04232026 BUSINESS

Thursday, april 23, 2026

Up to 10% airfare hikes ‘kicking in’ this week

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PRIVATE Bahamian airlines have warned that airfare hikes of up to 10 percent will likely “kick in” this week to offset soaring fuel costs although the country’s major airport revealed no carriers have alerted it to any planned cutbacks in response to the Middle East conflict’s fall-out.

Anthony Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that his carrier, Southern Air, is raising its prices this week after Bahamasair “made some changes” to its ticket costs following a 41.6 percent surge in ‘contract’ jet fuel prices in just over two months since February 2026. However, he was “unaware of any scare with regard to fuel availability at this

But aviation chief ‘unaware of any scare’ on fuel availability 42% jet fuel rise ‘reducing demand for private aviation’ alert

NAD: No carriers warning of route or frequency cut-backs

juncture” despite recent warnings from the likes of the International Energy Agency that other continents and countries, particularly Europe, have only six weeks’ supply of jet fuel left before shortages will hit due to their dependence on supply sources impacted by disruption to the Strait of Hormuz. While the Bahamian aviation industry has thus far only had to deal with cost increases, rather than fuel shortages, Mr Hamilton told this newspaper

Inagua will ‘evaporate’ if Morton terminates, closes

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Trades Union Congress (TUC) president yesterday asserted that Inagua’s economy and society will “probably evaporate” if Morton Salt follow through with terminating 75 percent of its workforce and, potentially, closing its plant completely as he accused it of handling the situation “poorly”.

FNM chair predicts

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the sector must remain alert because “whatever happens overseas will eventually find its way to us”. He added that the sector, which is effectively an essential service for The Bahamas given the role it plays in inter-island transportation and tourism, will have “to deal with whatever comes” for the good of the country and its economy. Giving an insight into the impact, one aviation source told this newspaper on condition of anonymity that

Obie Ferguson KC, whose umbrella union includes the Morton Salt line staff union as an affiliate, told Tribune Business that the salt producer had broken its downsizing plan to the 60-strong workforce in a “psychologically stressful and emotional way” that would lead employees to fear for both themselves and their families’ futures. And, speaking ahead of a conference call with Bahamas Industrial, Manufacturing and Allied Workers Union (BIMAWU) members to discuss how to address the matter and whether to seek help from other TUC affiliate unions, he also accused the Chicago-headquartered company of “disrespecting” Bahamian labour laws by not

Jitneys at ‘crossroads’ as Gov’t denies fare increase

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

THE Government yesterday denied that it has granted an increase in bus fares amid warnings that surging fuel prices have placed the industry at a “crossroads” and some drivers may have “taken it upon themselves” to announce a rise. The Ministry of Energy and Transport, in a statement, asserted that no increase in the Government-controlled jitney fares has been authorised as photos depicting updated levies circulated on social media.

These photos asserted that, effective from May 4, 2026, bus fares will increase due to the escalating price of diesel. In both photos seen by Tribune Business, fares were shown as jumping from $1.50 to $ for adults. And those for junior and senior students would rise from $1.25 to $1.50 if in uniform during school hours.

However, during school breaks and weekends, students would be charged $2. Primary school students, it noted, would continue to pay 50 cents. The photos showed fares for senior citizens rising from $1 to $1.25.

The Ministry of Energy and Transport, though,

$180m investment proposal eyes farming, biotechnology

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

INVESTORS are proposing more than $180m in agriculture, renewable energy and biotechnology projects aimed at boosting food security, energy independence and health innovation in The Bahamas. At the centre of the plan is a $50m agricultural development in North Andros being advanced by Preston Drummond, chief executive and chairman of Rock Island Financial, in

partnership with Modern Roots, a Nassau-based consultancy. Mr Drummond highlighted the project’s collaborative approach, saying it is intended to support both farmers and entrepreneurs. “Any local Androsian farmers will be able to utilise the facility, and we are open to working with any Bahamian entrepreneurs in the food product space. We are all in this together,” said Mr Drummond.

The planned project will feature a “2,000-tower

‘contract’ jet fuel prices at Odyssey Aviation, the fixed base operator at Lynden Pindling International Airport (LPIA), had risen by 41.6 percent in just over two months - from $5.70 per gallon as at February 12, 2026, prior to the start of the Middle East conflict, to $8.07 per gallon now - a $2.37 per gallon increase. The $8.07 price also represents an 80-cent per gallon rise since March 19, when it was at $7.27. ‘Spot’ or retail jet fuel prices at Odyssey were said by the contact to be slightly higher at $8.93 per gallon, who added that the surge in fuel costs was

notifying Pia Glover-Rolle, minister of labour and the public service, or the Department of Labour about its plans.

Meanwhile, Richard Ingraham, the BIMAWU union president, told this newspaper

‘abundance of lawsuits’ in Island Grid’s withdrawal

Suggests manager’s exit can pave way to reform deal Bahamas Grid investors seek ‘sunlight’ in Monday call Grid operator adds Super Value chief, lawyer to Board

BY NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net

THE Opposition’s chairman yesterday asserted he foresees “lawsuits in abundance” over the sudden exit of the New Providence electricity grid’s management partner while suggesting its departure could pave the way for an FNM administration to revise the deal.

Dr Duane Sands told Tribune Business that Monday’s break-up between Bahamas Grid Company and Island Grid, whose principal is Eric Pike, with the latter withdrawing less than two years into a 25-year deal, “maybe provides an opportunity to do it right” when it comes to energy reform in The Bahamas.

Telling Bahamians not to “hold your breath” over the search for answers on why Mr Pike and Island Grid have walked away from a contract, and Heads of Agreement, that would have paid them an annual $4.359m management fee for the first five years - a sum equal to almost $109m over the deal’s lifetime - he promised that a Pintard-led administration would seek to give Bahamian retail investors a chance to invest in the country’s energy reforms “and not just the wealthy”.

Dr Sands spoke as it was revealed that CFAL, the Bahamian investment advisory firm that structured and raised the capital for the Bahamas Grid Company deal, is set to hold a 10am Monday conference call with brokers/analysts as well as the investors that

The ‘Three Locks’ that call investors to action

By KEITH DAVIES and HOLLAND GRANT BISX CEO AND COO

IN our first article yesterday, we examined why single-asset fund structures may short-change Bahamian retail investors. We explored how a fund is designed for risk diversification, yet single-asset funds contradict this purpose. We compared share ownership, which provides voting rights, governance participation and minority shareholder protections, against fund unit holdings, where investors become beneficiaries of a contract with limited decision-making power. While issuers benefit from faster time to market and lower compliance costs, retail investors face three key constraints that affect how value is realised, accessed and interpreted. Today, we examine these ‘Three Locks’ in detail.

The difference between owning a share and owning a fund unit is the difference between being an owner and being a passenger.

Lock One: Price Discovery (the growth ceiling)

In a share offering, the market determines the price. If a company performs well, demand drives the share price up on the

Bahamas International Securities Exchange (BISX). The investor wins twice: They get the dividend and their initial investment grows in value.

In a single-asset fund, the price is tied to the net asset value (NAV), a formula set by a manager. If an investor wishes to buy or sell, they typically would have to transact through the fund administrator at the price specified by the administrator.

The Dividend Trap

When a fund pays out a dividend, that cash leaves the fund, causing the NAV to drop.

The Growth Ceiling

Because the price is tied to a rigid valuation of the asset rather than market demand, investors often miss out on the 'premium' that a high-performing public company earns on the open market.

Lock Two: Liquidity (the silent exit)

If an investor wishes to sell or buy shares that are listed on an exchange, they transact in a centralised marketplace where they can view all buy and sell orders. They can see the entire order book, and the investor has their

KEITH DAVIES HOLLAND GRANT

choice of BISX brokers who can execute the transaction on their behalf. With the single asset fund, the access to ‘buy and sell’ information is much more limited. An investor redeeming units accepts the price set by an administrator, with little to no visibility, and the investor would typically transact through the fund's administrator.

Lock Three: Information (the opaque window)

Listed equities are governed by strict BISX Rules and the Securities Industry Act, requiring quarterly financial statements, audited annual financial statements and immediate disclosure of 'all material information'. Conversely, investment funds are governed by a disclosure framework designed for pooled investment structures, where the focus is on changes to the investment manager or its directors, its investment mandate and NAV.

While this works for diversified portfolios, this framework may provide less continuous visibility into the operational performance of the underlying asset, especially when the fund holds only a single operating entity. In such instances, investors may find themselves in the dark about the very thing they invested in.

Conclusion: A call for alignment

This is not a critique of capital market evolution, but a call for alignment in structure. Bahamian investors have demonstrated a clear and growing appetite to participate in the development of our nation's growth. As that participation deepens, the structures through which investments are offered must evolve to match both the expectations and long-term interests of those investors.

