said Tyrone Williams, a retiree from the Atlanta suburb of Ellenwood. He was queued up for screening before his flight to Philadelphia on Saturday.

US and Iran trade threats of expanding war after strikes near Israeli areas tied to nuclear sites

A TSA staff member at a check point at Harry Reid International Airport, Saturday, March 21, 2026, in Las

to take a role in airport security starting Monday unless Democrats agree to fund the Department of Homeland Security.

The president said U.S. Immigration and Customs Enforcement agents would bring the administration's immigration crackdown into the nation's airports, arresting "all Illegal Immigrants" with a focus on those from Somalia.

"I look forward to moving ICE in on Monday, and have already told them to, "GET READY." NO MORE WAITING, NO MORE GAMES!" Trump wrote.

Atlanta's checkpoint wait time spiked as high as 90 minutes on Saturday morning before melting away to nothing in the afternoon on what is typically one of the slowest days of the week for air travel. Staffing shortages have forced some airports to close checkpoints at times, with wait times swinging dramatically.

Trump says he will send ICE to airports

Concerns about long airport lines are increasingly capturing attention.

President Donald Trump said Saturday he will order federal immigration officers

By ALON BERNSTEIN, SAM METZ and SAMY MAGDY Associated Press

IRAN and its ally, the Lebanese militant group Hezbollah, stepped up their attacks on Israel on Sunday, launching strikes across the country after the United States and Iran threatened to widen their targets in the war in the Middle East, now in its fourth week.

As Israel came under renewed fire, top Israeli leaders traveled to the southern town of Arad, one of two communities near a secretive nuclear research site struck by Iranian missiles late Saturday, wounding scores of people.

Prime Minister Benjamin Netanyahu toured the destruction in Arad and said it was a "miracle" no one was killed there. He claimed Israel and the U.S. were well on their way to achieving the war's goals and implored the international community for more support.

Earlier, President Donald Trump warned the United States will destroy Iran's power plants if Tehran fails to fully open the Strait of Hormuz, setting a 48-hour deadline on Saturday. Iran's parliament speaker said if the U.S. follows through on its threat, Tehran will retaliate against American and Israeli energy and wider infrastructure in the region.

The developments signaled the Iran war, which the U.S. and Israel launched Feb. 28, was moving in a dangerous new direction, despite Trump's mention last week he was considering "winding down" operations. It has killed hundreds of people, rattled the global economy and sent oil prices surging.

Hezbollah claimed responsibility for an airstrike Sunday that killed a man in northern Israel while

Funding for the whole department failed to advance in the Senate on Friday after Democrats declined to support a bill.

On Saturday, in a rare weekend session, the Senate rejected a motion by Democrats to take up legislation to fund TSA. Republicans argue that they need to fund all of the department, not just parts.

Travelers 'grateful' for unpaid TSA workers

The vast majority of employees at TSA are considered essential, and roughly 50,000 continue to work without pay during the funding lapse. Nationwide on Thursday, about 10% of TSA officers missed

Gulf Arab states — including Saudi Arabia and the United Arab Emirates — said they were intercepting fresh barrages of new Iranian strikes. Iran responds to Trump threat on its Strait of Hormuz closure

Iran has practically closed the Strait of Hormuz, a chokepoint connecting the Persian Gulf to the rest of the world through which roughly one-fifth of global supply passes. Attacks on ships and threats of further strikes have stopped nearly all tankers from navigating the strait, compelling some of the largest oil producers to make cuts because their crude has nowhere to go. The blockade is a liability for both the U.S. and its allies in Europe and Asia, who rely heavily on the Persian Gulf supply to meet energy demand and power factories, vehicles and homes. The U.S. lifted some sanctions on Iranian oil at sea to relieve pressure on energy prices.

Trump said if Iran didn't open the strait, the U.S. would destroy its "various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!"

Iranian parliament speaker Mohammad Bagher Qalibaf responded Sunday on X that if Iran's power plants and infrastructure are targeted, then vital infrastructure across the region — including energy and desalination facilities — would be considered legitimate targets and "irreversibly destroyed."

Separately, Iranian officials said they would keep providing safe passage through the strait to vessels from countries other than its enemies.

Nuclear concerns as the war rages

Iran said its strikes in the Negev Desert were in retaliation to an earlier attack

work, the department reported. Absentee rates were two or three times higher in places.

Merissa Thomas arrived in Las Vegas on Saturday after a quick trip through a checkpoint at Reagan National Airport near Washington, D.C.

"I'm so grateful for people who are willing to sacrifice a lot to make sure we're safe," Thomas said. Union leaders and federal officials say TSA officers are under financial pressure. Airport screeners have spent nearly half of the past 171 days with paychecks delayed by politics — 43 days last fall during the longest government shutdown in history, four days earlier this year during a brief funding lapse, and now 36 days and counting during the current shutdown.

At least 376 officers have quit since this shutdown began, according to officials, exacerbating turnover at an agency that historically has had some of the U.S. government's highest attrition and lowest employee morale.

"From now on I would drive wherever I have to go until they get this figured out," said Clark, the delayed traveler. "It was horrible."

on Iran's main nuclear enrichment site in Natanz, according to state-run media.

Tehran praised the attack as show of strength, even as Israel's military asserts that Iranian missile launches have gradually decreased in frequency since the war began.

"If the Israeli regime is unable to intercept missiles in the heavily protected Dimona area, it is, operationally, a sign of entering a new phase of the battle," said Qalibaf, the Iranian parliament speaker. Dimona is about 20 kilometers (12 miles) west of the nuclear research center, and Arad about 35 kilometers (22 miles) to the north. Soroka Medical Center, southern Israel's main hospital, received at least 175 wounded from Arad and Dimona, the hospital's deputy director Roy Kessous told The Associated Press.

Israel is widely believed to possess nuclear weapons, though it doesn't confirm or deny their existence. The U.N. nuclear watchdog said on X it had not received reports of damage to the Israeli center or abnormal radiation levels.

Israel denied responsibility for hitting Natanz on Saturday while the Iranian judiciary's official news agency, Mizan, said there was no leakage. The Pentagon declined to comment on the strike at Natanz, which was also hit in the first week of the ongoing war and in the 12-day war last June.

The U.N. watchdog — the International Atomic Energy Agency — has said the bulk of Iran's estimated 972 pounds (441 kilograms) of enriched uranium is elsewhere, beneath the rubble at its Isfahan facility.

Iran says strikes also hit hospital

Iran said that, in addition to Natanz, strikes also hit a hospital in Andimeshk. The Health Ministry reported patients and doctors were evacuated to another city.

Iran's death toll in the war surpassed 1,500 on Saturday, state media reported, citing the ministry. In Israel, 15 people have been killed by Iranian strikes. More than a dozen civilians in the occupied West Bank and Gulf Arab states have been killed in strikes.

The war has also seen noncombat-related accidents, including a U.S. refueling plane crash in Iraq that killed six U.S. service members and a Qatari military helicopter crash on Saturday blamed on a technical malfunction. All seven aboard were killed, Qatari authorities said Sunday.