04162026 BUSINESS

Thursday, april 16, 2026

Bahamasair: Up to $51m aged debts ‘could not

be quantified’

BY NEIL HARTNELL

Tribune Business Editor nhartnell@tribunemedia.net

BAHAMASAIR’S “aged” debts, which peaked at $51m during the eight-year period to 2019, were deemed “unreconcilable” and “could not be quantified”, a former acting chief financial officer is alleging, while arguing this proves the airline was suffering “systemic accounting deficiencies”.

Claudia Pinder, who is demanding $1.111m in total damages over claims she was forced out over exposing “significant financial governance concerns”, in legal documents filed with the Supreme Court yesterday disclosed papers detailing how the Government moved to “offset” tens of millions of dollars owed by the airline against similar sums due to it in a bid to “clean up” long-outstanding account balances.

Payables arrears never below $23m in 8 years

The August 19, 2019, paper submitted by Ms Pinder to Bahamasair’s then-Board of Directors, disclosed that the national flag carrier’s “aged payables” - meaning pastdue debts and arrears owed to third parties - had ranged from $23m to $51m ever since July 1, 2012. A significant portion of this sum was owed to other government ministries and agencies, including $2m in unpaid National Insurance Board (NIB) contributions for the airline’s staff that

$650m project to ‘fundamentally alter’ feel of Governor’s Harbour

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THREE-quarters of Eleuthera residents believe they are excluded from participation in their home island’s economic development, a survey unveiled yesterday has revealed, although there was a “polarised distribution” of mixed views on a US developer’s boutique casino plans.

The Organisation for Responsible Governance (ORG), in a February 2026

survey of 401 Eleuthera residents that sought to gain their “perspective on sustainable development and tourism”, with particular focus on the $650m Governor’s Harbour project proposed by Jeff Jacobs, said the responses showed “low levels of trust” in the development details provided by both the Government and investor. While almost half, some 49.4 percent, said they had zero trust in the information released thus far, the ORG

‘It’s like someone flipped the switch’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A BIMINI resort and marina operator says revenue losses have reduced by between 50-66 percent as the two new short-stay cruising permit categories, together with lower fees, start to make a positive impact although the boating sector remains below potential.

Stephen Kappeler, principal of the Bimini Big Game Club Resort and Marina, said recent weeks have shown some improvement, though revenues are still trailing prior performance. “I think so far this year

we’re maybe about $10,000 down compared to where we were,” he said.  “That’s still a big number — it pays a lot of bills and supports marina employees. But compared to being $20,000 or $30,000 down, that’s the difference between operating favourably and profitably or not.”

Mr Kappeler’s comments come as apartment and vacation rental owners on Bimini, one of the closest islands to south Florida, told Tribune Business that the boating fee reforms have produced a near-instant response through the receipt of calls and booking inquiries. “It’s like someone

Fuel price threat to boating fee rebound

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

RISING global fuel prices could undermine recent gains in The Bahamas’ boating and marina sector, with operators yesterday warning that higher travel costs may influence visitor decisions in coming months ahead.

Stephen Kappeler, principal of the Bimini Big Game Club Resort and Marina, said fuel price volatility is emerging as the next major uncertainty for the industry

Ex-ArawakX

even as recent boating fee reductions and the introduction of shorter-stay permits begin to improve conditions.

“There’s another concern looming that we’ll soon find out more about — the impact of fuel prices on travel decisions,” said Mr Kappeler. “From our perspective, being just 47 miles away, it should work in our favour. Why go further south if fees have been lowered here? But fuel will be a key factor to watch.”

Gov’t undertook offset ‘clean up’; $2m owed NIB

covered the last Christie administration’s term in office.

On the other side, pastdue receivables due to Bahamasair - and on which it had failed to collect - had hovered between $6m to $12m for the decade covering 2009 to 2019. External auditors had repeatedly flagged concerns over whether these sums could be collected, and the paper warned that no provisions for monies deemed uncollectable had been made - the situation ultimately leading the then-Minnis administration to inject

Carrier denies ’whistleblower’ claim in dismissal bid

$6.533m into Bahamasair to clean-up the airline’s finances.

Ms Pinder, who is alleging that she was “marginalised” and undermined when she raised these and other financial governance woes, revealed the Board paper and other documents as evidence to support her arguments that the airline “was experiencing significant financial distress”.

However, Bahamasair in its April 2, 2026, defence to Ms Pinder’s claim, vehemently denied and rejected all her

survey also uncovered that almost three out of every four Eleuthera residents feel they are cut-out of, and excluded from, having any meaningful say or role in helping to guide the sort of economic

development they want for their island.

“The right of communities to be informed and meaningfully involved in decisions that affect their lives is a

Rahming ‘doesn’t know what will happen’ after grilling Voices hopes of regaining ‘carriage’ over BOB lawsuit But crowd fund liquidators say won’t give permission

BY NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net

THE ARAWAKX crowd funding platform’s ex-chairman yesterday said revealed he is “living with the Sword of Damocles” over his head after being “arrested and questioned” by Royal Bahamas Police Force investigators on Monday over its descent into liquidation.

D’Arcy Rahming senior told Tribune Business that he is unsure whether the force’s Financial Crimes Unit will take any further action as he was released without charge after being grilled over purportedly failing to inform ArawakX’s regulator, the Securities Commission, that it was seeking investments in the crowd funding platform itself by other Bahamians.

Pledging that he is innocent of any wrongdoing, despite the regulator successfully petitioning the Supreme Court to place the crowd funding platform into full judicial-supervised liquidation, the former ArawakX chairman asserted “you are not going to silence me” and he is “not embarrassed to speak the truth” while describing the timing of the police action as “peculiar”.

Mr Rahming’s arrest, and interrogation, come almost two years after Sir Ian Winder, the Chief Justice, ordered ArawakX into full liquidation on May 23, 2024, while also coinciding with what he described as fresh hope that himself and his son, also a former

Extracting value from data-driven decisions

In an increasingly competitive and digital business environment, data is often described as the new currency. Yet for many business owners across The Bahamas, data can feel more like an untapped resource than a practical tool. The common misconception is that turning data into meaningful insights requires advanced technical skills or a background in data science. In reality, some of the most impactful decisions can be driven by simple, accessible analysis.

Every business already generates data. Sales transactions, customer preferences, inventory levels and even social media engagement all tell a story. The challenge is not collecting information, but knowing how to interpret it in a way that informs

MSC confirms start for demolition preparation ROYE II KEITH

THE Mediterranean Shipping Company (MSC)

subsidiary behind the development of a beach club at the Grand Lucayan resort yesterday said it has begun preparations for the necessary demolition work.

CTL Maritime, in a statement, asserted that the move marks the transition from agreement to execution as part of the site’s phased redevelopment. It said initial works will focus on site preparation, safety measures and the controlled removal of selected structures within the designated development footprint.

“All required approvals and permits for the commencement of works have been secured in accordance with applicable regulatory processes,” CTL Maritime added. “The project team continues to work closely

decision making. For many small and medium-sized enterprises, especially in Nassau and across the Family Islands, the opportunity lies in starting small and focusing on the metrics that matter most. The first step is identifying clear business questions.

Rather than attempting to analyse everything at once, business owners should ask practical questions such as which products sell the most, what times of year generate the highest revenue, or which services attract repeat customers. By narrowing the focus, data becomes less overwhelming and more useful. Equally important is the use of simple tools. Spreadsheet programmes, point of sale systems and even basic accounting software often include built-in reporting features that can highlight trends and patterns. These tools do not require a technical background, yet they can provide valuable insights when used consistently. For example, a retailer can quickly identify slow-moving inventory, while a restaurant owner can determine peak dining

hours and adjust staffing accordingly.

In the Bahamian context, the value of data driven decision-making extends beyond individual businesses. Tourism operators can analyse booking patterns to better align with seasonal demand. Retailers can adjust inventory to reflect visitor preferences. Financial service providers can enhance client experiences by understanding customer behaviour more deeply. Collectively, these improvements contribute to a more efficient and resilient national economy.

Another critical factor is consistency. Data analysis is not a one-time exercise, but an ongoing process. By reviewing performance on a weekly or monthly basis, businesses can respond more quickly to changes in the market. This is

particularly important in a small island economy such as The Bahamas, where external factors such as global travel trends and economic shifts can have an immediate impact.

Critically, turning data into insight does not require perfection. It requires curiosity and a willingness to act. Even basic observations can lead to meaningful improvements. A small increase in customer retention, a slight reduction in waste or a better understanding of peak sales periods can all have a measurable effect on profitability. As the global economy becomes more data driven, Bahamian businesses that embrace this approach will be better positioned to compete. The ability to make informed decisions quickly and confidently is no longer a luxury but a

necessity. By demystifying data and making it accessible to all business owners, The Bahamas can foster a culture of smarter decision-making and sustained economic growth.

In the end, data is not about complexity. It is about clarity. And, for businesses willing to engage with it, even at the most basic level it offers a powerful pathway to stronger performance and long-term success.

• NB: About Keith Keith Roye II is a highly analytic and solutions-driven professional with extensive experience in software development. He holds a BSc in computer science and his career includes leading and delivering global software projects in various industries in The Bahamas and the US.

with relevant authorities to ensure that all activities are conducted safely, responsibly and in line with national and local requirements.”

CTL Maritime said it has hired Island Site Development (ISD), the Bahamian contractor, to carry out the initial demolition preparation works. The firm is familiar with MSC projects, having previously supported works at Ocean Cay MSC Marine Reserve while currently contributing to ongoing development activity on the Cay. The MSC subsidiary added that ISD’s appointment shows its commitment to hiting qualified Bahamian companies with proven capability and experience. It added that the demolition strategy has been designed to prioritise safety, environmental

responsibility and economic sustainability.

Wherever feasible, the project will identify materials suitable for salvage, recycling or repurposing, CTL Maritime said, explainng that this approach is intended to reduce waste, support responsible disposal practices and maximise the value of recoverable materials while preparing the site for future development.

Demolition will occur in phases, beginning with building one, which will be removed to create additional staging and laydown space to support the efficient demolition of the Breaker’s Cay complex over the coming months.

CTL Maritime said this approach allows for the controlled sequencing of works, improved site logistics, and enhanced safety

throughout the overall demolition programme.

Prior to demolition, it added that Breaker’s Cay will be assessed to determine whether salvageable elements can be recovered first, with recyclable elements separated and reused where possible and the remaining materials disposed of in compliance with environmental and waste management practices.

CTL Maritime said Bahamian contractors, suppliers and service providers will have opportunities to participate in the project. It added that hiring Bahamian vendors will be a key feature of the demolition and subsequent redevelopment phases, including hauling, material handling, equipment support, logistics and related services.

‘Don’t tell us, show us’ on the Grand Lucayan

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

GRAND Bahana businesses and residents yesterday voiced mixed reactions to the start of demolition preparation at the Grand Lucayan with some expecting the project to ultimately boost tourism while others are sceptical it will ever be completed.

Robert Nabb, speaking after the partnership between Concord Wilshire and Mediterranean Shipping Company (MSC) for the latter’s beach club was confirmed, said he is still sceptical about the development. Referencing Weller Development’s Six Senses project, which has failed to meet its projected 2026 opening date, he added that he will believe in the Grand Lucayan’s redevelopment once its doors are reopened.

