03272026 BUSINESS

FNM signals new hospital end but fears ‘poison pill’

BY NEIL HARTNELL Tribune Business Editor

THE Opposition’s chairman yesterday strongly signalled that the Free National Movement (FNM) will not proceed with the $268m project for a second New Providence hospital if it wins the upcoming general election - provided the Chinese financing deal contains no “poison pill”.

Dr Duane Sands, the ex-health minister who is the FNM’s Bamboo Town candidate, reiterated to Tribune Business his party’s view that the proposed Perpall Tract healthcare facility is a “white elephant” and that the Bahamian people would receive better value for money from public healthcare improvements by upgrading the existing Princess Margaret Hospital (PMH) site.

Chair brands Perpall Tract plan ‘hare brained’ and ‘white elephant’

Affirms party would return to PMH improvement strategy if re-elected

But China deal appears to contain ‘locked in’ provision that it fears

Arguing that the Davis administration has provided “no good reason” for “deviating” from long-standing plans for PMH’s enhancement, which had been in progress under successive Progressive Liberal Party (PLP) and FNM governments, he branded the new hospital a “hare-brained scheme” that was rejected by all healthcare stakeholders, including Bahamian doctors and nurses.

However, voicing concern that the “devil is in the details”, Dr Sands told this newspaper that he and the FNM fear the Government will have inserted a “poison pill” into both the $195m financing deal with the China Export-Import Bank - plus the new hospital’s construction contract with China Railway Construction Corporation - that would make it impossible for a Michael Pintard-led administration to exit the deal

DR DUANE SANDS

without incurring significant penalties and exposure for Bahamian taxpayers.

The FNM chairman’s concerns may be well-founded, because clause 5.5 of the December 30, 2025, loan agreement signed between the Government and China Export-Import Bank appears to commit The Bahamas to not withdrawing from either the loan or the hospital project itself. “The borrower [the Government] shall ensure and hereby undertake that the commercial contract shall not be terminated or cancelled,” this part of the agreement states.

The Opposition, in launching its general election campaign last Saturday, was careful to avoid mentioning the second New Providence hospital project in a three-page release

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Bus fare rise ‘necessity’ as costs up 400% before war

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

JITNEY owners yesterday said an adult fare increase is a “necessity” regardless of the Middle East conflict’s impact on fuel prices because industry margins have already been squeezed by up to “400 percent” post-COVID cost increases, with one asserting: “We are surviving but that’s about it.” Harrison Moxey, president of the United Public Transportation Company (UPTC), which represents owners and operators, told Tribune Business that the price and

government-controlled fares need to be raised to “at least” $2 for adult passengers - a 33 percent increase on the present $1.50 - for the industry to be sustainable given that it was facing post-pandemic cost pressures even before the US and Israeli assault on Iran.

Besides fuel, he confirmed that parts, insurance and maintenance costs for jitney owners and drivers have increased significantly, while a range of government-related fees have also risen, as he warned: “The struggle is real.”

Mr Moxey told this newspaper of an adult fare increase: “Certainly, I think it’s warranted now even without that

Licensees fear ‘no lower costs’ in GB Power deal

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

GRAND Bahama Port Authority (GBPA) licen sees yesterday called for full disclosure and transparency from the Government over its proposed $280m acqui sition of the island’s power provider as they voiced fears the deal will not result in “improved performance or lower energy costs”.

The Freeport Licen sees Association (FLA), in a statement express ing concerns voiced by the Grand Bahama Chamber of Commerce’s president and others in the private sector, as well as the Opposition, called on the Davis administration

[the Middle East conflict]. It ain’t something we are proposing to them based on what’s happening during this war. We are needing it now.

I think it’s a necessity for us now ever since COVID.

“Post-COVID, nothing has gone down. Everything went up - in some cases, by 400 percent - and nothing has gone back down. We are still feeling the pressure.. costs on parts, costs on insurance have increased, and the Government has gone up on a lot of their fees. These things, we feel them directly in the pocket and feel them right away.

“Profit margins have contracted,” Mr Moxey added. “We can make a living, but the headwind is hard and the struggle is real. We are surviving, that’s about it. Not enough has been invested to improve the industry structure, which could ultimately increase rider-ship, safety and security; those types of issues.

“There’s a lot more to be done outside of fuel and fare increases, and these should not just be considered when something happens.” Adults presently pay a $1.50, with seniors and students at $1.25.

Regulator gives ‘preliminary support’ for project’s site plan

Leaves Yntegra’s key opponents ‘appalled’ and ‘shocked’

Dredging scale ‘limited’, but sets 10 conditions for full nod

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE $200m Rosewood Exuma developer yesterday hailed the “renewed momentum” created by the planning authorities’ backing and findings that it “represents a low-density resort model appropriate” for Big Sampson Cay - leaving its opponents “appalled” and “shocked”.

The Town Planning Committee, in a March, 25, 2026, letter to Robert Adams KC, the Delaney Partners attorney representing Miami-based Yntegra Group, said that the “scale of proposed dredging and associated works” - a key concern cited by those objecting to the resort development in its current form - is “limited” and can be further mitigated by existing regulations and controls. It revealed that, at its meeting the previous day, the Committee had agreed to grant the Rosewood Exuma project “preliminary support of application” for its bid to obtain site plan approval from the planning authorities. And the letter also described the development as having adopted a “dispersed” build-out plan that will “maintain the natural character” of Big Sampson Cay.

Reassuring that it had accounted for all public feedback provided at two Exuma Town

anixon@tribunemedia.net

AN Exuma-based bar operator yesterday accused the Government of “going overboard” with its new liquor regulatory regime that has forced him to invest in $3,000 worth of renovations.  Andrew Smith, who owns a laundromat with a built-in bar, told Tribune Business he has been told to build a wall to separate the two businesses to bring him into compliance with the new certification and registration regime. As a result, he said he is now no longer permitted to have a bar in his laundromat.

Having already begun a separate expansion project, the temporary wall he must now build to separate the liquor store from the laundromat has cost Mr Smith about $3,000 more.  “I have a little, small, unique business, and I honestly don't think that you're going to see it any place else in The Bahamas,” he said.

The keys to getting PPP projects right

As The Bahamas continues to pursue economic diversification and infrastructure modernisation, public-private partnerships (PPPs) present a viable and strategic pathway to accelerate national development. However, the success of PPPs depends heavily on the establishment of a robust framework that balances public interest with private sector efficiency and innovation.

A foundational requirement for effective PPPs is the creation of a strong legislative and regulatory framework. Clear and transparent laws reduce uncertainty, define procurement processes and ensure fair competition. For The Bahamas, strengthening

Bahamian

entrepreneurs called to W.I.N. at summit

THE Tourism Development Corporation (TDC) is urging Bahamian entrepreneurs to turn creative ideas into active commercial businesses through a new national initiative.

The Corporation, in a statement, said it is launching the W.I.N. Entrepreneurial Summit (Where Ideas Network) to empower local entrepreneurs and strengthen The Bahamas’ tourism industry from the ground up.

“This W.I.N. Entrepreneurial Summit is a transformative opportunity for aspiring and established entrepreneurs alike, bringing together key government agencies, private sector experts and industry leaders to support real business growth,” said Deanya Coakley, the Corporation’s lead for business services.

“It provides direct access to essential resources, expert guidance and meaningful connections. Attendees will receive hands-on support with business development - from registration and renewals to strategic planning, marketing and project execution, while gaining the tools, knowledge and network needed to confidently launch, grow and sustain successful ventures.”

Hosted by the TDC, the Corporation added that the initiative aligns directly with its 2026 strategic vision to cultivate and support Bahamian entrepreneurs within the tourism sector. It added that summit attendees will gain access to help with areas such as business licensing and renewals; business plan development and expert review; and access to grants, loans and investors.

Further help is being offered with marketing, branding and digital development support, plus book-keeping and accounting guidance; website creation and point-of-sale (POS) system integration assistance; strategic partnership development; and exporting, shippng and international marketing access.

The Corporation said the W.I.N. Entrepreneurial Summit is targeting aspiring entrepreneurs, youth innovators and small to medium sized enterprises, with a special focus on those operating - or looking to operate - within tourism. It aims to increase the number of Bahamian-owned businesses, improve compliance and strengthen connections between entrepreneurs and key stakeholders, directly boosting local ownership, national economic growth and diversification.

