04172026 BUSINESS

Bahamas must go on a development ‘diet’ to alter Out Islands trajectory

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN resort entrepreneur yesterday argued this nation must approach development “like a diet” and “consume smaller portions” given the multiple mega resort project failures caused by a flawed ‘anchor property’ strategy.’

Ben Simmons, developer of the Little Island Hotels group, which holds The Other Side and Ocean View properties on Harbour Island, plus The Farm on the mainland, told the central and south Eleuthera

‘Waste of

Business Outlook conference that The Bahamas would have taken “a completely different trajectory” if - rather than focus on foreign direct investment (FDI) driven anchor properties - it had instead focused on supporting “10 small hotels” all owned by Bahamians on every Family Island.

“What has not worked, and I think we’re living in the aftermath of the early 1990s administrations that said let’s put an anchor hotel on every island. Let’s put a major hotel on every island,” he said, “and that

CONSUME - See Page B5

precious resources’ fear over investor tax breaks

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE country’s top PricewaterhouseCoopers (PwC) accountant yesterday warned that tax breaks awarded to investors by the Government are not always “based on the project’s merits” and could lead to a “waste of precious resources” due to the absence of mechanisms to measure their impact.

Prince Rahming, PwC’s senior partner and territory and tax leader for The Bahamas, told the central and south Eleuthera

Business Outlook conference that obtaining value for money from concessions provided to developers is vital given that every

INCENTIVE - See Page B5

Ex-BNT chief ‘flabbergasted’ by beach access reductions

BY NEIL HARTNELL Tribune Business Editor

nhartnell@tribunemedia.net

A FORMER Bahamas

National Trust (BNT) chief yesterday asserted that all foreign developers must understand that “black and white people can be on the beach at the same time and not bother each other” as he pronounced himself “flabbergasted” at the ever-decreasing access for locals.

Eric Carey, who now runs his own environmental consultancy, One Consultants, told the central and south

Eleuthera that addressing challenges posed by reduced beach access for Bahamians and visitors “is not easy but needs to be taken on”. He was responding to an audience question, which pointed out that “beach access has decreased significantly” since they returned to Eleuthera and asked how this could be improved and regained for Bahamians since it was “a recurring them” happening across all islands.

SEA - See Page B4

‘Nothing

cart’

to upset apple

on real estate deals

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN realtor yesterday asserted he does not foresee “anything upsetting the apple cart” for property sales, despite the upcoming general election and Middle East conflict, with the market “adjusting and finding its balance” during the 2026 first quarter.

David Morley, Morley Realty’s president and broker, told Tribune Business that it is “all positive” for Bahamian real estate for the remainder of this year with data produced by the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS) for the three months to end-March 2026 showing most property sellers are still receiving more than 90 percent of their asking price. And, with contracted-but not-complete home and land sales on New Providence increasing by 47.2 percent and 10.7 percent year-over-year,

Sellers gaining 90%+ of asking price as market ‘finds its balance’

Top realtor: No disruption signs from election or Middle East war FNM’s corporate income tax ‘of concern’ but will not be rushed

respectively, for the 2026 first quarter, he added that there was nothing in either of the two major political parties’ election manifestos that is likely to cause any real estate market disruption.

And, while noting that the Free National Movement’s (FNM) pledge to replace Business Licence fees with a corporate income tax was “a concern” based on research he conducted for BREA when the Davis administration released its 2023 ‘green paper’ on the subject, Mr Morley told this newspaper that any change would be impossible to swiftly implement because of the complexities involved.

Land Use Plans essential to ‘kill bad development’

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Bahamas National Trust (BNT) chief yesterday urged this nation to follow the law and develop Land Use Plans for all 16 major islands so that “bad development” projects can be “killed” during the government approvals process.

Eric Carey, now principal of his own environmental consultancy,

One Consultants, told the central and south Eleuthera Business Outlook conference that the 16-year failure to implement Land Use planning - a legal requirement mandated by the Planning and Subdivisions Act 2010 - has prevented The Bahamas from striking the correct “balance” in its approach to determining the types of development best suited for each island.

“Overall, it’s still showing to be a very good, healthy real estate market,” he said, following his firm’s release of its 2026 first quarter analysis of MLS data. “I believe it’s going to continue for quite some time. I don’t foresee any major issues globally that would otherwise affect it. We have this war going on in the Middle East, but that’s affecting gas prices, which will eventually affect the cost of everything else.

“In The Bahamas, especially in our local market, we always used to joke that if someone sneezes in Florida we always catch the flu, but we don’t catch it until nine months later. There’s enough of a time

He argued that such plans were critical to determining “the carrying capacity” of each location, especially in the Family Islands, and would enable planning, environmental and other regulatory agencies to better determine whether an investment approval was suited to its chosen location or if it

lag so that we probably only catch a variation of the flu or catch a cold.”

Thus the hope is that the Middle East conflict, which is now in the midst of two short-term ceasefires, may end swiftly enough to prevent The Bahamas feeling the full impact apart from short-term hikes in transport and energy costs.

“It may affect tourism,” Mr Morley added of the battle between the US, Israel and Iran, “but for the typical second homeowner buying in The Bahamas they already have the ability to purchase; they still

should be switched elsewhere or “sent back to the drawing board”. Asserting that The Bahamas must have the courage to “tell a foreign direct investor” no, Mr Carey, in a thinly-veiled reference to the battle between Turtlegrass Resort & Island Club and Rosewood Exuma on Big Sampson Cay, said legitimate developers will also want assurances their projects will not be undermined or impacted by future developments that are approved for nearby sites “down the road”. Mr Carey is a consultant to Turtlegrass.

Tertiary education partnerships vital to forge skilled workforce

In an increasingly competitive and innovation-driven global economy, collaboration between industry and academia is no longer optional; it is essential. For Bahamian businesses, forging strategic partnerships with institutions such as the University of The Bahamas, Bahamas Technical and Vocational Institute (BTVI) and Synergy Bahamas presents a powerful opportunity to strengthen operations, drive innovation and build a more resilient national economy. One of the most immediate benefits of these partnerships is access to a pipeline of skilled, jobready talent. Internship and apprenticeship programmes allow businesses to identify promising individuals early, thereby reducing recruitment costs while ensuring

Scotiabank:

BY ANNELIA NIXON

Tribune Business Reporter

SCOTIABANK (Baha-

mas) top executive yesterday disclosed it costs the bank more to service its eight Family Island automatic teller machines (ATMs) than the 80 it has in New Providence.

Roger Archer, the bank’s managing director, illustrated the cost challenges associated with Family Island banking as he revealed it costs more to service ATMs in those locations than the “less than $1m” spent on ten times’ that number in New Providence

that new hires are already aligned with company culture and expectations. This proactive approach to talent development is particularly valuable in a small and dynamic labour market such as The Bahamas. Beyond recruitment, collaboration unlocks access to specialised research and development (R&D). Academic institutions offer expertise, laboratories and advanced equipment that many small and medium-sized enterprises (SMEs) may not be able to afford independently. By leveraging these resources, businesses can test products, improve quality and develop new offerings at a fraction of the typical cost.

Equally important is the opportunity for workforce upskilling. Through tailored

training programmes, workshops and certification courses, employees can enhance their capabilities in critical areas such as digital transformation, leadership and technical skills. This continuous development ensures that Bahamian businesses remain competitive in an evolving marketplace. Partnerships also serve as catalysts for innovation. Universities and training institutes are hubs of fresh ideas and creative problem-solving. Engaging with students and researchers introduces new perspectives that can help businesses tackle complex challenges and uncover opportunities that may otherwise go unnoticed.

From a financial standpoint, collaboration helps reduce the risks associated

with research and development. By sharing costs with institutional partners, businesses can pursue innovative projects with greater confidence. Additionally, many funding opportunities and government grants favour joint applications, giving collaborating entities a competitive edge in securing financial support.

Another strategic advantage lies in shaping the future workforce. By working with tertiary institutions to influence curriculum development, businesses can ensure that graduates possess the precise skills needed in the Bahamian economy. This alignment reduces skills gaps and enhances productivity across industries.

Operational efficiency is also improved through collaboration. Academic

partners can assist businesses in transitioning from manual processes to digital systems, designing customised solutions that streamline operations and boost performance.

Finally, these partnerships enhance brand reputation and expand professional networks. Businesses that align with respected institutions are often viewed as forward-thinking leaders, attracting both talent and customers. At the same time, they gain access to broader ecosystems of industry players and potential collaborators.

In a rapidly changing world, the message is clear: By working together, Bahamian businesses and tertiary institutions can drive sustainable growth, foster innovation and

secure a stronger economic future for the nation.

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

He spoke at the central and south Eleuthera Business Outlook amid concerns from attendees over a less than “seamless” electronic payments process for inter-bank transactions that had to be conducted over the Easter weekend.

“That process is not seamless, because I have to have that person’s branch,” one said. “I have to have the person’s bank account. And depending on which bank I transferring to... And don't let it be the Bank of Bahamas, because then we got all kinds of trouble about what numbers to put in. So that process is not at all a seamless process.

“And we had a fourday weekend over Easter, so if you didn't catch that

transfer before cut-off onThursday, [then on] Friday, Saturday, Sunday, Monday, not a single thing could be done unless it was within the same bank. So it is not correct to say the process is seamless.

“And I'm wondering what is being done from the banks, and to help the process become seamless, because I know, for example, in Canada, where most of our commercial banking operations are headquartered, their inter-bank process is actually seamless and it doesn't require having all that information. All I need is an e-mail or phone number and off the money goes. So could you just speak to that and to the cost of the credit card?”

Mr Archer confirmed that Bahamian commercial banks in general still have some growing to do but noted that the Central Bank has a Fast Payments initiative, which will help with real-time settlements likely by 2027.

“So I accept, to your point, that there is work still to be done,” Mr Archer said. “And I think to put a frame point on it, the Central Bank has mandated and has us on a path to realtime settlement. So that is something that is going to come.

“But one of the things that I want to challenge you on when it comes to the experience is if you have to take cash from someone and then visit a branch to deposit, that entire experience also is a long one as well, and it requires someone to count the cash. It requires putting it in a vault.

“There are a lot of things that come with cash that I think is not really appreciated by clients,” Mr Archer added. “So we need to have a vault. We need to have two people to count cash. And then the cash has to be moved. If we accumulate enough, then it has to be moved to the Central Bank, or it has to be moved to somewhere else.

“So there's a lot of costs attached to cash that we have. When I say we, this is not a Scotiabank issue. This is across the banking industry, and I don't think we have transferred to our clients.”

Mr Archer said Scotiabank will continue to upgrade its ATMs over the next 12 months to allow for more cash deposits and other transactions. He said the bank has invested in gateways, which allows merchants to receive payments in more convenient ways.

“So if you have your hotel, you have a restaurant,

you'll soon have the ability to take payments at the table, rather than to have to walk around with a point of sale machine,” he said.