“Six Senses was supposed to be an exclusive project that was supposed to be down by Banana Bay,” he said. “They had a big announcement, $200m project. They put up a fence. They had nice awnings in front of the fence showing you what it's supposed to be looking like. They cleared down the land.

“The land is now bare. All sorts of things were going on. They’ve even done some foundations, and then the project closed last November. So I say that to say, as I’ve said before, I, like many Grand Bahamians, we are in a position now where when I see it open and I see people walking in, I’ll believe so. I am that sceptical.

“They signed an agreement on that [Grand Lucayan] from last year and then nothing happened. And now before election, all of a sudden the deal is going through. All I'm saying is Grand Bahamians are sceptical. We don't believe

things until we see it,” Mr Nabb added.

“Now, don't tell us. Show us. That's all. You can't blame us because we've been promised things over and over and over. We've been sold a dream for the last ten years. I'm going to put both parties on point with that. We've been sold a dream for the last ten years, and it hasn't come true.

“Many Grand Bahamians are sceptical … If you've drunk the Kool Aid, then you're not sceptical. And there are many Grand Bahamians who have drunk the Kool Aid. I don't drink Kool Aid. So, I'm the type of person, when I see it finished and opened, I will then say congratulations to whichever party or whichever person was responsible for that. But for right now, many Grand Bahamians are in a position where we're like, ‘it's going to take more than just putting up a fence and clearing down property for us to believe that something is happening’.”

D’Sean Smith, another Grand Bahamian, said the partnership with MSC and the announcement of the demolition is a step in the right direction for the island and “definitely long overdue”.

“I feel like it's a positive step forward for the island, definitely long overdue with trying to hear some type of movement on the project and the development,” he said. “I'm hoping that it progresses at an accelerated pace. And I look forward to hearing more details on what the final plans will be for the for the property, and how long it'll take to turn it around. I think I read something that said a 2028 projected date, which isn't bad.

“But I think, economically, we need everything that we could get. Anything that brings jobs from a construction perspective,

or even permanent jobs, is always welcoming for Grand Bahama. For me, as a native that was born and raised here, I'm always happy to see us progress with development projects.”

Mr Smith said while he is a bit sceptical that the development will be completed, he will choose to be optimistic. “I think we're always sceptical on anything that happens here because we've been bitten so many times,” he said.

“But at the same time I don't believe in kind of brushing everybody with the same brush stroke. So I'm optimistic always. I prefer to look at the glass half-full. So I'm not too negative in terms of potentially not happening. I’m just always hopeful that it will happen.

David Wallace, operator of the Pirate's Cove Zipline and Water Park, however, reiterated his support of the partnership noting that he believes the project will be completed because it has the funds to make that happen.

“These aren't people who are coming with an idea and hoping, once it's approved, they have to now go and find the funding and convince people to join their project,” he said. “These are cruise lines that have the financial wherewithal to develop a port.

“But, more importantly, they don't need anybody to bring people to their port or to their place. If they own the harbour, they got the ships. They are bringing their ships to their harbour. I think that is the advantage when Royal, Caribbean or MSC owns the harbour company. They have the way of it all to schedule their ship, to visit their port.”

In support of the partnership between Concord Wilshire and MSC, Mr Wallace said it will boost the tourism sector in Grand

Bahama, “So we believe that this development, or this beach club, will help with the tourism numbers,” he said. “And when you look at what is being projected by Royal Caribbean, MSC and Carnival Cruise Lines to Grand Bahama, they will probably be bringing to Grand Bahama more people on a daily basis than the population of Grand Bahama.

“And I think a survey will tell you that only 25 percent of the persons on the ship buy tours on the ship. The other 75 percent of those persons wander around, interact with taxi drivers, interact with tour operators, take tours of the island… Those tours will probably pass through a Pirate's Cove Zipline and Water Park, or may go to the Garden of the Groves, or might go to Port Lucaya Marketplace, or might go to downtown, to the cultural village.

“And so therefore the opportunity is there where persons can benefit from the arrival of those cruise ships. We welcome it at Pirate's Cove Zipline and Water Park because not only do we offer tours with MSC and with Royal Caribbean, we believe it gives us an opportunity to develop some more tours, hire more

people, train more persons, and be a part of this cruising boom that is coming to Grand Bahama,” Mr Wallace said.

“We welcome the overnight passengers, but we know that's going to require an airport, more hotel rooms, and that might take time. But, in the short-term, we look forward to the cruise ship arrivals and what is being proposed by both MSC for the Grand Lucaya property and Royal Caribbean… and Carnival, in the meantime, is expanding its operation to where they can take four ships a day instead of two. So, on a good day, you can have four ships of Carnival and five or six ships down in Freeport Harbour. You could have about nine to 10 ships in port.”

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Abaco Club in $350m expansion after real estate sales near-double

AN Abaco-based private club has unveiled a $350m expansion project after nearly doubling its real estate sales year-over-year in 2025.

The 500-acre Abaco Club, in a statement, hailed the move as “one of the largest private club investments in the Caribbean” and part of a ten-year plan to add new amenities and residential offerings.

“At The Abaco Club, our priority has always been a lifestyle defined by genuine belonging, memorable experiences and meaningful connection, which is why we continue to evolve the club over time, building on what members already love about being here,” said Tommy Southworth, president of Southworth, the community’s developer.

“This ongoing investment represents our vision for a true island sanctuary, where members can enjoy world class amenities, personal service and effortless living amid the unrivalled natural beauty of The Bahamas. It’s been a joy to see the new spaces bring fresh energy and new ways for families and friends to spend time together, creating experiences they’ll return to and remember for years to come.”

The Abaco Club said the the addition of new amenities and real estate offerings helped it nearly double property sales yearover-year in 2025. It is now adding several new residential neighbourhoods.

The Cays Reserve introduces 19 beachfront residences priced from $4.15m, with the first 11 already sold, just steps from the community’s The Bay Club. The Abaco Club added that the Green offers a collection of turnkey cottages overlooking the 14th green of the golf course, starting at $3.3m. It has also debuted an additional neighbourhood called The Ridge Estates, featuring eight homesites for owners to create a custom retreat starting at $2.1m. The Abaco Club is also introducing expanded racquet offerings at The Stables. The original stable building has been reimagined to house a racquet sports boutique, while four new tennis courts, four padel courts and the Horseshoe bar are located just beyond the structure.

Other new and enhanced amenities include seve pickleball courts plus El Diablo, a 40,000-squarefoot, 18-hole putting course designed by club ambassador and PGA tour champion, Darren Clarke. The Birdie Bar has been created next to the putting course, while the Wake Field is a Fenway-inspired wiffle ball and multi-use field created in honour of late long-time member and MLB legend, Tim Wakefield The Abaco Club said there has also been a redesign of The Cliff House. Future amenities planned include a spa, an expanded fitness centre with additional group fitness studios, and a dedicated hub for daily Kid’s Club programming. It added that the spa will feature individual treatment pavilions.

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Freight cost increases drive pricing pressures

BY FAY SIMMONS Tribune Business

BUSINESSES across

The Bahamas are warning of potential price increases in the months ahead as rising global fuel costs and freight surcharges begin to filter through into the local economy.

Don Williams, chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), said companies are making a concerted effort to maintain price stability for as long as possible.

He explained that while firms have so far managed

to hold prices relatively steady, mounting external pressures may make that increasingly difficult. “So currently, as we see, a lot of businesses have tried to keep their prices reasonably sustained at this point in time, which we highly encourage,” said Mr Williams.

“We do expect that, as the crisis goes on globally, some businesses may have to start increasing their prices, slowly but surely.” He added that The Bahamas remains highly vulnerable to external economic shocks, particularly those originating in major markets such as the US.

“Because it’s such a global issue, we’re affected no matter what happens,” said Mr Williams. “As the saying goes, when the US sneezes, we catch a cold.”

A key concern for businesses is the rising cost of fuel, which is driving increases in shipping and logistics expenses across the Caribbean. These costs are already being felt by major retailers.

Gavin Watchorn, president and chief executive of BISX-listed AML Foods, said freight costs - —not the cost of goods themselvesare emerging as the primary pressure point. “I think the cost of goods themselves is

probably going to stay relatively OK. The issue is the cost of freight has already increased,” said Mr Watchorn. “Most carriers throughout the Caribbean and, I suspect, the wider world have already increased their rates because the fuel surcharge has gone up.”

When asked whether AML Foods has begun to see increases tied to these surcharges, Mr Watchorn responded: “Yes.” He said additional supply disruptions have also contributed to pricing pressures, including weather-related events in key agricultural markets.

“There are things happening, like the frost that

Chamber steps up tax, ease of business push

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is stepping up its push for tax reform and ease of doing business improvements as it outlines key priorities for the private sector following the upcoming general election.

Don Williams, its chairman, said the body is focused on advancing policies that support both business growth and broader economic development, while also encouraging greater compliance within the private sector.

“For us, in this season, we’re still fighting for what we believe, as the Chamber, is what the business community needs,” Mr Williams said. “So, one, ease of doing business—we’ve spoken on this many times.”

He added that the Chamber has already taken steps to support businesses directly, including hosting

an expo earlier this year aimed at helping companies meet regulatory requirements. “But it’s not just on the Government side. We’re trying to get businesses to be compliant, to ensure, as simple as National Insurance for employees,” said Mr Williams. He said a major focus going forward will be tax reform, with the Chamber preparing to launch a dedicated committee to address structural issues in the system. “We’re establishing a new tax reform committee, in fact, so you should hear about that in the next few months, whereby we’re

trying to balance out the taxes that are imposed on the country,” said Mr Williams.

“And it’s not just with boating fees that we were recently advocating for with the Abaco Chamber, but across all industries. Mr Williams added that the Chamber is also looking at how policy can better support emerging sectors and entrepreneurship, particularly among younger Bahamians entering new industries.

“How are we now helping with construction, development, the new industries and economies that are

coming on stream?” said Mr Williams.

Workforce development is another key pillar of the Chamber’s agenda, with Mr Williams expressing support for the Government’s Upskill Bahamas initiative.

“We do believe that it is a worthy programme. It is going to increase the level of efficiency within the private sector,” he said.

Mr Williams added that the Chamber plans to collaborate with the programme to help ensure new entrants to the workforce are equipped with skills

happened earlier this year in Florida that had a big impact on the cost of vegetables,” said Mr Watchorn. However, he suggested that the duration of current geopolitical tensions will play a major role in determining the extent of long-term impact.

“If this war is hopefully shorter, then the impact will be less significant,” he added.

Mr Williams said the issue extends beyond businesses to the broader economy, particularly in more vulnerable regions such as the Family Islands, where costs are already higher.

“We have started negotiations with the Ministry

that translate into tangible business benefits.

“We’re going to be in collaboration to ensure that the new labour force… is not only innovative, but that they contribute as best as possible, therefore helping to decrease the cost of doing business,” said Mr Williams.

However, he warned that improvements in skills and training must be matched by productivity gains when it comes to wage growth.

“While there may be a wage increase… we try to make sure that employees are also providing a certain level of benefit,” Mr Williams said. “That benefit is productivity, innovation, skills and training.”

of Finance to see how the Government can put certain things in place to help to mitigate, because it’s not just affecting businesses. It affects The Bahamas at large,” he said. “We’re discussing Nassau right now; imagine the fall-out for our Family Islands.” In the meantime, Mr Williams urged both businesses and consumers to take practical steps to manage costs, including improving efficiency and reducing unnecessary expenses. “As simple as I would encourage every household… car pool as much as possible. Let’s be a little bit more intentional in the things that we do,” he said.