IAN

FERGUSON

statutory guidelines will be critical to attract credible investors while safeguarding the Bahamian national interest.

Equally important is strong political leadership and public championing. PPP projects often span multiple administrations and require continuity. Recognised leaders must actively advocate for these initiatives, addressing public concerns and reinforcing the long-term value of such partnerships. Consistent political support helps to navigate bureaucratic challenges and sustain investor confidence.

At the operational level, the development of detailed and well-balanced contracts is essential. PPPs are inherently long-term arrangements, and contracts must clearly outline roles, responsibilities, risk allocation and expected returns. Striking the right balance

ensures that private sector partners achieve reasonable profitability while the public sector secures value for money and service quality.

Selecting the right private sector partner is another key success factor. Beyond cost considerations, emphasis should be placed on experience, financial strength and the ability to deliver best value. Establishing trust between partners fosters collaboration and minimises disputes over the project lifecycle.

Financial viability must also be at the forefront of PPP planning. A robust financial strategy with clearly defined revenue streams, such as user fees, service charges or government-backed payments,

is necessary to sustain projects over time. This requires rigorous due diligence and comprehensive financial modelling to mitigate risk. Institutionally, the establishment of dedicated PPP units within the public sector can significantly enhance project outcomes. These specialised teams bring together legal, financial and technical expertise to manage projects from conception through to execution and monitoring, ensuring consistency and accountability.

Finally, early and continuous stakeholder engagement cannot be overlooked. Transparent communication with the public, employees and end-users builds trust,

reduces resistance and ensures that projects are aligned with national priorities and community needs. By adopting these key principles, The Bahamas can position PPPs as a cornerstone of sustainable development, unlocking private capital while delivering critical infrastructure and services for its people.

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

Atlantis names new leader for The Reef

ATLANTIS has named Lenny Cumberbatch as vice-president and general manager for The Reef resort. He assumes responsibility for all hotel operations at the property, and will oversee food and beverage operations at The Cove as well.

Mr Cumberbatch joined Atlantis as vice-president of food and beverage in 2024. Prior to his hiring, he held executive positions at Atlantis and across the Caribbean, including SLS Baha Mar and The Windjammer Landing Villa Beach. Mr Cumberbatch has a post-graduate certificate in business administration from the University of Roehampton, and is an adjunct professor at the University of The Bahamas.

“Lenny’s operational expertise and extensive hospitality experience make him an outstanding leader, and we are confident he will be an invaluable asset to The Reef at Atlantis Paradise Island," said Audrey Oswell, Atlantis president and managing director. "His passion for the industry and commitment to achieving excellence align perfectly with the values and vision of Atlantis.”

"It is a delight to lead the extraordinarily talented team at The Reef at Atlantis Paradise Island,” said Mr Cumberbatch. "The Reef offers all the elements for a luxurious, family-friendly and secluded retreat. I look forward to continuing Atlantis’ legacy by creating unforgettable experiences only at Atlantis for our guests, whether they are visiting for the first time or returning to create new memories.”

John Watling’s hosts concert by founder of Iron Maiden

JOHN Watling’s Distillery is poised to host a concert by the musician behind heavy metal band, Iron Maiden, at its Buena Vista Estate on April.

Pepin Argamasilla, managing partner at John Watling’s Distillery, said the concert by Steve Harris and British Lion, his sideline band, will enable The Bahamas to expand its musical offerings.

“We are delighted to welcome Steve Harris and British Lion — it is a rare opportunity to see a major international artist perform here in The Bahamas,” he said. “As a tourism destination, it is important to explore new avenues, and hosting a concert at the Buena Vista Estate, especially with such talented artists, is a great way to expand our horizons.”

Event organiser Sean Nottage, a long-time friend of Harris, said the band was inspired to perform at the venue following a previous concert there by Spanish rock band, Los Labios. He said they had long discussed hosting a concert in The Bahamas, and the Buena Vista estate provided the

perfect setting for an intimate performance and a new concert experience for Bahamian audiences.

“Steve Harris has played in major stadiums and festivals around the world, so performing up close with the audience gives him a real charge,” said Mr Nottage. “I think this could be a watershed moment. If it leads to more gigs like this,

it could help expand the range of live music concerts available in The Bahamas.

“Here is a chance to experience something you don’t often get to see — live acts of this kind — and to be part of something fresh.”

The concert coincides with the 2026 Monsters of Rock cruise, a five-day voyage featuring several major hard rock and heavy metal

Jitney owners to ‘cross bridge when reached’ over fuel hikes

TRANSPORT - from page B1

Jitney drivers earlier this week said they plan to lobby the Government for a fare increase in anticipation that the spike in global oil prices, with the Brent crude index at $107 per barrel last night, will imminently translate into surging fuel costs in The Bahamas and further squeeze their profit margins. Mr Moxey, though, said he did not want to speculate on how high fuel prices may go, and the likely effect on jitneys and the wider Bahamian transportation industry, as the Middle East conflict’s impact has yet to be felt by this nation. He added that the sector will “cross that bridge when we reach it”.

“We ain’t under no pressure yet,” Mr Moxey said of fuel prices. “It hasn’t impacted. We’ll cross that bridge when we reach it. It’s not overly concerning now. We just have to see what this means in real time. At this point, it’s not overly concerning but we’re watching it.”

Asserting that a fare increase for jitneys has “always been on the table”, Mr Moxey said that “the minimum wage increase has already gone in favour of the public so I think they can afford to pay a little more”.

As for fuel prices, he reiterated: “We haven’t seen the full impact yet. It’s wait and see how things pan out. It could come and go. We’ll wait and see how it pans out and if there’s a solution. I don’t want to pre-empt

the whole issue and raise the alarm on what may or may not be. I want to speak intelligently to it. If fuel goes up for us, I imagine a lot of other operating costs, everyone’s costs in business will be a concern.”

Rudolph Taylor, president of the Bahamas Unified Bus Drivers Union, which represents jitney drivers, earlier this week said the 25-cent increase granted for adult fares in 2024 to $1.50 falls far short of what his member need, dismissing it as “a drop in the bucket”.

He said the sector has long pushed for fares to rise to $2, but those requests have been ignored by successive administrations.“We were in talks over the years for an increase,” he said. “We just got an increase but the increases are so marginalised.” Mr Taylor said drivers are already feeling the impact of higher fuel costs, with the price of running a bus for a full day now exceeding $100.

Mr Taylor said that even before the latest fuel increases, daily operating costs were already above $100 and have since risen

artists, including British Lion. Support for the concert has also come from the British High Commission, the US Embassy and the South African Consulate. Radio station Y98 host, AC Coakley, will also be giving airtime to British Lion music ahead of the concert. With overseas interest from concertgoers, the

further. “It’s more costly because diesel was under $5 but now it’s over $5,” he said. “We wouldn’t have been at this crossroad had we got the $2 we agreed upon across the board.” He added that the pressure on drivers extends beyond fuel.

“Last year, before we even got this fuel increase, break parts went up. The dealer parts went up. Tyres went up. Tyres are to the point right now where paying for a good tyre is anywhere from $150 for a tyre.” Despite the rising costs, Mr Taylor said drivers are still trying to manage, noting that some passengers voluntarily pay more than the standard $1.50 fare.

“I don’t think it’s fair to the drivers who risk their lives on the road,” he said.

“Persons feel as if the busses are not needed. Some persons are very judgmental about the buses….but they need to have their facts and see what bus drivers does on a daily, weekly, monthly and annual basis for the public.”

Bahamian taxi drivers have also said they are seeking a meeting with government officials to press the case for a temporary fare increase to offset the impact of anticipated fuel price increases due to the Middle East conflict. Tyrone Butler, the Bahamas Taxi Cab Union

Margaritaville resort has made a number of rooms available to accommodate visiting fans. The concert will take place on April 8, with doors opening at 6.30pm. Depending on ticket sales, a second performance may be added for April 9, which will also serve as an alternative date in case of adverse weather. Tickets cost $55, with an optional $30 open bar package plus VAT

Iron Maiden is one of the world’s top heavy metal band, having released 41 albums and sold more than 130m copies worldwide.