“Each person will be able to pay at the table. If you're a restaurant like KFC or Wendy's, you'll be able to take payments at the kiosk.

“So these are investments that we're making so that all of our merchants are able to innovate and receive and make payments in ways that are convenient to them. So we focus a lot on payments and enabling payment infrastructure across the archipelago.

“And I think to the extent we can do that and digitise the entire archipelagp, all things being equal, it will lower the cost of transactions, and it also will ensure that persons across the entire archipelago have access to financial services, rather than having to move cash. Because I think sometimes we think cash is a free good, but cash is actually very expensive to move.”

The attendee also said that and credit card transactions cost merchants a 4 or 5 percent fee per transaction, adding that - especially for small businesses - this can be difficult to absorb.

Mr Archer responded that clients should negotiate with their bank on the issue.

“So moving to the discount rate, what I would say to you is, feel free to negotiate with the bank,” he said. “Each bank will have their own experience with regard to cost, and feel free to negotiate to get your rate lower.

“But again, there's a cost of processing that cash, whether it's digital processing or whether it's cash processing, there's a cost attached to it. And in our market, the volumes that we have will not be sufficient for us to get below a particular threshold because we will not have the volumes, say, as a merchant would have in the United States.

“So a merchant in the United States may be processing, I don't know, hundreds of thousands or millions of transactions in the course of a year. So that allows your overall cost to be spread over multiple

Tenders are invited for the purchase of the following:

transactions; thousands of millions of transactions. While in our market, we may be spreading costs across thousands of transactions,” Mr Archer added.

“So the cost that we have in our markets, unfortunately, is going to be elevated. Having said so, I would say for sure, on our end, we are always open to negotiating. I think we want to ensure that our merchants are set up for success. And there are multiple ways that we could work merchants to get the discount rate to a reasonable point, but just knowing that there will always be that cost because, you know, there's a cost to transacting.”

Scotiabank, according to Mr Archer, is looking to support a number of initiatives and projects including matters pertaining to energy, land registration and room inventory.

“We are seeing transformation across the archipelago. We're seeing transformation in energy, infrastructure. We're seeing rooms being added. Land registration is something that is also an enabler with regard to the growth of the economy. And we are very bullish on supporting the growth within the economy,” he said.

“When we look at where we are now in 2026, and the fact that we had two deep shocks, 2019, and 2020. We had Hurricane Dorian. Six months later, we had COVID. And when I look at the growth trajectory that we are on right now, it tells me that there's depth to this economy. There is a level of interest in investors to put money into this economy to attract visitors, but also to grow the economy for all Bahamians.

“We know that we are in a location that we continue to be very, very supportive of, very bullish on, and you will continue to see us invest. And specifically in Eleuthera, we have a number of projects that we are supporting there, and we're also looking to see if we can find an office where we can start to have a physical presence back in Eleuthera.”

Commercial building located approximately 321 feet South of Shirley Street and situated on the Western side of Village Road in the Northeastern district of New Providence Island, The Bahamas.

The property consists of:

Commercial Building

Property also occupied by Montague Motors

All tenders must be in writing marked “Tender” and addressed to the Receiver via email to james.gomez@ecovis.bs.

The closing date for submission of tenders is May 15, 2026.

Ex-Inland Revenue attorney warns on sudden tax changes

BY NEIL HARTNELL Tribune Business Editor

THE Department of Inland Revenue’s former in-house legal counsel yesterday asserted that sudden, unannounced changes in government tax policy, rates and treatment are making it very difficult for Bahamian businesses to plan properly. Patricia Jackson, now head of the Higgs & Johnson law firm’s tax practice group, told the south and central Eleuthera Business

Outlook conference that there needs to be “greater collaboration, discussion and perhaps some tweaking” of tax law and policy changes before they are enacted to prevent disruption to business investments and job creating expansion.

Noting that the annual Budget is fast-approaching for presentation during the last week in May, she acknowledged the angst caused to many in the private sector by sudden tax-related adjustments

‘Huge disconnect’ on education and employer workforce needs

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

A “HUGE disconnect” between The Bahamas’ education system and labour market needs continues to be a key constraint on tourism growth, the south and central Eleuthera Business Outlook conference was told yesterday.

Heather Carey, of the Cotton Bay Ritz Carlton Reserve development, said workforce readiness is failing to keep pace with the rapid expansion of tourism developments across Eleuthera, forcing developers to recruit nationally while still facing gaps in skills and preparedness.

“We're very challenged with the labour force in Eleuthera. It's a small population,” said Ms Carey.

“Having come from Disney, now with Cotton Bay, again,

we're recruiting from all through The Bahamas.

“But what we're seeing - and a lot of people don't want to talk about this —but the reality is, in the Out Islands and even in Nassau, even from a high school level, there is a huge disconnect.” She argued that the system is not aligned with real labour market pathways, particularly for students not pursuing tertiary education.

“It's like we're pushing kids through an education system, but we're not being realistic about where their end destination is going to be,” said Ms Carey.

“Not everybody is going to go to college, and I'm wondering if tourism and education are having any conversations about revamping the education system so that we're realistic about what that journey looks like, and not putting

that are unannounced until the Government’s fiscal plans and legislation are disclosed in the House of Assembly. And impacted industries and companies have only just over a month to prepare, or argue why the proposed changes should be aborted or adjusted, before they are implemented come July 1. Ms Jackson cited as an example the Government’s move last year to prevent businesses reclaiming, or offsetting, the VAT

all the emphasis on the developers.”

Latia Duncombe, tourism director-general, said efforts are underway to better align training with industry needs, including expanded technical programmes, school-based initiatives and an upgraded learning management system powered by artificial intelligence (AI).

“We're very aware that we are a services economy, and service has to be at the heart of everything that we do,” said Mrs Duncombe.

“And so there is great focus on that. And if we're not sharing that information enough, we will work on making sure that the information is shared throughout the length and breadth, so that locals can participate.”

However, broader structural concerns were raised by Eleuthera Chamber of Commerce president, Thomas Sands, who argued that the island is fundamentally unprepared for the scale of growth now taking place.

“Generally, we're not prepared. We have not been prepared. We have not

payable on input expenses associated with major construction projects worth $1m or more. This has automatically increased the cost of such developments. And she also voiced concerns that the fact many investment approval processes are governed by policy, as opposed to statute law, as potentially “creating bureaucracy and uncertainty in the decision-making process” because businesses are left unsure how this works and

planned for this. We have not planned for the growth that's taking place in Eleuthera for many years,” said Mr Sands.

He added that many small businesses remain under pressure, with high operating costs and inconsistent policy frameworks limiting their ability to scale alongside major developments.

“Most businesses are barely surviving, and have been barely surviving for many years. And so the challenges you see in operational costs - yes, there are incentives and programmes out there - but they're unrealistic. They do not support the health of a business,” he said Mr Sands argued that the absence of a co-ordinated national strategy - spanning education, infrastructure and business support - is undermining the country’s ability to fully capitalise on tourism growth.

“Everybody's doing their part, everybody's trying, but we're doing it haphazardly. We don't have a strategy that is broader,” he added. Alongside workforce and planning concerns,

whether key approvals will be granted. Ms Jackson said it was also critical that government agencies ensure tax policies, and incentives, are aligned with national economic goals and objectives, while suggesting that consultation with the private sector on fiscal and other policy objectives was not as widespread as it could be.

Meanwhile, Bryan Glinton, managing partner at Glinton, Sweeting & O’Brien, said The Bahamas is “still trying to find” the ease of doing business as he suggested that The Bahamas form a Foreign Direct Investment Board - featuring both persons from the public and private sectors - to evaluate and approve such projects. He did not say whether it should replace the Bahamas Investment Authority (BIA) or National Economic Council (the Cabinet), or how it would work with these bodies.

domestic airlift constraints were also flagged as a critical bottleneck.

Ms Carey revealed she recently experienced two separate landing gear accidents as a plane passenger just weeks apart while travelling between Eleuthera and Nassau, highlighting the risks associated with limited domestic flight options.

“I'm going to harp a little bit more on the airlift, and the reason is, well, I had the fortunate experience of belly landing on Pineapple Air a few weeks ago, the same plane which had landing gear issues two weeks prior,” said Ms Carey. “I've been on Flamingo Air, which had a landing gear issue two weeks ago, last week” She said residents and workers in Eleuthera have little choice but to depend on these operators due to limited scheduled service.

“We're pretty much forced to travel to Nassau on these...airlines because we have no alternative,” she said. She warned that as tourism developments expand - including major projects

such as Disney, Ritz-Carlton and others - airlift planning must account not only for visitor demand, but also the safe and reliable movement of workers across islands.

“Now we're talking thousands of Bahamians who are coming from Grand Bahama, from Exuma,” said Ms Carey “So it's not just about heads and beds. I think as we look at the airlift that's needed, we have to be considering all of these aspects.”

She also suggested that government may need to consider subsidising domestic airlift, similar to incentives used to expand international routes. In response, Mrs Duncombe acknowledged the need for deeper co-ordination with aviation stakeholders, particularly around capacity, scheduling and equipment availability.

“To be able to schedule the route, you need the equipment — that's the reality of it,” said Ms Duncombe. She added that future planning must align aircraft availability with projected demand and development timelines.

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE Bahamas recorded an 18.4 percent increase in visitor arrivals in the first two months of 2026, reaching just over 2.4m visitors and extending the momentum from a “record” 12.5m arrivals in 2025.

Speaking at the central and south Eleuthera Business Outlook conference, tourism director-general Latia Duncombe said the data confirms that demand for the destination is strengthening rather than plateauing. “The demand for The Bahamas remains strong,”  said Mrs Duncombe.

“For the first two months of 2026, The Bahamas welcomed just over 2.4m visitors, an 18.4 percent increase over the prior year. This tells us something very important. Demand for The Bahamas is not slowing, it is indeed strengthening.”

She said the national growth is being supported by strong performances in key Family Islands, particularly Eleuthera and Harbour Island, which continue to outperform both year-over-year and pre-pandemic benchmarks. Mrs Duncombe revealed that Eleuthera and Harbour Island welcomed more than 119,000 visitors in 2025, representing a 53

percent increase over 2024 and nearly double 2019 levels.

She said early 2026 data indicates that growth is holding. Air arrivals into Eleuthera exceeded 17,000

in the first two months of the year, slightly above the same period last year and more than 50 percent ahead of 2019 levels.

The data points to a sustained shift in demand toward smaller, experience-driven destinations, with Eleuthera benefiting from its positioning in the boutique and high-value travel segment.

She explained the strong performance of Eleuthera aligns with wider global travel trends, where high-value travellers are increasingly seeking authenticity, privacy and wellness-oriented experiences — areas where the island has a competitive advantage.