Access to income alone is not enough. Investors should be positioned to benefit fully from the rights, transparency and wealth creation potential that come with true ownership. For issuers, the message is equally important:

A BISX listing should not be viewed as a barrier, but as a mark of credibility - one that signals transparency, governance and a commitment to engaging investors at the highest standard.

The future of investing in The Bahamas must move beyond merely providing 'access' and be firmly grounded in driving 'ownership’.

Investors, you have a call to action and your responsibility is clear. You must demand more, ask questions, understand the structure and demand alignment between the investment being offered and the outcome you seek.

The exchange will always support making more investments available to the Bahamian public. BISX remains committed to working collaboratively with issuers, advisors, and the Securities Commission to ensure that, as our capital markets evolve, they do so on a foundation of transparency, investor protection and shared prosperity. The future of investing

in The Bahamas must move beyond merely providing 'access' and be firmly grounded in driving 'ownership'.

• NB: Keith Davies is the chief executive of The Bahamas International Securities Exchange (BISX), where he has played a foundational role in the development of The Bahamas’ capital markets. He joined BISX as its chief legal and compliance officer, and was instrumental in the exchange’s launch in May 2000, including authoring its governing rules framework. An attorney by profession, Mr Davies holds a legal education certificate from the Eugene Dupuch Law School, a Juris Doctor from the University of Connecticut School of Law, and a Bachelor of Arts from the University of Hartford. He is also a member of the New York State Bar. Holland Grant is the chief operating officer of The Bahamas International Securities Exchange. Mr Grant has a masters in business administration degree from the Rotman School of Management at the University of Toronto with a focus on entrepreneurship and finance, a Bachelor of Commerce Degree (Finance) from Dalhousie University, and an associates degree from the University of The Bahamas (then ‘the College of The Bahamas’). Mr Grant is a chartered financial analyst (CFA) charter holder, and currently serves as the vice-president of the CFA Society of The Bahamas. He also serves as a part-time lecturer in the School of Business at the University of The Bahamas.

Customer experience is key driver for trust

FOR decades, businesses competed on two primary fronts: Price and product. Offer the lowest price or the best product, and customers would come. Today, that formula is no longer enough. Customer experience has emerged as the true driver of loyalty, growth and longterm success. This shift is already underway. In an increasingly connected world, customers are more informed and more empowered than ever before. With a few taps, they can compare options, read reviews and switch brands instantly. In this environment, competing on price alone becomes a race to the bottom, while competing on product alone is difficult when similar offerings exist.

KEITH

R OYE II

Experience, however, is far harder to replicate.

Customer experience is the sum of every interaction a person has with a business. It is the ease of

doing business, the quality of service, the consistency of delivery and the feeling a customer walks away with. Increasingly, that feeling determines whether they return. A strong customer experience builds trust, and trust is currency. Two businesses may offer similar products at similar prices, yet the one that delivers a seamless and reliable experience will often win. Customers are not just buying a product; they are buying confidence, convenience and peace of mind.

For The Bahamas, this reality is especially important. The economy is heavily driven by tourism and services, both of which depend on experience. Visitors do not return simply because

Bahamas ‘cannot afford another Grand Lucayan’ on Morton Salt

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE Bahamas “cannot afford another Grand Lucayan”, the FNM’s candidate for the MICAL constituency said yesterday, after Morton Salt gave staff the choice of making 75 percent of its Inagua workforce redundant or cutting hours by 50 percent.

Leo J Ferguson said Ingua’s, and his constituency’s, largest employer is at a crossroads as he urged the Davis administration to act sooner rather than later to preserve both Bahamian jobs and the plant.

Either option “would devastate the island”, he argued. The FNM candidate cited the importance of Morton Salt and its contributions to the island’s economy, warning that - if the Government does not move - Inagua residents will feel it.

“The Government must step in, and it must do so now,” Mr Ferguson said.

“Morton Salt is the lifeblood of Inagua. It is the second-largest employer on the island after the Government itself.

“If Morton Salt goes down, there is no Plan B waiting in the wings. No other anchor employer that will keep families on

the island, keep children in our schools, and keep the lights on in homes across Matthew Town. The Davis administration must do what a government is supposed to do: Protect Bahamian jobs, protect a Bahamian community, and help this sale [to Lusca Group] go through.

“We cannot afford another Grand Lucayan,” Mr Ferguson added. “We have already watched this government stand by while workers went unpaid for weeks at a time, utilities were cut off, and families were left to guess at their future through e-mails and silence. The workers of Inagua deserve better than that. They deserve a government that sits at the table and negotiates in good faith to save the industry that built their community.

“Make no mistake, if the Government chooses to maintain its position and allow this deal to collapse, the consequences will fall squarely on Inagua. Seventy-five percent of Morton Salt's workforce being sent home would not just be a lay-off; it would be a generational blow to an island that has given so much to this country for so long.

“Inagua deserves to hear from its government now. Not after the lay-offs, and not after the redundancies,”

Mr Ferguson added. “The FNM stands with the workers, the families, and the community of Inagua through every step of this fight.

“We will not stand by quietly while another Family Island is handed another round of broken promises. An FNM government will treat Inagua, and every Family Island, as essential to the future of this country, never as an afterthought.”

The Bahamas Industrial Manufacturers & Allied Workers Union (BIMAWU), which represents Morton Salt’s line staff, said the company, which has 60 employees and 25 contractual workers, during a meeting on Tuesday revealed that “operational challenges” and other outstanding payments and costs meant either a redundancy exercise, which would impact 75 percent of the company’s employees, would occur or work hours per week would be reduced by 50 percent for all.

“A meeting was held today at Morton Salt following an update from the company,” the statement read. “One of the executives from the corporate office in US visited the plant to provide information regarding the current status and challenges facing the company.

something was affordable. They return because of how they were treated and how effortless their experience felt. Every interaction - from the airport to the hotel to local businessesshapes that perception. The same holds true for domestic enterprises. Whether it is a restaurant, a transportation provider or a financial services firm, the quality of experience often determines whether a customer becomes loyal or looks elsewhere. In a global marketplace, Bahamian businesses are competing with international standards, not just local ones.

Improving customer experience does not always require significant investment. It often begins with culture. Training staff to

value each interaction, streamlining processes and listening to customer feedback can make a measurable difference. Technology can support these efforts, but it cannot replace the human element that defines great service.

There is also a national benefit. When businesses consistently deliver high quality experiences, it strengthens the country’s reputation. For The Bahamas, this enhances tourism appeal, builds investor confidence and improves overall competitiveness.

The lesson is clear. Price may attract attention and product may secure a sale, but experience builds loyalty. In an era of abundant choice, loyalty must be earned at every touchpoint.

Customer experience is no longer a differentiator. It is the expectation. Businesses that recognise this will position themselves for sustained success, while those that do not may find that even the best product at the lowest price is no longer enough.

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

“During the meeting, the executive explained that the company is experiencing significant operational challenges and is no longer competitive due to high taxes and other financial obligations. He stated that outstanding payments and government-related costs have affected the company's ability to complete a smooth transition operation with the potential buyer. The Government is reportedly requiring that these financial matters be addressed before any

sale of the company can proceed.

“Two options were presented to the union from the company's perspective: A redundancy lay-off affecting approximately 75 percent of employees. A reduction of work hours to 20 hours per week for employees,” the union said. “The executive indicated that these options were being considered as measures to reduce costs and keep the company operational during this difficult period.

“Following the presentation, the union met

and decided not to make an immediate decision. Instead, the union requested time to allow for further discussions. The union agreed to take approximately 45 days to seek the Government's attention and work toward a possible solution between the Government and the company. The objective is to find a resolution that would allow the company to return to normal operations and protect the jobs of employees.”

Nassau’s airport gains carbon emission boost

LYNDEN Pindling International Airport’s (LPIA) operator says it achieved a major sustainability milestone in time to mark Earth Day yesterday by attaining Level 2 Airport Carbon Accreditation.

The Nassau Airport Development Company (NAD), in a statement, said the Airport Carbon Accreditation’s carbon management certification was developed by the Airports Council International (ACI) and is the only globally-recognised such

programme for airports. There are five accreditation levels in total, with each representing a more advanced stage of carbon management and emissions reduction.

NAD said that, at Level 2, airports are recognised for having mapped and measured their carbon footprint, and demonstrated a reduction in carbon emissions through active carbon management initiatives.

It added that this latest achievement confirms LPIA has successfully built

on the work completed under the Level 1 accreditation achieved in December 2020, and has implemented measures to further reduce overall carbon emissions.

“As we pause to celebrate Earth Day, we are reminded that sustainability must remain a top priority across all industries including aviation,” said Vernice Walkine, NAD’s president and chief executive.

“Achieving Level 2 Airport Carbon Accreditation is an important milestone for LPIA, and reflects our

reassured that bus fares will not change on May 4. The ministry acknowledged the call for a margin increase from public transportation operators and jitney franchise owners, adding that it is “reviewing other measures to provide some level of assistance”.