Formed by Harris, the band became pioneers of British heavy metal with songs such as Run To The Hills, Phantom of the Opera, Hallowed Be Thy Name, Wasted Years and The Trooper. The band also has a long connection to The Bahamas, having recorded three consecutive albums at the Compass Point Studios after first coming to Nassau in 1983.

Iron Maiden later returned to record The Final Frontier at Compass Point in 2010, the last major album recorded at the studio. Harris’ experience recording in Nassau led him to make The Bahamas his home, where he has lived when not touring for 15 years. He is now set to perform live in The Bahamas for the first time.

(BTCU) president, said it wants to meet with the Road Traffic Department’s controller, and even Jobeth Coleby-Davis, minister of energy and transport, early next week.

He said while advocating for fare rises, he will also request the Government put a cap on gasoline prices. “We’ve been talking to some of the members. They’ve expressed concern about it. So [we’re] hoping to speak to the controller of Road Traffic so that we have an understanding that the fares that are being charged now, we can have some sort of understanding that taxi drivers should be able to adjust their fares, and we can perhaps agree on a fixed amount,” Mr Butler said.

“But, more importantly, I would like to ask the Government to perhaps put a cap - as it was suggested, I think, by a member of parliament [Senator Darren Henfield] prior - maybe put a cap on the price [of fuel] because the Government controls a lot of the taxes on the fuel. So government should be able to maybe cap the gas prices at a certain amount. But it is a big concern right now. As early as next week, we’re going to make a push to speak with the controller of Road Traffic and possibly the minister.”

Exuma resident back progress on $200m Rosewood Exuma

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

BLACK Point and Staniel Cay residents yesterday voiced support for the $200m Rosewood Exuma project - and the jobs and economic impact it promises - after the Town Planning Committee gave “preliminary support” for its application for site plan approval.

Glenn Davis, Exuma’s chief councillor, said he was satisfied that the developer, Miami-based Yntegra Group, is one step closer to bringing the Big Sampson Cay project to fruition given that Black Point, Farmer’s Cay and Staniel Cay have been challenged with limited economic opportunities and jobs for years.

“For years, the community of Black Point and Staniel Cay and Farmer’s Cay has been limited in opportunities in terms of

workforce,” Mr Davis said. “So sometimes you have to settle for just a job, not something that you want to do.

“The Rosewood project gives you a chance to do something that you want to do, that you're familiar with in that field. So that’s one of the advantages it has. And it will bring those that left searching for jobs back home to start their family, and build their own home in Staniel Cay or Farmer’s Cay. “The way the economic situation in the cays is more or less controlled by a few people… with this development, there are a lot of opportunities that can happen,” Mr Davis added. “Persons can now start their own business in Black Point or Staniel Cay or Farmer’s Cay, because the volume of people that’s going to be coming there - not just those who come into those establishments that exist already, but coming into the

development project of the Rosewood, Sampson Cay project.

“And if you listen to Felipe [MacLean, chief executive of Yntegra Group], the developer, they said they would encourage the guests to interact with activities provided by the locals. And that's all locals really want to hear; that they have a piece of the pie at the end of the day.”

Andrew Smith, who resides in Staniel Cay, is among Exuma residents who backed Yntegra Group moving one step closer to starting construction of its $200m Rosewood Exuma development.

“I'm very, very excited about it,” he said. “I'm very elated, and I'm looking forward for the project to be started. It should have been started from last year, but we all know what's the hold back.”

Mr Smith said his laundromat and bar will benefit from the construction stage

and even after completion of the development, noting that both workers and visitors can use his services.

He added: “Another thing, I'm getting ready to open up an LP gas plant here. We are already in meetings that they want me to supply them with LP gas... They want me to supply them, and I'm not even working there, and I'm going to benefit from them. It's a win-win game for a lot of Bahamians who want to be able to benefit from it. There’s opportunities there.”

Mr Smith questioned why “the opposite side”, likely referring to Turtlegrass Resort and Island Club owner Bob Coughlin, who has been vocal about his opposition to the Rosewood Exuma development, would fight against bringing more income to Staniel Cay, Black Point and Farmer’s Cay.

Lorraine Rolle, proprietor of Lorraine’s Cafe in

Black Point, added: “It’s been a long time struggling, and I feel they had a problem because everybody else’s stuff was getting approved, and Yntegra’s own was held up. But as a businessperson, it is a help. We really need the help in the Exuma cays.

“The Government cannot take care of everybody and we really needed this project to start because it’s been a long time, and it feels like we were getting left out. And work is needed. I’m telling you the truth. People need to work. And we support it 100 percent.”

Mr Davis said it is time to build up the Family Islands so residents will return home and, more importantly, choose not to leave. Kesia Smith-Ferguson, currently residing in New Providence, would like to eventually move to Staniel Cay and believes the “development can strike a balance between progress and preservation”.

Blue Lagoon benefiting from rising cruise traffic

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Blue Lagoon island desitination is benefiting from increased cruise passenger traffic into Nassau, its executives said yesterday, with management reporting growing demand for immersive experiences that showcase Bahamian culture, history and natural beauty.

Kelly Meister, a representative for the excursion and beach break provider, said day visitors - particularly those arriving via cruise ships - are increasingly seeking alternatives to traditional shopping and sightseeing in the capital.

“Yes, we’ve definitely seen increased interest, and we’re really grateful,” said Mrs Meister. “For cruise passengers who may only be in Nassau for the day, this is a chance to experience real Bahamian culture and traditions.”

She explained that the island’s appeal lies in offering a broader, more authentic snapshot of the country. “They’re not just seeing Nassau; they’re seeing the harbour,

surrounding islands, enjoying a beautiful beach, eating Bahamian food, hearing Bahamian music, and meeting Bahamian people,” she said. “That connection is what travellers remember most.”

Mrs Meister added that while Bay Street remains a key attraction for visitors, experiences such as those offered at Blue Lagoon provide added depth. “I think cruise passengers who come to Blue Lagoon get a true sense of The Bahamas; maybe more than just walking Bay Street alone. Not that Bay Street isn’t wonderful, it’s a tremendous thing, but this gives them a broader experience,” she said. The increased demand comes as Blue Lagoon marks a major milestone — the 100th anniversary of its Watch Tower. The structure, originally dedicated on March 26, 1926, was designed by Chicago architect Howard Van Doren Shaw for island owner John T McCutcheon, and remains a central feature of the its heritage offering. Mrs Meister said the tower still plays a key role in the island’s eco-tourism product. Blue Lagoon offers

a range of tours, with its nature walking experience among the most popular. However, unlike mass tourism excursions, the tours are intentionally limited in size.

“We’re incredibly proud of our history - it’s rich,” said Mrs Meister. “One of our eco-nature walking tours takes guests to the tower and up to the top, where the views are incredible.

“The nature walking tour is very popular with guests from around the world. We keep it intentionally small - usually two to three tours per day - because it’s more about preserving the forest than anything else.”

Mrs Meister said environmental considerations play a major role in how the tours are structured. “There are many birds nesting, especially right now, so limiting numbers is important,” she said.

Beyond leisure tourism, Blue Lagoon is also positioning itself as an educational hub, hosting thousands of students annually through structured environmental programmes.

“We have a lot of educational programmes. Some years, we host thousands of students, both local and

Upfront transaction costs barrier to home ownership

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A CABINET minister yesterday said high transaction closing costs, including bank fees, taxes and realtor and attorney fees, are making it harder for Bahamians to enter the housing market and achieve home ownership dreams.

Michael Halkitis, minister of economic affairs, told the Senate that while home ownership remains one of the most effective ways for Bahamians to build wealth, the initial cost

can be prohibitive for many. He pointed to a range of expenses that buyers must meet before acquiring property, including down payments, legal fees and taxes, as well as additional banking charges.

“You have the down payment, the legal fees, VAT and then a $500 commitment fee — which I’ve never quite understood — and all of it adds up to a significant amount that people must find upfront,” said Mr Halkitis. He added that these costs can discourage first-time buyers, particularly younger

Bahamians, from entering the housing market, despite the long-term financial benefits of property ownership.

“Owning property is often the entry point for building wealth. It is an asset that typically appreciates and allows families to accumulate value over time,” he said.

