04222026 BUSINESS

Shooting delays $130m grid upgrade end by two months

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Grid Com-

pany’s new chairman yesterday voiced “200 percent” confidence it will fulfill its energy reform obligations despite its managing partner’s sudden exit as he revealed the recent shooting death of a US contractor had delayed completion of $130m in network upgrades by two months.

Anthony Ferguson, who is also CFAL’s principal, told Tribune Business that the separation with Island Grid and Eric Pike had been “an amicable dissolution” although he referred this newspaper to Bahamas Grid Company’s now-former management firm and

its principal when asked to explain the reasons for the relationship ending less than two years into what was supposed to be a 25-year tie-up. He pledged that the new all-Bahamian management team, led by just-appointed chief executive Dareo McKenzie, “will continue the playbook” created by Island Grid for the continued transformation of New Providence’s transmission and distribution (T&D) network with 85 percent of the $130m “foundational” upgrades now completed.

Bahamas Grid Chair says Island Grid exit ‘amicable dissolution’

Initial work ‘85% finished’; says ‘we’ll prove doubters wrong’ Staffing 50% to target, but ‘foresees no challenge’ in sourcing

whether work on the New Providence energy grid improvements would be impacted, and if the completion timeline would be delayed.

Numerous Pike employees, thought to number

Mr Ferguson disclosed that, despite Island Grid’s departure taking effect from Monday this week, North Carolina-based Pike Electrical, which was providing the manpower, equipment, supplies and technology for these initial improvements, remains contracted to Bahamas Grid Company and is now scheduled to complete this work in June 2026 - two months later than originally targeted.

around 40, left New Providence in the immediate aftermath of the shooting death of their colleague, Cody Castillo, which resulted in Superintendent Berneil Pinder of the Royal Bahamas Police Force being charged with his murder. Their departures sparked multiple questions as to

Morton Salt warns of Inagua closure as union accepts 75% redundancy

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MORTON Salt yesterday warned it may be forced to suspend or close its Inagua operation if its “competitive position” does not improve as staff and union members decided to accept its ‘offer’ to make 75 percent of the workforce redundant with effect from Friday, June 5. Richard Ingraham, president of the Bahamas Industrial Manufacturers & Allied Workers Union (BIMAWU), which represents the salt producer’s line staff, told Tribune Business that following staff and union discussions they had opted for the termination plan - rather

Downsizing tied to sale delay over payable tax Staff ‘caught in middle’; reject 50% work week cut Gov’t labour chief ‘bit troubled’ over no notice

than the alternative, which would retain all 60 workers but slash their work weeks by 50 percent - in a bid to pressure both the company and the Government to find a solution.

The union president revealed, and Tribune Business was able to confirm, that Morton Salt’s move yesterday to drastically downsize the workforce and cut costs is directly linked to the Chicago-headquartered company’s planned deal to sell the Inagua operation to Lusca Group and its subsidiary, Grand Bahama Salt Company - entities

linked to the Liwathon Group, which has acquired and restarted operations at Grand Bahama’s former South Riding Point oil storage terminal.

The deal, which was agreed around seven months ago, has yet to close because of a significant difference between the Government and Morton Salt over how much “transfer tax” - VAT and other levies charged on the assets of the business being sold, such as land - is payable to the Public Treasury on the transaction. This is likely to be a much-needed multi-million dollar sum from the Government’s perspective, but Morton Salt feels

TAXING - See Page B4

Arawak Cay chief to tackle child vendors

BY FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE newly-elected head of the Arawak Cay vendors association yesterday pledged to address long-standing operational challenges, including unauthorised vendors, infrastructure strain and financial compliance by members.

Lilian Laramore-Smith, president of the Arawak Cay Fish, Conch, Vegetables and Food Vendors

Association, said one of the most pressing concerns is the re-emergence of unauthorised vendors - including children selling goods without proper oversight.

She added that previous enforcement efforts, including co-ordination with law enforcement agencies, had temporarily reduced the activity but it has since resurfaced.

“This has been an ongoing problem,” said Mrs Laramore-Smith.

“Over the last three to four months, the children

have returned. They’re out here on their own - some as young as six or seven, up to 13 or 14 - selling jewellery and perfume with sponsor sheets.

“I understand if a school gives a child a sponsorship, but it needs to be verified. There should also be a time limit. We welcome them, but they should be leaving by 5pm or 6pm. Instead, they’re here until 10pm at night, and the timing and behaviour have to conform.”

Beyond enforcement concerns, Mrs

Laramore-Smith said the Association is also focused on strengthening its economic base through new initiatives aimed at increasing visitor activity and vendor revenue. “One of the most important things is bringing revenue back to the Cay on a different level,” said Mrs Laramore-Smith.

“I’ve committed to forming an Activities Committee that will plan events for the rest of the year and beyond.” She said

PROBLEMS - See Page B5

Mr Ferguson, while confirming that work had been set back by around two months, acknowledged that the incident had left many Pike workers “fearful”. He added, though, that some have already returned to New Providence, with more due to have arrived yesterday and today.

BY FAY SIMMONS Tribune Business

Reporter jsimmons@tribunemedia.net

AFTER losing his entire business in last year’s devastating Arawak Cay fire, Goldie’s Conch House owner, Kirkwood “Goldie” Evans, yesterday said he has begun rebuilding under stricter rules and at his own expense. Mr Evans’ business was among those completely razed as flames swept through the closely-built wooden structures. Now, months later, he says he has secured the necessary approvals and is moving forward with reconstruction.

“I’ve gotten all the necessary paperwork I need from the Government agencies, so I’m in the process of building back,” said Mr Evans. “I don’t feel like the Government is trying to close anybody down; they just want things to be different. They want the Cay to operate with proper rules and guidelines.”

The blaze, which erupted last November, destroyed multiple restaurants along the Fish Fry’s western end, including Goldie’s, and caused widespread losses he estimated in the millions of dollars.

Mr Evans said the rebuilding process reflects a broader shift in how Arawak Cay is being regulated, with stricter oversight compared to previous years when construction was less controlled. “If you look around, we had a lot of structures built years ago where people just built whatever they wanted,” said Mr Evans.

“Now we’ve reached a point where we actually have to build the way the Government requires.” He outlined the multi-agency approval process now required before construction can proceed, including clearances from agriculture,

And, disclosing that Bahamas Grid Company will be investing an average $20m per year in capital expenditure into New Providence’s energy grid after the “foundational” upgrades are completed, Mr Ferguson said it has recruited about 50 percent of its target 150-strong workforce to-date. Once

NETWORK - See Page B4

The Bahamas Grid Company chairman added that he “doesn’t foresee any challenges” with the electricity network owner/ operator’s ability to access essential expertise, supplies and energy equipment when needed, asserting that it will still be able to “engage” Pike as well as tap into Mr McKenzie’s relationships with previous employers, such as General Electric (GE) and Consolidated Edison moving forward.