“This level of stopover growth is particularly important. It reflects increased demand for the types of experiences that Eleuthera is known for: Boutique, personalised and increasingly wellness-driven travel,” said Mrs Duncombe She added that the combination of double-digit national growth and continued gains in Eleuthera suggests that The Bahamas’ tourism expansion is not solely volume-driven, but also supported by diversification across islands and product offerings. Mrs Duncombe said the sector’s performance is being achieved despite global economic uncertainty and increased competition, highlighting

the importance of consistency and market confidence.

“We continue to demonstrate resilience, relevance and certainly, a global appeal. We're operating in a dynamic global environment shaped by economic shifts, evolving traveller expectations and increasing competition,” said Mrs Duncombe.

Despite those pressures, she said The Bahamas continues to outperform, driven by sustained confidence in the destination.

“Travel is discretionary and it responds to confidence. Confidence is built through consistency, strong partnerships and sustained performance despite global uncertainty,” she said.

Ex-BNT chief confident of getting the right ‘balance’

The ex-BNT executive director, who was backed by fellow Outlook panellist Bryan Glinton, the Glinton, Sweeting & O’Brien law firm’s managing partner, in his call for The Bahamas to finally start the Land Use planning process, said: “I’m not anti-development. My wife told me to say that. I’ve never been anti-development. I’ve been against bad development throughout my career at the BNT, and then now in private life.

“It’s about balance. The problem we have in our country is that we don’t have a Land Use Plan for these islands. If we had a Land Use Plan that said this type of development is acceptable on this island, or on this cay in central Exuma or a cruise port can go on this part of the island but not here….. when that proposal comes to the [Investments] Board, it can look at the Land Use Plan

and say: ‘This fits perfectly with what Eleuthera wants. “It should say to Jeff Jacobs in Governor’s Harbour, who is talking about a big project that I saw in the newspapers recently, that perhaps that use is not acceptable and you probably need to scale down.”

Tribune Business has reported extensively on Mr Jacobs’ advancing plans for a $650m all-in development at Governor’s Harbour featuring a small resort, mega yacht marina, five resort-style residential communities, a boutique casino, restaurants and other typical amenities.

The Planning and Subdivision Act 2010, which remains in effect as law for now given that Parliament never debated the Davis administration’s proposed replacement prior to its dissolution, stipulates: “There shall be a Land Use Plan for each island of The Bahamas, consistent with all national land use development policies.” These must contain “land use designations to

allocate land for residential, industrial, commercial, agricultural, conservation, institutional, recreational, tourism and other purposes”. This, and multiple other criteria, have never been implemented in the 16 years since the Act was passed. “Balance is what it’s all about,” Mr Carey argued. “Developments need to fit within the sense of place. What we sell is our environment; we sell the people, culture and history of places like Eleuthera and Governor’s Harbour, and we should not compromise that.

“This prosperity we’re talking about is not just economic prosperity. It’s not just a spread sheet that’s saying this project is going to be successful. It’s what local people want.” He then referred to the just-published Organisation for Responsible Governance (ORG) survey of 401 Eleuthera residents to obtain their views on sustainable development and tourism, with particular

‘All positive’ for Bahamas real estate over remainder of 2026

have that spending power. Who wouldn’t want to be in The Bahamas? What is going on in The Bahamas that would trigger anyone to consider not investing in The Bahamas?”

The Morley Realty chief said The Bahamas’ centuries-old parliamentary democracy, combined with its history of political stability and continuity even if administrations change, meant the May 12 general election and the outcome - like its predecessorswill have no impact on the economy, investment and the real estate market especially given that there have been no campaign promises to cause a stir yet.

“Each change in government, there has not been any drastic adverse effect,”

Mr Morley told Tribune Business. “To the contrary, that to me is a sound position for investment in The Bahamas… There’s nothing in the FNM manifesto, if they won power, that would truly disrupt the apple cart. I don’t see it.

“The only thing of concern is moving from a Business Licence to corporate income tax for domestic companies. I don’t

see anyone rushing into that. Based on the research I did for BREA, when government came out with its ‘green paper’, it’s a complex tax system to figure out and they have to have consultation with each industry to make it properly efficient and fair.

“I don’t see anything that has been promised, and we’re in the middle of silly season when promises come out, but I don’t see anything that would drastically disrupt the market or upset the apple cart for investment purposes…. Is there anything to disrupt the apple cart for us in real estate? I honestly don’t see it and, with the upcoming election, for me I just want to get it over and done with. Right now, it’s causing a disruption in business but, when it’s over, it’s back to business as usual again.”

While the Middle East conflict “casts a bit of a grey cloud”, and “everyone is worried at the back of their mind” that it could again re-ignite and become a prolonged, wider fight that drags down the global economy via higher energy and fuel costs that drive inflation, Mr Morley said he detects nothing at present that could cause

a Bahamian real estate market slowdown later in 2026.

“Barring anything significant happening in that war to cause a downturn, I don’t see any issues for The Bahamas real estate market. It’s all positive,” he told Tribune Business.

Morley Realty’s 2026 first quarter analysis again highlighted that The Bahamas’ five major islands - New Providence, Grand Bahama, Abaco, Exuma and Eleuthera - are all separate real estate markets in their own right with different characteristics and trends taking hold.

“In the 2026 first quarter, the Bahamian real estate market showed a mix of improving buyer activity and uneven performance across the islands. While more properties came on to the market in some areas, not all of them converted into sales, especially in the land segment. This suggests that although interest is there, buyers are still being selective and taking their time before making decisions,” the firm concluded.

“New listings were generally up in places like Abaco, Grand Bahama and New Providence, with New Providence continuing to

reference to the proposed Governor’s Harbour development by Mr Jacobs and his Jacobs Investments company.

“The numbers are staggering,” Mr Carey asserted. “Ninety percent, 80 percent and 75 percent of respondents are not in favour of destructive, incompatible, large-scale development. It’s about balance, and I believe we can strike that. We can have development on this island without compromising the very essence of” its character.

Referring to the $300m Ritz-Carlton Reserve project at Cotton Bay, which is scheduled for completion in late 2027 and a first quarter 2028 opening, he added that its visitors will “not want to see the Tarpum Bay that was, or a Governor’s Harbour or Cupid’s Cay that was. They want to see something that has always been Eleuthera, and what makes us Eleutherans”.

Calling for Land Use Plans that take each Bahamian island’s development

have the most activity overall. However, Eleuthera and Exuma saw fewer new home listings compared to last year and last quarter, which may limit options for buyers in those markets. Land listings were more inconsistent, with increases in some areas like Abaco and New Providence, while Eleuthera and Grand Bahama saw a decline in new land inventory.

“Buyer activity picked up in a few key markets. New Providence and Grand Bahama saw more homes going under contract, and Exuma also had a noticeable jump in buyer activity despite having fewer listings available. On the other hand, Eleuthera slowed down, with fewer deals being made and less overall transaction activity compared to last year. Land sales remained mixed, with some areas improving while others continued to lag behind.”

Turning to market fundamentals, the Morley Realty report said: “Pricing trends varied depending on the island. Home prices increased significantly in Eleuthera and remained steady or slightly higher in Abaco and Exuma, showing continued demand.

“Meanwhile, New Providence and Grand Bahama saw some price softening, suggesting buyers are being more price-conscious and negotiating more. Land prices were also mixed, with

“25, 30, 50 years into the future”, he added that they “will guide us on what development should look like on Eleuthera, Sampson Cay or wherever in our country”. And both citizens and the private sector, as well as government officials, should have input into the formation and construction of each Land Use Plan.

“That Land Use Plan will establish the carrying capacity of a particular island or a particular cay,” Mr Carey said. “If your project does not fit or exceeds the carrying capacity of a locale [whoever the developer is].. if the carrying capacity is going to be exceeding, that gets killed at the BIA (Bahamas Investment Authority).

“When brilliant attorneys like Mr Glinton take their clients to the BIA, they will look at it and say: ‘Brian, this doesn’t fit the capacity, go back to the drawing board. It’s OK to tell a foreign direct investor ‘We don’t think this is a project for this island: You

gains in some markets and declines in others depending on location.

“The time it took to sell properties also differed by location. Homes in Abaco and New Providence took longer to sell, likely due to increased inventory. In contrast, Exuma and Grand Bahama saw properties moving a bit faster. Land sales were less consistent overall, with some markets speeding up while others experienced longer timelines.”

Summing up what this means for real estate market participants, Morley Realty added: “Sellers were still generally able to get close to their asking price, especially in the home market. Most sales were

either need to downsize or go to Nassau or Grand Bahama where it’s needed and they want large-scale development.”

Mr Carey’s Land Use Plan demand was backed by Mr Glinton, who said:

“Turning to Eric’s position on land use planning, I agree with that. We should have land use planning for all of them [islands].” This, he added, would determine the best locations for vital infrastructure such as landfills and water plants.

“There are people out there who can give proper planning [advice] to make sure we have real, sustainable investment and that there’s consistency. One of the things luxury resorts demand is that there has to be consistency of delivery of service and infrastructure is essential. It cannot be a one-off. It has to be consistent. That’s very important. But there are going to be lot of opportunities.”

closing in the low to mid-90 percent range of list price. Land sales varied more, but some areas showed stronger negotiating conditions compared to the previous quarter.

“Overall, the 2026 first quarter shows a market that is still adjusting and finding its balance. Buyer activity has improved in certain areas, but performance continues to vary by island and property type. Homes remain the more stable segment, while land continues to be less predictable. Moving forward, pricing strategy, new listings, and buyer confidence will play a key role in shaping the market through the rest of the year.”

‘Tell developers black and white people can co-exist on beaches’ SEA -

from page B1

Mr Carey replied: “It absolutely is, right? I’ve been back home for two years maybe, and I’m really disappointed and shocked, flabbergasted, by how difficult it is for a local to get to a beach and visitors not staying at a particular resort or high-end Airbnb to get to a beach.

“We as a country are going to have to address this. We have this foolishness about owning the beach up to the high tide mark. You don’t have beach access for miles and miles and miles. It just needs to be taken on. It’s not easy but it has to be addressed.

“Every developer coming into this country has to

be told and encouraged that both black and white people can be on the beach at the same time and they are not going to bother each other. It’s a paradigm shift, I know,” Mr Carey added.

“But you go to Barbados and see a Bajan talking gobbledygook on the beach with the white man from England, and they co-exist and don’t bother each other at all. We need to look at some aspects of doing that because this loss of access to beaches and allowing developers to do whatever they want, we just need to find a way to reverse it. The status quo of not being able to get to a beach for a person from an island makes no damn sense.”

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PwC chief: ‘Ad hoc asks’ need value for money assessments

incentive provided represents lost revenue for the Public Treasury that could have instead been used to finance vital public services.

Suggesting that some concession requests were submitted on an “ad hoc” basis, he added that it seemed government officials are “not prepared for some of the asks” they receive - and “measurement and policing” of granted concessions, and whether investors are living up to their obligations, sometimes appears lacking.

Mr Rahming said that, while the likes of VAT and Customs Duty exemptions, plus government-subsidised and guaranteed loans, are tax and fiscal policy “levers” that the Government

Flawed

can pull to stimulate and manage economic growth as well as control “behaviours and corporations”, their use in The Bahamas has produced mixed and “varying degrees of success”.