Mr Halkitis added that governments have sought to address these challenges through policy measures such as Stamp/VAT exemptions for first-time home buyers, which have been expanded in recent years to

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international,” said Mrs Meister. “These tours are different from what regular guests receive because we’re really focused on marine conservation and protection - and we don’t just talk about it; we live it every day.”

She said recent visits have included local schools, highlighting the island’s role in community engagement and conservation.

“Just yesterday, we had about 50 students from Temple Christian School,” Mrs Meister said, adding that the company is also closely involved in national environmental initiatives,

including support for eco-certified schools.

This dual focus on tourism and education forms part of the island’s broader sustainability strategy — an approach Mrs Meister said goes beyond environmental stewardship alone.

“Sustainability is more than reduce, reuse and recycle,” she said. “It also means taking care of your employees, working with your community and promoting culture and heritage. That has always been part of who we are. The nature of what we do demands it, and we’re proud of that,” she added.

Mrs Meister said the island’s goal is not only to

“I am in full support of the proposed development,” she said. “While I understand that projects of this magnitude naturally come with risk, I firmly believe those risks can be responsibly managed through strict adherence to environmental protections and the highest safety standards.

“With careful planning and proper oversight, this development can strike a balance between progress and preservation. I believe this project represents a meaningful opportunity to strengthen our community while respecting the natural resources that make it so valuable. Yes, it is my desire to eventually move there.”

Mr Smith added: “They were saying the North Bay of Sampson is a turtle sanctuary; it's a conch sanctuary. But let me tell you something. I born and bred on Staniel [Cay], and we would always go in the boat diving.

“There's nothing in that channel what what Bob Coughlin was talking about. When I said there's nothing, there's no conch, there's no fish, there's no crawfish. We never used to dive in that channel. The reason why we never used to dive in that channel is because there was nothing never there.”

attract visitors for a single excursion, but to contribute to the wider tourism economy by fostering longterm connections with The Bahamas.

“It’s not just about loving Blue Lagoon Island — it’s about loving The Bahamas as a whole,” said Mrs Meister. “We want people to leave with a beautiful experience and come back, and many do.”

She pointed to repeat visitation as a key indicator of success, with families returning across generations. “We see generations return year after year,” she added. “You watch families grow - parents become grandparents - and they still come back. That’s incredibly special for us.”

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE Government yesterday signed a near$1m contract for the construction of a new airport terminal in Rum Cay as part of its ongoing push to expand infrastructure and economic opportunity across the Family Islands. Speaking at the contract signing, Prime Minister Philip Davis KC framed the project, valued at $986,058.70, as a critical investment in the island’s future, pointing to its

potential to drive visitor arrivals and unlock new opportunities for residents. He described the terminal as “a corridor to opportunity and growth” for his constituents, while also emphasising that the project would deliver tangible benefits for the local community, including employment opportunities tied to construction.

“The contractor has committed to ensuring that all Rum Cayans here get the first opportunity to sub-contract, to engage and to work,” said Mr Davis.

The project forms part of the Government’s broader Family Island airport ‘renaissance initiative, which aims to enhance connectivity and support economic expansion across less populated islands.

Mr Davis said the upgraded infrastructure is expected to not only position Rum Cay to attract greater levels of investment by enhancing accessibility, but also improve the travel experience for residents in need of emergency services.

“This project will strengthen airlift, increase passenger capacity and enhance emergency access.

And for Family Island communities, we know that emergency airlift is not a luxury. It is, at times, a Gov’t signs near-$1m Rum Cay airport deal

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Ex-health minister voices ‘devil in detail’ concerns

containing candidate statements on healthcare, including from Dr Sands.

“We will redevelop the Princess Margaret Hospital on its current campus and upgrade the Rand Memorial Hospital. We listened to Bahamian doctors who warned that the hospital upgrades are needed,” Dr Sands was quoted as saying.

“We will deliver on the long-promised multi-storey medical, surgical, maternal and child health facility at the Princess Margaret Hospital, and the expansion and modernisation of the Rand Memorial Hospital in Freeport, Grand Bahama.”

The Opposition’s chairman was also guarded when contacted by Tribune Business yesterday about the party’s plans for the Perpall Tract hospital, for which a formal ground-breaking ceremony has yet to be held, but all but signalled the party would not proceed with the project provided it is not “locked in” to the agreements with both Chinese state-owned entities.

“Let me put it this way,”

Dr Sands told this newspaper. “What we have said, and I have said, is that our focus would be on the redevelopment of acute care in New Providence at the PMH campus. Now, you can read into that whatever you wish, but it was deliberately [worded], and we believe that any investment is best spent if we improve what we have before we go on

developing some white elephant elsewhere.”

Asserting that the Davis administration has abandoned plans “under the Minnis, Christie and Ingraham administrations” to modernise, improve and expand PMH’s healthcare infrastructure and service delivery. “This administration can give no good reason as to why they have decided to deviate from these carefully considered plans that were paid for by the Bahamian people and developed in consultation with multiple stakeholders,”

Dr Sands said.

“Now, they have come up with this hare-brained scheme and cannot say where it’s come from in direct opposition to physicians and doctors who say this is a bad idea, not to mention people living in the area who are concerned about the environmental impact. We have not been impressed that they have done an adequate environmental impact assessment (EIA), assessed the human resources impact and equipment and supplies impact. You have heard me and us say it repeatedly: It makes no sense.”

The Minnis administration had obtained $115m in financing for its planned PMH upgrades from Banco Santander, which was guaranteed and underwritten by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). This carried just a 1.8 percent interest rate that was lower than the 2 percent now-offered by the China Export-Import Bank

Turtlegrass fears adversary to now move ‘recklessly ahead’

APPLICATION - from page B1

Hall meetings, which were held on February 5, 2026, and February 20, 2026, as well as written submissions, the Committee told Yntegra and its attorneys: “Having reviewed the application and submissions, the Committee is satisfied that the proposed development represents a low-density resort model appropriate for the site.

“The layout adopts a dispersed development pattern, reducing visual impact and maintaining the natural character of the cay. The Committee notes that revisions to the marine works and overall design have been made in response to stakeholder feedback, resulting in a reduction in potential impacts. The scale of proposed dredging and associated works is considered limited and capable of mitigation through standard environmental controls and regulatory oversight.”

The Committee’s approval seemingly stunned Rosewood Exuma’s chief opponents, the neighbouring Turtlegrass Resort and Island Club as well as the Save Exuma Alliance, a collection of local businesses, as well as their principals. However, Bahamian residents of Black Point and Staniel Cay welcomed the regulatory go-ahead as

paving the way for the project to proceed and spark much-needed job creation, economic impact and growth in their communities and the wider island (see other article on Page 3B) Tribune Business understands that Yntegra’s opponents will likely again appeal the Town Planning Committee’s decision to the Subdivision and Development Appeal Board. This occurred after the developer obtained its first Town Planning Committee approval, only to withdraw that just prior to a site visit by the Board and start the process afresh on the basis that the plans which secured the initial nod had changed. Turtlegrass, Save Exuma Alliance and their advisers, though, are trying to determine what the Town Planning Committee means by “preliminary support” for Rosewood Exuma’s site plan application. This is an uncommon expression, as the Committee typically uses phrases such as “preliminary site plan approval” when dealing with such matters. And they are also still assessing the likely grounds of appeal available to them before filing the required documents with the Board. This newspaper understands that Turtlegrass and its principal, Bob Coughlin, are especially concerned that Yntegra may seize on

for the second New Providence hospital project.

However, this financing was ultimately rejected by the Davis administration and returned to the lender. Dr Michael Darville, minister of health and wellness, previously explained that the Government was uncomfortable that a $20m portion of the World Bank-guaranteed funding had been allocated to funding the start-up and expansion of micro, small and medium-sized enterprises (MSMEs).

Dr Hubert Minnis, though, previously told this newspaper that the $115m financing would have constructed at PMH what the Davis administration is now seeking to develop at Perpall Tract. He said it would have funded a “four-storey wing for exactly what they are trying to do now - maternal and child care, and additional wards, while some monies were for repairs and equipment for the hospital.

“That would have been far better than what they are doing now,” the ex-prime minister added.