“The Ministry of Energy and Transport wishes to advise members of the public that the Government of The Bahamas has not agreed or authorised any increase to bus fares on the island of New Providence. To be clear, there will be no change in bus fares on May 4, 2026,” the Ministry of Energy and Transport said.

“The Ministry is aware of the concerns of franchise owners and bus drivers regarding the increase in the cost of diesel fuel. We are reviewing other measures to provide some level of assistance.

LPIA celebrates Earth Day with Level 2 Airport Carbon Accreditation.

continued commitment to operating responsibly while supporting the growth of airlift in The Bahamas. We recognise that sustainability is not a one-time effort, but an ongoing part of how we

“As any support measure requires discussion with all stakeholders, the ministry is respectfully unable to comment further until the necessary consultations are completed. The ministry remains committed to ensuring that public transportation remains safe and affordable to all users.”

Jitney owners and franchise holders also described the purported fee hikes and photos as fake, adding that only the Government can approve an increase and this has not happened. However, they added that the surge in diesel prices as a result of crude oil spiking due to the Middle East conflict does provide justification for an increase and talks over this are continuing Rudolph Taylor, the Bahamas Unified Bus Drivers Union’s (BUBDU) president, told Tribune Business that had those in authority taken action years ago “we would not be at this crossroad”.

operate, invest and plan for the future. Our focus is on achieving the top level and we are well on our way.”

Rafael Echevarne, director-general of ACI for the Latin American and

“The only thing I can tell you is this: The drivers knew what was agreed to and what was promised [to] us in 2023. And so I guess some took it among themselves to put it out there. And we are at this crossroad now because, had the powers that be done what needed to be done back in 2023 in the first quarter, which was promised, we would not be at this crossroad,” Mr Taylor said.

“A general meeting was called and was told to the drivers as to what was going to happen in terms of our increase from back then, and we only got a 25 cent increase. So, I guess, drivers, or operators or owners, probably put it out there. That’s all I could say to that.”

Mr Taylor has been pushing for fares to be increased to $2 but those requests had never been fulfilled. Bus operators received a 25 cent increase from the Government in 2024 which he said was “a drop in the bucket”.

Earlier this month, Mr Taylor said drivers have to spend over $100 to fuel a bus for a full day. This, he added, was due to the rise in fuel costs which are a result of the Iran war. As of yesterday, diesel was at $7.20 per gallon.

Caribbean region, said:

“LPIA’s achievement of Level 2 Airport Carbon Accreditation is a clear example of how airports in Latin America and the Caribbean are turning sustainability commitments into measurable progress.

“On Earth Day, we celebrate this milestone as part of a broader journey toward decarbonisation, reinforcing Latin America and the Caribbean’s role as a leader in building a more sustainable future for aviation.”

LPIA’s Level 2 accreditation is valid through November 12, 2026. The certification recognises the airport’s work to measure and reduce carbon emissions as part of the global airport industry’s response to climate change.

Earlier this month, the BUBDU released a statement highlighting its concerns about rising fuel costs and the increasing expense of bus parts. They requested relief or an increase in bus fare from the Government, adding “the next few days will be crucial as to the pathway we shall take as a union”.

“Due to the spike of crude oil per barrel, local fuel retailers have revamped prices at the pump, up by 20 percent. Local bus parts retailers have also hiked up fees on partsm,” the union said.

“Thus we as operators/ owners cannot sustain this to operate buses daily because of the high cost of fuel. We as the Bahamas Unified Bus Drivers Union will have to ask the Government for an increase in bus fare or some sort of relief. We also ask the public who utilise buses to please pay your correct bus fare on entering.

“The next few days will be crucial as to the pathway we shall take as a union. We don’t want to inconvenience the public, our most loyal customers. However, if the prices continue to escalate, operations and hardship shall become a matter of making decisions.”

Watchog warning merchants on credit, debit card practices

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Consumer Pro-

tection Commission is warning businesses against trying to recover debit and credit card fees by additional levies or imposing minimum purchase requirements as this will breach established agreements

Senator Randy Rolle, the consumer watchdog’s executive chairman, said such practices violate merchant service agreements

governing card transactions and should not be occurring in the marketplace. He stressed that the regulator will investigate claims against merchants engaged in such practices if they are lodged by the public.  “It is against the merchant services agreement, so businesses should not be engaging in this practice,” said Mr Rolle. “Where we see an increase in incidents such as these, there must be action taken. The Commission takes these matters seriously and will

Andros-based project to tackle food security, chronic diseases

aeroponic farming system”

designed to increase domestic food production by overcoming constraints such as limited land and climate conditions. The development will also include a food processing and cold storage facility equipped with freeze-drying, dehydration, bottling and packaging capabilities, creating opportunities for value-added Bahamian products and export growth.

Alongside the agricultural investment is a proposed $50m solar energy field in North Andros, together with a battery storage programme for homes and businesses aimed at improving energy resilience and reducing dependence on imported fuel.

The initiative is said to include plans for a home farming network in New Providence, enabling residents to grow produce using tower systems. This component is expected to be supported by financing options to make participation more accessible, along

with a dedicated training and education centre focused on modern agricultural techniques, including aeroponics and controlled-environment farming.

Beyond agriculture and energy, the investment package features a proposed $80m biotechnology facility to be led by Annabelle Manalo-Morgan. The facility will focus on research into non-communicable diseases such as cancer, diabetes and heart disease, combining plantbased science, nutrition and advanced technology.

Dr Manalo-Morgan highlighted the connection between agriculture and health outcomes, pointing to the importance of innovation and access to nutrient-rich foods in tackling chronic diseases.

Separately, Gramps Morgan, who is also involved in agricultural advocacy, stressed the need to inspire greater participation in farming across the Caribbean, particularly among younger persons, while strengthening ties

investigate complaints as they arise.”

His comments come amid growing concern over the re-emergence of convenience fees for credit card use and minimum spend thresholds, both of which have long been flagged by regulators as improper.

The Commission has previously warned that such practices are not permitted under card processing agreements, which stipulate that merchants should not charge additional fees for credit or debit card use or

between the Caribbean and Africa.

The combined initiatives are designed to function as an integrated system linking food production, renewable energy and health research, positioning these sectors as key pillars of future economic development.

Mr Drummond is also involved in other efforts to expand Bahamian agricultural products into international markets, having partnered with the Bahamas Agricultural and Industrial Corporation (BAIC) and Canadian interests on the “Bahamian Heat” hot sauce brand, which is being developed for distribution in Canada.

The partnership, announced in October 2025 aims to move Bahamian agriculture further up the value chain by transforming locally grown produce into branded, export-ready goods. Speaking at the announcement, Jomo Campbell, minister of agriculture and marine resources, described the agreement as a “bold step” in the ongoing transformation of Bahamian agriculture from a primarily raw goods exporter into a competitive player on the global stage.

require customers to meet a minimum purchase amount.

Officials have also argued that using electronic payments should not cost more than cash, noting that these policies are designed to protect consumers and maintain fairness in the payment system.

The renewed warning comes as the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC)  also raised concerns over the issue, citing a recent spike in complaints from both consumers and businesses.

In a statement, Don Williams, BCCEC chairman, said merchants imposing such charges risk breaching the rules set by the Clearing Banks Association (CBA), which prohibit additional

fees on credit card transactions and minimum purchase requirements.

He said the Chamber has seen a surge in complaints from both consumers and businesses in recent days regarding the imposition of convenience fees for credit card usage and the enforcement of minimum purchase amounts.

“The BCCEC wishes to address a growing concern affecting consumers and the integrity of commercial practices across the country: The imposition of convenience fees for credit card usage and the enforcement of minimum purchase amounts by some merchants,” said Mr Williams.

“Over the past few days, the BCCEC has seen a significant increase of complaints from consumers and businesses on this practice, which we vehemently warn against.”

He acknowledged that businesses face legitimate costs tied to electronic payment processing, but stressed that these are part

of existing agreements with financial institutions and should not be passed directly to consumers in ways that breach established guidelines.

“Unauthorised surcharges and restrictions not only undermine consumer confidence but also place compliant businesses at a competitive disadvantage,”  said Mr Williams.

The BCCEC urged merchants to review their policies and ensure full compliance, while encouraging consumers to report violations to both the Consumer Protection Commission and the CBA.

For its part, the Commission said it will continue to monitor the issue closely, investigate complaints and work with relevant stakeholders to ensure that consumer rights are protected and commercial practices remain fair and transparent.

Opposition pledges retail investor participation in energy upgrades

brokers/analysts as well as the investors that acquired the latter’s $111m worth of bonds and provided its $30m in equity financing.

The move, which is likely designed to reassure investors and explain how Bahamas Grid Company plans to move forward in the aftermath of Island Grid’s pull-out, comes amid signs of market concerns. One of the reasons that likely persuaded investors to buy into the New Providence grid operator, and finance the initial $130m worth of transmission and distribution (T&D) ugrades, would have been the reassurance provided by the involvement of a skilled energy industry manager such as Island Grid.