Mr Williams said this balance is critical to maintaining sustainability across the economy, particularly as businesses navigate rising costs and competitive pressures.

The Chamber’s proposals come at a time when both businesses and policymakers are grappling with how best to support economic growth while addressing cost-of-living concerns.

For the private sector, Mr Williams said, the focus remains on creating an environment where businesses can operate more efficiently, workers can contribute more effectively and the overall economy can expand in a sustainable way.

Public offering claim ‘almost nonsensical’

executive at the crowd funding platform, may be allowed to restart their legal claim against Bank of The Bahamas.

The Rahmings, via ArawakX and its parent vehicle, MDollaz Ltd, had prior to the liquidation initiated legal action against Bank of The Bahamas after it froze the crowd funding platform’s bank accounts from November 1, 2022, to mid-May 2023.

The BISX-listed lender had moved to protect itself from exposure to potential liability amid the then-uncertainty over who held control and signatory authority over the accounts - the Rahmings or James Campbell, the former Colina Insurance Company president who was the platform’s largest $1.6m investor, amid the two sides’ battle to control ArawakX.

Mr Rahming senior yesterday blamed the account freeze, which effectively shut down ArawakX’s business, for triggering the Securities Commission probe that ultimately led to the platform’s closure, liquidation and loss of their business. However, he said he was informed two weeks ago that the court-supervised liquidation is set to come to an end, and that he and his son will likely regain “carriage” of the Bank of the Bahamas lawsuit.

“We will get carriage of the case. That Order is being perfected,” Mr Rahming told this newspaper.

“We are of the opinion that it is their [Bank of The Bahamas] actions that perpetuated all of the charges

and investigations against us, so we are going to be pursuing the case with vigour.” Bank of The Bahamas has previously vehemently denied and rejected ArawakX’s claims against itself, for which the Rahmings had earlier demanded $33m to settle. And the platform’s liquidators last night appeared to dash Mr Rahming senior’s hopes by telling Tribune Business they will not agree to assign the claim against the bank back to him.

ArawakX’s liquidation Order stipulated that the Rahmings “take no further steps” to pursue the Bank of The Bahamas claim without permission of the liquidators, Ed Rahming, the Intelisys (Bahamas) principal, and Cheryl Simms, the Kikivarakis and Company accountant. The duo were also charged with determining whether it was “a viable action” - meaning if it was a potential source of recovery for creditors that would be worthwhile pursuing.

Tribune Business understands that the liquidators and their attorney, Raynard Rigby KC, have determined that it is not worthwhile to continue going after Bank of The Bahamas. And the Rahmings would need their “consent” to do so themselves - something that they will not permit to happen in the ‘dissolution Order’ which is presently being drafted as the final act that would bring ArawakX’s liquidation to an end.

“The joint official liquidators will not consider such a claim assignment and it will not be included as a clause in the final company

dissolution Order,” Mr Rahming and Ms Simms said in a joint statement to this newspaper last night.

Mr Rahming, meanwhile, said he was treated “with the greatest respect” by his police interrogators, adding that he has “the utmost respect” for law enforcement, the courts and people who work in them. “The investigators with their questions were putting a lot of emphasis on the fact I had been trying to fund raise and had conditional investors,” he told Tribune Business.

“No one was an investor, and that was not public. We had a private client list. We did not do anything untoward in sending out the information. We made sure that everyone who signed up for it knew the transaction would not be completed unless the Securities Commission approved it. The questions by the investigators, as far as I could tell, were that we never intended to tell the Securities Commission about these investors.”

Mr Rahming argued that ArawakX had “been telling the Securities Commission all along” about its fund-raising plans as it was obligated to inform the regulator of any changes in its equity capital and investor make-up as part of its statutory quarterly reporting obligations.

However, Tribune Business understands that ArawakX’s liquidators have made good on the promise - contained in their first report to the Supreme Court in early 2024 - to report alleged report “multiple criminal infractions” to the police.

NOTICE

Mr Rahming and Ms Simms wrote it was also impossible to cure MDollaz/ArawakX’s “criminal violation” of the Securities Industry Act as a result of the unauthorised public offering that persuaded 134 investors to inject capital into the crowd-funding platform. Those investors have likely lost much, if not all, of their investment as the provisional liquidators had received a legal opinion saying they should be treated as unsecured creditors.

The liquidation duo added that the “public offering” was held even though ArawakX’s own Memorandum of Association stipulated that “the company shall be a private company and, accordingly, no shares nor any class of shares of the company shall be offered to the public for subscription”.

“The joint provisional liquidators have found that the company is insolvent, having a net deficit of $3.965m with significant sums owed to third parties,” Mr Rahming and Ms Simms told the Supreme Court. “This amount is likely to increase after further investigation by the joint provisional liquidators and a creditor adjudication process.

“The Company conducted a ‘public offering’ without seeking the approval of the Securities Commission of The Bahamas. This finding is irremediable and consists of multiple criminal infractions which will be reported to the Royal Bahamas Police Force.”

Providing more details on the public offering, which

raised $817,712 from 134 investors including some foreigners, the liquidators alleged: “Our review found that the company held a ‘public offering’ of its shares in contravention of Section 97 of the Securities Industry Act.

“Given the number of investors, the marketing materials shared with potential investors, and repeated comments of an organised ‘white gloved’ treatment of targeted investors in issuers, it is our view that this was a ‘public offering’. One hundred and thirty-four subscribers were found to have signed subscription agreements with the company.

“No approval was sought from the Securities Commission for the ‘public offering’ of company shares or the subscribers. The cash provided by the subscribers was spent by the company and no share certificates were issued... The joint provisional liquidators will provide their findings on the ‘public offering’ to the Royal Bahamas Police Force.”

Mr Rahming, though, yesterday vehemently denied that ArawakX had conducted a “public offering” as alleged by the liquidators although he conceded that the police “did speak about it a bit” during Monday’s questioning. “They were talking mostly about we didn’t intend to tell the Securities Commission about this,” he added. “It’s almost nonsensical to say we did a public offering.

“They [the police] didn’t indicate what they are doing now. I don’t know what the outcome of this is. It’s like living with the Sword of

Damocles over your head. I don’t know what’s going to happen and what their thinking is. I am 60 years of age. I have never before been in any kind of investigation, I have never been accused of anything. I have lived a life of service. I have taken many sacrifices for my country and will continue to do so.”

Still, Mr Rahming asserted that he has “every confidence things will work out properly with the police”. He added that ArawakX had proven its crowd funding model with a collective 2,600 persons investing in the four capital raises it launched and 7,000 signing on to the platform.

“I want the truth to be told,” he told this newspaper. “We had something good going on, and I don’t want to have a negative impression…. One thing ArawakX showed is there’s a tremendous hunger for direct investments. Crowd funding has worked very well, and we had figured out the formula for it; for bringing successful companies to market, and there were a lot of companies that could have used the crowd funding mechanism.

“This was never about me. This was all about service to the people, and trying to get it where the average person was able to earn wealth and share in the building-up of the country. I’m not a typical businessman. My life is service to my country. We operate in an environment of little trust, and sought to bring trust to the market by structuring it in such a way and using technology,” Mr Rahming continued.

“No one can deny the market was working. It took us a while to get it going, but we had a formula that was working. That was a good thing that was happening.”

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.

Airline ‘reversed several of’ changes by ex-finance chief

allegations and demanded that the Supreme Court dismiss her claim, while conceding that she had “raised certain concerns during the course of her employment”.

Ms Pinder is asserting that she identified “deficiencies” in internal controls and approvals processes, plus “structural weaknesses” in signatory authority over the national flag carrier’s bank accounts, as well as concerns over almost $2m per year that was paid to staff in “allowances” in excess of regular salaries.

Yet Bahamasair retorted that, while it implemented changes to address some of her fears, several were later “reversed” because they did not comply with “standard accounting practices. And it also dismissed the $1.997m “supplementary salary allowances figure”, stating that total staff pay in excess of annual salaries totalled around $624,000 for the three financial years to 2022-2023.

The airline’s defence also refuted the former finance chief’s assertion that alleged staff complaints against her had been “fabricated”, citing a 300-signature petition dated April 28, 2021, by Bahamasair employees from the Airport, Airline and Allied Workers Union (AAAWU) and Public Managers Union over alleged payroll concerns, plus a protest by the carrier’s Exuma station.

Bahamasair also justified Ms Pinder’s dismissal on the basis that it was “unanimously approved” by the Board of Directors on April 5, 2023, following a recommendation from the Board’s finance sub-committee. “No course of conduct designed to undermine or marginalise the claimant was undertaken by either defendant,” the airline said, also referring to Tracy Cooper, its managing director, who is also named as a defendant.

“There was no conspiracy or combination between the defendants to injure the claimant…. The termination was a collective decision made in the ordinary course of corporate governance. The complaints relied upon were genuine. The Board was not bypassed; the Board unanimously authorised executive management to take the appropriate action.”

Ms Pinder, though, in yesterday’s reply to Bahamasair’s defence, filed a number of documents to back-up her contention about Bahamasair’s internal financial and control weaknesses. These also include September 4, 2020, correspondence to Bahamasair’s audit and finance committee disclosing that the 2017-2018 external audit had identified

17 separate deficiencies with the airline’s general ledger account.

“The claimant will rely upon a Board Paper dated August 19, 2019, which evidences that significant aged receivables and payables were deemed unrecoverable and/or unreconcilable and were subject to adjustment through a Government offset exercise,” she alleged.

“The claimant will further rely upon her memorandum to the audit and finance committee dated September 4, 2020, which details systemic deficiencies in internal controls, accounting processes and financial reporting within” Bahamasair.

The first of those details how “long-standing aged balances” were removed from the national flag carrier’s balance sheet by “offsetting” monies it owed to other government ministries, agencies and departments against sums owed to it. “Bahamasair maintained long outstanding aged receivables and aged payables balances that were deemed unrecoverable and unreconcilable, respectively,” Ms Pinder wrote to the airline’s Board.

“For over a decade beginning July 1, 2009, Bahamasair has maintained an aged receivable balance ranging between $6m to $12m. The collection efforts of the accounts receivables team were not as effective as anticipated. As a result, most government accounts maintained aged balances up five to ten years.

“Consequently, these amounts were the subjects of audit concerns and were deemed unlikely to be recovered. In addition, accounting regulations require that adequate provision is allocated for unpaid account balances that are likely to not be recovered within a reasonable period…. No provision was made for these accounts.”

The outlook for Bahamasair’s debt arrears was not much better. “Since July 1, 2012, the aged payables and accrued expense accounts balances for the past eight years ranged between $23m to $51m. This account balance also included approximately $2m in unpaid contributions owed to National Insurance Board (NIB),” Ms Pinder wrote. “These amounts were also the subject of audit concerns during discussions held with finance management annually… Bahamasair’s aged payables, at March 31, 2019, could not be quantified via documentation and/or confirmed by the ministries/ corporations through reconciliation efforts.” However, given that the multi-million dollar sums involved largely related to other parts of government, an “offset”

initiative worth $6.533m was eventually agreed and implemented in summer 2019.

