BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s leader yesterday renewed accusations that “the Government has taken us backwards on accountability” after questions arose over whether its just-released ‘Pre-election economic and fiscal update’ 2026 is fully compliant with the law.
Michael Pintard told Tribune Business he and his party are “not at all surprised about the gaps that exist” in the Davis administration’s report which, unlike the 2021 version issued by its Minnis predecessor, did not include a detailed item-byitem breakdown of all unpaid arrears and invoice payables owed and incurred by the Government since the last update in the mid-year Budget.
Rather than follow its predecessor, which produced 17 pages detailing the sums owed to hundreds of vendors while identifying most by name, the Davis administration instead released all-in figures with no breakdown. It pointed to end-December 2025 arrears worth collectively $60.5m, and unpaid invoices equalling $181.4m at the same date - figures that were both disclosed in the mid-year Budget report. The pre-election report, produced by the Ministry of Finance, added that the Government had authorised $260.3m in “new spending commitments” between July and December 2025, a period which represented the 2025-2026 fiscal year’s firsthalf. However, this sum was also not broken down while also excluding spending related to state-owned enterprises (SOEs)
and so-called public-private partnership (PPP) deals, instead representing only direct government obligations.
Well-placed financial sources, speaking on condition of anonymity, yesterday challenged whether the Government’s pre-election report has fully complied with the Public Finance Management Act 2023’s third schedule, which governs what this document should contain. In particular, they are querying if the Davis administration’s failure to provide a breakdown of all arrears and unpaid invoices places it in breach of this schedule’s section (viii). This stipulates that the pre-election economic and fiscal report “shall contain the outstanding stock of arrears for all government entities, including showing separately all new
Gov’t guarantees for debt to expand 126% in one year
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GOVERNMENT debt guarantees on behalf of state-owned enterprises (SOEs) are forecast to expand by 126 percent to $718.1m in just one year if the Grand Bahama Power Company deal and other borrowings rushed through Parliament late in the Davis administration’s term materialise.
The Ministry of Finance’s just-unveiled 2026 ‘pre-election fiscal and economic’ report discloses that the value of these taxpayer-backed guarantees, which underwrite borrowings by SOEs, is poised to jump from $317.4m at end-December 2025 to $718.1m - an
increase of some $401.1m - during the upcoming 2026-2027 fiscal year, the Budget for which will be presented next month barely two weeks after the general election. The bulk of this increase comes from the $280m borrowings guaranteed by the Government to finance its GB Power Company acquisition and post-deal working capital for the utility, plus other late borrowings that Parliament has authorised Bahamian taxpayers to underwrite. These include an expanded $34m credit facility to enable the Public Hospitals Authority (PHA) to acquire Doctors Hospital’s Harbourside facility, plus $30m for the Davis administration’s fuel-related energy reform plans.
Planning approval given for Hilton brand West Bay hotel
BY NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
BAHAMIAN planning authorities have granted preliminary site plan approval for an 11-storey, 125-room West Bay Street resort that will join Hilton’s Curio Collection brand when construction finishes and it opens in 2028, it was revealed yesterday.
The Town Planning Committee, almost three months after the public hearing on the proposed Paradise Breeze Nassau was held, resolved on October 21, 2025, to grant the initial approval subject to certain conditions being met. These, as is typically the case, included obtaining a certificate
of environmental clearance (CEC) from the Department of Environmental Planning and Protection (DEPP) and Ministry of Works approval for access, drainage and road infrastructure.
Referring to the public consultation meeting held on July 24, 2025, the Town Planning Committee said it had considered the application by developer BPG Ltd at its October 21, 2025, meeting.
“The Committee has determined that the proposed is a compatible use for the site and therefore grants the necessary height, density and setback variances for the development. Building setbacks
PROJECT - See Page B7
And the pre-election report, which the Government is mandated to disclose under the Public Finance Management Act, also reveals that “shortterm” advances to SOEs and other public sector agencies have increased by almost $190m to $631.4m during the 21-month period to end-June 2026. This represents a 42.9 percent increase in less than two years, with 70.6 percent or more than two-thirds of the total - some $445.5m - accounted for solely by loans to Bahamas Power & Light (BPL). Combined, government guarantees issued on behalf of SOEs and these short-term loans represent a $1.35bn liability that Bahamian taxpayers are potentially exposed
unpaid invoices since the stock of arrears was last reported”. That would have been in the mid-year Budget, which was unveiled at the end of Feb ruary, but sources yesterday challenged the end-December 2025 cut-off and why arrears and unpaid invoices that crystallised before Parliament’s April 8 dis solution were not included. This newspaper was told that the pre-election report should have incorporated all such obligations that were incurred during the 2026 first quarter when, based on government announcements, multiple works and construction contracts - including $70m for Eleuthera’s Glass Window Bridge replacement plus numerous clinics, airports and other public facilities - were signed.
FNM challenges if economic report complies with law
EXPENDITURE - See Page B4
Set to jump by $401m to $718m on GB Power, late borrowings
Short-term ‘loans’ to Gov’t entities grow by $190m in 21 months
Guarantees, advances represent $1.35bn total taxpayer liability
to. Concerns have already been voiced over whether taxpayers will have to service GB Power’s debt repayments, given that the Government’s pledge to cut its tariff rates could plunge the utility into a loss, while the Opposition has argued that the advances are thinly-disguised subsidies to
UNDERWRITE - See Page B5
AML
No breakdown of arrears, unpaid bills like 2021 version Davis Gov’t uses accounting that it slammed Minnis for
Foods rises from ashes: Sales up 3% despite $40m hit
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
AML Foods is predicting it will suffer a $2.5m annual hit from increased costs sparked by the Government’s decision to treat the April 1 elimination of VAT on uncooked foods as ‘exempt’ rather than zero-rated.
Gavin Watchorn, AML Foods president and chief executive, said the
distinction between “VATfree” and “VAT-exempt” has significant financial implications for retailers.
“The reality of it is, going from VAT-free to exempt are two very different categories,” he explained.
“VAT-free, or zero percent VAT, means that retailers can reclaim the VAT on inputs. In fact, VAT-exempt means you cannot.” Mr Watchorn added that, under the revised VAT treatment,
AML Foods is forecasting that sales will increase by 3 percent despite losing more than $40m in revenues due to last April’s fire that destroyed both its Old Fire Trail Road stores, the retail group’s top executive disclosed yesterday, as it unveiled a $15m investment in its new Cost Right outlet. The BISX-listed group affirmed it is moving aggressively to rebuild and expand its footprint via a new, larger Cost Right store at the same fire-devastated site. Gavin Watchorn, AML Foods’ president and chief, told the ground-breaking that a 70,000 square foot facility will be built over the next 11 months to increase the outlet’s capacity.
“Over the next 11 months, we will invest $15m to create a 70,000 square foot Cost Right store,” said Mr Watchorn. “The new store will be 30 percent larger than the former store, allowing us to offer an even broader assortment across all categories.” The former Solomon’s outlet, meanwhile, will be replaced but at a different location to Old Fire Trail Road.
Mr Watchorn said the expanded Cost Right format is expected to
food retailers are unable to recover VAT paid on inputs such as imported goods and operating expenses, effectively increasing their cost base.
“I think this is going to cost AML $2.5m a
year because you’re not able to reclaim the VAT on your inputs,” said Mr Watchorn. He added that similar concerns have been raised throughout the industry with Super Value indicating it will cost the supermarket chain about $4m a year.
The issue has become a key point of contention for food retailers, who argue that as an essential service they should be treated differently and ‘zero-rated’ by the tax regime.
“As an essential service, the Retail Grocers Association and retailers, we can’t
significantly strengthen AM Foods’ wholesale, business-to-business and food service operations, while also boosting its e-commerce capabilities and membership offerings.