One financial source, speaking on condition of anonymity, signalled that - in the absence of any explanation for the former manager’s exitinvestors will likely seek reassurance that Bahamas

Grid Company can make the scheduled interest payments on the bonds and that the principal capital is safe.

Tribune Business sources, speaking on condition of anonymity, have suggested that financial concerns - and whether Island Grid was receiving due contractual payments in full and on time - drive the pull-out.

“There’s some forensic work that needs to be done here,” the source said. “I want to know…. the investors, where they stand now that the money has been committed. We need sunlight on the entire deal. That’s the start. We don’t know anything.”

They added that “before this blew up” they had heard questions being raised over whether Bahamas Power & Light (BPL) was “neglecting some of its functions” in relation to the New Providence energy grid deal with Bahamas Grid Company and Island Grid. “The issue is the relationship between BPL and Bahamas Grid Company,” the source said. “What work are they doing,

5 INCHES THICK - 10FT AND 24FT LONG PERFECT FOR INSULATED WALLS, ROOF PANELS OR WALK IN COOLERS. COOLER DOORS AVAILABLE

are they getting paid, are they not getting paid on time? What’s happening?”

Meanwhile, Bahamas Grid Company’s internal restructuring following Island Grid and Mr Pike’s exit continued with the company’s announcement of a complete Board overhaul. With Mr Pike and Mei Shibata, his colleague, now departed, they have been replaced by attorney Nikolai Sawyer and Super Value’s president, Debra Symonette.

Mr Sawyer, now chief executive of CEO of Quantfury Trading Ltd, previously worked for financial institutions such as Edmond de Rothschild Group. Several sources, meanwhile, suggested that Ms Symonette’s presence on the Bahamas Grid Company Board signals that Super Value’s owner, Rupert Roberts, is likely a major investor in the New Providence grid operator via bond, equity or a combination of both.

The duo join Mr Ferguson as the three current directors on what is meant to be a five-strong Board. The June 3, 3024, Heads of Agreement stipulates that the Government is to name two Bahamas Grid Company directors, with Island Grid appointing three, but the Board has undergone wholesale changes since the $141m total capital raising with Mr Ferguson the only survivor.

Besides Mr Pike and Ms Shibata, also seemingly departed are Christina Alston, BPL’s executive chairman, who was there to represent the utility’s 40 percent ownership in Bahamas Grid Company, plus Bahamian engineer, Anthony Farrington. Both were named as directors in the finance-raising prospectus but are apparently no longer in place.

Both the Government and Bahamas Grid Company have adopted a ‘nothing to see here, move along’

approach to Island Grid and Mr Pike’s exit, instead trying to focus public and media attention on the New Providence grid owner/operator putting in place an “all-Bahamian management” team despite the numerous unanswered questions over why the now-former management firm left and the way forward now.

The Heads of Agreement makes clear that Island Grid’s involvement was to cover the entirety of the deal’s 25-year term, plus potentially the option to renew for a further ten. Its departure raises major questions over the future of the energy reforms much-touted by the Davis administration as a centrepiece of its May 12 general election campaign.

Dr Sands, meanwhile, questioned whether Island Grid and Mr Pike’s sudden exit will have any financial or legal repercussions for Bahamian taxpayers and BPL customers moving forward given the possibility they may take legal action over the break-up, loss of future earnings and any sums due and outstanding to-date. He also suggested that the Davis administration will have sought to make all energy reform deals “bullet proof” to prevent them from being re-negotiated by the FNM.

“I see lawsuits in abundance coming,” he told Tribune Business. “The question is on what basis they departed. I am sure that the tragic shooting [of a Pike worker] played some role but that could very simply have been the straw that broke the camel’s back.

“It sounds like the deal has fallen apart or is falling apart, so maybe there’s possibly an opportunity to do it right this time. I think that, as is probably the norm, they have sought to bullet-proof the agreements that they inked to protect the persons with whom they agreed, and it is going to require

some work to find out what is possible and what is not possible.

“The first thing we have to do is figure out what is the top and what is the bottom. We have to sift through them, and the devil will be in the details. We don’t know enough of the financial part of it, and what legal ramifications still exist with these deals with Island Grid and Bahamas Grid Company.”

Dr Sands added that an incoming FNM administration would seek to broaden Bahamian investor participation in energy reforms to include individual retail investors; not just institutions and high net worth individuals.

“We’ve made it very clear that the FNM approach to this kind of thing would have to ensure the ordinary, average Bahamian could participate in the ownership of national patrimony and not just wealthy Bahamians and non-Bahamians,” he told Tribune Business.

“Certainly, that would be the model that drives our approach.”

Michael Pintard, the Opposition’s leader, in an earlier statement asserted that Island Grid’s involvement with Bahamas Grid Company “apparently collapsed all the way back on or about March 23” but the Government has remained both silent on this and the reasons for the pull-out

“We understand that Pike had simply had enough,” Mr Pintard said. “We understand that there were issues with timely payments and with management control. We also understand that there may be another serious issue with the underlying integrity of the agreement.

“However, on behalf of the Bahamian people – and of the Bahamian bond holders who have lent significant money to Bahamas Grid - we demand immediate answers.

“What are the exact circumstances that led to the apparent collapse of this arrangement? What are the financial implications of this fiasco? Does Island Grid – and the Pike group in particular – have any continuing ownership stake in Bahamas Grid? Has any

part of their stake been sold or committed to any other person or entity? If so, who and for how much? Has any party to the deal breached the agreement in any way to trigger any ‘out clause’?” Island Grid, which was set up as a vehicle by Mr Pike to perform utility projects in islands such as The Bahamas, is separate from North Carolina-headquartered Pike Electrical, a company which his family founded and in which he sold a major ownership interest to a private equity consortium in November 2025. Island Grid, though, has sub-contracted the initial $130m New Providence grid improvements to Pike, which has the resources, manpower and equipment to implement the ugrades.

Island Grid was the managing partner for Bahamas Grid Company, a special purpose vehicle set up to hold and own the New Providence energy grid. It is 60 percent owner by private investors, who are thought likely to include Mr Pike, Island Grid or both, with the remaining 40 percent owned by BPL on behalf of the Government and Bahamian people. However, there have already been signs of a strained relationship between BPL and Bahamas Grid Company, with roles and responsibilities not clearly defined and some BPL staff having never taken to the latter firm’s involvement. Bahamas Grid Company, responding to the early February 2026 New Providence outage, wrote on social media: “Unfortunately, for reasons unknown to Bahamas Grid Company, the Bahamas Grid Company team had been denied access to New Providence Control Centre by Bahamas Power & Light management since last week (January 27) despite it being Bahamas Grid Company’s contractual right to jointly manage in the control centre. Only BPL was in the control centre Saturday night to be able to try to assess and mitigate the outage effects in New Providence.”

Strong Bahamas presence at top global cruise summit

THE Bahamas sought to leverage the momentum created by 2025’s record-breaking 12.5m tourist arrivals to further bolster its position as a cruise industry destination at the recent Seatrade Cruise Global Conference 2026.

The event, held from April 13–16 at the Miami Beach Convention Centre, also saw The Bahamas seek to capitalise on a range of strategic tourism initiatives.

John Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation, joined tourism director-general, Latia Duncombe, for a series of strategic meetings and industry discussions.

These aimed to redefine the cruise experience, attract new investments

and partnerships, explore opportunities for cruise conversion, and reinforce The Bahamas as a premier destination for travellers worldwide.

LATIA DUNCOMBE, the Ministry of Tourism’s director-general, addresses media and industry partners at The Bahamas-hosted press event during Seatrade Cruise Global 2026, sharing updates on sustainable growth, innovation and emerging tourism opportunities.

The Bahamas maintained a high-profile presence throughout the week, beginning on April 13 as a presenting sponsor for the CLIA Business on the Bay networking event at the Pérez Art Museum in Miami.

Union chief plans Nassau visit in bid to battle lay-offs

SALT - from page B1

he is aiming to fly to Nassau on Monday in a bid to meet with Prime Minister Philip Davis KC, relevant government authorities and opposition political parties and seek a resolution that preserves all jobs. He clarified that he is not advocating for any of the two options being presented to the union and employees by Morton Salt.

The first involved making 75 percent of workers redundant with effect from Friday, June 5, following a 45-day notice period. Only persons involved in the powerhouse, pump house, fuelling and maintenance would be retained, with production and general store staff all laid-off. The second involves retaining all staff but cutting everybody’s work week by 50 percent to 20 hours, with all benefits retained. The general store’s operations would be cut to two to three days per week under both options.

Mr Ingraham reiterated that neither was a route that the union and its members want to take. However, he explained that if forced to choose, he would take the ‘75 percent redundant’ option because the 45-day period provides extra time to galvanise both the Government and Morton Salt to a resolution of their dispute protects all jobs and the survival of the Inagua business. The ‘50 percent work week’ cut option would take effect much earlier from Friday, May 1.