Some $4.471m was used to pay-off sums due to, and owed, by Bahamasair, including $1.19m to Bahamas Customs and $1.088m to Bahamas Power & Light (BPL). The $2m in unpaid NIB contributions, dating from between 2013 to 2017, were addressed via separate discussions involving the social security system.

Ms Pinder wrote that, by end-July 2019, these payments had helped to reduce Bahamasair’s “aged receivables” by more than $11m in one month, cutting them to $513,135 compared to $11.551m at end-June that year. This brought receivables down to “the lowest it has been in over a decade”, with all sums deemed recoverable, while all payables were less than 90 days outstanding with the exception of Bahamas Customs.

“For the same period (end-July 2019), the aged payables balance totalled $18.426m. Of that balance, $10.188m is long outstanding (beyond 10 years) amounts owed to Bahamas Customs. The related payment has been deferred until after the airline’s loan obligation is fully satisfied per the loan’s operating agreement,” Ms Pinder wrote.

As for the September 4, 2020, correspondence, this disclosed purported deficiencies including “unauthorised personnel” being able to create or post entries in Bahamasair’s accounting system; entries not being reviewed and approved prior to posting; “a significant backlog” of transactions to be posted; customer accounts being set up as VAT ‘exempt’ and VAT being manually calculated and recorded; and the uploading of flight sales being some seven months behind.

The letter, which was authored by Ms Pinder, also cited audit findings of a lack of invoices to support cash and credit transactions; key management accounting reports being “materially

misstated”; and significant adjustments being required to avoid “material misstatements”. However, Bahamasair’s defence alleged that many of the concerns she raised were unfounded, while admitting she was terminated without cause and not via “any disciplinary process or on the grounds of misconduct”.

The national flag carrier argued that it was required to follow a formal disciplinary procedure, and said it had made Ms Pinder aware of its own concerns regarding heer performance. “Whilst it is admitted that the claimant [Ms Pinder] raised certain concerns during the course of her employment, the defendants deny that the claimant identified ‘significant financial governance concerns’ as characterised in the statement of claim,” Bahamasair alleged.

“The claimant consistently raised issues with practically all aspects of the first defendant’s operations. While some concerns were addressed at the time based on the claimant’s expressed views, several of the resulting changes were later reversed after the claimant’s departure because they were not grounded in standard accounting practices and had impeded operational efficiency.

“The defendants deny that there were weaknesses in internal control structures, deficiencies in approval processes and failures in financial governance procedures of the nature and gravity alleged or at all,” Bahamasair and Mr Cooper added. “The claimant raised concerns regarding what she believed to be anomalies in the first defendant’s banking signatory arrangements. Changes were implemented at the time based on her expressed concerns.

“However, following the claimant’s departure, certain of those signatory arrangements were subsequently reversed to improve operational efficiencies. The characterisation of ‘structural weaknesses’ creating ‘the possibility of

NOTICE

NOTICE is hereby given that I BRIANA CELESTE GRANT of P.O.Box #1348 Clarence Street, Dunmore Street, Harbour Island, 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 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

collusion and financial misappropriation’ is denied. No amount totalling approximately $1.997m was identified as supplemental salary allowances in any of [Bahamasair’s] fiscal years.

“For clarity, the following supplemental pay amounts were recorded during the relevant periods: 2020–2021: $156,412; 2021–2022: $209,978; 2022–2023: $258,296. It would appear that the claimant’s understanding of supplemental pay was conflated with other financial line expenses.

“While certain of the claimant’s concerns related to matters within the Finance Department, the defendants deny that all concerns raised were legitimate or well- founded,” Bahamasair and Mr Cooper continued. “The Board of Directors was aware of the concerns raised by the claimant, as she was reporting to them on a continuous basis. The claimant’s termination was not motivated by performance or misconduct, nor was it a retaliatory act intended to silence internal reporting.”

However, in setting out her concerns to the Bahamasair Board’s finance committee on September 4, 2020, Ms Pinder wrote: “The Finance Department at Bahamasair Holdings is one of the most fundamental departments in the company. However, it is the most dysfunctional because its productivity over years has not met standard.

“The issues that persist also include the absence of a robust internal control framework, outdated accounting policies and procedures, and inadequate skilled resources; particularly at supervisory, management and senior management levels.”

And she concluded:

“The Finance Department at Bahamasair Holdings needs a fighting chance. As a 17-year accounting professional having embraced opportunities to work in seven different countries at global accounting and private wealth and asset management firms, I have not seen a finance department or organisation more challenged and disadvantaged. As a Bahamian, I am most unsettled with this reality.

“Bahamasair can be better. But the difficult decisions require actioning for the good of the airline. I am committed to restructuring the Finance Department so that its functions and financial reporting responsibilities are in line with industry best practices and prescribed accounting principles. But not to extent of sacrificing my professional integrity and reputation, and/or my personal values… The changes required are difficult decisions. But they are necessary.”

A X Y D L B A A X R is L O N G F E L L O w

One letter stands for another. In this example, A is used for the three L’s, X for the 2 O’s, etc. Single letters, apostrophes, the length and formation of words are all hints. Each day the code letters are different.

SMALL CROSSWORD ACROSS: 1 Attacker, 8 Tongue, 9 Tree, 10 Gin, 11 Inside, 13 Lithuania, 15 Scotch, 17 Els, 18 Haka, 19 Ration, 20 Serrated. DOWn: 1 Artillery, 2 Turn in, 3 Ties, 4 Conductor, 5 Knee, 6 Egg on, 7 Lend a hand, 12 Fickle, 14 Taste, 15 Stir, 16 Tact. QuiCk CROSSWORD ACROSS: 7 Repair; 8 Damage; 10 Verbose; 11 Agree; 12 Road; 13 Tally; 17 State; 18 Moor; 22 Tramp; 23 Tension; 24 Fluffy; 25 Rugged. DOWn: 1 Bravery; 2 Spartan; 3 Pilot; 4 Manacle; 5 Harry; 6 Sever; 9 Devastate; 14 Stupefy; 15 Foliage; 16 Grenade; 19 Stuff; 20 Vague; 21 Annul.

QuiZWORD ACROSS: 1 Monsters, Inc.; 9 Wagtail; 10 Tartt; 11 Tudor; 12 Chekhov; 13 Hominy; 15 Belloc; 18 Ionesco; 20 Tambo; 22 Chéri; 23 Fortuna; 24 John Cheever. DOWn: 2 Oh, God!; 3 Seagren; 4 Ellice; 5 Satie; 6 Narwhal; 7 Switch Bitch; 8 Steve Coogan; 14 Montero; 16 Euterpe; 17 Loofah; 19 Spion; 21 Mouse.

TARgeT PAinFuLLY anil fain faun

THe ALPHABeATeR BLACk SQuAReS: 2, 3, 4, 9, 10, 12, 13, 18, 19, 32, 33, 35, 36, 38. ACROSS: Mirror, Images, Silken, Adjunct, Ovule, Paler, Doyen, Martyrs, Wasabi, Cheque, Sesame. DOWn: Fashion, March, Milk, Unproven, Zephyr, Rung, Yes, Axles, Rib, Owns, Fjords, Agronomy, Wake, Asset, Inquiry.

THe ALPHAPuZZLe ACROSS: Staccato, Elude, Craziness, Tap, Stew, Volume, Casual, Brogue, Unisex, Turf, Can, Fisherman, Kitty, Sympathy. DOWn: Socks (clue), Cupcake, Awakens, Unity, Crib, Satisfy, Tremor, Jersey, Estuary, Weep, Quote, Gourmet, Despite, Funny.

�. �n election i� to �e held of a �em�er of �arliament to �erve in the �o��e of ���em�l� for the �aid �on�tit�enc�.

�. �omination �a�er� ma� �e delivered �� the intending candidate or �� one of the ����cri�er� ther eto to the �et�rning �fficer at ��� �����������������’�������������������������������������� ����� �et�een the ho�r� of nine in the morning and noon on the ���� ����������� �eing nomination da� for the �aid �on�tit�enc�.

�. �orm� of nomination �a�er ma� �e o�tained from the �et�rning �fficer at the �lace� date and time� afore�aid or on an� da� at the �ffice of the �arliamentar� �ommi��ioner in �a��a� d�ring office ho�r�. �he �et�rning �fficer �ill at the re��e�t of an� �er�on regi�tered a� a voter for the �aid �on�tit�enc� �re�are a nomination �a�er for �ignat�re.

�. �f the election i� conte�ted� the �oll �ill take �lace on the ������ ���������������� �et�een the ho�r� of 8 o’clock in the morning and 6 o’clock in the evening.

�ate� ���� �����������

�fficer

����� �he attention of intending candidate� and ����cri�er� of nomination �a�er� i� dra�n to the re��irement� of the �arliamentar� �lection� �ct ��ha�ter �� regarding nomination� and �artic�larl� to the re��irement� that a declaration of ��alification �hall �e delivered and a de�o�it of �����.�� �hall �e made to the �et�rning �fficer on nomination da�.

PARLIAMENTARY REGISTRATION DEPARTMENT

OFFICE OF THE PARLIAMENTARY COMMISSIONER

DATES FOR BAHAMAS ELECTION 2026 Date of Prorogation 27th March, 2026 Dissolution 8th April, 2026

Date of Prorogation

Dissolution

KEY DATES FOR BAHAMAS ELECTION 2026

Closes 8th April, 2026

Registration Closes

Issue of Writ

Public Notice of Election

Symbol Application Deadline

Nomination Day

Public Notice of Nomination

Overseas

9th April, 2026

10th April, 2026

16th April, 2026

16th April, 2026

17th April, 2026

17th April, 2026

25th April, 2026 Voter

Registration Deadline

27th April, 2026 Advanced

30th April, 2026

27th March, 2026

8th April, 2026

8th April, 2026

9th April, 2026

10th April, 2026

16th April, 2026

16th April, 2026

17th April, 2026

17th April, 2026

PARLIAMENTARY REGISTRATION DEPARTMENT

OFFICE OF THE PARLIAMENTARY COMMISSIONER Who is a Special Voter?

Section 49C (1) Parliamentary Elections Act

Special voters

(1) A person who is duly reg istered to vote in a constituency within The Bahamas may vote as a special voter in the advanced poll under section 54 where

disorder or any sub normality of the mind, as defined by the Mental Health Act (Ch. 230) and such person is likely to be prevented by such illness, infirmity or disability from travelling to the polling place;

(b) the person is by reason of illness, infirmity, pregnancy or recent childbirth unable to vote in the constituency in which he or she is registered on the day appointed for the taking of the poll;

(c) the person, not being a person who qualifies to enrol as an overseas voter u nder section 49A, expects to be overseas on the day appointed for the taking of the poll;

(d) the person is a candidate or the spouse of a candidate contesting the respective election;

Election Date 12th May, 2026

Advanced Poll Registration Deadline for Special Voters

Recount 13th May, 2026

Voter Register Publication

Return of Writs 15th May, 2026

Advanced Poll Date

Latest Return Date (as per Constitution) 7th July, 2026

Election Date

Recount

Return of Writs

Harrison

25th April, 2026

27th April, 2026

30th April, 2026

12th May, 2026

13th May, 2026

15th May, 2026

(e) the person is an election day worker, an election official or an employ ee of the Department of the Parliamentary Commissioner;

(f) the person is a registered voter entitled to vote at an election and is a person with disabilities or 65 years or older on the day appointed for the taking of the poll.