He added that the fire, and loss of the two stores, cost AML Foods more than $40m in lost revenue but, despite that impact, the group remains on track for top-line growth. “Despite the loss of over $40m in revenues at this site, AML will still record an increase in sales of 3 percent this year,” Mr Watchorn said.
He attributed the performance to strong execution across the company’s remaining store network, and also credited staff for helping to offset the disruption, noting that operations were quickly stabilised without layoffs.
“Nearly 150 team members were impacted by this fire, and not one of them lost their job that day,” Mr Watchorn added. He said AML Foods’ ability to maintain momentum reflects a broader strategy centred on technology, data and customer experience. The company is now in its 15th consecutive year of growth, driven by increased customer traffic and larger basket sizes.
BLAZE - See Page B5
HILTON BRAND WEST BAY HOTEL RENDERING
Grand Lucayan buyer unveils start of demolition activities
THE Grand Lucayan’s purchaser has announced that demolition activities to transform part of the property into a Mediterranean Shipping Company (MSC) Beach Club have begun.
Concord Wilshire Capital, the Miami-headquartered developer, and its Ancient Waters Bahamas subsidiary said in a statement that the site has been secured and fenced off after all necessary demolition permits were obtained. MSC’s cruise arm is purchasing the 20-acre site that hosts the Reef Village for a beach club attraction that will cater to its passengers.
“The commencement of demolition represents the first tangible step in activating the long-awaited revitalisation of the Grand Lucayan Resort, a portion of which will be developed into a world class MSC Beach Club, along with a second
cruise ship resort, a casino, a mega yacht marina and a branded hotel,” said Richard Bosworth, chief executive of Ancient Waters and Concord Wilshire Gaming Group. “This moment signals the transition from planning to execution, and reflects our continued commitment to delivering a project that will have a meaningful and lasting impact on the local economy.”
Concord Wilshire said its project is expected to serve as a catalyst for renewed economic activity in Freeport, generating employment opportunities during both the construction phase and the long-term operation of the MSC Beach Club. With demolition now underway, the developer pledged to move forward in a disciplined and co-ordinated manner, ensuring that each phase of work is
carried out efficiently and in alignment with the overall development vision.
“The commencement of physical work on-site underscores the progress that has been made to-date, and reinforces the forward momentum of the project,” said Nate Sirang, Concord Wilshire’s president.
Prime Minister Philip Davis KC added: “This commencement of demolition marks an important step forward in the revitalisation of Grand Bahama. The redevelopment of the Grand Lucayan represents a meaningful investment in our nation’s future, creating jobs, strengthening our tourism product, and reaffirming our commitment to economic growth and opportunity for the people of The Bahamas.
“The very significant involvement of MSC in the Lucayan project, with its vast resources and proven
long-term commitment to
The Bahamas, is a strong manifestation of its confidence in the economy of Grand Bahama and The Bahamas.”
MSC itself last week promised that development works would begin as early as Sunday, April 12, provided all necessary environmental and demolition-related permits were obtained. It added that the combined outlay on improvements to its Ocean Cay marine reserve, as well as its Freeport Harbour and Billy Cay project on Grand Bahama and now the Grand Lucayan, amounts to nearly $1.5bn of investment in The Bahamas and is expected to generate more than 1,000 jobs.
Concord Wilshire backed up MSC by pledging that “initial demolition activities are scheduled to commence imminently” on the Grand Lucayan once the necessary
environmental permits are obtained.
The developer also unveiled a masterplan showing that the Grand Lucayan is being divided into four different development zones, with a mega yacht marina now included in the plans.
One of those zones, known as ‘site two’, is reserved for the MSC Beach Club, while another - ‘site three’ - has been allocated for the second “cruise resort” under the strategy created by Concord Wilshire’s subsidiary, Ancient Waters Bahamas.
The Miami-based developer, in its statement, said
Ease of business boost must match boating fee reductions
BY ANNELIA NIXON
A HARBOUR Island
marina operator yesterday called for the recent reduction in boating fees to be accompanied by improvements to the ease of doing
business as well as action to regain The Bahamas’ lost market share following a “throwaway” winter and spring season. Lee Prosenjak, managing director of Valentine’s Resort and Marina, said he wants more details and specifics from all political
parties on how they will grow The Bahamas’ boating industry again rather than simply use the issue for their general election campaigns.
The Free National Movement (FNM), in its manifesto, has pledged to revise the current fees in a bid to establish The
Bahamas as a yachting hub and attract more foot traffic to local businesses. It added that, if elected, the party would “revise the current uncompetitive yachting fees and regulations to restore The Bahamas as the most efficient and competitive yachting destination in the region”.
“This will strengthen The Bahamas as a global yachting hub. Lower costs will attract more visitors, supporting local jobs and businesses,” the FNM said. This, though, appeared to ignore the fact that the Davis administration on April 1 lowered the boating and anchorage fees for shorter-stay visitors by creating two new cruising permit fee categories - for 30-day and six-month durations.
“Anybody is going to say that this year,” Mr Prosenjak said of lower boating fees. “It's how do you take action on that, and what's the actual plan for doing that. Reducing fees is one thing, and we shouldn't all forget that those are up still from where they were a year ago.
“The fees are lower than what they were, but they're not as low as what they were a year ago. So I would like to see it easier to do business with us, and a concrete plan. I think that everybody is going to say that they want The Bahamas to be a hub for super yachts and things like that, too, and to have a thriving yachting community because, you know, our number one product in the country is tourism.
“And so it's a big revenue driver, and it's big ‘feet on the street’ when we bring in
boats that are carrying 10, 12 people, plus crew, right? So, of course, everybody wants it to do well and to do that. It's one thing to say that. It's another thing to actually have a plan for it and make it happen. So, I don't know. That feels like lip service in some regards that they would say that, but then could act very differently.”
Mr Prosenjak said that while boating fees are still more expensive than they were a year ago, doing business in The Bahamas has also become more difficult and more costly, which he asserted is “not a winning recipe”.
“Not only has it become more expensive to do business here, but it's harder to do business here,” he said.
“So the online systems are not user-oriented. The Click2Clear system is not clear. It's not easy to utilise as a guest and that. So that just complicates things.
“So the combination that we've seen has been that we increased prices and then made it harder to access us.
That's not a winning recipe.
But again, anybody can say, ‘We're going to make it be awesome, and it's going to be great’ but not having a concrete plan or saying, ‘This is how we were going to do it...
“I mean, everybody is probably going to campaign on that. I don't care what side you're on. And that's not an endorsement of anybody or anything like that. But it's easy to say those things, and it's harder to see what the long-term effects of that are?,” Mr Prosenjak continued.
demolition and construction activities for the two cruise line-related properties are set to begin at the same time with both resorts targeted for completion “on a co-ordinated timeline”. And work on the mega yacht marina and casino resort will start “in parallel” with the two “cruise resort” properties. It added that plans for two other components, the beach resort that will be developed by Ancient Waters Bahamas and the Reef golf course’s redevelopment under the Greg Norman brand, will be released shortly.
“In this case, we saw, you know, pretty immediate long-term effects. Like this is… it's been a throwaway season in a lot of regards, because the boats haven't been here, the people haven't been here. And almost every business on this island, they're flat from the last year. So no growth is a reduction of five, ten, 15, 20 percent from the previous trajectory.”
Mr Prosenjak, however, voiced relief that the boating fees were lowered, noting that - at the Palm Beach Boat Show in March - many persons vowed to return to The Bahamas once the boating fees had been lowered. Molly McIntosh, the Bluff House Beach Resort and Marina’s general manager, said she has seen a change in attitude by visiting boaters since the fees have been decreased.