Due to its representation of major multinationals in The Bahamas, such Baha Mar, he added that PwC was often present at meetings with the Government when fiscal and tax adjustments are “being shaped around really large companies’ needs, and also having an impact on other companies’ in the country, even trickling down from Nassau all the way to Eleuthera as an example”. “When we sit in some of those meetings alongside our clients, some of the things that become acutely profound and aware of, for the most part the

Government does provide but I think that what is lacking to ensure sustainable growth and development is that there’s limited accountability at the end,” the PwC Bahamas chief said.

“So the Government would pull the levers and provide the concessions around marketing costs, hiring [expatriate] workers and hiring Bahamians etc, but I don’t think it’s being measured sufficiently enough to ensure” it achieves what the Government and Bahamian taxpayers intended.

“We are a country of limited resources,” Mr Rahming added. “Every incentive we provide is lost revenue per se. We don’t do a good job of measuring and holding investors accountable. That goes from large investors to the very

‘anchor’ property strategy shows way for ‘bite size’ projects

will bring in foreign direct investment and we will have a better country.

“I’m not sure that that has worked. In fact, we know there are many, many hotels - large hotels - that have come in and fundamentally failed when I look at that.” The so-called ‘anchor property’ strategy started under the second Ingraham administration between 1997 and 2002 in a bid to spur economic activity and jobs on the Family Islands and reverse their depopulation.

The prime examples were the Four Seasons Emerald Bay resort and Bimini Bay. The former defaulted on its loan financing, which was picked up by the London office of Japanese insurer, Mitsui. Although owed around $130m, it ended up having to take a likely massive loss when it sold the Emerald Bay resort to

Sandals for a price thought to be between $20m-$30m. That property, of course, is now in the process of being converted from the Sandals brand to a Beaches resort.’

As for Bimini Bay, it was originally developed by Miami-based Gerardo Capo and his RAV Bahamas vehicle. They brought the Malaysian resort and gaming conglomerate, Genting, in as majority partners but the two sides are not embroiled in a bitter legal battle in south Florida over RAV Bahamas’ $600m damages claim alleging that its partner has treated the property as a “financial wasteland” by dumping millions of dollars in liabilities generated elsewhere in its empire on the books. The first Christie administration then accelerated the ‘anchor property’ strategy and, while there were successes such as the Baker’s Bay Golf & Ocean Club, there were also multiple

failures such as the $700m Rum Cay Resort Marina project.

Mr Simmons yesterday argued that The Bahamas, with hindsight, should have chosen a ‘smaller is better’ approach that focused on incentivising the development of small, boutique Family Island propertiespreferably owned by locals - that were in keeping with the scale and character of the destination, and could be sustainably supported by the available infrastructure and labour force.

“Maybe development is like a diet,” he suggested. “If I was a human consuming chocolate cake in copious amounts for breakfast, lunch and dinner, big portions of chocolate cake for breakfast lunch and dinner, I am going to give myself a heart attack. I cannot sustain what I’m putting in my body when it’s the wrong type of thing. If I approach my diet with

small man on the street. I believe that, with some of the distribution and allocation of these incentives and concessions, they are not based on merit per se - the merits of the project and the like.”

He said that “a national strategic plan that encompasses the needs” of The Bahamas’ 16 major islands and their unique characteristics is vital if this nation is to convert tax incentives and concessions into sustainable economic growth, and determine “where we are going to allocate our limited resources.

Mr Rahming said The Bahamas “needs to understand fully what is taking place on each island.. so we can allocate resources strategically and appropriately”, measure the success of awarded tax breaks and

small portions of healthier food… with proteins, vegetables and meats, and maybe a little dessert, we are going to have a healthier body that sustains itself for longer.

“I think we need to approach development in this country with that mindset. It’s about smaller portions, it’s about smaller projects that are easier to succeed and easier to consume as a country. I don’t know how many multi-hundred million dollar projects are going on. If, 30-40 years ago, we had said that instead of having one single, massive anchor hotel on every island, let’s make it a policy to make sure there are 10 small Bahamian hotels on every island.

“What would our country look like? It would be a completely different trajectory, and I think we have to bake into out thinking what we support as a community; the policies we want to go on. Do we want to see foreign direct investment on a massive scale as the fruits of the future, or do we want young local entrepreneurs in leveraging the assets we

other incentives, and adjust these accordingly based on the results. “Right now, I don’t see a lot of that taking place,” he added, “even on large multi-million investments taking place. We don’t necessarily see that, and that needs to be improved for long-term growth.”

The PwC chief added that some incentives can be granted in an “ad hoc” manner even though most Heads of Agreement deals between the Government and major investors contained largely standard terms common to all. “An investor has a need to build a resort, and they come to the Government with needs, and the Government will respond to their needs depending on how ambitious their project is and the

have, which is sun and sea,”

Mr Simmons added.

“I would like to see the Government put more sun and sea in the hands of Bahamians that can manage a small enterprise. It’s an easier thing to lift. That has to be the trajectory.

To make this happen,

Mr Simmons said the Government needs to make Crown Land available to persons with the ability and expertise to use it for development purposes,

promises and commitments being made,” he added.

“But sometimes the tools to measure the results of the promises and commitments being made are not really there, and that leads to waste of precious resources in my opinion. It’s ad hoc.” Mr Rahming said it was unclear if the Government has the structures in place to properly negotiate with investors when specific “asks” for incentives are being made.

“We need to look at the other side and how we are doing to measure the success of outlays that are taking place,” he added.

“The Government officials persons perhaps are sometimes not, for want of a better word, prepared for some of the asks, and measurement and policing of the asks is critical.”

plus provide incentives and other necessary forms of concessions. He added that he was willing to make his knowledge available to other Bahamian resort entrepreneurs, and also called on major international chains such as Ritz-Carlton to be mandated “to partner with three to four smaller Bahamian hotels” to assist them with building their brands and “supporting them from within”.

Jet fuel supplies are lagging. What does that mean for airlines and travelers?

By MAE ANDERSON, CATHY BUSSEWITZ and WYATTE GRANTHAM-PHILLIPS AP Business Writers

A LOOMING jet fuel shortage in Europe and Asia sparked by the Iran war and the effective closure of the Strait of Hormuz could further upend world travel within weeks if oil doesn’t start flowing again soon — meaning higher airfares and flight cancellations as the summer travel season approaches.

In an exclusive Associated Press interview Thursday, International Energy Agency Director Fatih Birol said Europe has “maybe six weeks” of remaining jet fuel supplies and said the global economy faces its “largest energy crisis.”

In general, some European countries hold several months’ worth of jet fuel inventory at a time, according to an IEA report released this week.

Jet fuel — a refined kerosene-based oil product — is airlines’ biggest cost, making up about 30% of overall expenses, according to the International Air Transport Association. And jet fuel prices have roughly doubled since the war began. Shortages could start next.

“Every passing day that the Strait of Hormuz remains shut, Europe is edging closer to supply shortages,” said Amaar Khan, head of European jet

fuel pricing at Argus Media. “The strait accounts for around 40% of Europe’s jet fuel imports, but no jet fuel has passed the strait since the war broke out.”

Airline officials have largely reacted with caution, acknowledging potential fuel issues but working to reassure customers. Still, some carriers have already passed costs on to consumers by increasing fees for baggage and other addons, embedding costs into ticket prices, or raising fuel surcharges.

A handful of airlines already are cutting flights.

Experts say other parts of air travel — such as scheduling flexibility and routes — would likely be impacted.

Here’s a look at how jet fuel supplies work and how consumers might see effects.

How does jet fuel get to the plane?

Jet fuel is made from crude oil at refineries, which also create gasoline and diesel.

Airlines generally buy jet fuel from refineries or fuel companies, similar to drivers buying gasoline from stations, but on a much larger scale. Jet fuel travels on ships and through pipelines and is stored by airlines at airports.

Purchasing is handled by airlines. If fuel supplies are running out in a region, that doesn’t necessarily mean there will be no flights. Some airlines might have more stored than others.

Federal officials order flight cuts at Chicago O’Hare to reduce airport delays

By JESSICA HILL Associated Press

ABOUT 300 flights per day must be cut from the schedule at Chicago

O’Hare International Airport on the busiest days this summer in an effort to reduce flight delays, federal officials announced Thursday.

Thursday, March 12, 2026.

But remaining flights are likely to be expensive, reflecting fuel costs.

Larger airlines have advantages in regions with shortages. They have the financial means to deal with high prices, said Jacques Rousseau, managing director at financial firm Clearview Energy Partners. In Europe, a number of countries are now relying on less than 20 days of coverage in their fuel supplies, according to this week’s IEA report. Supplies haven’t dropped below 29 days since 2020, the report said. If that falls under 23 days, physical shortages may emerge at some airports, resulting in flight cancellations and lower demand, the report warned.

Which regions could feel pain?

Asia-Pacific countries are the most reliant on oil and jet fuel from the Middle East, followed by Europe, Rousseau said.

Most of Europe’s jet fuel is produced by European refiners, but about 20-25% of its supply is missing because of the war, Rousseau said.

To fill some gaps, the U.S. has increased its exports of jet fuel to Europe considerably, sending about 150,000 barrels per day in April, or about six times the normal level, Rousseau said.

Availability of jet fuel is less of an issue in the U.S., a major oil producer, he added.

“I tell my kids ... we’re not so much going to run out of supply,” Rousseau said. “It’s just going to cost more here, whereas in different parts of the world you could actually get to a point where there’s just no fuel.”

How much is the world supply of jet fuel lagging?

The world is losing 10 million to 15 million barrels of oil a day due to the closure of the Strait of Hormuz, said Pavel Molchanov, senior investment strategist at investment firm Raymond James & Associates.

“There are exactly the same refineries in exactly the same places in Asia and Europe, but if there is not enough oil for those refineries to operate, it’s going to lead to physical supply disruption,” he said.

Even though the IEA has released 400 million barrels of oil from members’ emergency reserves, that won’t help in the short term, he added.

“It could take until the end of the year to get all of those barrels onto the market,” he said.

How will my travel be affected?

Christopher Anderson, a professor of operations, technology and information management at Cornell University, said travelers should prepare for more than just higher airfares.

“If you book a ticket, we want you and your family to have the certainty that you’ll fly without endless delays and cancellations,” Transportation Secretary Sean Duffy said in a statement.

O’Hare has the most number of flights of any U.S. airport, and it already had one of the worst records for

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NOTICE is hereby given that MEPRISIA SAINTIL of P.O. Box AB-20320, Faith Avenue, Dundas Town, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 10th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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 10th

flight delays nationwide last year. More than 3,080 flights were planned on peak days this summer, which represented a 14.9% increase from the summer before, according to the U.S. Department of Transportation and Federal Aviation Administration. That increase comes as air traffic controllers deal with taxiway closures for construction projects.