L. Thompson Parliamentary Commissioner

Latest Return Date (as per Constitution) 7th July, 2026

Harrison L. Thompson Parliamentary Commissioner

(2) A person who, meeting the criteria in subsection (1), wishes to vote as a special voter shall apply in writing to the Parliamentary Commissioner for a special voter certificate, such application being in the form set out as “Form K” in the First Schedule within fourteen days of th e issue of the writ of election

Dated this 12th day of April, 2026

‘It’ll take time to recover from boating fee damage’

flipped a light switch,” one told this newspaper yesterday

The Government recently moved to reduce new and increased boating fees introduced in the 20252026 Budget - a policy shift that industry stakeholders had strongly advocated for amid declining vessel traffic and marina activity. Mr Kappeler said while the adjustment is helping sentiment and activity levels, the recovery remains uneven.

The reforms to the Customs Management regulations, the product of more than three months of negotiations between the private sector and Ministry of Finance, create two new classes of cruising permit fees - one for short-term stays of 30 days or less, and the other covering six months or less. The 30-day fees for vessels less than 50 feet in length are between 50-70 percent lower than those associated with the pre-existing one-year permit.

Tourism sources told this newspaper that the shorter-term permits, especially the one for 30 days’ duration, “will definitely help Bimini with the weekend warriors”. It will also benefit other northern Bahamas islands whose boating visitor markets are largely made-up of short stay visitors on smaller boats, such as centre consoles, but were deterred by the new and

increased fees introduced with last May’s Budget. Besides the two new cruising permit categories, the Government has also sought to clear-up confusion over whether the anchorage fees implemented with the 2025-2026 Budget apply to both vessels docked in marinas or those anchored out.

Materials issued to Customs officers plainly state that these fees must only be paid by the latter, adding: “Only pleasure vessels entering that are not docking at a marina are subject to anchorage fees.”

“We’ve started to see some pick-up, but also some slippage in occupancy,” he said. “When that’s down, it hinders our room occupancy and, of course, it impacts the cash registers across our food and beverage outlets.”

Marinas, Mr Kappeler added, are a key economic driver, contributing not only through direct fees but also through broader visitor spending.

“These marinas contribute all kinds of port, jetty and licence fees to the Government, and you want to keep them financially healthy because of what they bring to the economynot just directly, but through the private visitors they attract moving through the Alice Town resort district,” he said.

Mr Kappeler argued that a full recovery will require further policy adjustments — particularly regarding charter operations. “It is favourable that fees have been reduced, but something very important has not yet been addressed — charter operators who are not currently allowed to come in and take business,” said Mr Kappeler.

“I’m not talking about fishing charters, but larger charter operations that can generate around $7,000 a day and bring significant revenue.” He added that the absence of these vessels is tied to a broader

capital constraint within the domestic market.

“The truth is, there’s not enough Bahamian operating capital for the hundreds of boats that used to come here, so they’re not coming,” he said. “As a result, we’re losing tax revenue from these high-value charters that used to pay for the right to operate in this country.”

At the same time, Mr Kappeler stressed the need to maintain protections for local operators in certain maritime segments. “I’m not talking about people coming in and trying to take local fishing business; that needs to be controlled,” said Mr Kappeler. “We also have dozens of Bahamian dive operators who should not be undercut by foreign operators who don’t contribute to the economy.”

largest demand generators for tourism, right behind sun-and-sand and cruise,” he said. Still, he warned that recovery will take time, particularly as awareness of the policy changes spreads and operators attempt to rebuild demand.

Despite the challenges, Mr Kappeler described the Government’s boating fee reduction as a step in the right direction, noting the marina sector’s importance within the broader tourism economy. “I think the Government made a wise move by reducing fees and providing some relief to the marina industry, which is one of the

“There’s going to be some lag — not everyone knows about the changes yet,” said Mr Kappeler. “We’re running our own campaigns, even dropping rates specifically for boaters… It’s not sustainable long-term, but it’s necessary right now. There has been some damage, and it will take time to recover.”

‘Everything costs more’ - freight pricing ‘extreme’

TRAVEL - from page B1

The Government recently revised the boating fees imposed in the 20252026 Budget, a move aimed at restoring vessel traffic and supporting marina operators. However, Mr Kappeler said external cost pressures could complicate the recovery.

“Fuel prices in places like California are already around $8, and there’s talk they could rise to $10,” he said.  “We’re already at $6, so any further increase will

definitely influence boating and travel decisions.”

Mr Kappeler added that beyond the direct cost of fuel, broader cost increases tied to global supply chains and trade policies are also affecting businesses and consumers across Bimini.

“Everything costs more,” he said. “We were just ordering items into The Bahamas, and the pricing is extreme. Ocean freight is a major part of it, but so are tariffs that have been imposed abroad.”

Mr Kappeler pointed to rising shipping costs as a key driver of higher prices

Three-quarters of residents feel excluded from island’s direction

foundational principle of good governance and responsible development,”

ORG said in its survey report. “The findings are clear and significant. The ‘not at all sufficient’ category, at 74.6 percent, represents the largest single response to any question in the survey.

“Nearly three in four respondents, across settlements, age groups, occupations and differing perspectives on development, shared the view that opportunities to learn about and provide input on developments are not available to them. Building on this, respondents were asked whether community input, when it is provided, has any meaningful influence on development decisions.

“The largest share of responses (38.4 percent) selected ‘not at all’, indicating that more than one in three respondents believe community input has no meaningful influence on development decisions in Eleuthera. Taken together with the previous finding, the data suggests not only limited access to participation but also uncertainty about the value or impact of engagement when it does occur.”

Explaining why they felt this way, Eleuthera residents said they believe the Government and its regulatory agencies, as well as the local authorities, have

often decided to approve major investment projects before announcing them or bringing them to public consultation.

One Eleuthera resident told ORG: “When they bring it to the community, they have already got their grits, conch and gravy under the table. When they bring it to us, it’s a done deal.”

Another added:

“I’ve noticed recently that with every development someone has a forum, but they do it after the project passes, and I know locals stop going because we see that trend.”

Others viewed public consultations and Town Hall meetings as a ‘check the box’ exercise and government agencies merely going through the motions and the process to say they have complied with the law. “I think they come to the meetings, take the opinions, and do nothing with them,” said one respondent.

Another added: “I went to the Town Hall for another development, and I know it’s just symbolic. My concern is the process isn’t being followed and there isn’t full transparency.” And Eleuthera residents also voiced concerns that money talks, with the Government prioritising private interests and developers over those of the Bahamian people.

“Once you have money, the Government goes with it,” said one respondent. Another added: “From a government point of view,

NOTICE

NOTICE is hereby given that I ANNE MARIE BRIDGEWATER of, #10 Exuma Street, 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 16th 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 ENA FERDINAND of Dunmore Street, Harbour Island, Eleuthera, 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 9th 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 JOHNNY SEVERE of P.O.Box: General Delivery, Rock Crusher, 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 twentyeight days from the 9th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

throughout the economy.

“When you look at major carriers bringing freight into Bimini and other ports, the cost of moving goods has increased significantly,” he said. “That affects grocery stores, businesses like ours, and ultimately consumers.”

He added that these layered costs - including freight, duties and taxes - are often not fully understood by visitors comparing prices between The Bahamas and the United States. “All of those costs - ocean freight, inland freight, stamp tax, duty - get passed on,” Mr Kappeler said.

“That’s why people often don’t understand why The Bahamas is more expensive than back home.” Despite these pressures, he emphasised the importance of maintaining tourism investment and sustaining business activity in key destinations such as Bimini.

“I really believe we need to keep these investments in this country — they’re what drive us forward and sustain the tax base,” said Mr Kappeler. “But I’m concerned we may not fully make up the losses we’ve seen over the past months. We’ve lost too many

weekends - entire buyouts of the hotel, all 50 rooms at a time.” Still, he expressed cautious optimism that the sector can recover if demand improves in the near term. “That said, we still have time to recover,” he said. “If anyone is listening, we’re out there offering — give us a call. We still have weekends available, and we would love to welcome you and help save the summer.”

Mr Kappeler also cautioned that policymakers must remain mindful of cost pressures that could limit

we haven’t been informed. Investors and realtors are only here to collect a percentage. They don’t care what happens. They’re not interested in impact. Only personal gains. So, we as Eleutherans have no say. We are treated as if we are uneducated and don’t know what’s going on.”

“Others reflected on longer-term changes: “I remember a time when Bahamians owned everything. And now we have to deal with these foreigners because they are the only ones able to invest. We can’t invest in our own islands any more.”

The ORG survey, though, produced a mixed response over the boutique casino that Mr Jacobs, chairman and chief executive of Jacobs Investments, plans to develop. More than four out of ten said they were not concerned about gambling’s impact on Eleuthera’s society and community values,

but all other respondents voiced varying degrees of concern.

“The results present a polarised distribution of opinions,” ORG said. “The largest response category was not at all concerned, representing 41.2 percent of respondents, indicating that a substantial portion of the community does not view the casino as a social threat.

“The extremely concerned category was the second largest, indicating that strong concern, while less prevalent, can still be seen as a significant position within the community. The two middle categories of slightly and moderately concerned together represent the smallest share of responses at 17.9 percent, suggesting that respondents who had formed a view on this question tended to feel strongly in one direction rather than settling in the middle ground.”

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NOTICE

NOTICE is hereby given that I KENDRA INDIANA WALLACE of, Coral Lakes West, 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 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that I GREGORY GEORGE BUCHANAN of, 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 9th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

growth. “We are the closest island nation to the US, with one of the strongest economies in the region,” he said.

“Even with challenges, we will continue forward, but we need to avoid cost pressures that hinder the flow of money into local businesses.” Mr Kappeler added that with fuel prices and global economic conditions still evolving, the coming weeks will be critical in determining whether recent improvements in the marine tourism sector can be sustained.

As for whether a casino is compatible with the island’s tourism product, and could potentially undermine sustainable development, some 35 percent of respondents - more than one-third - said it would. A similar proportion, 32.4 percent, were neutral with some 30.7 percent suggesting that it would support Eleuthera’s business model to some degree.

“The undermines category represented the largest response, followed by the neutral position at 32.4 percent, reflecting a large portion of the community that either had not formed a view or felt the relationship between a casino and sustainable tourism was not straightforward,” ORG said. The reaction was more unanimous when persons were asked about the impact on Governor’s Harbour.

“The distribution of responses was as follows: 49.4 percent of respondents said it was very likely, 28.9 percent said likely, 10 percent (40) neither likely nor unlikely, 2.8 percent unlikely, and 9 percent very unlikely. The very likely category alone at 49.4 percent reflects the view that the proposed development would fundamentally alter the community it sits within,” ORG said.

“This finding shows the strong sentiment that the development is likely to change Governor’s

Harbour’s historic character, appearance and day-to-day feel.” Mr Jacobs, Jacobs, in a December 2025 presentation setting out “our Eleuthera vacation vision” for the J Resort Eleuthera, disclosed more details on his plans by revealing that it will cover 600 acres in central Eleuthera “stretching from the Atlantic Ocean to the Caribbean Sea”. And, apart from the resort itself, the development will feature “five resort-related neighbourhoods” containing more than 350 total vacation residential properties. These residences, according to the presentation obtained by Tribune Business, are forecast to generate more than $450m in combined real estate sales - a sum equivalent to 69 percent of the total $650m financing package. Mr Jacobs, in a signed statement, said he has already invested some $40m in real estate purchases to assemble land required for his vision, and more acquisitions are set to follow.