Court upholds land partition to favour ex-Cabinet minister

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Court of Appeal yesterday ruled in favour of ex-Cabinet minister, Leslie Miller, and his family by upholding the partition of a 92.33-acre tract that holds their now-closed Mario’s Bowling & Entertainment Palace and another portion of the Summerwinds Plaza. Appeal justice Gregory Smith, writing a unanimous verdict, refused to give the Higgs family “a second bite at the cherry” after they “made tactical decisions” to allow the land’s partition - the final act in resolving a near-60 year legal dispute dating back to 1967’s Majority Rule - to be determined solely on written evidence and without the cross-examination of witnesses.

The Higgs had sought to challenge the decision by Sir Ian Winder, the chief justice, to divide the property - located on the southern side of Tonique Williams Highway opposite Stapledon Gardens - with three-quarters of the land allocated to them and the remaining 25 percent, comprising 22.55 acres, going to Leshelmaryas Investment Company, a corporate vehicle owned by Mr Miller and his family.

While the two sides had “agreed to create a 60-foot road reservation at the northern boundary where it meets Tonique Williams Darling Highway” to “ensure the highest value to each parcel of land”, the Higgs family subsequently contested their 67.78-acre allocation and how this was calculated.   Drawing on an appraisal that priced Mr Miller’s parcel at $300,000 per acre, triple the value of their property, they argued that based on this valuation the former Cabinet minister would receive more than one-quarter interest if granted the 22.5 acres. This, though, was rejected by Sir Ian who upheld an earlier Supreme Court verdict from 2006 that split the 92.33 acres via the 75/25

RULING - See Page B5

Briland resort hails ‘phenomenal’ Easter

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

SOME Bahamian resorts yesterday reported a “phenomenal” peak Easter season with high-end guests helping to offset the impact from the ongoing Middle East turmoil.

Henry Rolle, managing partner at the Rock House in Harbour Island, said the holiday period had enjoyed strong bookings as demand is always high during that season.  He added that he took measures to ensure the hotel remained within booking pace projections, and monitored price changes on a weekly basis, including shipping costs, given that the Rocl House imports most materials and supplies.

“So our main plan was essentially to pay attention to the change in prices on a weekly basis, as opposed to usually we would go back and look at prices on a month-to-month basis,” Mr Rolle explained.

“If we hadn't done it on a weekly basis, we would have been 4-5 percent below our projections.

We've had to raise prices, switch vendors and so on. Also look at other products that we could use, right, just to make sure that we stay within the realm of profitability.

“I think the shipping went up like a week after it started, and then they officially announced a week after that, the 50 percent increase, and then the 33 percent increase per square footage for the pallets. And then fuel surcharges. So there's a lot that kind of came into play. We ship everything in, like almost everything in. So we've been paying close attention to the rise in the fishing and the shipping prices as well.”

Mr Rolle said the US and Israeli assault on Iran has led to not only rising costs but also visitor cancellations. Those cancellations, however, are being offset by bookings from “high net worth individuals”.

“For the future bookings, honestly, that's the weird anomaly, understandably. The data is weird but, at the same time, it's incomplete. We have a lot of high net worth individuals interested in Harbour Island, and they're booking. The

Arawak Cay vendors in rebound after tough ‘26

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

ARAWAK Cay vendors were yesterday said to be enjoying a rebound in business activity after one of their worst years on record with traffic and sales improving steadily since late 2025.

Lilian Laramore-Smith, newly-elected president of the Arawak Cay Fish, Conch, Vegetables and Food Vendors Association, said the turnaround began in December, marking a shift after an extended period of weak performance.

She said that, while last year was one of the “worst” years for sales that she has experienced, 2026 to-date is progressing “smoothly”.

“Last year - I’ve been here about 30 years - was one of the worst years we’ve ever had,” she said. “But in December things picked up, and ever since then business has been running smoothly. We’ve had a good year so far.”

Mrs Laramore-Smith said the improvement follows a difficult post-COVID recovery period, during which many vendors struggled to re-open and regain financial footing. “We had difficulties after COVID. Only three vendors were open immediately after, and about 67 percent took roughly three months to get themselves back together,” she said.

Despite the heavy reliance on tourism, Mrs Laramore-Smith said the Association is prioritising local demand as the foundation for consistent revenue.

“I want my vendors and

business owners to know that we are for Bahamians first. If you cater to your Bahamian people, then there’s no stop in traffic,”she said.

“We don’t watch how many cruise ships come in; they come when they come. When they come to Arawak Cay, we accept them, but Bahamians come first.” At the same time, efforts are ongoing to restore vendors impacted by a fire last November, which disrupted several businesses at the popular dining strip.

Mrs Laramore-Smith said progress has been measured, with operators required to meet specific criteria before rebuilding can proceed. “We’ve been working with the

thing is, what they're doing is they're offsetting the cancellations that are coming in because we definitely have cancellations coming in,” he added.

“Based on the data, a decent portion of cancellations are coming in from blue states, from the US. The reservations that are currently being made are split - just Europe, mainly the UK, and America. But with America, it's the deep red states. Those are the ones that are booking. We obviously have ideas as to why.”

“It's still too early to call now,” Mr Rolle said. “That's why I said the data is incomplete. That higher end market, what they're doing is they're booking the most expensive options we have first, which is good.

“The thing is we're going to need to pay attention, I think, for the next three to four weeks to see what actually happens, because that's kind of the timeline that we're looking at to see if the deep red states start to cancel. And if that happens, then we'll have to sort of get into the worst-case scenario plan.”

Government. The business owners know there are requirements they need to meet. So far, only Goldie’s has met all of its requirements,” she added.

Mrs Laramore-Smith said that while rebuilding plans are progressing, vendors are still working to meet the necessary conditions before construction can begin in full.

“The Government is working to assist the vendors; they’re going to help them rebuild. Right now, they’re putting the plans and everything together, so we’re just waiting on that,” she said.

Mrs Laramore-Smith said the Association is aiming for a co-ordinated restart rather than reopening individual businesses in isolation. “We don’t want to start with just one,” she said. “By the time the election is over, the other business owners should be ready as well.”

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Cheryl Bastian, proprietor of Swain's Cay Lodge in Andros, also expressed concern about the impact of the war and said her bookings were down this Easter. She called on the Ministry of Tourism, the Bahama Out Island Promotion Board and the Bahamas Hotel and Tourism Association to address these matters.

Ms Bastian complained that the Family Islands lack activities, airlift and are being negatively impacted by cruise ships that visit New Providence, Grand Bahama and their private islands - driving more tourists to those destinations.

“Overall we need a new plan, especially a plan for the Out Islands, for Andros,” she said. “Andros numbers are performing lower and it should be increasing. And we know that is as a result of the war and what's going on in the Middle East and in Europe; that lot of people are staying close to home. And so the tourism levels for The Bahamas are much higher, but that's not resonating with the Out Islands so much - certainly not with Andros and places like

Acklins and Inagua and other southern islands.”

Tourists and Bahamians are often competing over airline seats due to a lack of airlift to the island, according to Ms Bastian.

“The feedback I'm getting is that the airport fees are very high, hampering their growth,” she added. “And so that's an avenue the Government needs to explore by reducing our local charter flights, our local airline flights, so that they can put on an extra flight or to afford a new plane.”

Ms Bastian expects April to be better with bookings already looking promising.  She added that the month is always high-performing, especially for fly-fishing lodges such as her’s, due to the weather and more fish migrating to the flats.