“I love the new boating regulations,” she said. “And my boaters are so happy. I have a chock a block full marina right now. And not everything is due to that, but part of it is due to the boaters being happy that the Government did make some concessions for them.
“Most of these boaters, they've made their plans for the year, but I've seen an immediate boost in their attitude. They were so happy, and everybody wanted to talk about it. And it just made a better climate for all of us that are providing slips and dockage and things for boaters. It's a much happier climate right now. And I think it'll bring in a lot more business. I think it'll help. It'll definitely help Bimini and West End. It'll definitely increase their business.”
Top Nassau/PI resorts enjoy pre-war 15.5% revenue rise
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NASSAU and Para-
dise Island’s major resorts enjoyed a 15.5 percent increase in room revenues for the first two months of 2026 prior to the start of Middle East conflict and fears of a global economic slowdown.
The Ministry of Finance’s just-released 2026 pre-election ‘fiscal and economic’ update said early 2026 data signalled that The Bahamas’ stopover tourism market, which represents the most lucrative and highest-spending visitor segment, was showing signs of growing momentum and recovery following last year’s 1.6 percent decline in annual air arrivals to 1.689m.
“Preliminary data from the Ministry of Tourism indicate that total foreign visitor arrivals reached 2.4m yearto-date through February 2026, representing an 18.4 percent increase over the same period in 2025. Growth was led by sea arrivals, which expanded by 20.6 percent to 2.1m and accounted for approximately 88 percent of
total visitors, and air arrivals also firmed by 4.7 percent to 299,601,” the Ministry of Finance report said.
“Consistent with the strength in visitor flows, hotel performance indicators for January 2026 showed improving fundamentals for large Nassau and Paradise Island properties, with occupancy advancing by 2.6 percentage points to 74.4 percent, room revenues increasing by 15.5 percent, and the average daily room rate gaining 11.3 percent to $458.50.”
The only downside, apart from lower-yielding cruise passengers accounting for close to nine out of every ten tourists visiting The Bahamas, is the US and Israeli assault on Iran. With the resumption of hostilities very possible amid a fragile temporary ceasefire, the fear is that a prolonged conflict could drain traveller and consumer confidence, especially in the US which generates 90 percent of The Bahamas’ visitors, with oil and fuel-generated inflation depressing incomes and visitor spending power.
“Macroeconomic risks, now elevated by the Middle
East conflict, continue to be classified as high impact with a possible likelihood of realisation,” the 2026 pre-election report said. “Since end-February 2026, the escalation of the conflict in the Middle East has had an immediate and severe impact on energy markets, with Brent crude prices initially surging to $120 per barrel.
“Higher energy prices are projected to place upward pressure on inflation and production costs, which could slow economic activity across both advanced and emerging economies…” And any reduction in tourism and economic activity could result in lower taxes and missed revenue projections, which could throw the Government’s fiscal consolidation plans off-course.
While Bahamas Power & Light’s (BPL) decision to hedge, or lock-in, the price of two million barrels of oil at $70 per barrel has insulated consumers from the worst effects of the price and fuel spike for now, the 2026 pre-election report added that higher energy costs could impose pressure for increased Water & Sewerage
Corporation taxpayer subsidies - or even consumer tariff rises - as water production expenses will increase.
“In a sustained scenario, elevated energy costs could compress US household disposable income and, together with weakened consumer confidence, adversely impact travel and dampen the level of domestic activity,” the report said. “However, this critical vulnerability is expected to be partially mitigated by The Bahamas’ proximity to key source markets, which provides a relative comparative advantage, as past experience shows that travellers tend to opt for shorter, close-to-home destinations.
“Price hikes will feed into electricity tariffs, although some near-term pressure will be relieved by the existing oil price hedge in place by BPL. Higher fuel and electricity costs will also place upward pressure on water production costs, given the Water and Sewerage Corporation’s reliance on energy‐intensive desalination.
“This could weaken Water and Sewerage Corporation’s operating position, complicate cost recovery and
Gov’t cash balances jump to $549m to aid debt offset
BY NEIL HARTNELL
THE GOVERNMENT has unveiled a significant increase in its available cash balance to $548.7m, which it is using to offset a portion of its direct debt and keep net liabilities below $12bn at $11.858bn.
The Ministry of Finance’s just-published 2026 pre-election ‘fiscal and economic update’ discloses that the Government’s end-December 2025 “cash balance”, comprising a mix of cash on hand and ‘sinking fund’ assets, had significantly improved compared to the $120.6m, $116.4m and $96.9m it had available at each of the prior fiscal yearends in 2022-2023, 2023-2024 and 2024-2025.
The increased cash, in turn, has enabled it to hold The Bahamas’ debt-to-GDP ratio flat at 71.5 percent during the first six months of the 2025-2026 fiscal year, with no change since end-June last year, despite a $637.6m increase in the Government’s direct debt over the same period to hit $12.407bn.
“Central government debt grew by an estimated $637.6m over the first half of fiscal year 2025-2026 to $12.407bn at end-December 2025, the equivalent of approximately 75.1 percent of nominal GDP,” the 2026 pre-election report said. “The government’s net debt position, after accounting for total cash balances and sinking fund assets, stood
lower at $11.858bn (71.5 percent of nominal GDP).
“Gross debt projections over the medium-term, as derived within the context of the medium-term debt management strategy, show a gradual reduction to $10.487bn by fiscal year 2028-2029. Although detailed cash balance projections for the outer years are not available, net debt levels are expected to be reduced in line with the projected improvement in the overall fiscal position.
“Based on the latest medium-term debt strategy, which projects the Government’s debt through fiscal year 2028-2029, nominal debt is forecasted at 61.5 percent of nominal GDP.”
Elsewhere, the 2026 pre-election report indicated that the Government generated an improved $45.2m fiscal surplus for February 2026, measuring the extent by which revenues exceeded that month’s spending. This was signalled by the fact that the Government’s deficit for the eight months to end-February stood at $292.9m compared to $338.1m at end-January 2026.
“The Government’s overall deficit for the eight months to February of fiscal year 2025-2026 narrowed to $292.9m from $312.3m in the same period of the previous fiscal year,” the report added.
“The fiscal outturn aligns with the broader trend of improving public finances observed over the past two fiscal years, during which higher tourism‐related
SALES MANAGER – FMCG
revenues, increased VAT compliance and controlled spending helped reduce both the primary and overall deficits.”
Meanwhile, the 2026 pre-election report showed that the Government had used up almost 74 percent of its $60.275m Budget reserve appropriations account during the first eight months of the 2025-2026 fiscal year. The $44.6m employed to-date also represented a near-$21m increase in the final two months compared to the $23.733m spent at the half-year mark.
“For the eight months to February 2026, withdrawals from the budget reserve appropriations account totalled $44.6m. The $30.9m for recurrent outlays was allocated for lease and vendor payments, stateowned entities’ (SOE) debt servicing, operational support for the Bahamas Air Navigation Services Authority (BANSA), and overtime payments associated with ongoing government operations,” the report said.
“Capital drawdowns of $13.7m were directed primarily towards essential infrastructure works for school repairs and the maintenance and rehabilitation of key road networks.”
Breaking down the fiscal performance to end-February, the 2026 pre-election report added: “Revenue receipts for the eight months to February aggregated $2.109bn, an increase of $72.3m (3.5 percent) over the prior year and represented 54.1 percent of the
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increase risks around debt servicing and existing loan obligations unless offset by tariff adjustments or government support.”
As for other risks posed by the Middle East conflict, the 2026 pre-election report added: “Apart from the impact on electricity tariffs, higher energy costs will have direct adverse consequences for transportation costs, feeding through to prices across supply chains for goods and services.