But an ex-Bahamas National Trust (BNT) chief disclosed he has “laid it out” for Mr Jacobs that his ambitions are “too large, too dense and not what we want for Eleuthera”.

Eric Carey, president and chief executive of One Consultants, who now also lives on the island, told Tribune Business he had voiced his concerns directly to Jeff Jacobs, chairman and chief executive of Jacobs Investments, and argued that the residential real estate component, in particular, needed to be “downscaled” from the planned 350-plus units.

Describing the encounter with Mr Jacobs as “very cordial”, he added that most Governor’s Harbour and Eleuthera residents have “no appetite for a casino” - even the small, restaurant-sized amenity promised by the US gaming and hospitality. And the former BNT executive director said he also warned that any gaming facility will likely face opposition from the island’s religious leaders on “moral” and ethical grounds.

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NOTICE is hereby given that I MARVENSKY SHADRACK FRANCOIS of, Pinewood Plane Street, 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 twentyeight days from the 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that CONSTANTINE WILLIAMS of, Yamacraw Hill Road, 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 twentyeight days from the 9th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The ‘becoming Chinese’ meme shows China’s soft power moment is here

By HUIZHONG WU Associated Press

HAVE you “become Chinese”?

In recent months, 20-somethings around the world have taken over social media with posts enthusing about how they’re embracing Chinese ways of life. Videos proclaiming users are “Chinamaxxing,” or “in a very Chinese time of their lives” — namely by drinking hot water with boiled goji berries, eating dumplings or wearing slippers in the house, or flying to China and gushing about its modern infrastructure — are racking up millions of views.

Along with its economic and geopolitical rise, China’s government has tried for years to push its soft power on the global stage. But those official efforts never came close to the success the “becoming Chinese” meme is enjoying now. Even senior Chinese diplomats have noted the trend. Xie Feng, the Chinese ambassador to the U.S., referenced the internet craze recently as he promoted a new visa-free transit policy and urged more Americans to “experience for yourselves a real, dynamic and panoramic China.”

The TikTok trend is the latest example of how Chinese products and

consumables are enjoying a cultural cachet they’ve never had before globally. From movies to music, Labubu toys and even ordinary habits like drinking hot water, Chinese things are now seen by many as cool.

“China is gaining real soft power, and you can see it most clearly in how Chinese culture and ‘Chineseness’ are becoming familiar, repeatable, and globally consumable in everyday life,” said Shaoyu Yuan, a professor at the New York University School of Professional Studies’ Center for Global Affairs.

“That legitimacy,” Yuan said, “is earned through taste, utility, and entertainment.”

That soft power rise is enabled by China’s development in many industries: From manufacturing, where it holds a record $1.2 trillion trade surplus with the rest of the world, to social media, where it developed the addictive algorithms that made TikTok, to its own consumer culture, where homegrown names compete head to head with global brands.

Mixed feelings among Chinese Americans Sherry Zhu, a 23-year-old from New Jersey, posted a

Pakistani delegation meets in

couple of videos last year joking about how if you liked noodles and hotpot and wore slippers at home you were Chinese. One of her videos was shared almost a million times in December, and other TikTokers quickly caught on with the “becoming Chinese” meme. But the trend has also raised thornier questions. For many Chinese people who have long faced discrimination in the West, the internet’s fascination with Chinese culture seems to be the latest form of cultural appropriation.

“Appreciation does not erase the racism that many Chinese people grew up

Tehran hoping for more US-Iran talks before ceasefire ends

By SAMY MAGDY, SAM METZ, MUNIR AHMED and MIKE CORDER Associated Press

PAKISTAN’S army chief met Wednesday in Tehran with Iran’s foreign minister in the latest diplomatic move to ease tensions in the Middle East and arrange a second round of negotiations between the United States and Iran after almost seven weeks of war.

The White House said any further talks would likely take place in the Pakistani capital of Islamabad, though no decision had been made on whether to resume negotiations.

The U.S. naval blockade of Iranian ports continued as the Trump administration

warned it would ramp up economic pain on Iran with new economic sanctions on countries doing business with it, calling the move the “financial equivalent” of a bombing campaign.

Pakistan has emerged as a key mediator after it hosted direct talks between the U.S. and Iran in Islamabad that authorities said helped narrow differences between the two sides. Mediators are seeking a new round before the ceasefire expires next week.

Officials say US and Iran are making progress

Even as the U.S. blockade on Iranian ports and renewed Iranian threats strained the ceasefire agreement, regional officials

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reported progress, telling

The Associated Press the United States and Iran had an “in principle agreement” to extend it to allow for more diplomacy. They spoke on condition of anonymity to discuss the matter.

Iran’s foreign minister, Abbas Araghchi, took part in a preliminary meeting with Asim Munir, Pakistan’s army chief of staff, Iranian state media reported. It said talks would continue Thursday.

But even as mediators worked for peace, tensions simmered.

The commander of Iran’s joint military command, Ali Abdollahi, threatened to halt trade in the region

if the U.S. does not lift its naval blockade.

And a newly-appointed military adviser to Iranian Supreme Leader Mojtaba Khamenei said he doesn’t support extending the ceasefire.

Iranian state media quoted Mohsen Rezaei, a former commander in the Iranian Revolutionary Guard, as saying: “Unlike the Americans who are afraid of continuous war, we are fully prepared and familiar with a long war.”

U.S. Treasury Secretary Scott Bessent said the White House has warned countries and private companies they could face sanctions for doing business with Tehran.

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with,” said Elise Zeng, 28, from Brooklyn, New York.

A video she posted critiquing the social media phenomenon was liked by more than 36,000 people.

She recalls how during the COVID-19 pandemic she was afraid for her parents stepping out of the house because they heard about people getting attacked just walking down the street.

At the time, many Asians reported being assaulted or verbally abused by people who blamed East Asians for the spread of the virus.

“Those experiences don’t just disappear because Chinese culture is suddenly cool and trendy,” she said.

Zhu acknowledged that she, too, has experienced bullying based on her identity, but said she was proud of her Chinese heritage. “I believe that visibility and cultural sharing can reduce misunderstanding over time,” she said.

China’s success in soft power has been building

The meme is riding on a broader embrace of Chinese popular culture that’s been building globally.

The frenzy over Labubus, the fuzzy ugly-cute dolls carried by the likes of Rihanna and other top celebrities, reached a peak last spring and summer,

White House press secretary Karoline Leavitt said the U.S. had not “formally requested an extension of the ceasefire” with Iran, which is set to expire Tuesday.

“At this moment, we remain very much engaged in these negotiations, in these talks,” Leavitt said, adding that any further in-person talks “would very likely” return to Islamabad. Mediators seek compromise on sticking points

Mediators are pushing for a compromise on three main sticking points that derailed direct talks last weekend — Iran’s nuclear program, the Strait of Hormuz and compensation for wartime damages, according to a regional official involved in the mediation efforts.

Iranian Foreign Ministry spokesman Esmail Baghaei said Iran is open

bringing a 300% rise in annual profit for Chinese parent company PopMart.

Several other cultural exports with more distinctly Chinese attributes have also found global success. On TikTok, the Chinese rapper known as Skaii isyourgod or “Lanlao” has gained fans around the world — even though he raps in Cantonese and with a thick regional accent, which many people in China wouldn’t understand either.

But that didn’t matter. Skaii isyourgod’s single “Blueprint Supreme” went viral last summer in China and abroad, amassing billions of views on TikTok globally.

Last year “Ne Zha 2,” the animated blockbuster about a young god from a popular Chinese children’s tale, became the highest grossing animated film of all time even before its release in North America.

Another success, the big budget video game “Black Myth: Wukong,” was similarly based on a story familiar to many Chinese kids about an adventurous monkey hero. The game broke the record for mostplayed single-player game on Steam when 2.4 million people played it simultaneously after its release.

to discussing the type and level of its uranium enrichment, but his country “based on its needs, must be able to continue enrichment,” Iranian state media reported.

The negotiating team led by Vice President JD Vance urged Iran to agree to a 20-year moratorium on uranium enrichment as part of a potential deal to end the war, according to the regional official and a person briefed on the matter.

The Iranians countered with an offer to suspend enrichment for five years, said the officials, who spoke on condition of anonymity because they were not authorized to comment publicly on the negotiations. The White House rejected that. The dueling proposals were first reported by The New York Times.

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The date of commencement of the dissolution is, 10th April, 2026

Ricardo Salvador Ruggeri Parenti, is the Liquidator and can be contacted at Av. Cordoba 996, 7 piso, CABA, Buenos Aires, CP1054AAV, Argentina

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 10th May, 2026.

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Notice is hereby given that the above-named Company is in dissolution, commencing on the 15th day of April A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Jorge André Ritzmann de Oliveira, whose address is Condomínio Edifício Alameda Domo Residence, Rua Lauro Mueller, 460, Jardim Blumenau, Blumenau, SC, CEP: 89010-380, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 15th 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.

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Wall Street hits a record as S&P 500 continues its 2-week rally on hopes for an end to the Iran war

By STAN CHOE AP Business Writer

THE U.S. stock market hit a record Wednesday after adding to its twoweek rally built on hopes the war with Iran won’t create a worst-case scenario for the global economy. Whether Wall Street is correct to have so much hope for peace and whether stocks should be the highest they’ve ever been remains to be seen.

The S&P 500 rose 0.8% and eclipsed its prior alltime high set in January.

After falling nearly 10% below its record in late March, a drop steep enough that Wall Street calls it a “correction,” the index at the heart of many 401(k) accounts has since roared more than 10% higher.

Much of the rally has been due to expectations for calming tensions in the war and a resumption of the full flow of oil from the Persian Gulf to customers worldwide. Hopes remained high Wednesday as regional officials told The Associated Press that the United States and Iran had an “in principle agreement” to extend a ceasefire to allow for more diplomacy.

To be sure, stocks could easily get back to falling if those expectations get undercut, which has happened before in the war. Oil prices drifted up and down Wednesday and showed that caution remains in

financial markets. Stock indexes around the world also made only modest movements following their big gains in recent weeks.

The price for a barrel of Brent crude, the international standard, added 0.1% to settle at $94.93. That’s still well above its roughly $70 price from before the war, though it’s down from its $119 peak when worries about the fighting have been at their heights.

The Dow Jones Industrial Average dipped 72 points, or 0.1%, while the Nasdaq composite gained 1.6%. But if U.S.-Iran talks do happen and if they are successful, the war could end up being just a temporary setback for the global economy instead of a new normal of very high oil prices and inflation. And that in turn could allow investors to return their attention to what matters most for stock prices: money. Through all the day-today noise that can affect investors’ opinions, stock prices tend to move with the direction of corporate profits over the long term. And positive trends there had stock markets doing well before the war began. Analysts also see continued growth ahead, for now at least.

Bank of America rose 1.8% after saying it made $8.6 billion in profit during the first three months of the year, more than analysts

expected. CEO Brian Moynihan also said the bank saw signs of a “resilient American economy,” including solid spending by U.S. consumers.

Morgan Stanley jumped 4.5% after the investment bank likewise delivered a better-than-expected quarter of results.