In its draft order, the federal government said both American and United announced expansion plans at O’Hare that could lead to significant delays this

summer and limit the airfield’s ability to handle the expected amount of traffic. Duffy said that the schedule was unrealistic and would have exceeded what the airport could handle. So the number of flights at the airport will be limited to a maximum of 2,708, which is still slightly higher than maximum of 2,680 flights that were scheduled at the peak of last summer. He said that “will reduce delays and make this busy summer travel season a little easier.”

On slower days of the week, fewer flights will have to be cut because a smaller number was scheduled in

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NOTICE is hereby given that I ALEXANDER NNEJIAKOLAM EMENYONU of Sunset Ridge, Nassau, 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 17th 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 MORALES SAINTIL of P.O. Box AB-20320, Faith Avenue, Dundas Town, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 10th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

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 10th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Travelers might see “a market with later booking patterns, more schedule volatility and fewer low-fare options if this disruption lasts into the core summer season,” he said.

What are airlines doing?

Dutch airline KLM and U.K. budget carrier easyJet told AP they weren’t experiencing current fuel shortages, without commenting further on the IEA’s warning. Still, both airlines are among those that have seen higher costs eat into their budgets.

On Thursday, KLM said it would cut 160 flights next month — about 1% of its total European routes. The airline cited “rising kerosene costs” and said a limited number of flights are “no longer financially viable to operate.”

In a Thursday update, EasyJet said it expects to see a pretax loss of 540 million to 560 million pounds (about $731 million to $758 million) for the first half of the 2026 fiscal year. Still, CEO Kenton Jarvis said demand remains strong overall — noting that Easter travel was easyJet’s busiest ever for that holiday period.

“This is no longer just a fuel-price story. For airlines, it is now a network-planning story,” he said. “Higher fuel costs matter, but so do longer routings, reduced scheduling flexibility and greater uncertainty about what demand will look like even a few weeks out.”

the first place. Tuesdays, Wednesdays and Saturdays are typically slower days of the week for flights. The flight limits will take effect May 17 and last through Oct. 24.

Airlines will go through the details of the order to figure out how many flights they have to cancel and then will notify customers.

American Airlines said that once implemented, the FAA’s order will improve reliability and reduce delays for customers traveling through O’Hare this summer.

“We are grateful to Secretary Duffy, Administrator

Bedford, and their leadership teams for acting swiftly to ensure that Chicagoans and all consumers continue to benefit from sensible competition and to help minimize flight disruptions during the busy summer season,” American said in a statement.

United said the airline appreciates that the government came up with “a solution that makes sense for everyone who cares about O’Hare’s success.”

Both airlines will review the order and their scheduled to determine where to make cuts and then notify travelers who are affected.

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AP Exclusive: Europe has ‘maybe 6 weeks of jet fuel left,’ energy agency head warns

By JOHN LEICESTER Associated Press

EUROPE has “maybe six weeks or so” of remaining jet fuel supplies, the head of the International Energy Agency said Thursday in a wide-ranging interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.

IEA Executive Director

Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced,” stemming from the pinchoff of oil, gas and other vital supplies through the Strait of Hormuz.

“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he told The Associated Press.

The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” said Birol, speaking in his Paris office looking out over the Eiffel Tower.

Economic pain will be felt unevenly and “the countries who will suffer the most will not be those whose voice are heard a lot. It will be mainly the developing countries. Poorer countries in Asia, in Africa and in Latin America,” said the Turkish economist and energy expert who has led the IEA since 2015.

But without a settlement of the Iran war that permanently reopens the Strait

of Hormuz, “Everybody is going to suffer,” he added. “Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis,” he said.

‘Slow growth or even recession’

Nearly 20% of the world’s traded oil passes through the Strait of Hormuz in peacetime. Birol warned that not reopening the waterway within weeks could compound the repercussions for global energy supplies.

“In Europe, we have maybe six weeks or so (of) jet fuel left,” he said. “If we are not able to open the Strait of Hormuz ... I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.”

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Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), WESTERLY ASSET HOLDINGS LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 10th April, 2026 CONTINENTAL LIQUIDATORS INC. is the Liquidator and can be contacted at 60 Market Square, P.O. Box 1906, Belize City, Belize. 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 11th May, 2026.

NOTICE

FTX BAHAMAS VENTURES LIMITED,

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number No. 208499 B

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company has been dissolved according to the Certificate of Dissolution issued by the Acting Assistant Registrar General on the 19th day of February A.D. 2026.

Dated this 14th day of April A.D. 2026

Peter D. Maynard, KC

Dutch airline KLM and U.K.-based budget carrier easyJet said Thursday that they were not experiencing current fuel shortages, without commenting further on the IEA’s warning. Meanwhile, U.S. carrier Delta Air Lines — which frequently flies to destinations across Europe — said it was aware of the continent’s “potential jet fuel supply issue” and monitoring the situation, although it didn’t expect immediate impacts. Still, all three airlines are among those that have already seen higher costs eat into their budgets.

KLM is cutting 160 flights to and from Amsterdam’s Schiphol airport next month, accounting for about 1% of its total European routes. The airline cited “rising kerosene costs,” and said a limited number of flights are “no longer financially viable to operate.”

Travelers are already paying the consequences. Beyond flight cancellations, some carriers are increasing ticket fares and add-on fees.

Birol added: “Many government leaders tell me that if Hormuz is not open until (the) end of May, many countries — starting from the weaker economies — are going to face huge challenges, and this will go from the high inflation numbers to coming close to slow growth or even to recession in some cases.”

Birol spoke out against the so-called “toll booth” system that Iran has applied to some ships, letting them travel through the strait for a fee. He said allowing that to become more permanent would run the risk of setting a precedent that could then be applied to other waterways, including the vital Malacca Strait in Asia.

“If we change it once, it may be difficult to get

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Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ZEUS CAPITAL LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is 15th April, 2026 is the Liquidator and can be contacted at Rua Maria Monteiro, 897, apt. 91, Cambui, Sao Paulo, Campinas, 13025-151, Brazil. 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 15th May, 2026

NOTICE

TECHNOLOGY SERVICES BAHAMAS LIMITED

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number No. 206556 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company has been dissolved according to the Certificate of Dissolution issued by the Acting Assistant Registrar General on the 19th day of February A.D. 2026.

Dated this 14th day of April A.D. 2026

Peter D. Maynard, KC

INTERNATIONAL Energy Agency Executive Director Fatih

speaks during an interview with The Associated Press, at the IEA headquarters in Paris, Thursday, April 16, 2026. Photo:Michel Euler/AP

it back,” he said. “It will be difficult to have a toll system here, applied here, but not there.”

“I would like to see that the oil flows unconditionally from the point A to point B,” he said.

Damage for Persian Gulf energy facilities

More than 110 oil-laden tankers and over 15 carriers loaded with liquefied natural gas are waiting in the Persian Gulf and could help ease the energy crisis if they could escape through the Strait of Hormuz to world markets, Birol said, adding:

“But it is not enough.”

Even with a peace deal, war-damage to energy facilities means it could be many months before preconflict levels of production are restored, he said.

“Over 80 key assets in the region have been damaged. And out of these 80, more

than one-third are severely or very severely damaged,” he said.

“It will be extremely optimistic to believe that it will very quick,” Birol said. “It will take gradually, gradually, up to two years to come back where we were before the war.”

‘Dark shadow’ of geopolitics

Birol said it is incomprehensible that “a couple of hundred men with guns” — apparently referring to Iranian forces — are able to hold hostage the global economy. He said his Paris-based agency, which advises governments on energy policy and helped coordinate a record release of emergency oil reserves earlier in the crisis, has warned for years about the critical importance of the Strait of Hormuz.

NOTICE

NOTICE is hereby given that CLOVER ROLLE of Flamingo Avenue, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I TEJASHEE AMARESH HOMBAL of 6 Brooklyn Ave Condos off Village Rd. Nassau, P.O.Box #11539, 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 17th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

FTX DIGITAL MARKETS (BAHAMAS) LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 208795 B

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company has been dissolved according to the Certificate of Dissolution issued by the Acting Assistant Registrar General on the 19th day of February A.D. 2026.

Dated this 14th day of April A.D. 2026

Peter D. Maynard, KC

NOTICE

ALAMEDA RESEARCH (BAHAMAS) LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 207778 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company has been dissolved according to the Certificate of Dissolution issued by the Acting Assistant Registrar General on the 19th day of February A.D. 2026..

Dated this 14th day of April A.D. 2026

Peter D. Maynard, KC

ChatGPT maker OpenAI shifts its focus to business users amid Anthropic pressure

By MATT O’BRIEN AP Technology Writer

THE same ChatGPT

chatbot that gave OpenAI’s chief financial officer Sarah Friar a tilapia recipe for a recent Sunday night dinner at home is also now doing her most mundane tasks at work like summarizing her emails and Slack messages.

Friar and other company executives are banking OpenAI’s future on more of the latter as it shifts its focus to business-oriented products while shedding some of its consumer offerings as a pathway to profitability.

OpenAI says it will introduce a new artificial intelligence model for “high-value professional work” as the company faces heightened competition with rival Anthropic in attracting corporate customers to adopt AI assistants in their workplaces.

“You’ll see a new model coming from us in short order. We feel very excited about it,” Friar said in an interview with The Associated Press.

OpenAI boasts of more than 900 million weekly users of its core ChatGPT product, and Friar said about 95% of them “don’t pay anything” for the popular chatbot. But while all those interactions build habits and reliance, they also strain the costly

computing resources needed to power the company’s AI systems and highlight the need for big business customers to help pay the bills.

OpenAI, valued at $852 billion, and Anthropic, valued at $380 billion, both lose more money than they make, putting the privately-owned San Francisco-based AI research laboratories in a fierce competition to generate more revenue as they race toward becoming publicly traded on Wall Street.

A push to improve performance and sales of OpenAI’s business-oriented products — already Anthropic’s bread and butter — has driven OpenAI to abandon some consumer initiatives, like the AI video generator app Sora. “I think it was a little heartbreaking, but we’re like, OK, it’s not the main event right now,” Friar said. “We need to make sure that our new model that’s coming has enough compute.”

Codenamed Spud,

OpenAI says its “smartest model yet” offers “stronger reasoning, better understanding of intent and dependencies, better follow-through and more reliable output in production.” It will be part of OpenAI’s answer to Anthropic’s new Claude Mythos, which Anthropic claims is so “strikingly capable” that it is limiting its use to select customers because of its apparent ability to surpass human cybersecurity experts in finding

AI is a gold mine for spammers and scammers, but Google is using it as a tool to fight back

By KAITLYN HUAMANI AP Technology Writer

FROM an advertisement for an herbal remedy that promises to cure all to a video featuring a voice that sounds just like a movie star, you’ve surely encountered spam and scam advertisements online. And they have likely been created with artificial intelligence. The accessibility of generative AI tools has exacerbated the perennial issue of online spam and scams that’s persisted since the advent of the internet. And while creators of such content have access to this ever-evolving technology, tech giants are also honing their internal AI systems to fight the deluge.