“Compression in tourism demand could dampen domestic demand and overall economic activity, with knock-on implications for the pace of fiscal improvement relative to the baseline path. As the severity of the impact of the oil price shock will be determined by duration and the trajectory of the conflict, the Government has adopted a multi-pronged approach.
“This includes active monitoring of external developments; proactively emphasising the value proposition of the Bahamian tourism product, including proximity to its largest markets; progressing with commitments to the energy transition agenda and prudently considering policy measures that may be necessary to address any emerging risks to fiscal sustainability.”
The 2026 pre-election report added that the International Monetary Fund’s (IMF) forecasts that the Bahamian economy will grow by 2.2 percent this year,
Budget target. Tax revenue improved by $81.6m (4.5 percent) to $1.894bn, benefiting from notable gains in VAT collections ($97.8m).
“Non-tax revenue declined by $10.1m (4.5 percent) to $214.3m, and was primarily attributed to timing related differences in collections of interest and dividend income and bank surplus fees.
“In a new revenue policy measure, effective April 1, 2026, the Government reduced the VAT rate on unprepared food items, lowering it from 5 percent to exempt status. This follows earlier reductions implemented in April 2025 and September 2025, which decreased the VAT rate on unprepared food items and on medicines, respectively, from 10 percent to 5 percent,” the 2026 pre-election report said.
“Amid the strong economic outturn, this measure is not expected to have an adverse impact on the fiscal finances, with foregone VAT collections estimated at $15m. Revenue performance, which exhibited the typical pattern of lower collections in the first half of the fiscal year, is also anticipated to depict a concentration of receipts in the second due to the scheduled timing of major fee and tax payments, including Business Licence fees, bank and financial service fees, road traffic fees and property taxes.
“Added to this will be the revenue proceeds from the introduction of the Domestic Minimum Top-Up Tax on large corporations, which is projected at approximately 0.7 percent of GDP. Despite the VAT relief, the revenue evolution in the second half provides some degree of predictability to support achievement of the Government’s fiscal consolidation
with gross domestic product (GDP) forecast to expand by 1.9 percent in 2027, could also be endangered by the fall-out from the Middle East conflict.
Elsewhere, the Government said tax breaks, concessions and other waivers granted as part of economic incentive and relief initiatives totalled some $125.8m in foregone revenue during the first half of the 2025-2026 Budget year to end-December.
“This represented a decline from $188.3m and $230.9m in the same period of fiscal year 2024-2025 and fiscal year 2023-2024, respectively,” the 2026 pre-election report said.
“The reduction over the period largely reflects lower concessions granted under major investment-related programmes, particularly the Hotels Encouragement Act, which remained the largest component at $59m (46.9 percent of total relief in fiscal year 2025-2026). Other significant categories included Industries Encouragement ($8.5m), small and medium Business concessions ($5.7m), cottage and light Industries ($6.1m), and clothing and footwear exemptions ($5.8m).
“Notably, exigency-related exemptions increased to $9.2m in fiscal year 20252026, while concessions associated with petroleum products and special economic recovery programmes declined compared to prior years.”
objectives for fiscal year 2025-2026.”
As for spending, the 2026 pre-election report added:
“Total expenditure for the [eight months to February] reached $2.402bn, a yearover-year gain of $52.9m (2.3 percent) and equivalent to 62.9 percent of the Budget. Primary expenditure was higher by 2.8 percent at $1.98bn, reflecting modest increase in social assistance, pension, personal emoluments and subsidy payments.
“Recurrent expenditure grew by $35.5m (1.7 percent) year‐over‐year to $2.164bn, with the recent public salary review elevating spending on employee compensation by $28m (4.8 percent) to $606.6m. Other increases in recurrent spending were mainly linked to growth in social assistance and pension payments ($11.4m) and timing-related insurance premium payments ($20.5m).
Pintard:
‘We are in for some very high bills when we inherit
Questions sent to the Ministry of Finance via Latrae Rahming, the Prime Minister’s communications director, asking why there was no arrears or unpaid invoice breakdown comparable to the 2021 report, and if the Government is confident it has complied with the Public Finance Management Act’s clause (viii), which was a law it brought to Parliament itself, received no reply before press time last hight.
However, one source argued that the 2026 pre-election report meant that the Government’s previous attacks on its Minnis predecessor were “really hypocritical” because it has relied on the same “modified cash basis of accounting” that it slammed the former administration for using in compiling the 2021 version.
And they asserted that the absence of an unpaid arrears and invoice payables breakdown means this year’s report is less transparent than what the Davis administration had previously attacked even though the 2026 version appears to comply with most requirements of the Public Finance Management Act.
“Not only have they not been forthcoming, they are in violation of what the law says,” the source said of the Government’s 2026 pre-election report. “They have to explain why they chose December as the cut-off date. And you cannot combine it all together. That’s the key thing there. The law is very explicit. There’s no room to manoevere around it. It’s really hypocritical given the grief they gave the former administration for not following the accrual [accounting] method.”
The Davis administration, almost immediately upon taking office after the September 2021 general election, hired the Deloitte & Touche accounting firm to conduct a review of the Government’s “accounts payables”, which was tabled in the House of Assembly by the Prime Minister himself in early March 2022. It exposed accusations that the Minnis administration hid an “astounding” $650m of unfunded liabilities from its pre-election fiscal report as a “difference in interpretation”.
The accounting firm said it had been asked to take a much “broader view” of the Government’s future spending commitments
and obligations than the Minnis administration adopted when compiling the 2021 pre-election fiscal report.
The latter interpreted the then-Fiscal Responsibility Act, which was in force at the time, as requiring it to only disclose the unpaid arrears that had crystallised, and were due for payment at that point, whereas Deloitte & Touche revealed the Davis administration had asked it to determine all current as well as future liabilities and spending obligations - a much wider exercise.
This, the accounting firm’s report said, accounted for the difference between the $821.52 worth of “unbudgeted obligations” that it detected at October 14, 2021, and the $108.806m worth of unpaid arrears identified as owed by the Government in the Minnis administration’s pre-election report.
And while the Minnis administration and its officials took a narrower view, using the Government’s existing modified cashbased accounting, the Davis administration took a much more expansive approach by requesting that Deloitte use the accrual-based accounting method to determine the extent of all
unfunded future spending commitments and liabilities.
Mr Davis at the time doubled down on his accusation that the Minnis administration had concealed the true extent of The Bahamas’ fiscal woes by omitting extensive unfunded liabilities from its pre-election report. He argued that it “fell well short in its legal and moral duties to be as transparent as practically possible in order that it might be held accountable for its decisions and actions”.
“In August last year, the former administration released its pre-election report as required under the Fiscal Responsibility Act. In part, this Act mandates the Government to disclose its account of arrears, unpaid bills and other unbudgeted financial obligations. Sadly, Madam Speaker, the report from last August fell woefully short of the standard required by law,” the Prime Minister said in early March 2022.
Describing Deloitte’s findings as “simply astounding”, he asserted: “The previous administration failed to disclose significant liabilities and unfunded obligations of the Government, totalling some $821.5m - almost $1bn….” However, the 2026 pre-election report reveals that the Ministry of Finance has used the same accounting methodology that the Minnis administration was attacked for employing.
Detailing the accounting standard used, the report said it was “prepared on a modified cash basis of accounting, aligned with the International Public Sector Accounting Standards (IPSAS) for financial reporting under the cash basis.
“Accordingly, revenue is recorded when it is received rather than when it is earned; expenditures are recognised when incurred
and paid; and all purchases of fixed assets, including land, buildings and equipment, are expensed, in full, during the year of acquisition,” the 2026 version added. This was not the method that Deloitte & Touche had employed for its 2022 report.