“I’m trying to get into Nassau on Monday so that we’ll be able to get with the Prime Minister,” Mr Ingraham said. “This is not even political. This is both parties. This is a serious state, a serious situation, and people’s lives are in a state. We can’t play with this. In order for

Mrs Duncombe said The Bahamas’ engagement at Seatrade Cruise Global 2026 reinforced the destination’s commitment to purposeful growth and long-term leadership in the cruise industry. “The continued momentum of our cruise sector is a direct reflection of the strategic and collaborative work being undertaken across our destination to deliver a tourism product that meets the expectations of today’s global traveller,” she said. “Seatrade Cruise Global 2026 gave us a valuable opportunity to showcase the investments, innovation and partnerships that are elevating the cruise experience in The Bahamas and positioning us for a stronger, more sustainable future.”

this to happen, we need to stand together. The Government is not going to allow a private company, which has an industrial agreement with the Bahamian people, to try and trap us.”

Mr Ferguson, meanwhile, told this newspaper that “my thinking” is that Morton Salt has taken this action because of its frustrations with the Government over the outstanding ‘tax payable’ differences that are holding up the Inagua operation’s sale to the Grand Bahama-based Lusca Group.

He signalled that the company is using the workers, and their potential termination fate, as leverage in an effort to secure from the Government a lower amount of VAT and taxes payable on the assets of the business being sold - especially with a general election just three weeks away.

Tribune Business reported yesterday that Morton Salt has run out of time and patience, and moved to cut its losses by slashing labour costs, given that the significant difference between it and the Government over valuations and the amount of tax payable on the deal has stalled closing of the Lusca Group transaction for seven months.

As for the impact on the wider island, Mr Ferguson said: “Inagua, as a community, I would say 98 percent of the economic activity is centred around Morton Salt. The people who live there, they are inextricably connected to Morton Salt. If Morton Salt is not around economically, you are talking about a whole environment, a whole island that would probably evaporate.

“Can you imagine the psychological effect on those workers.. being called in and told 75 percent of the workforce will be gone? The only reason that 25 percent will

Over the four-day event, the Bahamas Pavilion featured private sector partners including the Bahamas Maritime Authority, Grand Bahama Port Authority,

be left is to make sure the equipment is maintained. They [Morton executives] flew in, used the power they have over the employees, and said 75 percent of them will be gone. That’s a psychologically stressful, emotional way to lay these workers off. It’s a major concern to us.”

Mr Ferguson said Morton Salt workforce productivity will likely fall “to almost zero” as a result, with some impacted staff having been with the company as long as 20 to 30 years. He contrasted the move with previous negotiations, stating that the union and salt producer had been accustomed to “reaching mutual agreement” whenever weather events impacted production.

The TUC chief added that he was also “very surprised” over how Morton Salt carried out notice of the impending terminations, suggesting it may not have complied with both the Employment Act and Industrial Relations Act. In particular, he argued that the company was required to meet with staff and select who will be terminated and, once that is completed, write to the minister of labour to confirm the plan to lay-off ‘x’ number of employees.

Howard Thompson, the director of labour, confirmed to Tribune Business he had been left feeling “a little troubled” because no notification had been provided to Mrs Glover-Rolle or himself before Morton Salt met with the Inagua staff. “In my view, they have no respect for the industrial relations system,” Mr Ferguson asserted. “That obviously shows they have no respect. They have no respect for the Department of Labour.

“The law is very clear. If they fail to follow the procedure, it makes the terminations unfair. A company would have to expend additional monies because of unfair dismissal. You can get up to 24 months. If they fail to notify the minister they have to give the workers another 30 days. If they are flying in, it doesn’t hurt

Ministry for Grand Bahama, Nassau Cruise Port, Bimini Cruise Port, Baha Bay at Baha Mar, Atlantis, Fowlco Maritime & Project Services, ELnet Maritime Agency, Clifton National Heritage Park, the Tourism Development Corporation and Paradise Piers.

to let the minister know you intend to make some people redundant.”

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 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,

The event featured remarks by Mr Pinder, and showcased Bahamian culture with a Junkanoo performance and a live painting by Bahamian artist Stefan Legend, creating an immersive experience for attendees.

On April 15, the Ministry of Tourism, Investments and Aviation hosted a press conference and breakfast at the

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

Loews Miami Beach Hotel, where Mrs Duncombe and Phylicia Woods-Hanna, director of investments, shared updates on upcoming projects, evolving industry trends, sustainability initiatives and new island experiences designed to further diversify the Bahamian tourism product. Seatrade Cruise Global, the annual premier business-to-business event of the cruise industry, attracts thousands of registered attendees, hosts hundreds of exhibiting companies and attracts representatives from numerous cruise line brands.

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

The Public Worker’s Co-operative Credit Union Limited announces that its 46th Annual General Meeting will be held on Friday, May 29th, 2026, at the National Training Agency beginning at 5 pm.

Applications are invited from members in good standing who may wish to run for the following vacant positions: Board of Directors (2 vacancies); Supervisory Committee (1 vacancy) and Credit Committee (1 vacancy).

Nominations forms are available at our Nassau and Freeport offices or by emailing sthompson@pwccul.com & edavis@pwccul.com

Completed Nomination forms, along with a cover letter and resume must be submitted by 5 pm on Friday, May 1st, 2026, either by delivering to any of our offices or via the emails listed.

No nominations will be allowed from the floor.

Short-haul routes from LPIA ‘could prove an advantage’

impacting demand for The Bahamas by its lucrative private aviation market.

Pointing out that the quoted fuel prices are VAT-exclusive, the source said: “There is a reduction in demand from private aviation. Because there’s an increase in whatever, you get the compounding effect of VAT on top of that. What we’ve found is that people aren’t willing to spend. Everybody in their brain wants to spend ‘x’, and ‘x plus 20 percent’ is a painful pill to swallow, so it is driving demand down.”

The source said there were a combined 385 private and commercial plane movements at LPIA on April 21 - down from 447 last year, although the peak Easter holiday weekend was later and occurred a little later in 2025. “We are still seeing numbers that are still a little bit above 2024,” they added, but noted that this year’s end-March/early April Easter peak was lower than that for last year.

Nassau Airport Development Company (NAD), operator of Lynden Pindling International Airport (LPIA), in written replies to Tribune Business questions said none of the airlines that currently provide services have warned of planned route and frequency cutbacks that would be caused by aviation fuel costs and/or shortages.

Air Canada, one of the carriers that flies to Nassau and LPIA, last week blamed soaring fuel prices stemming from the Middle East conflict for announcing a temporary suspension of flights from Toronto and Montreal to New York’s John F Kennedy airporta move that fuelled fears airlines may scale back services globally to keep costs under control.

NAD, while confirming that The Bahamas’ major aviation gateway has felt no effects yet, acknowledged that itself and other

global airports “will more than likely feel the impact” if the US, Israel and Iran are unable to resolve their differences and the Middle East conflict resumes.

However, it added that the proximity of Nassau and the wider Bahamas to this nation’s key US tourism source markets could “prove to be an advantage” when it comes to containing aviation fuel costs as most incoming and outgoing routes are short-haul. NAD said it will continue to monitor the situation and stay in close contact with both airlines and fuel suppliers so that it can react swiftly if needed.

Mr Hamilton, meanwhile, asserted that airfare increases to offset surging fuel costs was “just inevitable” given that the Bahamian aviation sector is a capital-intensive industry that often operates on profit margins as low as 3-4 percent, while many domestic carriers have yet to recover from the financial hit inflicted by the COVID19 pandemic.

“Percentage-wise, we’ve pegged about 10 percent,” he said of the likely airfare rises. “That’s the increase in the overall ticket price with regard to the spike in fuel. It’s only impacting the fuel aspect, the increase is with regard to the overall ticket price, which is about 10 percent.”

Mr Hamilton reiterated that other Bahamian airlines would follow Bahamasair’s lead with regard to ticket price increases, having previously disclosed they were waiting for the national flag carrier to move before following suit with their own rises in a bid to maintain an orderly domestic aviation market.

The Association chief said that, while there is no known or immediate threat of aviation and jet fuel supply shortages in The Bahamas, should this occur the Family Islands will be impacted far more than Nassau.

“I’m not aware of any scare with regard to availability at this juncture,” he told Tribune Business. “Should that be, it will be felt more in the Family Islands because New Providence is kind of central for shipments.”

Pointing out that aviation fuel prices are greater the further south aircraft go in The Bahamas, Mr Hamilton said: “Unfortunately, whatever comes we have to deal with. That’s just the nature of the circumstance. It’s just inevitable and we have to respond to it. We cannot run away from it.

“It’s something that we have to address because of our location and nature of the industry; particularly our environment and history. During Hurricane Dorian and COVID-19, a number of operators were similarly impacted and are still trying to recover from them. These things have a significant impact.