“It’s not that this is a new problem. It is an old problem, supercharged,” said Nate Elliott, a principal analyst at Emarketer. “The biggest difference is the speed and the scale that AI offers both the good actors and the bad actors.” The FBI’s recent Internet Crime Report detailed receiving more than 22,000 complaints reporting AI-related scams last year, with the total losses associated with those complaints exceeding $893 million. Google released its annual ads safety report Thursday, acknowledging that scammers are increasingly trying to run sophisticated, malicious ads but emphasizing that its

N O T I C E

HAMMONIA ADVENTURE AND CRUISE SHIPPING COMPANY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) HAMMONIA ADVENTURE AND CRUISE SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

(b) The dissolution of the said Company commenced on the 15th April 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Brian Selvadurai.

Dated the 15th day of April 2026.

H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

N O T I C E IS HEREBY GIVEN as follows:

(a) EXXONMOBIL TURKEY LNG LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 15th day of April, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mchael J. Gilroy, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 17th day of April, 2026

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

AI-powered tools are strong defenders.

Google’s generative AI technology known as Gemini was able to catch over 99% of policy-violating ads before they ever reached an audience last year. In 2025, the company blocked or removed more than 8.3 billion ads, including 602 million ads with policy violations that are most closely associated with scams. That’s up from a total of 5.1 billion ads blocked or removed in 2024. About 24.9 million advertiser accounts were suspended last year, more than 4 million of those for scam-related activity. Google has long been a dominant force in the digital advertising world. The

company saw more than $200 billion in net worldwide ad revenues last year according to data from Emarketer, but the research firm predicts Meta will outperform Google in 2026. Google said it has a team of thousands of people working to create and enforce its advertising policies at scale. Keerat Sharma, Google’s vice president and general manager of ads privacy and safety, said the advancement of generative AI as a part of Google’s defense system has led to more powerful results in combatting problematic content.

Gemini now allows the team to analyze hundreds of billions of signals — including account age, behavioral

N O T I C E PAYME, INC.

N O T I C E IS HEREBY GIVEN as follows:

(a) PAYME, INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 15th day of April, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Dayrrl R. Butler of #15 Retirement Road P.O. Box N-7777, Nassau, New Providence, The Bahamas.

Dated the 17th day of April, 2026

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

N O T I C E

EXXONMOBIL TURKEY LNG LIMITED

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N-624, Nassau, Bahamas on or before 12th day of May A.D., 2026. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 17th day of April A.D., 2026.

Michael J. Gilroy Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

or exploiting computer vulnerabilities.

While most people can’t use Mythos, Anthropic also on Thursday released Opus 4.7, describing it as its most powerful “generally available” model. OpenAI hours later introduced its own new specialized model called GPT-Rosalind, named after scientist Rosalind Franklin, that’s designed to advance drug discovery and other life sciences research.

Friar, the former CEO of neighborhood social platform Nextdoor, said business customers accounted for about 20% of OpenAI’s revenue when she was hired in 2024 as chief financial officer. She said it’s now 40% and expected to account for half of OpenAI’s sales by the end of the year.

It’s a sharp turnaround from late last year, when OpenAI co-founder and CEO Sam Altman was promoting a now-shuttered Sora partnership with Disney, launching a plan to sell ads on ChatGPT and floating the idea of letting ChatGPT engage in erotica with paid adult users.

Altman said on the “Mostly Human” podcast earlier this month that a

cues and campaign patterns — to better understand the “nuance of what an advertiser’s intent actually is,” Sharma said. This means they’re able to largely determine legitimacy or whether an advertiser’s intent could be malicious. Reaching that nuance has also helped keep real businesses’ ads online, with the report detailing that incorrect advertiser suspensions were reduced by 80% last year. Gemini has also helped with speed, Sharma said. Analyzing the digital assets in an ad used to take anywhere from a few seconds to minutes or even longer, but now, Sharma said that can happen in milliseconds. That “allows us to stop things right at the front door,” he said. Google also relies on several other defense mechanisms, like an expansive advertiser verification program, that work together to fortify protections.

sharper focus was needed — and Friar agrees.

“Tech companies, when they’re growing, it’s just this natural thing that happens. There’s so many cool things you could do,” she said, adding that companies can end up doing “really badly” if they do too many things, while “great companies are very good at, in a reasonable period of time, kind of doing that winnowing down and refocusing and it’s super painful.”

Signaling that shift was the hiring three months ago of Slack CEO Denise Dresser to be OpenAI’s first chief revenue officer.

Dresser said in a recent AP interview that she has been laser-focused on meeting with corporate leaders and positioning OpenAI as the go-to platform for workplaces employing AI agents to automate a variety of computer-based job tasks.

“It’s really clear to me that companies are past the experimentation phase and they’re into using AI to do real work,” Dresser said.

“Leaders at companies are recognizing that AI is probably the most consequential shift of their lifetime.”

The kind of content that Google is aiming to block and remove is vast and varied. Bad ads could take shape as “all the forms of spam and scam that have always existed, just people are able to produce them faster and at higher volume,” Elliott said.

A Google spokesperson said the company doesn’t report the number of AI-generated ads it blocks or removes because its enforcement isn’t based on how an ad was created, but rather which policies it violates. The spokesperson noted that many AI-generated ads come from legitimate businesses and comply with Google’s policies.

Experts who spoke with The Associated Press said the push and pull between AI-powered scams and AI-powered defense mechanisms will endure as the technology advances.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N7777, Nassau, Bahamas on or before the 1st day of May A.D., 2026. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 17th day of April, A.D., 2026

Dayrrl R. Butler Liquidator #15 Retirement Road P.O. Box N-7777 Nassau, Bahamas

GOLDEN APPLE INVESTMENTS LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) GOLDEN APPLE INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the14th day of April 2026.

(c) The Liquidator of the said Company is Baird One Limited of Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated 17th day of April A.D. 2026

Baird One Limited Liquidator

US urges nations to back ‘trade over aid’ plan as UN warns against privatizing assistance

By FARNOUSH AMIRI and MATTHEW LEE

Associated Press

THE U.S. is urging other nations to back a “trade over aid” initiative at the United Nations as part of the Trump administration’s broader shift away from donor-focused development assistance and toward greater private investment.

The U.N. is warning against privatizing a global aid system that delivers crucial assistance to some of the world’s most vulnerable populations. Ahead of the initiative being formally introduced at the U.N. at the end of April, Secretary of State Marco Rubio has ordered all U.S. diplomats to deliver a call to action to high-level foreign officials to sign on with their support by Monday, according to a diplomatic cable sent this week and obtained by The Associated Press.

According to the directive, the “Trade Over Aid Initiative” is meant to encourage U.N. member states to “make pro-business reforms” to their aid

processes by facilitating conversations between governments, the private sector and international organizations.

The proposal also calls for “free market” policies to attract foreign trade that include “limited regulation, low taxation, multiple energy sources, private property rights, sanctity of contracts, and a trusted judiciary.” “The idea that trade and free market capitalism is the surest path to prosperity has been proven by the facts and by history,” said Tommy Pigott, a State Department spokesman. “The U.S. remains the most generous country in the history of the world, but those arguing for ‘aid not trade’ are really arguing for lining the pockets of a corrupt NGO industrial complex.”

While signing on to the proposal is nonbinding and does not create obligations or require changes to national laws, it would reflect global opinion on the increasingly dire global aid situation as powerful countries like the U.S., the United Kingdom and others

have decreased funding for humanitarian aid and increased their nations’ defense spending.

The latest move is also seen by the U.N. and other international organizations as further abandoning the aid system at a moment of growing conflicts around the world, while increasing the risk of exploitation by forprofit companies. Despite the U.S. effort, the United Nations is committed to putting in place its sustainable development agenda by 2030, U.N. spokesperson Stephane Dujarric said, which includes ending

Senate Republicans send Trump resolution to lift mining ban near Boundary Waters Canoe Area

By TODD RICHMOND Associated Press

CONGRESSIONAL

Republicans have sent President Donald Trump a resolution that would lift a federal ban on mining near Minnesota's Boundary Waters Canoe Area Wilderness, hoping to clear the way for a South American company to extract precious metals from the region's pristine forests, lakes and bogs.

House Republicans approved the resolution last month despite conservationists' warnings that the move would lead to devastating pollution in one of the country's last remaining wild areas. The Senate followed suit Thursday, voting 50-49 to send the measure to Trump for his signature.

Democrats argued on the Senate floor that lifting the ban would set a dangerous precedent that could lead to lifting protections on public lands across the country.

Minnesota Sens. Amy Klobuchar and Tina Smith warned Republicans were stealing part of their state's identity.

Klobuchar, who has supported iron mining in the past but is now running for Minnesota governor, called the Boundary Waters a place of "mist over meadows" and "sunlight on leaves." Smith said the GOP was ignoring Minnesotans who don't want to see the wilderness area destroyed.

"You can support mining, but that does not mean you support every mine in every place," Smith said. No Republicans spoke on the lifting the ban.

Stars, solitude and silence

The Boundary Waters Canoe Area Wilderness stretches for about 150 miles (about 240 kilometers) in the Superior National Forest along Minnesota's border with Canada.

N O T I C E

THREE ANGELS LTD

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of May A.D., 2026. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 17th day of April A.D., 2026.

Kirvy Ferguson Liquidator

Caves Village Professional Centre West Bay Street, Nassau, The Bahamas

It's a land of crystalline lakes, vast forests of pine, spruce and birch, striking sunsets and clear, star-dusted nights. For those willing to paddle and portage off the most-traveled routes, the region offers solitude and a silence broken only by the cries of loons and the occasional howl of a wolf.

Logging is prohibited, planes passing over it can dip no lower than 4,000 feet (1,220 meters) except in emergencies and motorized watercraft are limited to only certain areas. Tens of thousands of canoeists, kayakers and campers explore the wilderness each year, according to U.S. Forest Service data.

Company eyes region's metals

Part of the national forest that encompasses the wilderness area sits on what's known as the Duluth Complex, a rock formation that contains copper, nickel,

poverty, achieving gender equality and urgently tackling climate change.

“For us, trade, investment, and private sector engagement can be powerful drivers of inclusive growth and job creation,” he told AP. “They should, however, not be used to substitute international development cooperation or for principled humanitarian assistance.” Eric Pelofsky, who served at the State Department under the Barack Obama and George W. Bush administrations, blasted the effort in a statement, saying that “there’s

SECRETARY of State Marco Rubio smiles during a meeting at the State Department in Washington, Tuesday, April 14, 2026.

no American who looks at a picture of a starving child and sees an opportunity for companies to enrich themselves.”

“That’s because Americans have historically run to the fire to help rather than looking for ways to sell fire hoses to those suffering,” according to a statement from Pelofsky, now an executive at the Rockefeller Foundation. “This approach betrays America’s traditions, values, and national security interests — and it makes us less safe.”