Mr Pintard yesterday recalled how “critical” the Davis administration had been over the debts and bills it accused its Minnis predecessor - in which he was a Cabinet minister - of incurring. “We sought to be as transparent as possible in terms of indicating what the state of the economy was, and there was never any intent to not disclose what the true liabilities were,” he said of the former administration.
With the roles now reversed, Mr Pintard told Tribune Business of the absent arrears breakdown: “We are in for some very high bills when we inherit the Government, and we can’t even begin to know what the debt is going to be, grip all the unpaid bills and terms of agreements that have not been disclosed.
“It’s safe to say they have taken us backwards in terms of accountability. Again, they have governed in the dark. As I have said before, they don’t like to operate in the light; they prefer darkness. They have not been transparent in how they have managed the people’s money, and that’s reflected in their failure to provide a breakdown that shows what the state of the finances is.
“We believe what we will find when we come to government is going to be well north of the figures we found when we came to office previously.” That refers to when the Minnis administration was elected in May 2017, and found that the deficit for 2016-2017 had risen to $695m - $500m
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more than its predecessor had originally forecastbut this figure, again was the product of using accrual-based accounting which both parties switch to when it suits their narrative.
Arrears refers to unpaid bills carried over from previous years, while unpaid invoices represent liabilities that have crystallised in the current fiscal year and will be settled during that same period. “The Government continues to prioritise the clearance of legacy arrears, while strengthening commitment controls and cash flow forecasting to prevent the recurrence of arrears in future periods,” the 2026 pre-election report asserted.
“As at end-December 2025 (the latest available data), the outstanding stock of arrears across all government ministries, departments and public entities totalled $60.5m. The arrears balance is concentrated in a small number of entities, with the largest shares attributable to the Ministry of Works and Family Island Affairs (35.6 percent), the Ministry of Public Service (30.1 percent), the Department of Information and Communications Technology (12.7 percent), and health sector entities (13.9 percent).
“Unpaid invoices relating to recurrent expenditure, capital expenditure and transfers to state-owned enterprises (SOEs) accumulated to $181.4m as at end-December 2025.”
As for new spending, the 2026 pre-election report added: “Between July and December 2025, the Government authorised $260.3m in new spending commitments, which constitute direct obligations and exclude expenditures related to SOEs or special arrangements such as public-private partnerships (PPPs).
“The approved allocations supported a wide range of projects across multiple ministries, focusing on service delivery, equipment procurement, policy implementation and institutional strengthening. The Ministry of Works and Family Island Affairs accounted for $129.2m (49.6 percent) of the total, reflecting the scale of coastal infrastructure works and major reconstruction projects across the Family Islands.
“Additional approvals were utilised for education infrastructure and system upgrades, national security assets and surveillance expansion, Defence Force vessel refit and public sector digital systems, alongside health, housing, environmental management and administrative modernisation initiatives.”
$140m African PPP loans another ‘contingent liability’
loss-making entities that will never repay them.
“The Government has a portfolio of explicit contingent liabilities that, if crystallised, could represent a call on the fiscal resources. These guarantees are continuously monitored to assess potential impacts on the Government’s fiscal position and are reported on a quarterly basis,” the 2026 pre-election report asserted.
“Of the $317.4m outstanding at end-December 2025, $309m (97.4 percent) was in respect of the SOEs, with the remaining $8.4m representing guarantees on private sector obligations from financial institutions which were facilitated via the Small Businesses Development Centre (SBDC).”
However, that figure us now set to expand thanks to the proposed GB Power acquisition plus the Harbourside deal and $30m to underwrite a letter of credit supporting liquefied natural gas (LNG) purchase.
The PHA’s $34m will extend a previous $75m loan facility put together by CIBC Caribbean to finance repairs to the Princess Margaret Hospital (PMH), the Rand Hospital and the Sandilands Rehabilitation Centre. “As a consequence, the evolution of the level of guarantees over the forward three years will be significantly determined by the actual drawings on
the prospective underlying credit facilities,” the 2026 pre-election report added. Government guarantees for SOEs are forecast to further increase to peak at $743.4m in fiscal year 20272028, driven primarily by a $21.5m rise in advances underwritten on behalf of the PHA. The latter will see guarantees back-stopped by the Bahamian taxpayer on its behalf increase in value from $86.5m to $107.5m, without which lenders are unlikely to release the necessary funding.
As for loans to government agencies, the 2026 pre-election report disclosed that these have further increased from the total $441.7m at end-June 2024, rising to $596.8m one year later and then to $631.4m by end-March 2026 just two weeks ago.
“In keeping with the objectives of the Government’s lending policy framework, the Government provides short-term liquidity support to agencies and government business enterprises to enable them to meet time‐bound financing needs and to support the implementation of development projects,” the report said.
“Usage categories have included minor capital works, operational expenses, vendor payments, arrears and debt service obligations, airport infrastructure and aviation‐related activities…. Short-term loans to public entities rose from
BISX-listed group investing $15m in 30% larger Cost Right location
BLAZE - from page B1
“Not only have we grown our weekly customer count, but our customers are adding more items to their baskets,” Mr Watchorn said. AML Foods has also continued expanding beyond New Providence, signalling that the fire has not slowed its long-term ambitions. Within weeks of the blaze, the company opened a new Eleuthera Market location in Governor’s Harbour and is now pursuing additional acquisitions.
Mr Watchorn confirmed the company is in the process of closing on Prime Island Meats and Deli in Hoopers Bay, Exuma, with the
acquisition of Captain Bob’s in Harbour Island expected to be completed shortly. “We determined that this fire would only be a temporary setback, and it would not alter our long-term objectives,” he said. While the new Cost Right store will anchor the Old Trail Road site, AML Foods will not rebuild its Solomon’s outlet there due to space constraints and regulatory requirements. Instead, the company has secured an alternative location for a larger replacement store. “We have secured a new location that will allow us to build a larger Solomon’s store to serve our customers and reach more
$441.7m at end-June 2024 to $631.4m by end-March 2026, with 70.6 percent related to the electricity utility companies.”
With BPL accounting for the bulk of these advances, several sources pointed out that the two separate sums listed in the 2026 pre-election report for the state-owned utility - $241.5m owed by a combination of BPL and the Bahamas Electricity Corporation (BEC), and a separate $204 due from BPL alone - are different from what the Ministry of Finance has listed in its quarterly public sector debt bulletins.
While the sum owed by BPL only was not much different at end-December 2025, standing slightly higher at $223.9m, that for BPL/BEC was significantly lower at just $74.2m. Combined, these two figures in the last public debt bulletin total $298.1m - some $147.4m less than the $445.5m detailed just months later in the 2026 pre-election report.
Sources suggested the borrowings may be to subsidise BPL’s give-away of the first 200 kilowatt hours free for every customer, as well as to cover the Government’s decision to partially pay the utility’s fuel charge when it spiked last summer.
Other recipients of shortterm advances include the Water & Sewerage Corporation, whose taxpayer-funded loans have more than doubled from $18m at
communities,” said Mr Watchorn. “We expect that we will soon be ready to announce this newest location and the opening date.” Mr Watchorn said the financial impact of rebuilding has been mitigated by adequate insurance coverage, with AML Foods insuring its assets at full replacement value. However, he noted that deductibles and government-imposed costs, including a 10 percent VAT on insurance proceeds, still create some financial burden. Even so, he indicated that the BISX-listed food retail and franchise group will not need to inject significant additional capital to fund the reconstruction, allowing it to move forward with the $15m project without major strain on its balance sheet.
end-June 2025 to $38m at end-March 2026. The PHA has also seen its advances expand from $25.4m to $35.4m over the same timeframe, while the National Health Insurance (NHI) Authority - which has been struggling to pay doctors and providers on time - had received $2.9m by endMarch 2026.