As for future bookings, she said The Bahamas should take advantage of persons who prefer to travel to this nation due to its close proximity to the US.

“You're finding it's mostly the high-end customers, and the economic situation certainly in the US is impacting us somewhat,” she said. “It's kind

of evened out because it's impacting as well as people are deciding to come to the Caribbean, and hopefully The Bahamas gets a good share of that versus going on that side of the world.

“So we need to take advantage of that, and we need to find out: What can we do? And there again, we lack activities in these Out Islands.”

Reginald Wood, management consultant at the Exuma Palms Resort, said that following its transition into new management the hotel enjoyed high bookings during Easter.

He said that with a new marketing strategy in place, it intends to see even more bookings with data showing “blackout dates in the very near future, up to October”. Mr Wood says he does not see the Iran war having a far-reaching effect on Exuma Palms Resort.

“Through our analysis of the situation and evaluating the far-reaching effect, we don't see it being a problem for us at all, especially given the demographic that is now making up the majority of our patrons,” he added.

Pike workers returning to finish ‘foundational upgrade’ by June

the initial $130m worth of improvements is completed, he added that it will be “more aggressive” in seeking out Bahamian talent.

Island Grid’s abrupt exit, less than two years into an agreed 25-year deal to act as Bahamas Grid Company’s management partner, and with an option to renew for a further ten, has raised multiple unanswered questions. Many observers are querying why the company, and Mr Pike, would walk away from a deal that gave them a “first lien” or charge over Bahamas Power & Light’s (BPL) grid-related revenues plus an annual management fee pegged at $4.359m for at least the first five years.

Over 25 years, that management fee would total almost $109m. However, Mr Ferguson yesterday sought to reassure that Island Grid’s exit will have no impact on Bahamas Grid Company’s June 3, 2024, Heads of Agreement with the Government even though the former is named as a key party to it. He also asserted that Bahamas Grid Company will “still have access” to Mr Pike and Island Grid when needed, and that Pike Electrical remains committed to fulfilling the initial $130m upgrades.

Confirming that Island Grid has “stepped down”, Mr Ferguson told Tribune Business: “We have a contract with Pike to continue the foundation work. Pike will be continuing the foundation work, and that is expected to be completed by the end of June. They have a team on the ground doing that work. They’ll be working 16 hours a day, seven days per week, to get that done.

“Island Grid was the manager, but they sub-contracted the work to Pike. That’s still happening, and they are doing the work they are contracted for. It’s going to be continued until the end of June this year when the foundational work will be done. While we have a 100 percent Bahamian leadership team, we will still be using some of the engineers and operations people from Pike and, in the meantime, they will continue to work with us until we find replacements in the next several weeks.

“The work continues, the foundational work will be completed, and the new management team will continue to maintain and develop the transmission and distribution network.” Bahamas Grid Company had initially forecast that the $130m worth of grid upgrades would be completed by the end of this month, but Mr Ferguson confirmed that Mr Castillo’s

Gov’t pledges to ‘intervene’ with salt producer’s plans

the delay - and ongoing losses - have left it with no option but to cut costs.

Mr Ingraham yesterday told this newspaper that staff felt as if they were caught in the middle of the struggle between the Government and their employer, and that their jobs, incomes and that of their families are being used as leverage by Morton Salt to achieve a favourable settlement of the tax dispute - especially with a general election just three weeks’ away.

He spoke after himself, BIMAWU executives and staff met with Morton Salt executives who yesterday flew into Inagua from the US to present them with two options amid the Lusca Group sales impasse. The first was that 75 percent of production and general store employees be terminated after a 45-day notice period, with redundancies to take effect around Friday, June 5, 2026. Only workers involved with pumping, fuelling, maintenance and powerhouse operations would be retained.

The alternative, as presented by Morton Salt executives, was to retain all staff but cut their hours by 50 percent to 20-hour work weeks in the areas of the general store and

production with the scheme taking effect as of Friday, May 1. All industrial agreement benefits would be retained, but - under both options - general store operations would be cut to two to three days per week.

Howard Thompson, the Government’s director of labour, said he had been “left feeling a bit troubled” after being informed of Morton Salt’s move by Tribune Business as neither himself nor Pia Glover-Rolle, minister of labour and the public service, had been notified of its intent.

He raised the possibility that this could “be in breach” of the Employment Act’s section 26A, which requires an employer to inform the labour minister “no less than two weeks of the contemplation” of making 20 or more staff redundant. Morton Salt’s redundancy option would almost certainly exceed this threshold, given that it would impact three-quarters of its 60 total staff who include around 41-42 union members.

The Government, in a later statement issued by Latrae Rahming, the Prime Minister’s communications director, pledged to “intervene” with Morton Salt. “The Government has been made aware of the matter and will intervene with the management,” it said.

But Morton Salt, in a statement responding to Tribune Business inquiries, made clear that with the clock ticking on the stalled Lusca Group deal it felt it

tragic death had pushed this goal back by two months.

“Unfortunately, that incident put a dampener on what we expected to be completed by the end of this month,” he told this newspaper. “A lot of people were fearful.” However, the Bahamas Grid Company chair said those Pike workers who had left New Providence are now coming back to complete the work.

“Some are here, some are coming today, and we expect a few more tomorrow,” Mr Ferguson said.

Among the immediate issues raised by Island Grid’s departure is whether Bahamas Grid Company will have the necessary resources to continue with the electricity grid overhaul, including its future expansion and maintenance, without the support and involvement of a management partner.

“I don’t foresee any challenges,” Mr Ferguson said of Bahamas Grid Company’s ability to source the necessary procurement, talent and resources. “If there’s a need for additional expertise we don’t have locally, we’ll continue to engage their [Pike] their services going forward on commercial terms.

“If we need to utilise the services of Pike or any other electrical utility, Mr McKenzie has relationships with GE and Consolidated Edison. In the first instance,

had no choice but to act to cut its losses by reducing expenses - especially after losing significant production time and salt quantities due to the impacts of Hurricane Oscar and Hurricane Melissa over successive years in 2024 and 2025.

“After weathering seven months of no production and another seven months of limited production without laying off a single employee or reducing community benefits, Morton Bahamas has reached the point where it can no longer avoid taking action to reduce its costs,” the Chicago-headquartered company said.

“The cost reduction measures actioned by the company, including a reduction in jobs and the social benefits provided or funded by Morton Bahamas, are designed to give the Inagua business the best chance of remaining a viable operation.

“If these measures do not improve its competitive position, then Morton Bahamas will explore additional cost-reduction strategies, including a suspension or closure of the operation.”

Mr Ingraham told Tribune Business that, after discussing the company’s proposal, he and union members had “decided to get together and retain [opt for] the 75 percent lay-offs” in a bid to get the Government’s attention and ensure it intervenes”. He added that the 45-day period prior to the terminations going into effect “gives us more time to sit down with the Government and talk to the Government, and they can come to some conclusion with respect to the company paying off the VAT.

“The company’s transition, they have to pay for the amount of land they are using, and they have to pay VAT on the transfer of land to the Lusca Group,” the

we’ll continue to have this relationship with Pike and we’re grateful for them continuing to perform at a level above and beyond. Nothing’s going to change.”