Devex, a news organization covering global development, earlier reported details of the initiative and The Washington Post earlier reported on the cable. The initiative builds on the Trump administration’s pattern over the last year of pulling back from organizations that promote global cooperation. Since taking office in January 2025, the administration

lead, zinc, iron, silver and gold, according to the Forest Service.

Twin Metals Minnesota LLC, a subsidiary of Chile-based Antofagasta Minerals, submitted a plan to the U.S. Department of the Interior in 2019 to mine copper, nickel and other precious metals in the national forest. Company officials said in an operational plan that year that the mine would create hundreds of union jobs, more

N O T I C E

THREE ANGELS LTD

N O T I C E IS HEREBY GIVEN as follows:

(a) THREE ANGELS LTD is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 15th day of April, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Kirvy Ferguson of Caves Village Professional Centre, West Bay, Street, Nassau Bahamas

Dated the 17th day of April, 2026

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

than a thousand "spinoff jobs" and tax revenue for struggling communities in northeastern Minnesota.

"With this Project, Minnesota can be a model for modern, sustainable and environmentally and socially responsible mining," the plan said.

The first Trump administration renewed the company's mineral leases on the site in 2019, but Biden interior officials terminated the deals in early

has suspended support for agencies like the World Health Organization, the U.N. Human Rights Council and the U.N. cultural agency UNESCO.

The Trump administration also dismantled the U.S. Agency for International Development, while taking a larger, à la carte approach to paying dues to the United Nations, picking which operations and agencies it believes align with Trump’s agenda and avoiding those that no longer serve U.S. interests.

In December, U.S. officials announced a $2 billion pledge for U.N. humanitarian aid, a small fraction of past contributions but a reflection of what the administration says is still a generous amount that will maintain America’s status as the world’s largest humanitarian donor.

2022. The next year the administration imposed a 20-year moratorium on mining across 400 square miles (103,600 hectares) in the forest. The administration said the ban would protect the watershed and canoe wilderness.

Twin Metals has filed a federal lawsuit seeking a declaration that the leases remain valid. A judge threw the case out in 2023. A company appeal is pending.

Trump looking to jumpstart mining projects

The president has called to boost domestic energy and mineral production, declaring an energy emergency days after retaking office in January 2025. His administration last fall reinstated a 2017 legal opinion that allowed Twin Metals to renew its leases in the Superior National Forest. Minnesota regulators approved the company's exploratory plans in December.

U.S. Rep. Pete Stauber, a Duluth Republican, introduced the resolution to lift the moratorium in January. He said the ban has cost Minnesota jobs and put the country's mineral security at risk.

N O T I C E IS HEREBY GIVEN as follows:

(a) PAYME-OPS, INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 15th day of April, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Dayrrl R. Butler of #15 Retirement Road P.O. Box N-7777, Nassau, New Providence, The Bahamas.

Dated the 17th day of April, 2026

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.

Dayrrl R. Butler Liquidator #15 Retirement Road P.O. Box N-7777 Nassau, Bahamas N O T I C E PAYME- OPS, INC.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N7777, Nassau, Bahamas on or before the 1st day of May A.D., 2026. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 17th day of April, A.D., 2026

Registered Agent for the above-named Company N O T I C E PAYME- OPS, INC.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N7777, Nassau, Bahamas on or before the 1st day of May A.D., 2026. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 17th day of April, A.D., 2026

Dayrrl R. Butler Liquidator #15 Retirement Road P.O. Box N-7777 Nassau, Bahamas

MX, INC.

N O T I C E IS HEREBY GIVEN as follows:

(a) PAYME-MX, INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 15th day of April, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Dayrrl R. Butler of #15 Retirement Road P.O. Box N-7777, Nassau, New Providence, The Bahamas.

Dated the 17th day of April, 2026

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

In address on media ethics, former Washington Post editor worries about fading moral compass

By DAVID BAUDER AP Media Writer

IN A speech about the importance of ethics in the news media, veteran editor and retired Washington Post leader Marty Baron is singling out for criticism CBS News leaders, advocacy journalists and mainstream reporters who failed to aggressively cover former President Joe Biden’s fitness for office.

The renowned Baron, also a former editor of The Boston Globe and The Miami Herald, gave a keynote address Wednesday as New York University handed out journalism awards. The Associated Press was praised for its “unyielding defense of ethical standards and principles” for not changing its style guidance after President Donald Trump renamed the Gulf of Mexico. The AP’s lawsuit against the White House for reducing some of its access is currently under consideration by an appeals court.

NYU also honored The Atlantic for how it wrote about its editor inadvertently being included in a text chain with Trump administration and military figures, and student journalists at NYU, Stanford and the University of Texas at Dallas.

Worries that ‘to each his own’ is replacing an ethical compass While conceding he risked sounding sanctimonious,

Baron dove right in. He said he worried that journalists can’t agree on an ethical compass — seeking the truth with humility is his suggestion — and that “to each his own” is becoming the evolving ethos for many who cover and talk about the news.

“We will be doing ourselves no favors if that turns out to be the case,” he said.

“All of us will likely be tainted by the worst practices of any one of us.”

Baron praised some work he considered exemplary, including Miami Herald reporter Julie K. Brown’s reporting on the Jeffrey Epstein case and Knight Ridder stories in the run-up to the Iraq War more than two decades ago. But he spent more time on his concerns.

Among them: How Paramount Global mogul David Ellison and his choice for CBS News editor-in-chief, Free Press founder Bari Weiss, are positioning that network. Paramount is also seeking Trump administration approval for its takeover of Warner Bros. Discovery, which would also give the company control over CNN. Ellison has said CBS News — and CNN if it comes to that — will maintain editorial independence. Ellison has said he wants CBS News to prioritize talking to Americans who identify as center-left or center-right politically, a group that he considers the majority of the country.

“We will be doing ourselves no favors if that turns out to be the case. All of us will likely be tainted by the worst practices of any one of us.”

Marty Baron

Baron said that was “a political goal. It is not a journalistic one.”

He said that a news organization using that as a guiding principle “is fated to compromise ethics when a rock-solid story moving toward publication is deemed to fall outside the designated political comfort zone.” A CBS News representative had no immediate comment. Ellison’s perceived closeness with the Trump administration has become

US sanctions sons of Nicaragua’s leaders and officials in the country’s gold industry

MEXICO CITY Associated Press

THE U.S. government slapped sanctions Thursday on two sons of Nicaragua’s husband-and-wife copresidents, Daniel Ortega and Rosario Murillo, as well as other officials and companies tied to the country’s gold industry, saying they help prop up a repressive government.

The Treasury Department sanctions come as U.S. President Donald Trump exerts more pressure on adversarial countries in Latin America than any other U.S. president in recent history. While the U.S. has long accused Nicaragua of

repression, the country had largely escaped the heavy hand felt in countries like Cuba and Venezuela.

Nicaragua’s government has been carrying out a crackdown on dissent since mass social protests in 2018 that the government violently repressed.

Ortega and Murillo’s sons, Maurice Ortega and Daniel Edmundo Ortega, both government officials, were the highest profile people to be sanctioned on Thursday, which the department said was due to their roles in the government. Nicaragua’s government did not immediately respond to a request for comment on the sanctions.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DESTINY FELICIA TYNES RAHMING of Safron Ave. Pinewood Gardens, Mother of GABRIELLA DEBRA TYNES intend to change the minor’s name to GABRIELLA DEBRA RAHMING. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-742, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, ANDRIEKA LASHANA THERESE ROLLE of 5628 Blueberry Ct FL. P.O.Bob #33313 , intend to change my name to ANDRIEKA LASHAN THERESE HAMILTON. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

International Business Companies Act (No. 45 of 2000) NEMO HOLDCO, INC. Registration Number: 175241 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000) NEMO HOLDCO, INC., commenced voluntary liquidation on the 17th day of April, 2026.

Any person having any claim against NEMO HOLDCO, INC. is required on or before the 17th day of May, 2026 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved.

Steiner Leisure Limited of c/o 303 Shirley Street, P.O. Box N-49, Nassau, The Bahamas is the Liquidator of NEMO HOLDCO, INC.

Steiner Leisure Limited Liquidator

Longtime leader Ortega officially named Murillo — his wife and a former vice president — the copresiden t a year ago. Observers said the move appeared aimed at consolidating the family’s grip on Nicaragua and ensuring that power

a prism through which much of CBS News’ coverage is now viewed.

For example, the network was criticized in February for different framing of statistics on who ICE was arresting in immigration crackdowns. The network initially reported that 40% of those arrested had no criminal history and that 14% were charged or convicted of violent crimes — the so-called “worst of the worst” the administration had talked about deporting.

is handed down to their children.

The U.S. Treasury said Thursday in a statement that the other companies and officials sanctioned used corruption within the gold industry to fill government coffers. It said that a number of those sanctioned were also involved in the seizure last year of a mining company that included U.S investments.

“The United States will not allow the illicit

But later on “CBS Evening News,” the focus had shifted to the statistic that 60% of those arrested had a criminal history.

CBS News has also received attention for inviting Trump administration officials to sit at its table later this month at the White House Correspondent Association dinner. Those dinner invites are common for news outlets at that event — not just CBS — but are being watched more closely due to the administration’s attacks on the media.

Cable networks that operate as a bullhorn for the administration

In his NYU speech, Baron also criticized “cable networks that function as mouthpieces and bullhorns for the administration, who routinely funnel on-air personalities into its top positions and who supply them with lucrative landing spots when they exit. These outlets render themselves largely indistinguishable from the governments they are supposed to cover.”

His remarks came less than 24 hours before Defense Secretary Pete Hegseth, a former Fox News Channel host, used his Pentagon podium to criticize journalists he said were “only looking for the negative” in their coverage of the Iran war. He said it

confiscation of American-owned assets and will continue to target revenue streams that empower the corrupt Murillo-Ortega regime,” U.S. Secretary of the Treasury Scott Bessent said in a statement.

Last month, U.N. experts said the Nicaraguan government used corruption as a tool to finance systemic political repression and stay in power.

Nicaragua’s government has also imprisoned

reminded him of a biblical story of Pharisees who cast doubt on a miracle performed by Christ.

“Your politically motivated animus for President Trump nearly completely blinds you from the brilliance of our American warriors,” Hegseth said Thursday.

Baron denounced media figures from both political sides who see everything through a partisan lens, consult only people who say what they want to hear and seize on an isolated fact to make sweeping judgments. “This is an outrage and advocacy industry,” he said, “not a fact-finding profession.”

He also said many journalists failed to live up to the mission of seeking the truth about Biden’s cognitive and physical struggled during his term as president. Baron announced his retirement from the Post in January 2021, days after Biden took office.