Companies hurt earlier in the year by worries about artificial-intelligence technology also rose to recover more of their losses for 2026. Some of the concerns were about companies potentially spending too much to build out AI capabilities, while others

Jury finds that Ticketmaster and Live Nation had an anticompetitive monopoly over big concert venues

By LARRY NEUMEISTER and JENNIFER PELTZ

Associated Press

A JURY found Wednesday that entertainment giant Live Nation, which hosts tens of thousands of

concerts a year, and its Ticketmaster subsidiary had a harmful monopoly over big venues. The ruling in a lawsuit brought by dozens of states won’t immediately bring relief for concertgoers

who have long complained about high ticket prices. But it could cost Live Nation hundreds of millions of dollars and perhaps force the company to sell some of its concert venues when the

focused on businesses that may go obsolete because of AI-powered competition.

The worries got so deep that they shook private-credit companies that have lent money to software businesses and others potentially under threat because of AI.

ServiceNow climbed 7.3%, Oracle rose 4.2% and Ares Management gained 5.9% for some of Wednesday’s bigger gains in the S&P 500. All are still down between 12% and 39% for the year so far.

With stock prices overall back to where they were in January, and with analysts’

judge hands out penalties later.

Among other things, the jury found Ticketmaster’s anticompetitive practices led to people in 22 states paying an extra $1.72 per ticket, which the judge could order the companies to pay back.

A jury in New York deliberated for four days before reaching its decision. State attorneys general who sued Live Nation said the verdict could potentially lead to

compute infrastructure industry, while changing its name to NewBird AI.

The Allbirds name will stay with the shoe brand that the company has already agreed to sell to American Exchange Group.

expectations for upcoming profits from big U.S. companies only rising since then, optimists say many stocks look less expensive than they did a few months ago.

“Today, we see compelling opportunity potential” to shift into areas of the market that look like better buys than earlier this year, such as technology stocks, said Mason Mendez, investment strategy analyst at Wells Fargo Investment Institute.

The stock price of Allbirds surged 582% to nearly $17 after the company said it’s shifting gears and moving into the AI

lower ticket prices for music fans. Live Nation said in a statement that the verdict “is not the last word on this matter.”

The company predicted that once a remedy phase of the litigation is completed before the judge and all appeals are resolved, the outcome likely won’t be much different from what the federal government achieved with a settlement it reached with the company just after the trial began.

That deal included a cap on service fees at some amphitheaters, plus some new ticket-selling options for promoters and venues — potentially allowing, but not requiring, them to open doors to Ticketmaster competitors such as SeatGeek or AXS.

The trial was a backstage pass

The trial gave fans the equivalent of a backstage pass to a business that dominates live entertainment in the U.S. and beyond.

Live Nation CEO Michael Rapino testified, answering questions about matters including the company’s Taylor Swift ticket debacle in 2022. Rapino blamed a cyberattack.

Jurors also got to see a Live Nation employee’s internal messages to another employee declaring some prices “outrageous,” calling customers “so stupid” and boasting that the company was “robbing them blind, baby.”

The employee, Benjamin Baker, who has since been promoted to a position as a ticketing executive, apologetically testified that the messages were “very immature and unacceptable.”

Live Nation Entertainment owns, operates, controls booking for or has an equity interest in hundreds of venues. Its subsidiary Ticketmaster is widely considered to be the world’s largest ticket-seller for live events. Its lawyers did not immediately comment as they left the courthouse.

The verdict could cost Live Nation and Ticketmaster hundreds of millions of dollars, based on the jury’s estimate that customers paid an extra $1.72 per ticket. The companies could also be assessed penalties. In addition, sanctions could result in court orders that they divest themselves of some entities, including venues such as amphitheaters that they own.

In its statement, Live Nation said the jury’s award of $1.72 per ticket applied to “a limited number of tickets” sold at 257 venues and representing about 20% of total tickets sold.

Nike rose 2.8% after CEO Elliott Hill and Tim Cook — a Nike director and the CEO of Apple — disclosed that they purchased a combined 48,000 shares of the athletic shoe maker at a cost of about $1 million each. Nike shares are still down nearly 29% this year. On the losing end of Wall Street was Live Nation Entertainment. It fell 6.3% after a jury found the concert giant and its Ticketmaster subsidiary had a harmful monopoly over big concert venues.

All told, the S&P 500 rose 55.57 points to 7,022.95. The Dow Jones Industrial Average dipped 72.27 to 48,463.72, and the Nasdaq composite rose 376.93 to 24,016.02. In stock markets abroad, indexes were mixed in Europe following modest gains in Asia. South Korea’s Kospi was an outlier and jumped 2.1%. In the bond market, the yield on the 10-year Treasury rose to 4.28% from 4.26% late Tuesday.

The company estimated the aggregate single damages figure would be below $150 million, though it would be trebled.

The civil case, initially led by the U.S. government, accused Live Nation of using its reach to smother competition — by blocking venues from using multiple ticket sellers, for example.

Live Nation denies it is a monopoly

Live Nation insisted it is not a monopoly, saying that artists, sports teams and venues decide prices and ticketing practices. A company lawyer insisted its size was simply a function of excellence and effort.

“Success is not against the antitrust laws in the United States,” attorney David Marriott said in his summation.

Ticketmaster was established in 1976 and merged with Live Nation in 2010. The company now controls of 86% of the market for concerts and 73% of the overall market when sports events are included, according to an attorney for the states, Jeffrey Kessler Ticketmaster has long drawn ire from fans and some artists. Grunge rock titans Pearl Jam battled the business in the 1990s, even filing an anti-monopoly complaint with the U.S. Department of Justice, which declined to bring a case then.

Decades later, the Justice Department, joined by dozens of states, brought the current lawsuit during Democratic former President Joe Biden’s administration.

Days into the trial, Republican President Donald Trump’s administration announced it was settling its claims against Live Nation.

A handful of the states joined the settlement. But more than 30 pressed ahead with the trial, saying the federal government hadn’t gotten enough concessions.

Attorneys hail verdict

New Jersey Attorney General Jennifer Davenport said in a release after the verdict that Live Nation’s “illegal, anti-competitive practices” had driven up ticket prices and made it harder for fans to see their favorite acts.

New York Attorney General Letitia James called the verdict “a landmark victory.”

After the victory, Kessler would not say specifically what the states will seek in the next phase of the litigation, which was expected to involve another lengthy legal proceeding before penalties are decided.

But he celebrated the moment.

From dropping bombs to pressuring banks: US pivots to economic warfare on Iran

By FATIMA HUSSEIN, AAMER MADHANI, WILL WEISSERT and SEUNG MIN KIM Associated Press

IF THE U.S. and Iran aren’t able to soon come to a deal to end the war or extend the ceasefire that expires next week, the Trump administration is setting the stage to shift its war campaign toward a more economic-focused effort aimed at choking Tehran into submission rather than relying on bombs alone.

Treasury Secretary Scott Bessent told reporters at a White House briefing Wednesday that the U.S. plans to ramp up economic pain on Iran, and said the new moves will be the “financial equivalent” of a bombing campaign.

The threat of secondary economic sanctions on countries doing business with people, firms, and ships under Iranian control — including allies like the United Arab Emirates and competitors like China — represents an escalation of sanctions that the U.S. is already employing.

Bessent said the administration has “told companies, we have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure. And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities.”

The Treasury Department warns China, Hong Kong, the UAE and Oman

The warning comes the day after the Treasury Department sent a letter to financial institutions in China, Hong Kong, the UAE, and Oman, threatening to levy secondary sanctions for doing business with Iran, and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions.

It’s part of an economic playbook that President Donald Trump still can use to pressure Iran to accept U.S. proposals to limit its nuclear ambitions, a person

familiar with the administration’s thinking told The Associated Press. The person spoke on the condition of anonymity because they were not authorized to discuss private discussions on the record.

Privately, the argument being made to Trump is that the Iranians think they can weather the storm — but if they cannot pay their loyalists, that could pressure Iran to the table.

And some in the administration believe there are still more economic targets that can be hit that would put the economic hurt on Iran, including bonyads, the charitable trusts that account for a significant percentage of the Iranian economy.

Bessent told reporters that two Chinese banks have received warnings about handling Iranian money. Trump is preparing to visit Beijing next month for talks with Chinese President Xi Jinping.

Bessent also said that Iran’s Gulf neighbors are now willing to look at freezing Iranian money in their banks because of Iran’s aggression during the war.

More sanctions could be ineffective or risk blowback, say experts and lawmakers

Still, Massachusetts Sen. Elizabeth Warren, the top Democrat on the Banking Committee, argued that any new economic sanctions would be effectively offset by the financial windfall that Iran was seeing in the aftermath of the war.

“Instead of circumstances where we can keep sanctions on Iran and constrict their economy, the blockade in the Strait of Hormuz — combined with the sharply rising price of oil — has helped Iran’s economy,” Warren said, adding, “What Secretary Bessent is trying to do is mop up the mess that Donald Trump has created by initiating this war.”

Daniel Pickard, a sanctions attorney, said imposing secondary sanctions could result in “diplomatic and economic blowback” from allies that could hurt efforts to build coalitions against Tehran.

by implementing the blockage in the strait.

“If Iran chooses the path of a deal that’s great for the world, that’s great for everybody. If Iran chooses the path of economic strangulation by blockade, then the world will pass Iran by,” Miller said in a Fox News appearance Tuesday evening. “New energy routes will be established. New supply chains will be established. Other nations throughout the region — throughout the world, and especially America — will power the world and Iran will become a footnote.”

Some Republicans are skeptical that more sanctions will work

Some Republicans believe that any tactic to exert more pressure on Tehran is worth trying.

“A lot of our trading partners have been outspoken in regard to their opposition to the conflict in Iran,” Pickard said. “Most economic sanctions professionals would agree that when you get more people on the team, the chances of your economic sanctions being effective or greater.”

networks,” Bessent said in a statement. “Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities.

“That’s the trade that he’s offering. If you guys commit to not having a nuclear weapon, we are going to make Iran thrive.”

JD Vance

On Wednesday, the U.S. imposed sanctions on an oil smuggling network connected to the deceased senior Iranian security official Ali Shamkhani, who was a close adviser to the former Supreme Leader of Iran. Sanctions include dozens of individuals, companies, and vessels involved in secretly transporting and selling Iranian and Russian oil through front companies, many of which are in the UAE.

“Treasury will continue to cut off Iran’s illicit smuggling and terror proxy

The administration believes the momentum has shifted Trump administration officials have also signaled growing confidence that the ceasefire and a blockade of shipments from Iranian ports in the Strait

of Hormuz have shifted momentum in Trump’s favor.

Iran has endured tens of billions of dollars in damage during the bombardment to the country’s infrastructure — including setbacks to its oil industry, the heart of its fragile and long-isolated economy — that could take years to repair.

Vice President JD Vance on Tuesday said Trump “doesn’t want to make, like, a small deal. He wants to make the grand bargain.”

“That’s the trade that he’s offering,” Vance said. “If you guys commit to not having a nuclear weapon, we are going to make Iran thrive.”

The president’s deputy chief of staff, Stephen Miller, offered a more caustic assessment of the moment, suggesting that Trump had “played the checkmate move” on Iran

“I would support anything,” said Sen. Thom Tillis, R-N.C. “If the administration came up with the ideas, I would support all of the above. More pressure, the better.”

Others were skeptical, noting that Tehran was already facing a litany of economic penalties that had little impact on its behavior.