“The recommendation from the professionals was that should be done at the PMH site where all the infrastructure was already as opposed to a new site where they would have to put that infrastructure in and double the price. If they had done that, none of this [the Chinese loan] would be an issue.”

Dr Darvile could not be reached for comment before press time last night. However, he previously

the Town Planning Committee’s approval to rapidly proceed with construction work on the project - especially since the Supreme Court has yet to rule on whether to grant an injunction barring any such activity in the separate Judicial Review action seeking to overturn Rosewood Exuma’s certificate of environmental clearance (CEC).

They fear the Miamibased developer may attempt to do enough construction to render any planning appeals or Judicial Review challenges a nullity, or void, on the basis that work has got so far that it cannot be undone.

The Town Planning Committee, in its letter to Mr Adams, said the “preliminary support of application for site plan approval” was subject to Yntegra fulfilling ten conditions - a requirement typically imposed before full or final site plan approval is granted. It later confirmed this, stating: “Final site plan approval shall be granted upon the satisfactory submission of the required documents or plans outlined above.”

The ten conditions include final design submission, and approval, of Rosewood Exuma’s service dock, marina and breakwater by the relevant government regulators, along with the stipulation that “all dredging and marine works shall be subject to approval by the relevant environmental authorities” and include

told the House of Assembly that studies dating back to the 20th century had shown that a growing Bahamian population as well as the rise in non-communicable diseases, coupled with the limited size of the PMH campus, had recommended a new hospital would be required.

The proposed 200-bed Perpall Tract hospital will focus on maternal, newborn and child care, the minister said, providing increased bed and care capacity while also leaving The Bahamas better prepared to deal with future COVID-19 style pandemics by incorporating facilities better able to cope with mass casualty events.

Yet Dr Gemma Rolle, the then-Medical Association of The Bahamas (MAB) president, in 2024 revealed that a survey of her members found more than half felt the second New Providence hospital is not “fiscally sound”, adding: “There’s no hospital without the physicians.”

She asserted that there were multiple unanswered questions over the proposed project, including why the Government was investing hundreds of millions of dollars into “a brand new, state-of-the-art hospital “when we cannot even utilise what we have now”.

Pointing to staff shortages at PMH, which at that time meant only four of its seven combined operations and endoscopy rooms could be used at any one time, she challenged why the focus was being placed on the Perpall Tract plans when the

turbidity mitigation and marine habitat protection.

Other terms set by the Town Planning Committee include “submission and approval of final detailed architectural and site plans prior to the issuance of any building permits” plus the provision of a phased development plan detailing how works and infrastructure will be sequenced. “Adequate water supply, wastewater treatment and solid waste management systems” must be approved before they are installed.

Yntegra must also supply a construction management plan that includes “provisions for material transport, worker accommodation and environmental protection during construction”, plus a landscape plan to maintain Big Sampson Cay’s character and “natural buffers”, while the “approved development density shall not be exceeded”.

“The developer shall obtain all necessary approvals from relevant government agencies prior to the commencement of works. No increase in the scale or intensity of the development shall occur without the prior approval of the Town Planning Committee,” wrote Jehan Wallace, acting director of the Department of Physical Planning, on the Town Planning Committee’s behalf.

public healthcare system was struggling to “optimise the time and space” it presently has for surgeries and operations. The new hospital is forecast to require some 650 staff on top of the existing labour shortages within the Bahamian public healthcare system.

Meanwhile, the deal agreed between the Government and China Export-Import Bank and China Railway Construction Company also pledges that the use of Chinese goods, technology and services in the new hospital’s construction will be given “preference”.

In a clause that does not seem made for Bahamian vendors, section 2.5 of the loan agreement stipulates: “The goods, technologies and services purchased by using the proceeds of [the loan] facility shall be purchased from China preferentially.”

And the construction contract also exempts China Railway Construction Company from paying Business Licence fees on the value of the project, as well as providing the usual VAT and Customs duties tax breaks on equipment, machinery and supplies imported into The Bahamas for the project.

“The employer [the Government] agrees to exempt the contractor from any Business Licence fees due on the value of the project, VAT, Customs and import duties, and any other applicable taxes to the goods, materials, equipment and machinery procured for the execution of the project,”

dredging in Sampson Cay’s North Bay, and relocating Rosewood Exuma’s service dock from that area to the island’s southern sidehave been addressed. And it also flagged its concern that Yntegra may use the Town Planning Committee’s decision “to recklessly move ahead” with its construction plans.

“We are appalled to hear that the Government has decided to give preliminary site plan approval to Yntegra to move forward,” the neighbouring resort project charged. “We are also deeply disappointed to see that this has been posted today on the Ministry’s Facebook page without any further details being published to advise interested parties what conditions have been attached to this approval.

“Have Yntegra actually moved the location of their dock or seawall, or reduced their dredging plans? We see no evidence of that.” Yntegra has previously asserted that the project’s dredging footprint has been signifcantly reduced, and is now confined to the area around its proposed service dock, and it will not have to excavate or dredge the North Bay seabed to create a channel for its service vessels.

the construction contract adds.

“The rmployer shall providet the necessary documentation and approvals required to facilitate these exemptions, ensuring compliance with the relevant laws and regulations of The Bahamas. The employer shall obtain all necessary approvals, permits, and documentation from the relevant authorities to ensure the aforementioned exemptions.”

This is in addition to clause 5.5 that seemingly commits the Government to not abandoning either the construction contract or loan agreement. Dr Sands, anticipating this, told Tribune Business: “To be very clear, without us seeing the actual contractual obligations they [the Government] have signed on to, we don’t know what poison pill may have been used.

“It may be the type of thing where the Bahamian people are locked into a bad deal by this administration. We need to see the devil in the detail. Let’s see what’s written there to determine what course of action is possible.”

Dr Sands asserted that the Government is making “wonderful expensive promises”, such as the $280m borrowing to buy Grand Bahama Power Company, when it does “not have the financial headroom to meet its bills” now. He also pointed to the lack of progress on long-promised projects such as Grand Bahama International Airport.

during meetings at George Town and Black Point, but the overwhelming view expressed by residents in those meetings was for there to be further change and not accept the project as it is proposed.

“Members of SEA were there, and even those close to the Yntegra project were suggesting changes should be implemented before approval. We, the members and many supporters of the Save Exuma Alliance, express our deepest disappointment and outrage that… it has been given the go-ahead by a government that has said repeatedly it believes in sustainable development and cares about the environment.

“Members questioned the hypocrisy between what has been stated by so many government officials right up to the Prime Minister in front of a world audience, and the deputy prime minister speaking regionally – both boasting fervently about protecting the environment and then government allowing a site plan like the one Yntegra has submitted for a Rosewood resort to proceed.”

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.

Yntegra, in a statement, described the Town Planning Committee’s decision as “a key step toward getting the project back on track. Felipe MacLean, its chief executive, said: “This milestone allows us to move forward with renewed momentum. Our focus remains on keeping our promises, creating employment opportunities and progressing the project responsibly.

“We will treat all conditions imposed as a priority and are fully committed to complying with them, ensuring the project continues to meet the highest standards as we move into the next phase.”

He added: “We welcome this decision and appreciate the diligence of the government agencies involved. We trust in their expertise, and value the time and care they dedicated to reviewing the project… We are grateful for the opportunity to engage through multiple Town Hall meetings and consultations. These forums allowed a large number of questions from community members to be addressed, reflecting the importance of transparency and constructive dialogue.”

Turtlegrass, meanwhile, questioned whether any of its key concerns - potential

Turtlegrass, though, added: “While preliminary approval does not allow work to start, we hope that Yntegra won’t use this to recklessly move ahead…. We will continue to fight for what’s right for Central Exuma, knowing that what happens here not only threatens Exuma but could also set a precedent for development elsewhere.

“We call on all Bahamians who believe the pursuit of profits should not involve the destruction of one of the world’s most precious and beloved marine ecosystems to join the 7,400-plus individuals who have signed the petition, and urge the Government and Yntegra to change course and really listen to community feedback.