Other agencies aided by taxpayer loans include Lucayan Renewal Holdings, the special purpose vehicle (SPV) that owned the Grand Lucayan resort, which received $17.7m at end-June 2025 and still owes this sum some nine months later. No funding had been allocated for it in the 2025-2026 Budget because the Government had anticipated the hotel would have been sold to Concord Wilshire by then.
A further $10.9m is owed by the Public Parks and Beaches Authority, and $14m by the Bahamas Mortgage Corporation, while Bahamasair has received $3.5m and the Airport Authority a further $7.6m. The Broadcasting Corporation of The Bahamas has received a $4.7m loan, which the Carmichael Village Project Development Company - an entity often targeted by the Free National Movement (FNM) - still owes taxpayers some $20.2m.
The Opposition has charged that these loans are a device to keep these sums from adding to the Government’s annual deficit and
national debt, enabling it to treat them as an ‘investment’ and financial asset, even though the recipient entities are all consistent loss-makers that will struggle to repay such debts.
Elsewhere, the 2026 ‘pre-election report’ disclosed that the Africa Export-Import Bank’s $140m loans for road infrastructure projects on Exuma, Eleuthera and Cat Island could become “a potential contingent liability” for the Government and Bahamian taxpayers if the payment invoices issued by contractors are not settled on a timely basis.
“The Government faces a potential contingent liability of $140m arising from financing arrangements with the African Export–Import Bank (Afreximbank) in respect of public-private partnership (PPP) transactions with Bahamas Stripping and Cat Island Infrastructure Company. The liability would crystallise if invoices issued by respective contractors are not settled within the specified time period,” the report confirmed.
Well-placed sources, speaking on condition of anonymity, yesterday said there is no such thing as a “potential contingent liability” provided for by the Public Debt Management Act when it comes to government guarantees. They questioned whether Parliament had approved the underwriting of the $140m as required by law.
It was previously disclosed that the $100m loan that will enable Bahamas Striping to complete 200 miles of roadworks on Exuma and Eleuthera has been structured as an “accounts receivables factoring”. Accounts receivables factoring occurs when a company sells unpaid invoices, representing monies owed to it, to a third-party in exchange for cash. A relatively common commercial financing technique, it improves a company’s cash flow and means they are not hanging around to receive due payments.
However, in this particular case, the major accounts receivables that Bahamas Striping will be waiting on are payments from the Government on their roadworks contracts. Financial specialists spoken to by Tribune Business said the release, and the financing structure as described, strongly suggest that the receivables exchanged by Bahamas Striping in return for the loan are those government contract payments. They added that, in effect, the Government will now be paying the Africa Export-Import Bank instead of Bahamas Striping for the roadworks contract. And they argued that this represents an ‘offthe-books’ loan, designed to keep liabilities off the Government’s balance sheet and from adding to the $12.4bn national debt.
DOWn: DROPS WORD BuiLDeR Far, Fear, Frame, Farmer, Rearm, Mare, Mar SuMMiT uP 101 and 96
Eleven-storey resort set to open by 2028
PROJECT - from page B1
were increased to 40 feet from the boundaries,” the Committee said.
“Accordingly, the Committee resolved to grant preliminary support of application approval for the proposed site plan application, subject to the following conditions. The applicant must obtain a certificate of environmental clearance from the Department of Environmental Planning and Protection before commencing development on the site.
“The applicant is to obtain approval from the civil design section of the Ministry of Works regarding access and drainage. On-site drainage and internal roadways must meet the requirements of the civil design section of the Ministry of Works.” Once these conditions are met and complied with, full site plan approval typically follows.
Tribune Business records show that BPG Ltd’s plans were challenged by Elaine Pinder, the Bamboo Shack principal, whose Sapodilla Restaurant will be the resort’s immediate western New Providence neighbour. Philip McKenzie KC, a Davis & Company partner who is also the National Insurance Board’s (NIB) chairman, was named in documents as BPG Ltd’s attorney.
Meanwhile, Hilton yesterday announced the signing of a franchise agreement with BPG Ltd for Paradise Breeze Nassau, which is expected to open in 2028. It added that the
resort will join Curio Collection by Hilton, which it described as a global portfolio of nearly 200 hotels, marking its first property in The Bahamas.
“Hilton remains committed to strategic growth across the Caribbean, where we have a robust pipeline of new hotels and resorts, and plans to double our footprint in the coming years,” said Pablo Maturana, Hilton’s vice-president for development and architecture, construction and design, in the Caribbean and Latin America.
“The project exemplifies how we are thoughtfully expanding our presence by partnering with strong owners to deliver distinctive hotels in high-demand destinations that matter to today’s travellers.”
Daniel Mosca, founder and chief executive of BPG Ltd, added: “We envisioned Paradise Breeze as more than a destination; as a way of experiencing Nassau that feels both elevated and deeply connected to its surroundings. Partnering with Hilton allows us to bring this vision to life through a hospitality experience that is thoughtful, design-driven and rooted in a genuine sense of place.”
Paradise Breeze Nassau was described as an 11-storey building featuring 125 rooms, located on West Bay Street just three miles from Lynden Pindling International Airport (LPIA). It will feature close to 15,000 square feet of spa and fitness facilities, padel and squash courts and a 5,000 square foot infinity
Food retail margins slim: ‘3-4% profit if doing well’
POLICY - from page B1
understand how other professionals and industries can reclaim their VAT, and essential services such as food stores cannot,” said Mr Watchorn.
Despite these concerns, AMLFoods said the rollout of VAT-free pricing at the consumer level on April 1 proceeded smoothly following extensive preparation.
“Our roll-out went very well,” said Mr Watchorn.
“We opened our doors on April 1, our systems worked as we expected them to, and our prices were updated pretty immediately upon opening.”
He added that the transition required significant operational effort, with thousands of individual items needing to be updated across store systems. “There were thousands upon thousands of items, so it was a significant amount of preparation,” Mr Watchorn said.
He also pushed back against public concerns over grocery pricing,
arguing that the economics of the food retail sector are often misunderstood.
“The margins are very slim. If you’re doing a really good job in a food store, you’re making 3 percent or 4 percent profit a year,” the AML Foods chief said. He pointed to broader structural challenges, including high freight and electricity costs, as key drivers of pricing pressures in The Bahamas.
“It’s very expensive for freight. It’s very, very expensive for electricity,” said Mr Watchorn. “There are a lot of expenses that go into running a business, and we really need to look at the cost of doing business in order to help us really make a dent in the cost of living.”
His comments come as the Government’s VAT policy continues to be debated, with retailers warning that while consumers benefit from tax-free pricing at the register, the inability to reclaim VAT on inputs could ultimately place further upward pressure on costs across the sector.
edge pool overlooking the sea. The property will also have more than 4,000 square feet of private and flexible event space to cater to meetings and events.
“Marking Curio Collection’s debut in The Bahamas, Paradise Breeze Nassau represents a meaningful milestone for the brand,” said Brooke Thomas, global brand leader, Curio Collection by Hilton. “From sweeping ocean views to distinctive design and elevated amenities, including an infinity pool, on-site spa and world class dining, the hotel embodies the one-of-a-kind experiences this global collection is known for. We look forward to welcoming guests to this exceptional new destination.”
Paradise Breeze Nassau, Curio Collection by Hilton, will also participate in Hilton Honors, the guest loyalty programme for Hilton’s brands. BPG Ltd’s initial application said the 2.37-acre property will host a 144-spot parking facility, on-site restaurant, full-service spa, bar, pool and various outdoor activities.