“It reminds me of the phrase ‘we sneeze when America catches a cold’. Whatever happens overseas finds its way to us. We are not the original point of the source, and whatever are the impacts we have to take the hit that comes from that and stabilise our businesses to survive it.”

NAD, though, said the airlift that is vital to the health of the Bahamian tourism

industry has yet to feel any ill-effects despite fears over the potential imposition of fuel surcharges and flight cancellations elsewhere, particularly in Europe and Asia, if the Middle East conflict re-ignites and becomes a protracted battle.

“Like most airports around the world, we are mindful that there may be future impact due to the current conflict in the Middle East and the concerns surrounding fuel costs and supply issues,” NAD told this newspaper. “To-date, LPIA has not experienced any service reductions or received any announcements of future service reductions from our airline partners.

“If the Middle East conflict is protracted, LPIA, like many airports, will more than likely feel the impact. Most of the service into Nassau consists of short-haul and regional flights, particularly from the US east coast and key hub markets, which could prove to be an advantage for us.

“We will continue to review and assess the situation, and will remain in close communication with our airline and fuel supply partners as it evolves.”

Acknowledging the impact on Bahamian and global aviation from the surge in global fuel prices, NAD added: “Industry

NOTICE is here by given that

I, NOUNOUCHE VOLCY of Carmicheal Road, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas

reports have indicated that global jet fuel prices have increased since the conflict with Iran began earlier this year. The exact increase has varied across different markets. We continue to monitor developments closely given the potential impact that higher fuel costs can have on the overall aviation industry.”

To mitigate the fall-out, NAD said it was taking the Middle East conflict’s impacts into account as it readies its budget for a new financial year that is set to begin on July 1, 2026.

“As the airport operators, NAD has consistently taken proactive steps to manage and reduce electricity and fuel consumption at LPIA as part of our broader operational efficiency and sustainability agenda,” NAD added.

“Examples include the deployment of ground power units (GPUs), which allow aircraft to shut down

their auxiliary power units (APUs) while at a jet bridge, reducing fuel burn, emissions and noise. In parallel, we have undertaken a phased transition from traditional incandescent lighting to energy-efficient LED systems across the terminal and airfield lighting, lowering overall electricity consumption.

“These initiatives directly support our broader sustainability objectives and have contributed to LPIA’s recent achievement of Level 2 ‘reduction’ under the Airports Council International (ACI) Airport Carbon Accreditation programme.  Further, we are wisely taking the current conflict and other factors into consideration as we budget capital and expenses for the upcoming fiscal period starting in July.”

The Gates Foundation is reviewing its Epstein ties as released emails raise questions for funders

By JAMES POLLARD Associated Press

THE Gates Foundation is reviewing its ties to convicted sex offender Jeffrey Epstein, the global health funder confirmed Wednesday, as its only remaining founder faces mounting scrutiny over his appearances in Justice Department documents related to its investigation of the disgraced financier.

Microsoft founder Bill Gates reportedly spoke “candidly” about his relationship to Epstein in a February town hall meeting of the influential foundation he started with his ex-wife Melinda French Gates. But the external probe marks the nonprofit’s plainest attempt yet to address associations that have cast a pall over its concentrated efforts to end preventable maternal/child deaths and control key infectious diseases.

“In March, with the support of our chair, Bill Gates, and our independent Governing Board members, Gates Foundation CEO Mark Suzman commissioned an external review to assess past foundation engagement with Epstein, and our current policies for vetting and developing new philanthropic partnerships,” the Gates Foundation said in a statement. The Wall Street journal first reported news of the staff memo

detailing the review. The philanthropic giant has already undergone a period of change. The Gates Foundation shared plans in January to cap operating costs and incrementally cut as many as 500 positions, or about 20% of its staff, by 2030. The move follows last year’s announcement that the foundation would close in 2045, earlier than previously expected. The Justice Department’s files include email

correspondence between Gates and Epstein about philanthropic projects, calendar entries documenting dates they held meetings and photos of Gates at events attended by the two men.

Gates has not been accused of any wrongdoing regarding their connection, denies knowledge of Epstein’s crimes and claims they met only to discuss philanthropy. The foundation acknowledged that “a small number” of employees met with

Epstein based on his “claims that he could mobilize significant philanthropic resources for global health and development” in a February statement. They never created a fund together and the foundation made no financial payments to Epstein, according to the previous release.

“The foundation regrets having any employees interact with Epstein in any way,” the statement read.

AP Exclusive: Cyprus president says the EU needs a clear playbook on helping members under attack

By MENELAOS HADJICOSTIS Associated Press

EUROPEAN Union leaders meeting in Cyprus need to start preparing a playbook on what should happen if a member country facing attack puts out a call for help from bloc partners, the president of Cyprus said.

In an exclusive interview on Tuesday, President Nikos Christodoulides said EU leaders will discuss “giving substance” to Article 42.7 of the bloc’s treaties, which oblige all 27 member states to assist each other in times of crisis.

The article states that if a nation is the victim of armed aggression on its territory, its partners should provide “aid and assistance by all the means in their power.” It has never been used before so there’s no hard and fast rules on how EU members should respond to any call for assistance.

“We have Article 42.7 and we don’t know what is going to happen if a member state triggers this article,” Christodoulides told The Associated Press ahead of an EU-Mideast summit he is hosting later this week, expected to focus on the Iran war and its fallout. “So we’re going to have a discussion and prepare, let’s say, an operational plan of what is going to happen in case a member state triggers this article, and there are a number of issues.”

The issue resonates particularly with Christodoulides, who appealed

for help from fellow EU countries last month when a Shahed drone struck a British air base on the island’s southern coastline. Cypriot officials said the drone was launched from Lebanon whose capital is just 207 kilometers (129 miles) away from Cyprus’ southern coast. Greece, France, Spain, The Netherlands and Portugal dispatched ships with anti-drone capabilities to help defend the island.

Clarification needed on countries that are also NATO members

Christodoulides said since many EU countries are also members of NATO, the playbook should clarify how those countries would respond to a call for help from an EU partner without conflicting with their obligations under the military alliance.

NATO’s own security guarantee, Article 5, states an attack on one ally is deemed an attack on them all, requiring a collective response.

“So what is going to happen in this situation if a member state is both NATO member state and an EU member state? What is going happen?” Christodoulides said. Another issue that needs to be addressed under the Article 47.2 is whether a response would be a collective one in the NATO mold or just one for states neighboring the country in distress. There’s also the issue of what means would need to be used to deal with varying types of crises.

Christodoulides said he’s pleased to see that fellow EU leaders now “understand the importance” of bringing the bloc closer to the Middle East with such initiatives as the Mediterranean Pact that implements specific projects on a range of issues including health, education and energy in Middle Eastern countries.

Closer EU ties to the Middle East has been a key priority for Cyprus’ EU presidency, which Christodoulides said offers a “very good opportunity... to give substance” to that objective. Attending the informal EU leaders’ summit later this week will

be the leaders of Egypt, Lebanon, Syria and Jordan, affording the opportunity “not just to exchange ideas but to see in action how we elevate our cooperation in a strategic level.”

“We can represent the interest of the countries of the Greater Middle East to Brussels, but at the same time, and this is very, very important, the countries in the region, they trust Cyprus to represent them in the European Union,” he said.

‘A win-win situation’

Christodoulides is a strong proponent of the India-Middle East-Europe

Economic Corridor (IMEC), a trade, energy and digital connectivity corridor that would link the continent with the world’s largest democracy and is hoped to usher peace and stability in the Middle East.

Christodoulides said under the Cypriot EU presidency, a “Friends of IMEC” group has been set up to promote the initiative, which still lacks what he said are more specific projects. One such project is the Great Seas Interconnector, an electricity cable connecting the power grids of Greece and Cyprus and eventually Israel that has been plagued by delays.

“We can work together with the Americans, with the U.S. Government, with President Trump in order to give substance because it will be a win-win situation for both the European Union and the United States” with additional concrete projects, Christodoulides said.

New energy sources

The Iran war again brought the need for the EU to diversify its energy source into sharp relief. Christodoulides said he’s in talks with the EU’s executive arm on how Cyprus’ own offshore natural gas deposits can help the bloc find alternative energy sources and routes.

He said Commission

President Ursula von der Leyen will unveil on Friday “very specific proposals” regarding energy costs and how the bloc can become more energy independent.

Christodoulides said the EU has made significant strides in hastening its decision on making mechanisms but has failed to deliver on its pledge to add new members in the last two years, diminishing the trust that prospective member nations have in the union.

“So we have a strong geopolitical tool that we are losing mainly because of our mistakes. The situation today is much better. We are deciding in a much faster, let’s say, pace,” said Christodoulides. “And enlargement is one of the geopolitical tools that, as a European Union, we need pretty soon to have specific decisions.”