“We continue to call on Yntegra to do what is right, including moving their dock and back-of-house facilities to the south end of Sampson Cay where there is already deepwater access and no additional dredging would be required.” Save Exuma Alliance (SEA) echoed similar sentiments. In a statement, it voiced “disappointment and shock”, and said: “The people of Exuma said no, but preliminary approval has been given anyway. The Town Planning Committee says it considered public comments received

Pledging to continue the legal battle, the Alliance added: “SEA is grateful to those willing to take this fight to save Exuma to the next step – into the legal arena where an independent judiciary will weigh the merits of this case and the processes that led to this development being approved as is.

“Further, we are concerned that construction teams seem to have been put in place in recent days despite the approval not having been given until now. SEA has been given no advance notice of this approval being given, and indeed had not been supplied with the notice at all by planning authorities.

“This process has run roughshod over the people of Exuma and ignored genuine concerns from residents and businesses in the area,” the Alliance added.

“This bay will be turned into a desert for marine life, and a highway for vessels serving a developer with zero track record of successfully completing a project of this kind.

“Worse, planning officials have said in response to questions at the meetings in George Town and Black Point that this project could serve as a model for other developments in The Bahamas. What has happened in Exuma could happen anywhere in the country if this is allowed to proceed.”

Liquor vendors assert new regime ‘makes no sense’

going into building on the expansion.

“The tourists are so fascinated about it. They come from America and they never seen anything like it. I have a liquor store and a laundry store, all in one. You’re washing your clothes, you can sit in a little corner and have a beer or mixed cocktail while your clothes are being washed.

“They love it, they love it, but now they trying to get me to divide it. I don’t have a problem doing it because I’m doing an expansion on the laundry as it is right now. And that’s because I’ve outgrown the spot about four years now… I would say, by the time everything is over, the carpenter and all that other stuff, it cost me about $3,000.”

Mr Smith said he is pushing to have the work completed by the March 31 Business Licence deadline for liquor operators. However, he does not believe most stores on the Family Islands will be successful in meeting the target.

“But I am pushing to get mine ready,” Mr Smith said. “And that’s just in the laundry. They want me to divide it with a wall. In other words, the money that I’m taking to do this division with the wall inside the laundry right now, that money could have been

“They could have very well said, ‘Mr Smith, I noticed that you put down an expansion, going to make a major change. Try to do it as quick as you could, and get it up and running, and change how we see that you go on in that direction’.

“But they come and apply these pressures, and the money that I have to go into really do an expansion, I got to dump it right back in the laundry to do this temporary wall. And once I’m completed with the real expansion, then I got to go rip the wall back out,” Mr Smith continued.

“But obviously there’s going to be delays because it’s something new that they introduced, and nobody catch the sense of it. Everybody’s saying, ‘I don’t know why they’re doing it in this way, and it doesn’t make no sense’.”

The Family Islands have many hardships, Mr Smith added, noting that receiving inventory on Exuma in a timely manner can be a major setback. He urged the Government to place a greater focus on cracking down on liquor establishments in the more densely-populated islands.

“I think they are going overboard with it, especially in the Family Islands because we’re already going through a lot, and they want

NOTICE

YELLOW MOON INVESTMENT SERVICES LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, YELLOW MOON INVESTMENT SERVICES LIMITED is in dissolution as of March 19, 2026.

Ramon Ortiz De Taranco, situated at Ruta 8 Km. 17500, Zonamerica, Local 120, 91600 Montevideo, Uruguay is the Liquidator. LIQUIDATOR

17 LITIGATION OPPORTUNITIES FUND LTD. Reg. No. 203587 B

NOTICE OF DISSOLUTION

Notice is hereby given, in accordance with Section 138(4) of the International Business Companies Act of 2000, that the above-named Company commenced dissolution procedures on the 18th day of March 2026 and that Sterling (Bahamas) Limited of 202 Marina Lane, Sandyport, West Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary Liquidator of the Company.

Notice is also hereby given that any person having a claim against the Company is required, within 14 days of the date of this Notice, to send their names, addresses and particulars of their debts or claims to Sterling (Bahamas) Limited, the Liquidator of the Company, or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proved.

Dated this 26th day of March 2026

Sterling (Bahamas) Limited Liquidator

us to do this and they want us to do that,” Mr Smith said.

“Go to the dense areas in The Bahamas - Abaco, Nassau - where people are trying to do this, do that, undermine the Government, not pay their taxes. I mean, we are just barely making enough money to get by and to replenish our shop. And right now they got me doing some changes, and I don’t even see where the sense is in it to be honest.”

The Government introduced the new liquor licensing regime to crack down on what it perceived to be the over-saturation of locations selling alcohol in inner-city New Providence. It has made it mandatory for businesses that sell liquor to register and earn a certificate of registration. To do this, they must pass a number of inspections and, if necessary, renovate their premises and buildings to meet sustainability requirements.

The Department of Inland Revenue (DIR) reiterated this week that take-away restaurants, walk-up windows, drive through liquor stores, supermarkets and gas stations, souveniur stores, mobile bars and party buses were among the businesses that cannot offer liquor.

PM moves to further open up airlift for constituents

FLY - from page B3

matter of life and death,” he added.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said the development highlights the administration’s commitment to inclusive growth.

“The new airport terminal to come is a project that speaks directly to the future of this island, and to the future of Family Island development across our country,” said Mr Cooper.

“Today’s signing is about making sure that the people of Rum Cay, like the people of every Family Island, know that they are included in the growth and progress of this nation.”

The agreement with Greenslade Construction Company will see the development of a modern terminal facility designed to improve airlift, increase passenger capacity and strengthen emergency access.  The project is expected to be completed within 12 months.

According to project contractor Desmond

Minister: Private sector has role in home solution

HOME - from page B3

reduce the financial burden associated with purchasing or constructing a first home. He argued that such policies are essential not only for economic reasons, but also for broader social outcomes. “There are also social benefits. Children perform better in school, communities are stronger, and there is greater pride in neighbourhoods,” said Mr Halkitis.

However, he highlighted that reducing upfront costs alone will not solve the problem, pointing to the need for increased housing supply — particularly in fast-growing areas.

Mr Halkitis highlighted Exuma as a key example, where strong economic expansion has driven up

NOTICE

EJ INVESTMENTS

LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EJ INVESTMENTS LTD. is in dissolution as of March 24, 2026.

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

TEN PTC LTD.

Reg. No. 1500292 (IBC)

NOTICE OF DISSOLUTION

Notice is hereby given, in accordance with Section 138(4) of the International Business Companies Act of 2000, that the above-named Company commenced dissolution procedures on the 25th day of February 2026 and that Sterling (Bahamas) Limited of 202 Marina Lane, Sandyport, West Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary Liquidator of the Company.

Notice is also hereby given that any person having a claim against the Company is required, within 14 days of the date of this Notice, to send their names, addresses and particulars of their debts or claims to Sterling (Bahamas) Limited, the Liquidator of the Company, or in default thereof they will be excluded from the benefit of any distribution made before such debts or claims are proved.

Dated this 26th day of March 2026

Sterling (Bahamas) Limited Liquidator

Greenslade, the facility will incorporate a range of modern features despite its relatively compact size.

“This airport terminal, covering just over 2,500 square feet, will have all the modern amenities needed,” said Mr Greenslade.

“It will be fully air conditioned, with seating for about 20 persons, a new baggage ramp, wheelchair access and a generator. It will also feature a fully solar, off-the-grid system.”

The signing follows a series of similar projects across the Family Islands, as the government continues to prioritise airport upgrades as a key component of its national development strategy.

short-term vacation rentals.

housing demand and, in turn, prices. “Exuma has, in recent times, seen very robust economic growth, and one of the consequences has been an acceleration in the cost of housing,” said Mr Halkitis. He added that rising construction costs, driven by higher material prices following the COVID-19 pandemic, have further compounded affordability challenges. “Building costs have gone up… and that has driven up the cost of construction,” Mr Halkitis said.

He added that, at the same time, rental prices are being pushed higher by limited supply, with some long-term rental properties being converted into

“The cost of rent is another vexing matter, exacerbated by a reduction in supply, as some traditional rental properties are moved to Airbnb,” said Mr Halkitis. He stressed that addressing the housing crisis will require a combination of government action and private sector participation.

“The Government is doing a lot to add to the supply of affordable housing, but it cannot do it alone. The private sector must be incentivised to increase supply,” he said. Mr Halkitis maintained that increasing the availability of affordable homes alongside reducing barriers to ownership will be key to easing cost pressures and expanding access to housing across The Bahamas.