A traffic impact study contained recommendations to mitigate traffic blocks and improve safety, including introducing a roundabout at the intersection of West Bay Street and Sea Beach Boulevard.
“It is highly recommended that this skewed intersection be converted to a 130 feet roundabout in the immediate future,” the study suggested. “The
conversion to a roundabout would reduce delays by 74.5 percent at that location along with vehicle and pedestrian conflicts by 33 percent and 72.2 percent, respectively.
“It will also manage speeds along the horizontally curved section of West Bay Street, which would be beneficial for the access of proposed Rock Point
Development forthcoming. The conversion to a roundabout at this location will realise a clear improvement in traffic flow and safety.”
Other recommendations included the installation of a separated right-turn lane for the condo project as well as a deceleration lane. This would “improve the capacity, traffic flow and safety along West Bay
Street provided that the right-of-way width permits”. BPG Ltd’s traffic study also recommended the installation “of a continuous sidewalk along the south side of West Bay Street from Blake Road to Shakespeare Drive to accommodate the vulnerable road users consisting of walkers and joggers”.
RENDERINGS FOR PARADISE BREEZE NASSAU
Diplomats try to arrange a second round of US-Iran talks during first full day of American blockade
By MUNIR AHMED and SAM METZ Associated Press
DIPLOMATS worked through back channels on Tuesday to arrange a new round of talks between the United States and Iran after Washington enacted its blockade of Iranian ports, while Tehran threatened to retaliate by striking targets across the war-weary region.
U.S. President Donald Trump said a second round of talks could happen “over the next two days,” telling the New York Post the negotiations could be held again in Islamabad, the capital of Pakistan.
United Nations Secretary-General António Guterres concurred, saying it’s “highly probable” that talks will restart. He cited a meeting he had with Pakistan’s deputy prime minister, Ishaq Dar.
Meanwhile in Washington, the first direct talks in decades between the Israeli and Lebanese ambassadors to the U.S. concluded on a productive note, according to the U.S. State Department.
Israeli Ambassador Yechiel Leiter said the two countries are “on the same side of the equation” in “liberating Lebanon” from the militant Hezbollah group. Lebanese Ambassador Nada Hamadeh Moawad
called the meeting “constructive” but urged an end to the ongoing conflict between Israel and Iranbacked Hezbollah militants. Since March, that war has displaced more than 1 million people in Lebanon. Israel and Lebanon have technically been at war since Israel was established in 1948, and Lebanon remains deeply divided over diplomatic engagement with Israel.
First round of talks failed to end conflict
Last weekend in Pakistan, an initial round of talks aimed at permanently ending the U.S.-Iran conflict failed to produce an agreement. The White House said Iran’s nuclear ambitions were a central sticking point.
A U.S. official said Tuesday that fresh talks with Iran were still under discussion and that nothing has been scheduled. The official spoke on condition of anonymity because they were not authorized to discuss sensitive negotiations.
Muhammad Aurangzeb, Pakistan’s finance minister, told The Associated Press that “our leadership is not giving up” on efforts to help the U.S. and Iran end the conflict.
“We’ll keep at it,” Aurangzeb said Tuesday.
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Santelmo Ltd.
(IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of Santelmo Ltd. is complete.
Kim D Thompson Sole Liquidator
Address:
Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas
NOTICE
Aeschenvorstadt 48 Ltd.
Incorporated under the International Business Companies Act, 2000of the Commonwealth of The Bahamas. Registration number 211580 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 13th day of April A.D. 2026.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Danilo Ricci Osti, whose address is Rua Ceramista Roberto Weiss, 682, Jardim das Colinas I, Sao Jose dos Campos, SP, CEP: 12243-160, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 13th day of May A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 13th day of April A.D. 2026.
WALLACE ARRUDA FRAGA LIQUIDATOR
Though the ceasefire appeared to hold, the showdown over the strategic Strait of Hormuz risked reigniting hostilities and deepening the regional war’s economic fallout.
The war, now in its seventh week, has jolted markets and rattled the global economy as shipping has been cut off and airstrikes have torn through military and civilian infrastructure across the region.
The fighting has killed at least 3,000 people in Iran, more than 2,100 in Lebanon, 23 in Israel and more than a dozen in Gulf Arab states. Thirteen U.S. service members have also been killed. Tankers turned around after blockade took effect
The blockade is intended to pressure Iran, which has exported millions of barrels of oil, mostly to Asia, since the war began on Feb. 28. Much of it has likely been carried by so-called dark transits that evade sanctions and oversight, providing cash flow that’s been vital to keeping Iran running.
U.S. Central Command said Tuesday no ships made it past the blockade in the first 24 hours, while six merchant vessels complied with direction from U.S. forces to turn around and re-enter an Iranian port on the Gulf of Oman. Tankers approaching the strait on Monday turned around shortly after the blockade took effect, though one reversed course again and transited the waterway.
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 MIRAZUR LIMITED
(IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of MIRAZUR LIMITED is complete.
Kim D Thompson Sole Liquidator
Address:
Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas
NOTICE
LITTLE BIG LEGENDS ENTERTAINMENT LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 209437 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 23rd day of March, 2026 . Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Richard L. Broughton, No 6 Bosham Close, Camperdown Heights, P.O. Box SP63801, NP, The Bahamas. Persons having a Claim against the above-named Company are required on or before the 22nd day of April, 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 15th day of April, 2026
Richard L. Broughton Liquidator
DAMAGE is visible on a residential building that, according to Iranian authorities, was hit by a strike on March 4 during the U.S.-Israeli military campaign, in southeastern Tehran, Iran, Tuesday, April 14, 2026.
The tanker Rich Starry had been waiting off the coast of the United Arab Emirates, according to shipping data firm Lloyd’s List, which cited data from the energy cargo-tracking firm Vortexa. It was not immediately clear whether the tanker had earlier docked in Iran. Yet it was listed by the U.S. Treasury’s Office of Foreign Assets Control as linked to Iranian shipping.
Lloyd’s List, citing ship registry and tracking data, reported that the vessel is owned by a Chinese shipping company and was ultimately bound for China with a stopover in an Omani port, south of the strait. The vessel updated its broadcast signal on Tuesday evening to no longer show it was headed for Sohar, Oman, according to tracking data reported by maritime analytics firm MarineTraffic.
U.S. Treasury Secretary Scott Bessent said Chinese tankers will not be allowed passage through the strait. “So they’re not going to be able to get their oil,” he told reporters Tuesday. In rare public criticism seemingly directed at Trump, Chinese President
Xi Jinping said nations should “oppose the world’s retrogression to the law of the jungle.” Xi said nations should work to “jointly safeguard genuine multilateralism.”
Since the start of the war, Iran has curtailed maritime traffic, with most commercial vessels avoiding the waterway. Tehran’s effective closure of the strait, through which a fifth of global oil transits in peacetime, has sent oil prices skyrocketing, pushing up the cost of gasoline, food and other basic goods far beyond the Middle East.
Trump has threatened to destroy any Iranian military vessels that challenge the U.S. blockade. Iran has threatened to retaliate against Persian Gulf ports if attacked.
French President Emmanuel Macron and British Prime Minister Keir Starmer will co-chair a conference Friday for nations willing to deploy warships to escort oil tankers and container ships through the strait.
The deployment will happen “when security conditions allow,” Macron’s office said Tuesday.
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 HPCZ LTD.
(IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of HPCZ LTD. is complete
Kim D Thompson Sole Liquidator
Address:
Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 PEMACA LIMITED
(IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(6) of the International Business Companies Act, 2000, as amended, the winding up and dissolution of PEMACA LIMITED is complete.