“I’m not sure if it’s sanctions that’ll do it. I think we’re putting some pretty heavy sanctions on right now,” said Sen. Mike Rounds, R-S.D., a member of the Banking and Armed Services Committees. “I personally am just not optimistic that we actually can fix this thing without a regime change.”

Trita Parsi, executive vice president of the Quincy Institute, a think tank that has been critical of Trump’s decision to launch the war, says that Trump had been “politically cornered and strategically constrained” before he announced the ceasefire.

Allbirds, a former Wall Street darling fallen on hard times, looks to AI for its future

By ANNE D’INNOCENZIO and MATT O’BRIEN AP Business Writers

ALLBIRDS, the ecofriendly shoe brand that found its way onto the feet of tech CEOs and movie stars before falling on hard times, is pivoting to artificial intelligence.

On Wednesday the San Francisco-based company said it had signed a definitive agreement with an unnamed institutional investor for $50 million in financing to shift its business to AI infrastructure. It will also have a new name: NewBird AI. It plans to use the proceeds to purchase graphics processing units, known as GPUs. The transaction is expected to close during the second quarter of this year.

“The rise of AI development and adoption has created unprecedented structural demand for specialized, high-performance compute that the market is struggling to meet,” the company said in the release.

“NewBird AI is being built to help close that gap.”

The drastic change of direction has some industry watchers scratching their heads.

“On the surface, it’s a strange pivot,” said AI infrastructure expert Bill Kleyman. “I’ve been in this industry a while, and a company like Allbirds moving from shoes into AI infrastructure is not a very natural adjacency.”

It’s unclear how Allbirds will reinvent itself as a “GPU-as-a-service” business that rents out computing power to AI companies. That means selling access to a huge number of graphics processors, or other specialized AI computer chips designed by companies like Nvidia or AMD, that operate in big data centers typically run by cloud computing giants like Amazon or Oracle.

The business of running physical AI infrastructure “requires access to GPUs in a constrained market, longterm power agreements,

Roblox gaming platform reaches $12 million settlement with Nevada enhancing youth protections

By JESSICA HILL Associated Press

ROBLOX, a gaming platform popular with kids, will implement increased protections for young users and pay more than $12 million to the state of Nevada in what state Attorney General Aaron Ford on Wednesday called a first-ofits-kind agreement.

“This settlement will create a safer environment for our children online, and I hope that it will serve as a bellwether for how online interactive platforms allow our state’s youth to use their products,” the Democratic attorney general said Wednesday.

Roblox, which is used by nearly half U.S. children under 16, will give $10 million over three years to support programs like the Boys & Girls Club and other nondigital activities, Ford said. It will also fund a law enforcement liaison position to respond to safety concerns about the platform and fund an online safety awareness campaign, Ford said.

The settlement, which was agreed upon in lieu of litigation, includes enhanced protections for minors who use the app, such as requiring age verification for all users and restricting nighttime notifications for minors. The gaming platform faces litigation in other states, including Texas and Kentucky, which allege it fails to protect children.

“Roblox is proud to have worked alongside Attorney General Ford to reach this landmark agreement, which builds on our work to establish a new standard for digital safety,” Roblox Chief Safety Officer Matt Kaufman said in a statement.

Kaufman said the agreement creates a blueprint for how industry and regulators can work together to protect children.

The settlement comes as prosecutors have filed

advanced cooling strategies, and a credible operating model,” said Kleyman, CEO and co-founder of Apolo. The announcement comes more than two weeks after Allbirds sold its intellectual property and certain other assets and liabilities to American Exchange Group, a leader in accessories design, licensing and manufacturing, for $39 million. The company owns such retail brands as Aerosoles, White Mountain, Jonathan Adler and Ed Hardy.

That’s a dramatic fall from the Allbirds’ peak in valuation at $4 billion in late 2021. The company had said that it would not be issuing its quarterly earnings report that was set for March 31.

The latest development marks a dramatic departure from when the company was founded in 2015 by former professional soccer player Tim Brown and renewable resources expert Joey Zwillinger. Its mission: to create footwear

from natural material, not synthetics. A year later, Allbirds launched its iconic wool runner shoe. But the company overexpanded, like many dot.com brands that opened physical stores. And many consumers lost interest.

In February, the brand shuttered most of its remaining stores to focus on e-commerce, partnerships with stores and international distributorship. It still operates two outlet stores in the U.S. and two fullprice stores in London.

Shares of Allbirds soared more than 600% on Wednesday’s news and were hovering nearly $18 in late afternoon trading. A few days ago, the stock was trading at $3. It once traded at $520 per share.

Kleyman said the stock market surge looks “more like initial excitement and speculative momentum tied to anything AI rather than validation of execution.”

Kleyman also noted that $50 million is not a lot to enter into an

infrastructure-heavy market and added that it seems everybody wants to be an AI company.

“Some of those shifts are real and strategic,” he said.

“Others feel more reactive.

In this case, I think it’s fair to say it can come across as a bit desperate. The underlying business struggled, and AI presents a compelling narrative reset.”

The attempt at a pivot shows that the demand for AI computing power is real,

“but so is the hype,” said Jim Piazza, who worked on computing infrastructure at social media giant Meta and now is the chief AI officer at IT services firm Ensono. Piazza said building a real AI infrastructure business “takes deep capital, technical expertise and disciplined execution,” something that is already “crazy hard for tech-savvy companies” and will be “an impossible challenge” for someone outside of it.

New York City apartment building workers authorize a possible strike as contract talks stall

By JENNIFER PELTZ Associated Press

THOUSANDS of New York City apartment building doorpersons, superintendents and other workers voted to authorize a potential strike Wednesday after contract negotiations snagged over issues including health care and pensions.

A strike would be the first in 35 years and would affect 1.5 million renters, co-op owners and condo dwellers across the city, according to the workers’ union, called 32BJ SEIU. Residents could have to take on such tasks as staffing doors, sorting packages, mopping hallways, sweeping sidewalks and hauling trash to the curb.

lawsuits against social media companies over the role they play in children’s lives. Last month in California and New Mexico, social media companies like Meta and YouTube were found liable for designing their platforms to hook young users and were ordered to pay over $375 million in penalties.

Ford also has lawsuits pending against Meta, TikTok, Snapchat, YouTube and Kik, alleging the companies failed to implement safety measures for children.

As part of the agreement, Roblox will implement facial age estimation technology to limit younger users’ chats to only those in similar age groups. Adult users and users under 16 will not be allowed to chat unless they are communicating with a trusted friend, Ford said. A trusted friend can be added through a QR code or their phone contacts to ensure the child knows the person outside of the platform, he said. The company will also monitor activity to see if a user lied about their age, he said.

Roblox will create kids accounts for users under ages 16 that blocks access to adult-rated content and provides games vetted for suitability. The agreement also expands parental oversight to users under 16. That oversight was previously available for users under 13. Donch’e King, supervising criminal investigator at the attorney general’s office, said half a million online predators pursue children at any given moment, often across multiple platforms.

The majority of predatory contact occurs through chat rooms and instant messaging, he said. He urged parents to communicate frankly with their children about the platforms they are on and to report concerns to law enforcement. “Protecting Nevada’s children is not an option; it’s our duty,” King said.

If no contract deal is reached, a strike could start as soon as midnight Monday, when the current contract expires.

The union says building owners are trying to squeeze 34,000 workers who already are struggling to afford the pricey metro area on salaries that average about $62,000 a year for doorpersons; averages vary for other jobs. Building owners, represented by an umbrella group called the Realty Advisory Board on Labor Relations, want the workers to start paying health insurance premiums and want new hires to come in under a new job classification that the union says would be lower-paying.

Union President Manny Pastreich said the owners’ association “wants to cut costs on the backs of workers.”

“We won’t allow it!” he added in a statement ahead of the rally and vote Wednesday afternoon. Pastreich emphasized that the city “is becoming more unaffordable for working people every day,” even as building owners have

“Without meaningful movement to address costs ... the long-term sustainability of the industry and its workforce is at risk.”

President Howard Rothschild

hiked rents in recent years — at least for market-rate apartments, in Manhattan especially.

While battling owners’ health care and new-hires proposals, the union is pushing to increase pensions and increase wages, although it has yet to make an exact proposal on pay.

The Realty Advisory Board says building owners are facing a squeeze themselves, particularly in light of Mayor Zohran Mamdani’s push to freeze rent on the city’s roughly 1 million rent-stabilized apartments. The board notes that few U.S. workers enjoy health benefits without paying premiums.

“Without meaningful movement to address costs ... the long-term sustainability of the industry and its workforce is at risk,” board President Howard Rothschild said in a statement. He called for negotiating “a contract that reflects these realities and supports a viable path forward.”

Mamdani and other elected Democrats joined the union’s demonstration Wednesday on Manhattan’s Park Avenue, home to a classic stretch of tony apartment buildings that boast doorpersons — many New Yorkers still call the mostly male workers “doormen” — and other staffers.

While “doorman” might conjure a white-gloved

Arizona utility agrees not to cut off power for nonpayment when it’s 95 degrees Fahrenheit or above

PHOENIX Associated Press

ARIZONA’S largest utility has agreed not to cut off electrical service to customers for nonpayment while high temperatures are 95 degrees Fahrenheit (35 degrees Celsius) or above as part of a $7 million settlement of a lawsuit prompted in part by the 2024 death of an 82-year-old woman whose power was disconnected, Attorney General Kris Mayes said Wednesday. The state’s settlement with Arizona Public Service, which previously

prohibited shutoffs because of nonpayment between June 1 and Oct. 15, also called for the utility to pay $2.7 million that will be deposited into a state consumer protection fund and another $3.4 million to improve a program that lets customers designate family members or friends as emergency contacts who can receive notices in a bid to help prevent shutoffs, including sending text messages to inform customers of delinquent bills and disconnection notices. Mayes’ office said the lawsuit grew

out of concerns about disconnection practices during extreme heat, including the death of Katherine Korman at her Sun City West home. Her service was cut off in mid-May 2024 because of nonpayment on a day when the daily high temperature in her area reached about 99 degrees Fahrenheit (37 degrees Celsius). She was found dead six days after her power was disconnected. APS said it made 10 attempts to contact Korman by phone, email, door hanger and monthly bills to

fellow ceremoniously opening an ornate door, the job often involves other functions (and uniforms aren’t always quite so formal). Besides providing basic security in buildings that can have hundreds of residents, doorpersons field package and food deliveries that have mushroomed since the COVID-19 pandemic and help people with strollers and walkers navigate lobby stairs. In some buildings, the workers also clean, shovel snowy sidewalks and wrestle bins of refuse out of basements and alleys for pickup. Superintendents, meanwhile, oversee maintenance and repairs in buildings that may be a more than a century old.

Some building managers already have told residents they may need to postpone renovations, moves and major deliveries and minimize deliveries and visitors, among other steps, if there is a strike.

let her know the status of her bill and offer help. The utility said regulators who examined the case determined APS had followed the rules on customer outreach and disconnection.

“No Arizonan should be at risk because they cannot afford their electric bill,” Mayes said in a statement.

“This settlement ensures that APS will no longer disconnect power based on the date on the calendar alone – if temperatures are dangerous, the power stays on.” APS, which didn’t acknowledge any wrongdoing as part of the settlement, said in a statement that it already met or exceeded state laws and regulations in its disconnection policies and customer communications.