NOTICE

GODWINSON CORPORATION In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GODWINSON CORPORATION is in dissolution as of March 23, 2026.

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

Legal Notice

OCEANEX LIMITED.

LIQUIDATOR’S NOTICE

Pursuant to Section 138(6) of the International Business Companies Act

NOTICE is hereby given that OCEANEX LIMITED, a company registered under the International Business Companies Act, has been dissolved and struck off the Register as of the 10th day of March 2026

Sterling (Bahamas) Limited Liquidator

Iran starts to formalize its chokehold on the Strait of Hormuz with a ‘toll booth’ regime

By DAVID McHUGH and JON GAMBRELL Associated Press

IRAN appears to be setting itself up as the gatekeeper for the Strait of Hormuz, the world’s most important artery for oil shipments. The move could cement Tehran’s de facto chokehold over the crucial waterway and formalize its ability to keep its own oil flowing to China.

Iranian communications to the United Nations maritime authority and the experience of ships transiting the strait suggest the creation of something akin to a “toll booth.” Ships must enter Iranian waters and be vetted by Iran’s Islamic Revolutionary Guards Corps. At least two vessels have paid for passage.

Traffic through the strait has fallen by 90% since

the start of the Iran war, sending global oil prices skyrocketing and inflicting alarming shortages on the Asian nations that get their oil from Persian Gulf countries via the strait. Only about 150 vessels, including tankers and container ships, have transited since March 1, according to Lloyd’s List Intelligence shipping information firm. That’s a little more than one day’s normal traffic before the war. Iran’s Kharg Island terminal loaded 1.6 million barrels in March — largely unchanged from prewar monthly loading totals, according to data and analytic firm Kpler. Most of the customers are small, private refineries in China that don’t care about U.S. sanctions.

A majority of the ships that have made it through in recent weeks

headed east, out of the Gulf; Iran-affiliated ships accounted for 24% of transits, Greece 18%, and China 10% counted by ownership or flag registration. Yet on closer examination, vessels connected to Iran accounted for 60% of transits during the first part of the war and in the last few days, some 90%. About half of the vessels turn off radio identification systems that show their location before going through, and reappear on the other side in the Gulf of Oman. There’s a reason for their reluctance and caution. At least 18 ships have been hit and at least seven crew members have been killed, according to the U.N.’s International Maritime Organization, which tracks maritime security. It did not specify which nation attacked the vessels.

Lloyd’s List says tolls are paid in yuan, China’s currency “Iran’s IRGC has imposed a de facto ‘toll booth’ regime in the Strait of Hormuz,” says shipping information firm Lloyd’s List Intelligence. Normally ships use a two-lane shipping channel in the middle of the strait. But increasingly, vessels are taking a different route, to the north around Larak Island, placing them in Iran’s territorial waters and closer to the Iranian coastline.

Entities that want their vessels to safely pass through must submit their details to what Lloyd’s List Intelligence refers to as “approved intermediaries” of the Revolutionary Guard, including the cargo, owners, destination and a complete crew list. Approved

Better Home & Finance, Coinbase to offer mortgage backed by cryptocurrencies

By ALEX VEIGA AP Business Writer

PROSPECTIVE homebuyers who have invested in certain cryptocurrencies will be able to use their holdings as collateral to fund their down payment on a home as part of a new mortgage offering.

Real estate services company Better Home & Finance Holding Co. plans to roll out the crypto-backed mortgage sometime in the next three months in a partnership with crypto trading platform Coinbase, the companies said in a press release Thursday.

NOTICE

NOTICE is hereby given that SOLA EMMANUEL of Nassau Village, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I JUBENS PIERRE of Pinedale I-95, Eight Mile Rock, Grand Bahama, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I, ROMANA DONGGA-AS NEILLY of Spanish Wells, Btw 14 & 15 St., The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I MAY-DJONA PAUL of Governor’s Harbour, Eleuthera, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“Better was founded to make homeownership more accessible for all Americans, and this partnership with Coinbase introduces a new pathway to realizing the American Dream for the 52 million Americans who own digital assets,” said Vishal Garg, Better’s CEO, said in the release.

Use of cryptocurrency for buying a home remains generally limited. Among the respondents in a National Association of Realtors survey of people who bought a home between July 2024 and June 2025, only 1% of those who made a down payment said they used proceeds from the sale of crypto. However, the crypto-backed mortgage from Better would not require borrowers to sell their crypto investments to fund their down payment. Instead, borrowers who qualify for the mortgage would only have to pledge such holdings and transfer them to Coinbase as

collateral for their down payment. This allows the crypto investor to not have to lose out on potential future gains in the value of their crypto the way they would if they sold their holdings for cash.

Should their crypto drop in value, the mortgage terms remain unchanged and no additional collateral is required, the companies noted in the release. However, borrowers’ crypto collateral would be at risk of liquidation if they fail to make their mortgage payments for 60 days.

The only type of cryptocurrencies that borrowers will be able to offer up as collateral for Better’s crypto-back mortgage are Bitcoin and USDC, a type of cryptocurrency typically bought and sold for $1, the companies said.

Better noted that the crypto-backed mortgage is “designed in accordance with Fannie Mae guidelines.” That means they can be guaranteed by the

NOTICE

NOTICE is hereby given that NICHOLETTE GOULBOURNE of Blue Bonnet Drive, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I JEAN DENIS AUGUSTIN of Harbour Island, Eleuthera, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I RODELINE JOSEPH of Harbour Island, Eleuthera, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

vessels receive a code and are escorted by an IRGC vessel. Oil is prioritized and vessels are subject to “geopolitical vetting,” Lloyd’s said.

“While not all ships are paying a direct toll, at least two vessels have and the payment is settled in yuan,” Lloyd’s List said, referring to the Chinese currency.

Some ships appear to have been allowed through following diplomatic pressure. Two Indian vessels loaded with liquid petroleum gas have been able to pass, according to Lloyd’s. Iran appears to be setting up a permanent system

On Tuesday, the IMO received a letter from the Iranian government saying it “had implemented a set of precautionary measures aimed at preserving maritime safety and security.”

The letter claimed Iran was

acting within the principles of international law.

Iran’s parliament appears to be working on a bill to formalize fees for some ships in the Strait of Hormuz, local media reported.

The Fars and Tasnim news agencies, both close to Iran’s Revolutionary Guard, quoted lawmaker Mohammadreza Rezaei Kouchi saying “parliament is pursuing a plan to formally codify Iran’s sovereignty, control and oversight over the Strait of Hormuz, while also creating a source of revenue through the collection of fees.”

The IMO has condemned the attacks on vessels and called for an internationally coordinated approach to secure passage through the strait that respects freedom of navigation.

mortgage giant, which makes them eligible for “significantly lower interest rates,” than those of other crypto-backed loans, the companies said.

Fannie Mae and Freddie Mac, which have been under government control since the Great Recession, buy mortgages that meet their risk criteria from banks, which helps provide liquidity for the housing market.

Banks seeking to make mortgages that qualify for purchase by the mortgage giants have not typically

considered a borrower’s crypto holdings until they were sold, or converted, to dollars.

Last June, the head of the Federal Housing Finance Agency, which oversees Fannie and Freddie, ordered the agencies to prepare a proposal for consideration of crypto as an asset for reserves when they assess risks in single-family home loans.

Shares in Better Homes & Finance Holding rose 5.4% Thursday. Coinbase fell 4.3%.

NOTICE

NOTICE is hereby given that HEDNA JEAN LOUIS of Golden Isles, Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I YVONE PIERRE of West 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 27th 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 FRODNA ETIENNE of P.O. Box SB-52453, of West Bay Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 27th day of March, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Gov’t pushed on full disclosure, consultation on GB energy plan

percent lower - once the purchase closes. However, no plan or specifics have been revealed on how this will be achieved - and whether GB Power would still generate sufficient revenues post-rate cut to still cover its operational costs, invest in infrastructure upgrades and maintenance, and maintain a profit - so that businesses and families do not have to pay for energy savings on the “back end” via subsidies and taxes to cover any deficit.