Speaking to the departure of Island Grid and Mr Pike, as well as the latter’s colleague, Mei Shibata, Mr Ferguson sidestepped the reasons for why its relationship with Bahamas Grid Company has ended. “It’s an amicable dissolution,” he said. “We still have access to them if we need them. That’s their decision. It’s probably better for them” to explain it.

“We just have to continue with upgrading the system as per the agreement with the Government and protect the interests of the shareholders. We are confident that the work to-date is of a very good standard. They [Island Grid] have set the standard to be followed. The new management team will continue the playbook adopted for the grid system.”

Bahamas Grid Company has previously asserted that outage frequency and duration on New Providence’s energy grid declined by 45 percent and 35 percent, respectively, in 2025 compared to 2024. Mr Ferguson yesterday touted other achievements including the installation of 32 miles of “hardened” 132 kilovolt (KV) transmission wires with extra carrying capacity

union president said. “They are saying to us it’s way too much that they think the Government is charging them for the land, and they are saying to us they are running over cost and Morton Salt in Chicago will not be able to maintain that.

“They are saying they don’t have a problem paying, but they are saying it has to be a lower amount. It’s to much to be paying now.” This emerged when Morton Salt executives met with Inagua staff yesterday, and Tribune Business was able to confirm that the Government and company are far apart on the valuation of the business’s assets and, as a consequence, the amount of tax payable on the Lusca Group transaction.

This newspaper understands that all other government approvals, and third-party sign-offs, required for the sale to the Lusca Group to proceed have been obtained, with the amount of tax payable on the deal the major outstanding issue yet to be resolved.

Mr Ingraham yesterday said that, under questioning, Morton Salt executives conceded they had yet to inform the Government of the redundancy and reduced working hours proposals because these had only been conceived of and agreed on Friday, and they wanted to meet with the union on it first given the existing industrial agreement.

Asserting that he was “in the midst of plenty fire”, the BIMAWU president said he had to “calm everyone down” after yesterday’s encounter “became so heated”. He added: “We had a little idea. We were thinking they would give us some kind of package. I tried to prepare my people on Sunday evening.

“They asked me yesterday what I think is best. For

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and the ability to withstand Category Five winds. He added that three 132 KV switching yards have been created at Clifton Pier, Blue Hills and Big Pond on the sub-station side, while 47 intellirupters are now positioned to isolate outages and prevent them from spreading to other parts of the grid. “A lot of the work has been done. We’re about 85 percent completed,” Mr Ferguson said of the initial $130m upgrades, adding that the average $20m annual capital spend moving forward could be higher or less than this figure.

“We have significant capital expenditures to make continual upgrades to the system,” he added. “In addition to maintenance and improvements, you’re going to see additional capital works on some critical areas that the engineers have identified as critical to provide for the growth of power in New Providence. You’re going to see continued upgrades of infrastructure to allow for all the new hotels coming on, all the new developments coming on.

“It takes two years to get infrastructure in place to accommodate these people. You have to continually forecast what you need in three years’ time depending on the growth of the population and the growth of demand. You are going

me, to get the Government’s attention, we have to show them we are thinking of coming together and there must be some conclusion [to pay the tax]. We asked how long this [the terminations] will run on, and they [Morton executives] said they didn’t know; it might run on for months, days or a year.

“Everyone says they are trying to use us to get the Government’s attention. We’re being caught in this. They are using us to get what they want with the VAT. We hope that there will not be any impact on Inagua, and that the Government will move in swiftly and deal with the situation.”

The consequences of any redundancies or reduced work weeks could be severe for Inagua and its economy given that Morton Salt is the island’s largest employer and main economic engine.

Jennifer Brown, the former BIMAWU president who is now retired, yesterday told Tribune Business that many of the persons in the current workforce are becoming “burnt out” because they are doing the work of two to three staff due to previous downsizings.

“You cannot really survive on 20-hour weeks,” she said. “That’s two-and-a-half days’ pay. How can you survive on that? To me, if I was there, I’d take a package and leave… I felt like I’d had enough of it and just wanted to get out.

“This is election time, so this is going to sway votes if the Government doesn’t step in and do anything. We’ll look like some of the other islands. From the last election until now they’ve done nothing, no roads, nothing in Inagua.”

Lusca Group, in announcing the potential Morton Bahamas acquisition in September 2025, gave few specifics on its plans and did not disclose the purchase price. In confirming that its Grand Bahama Salt Company had signed an agreement to acquire 100 percent of Morton Bahamas’ shares, it said: “The facility, the second-largest solar salt operation in North America, positions

to have to continue to be ahead of the curve.” Mr Ferguson said Bahamas Grid Company presently has a 76-strong workforce, of whom 69 are Bahamian. While most of BPL’s 123 New Providence-based linemen have declined to be transferred or seconded to the new grid operator, which is owned 40 percent by the state-owned utility, he added that he “wouldn’t call it a setback” as Bahamas Grid Company seeks to double its staff.

“We are looking at full capacity as going to 150,” Mr Ferguson said. “We have another 70-plus to 75 to find. After the foundational work is completed we’ll definitely need to ramp up and be more aggressive in engaging potential employees and putting together training programmes for persons within this field to join something that will be transformative.”

Voicing optimism that Bahamas Grid Company will succeed despite Island Grid’s departure, Mr Ferguson said: “I’m reasonably confident that things are going to continue to go well. I really like the leadership team we have. We’re really thankful for the foundation Eric and Mei have set, and we’ll not only be able to fulfill but exceed the expectations of many doubters out there.”

The Bahamas as a leading source of high-quality solar salt for international markets.

“Lusca Group will also enter into a long-term supply agreement with Morton Salt USA, securing Morton’s role as an anchor client and ensuring continuity of production and export from Inagua. Following completion, Lusca Group plans to invest substantially in the facility’s operations, improve efficiency and expand production capacity. This will include investments in upgrading salt quality on the island, as well as targeted investments into other on-island businesses and the local community.”

“Salt has been part of Inagua’s identity for generations, and we fully understand the history and importance of this business to the island,” said Richard Muckle, director of Lusca Group. “By rebranding and investing in the facility, we aim to honour that legacy while creating sustainable value for both our customers and the local community.”

Lusca Group added that it “is preparing a broader island-wide development plan, identifying further opportunities to support Inagua’s long-term growth and resilience. This programme, developed in close partnership with stakeholders, will be presented to the Government of The Bahamas in due course”. The prospective buyer gave no details on how much investment it plans to make, both in Morton Salt and Inagua. Morton Salt generated around $1bn of annual group-wide revenues, including from its Bahamas operation, in 2020, according to a US Department of Justice press release. That was issued over the move by Stone Canyon Industry Holdings, which is now selling the Bahamian operation, to divest itself of other salt-related businesses to address competition concerns so it could acquire Morton Salt from K + S.

NOTICE is hereby given that I, INIKA ILIVINE CRAIG of P.O. Box FH14435, #15 Clifton Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Appeal justices refuse ‘second bite at cherry’

RULING - from page B1

divide in favour of the Higgs family.

“The case of the respondent [Leshelmaryas] was basically that it had developed Parcel B and erected a commercial facility that provided entertainment to the general public in the form of a bowling alley and other related activities,” the Court of Appeal said yesterday of the position adopted by Mr Miller and his family.