Kim D Thompson Sole Liquidator
Address:
Equity Trust House Caves Village West Bay Street P O Box N-10697 Nassau, Bahamas
Photo:Vahid Salemi/AP
Wall Street rallies to the edge of its all-time high as oil prices ease
By STAN CHOE AP Business Writer
U.S. stocks rallied to the edge of an all-time high Tuesday, and oil prices eased as hopes climbed that the United States and Iran may try again on talks to end their war and avoid a worst-case scenario for the global economy.
The S&P 500 added 1.2% to its leap from the day before, and the index at the heart of many 401(k) accounts is just 0.2% below its record set in January.
The Dow Jones Industrial Average rose 317 points, or 0.7%, and the Nasdaq composite climbed 2%. They followed gains for stock markets worldwide as diplomats worked through back channels to arrange a new round of talks between the United States and Iran. If talks succeed and the war ends up being only a temporary setback for the global economy, rather than a new normal of very
February, it's well below the $119 peak it has hit when worries about the war have been at their heights.
To be sure, hope has often swung quickly into doubt since the war began, which has caused extreme and sudden reversals in financial markets. Much of the stress has been due to the Strait of Hormuz, a narrow waterway that's the main avenue for crude oil produced in the Persian Gulf area to reach customers worldwide. Blockages there have kept oil off the global market, which has in turn driven up its price.
And that has meant a blast of higher inflation. In the United States, inflation at the wholesale level accelerated to 4% in March from 3.4% the month before, according to the latest data released Tuesday. That was actually better than the 4.6% rate economists expected.
The effect is worldwide. Global inflation this year
The effect is worldwide. Global inflation this year looks set to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had earlier thought inflation would slow to 3.8%.
high oil prices and inflation, investors can turn their attention back to what matters most for stock prices: How much money are companies making?
Positive trends there had stock markets worldwide doing well before the war began, and analysts see continued growth ahead, for now at least.
Lower oil prices help bring down costs for all kinds of businesses, and the price for a barrel of Brent crude to be delivered in June fell 4.6% to settle at $94.79 Tuesday.
While that's still above its roughly $70 price from before the war began in late
looks set to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had earlier thought inflation would slow to 3.8%.
The IMF on Tuesday also downgraded its forecast for global economic growth to 3.1% this year from the 3.3% it had forecast in January.
On Wall Street, strong profit reports from companies are helping to make up for such worries. Over the long term, stock prices tend to follow the path of corporate profits, and analysts are forecasting S&P 500 companies will report solid
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, DEAJAH BRANIQUE FERGUSON of Freeport ,Grand Bahama , intend to change my name to DE’AJAH BRANIQUE TRECO FERGUSON. 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.
NOTICE
NOTICE is hereby given that I MELIANIE FELIX-ROSEME of Miller Road, Bacardi Road, Nassau, 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 8th day of April, 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 OMAR ROBERT BRYAN of, Coral Harbour, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
growth of more than 12% for the most recent quarter, according to FactSet.
Optimism remains high enough that analysts have raised their estimates since the war began for S&P 500 profits over the first six months of the year, according to strategists at Morgan Stanley.
BlackRock gained 3%, and Citigroup rose 2.6% Tuesday after the financial companies reported stronger profit and revenue for the latest quarter than analysts expected.
JPMorgan Chase likewise delivered a better-than-expected quarter, but its stock dipped 0.8% as CEO Jamie Dimon said bank officials cannot predict how the "increasingly complex set of risks" will play out given so much uncertainty.
Amazon climbed 3.8% after saying it would buy Globalstar, a mobile satellite services company, for $90 per share in either
cash or Amazon stock. Globalstar jumped 9.6%.
Software companies also rallied for a second day, recovering more of their sharp losses from earlier in the year on worries they could be made obsolete by artificial-intelligence technology. AppLovin rose 3.9%, and an ETF from iShares tracking the software industry added 1%.
That in turn helped private-credit companies recover. These companies have lent money to software businesses and others that may be under threat from AI, and some have seen a rush of investors trying to pull out their money.
NOTICE
reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
and
PEOPLE work on the floor at the New York Stock Exchange in New York, Monday, April 13, 2026. Photo:Seth Wenig/AP
Peru faces a presidential runoff as election count drags on after ballot delays
By FRANKLIN BRICEÑO and REGINA GARCIA CANO Associated Press
PERUVIANS will vote in a presidential runoff in two months after none of the 35 candidates secured an outright victory in the weekend election, though by Tuesday afternoon, the two contenders in the June vote were still unconfirmed.
Electoral authorities continued to count the ballots for a third straight day as authorities were forced to extend voting into Monday after ballots had not been delivered in time to polling stations.
With 77% of ballots tallied, official results on Tuesday showed Keiko Fujimori, the conservative daughter of a disgraced
former president, leading the count with 16.86% of the votes, while Rafael López Aliaga, the ultraconservative former mayor of Peru’s capital, Lima, earned 12.66%.
Jorge Nieto Montesinos was close in the third place, with 11.74% of the vote, maintaining a narrow chance of making it into the June 7 runoff.
The sluggish pace of the count mirrored Peru’s 2021 presidential election, a contest where final tallies weren’t completed until five days after polls closed.
A presidential candidate needs more than 50% of votes to win outright. The two candidates with the most votes in a first round advance to the runoff. The
winner will be Peru’s ninth president in just 10 years.
A European Union election observation mission said Tuesday it didn’t see “sufficient grounds” supporting claims of fraud, following allegations by López Aliaga, who described the election — without providing evidence — as a “fraud of a kind unique in the world.”
The election has been mired with logistical issues that left thousands in the country and abroad unable to cast ballots. That prompted authorities to allow more than 52,000 residents of Lima to vote on Monday. The extension, announced after vote counting had begun Sunday evening, also covered Peruvians registered to vote in
Orlando, Florida, and Paterson, New Jersey.
“I’m fed up,” Iris Valle, 56, said as she waited to vote on Monday at a public school in Lima, the country’s capital. She feared that her employer would cut her pay for not showing up early, because she had to fulfill her voting obligation.
Voting is mandatory for Peruvians from the ages of 18 to 70. Failure to vote comes with a fine of up to $32.
The election took place amid a surge in violent crime and corruption that has fueled widespread discontent among voters, who largely view candidates as dishonest and unprepared for the presidency.
Peru’s economy, however, has defied both the
crime surge and the political instability stemming from a revolving door of presidents, having had three since last October alone. Aided by its status as one of the world’s largest copper producers, the country posted more than 3% growth in 2024 and 2025, though that’s lower than the 5%-6% annual growth it saw in the 2000s. Will Freeman, a fellow for Latin American Studies at the Council on Foreign Relations, explained that the independence of the country’s central bank has also contributed to economic growth.
“Although Peru has had all these presidents, it has had only one central bank president since the mid-2000s, Julio Velarde,” Freeman said. “He’s been a real source of stability and given investors some confidence that there is an institutional core that remains from one presidency to the next in Peru.”
Still, Freeman warned, Peru can’t afford to be
complacent as current growth is lower than the 5%-6% annual rates the country saw in the 2000s and recent congressional decisions point to “a more conservative economic populism.” In her fourth bid for the presidency, Fujimori has promised to crack down on crime but has also defended laws that experts say make it difficult to prosecute criminals. The laws, which her party backed in recent years, eliminated preliminary detention in certain cases and raised the threshold for seizing criminal assets. If elected, she has said that judges presiding over criminal cases will be anonymous and prisoners will have to work to earn their food. Meanwhile, López Aliaga has proposed building prisons in the country’s Amazon region, and lobbied for allowing judges to conceal their identities and expelling foreigners who are living illegally in Peru.