“As licensees operating under the framework of the Hawksbill Creek Agreement, and as stakeholders in the economic future of Grand Bahama, we believe that any proposal of this magnitude must be approached with transparency, sound financial reasoning and full public consultation,” the Association asserted.

“At present, the information provided to the public contains very few details as to how such an acquisition

would benefit the people of Grand Bahama. In particular, the FLA is concerned about how the Government plans to repay the $280m loan for the GB Power purchase given that residents have already borne the expense of Dorian and other past storm costs.

“The only meaningful benefit mentioned is the possibility of reduced power bills, yet no clear explanation has been given of how this would occur, particularly if the purchase requires additional borrowing that will ultimately be carried by Bahamian taxpayers. Many of our members have expressed concern that government ownership does not automatically translate into improved performance or lower costs,” the Association added.

“Across the country, there are examples of stateowned utilities that have struggled to operate efficiently or profitably, and it is reasonable for the public to question whether this proposed acquisition would produce a different result.

The FLA believes that

private ownership, properly regulated under the Hawksbill Creek Agreement, can provide accountability while avoiding unnecessary financial risk to the public.”

Grand Bahama businesses and residents, while agreeing that the island’s electricity costs need to be cut, have also voiced concern that they do not want GB Power to become another loss-making, debt burdened version of BPL that offers unreliable service.

“We also note that the reported acquisition price, together with references to tens of millions of dollars in additional capital works and working capital, raises legitimate questions that have not yet been answered,” the Association said. In particular, it questioned whether GB Power’s current valuation is “reasonable in the context of its performance and profitability”, and if the $280m borrowing that will be taken on can be serviced while still lowering electricity costs.

The Asssociation also called for more details on what the $80m worth

Southeast Asia revisits nuclear power plans for AI data centers as Iran war disrupts energy supplies

By ANTON L. DELGADO Associated Press

NUCLEAR power is getting a second look in Southeast Asia as countries prepare to meet surging energy demand as they vie for artificial intelligence-focused data centers.

Several Southeast Asian nations are reviving mothballed nuclear plans and setting ambitious targets and nearly half of the region could, if they pursue those goals, have nuclear energy in the 2030s. Even countries without current plans have signaled their interest.

Southeast Asia has never produced a single watt of nuclear energy, despite long-held atomic ambitions. But that may soon change as pressure mounts to reduce emissions that contribute to climate change, while meeting growing power needs.

The Iran war is underscoring the vulnerability of Asia's energy supplies, raising the sense of urgency about finding alternatives to oil and gas in Southeast Asia, analysts say.

The surge in crude oil prices caused by the escalating conflict has raised the motivation for countries to speed up their nuclear efforts, said Alvie Asuncion-Astronomo of the Philippine Nuclear Research Institute.

Vietnam and Russia advanced a nuclear power deal this week as the region's energy security concerns worsened. In South Asia, Bangladesh is racing to power up its new nuclear power plant, also backed by Russia, to address the country's energy shortfalls.

Southeast Asia will account for a quarter of growth in global energy demand by 2035, according to the International Energy Agency, or IEA. That partly is because of the more than 2,000 data centers in Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines, according to the think tank Ember.

Many more data centers are in the pipeline.

That's most obvious in Malaysia, which aspires to be Southeast Asia's AI computing hub and has drawn investments and interest from tech giants like Microsoft, Google and Nvidia. The revival of Southeast Asia's nuclear interest mirrors a global trend.

Nearly 40 nations — including the United States, Japan, South Korea and China — have joined a global push to triple installed nuclear energy capacity by 2050. Southeast Asia will account for nearly a fourth of the 157 gigawatts expected from "newcomer nuclear nations" by mid-century, according to the industry-backed World Nuclear Association.

"There is a more serious, new and growing momentum for the development of nuclear energy in Southeast Asia," said King Lee, with the association.

Southeast Asia revisits nuclear power

Five of the 11 members of the Association of Southeast Asian Nations — Indonesia, Malaysia, Thailand, Vietnam and the Philippines — are chasing nuclear. Vietnam is building two nuclear plants, backed by the Russian state corporation Rosatom. These are "nationally significant, strategic projects," according to Prime Minister Pham Minh Chinh. Vietnam's revised atomic energy law took effect in January.

Indonesia added nuclear to its new energy plan last year, aiming to build two small modular reactors by 2034. Officials there say Canada and Russia have issued formal cooperation proposals and others will soon follow.

Thailand set a target last year of adding 600 megawatts of nuclear generating capacity by 2037. Nuclear is a "promising solution" to supplying enough affordable, clean electricity to meet rising demand, officials with Thailand's Electricity Generating Authority told a conference in Bangkok. No Southeast Asian nation has engaged with atomic energy more than the Philippines, which built a nuclear power plant in the 1970s that it never turned on. A new atomic energy regulatory authority launched last year will "usher in the integration of nuclear power," according to Philippine officials. The country set a 2032 target and approved a roadmap for potential investors in February.

"We are not anticipating that nuclear electricity will be cheap at the onset," said Asuncion-Astronomo. But in the long term, she said it will improve the Philippines' energy reliability, security, independence and eventually costs.

"The ongoing conflict in the Middle East definitely demonstrates how volatile fossil fuel costs are and the instability of the supply," she said. "Nuclear is an alternative solution that can give us more self-reliance in terms of energy."

Southeast Asian nations without firm plans are also showing interest.

Cambodia's latest national strategy signaled an openness to nuclear and Singapore outlined plans last year to study its own atomic potential.

Even the tiny oil and gas sultanate of Brunei told the International Atomic Energy Agency, or IAEA, that it is "carefully exploring nuclear energy."

Data centers revive Malaysia's nuclear plans

of borrowing for capital needs and upgrades will be used for, and how already-high energy costs for medium-sized and large businesses will be impacted.

“What does the stated intention to bring the public interest ‘closer to the centre of decision-making’ actually mean in practical terms?” it added.

“The FLA shares the view expressed by several commentators in the national press that public confidence in this proposed takeover will depend entirely on the Government’s willingness to provide full disclosure, proper financial justification and a realistic plan that demonstrates measurable benefit to the people of Grand Bahama.

“We therefore call upon the Prime Minister and Minister for Grand Bahama to meet with Grand Bahamians to provide this information. Further, we also ask all MPs representing Grand Bahama to seek those answers on behalf of their constituents. The people and businesses of this island deserve careful scrutiny of any proposal

that may place additional financial obligations on taxpayers or further affect the cost of doing business in Freeport,” the Association continued.

“We continue to believe that major decisions affecting the economic future of this island must be made with openness, consultation and a clear demonstration of benefit to the community we live and work in.”

Emera’s financials for the 12 months to year-end 2025 show that GB Power generated a $10m Canadian dollar contribution to the utility giant’s “consolidated adjusted net income” for the period - a figure that was slightly down on the prior year’s $11m. Using the current exchange rate, that $10m Canadian dollars translates into about US $7.3m.

Those profits were generated from $162m Canadian dollars worth of revenue, which represented a 16.5 percent year-overyear increase compared to 2024’s $139m Canadian dollar top-line. The increase is likely due to increased economic activity among

GB Power’s 20,000-strong customer base, with Carnival’s $600m Celebration Key destination having opened last July. The exchange rate conversion means GB Power generated $118.26m worth of revenues in US dollars last year.

The value of the Grand Bahama-based electricity provider’s physical assets, namely property, plant and equipment, narrowed slightly last year from $371m Canadian dollars at year-end 2024 to $361m Canadian dollars some 12 months later.

To give an idea of what the Government is potentially acquiring, Emera said: “With $378m US dollars of assets, and approximately 20,000 customers, GB Power owns 98 mega watts (MW) of oil-fired generation, approximately 100 kilometres of transmission facilities and 1,000 kilometres of distribution facilities. GB Power’s approved regulatory return on rate base is 8.52 per cent.”

The AI-focused data centers contributing to Southeast Asia's growing energy demand are large windowless buildings filled with rows of computers.

A standard AI data center consumes as much electricity as 100,000 households, the IEA says. Malaysia has more than 500 operational data centers. Another 300 or so are under construction and around 1,140 are planned, according to Ember.

Malaysia revived its nuclear program last year and set a 2031 target for bringing atomic energy online.