“The Appellants in no way contributed to this. On the contrary, the respondent alleged that the appellants had mined Parcel A over the decades of their possession. They have thus benefited from the land to the exclusion of the respondent and it would be unfair to ignore this in the partitioning of the land.”

The Higgs family, who had argued that the parcel awarded to Mr Miller and his family should be cut by 42 percent, from 22.55 acres to 13 acres - an outcome that would impact both

Mario’s Bowling & Entertainment Palace, which currently serves as an overspill parking lot for visitors to the Road Traffic Department, and a part of the former Robin Hood food store - countered that it was the former Cabinet minister “who extensively mined Parcel B and has benefited from the occupation of the more valuable portion of land”.

Sir Ian, during the Supreme Court trial, rejected the Higgs family’s arguments by finding “there is a considerable ridge remaining on Parcel A from which the Higgs may continue their quarrying activities.

“I therefore found little merit in the suggestion that the land in Parcel B is of greater value per acre than Parcel A. This could only be as a result of the road access and the proximity to the commercial activity of the Bowling Alley. This could be remediated by road access.” He also ruled that the Higgs family had “significantly benefited” from their use of the property

during the 59 years during which the case was before the courts.

The Higgs family, though, moved to appeal Sir Ian’s verdict by arguing that the Chief Justice’s valuation of the two parcels was incorrect and that he “misdirected himself when he concluded that the increase value of the Parcel B was solely as a result of the development by the respondent and opined that the appellant ought not to benefit from the said development of the respondent.

“The increased value of the land was based substantially upon the surrounding developments within the area, including the development of subdivision (High Point), the implementation and construction of roads and utilities which are not by the respondent nor the appellant,” the Higgs family argued.

“The learned judge failed to take into account all the evidence that negatively affected the value of the land which was apportioned to the Appellant. The learned judge failed to

consider the depreciation of the value of the property due to the emission of raw sewerage by a third party on to the southern boundary. The raw sewerage is a hazard to the environment and has damaged the said land, thereby effecting the use and enjoyment of a substantial portion of the said land.”

The Court of Appeal, though, rejected all these grounds as having “no merit” and dismissed them in their entirety. It added that Sir Ian was “hamstrung” by the parties’ decision to have the case determined on documents only with no cross-examination of witnesses, adding that his verdict was “the best that could be done in the circumstances”.

Also present for the Court of Appeal hearing with a “watching brief” was Timothy Eneas KC of the McKinney, Bancroft & Hughes law firm. While there was no mention of who he was representing, this is likely to be BISXlisted Bank of The Bahamas, which had alleged it is owed more than $30.5m by Mr Miller and his companies in unpaid loans that were secured on the Summerwinds Plaza property including Mario’s Bowling and Entertainment Palace.

Mideast crises divide Europe as it grapples with rising fuel costs and policy toward Israel

By SAM McNEIL and VIRGINIA MAYO Associated Press

BUOYED by the election of a new leader in Hungary, Europe’s top diplomats are meeting in Luxembourg to forge plans of action on multiple crises from the ongoing war in Ukraine, Russian hybrid attacks, and economic instability as the war in Iran drives up energy prices worldwide.

But it is the European Union’s policy toward Israel — and how to pressure

Israeli Prime Minister Benjamin Netanyahu as security deteriorates in the Palestinian territories of Gaza and the occupied West Bank, as well as in Lebanon — that is dividing EU members, stymieing strong action, and frustrating many in the 27-nation bloc.

Israel disagreement hobbles EU action

The EU’s foreign policy chief, Kaja Kallas, said there was no clear political agreement in Luxembourg to ramp up pressure on Israel.

“We didn’t see that today, but these discussions will continue,” she said.

One of the loudest voices within the EU blocking sharper pressure on Israel is shortly leaving office — Hungary’s outgoing Prime Minister Viktor Orbán routinely obstructed EU action on issues ranging from support for Ukraine in its war against Russia’s invasion to sanctions on Israelis accused of violent extremism.

Kallas said that Orbán’s defeat by pro-European

opposition leader Péter Magyar in Hungary’s recent election could accelerate action.

“A lot of issues ... have been blocked” by Hungary, she said. “We are reopening the discussions and hope that we get a positive result.”

The EU has an Association Agreement, signed in 2000, that regulates trade and cooperation with Israel. Spain, Slovenia and Ireland have proposed completely suspending it, a move that doesn’t have the required unanimous support among EU nations.

However, a partial suspension targeting just the trade aspects could have enough political support, said Spanish Foreign Minister José Albares.

“The European Union has to say today very clearly

NOTICE

NOTICE is hereby given that I OMAR ROBERT BRYAN of, Coral Harbour, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I, ROXANNE DEANNA MCINTOSH LOCKHART of #2 Southern Heights, Roy West Lane, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

to Israel that a change is needed,” he said.

The EU has found indications Israel had violated the agreement with the bloc in its military campaign in Gaza.

“The attacks on the values that underpin that agreement are now too serious to ignore,” said Belgian Foreign Minister Maxime Prevot, adding that Belgium would support at least a partial suspension of the deal.

Irish Foreign Minister Helen McEntee said the expansion of Israeli settlements in the West Bank, Israel’s recent adoption of the death penalty for some Palestinians, and ongoing fighting in Lebanon should push EU nations to ramp up pressure on Israel.

“We need to act. We need to make sure that our

fundamental values are protected,” McEntee said.

Swedish Foreign Minister Maria Malmer Stenergard said France and Sweden have brought forward a plan to curtail trade with Israeli settlements in the West Bank.

Amnesty International condemned EU’s lack of action to pressure Israel over its actions. Erika Guevara-Rosas, a director for the human rights organization, said “each delay only further entrenches impunity and paves the way for further grave human rights violations” by Israel.

EU diplomats call for extending ceasefires in Lebanon and Iran

Lebanon’s Prime Minister Nawaf Salam spoke at the meeting in Luxembourg about the fragile ceasefire between Lebanon and Israel, difficulties in disarming the Hezbollah militant group, and the need for EU assistance for the war-torn nation.

“Lebanon today needs its European partners more than ever,” Salam posted on X on Tuesday.

While now mainly headquartered in Brussels, EU institutions are also spread out in northern Europe like the European Court of Justice in Luxembourg, the European Central Bank in Frankfurt, Germany and the European Parliament in Strasbourg, France. Lawmakers, diplomats and officials regularly move between the cities for meetings.

NOTICE

NOTICE is hereby given that I, BERNICE LOUISSAINT of Lazaretto Road, Carmichael Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Arawak Cay restaurant chief rebuilding with own financing

CONSTRUCT - from page B1

planning, health and public works authorities.

“I’ve received approvals from all the relevant government agencies. Even with BPL, I’ve gotten approval to have electricity restored,” said Mr Evans. “At the end of the day, you just have to follow the rules and guidelines.”

Despite progress on the regulatory front, Mr Evans said financial support has yet to materialise, forcing him to fund the rebuild independently. “I was hoping to get some assistance, but I haven’t received anything yet,” he said. “So I just have to use my own money and continue doing what I have to do.”

He said construction activity has already started on-site, with early

groundwork now underway.