“Did some among us shy from aggressively exploring his intellectual and physical health for fear of aiding Donald Trump’s campaign and alienating loyal readers, viewers and listeners?” Baron asked. “My guess is yes. If so, would that be an ethical breakdown in our profession? Again, I’d say yes.”

adversaries, religious leaders, journalists and more, then exiled them, stripping hundreds of their Nicaraguan citizenship and possessions. Since 2018, it has shuttered more than 5,000 organizations, largely religious, and forced thousands to flee the country.

The government often accuses critics and organizations it targets of working for the U.S. and its enemies to undermine its power.

Sen. Warren calls for greater transparency into Federal Reserve nominee’s financial holdings

By CHRISTOPHER RUGABER and JOEY CAPPELLETTI Associated Press Writers

PRESIDENT Donald Trump’s nominee to run the Federal Reserve, Kevin Warsh, is likely to face tough questions about his vast financial holdings at a hearing next week by the Senate Banking Committee.

Massachusetts Sen. Elizabeth Warren, the top Democrat on the panel, told reporters she had met with Warsh Thursday and urged him to disclose more information about his assets than was included in financial disclosure forms released earlier this week. Warsh, a former top official at the Fed and a wealthy investor, listed financial assets worth well more than $100 million. The figures are given in ranges so a precise value wasn’t disclosed.

Warsh has large stakes in several investment funds and owns a solo financial advisory firm, Vicarage LLC. He has pledged in ethics filings to sell those holdings and stop working as an adviser if he is confirmed as Fed chair. Yet he has not disclosed the values of all his investments through the funds, or the names of some of his clients.

“This is a real problem,” Warren said. “No one has gone forward in the Trump administration without disclosing fully their financial holdings.”

It’s the latest hurdle for Warsh, 56, who is already facing an unusually turbulent path toward the Fed chair position, which he has sought for at least a decade. Sen. Thom Tillis, a North Carolina Republican and member of the Banking panel, said this week he won’t vote for Warsh until a Department of Justice

PepsiCo’s sales jump after it cuts prices

By DEE-ANN DURBIN AP Business Writer

PEPSICO’S decision to lower prices and cut artificial ingredients paid off in the first quarter, boosting demand for its snacks and drinks.

Revenue jumped 8.5% to $19.44 billion in the January-March period compared to the same period a year ago, the Purchase, New York, company said Thursday. That handily beat Wall Street’s forecast of $18.95 billion, according to analysts polled by FactSet.

“The consumer is coming back multiple times to our brands, responding to our holistic value plus execution, plus advertising, plus innovation strategy,” PepsiCo CEO Ramon Laguarta said Thursday during a conference call with investors.

PepsiCo leaned heavily into price increases to combat inflation in the aftermath of the COVID pandemic. The company hiked prices by double-digit percentages for eight straight quarters in 2022 and 2023 before settling into more moderate price increases.

That took a toll on sales. Consumers stopped buying Frito-Lay snacks or shifted to cheaper store brands. PepsiCo’s market value has fallen by more than $40 billion from 2023.

PepsiCo began cutting prices on value brands like Chester’s and Santitas last spring to win back exasperated customers. Then, last September, activist investor

Elliott Investment Management took a $4 billion stake in the company and began pressing for further price cuts and other changes. PepsiCo agreed to accelerate its price cuts late last year.

In February, ahead of the Super Bowl, PepsiCo slashed U.S. prices on Lay’s, Doritos, Cheetos and Tostitos chips by up to 15%.

At a Michigan Walmart on Thursday, a 9.25-ounce bag of Doritos was advertising a price rollback to $3.97, down from $4.48.

PepsiCo said new products like Cheetos NKD and Doritos NKD, which have no artificial ingredients, and snacks with trendy ingredients, like Smartfood FiberPop and Doritos Protein, are also attracting shoppers, both in the U.S. and internationally.

On the beverage side,

PepsiCo is seeing new customers thanks to its recent acquisition of Poppi, a gut health soda, and a new lower-sugar version of Gatorade that has no artificial ingredients.

On Thursday, PepsiCo announced that it will shift Gatorade’s packaging and marketing to focus more on hydration for general consumers and less on athletes.

“So two types of consumers are coming into the category, because both of a stronger core and also innovation,” Laguarta said.

“And I think we’re going to continue to play both levers.” Net income rose 27% to $2.33 billion for the quarter. Adjusted for one-time

investigation into current Fed chair Jerome Powell is resolved. The stand-off threatens to delay Warsh’s confirmation until after Powell’s term as chair ends May 15.

But even if Warsh is confirmed, he will likely face ongoing pressure from Trump to cut the Fed’s key interest rate despite the Iran war pushing inflation higher and many other policymakers expressing skepticism about cuts. And he could end up serving while Powell remains on the Fed’s governing board, an uncomfortable arrangement that hasn’t occurred since the late 1940s.

Warsh was a member of the Fed’s governing board from 2006 to 2011, and is married to Jane Lauder, the daughter of billionaire cosmetics heir Ronald Lauder, a major Republican donor. He has also worked in finance and has made

roughly $10 million as an advisor to billionaire investor Stanley Druckenmiller’s family office, according to his disclosure form.

Warren said Warsh declined in their meeting to disclose more information about his holdings, “which, frankly, raises more concerns.” She added that his extensive investments are “a red flag surrounded by fireworks and sparklers.”

Warsh said in his disclosures that “pre-existing confidentiality” agreements prevent him from specifying the size of individual holdings or in some cases what they are. For example, he owns a stake in Polymarket, the prediction betting market, but did not say how large it is. He said he would comply with all ethics requirements by selling those investments if confirmed.

Also Thursday, all 11 Democrats on the Banking

Committee called for next week’s hearing to be postponed until the DOJ drops the investigation into cost overruns for a $2.5 billion Fed building renovation project and Powell’s role in it, as well as an effort by Trump to fire Fed governor Lisa Cook.

Both moves “appear to be part of the Trump Administration’s broader effort to take control of the Fed,” the letter said. Powell said last month that he would continue to serve as Fed chair if no replacement is confirmed by the end of his term. He added that previous chairs have done the same. Yet on Wednesday, Trump threatened to try to fire Powell if he did so.

Wall Street sets another record after US stocks tick higher

By STAN CHOE AP Business Writer

THE U.S. stock market ticked to another record high Thursday as Wall Street waits for more clues about what will happen in the Iran war before making its next big move.

The S&P 500 rose 0.3%, a day after topping its prior all-time high set in January, for its 11th gain in 12 days. The Dow Jones Industrial Average added 115 points, or 0.2%, and the Nasdaq composite rose 0.4%.

U.S. stocks have leaped more than 10% since hitting a low in late March, driven by hopes for an end to the war or something that could avert a worst-case scenario for the global economy. Now, the wait is on to see if such hopes were prescient or just wishful thinking.

Pakistan’s powerful army chief met Thursday with Iran’s parliament speaker as part of efforts to press for an extension to a ceasefire that has paused almost seven weeks of war between Israel, the U.S. and the Islamic Republic.

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil, the international standard, rose 4.7% to settle at $99.39. It’s gone from roughly $70 before the war to as high as $119 at times on uncertainty about how long the war will keep oil stuck in the Persian Gulf area and away from customers.

“The key upside risk for the market is that peace talks between the US and Iran break down,” ING Bank strategists Warren Patterson and Ewa Manthey wrote Thursday. “This isn’t an unrealistic scenario, given that US and Iranian demands remain fairly wide apart.”

In the meantime, big U.S. companies are continuing to deliver growth in profits for the start of 2026 that’s even better than analysts expected. Such growth is the lifeblood of the stock market, whose level tends

New York loses nearly $74 million for not revoking 33,000 illegal licenses for immigrant truckers

By JOSH FUNK AP Transportation Writer

NEW York will lose more than $73.5 million in federal money because the Transportation Department said Thursday that state has refused to revoke nearly 33,000 questionable commercial driver’s licenses for immigrants since an audit uncovered problems last year. The department said that more than half of the 200 licenses reviewed during the audit had significant problems such as remaining valid long after an immigrant was authorized to be in the country. So the state was ordered to review all of this

type of licenses and revoke illegal ones.

The federal government has reviewed records related to these non-domiciled CDLs in every state since Transportation Secretary Sean Duffy put a spotlight on this issue after an August crash in Florida that killed three people. Most states have either complied or are in negotiations with the Federal Motor Carrier Safety Administration, but California has lost $200 million. Several other states — including Pennsylvania, Minnesota and North Carolina — have been warned they are at risk of losing some funding.

“I promised the American people I would hold any state leader accountable for failing to keep them safe from unvetted, unqualified foreign drivers. I’m delivering on that promise today,” Duffy said. Duffy has said that immigrants account for about 20% of all truck drivers nationwide, but these non-domiciled licenses immigrants can receive only represent about 5% of all commercial driver’s licenses or about 200,000 drivers. New York issued 32,606 of them. New rules the Transportation Department has announced will prevent 97% of those foreign drivers

to follow the track of corporate profits over the long term.

PepsiCo rose 2.3% after reporting better results for the latest quarter than analysts expected. Customers bought more snacks during the quarter, after the com-

“The key upside risk for the market is that peace talks between the US and Iran break down.”

Warren

Patterson and Ewa Manthey

pany said in February it would cut prices on Lay’s, Doritos, Cheetos and Tostitos chips to win back people frustrated by high prices.

J.B. Hunt Transport Services vroomed 6.3% higher, and Marsh & McLennan climbed 4.4% after both likewise delivered stronger results than expected.

Technology stocks also broadly got some support after Taiwan Semiconductor Manufacturing Co., an industry heavyweight, reported stronger revenue and profit for the start of 2026 than analysts expected. TSMC’s Chief Financial Officer Wendell Huang said the company expects strong demand to continue into the spring.

On the losing end of Wall Street was Abbott, which fell 6% even though it reported slightly better results than analysts expected. The health care company cut its forecast for profit over the full year, mostly because of its purchase of cancer-screening company Exact Sciences.

Allbirds slumped 35.8%, but that gave back only a portion of its 582% surge from the day before. The company formerly known for sneakers is pivoting to the artificial-intelligence industry and hopes to rent out the use of high-powered AI chips as a service.

All told, the S&P 500 rose 18.33 points to 7,041.28.

The Dow Jones Industrial

Average added 115.00 to 48,578.72, and the Nasdaq composite gained 86.69 to 24,102.70. In stock markets abroad, indexes climbed across much of Europe and Asia. Japan’s Nikkei 225 jumped 2.4%, South Korea’s Kospi rallied 2.2% and Hong Kong’s Hang Seng rose 1.7% for some of the world’s larger moves. China on Thursday reported 5% economic growth for the January-March quarter, an acceleration from the previous quarter. While economists say China has largely shrugged off the initial impacts of the Iran war, some are warning its massive export engine could be hit more significantly in the coming months on slower global economic growth.

In the bond market Treasury yields rose a bit after a report showed fewer U.S. workers applied for unemployment benefits last week.

The yield on the 10-year Treasury rose to 4.31% from 4.29% late Wednesday.

supported that.