US stocks rally to records, but Brent oil also tops $100 on worries about the Iran war

By STAN CHOE AP Business Writer

THE U.S. stock market rallied to more records Wednesday after GE Vernova, Boston Scientific and other big companies joined the parade reporting fatter profits for the start of the year than analysts expected. But caution still hung over Wall Street, and oil prices rose on uncertainty about what will happen in the war with Iran.

The S&P 500 jumped 1% and t opped its prior alltime high set on Friday. The Dow Jones Industrial Average added 340 points, or 0.7%, and the Nasdaq composite set its own record after jumping 1.6%.

GE Vernova flew 13.7% higher after the company, whose products help generate about a quarter of the world’s electricity, reported profit for the first three months of the year that blew past analysts’ expectations.

Like the broader stock market, GE Vernova is benefiting from the rise of artificial-intelligence technology, and its electrification business booked more equipment orders for data centers during the quarter, $2.4 billion, than it did during all of last year.

The company also raised its forecasts for revenue and

other financial measures over the full year. The vast majority of companies in the S&P 500 have so far been delivering results for the start of 2026 that have topped analysts’ expectations, even with the war in Iran driving up oil prices and uncertainty for the global economy.

Such strong performances have helped the S&P 500 power higher, and the index recorded its 13th gain in its last 16 days.

Boston Scientific rallied 9%, Boeing climbed 5.5%,

and Philip Morris International rose 7% after all likewise delivered results for the latest quarter that were stronger than analysts expected.

Still, another rise in oil prices helped keep enthusiasm in check on Wall Street. The price for a barrel of Brent crude oil, the international standard, climbed 3.5% to $101.91 on uncertainty about when the war with Iran could let up and allow petroleum to flow freely to customers from the Persian Gulf again.

The war has restricted traffic through the Strait of Hormuz, the narrow waterway off Iran’s coast that oil tankers typically use to exit the Persian Gulf. Iran fired on three ships in the strait and seized two of them on Wednesday.

A day earlier, U.S. President Donald Trump extended a ceasefire but also said he was maintaining an American blockade of Iranian ports. The blockade keeps Iran from making money by selling its own crude oil.

Airline company Lufthansa cuts 20,000 flights as war squeezes fuel prices and supplies

By RIO YAMAT AP Airlines and Travel Writer

THE German company that owns Lufthansa Airlines and other European carriers said Tuesday that it would cut 20,000 short-haul flights through October as the Iran war drives up oil prices and deepens worries that some countries may run low on jet fuel.

The Lufthansa Group said the cancellation of less profitable routes, focused largely on its hub airports in the German cities of Frankfurt and Munich, would save

the equivalent of approximately 40,000 metric tons of jet fuel.

The company last week shut down one of its regional subsidiaries, CityLine, to cut costs. It said a "planned consolidation" within its European network also would involve Lufthansa Airlines, Austrian Airlines, Brussels Airlines, SWISS and ITA Airways, and hubs in Brussels, Rome, Vienna and Zurich.

The price of jet fuel has more than doubled in some markets since late February, when the war began

NOTICE

NOTICE is here by given that I, BRANDON AKEEM ST-LOUIS of Eleuthera, 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 23rd 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 here by given that I, GINA THEOPHART of Coral Island, Marsh Harbour, Abaco, 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 23rd 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 KENDRA INDIANA WALLACE of, Coral Lakes West, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

with U.S. and Israeli strikes on Iran. Airlines are particularly vulnerable to fuel price shocks because jet fuel typically accounts for one of their largest operating expenses. For travelers, that is already translating into fewer flight options on some routes and higher fees and fares heading into the peak summer season, with many airlines raising checked bag fees or adding fuel surcharges.

Fighting around the Strait of Hormuz, a waterway off Iran's coast where a fifth

of the world's oil typically passes, has disrupted fuel prices and supplies around the world.

The head of the International Energy Agency estimated on April 16 that Europe had about 6 weeks' worth of jet fuel remaining and said airlines would start to cut routes from their schedules without more.

The European Union's top energy official is also warning that the energy crisis sparked by the war could impact prices for months "or maybe even years" to come.

NOTICE

NOTICE is here by given that I,

ZSUZSANNA SUVOLTOS of 225 Austinpaul Drive, Newmarket, on Canada, 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 23rd 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 ANNE MARIE BRIDGEWATER of, #10 Exuma Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that I BRIANA CELESTE GRANT of P.O.Box #1348 Clarence Street, Dunmore Street, Harbour Island, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The standoff over Iran’s closure of the strait and the U.S. blockade raised doubts about when or if talks would resume to end the crisis.

Brent crude has shot up from roughly $70 per barrel since before the war on worries about a longterm disruption to the flow of oil. But moves in both the oil and stock markets have become more modest in recent weeks, following vicious swings where Brent’s price briefly topped $119 and the S&P 500 dropped nearly 10% below its prior all-time high.

On the losing end of Wall Street Wednesday was Best Buy, which fell 4.6% after the electronics retailer announced the departure of CEO Corie Barry. She will be replaced by longtime insider Jason Bonfig, the company’s chief customer, product and fulfillment officer.

Stocks of cannabis companies rose amid reports that the Trump administration is preparing to reclassify marijuana as a less dangerous drug. Trump signed an executive order in December meant to speed up the Drug Enforcement Administration’s process for reclassifying the drug, a

"This is not a short-term, small increase in prices," EU Energy Commissioner Dan Jørgensen said Wednesday. Jørgensen said the war is costing Europe around 500 million euros ($600 million) each day.

"Even in a best-case scenario," he said, "it's still bad." Jørgensen also told reporters that EU governments "are very worried" about possible jet fuel shortages. He says the European Commission is doing what it can to help but that Europe is mostly in defensive mode.

Lufthansa, meanwhile, said it has secured enough jet fuel "for the coming weeks" and was "pursuing a range of measures" to keep its fuel supply stable for the summer, "including the physical procurement of jet fuel."

All but one of the world's 20 largest airlines have canceled scheduled May flights spanning every major region, according to aviation analytics firm Cirium. Besides Lufthansa, the carriers include Delta Air Lines, United Airlines, American Airlines, Air Canada, Emirates, Qatar Airways, Air China, British Airways and Air FranceKLM, Cirium said.

Last week, Switzerland-based carrier Edelweiss Air announced it is dropping service to Denver and Seattle this

April 22, 2026.

move that would not make it legal for recreational use by adults nationwide, but could change how the drug is regulated and reduce a hefty tax burden on the cannabis industry.

Tilray Brands jumped 14.2%, and Canopy Growth soared 20.2%.

All told, the S&P 500 rose 73.89 points to 7,137.90. The Dow Jones Industrial Average added 340.65 to 49,490.03, and the Nasdaq composite climbed 397.60 to 24,657.57.

In stock markets abroad, indexes fell in Europe following a mixed finish in Asia. Japan’s Nikkei 225 rose 0.4%, while Hong Kong’s Hang Seng sank 1.2%.

In the bond market, Treasury yields held relatively steady despite the gain in oil prices. The yield on the 10-year Treasury remained at 4.30%, where it was late Thursday.

A day before, it had climbed after Trump’s nominee to chair the Federal Reserve, Kevin Warsh, said he never promised Trump he would cut interest rates even though Trump has been angrily calling for lower rates.

summer and reducing flights to Las Vegas through the early autumn.

Air New Zealand is consolidating about 4% of its schedule in May and June.

"Like airlines globally, we're experiencing jet fuel prices that are more than double what they would usually be," the carrier said.

The global price of jet fuel increased from about $99 per barrel at the end of February to as high as $209 a barrel at the beginning of April.

In addition to cutting flights, some airlines are also slowing their plans to add more seats and routes as a way to keep costs under control. Delta, which kicked off the earnings season for U.S. airlines in early April, said it was scrapping plans to add more flights and seats in June, leaving about 3.5% fewer seats than originally planned.

As U.S. carriers continue to report their first-quarter earnings, the uncertainty around fuel costs is also showing up in their financial outlooks. Several carriers are either slashing their fullyear forecasts or holding back on updating them. Southwest Airlines said Wednesday it expects second-quarter earnings to come in below Wall Street estimates, citing the higher fuel prices, and it left its 2026 outlook unchanged.

NOTICE

NOTICE is hereby given that I MARVENSKY SHADRACK FRANCOIS of, Pinewood Plane Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 16th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is here by given that I, LOUBERT PIERRE of Marsh Harbour, Abaco, 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 23rd day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Trump Media has pivoted to crypto, financial services and nuclear fusion. Its stock keeps falling.

By BERNARD CONDON AP Business Writer

LAUNCHED by the Trump family four years ago with great fanfare, Truth Social was not just going take on Twitter and Facebook as a “free speech” alternative but maybe even challenge Netflix by streaming movies.

The stock soared. The business never took off.

On Tuesday, the parent company of the once hoped-for social media giant announced it was shaking up its leadership. Out is its long time CEO, former farmer turned Republican congressman Devin Nunes, replaced by seasoned digital executive, Kevin McGurn.