“I actually started yesterday. The crew is on-site treating the ground for termites and things like that. Hopefully by this weekend, you’ll start to see some real progress,”  said Mr Evans. He said the rebuild comes after significant financial losses, compounded by the absence of insurance coverage - an issue that affected all vendors impacted by the fire. “I spent thousands and thousands of dollars restructuring my place, only to lose it all, and I had no insurance,” said Mr Evans. He said his focus now is on returning to operations with an upgraded product, though details remain limited. “It’s going to be bigger and better—that’s all I can say for now,” Mr Evans said. “Just sit back, relax and watch; it’s coming.”

Sixty percent of vendors struggling with obligations

PROBLEMS - from page B1

infrastructure capacity is another growing issue, particularly following recent upgrades that have placed additional strain on existing systems.

“The Government has installed new infrastructure, particularly the water system, but we believe the sewer system now needs to be reviewed,” she said.

“About eight or nine vendors have installed bathrooms, but the system is now overloaded.”

Mrs Laramore-Smith said the Association plans to engage the Government on these concerns, as well as ongoing negotiations over lease agreements and vendor obligations.

“About 60 percent of vendors still need to meet their financial obligations, and we’re working with them,” she said.

“They’ve introduced a 5 percent down payment to obtain a letter of good

standing, which is a positive step.” Mrs Laramore-Smith added that while discussions are progressing, some details still need to be resolved.

“There are still some wording issues we’re trying to clear up, but overall we’re doing well and continuing to work with the Government,” she said.

As the Association looks ahead, Mrs Laramore-Smith indicated that improving order, strengthening compliance and enhancing infrastructure will be key to sustaining long-term growth at Arawak Cay.

NOTICE

NOTICE is hereby given that I MATHIEU SEPOUDI of, Tooth Shop Corner off East Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I, TAMARA NATHALIE SAINFARD of Jabal Drive, East Street South, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Federal judge strikes down some Trump administration actions that have slowed clean energy projects

By JENNIFER McDERMOTT and MATTHEW DALY Associated Press

A FEDERAL judge in Massachusetts on Tuesday struck down several Trump administration actions slowing down development of clean energy, including a requirement that all solar and wind energy projects on federal lands and waters be personally approved by Interior Secretary Doug Burgum.

Chief Judge Denise J. Casper of the U.S. District Court for the District of Massachusetts ruled that a coalition of plaintiffs representing wind and solar developers were likely to succeed on the merits of their claims that the administration’s actions violate federal statute and will cause irreparable harm if the court did not intervene.

She issued a preliminary injunction to stop the administration from implementing the policies, which clean energy advocates said would hamstring projects that need to get underway quickly to qualify for expiring federal tax credits.

The Interior Department in July said that all solar and

wind energy projects on federal lands and waters must be personally approved by Burgum, a layer of enhanced oversight that officials said was needed to end what they said was preferential treatment for these technologies under the Biden administration. Burgum’s order authorized him to conduct “elevated review” of renewable projects, from proposed leases to rights of way, construction and

operational plans, grants and biological opinions.

A coalition of regional wind and solar developers sued Burgum and other federal officials in December, saying his actions had the “goal and effect of destroying solar and wind energy” proposals in the United States. They accused Burgum of favoring fossil fuels such as oil and natural gas and said he had intentionally changed

longstanding agency processes and legal determinations to delay and prevent the permitting and construction of wind and solar facilities. The lawsuit challenged six final agency actions that it says place wind and solar technologies into “second-class status.”

An Interior spokesperson said Tuesday the department does not comment on litigation, but added: “America sets the global

Apple’s new CEO John Ternus steps into the spotlight after flying under the radar for years

By KELVIN CHAN AP Business Writer

APPLE’S next CEO

John Ternus is a company veteran who rose through the iPhone maker’s hardware engineering ranks but until now has maintained a low profile.

Ternus will take over as chief executive in September for Tim Cook, who turned Apple into a $4 trillion tech colossus during his 15-year run after the death of co-founder Steve Jobs.

Ternus faces challenges that will force him to step out of his comfort zone in hardware engineering. Beyond finding ways to keep Apple competitive in the artificial intelligence race, he will need to navigate supply chain questions and relationships with figures like President Donald Trump, who offered public praise for his predecessor on Tuesday.

Although Cook is handing over the CEO reins at Apple, he is widely expected to help the Cupertino, California, company maintain a good relationship with Trump after he shifts over to his new role as executive chairman.

Ternus, 50, has spent almost his entire career with Apple. He joined the company 25 years ago and has spent the past five years overseeing the engineering that underlies the iPhone, iPad and Mac.

It made him the prime contender to succeed Cook who on Monday, when Apple announced the change in leadership, hailed Ternus as “without question the right person to lead Apple into the future.”

Ternus worked on some of Apple’s signature products under Cook, including the Apple Watch, AirPods and Apple Vision Pro. He was also involved in the MacBook Neo, “arguably one of the most disruptive products” that Apple has released in a while, said Ben Wood, chief analyst at CCS Insight.

“This mentorship will undoubtedly ensure a smooth transition, and initially, I expect very few changes to the company’s strategy,” Wood said.

The appointment appeared to be carefully timed, following Apple’s 50th anniversary celebrations and ahead of its annual WWDC developers conference in June.

The change also arrives at a pivotal time for the company. While Cook led Apple through an iPhone-fueled era of prosperity, Apple has fallen behind in the AI race. Apple has stumbled in its efforts to deliver new features built on AI, as was promised nearly two years ago.

“The challenge for the new CEO is really to make sure Apple is able to crack AI as the new user interface and reinvent human machine interaction,” Forrester Research analyst Thomas Husson said.

Wood says attention at WWDC will be on the new CEO’s AI strategy, and what the company will do next after turning earlier this year to Google — an early leader in the AI race — to help make the iPhone’s virtual assistant Siri more conversational and versatile.

“A big strategic question is how far Apple will invest in building its own AI platform versus relying on other companies’ models and platforms,” Wood said.

Apples shares fell more than 2% during Tuesday’s trading, signaling some investors may have doubts about whether Ternus’s focus on hardware products has prepared him for the AI challenges he will confront as the company’s next CEO. But building a device well-suited for the AI age is among the most critical missions as technology makes its most significant pivot since Jobs unveiled the first iPhone in 2007. That’s why some analysts believe Apple’s board saw Ternus’ hardware background as a key advantage as it tries

to develop an AI-powered device that could eventually supplant the iPhone as its top-selling product.

That is something that Jony Ive, the former Apple design guru, who shaped the look of the iPhone, is trying to do after his startup, io Products , was acquired last year for $6.5 billion by ChatGPT maker OpenAI.

Apple also faces a turbulent market amid geopolitical uncertainty, Wood said.

“The consumer electronics industry faces a perfect storm, with memory chip

shortages and the war in the Middle East having widespread implications for consumer confidence. Apple will also need to decide how much it wants to continue its deep reliance on China for manufacturing,” he said. Being Apple CEO will also require soft skills including developing relationships with important figures. Cook cultivated ties with Trump as he navigated the company through business challenges including Trump’s trade and tariff war targeting countries in Asia,

standard for energy production. We do it cleaner, safer, and more reliably than anywhere in the world.”

In his second term, President Donald Trump has focused U.S. energy production on fossil fuels, which he says will lower costs for families, increase reliability and help the U.S. maintain global leadership in artificial intelligence. Critics say that change continues U.S. dependence on more polluting energy sources and sets the country apart from a world transitioning toward cleaner energy.

A law approved last year by the Republican-controlled Congress phases out tax credits for wind, solar and other renewable energy while enhancing federal support for coal, oil and natural gas. Three days after signing the law, Trump issued an executive order that further restricts subsidies for what he called “expensive and unreliable energy policies from the Green New Scam.”

where Apple has extensive manufacturing supply chains.

Trump noted his relationship with Cook in a social media post on Tuesday morning, writing that “it began with a phone call” at the beginning of his first term, when Cook asked for help with “a fairly large problem that only I, as President, could fix.”

“That was the beginning of a long and very nice relationship,” Trump said. Ternus is not well known outside of the Apple universe. He joined the company in July 2001, according to his LinkedIn profile, which does not have any posts. Before joining Apple, he spent four years as a

The plaintiffs said in a joint statement Tuesday that the ruling is the first of many steps to bring more affordable energy options to people across the country.

“Clean energy is fast, affordable and here to stay,” the statement said. “We look forward to getting back to work and restarting the impacted wind and solar projects nationwide.”

The plaintiffs are: the Alliance for Clean Energy New York, MAREC Action, Southern Renewable Energy Association, Clean Grid Alliance, Interwest Energy Alliance, Renewable Northwest, Carolinas Clean Energy Business Association, RENEW Northeast and Green Energy Consumers Alliance.

Kit Kennedy, managing director for power at the Natural Resources Defense Council, said the Trump administration keeps trying new ways to block the clean energy projects needed to power the grid, and the courts keep striking them down.

mechanical engineer at Virtual Research Systems. He graduated in 1997 from the University of Pennsylvania, where he was a member of the swim team and for his senior project developed a mechanical feeding arm for quadriplegics controlled by head movements. In a 2024 commencement speech to the university’s engineering school, Ternus said he was intimidated when he first started working at Apple and wasn’t sure he belonged. He learned to “always assume you’re as smart as anyone else in the room but never assume you know as much as they do.”

“There will always be new skills to master and new people to learn from,” he said.

Judge postpones OxyContin-maker Purdue Pharma’s sentencing to let opioid victims attend in person

By GEOFF MULVIHILL Associated Press

A JUDGE on Tuesday delayed the criminal sentencing of OxyContin maker Purdue Pharma in order to allow victims to attend the court proceeding in person.

U.S. District Judge Madeline Cox Arleo originally planned to hand down the sentence Tuesday during a court hearing conducted only by videoconferencing.

But she said she changed her mind after seeing some victims of the opioid crisis protesting outside her courthouse in Newark, New Jersey. She said they should be allowed to attend in person, too, and moved the hearing to next Tuesday. When it happens, Arleo is expected to order the company to forfeit $225 million to the Justice Department, clearing the way for the

company to finalize a settlement of nearly all of the thousands of lawsuits it faces over its role in the opioid crisis.

The penalty was agreed to in a 2020 pact to resolve federal civil and criminal probes it was facing. If the judge signs off, other penalties will not be collected in return for Purdue settling the other lawsuits.

After years of legal twists and turns, the settlement was approved by another judge last year and Purdue said it could still be effective May 1 if the sentence is given on the scheduled date. The settlement requires members of the Sackler family who own the company to pay up to $7 billion to state, local and Native American tribal governments, some individual victims and others.

New York sues Coinbase and Gemini, seeking to halt unlicensed prediction market businesses

By MICHAEL R. SISAK Associated Press

NEW York is suing Coinbase and Gemini, two of the newest players in the prediction market industry, arguing that the companies’ unregulated and unlicensed platforms are illegal gambling operations.

Attorney General Letitia James’ lawsuit, filed Tuesday in state court in Manhattan, seeks to bar the companies’ platforms from operating in the state unless and until they obtain licenses from the state Gaming Commission.

“Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,”

James said in a statement.

“Gemini and Coinbase’s so-called prediction markets are just illegal gambling operations, exposing young people to addictive platforms that lack the necessary guardrails.”

Messages seeking comment were left for Coinbase and Gemini. Both companies began as cryptocurrency trading platforms before branching into the prediction space, which has been dominated by Kalshi and Polymarket.

Gemini, founded by brothers Cameron and Tyler Winklevoss, launched Gemini Predictions in December. Coinbase started its prediction markets service in January.

“Crypto was just the beginning,” Gemini’s website said Tuesday, next to a prediction box offering bets on such things as the winner of that day’s Chelsea-Brighton Premier League soccer match, when Kevin Warsh will be confirmed as the chairman of the Federal Reserve, and what the price of oil will be Friday.

New York’s lawsuit alleges that the Coinbase and Gemini are seeking “to avoid the legal and financial consequences” of the state’s close regulation of gambling “by offering what is quintessentially wagering

Purdue pleaded guilty to three federal criminal charges in November 2020. The Stamford, Connecticut-based company admitted that it did not have an effective program to keep its powerful prescription painkillers from being diverted to the black

under the guise of offering ‘event contracts’ on a ‘prediction market.’”

By operating without licenses, the lawsuit says, Coinbase’s and Gemini’s prediction market businesses aren’t paying the same taxes as licensed casinos and mobile sportsbooks, which are taxed by the state at a rate of approximately 51% of gross revenues. In addition, the lawsuit says, Coinbase and Gemini allow users as young as 18, while state law prohibits wagering by anyone under 21. Kalshi sued the state Gaming Commission in October after the commission sought to bar the company’s prediction market business from operating in the state. In the case, which is ongoing, Kalshi argues that, as a federally designated derivatives exchange, it is subject to the exclusive jurisdiction of the federal regulator, the Commodity Futures Trading Commission. Coinbase made the same argument in December when it sued Connecticut, Michigan and Illinois to block those states from attempting to regulate its prediction business. Earlier this month, the Commodity Futures Trading Commission sued Arizona, Connecticut, and Illinois to block them from policing prediction markets.

Last week, a federal judge halted Arizona’s regulatory efforts — which have included criminal charges against Kalshi — finding that the federal commission had demonstrated a reasonable chance of success in showing that the act preempts Arizona law.

In February, James issued what her office described as a consumer alert warning, saying that prediction markets operating without the supervision of the state Gaming Commission were putting New Yorkers “at significant financial risk.” Some users who say they’ve lost money on the sites have filed lawsuits against them.

Florida’s attorney general launches criminal probe into ChatGPT over FSU shooting

By MIKE SCHNEIDER Associated Press

FLORIDA’S attorney general on Tuesday opened a rare criminal investigation into OpenAI’s ChatGPT over whether the artificial intelligence app offered advice to a gunman who killed two people and wounded six others last year at Florida State University.

Attorney General James Uthmeier said that prosecutors had done an initial review of chat logs between ChatGPT and the gunman, Phoenix Ikner, to determine

if the AI app aided, abetted or advised the commission of a crime.

Prosecutors believe the chatbot advised Ikner on what type of gun and ammunition to use, whether a gun would be useful at short range, and what time of day and at which location would allow for the most potential victims, Uthmeier said.