He has his work cut out for him.

Trump Media & Technology, which owns Truth Social, has diversified far away from its original social media mandate into cryptocurrency, finance, even nuclear power. Investors are still fleeing. The stock is down more than 60% since Donald Trump was reelected president in

November 2024, wiping out $6 billion in shareholder wealth.

Born in anger — and controversy

Trump launched the social media platform in early 2022 after being banned by Twitter and Facebook from posting on

NOTICE

APACHE FOOTWEAR LTD

Incorporated under the International Business Companies Act, 1989of the Commonwealth of The Bahamas. Registration Number 83,586 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 13th day of March, 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Richard L. Broughton, No 6 Bosham Close, Camperdown Heights, P.O. Box SP63801, NP, The Bahamas. Persons having a Claim against the above-named Company are required on or before the 30th day of April, 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 23rd day of April, 2026

Richard L. Broughton Liquidator

their sites after the January 6, 2021, riots that aimed to overturn the election.

It was angry beginning for a business, and a messy one.

A publicly traded shell company that Truth Social merged with so it could tap stock traders for money was investigated by federal regulators for misleading investors, culminating in a multimillion-dollar penalty. A board member was even sentenced to prison for insider trading.

Then Trump got allowed back on Facebook and Twitter, a seeming victory for the then ex-president. But it also undercut his new business, as platforms — particularly X, the new name for Twitter — scaled back moderation, weakening the case for Truth Social as a refuge from censorship. Heavy losses

Years later, Truth Social is still struggling to attract users beyond the president’s core supporters despite his using it for major political announcements — a practice criticized by government ethics experts as a conflict of interest with the presidency. Truth Social’s monthly audience declined both on the web and on its mobile app year-over-year in March, according to digital market analysis firm Similarweb.

Trump Media has lost more than $1 billion in the past two years and the stock has reflected those financial struggles. After closing at about $62 shortly after it went public in 2024, the stock has plunged into the single digits.

Enter crypto

As the platform has languished, the company

Canada’s prime minister says the US does not get to dictate terms for a trade agreement

has branched into other businesses.

In August, Trump Media said it was starting a new cryptocurrency business by teaming up with partners, including a company called Crypto.com. The idea was to hold massive amounts of a Crypto.com token called Cronos to create a Trump Media “digital ecosystem” in which users could use them instead of dollars to make payments, earn rewards and pay for services.

Trump Media is also betting on another alternative currency, raising $2.5 billion last year to load up on bitcoin. In this way it was echoing moves by MicroStrategy, a software developer that transformed itself into a bitcoin holding company by buying up the currency.

Whether the Trump company’s new ventures will work out is unclear, but MicroStrategy’s story could be a cautionary tale.

The value of its bitcoin has cratered in the past several months, sinking MicroStrategy’s holdings, along with Trump Media’s. Since July, stock in the once soaring MicroStrategy has dropped nearly 60%.

Going Nuclear

In December, Trump Media announced it was moving in another direction by merging with a nuclear fusion company, a promising but far-off energy technology.

The appeal is that fusion someday could offer a way of powering the data

By JIM MORRIS Associated Press

CANADA 'S Prime Minister Mark Carney said Wednesday that Washington doesn't get to dictate the terms of a continental trade deal known as the United States-Mexico-Canada Agreement, or USMCA, speaking of obstacles ahead of the accord's review in July.

The deal, dating back to the early 1990s, has intertwined the economies of the three North American countries but has faced bumps amid U.S. President Donald Trump's constantly changing tariff policy.

Speaking to reporters in Ottawa, Carney said finetuning the latest version of the agreement "will take some time."

"We understand what some of the Americans would call trade irritants or trade issues are," Carney said. Trade irritants are policies that create friction and disputes in international trade.

"We have some on our side as well," he added.

"We will sit down and work

centers needed to build and run AI research and services that are suddenly all the rage — and also threatening higher electricity bills.

The move has drawn criticism because nuclear energy is heavily regulated and Trump is not only a major Truth Social shareholder. As U.S. president, he has power to help his companies and hurt their rivals through rules, laws and government funding.

And the Trump administration isn’t taking a hands-off approach. In October, the U.S. Department of Energy released a “road map” showing how it could help the “burgeoning fusion private sector industry” to scale up on a “rapid timeline.”

“There’s a huge conflict of interest,” said Richard Painter, the chief White House ethics lawyer in the George W. Bush administration. “The United States government is going to get all involved in it.” Brave face

The new CEO, Kevin McGurn, has worked at NBC Universal, Hulu and DoubleClick, among other companies and so has plenty of business experience that Nunes lacked.

McGurn said Tuesday in a statement that the company was “poised to take off.”

“In carrying President Trump’s unique, singular vision and message, Truth Social stands for the most powerful brand and voice in history of social media and beyond,” he said.

through those issues with the broader approach in the negotiations."

"It's not a case of the United States dictates the terms. We have the negotiations. We can come to a mutually successful outcome," Carney also said. "It will take some time."

Carney's comments came after Radio-Canada, the French-language service of the Canadian Broadcasting Corp., reported that American officials are imposing an "entry free" on trade talks with Canada and were demanding concessions before negotiations begin. In any negations "people ask for concessions," Carney said when asked about the radio report. "We have strengths, we have options. We're diversifying our options."

Last week, U.S. Commerce Secretary Howard Lutnick, attacked Canada's approach to the trade talks, claiming that Canada leans on the U.S. economy and that it was "outrageous" for Canadian provinces to keep American liquor off their shelves.

Chemical leak at a West Virginia plant kills 2

people and sends 19 to hospital, officials say

By JOHN RABY Associated Press

A CHEMICAL leak at a West Virginia silver recovery business on Wednesday killed two people and sent 19 others to the hospital, including one in critical condition, authorities said.

The leak occurred at the Catalyst Refiners plant in Institute as workers were preparing to shut down at least part of the facility, Kanawha County Commission Emergency Management Director C.W. Sigman said.

A chemical gas reaction occurred at the plant involving nitric acid and another substance, Sigman said at a news briefing. He added that there was “a violent reaction of the chemicals and it instantaneously overreacted.”

“Starting or ending a chemical reaction are the most dangerous times,” Sigman said.

The chemical reaction that was believed to have occurred during a cleaning process produced toxic hydrogen sulfide, Kanawha County Commission President Ben Salango said.

Among the injured were seven ambulance workers responding to the leak, officials said.

Other people were taken to the hospitals in private cars or even in one case a garbage truck, Sigman said.

One person was in critical condition, Salango said.

Vandalia Health Charleston Area Medical Center, one of several hospitals in the area, was treating multiple patients, some brought by ambulance, while members of

the community were arriving Wednesday afternoon asking to be checked, hospital spokesman Dale Witte said.

Witte said patients were experiencing respiratory symptoms including cough, shortness of breath, sore throat and itchy eyes. They were being evaluated in the emergency room.

WVU Medicine Thomas

Memorial Hospital in South Charleston said in a statement it has cared for a dozen patients, including eight who arrived by personal vehicle and were not at the scene but were in the area at the time. It said those injuries were not considered life-threatening.

A shelter-in-place order was issued for the surrounding area and lifted more than five hours later.

Officials said all the deaths occurred on the plant site.

“You had to get really close to the facility to smell it,” Sigman said.

The leak required a largescale decontamination operation in which people had to remove their clothes and be sprayed down, authorities said.

Catalyst Refiners works to remove silver from what remains of chemical processes and can find thousands of dollars of the precious metal just by vacuuming the floors in a plant’s offices, Sigman said.

Ames Goldsmith Corp., the owner of Catalyst Refiners, said it is saddened by the deaths and its thoughts were with all those impacted and their families.

“This is an unfathomably difficult time,” company President Frank Barber said in a statement released at

the briefing. “Our thoughts and prayers are with our colleagues and their families.”

Ames Goldsmith promised to work with local, state and federal officials as they investigate the leak.

The federal Occupational Safety and Health Administration has opened an investigation into what happened, a spokesperson said, adding that the agency has six months to complete its examination.

Silver is in a number of items ranging from circuit boards and other electronics, photographic and X-Ray films and jewelry. Nitric acid is used to dissolve materials, leaving behind silver nitrate that can be processed to recover pure silver. Recovery businesses can also crush or sandblast items with silver and use magnets or differences in density to sort out the precious metal.

Sigman said Ames Goldsmith recovers silver from the various plants at the Institute complex “and they’ll use it again. When they vacuum their carpets in their office, they recover so many thousands of dollars’ worth of silver out of it just vacuuming their carpets.”

The plant is located near Institute, a community about 10 miles (16 kilometers) west of Charleston, the state capital. The plant is in a region known as West Virginia’s “chemical valley,” although many plants that lined the area along the Kanawha River and produced hazardous materials have closed or changed ownership in the past several decades.