“My prosecutors have looked at this, and they’ve told me if it was a person at the other end of that screen, we would be charging them with murder,” Uthmeier

market, even though it told the U.S. Drug Enforcement Administration that it did.

It also admitted that it paid doctors through a speakers program to prescribe the drugs and paid an electronic medical records company to send doctors information on patients that

encouraged more opioid prescriptions.

Although Purdue produced only a fraction of the opioid pills that flooded the market in the 2000s, advocates have long seen aggressive sales of OxyContin as one of the touchstones of the crisis. At a 1996 event to rally Purdue’s sales force, Richard Sackler, then a top Purdue executive and later president of the company, called for a “blizzard of prescriptions.”

While Purdue is expected to pay $225 million, the government agreed in the plea deal not to collect $5.3 billion in criminal forfeitures and fines and $2.8 billion in civil liabilities. Instead, portions of that money are considered part of the

broader settlement — and the federal government will receive a small slice of that.

The broader settlement calls for members of the Sackler family who own the company to contribute up to $7 billion over 15 years. Most of the money is to go to government entities to use to fight the opioid crisis.

It’s among the largest in a series of settlements by drugmakers, wholesalers and pharmacies in recent years — and the only major one that includes payments for some individual victims or their survivors.

Together, the settlements are worth more than $50 billion, and most of the money is to be used to address the overdose epidemic.

Stocks slip and oil prices rise on uncertainty about US-Iran ceasefire talks

By STAN CHOE AP Business Writer

U.S. stocks and oil prices flip-flopped Tuesday as uncertainty rose about what will happen following a ceasefire in the war with Iran, which had been set to expire Wednesday.

The S&P 500 erased an early rise to fall 0.6% after U.S. Vice President JD Vance called off a trip to Pakistan, where he was expected to lead U.S. negotiators in talks with Iran to extend the ceasefire.

The Dow Jones Industrial Average dropped 293 points, or 0.6%, after erasing an earlier gain of 400 points, while the Nasdaq composite slipped 0.6%.

Less than 10 minutes after the U.S. stock market finished trading for the day President Donald Trump said he would extend the ceasefire to give Iran time to submit a proposal to end the war.

Oil prices also wavered before Trump announced the extension, and the price for a barrel of Brent crude went from less than $95 to roughly $100 during the day. It settled at $98.48, up 3.1%.

The moves were mostly more modest than the vicious swings that rocked Wall Street earlier in the war, when the price for a barrel of Brent crude briefly topped $119 and the S&P 500 dropped nearly 10% below its prior all-time high. The U.S. stock market remains near its most recent record, which was set Friday, indicating optimism still remains in financial markets that the United States and Iran will avoid a worst-case scenario for the economy.

“It’s become cliched to say that the economic hit will depend on the duration of the Middle East conflict, but that cliché does ring true,” according to Brian

said at a news conference in Tampa. “Now, of course, ChatGPT is not a person, but that does not absolve our office and my prosecution team from our duty to investigate whether there is criminal culpability here.”

Florida’s Office of Statewide Prosecution has subpoenaed OpenAI for records of its policies and training materials regarding threats to harm others, and for its policies on reporting “possible past, present, or future crime,” according to the attorney general’s office. OpenAI spokeswoman Kate Waters called the FSU shooting a tragedy but said the company had no responsibility. The company proactively shared information with law enforcement and continues to cooperate with investigators, she said Tuesday.

Jacobsen, chief economic strategist at Annex Wealth Management.

Much of the tension in financial markets has focused on what will happen to the Strait of Hormuz, a narrow waterway off Iran’s coast that oil tankers use to exit the Persian Gulf. A long-term closure would keep crude oil pent up in the gulf and away from customers worldwide.

Helping to limit Wall Street’s losses were UnitedHealth Group and other big companies that reported bigger profits for the latest quarter than analysts expected.

UnitedHealth jumped 7% after also raising its forecast for profit over the full year of 2026. That’s big because stock prices tend to follow the path of corporate profits over the long term, and it’s a double-plus when companies not only top earnings estimates but also forecast better growth ahead.

“In this case, ChatGPT provided factual responses to questions with information that could be found broadly across public sources on the internet, and it did not encourage or promote illegal or harmful activity,” Waters said in an email.

Uthmeier conceded that his office was venturing into “uncharted territory” by launching a criminal probe into whether a chatbot contributed to the commission of a crime. His office also has initiated a civil probe, he said. Several civil lawsuits have sought damages from AI and tech companies over the influence of chatbots and social media on loved ones’ mental health. Last month, a jury in Los Angeles found both Meta and YouTube liable for harms

Quest Diagnostics rose 4.4% after likewise reporting fatter profit for the latest quarter than analysts expected while also raising its profit forecast for the full year. Amazon added 0.7% after Anthropic said it signed a new agreement and is committing more than $100 billion over the next 10 years to AWS technologies to train and run its Claude chatbot.

But they were all nevertheless overshadowed by a 2.5% drop for Apple, which was the day’s heaviest weight on the S&P 500. It fell in its first trading after Tim Cook said he’ll step down as CEO on Sept. 1 and become the iPhone maker’s executive chairman.

Cook is handing control over to John Ternus, a company veteran who rose through Apple’s hardware engineering ranks.

to children using their services. In New Mexico, a jury determined that Meta knowingly harmed children’s mental health and concealed what it knew about child sexual exploitation on its platforms. Also last month, a man sued Google for the wrongful death by suicide of his son and product liability claims, the latest in a growing number of legal challenges against AI developers that have drawn attention to the mental health dangers of chatbot companionship. Ikner faces two counts of first-degree murder and several counts of attempted first-degree murder in the shooting that terrorized the campus in Florida’s capital city. Ikner is the stepson of a local sheriff’s deputy, and

All told, the S&P 500 fell 45.13 points to 7,064.01. The Dow Jones Industrial Average dropped 293.18 to 49,149.38, and the Nasdaq composite sank 144.43 to 24,259.96. In stock markets abroad, indexes fell in Europe following a stronger finish in Asia. South Korea’s Kospi rallied 2.7% for one of the world’s biggest moves.

In the bond market, Treasury yields rose after a report on Tuesday morning showed that U.S. retailers made more money in March, the first full month of the war, than analysts expected. Growth was even relatively stable for retail sales when not including those from gasoline stations. The yield on the 10-year Treasury climbed to 4.31% from 4.26% late Monday, and the gains accelerated late in the day with oil prices.

Tractor Supply, meanwhile, dropped 11.7% after reporting profit and revenue for the latest quarter that fell short of expectations.

investigators say he used his stepmother’s former service weapon to carry out the shooting. Prosecutors in the case intend to seek the death penalty.

Uthmeier, a Republican, was named to the position by Florida Gov. Ron DeSantis, after the GOP governor appointed then-Attorney General Ashley Moody to the U.S. Senate seat vacated by Marco Rubio when he became the secretary of state in President Donald Trump’s second administration.

Uthmeier is running in November to be elected to the position on his own.

DeSantis has called a special session for the end of the month to consider an “Artificial Intelligence Bill of Rights,” as well as redraw congressional districts.