04272026 BUSINESS

Yacht charters to ‘abandon Bahamas’ in fresh tax woe

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

YACHT charters are warning more boats will “abandon The Bahamas” after being hit with bills for outstanding VAT arrears, plus associated penalties and fines, despite these vessels asserting they have already paid all due taxes required under this country’s laws.

The Bahamas Charter Yacht Owners & Managers Association told Tribune Business that multiple vessels are shown in the Department of Inland Revenue’s (DIR) portal as owing thousands of dollars - and, in the case of the largest mega yachts, hundreds of thousands of dollars - in past due taxes and sanctions despite having already paid 10 percent VAT on the value of the yacht charter contract.

The Association, which was formed last year to represent the interests of private charter yacht operators operating in Bahamian waters, said the tax authority’s response when challenged was to suggest its members file quarterly VAT returns via

Hit for ‘thousands’ in VAT arrears but already paid Port Penalties, double tax threat ‘running off’ high-end segment Port chief asserts all VAT collected on charters goes to DIR

its portal. However, the filing of returns automatically triggers a demand for payment of the associated tax, and the Association and its members fear this exposes them to ‘double taxation’ as the due VAT has already been paid - to the Port Department.

This newspaper was told that foreign yacht charters, widely regarded as the most lucrative segment of The Bahamas’ boating market, have had to endure a “confusing” and frustrating nine-month saga over the sector’s taxation that has yet to be resolved. The Association and others said the situation stems from changes made to the Boat Registration (Yacht) Act in the 2025-2026 Budget that altered how payment of

Sir Franklyn: ‘Nothing untoward’ on BPL grid manager departure

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FOCOL Holdings chairman has described the New Providence electricity grid manager’s exit as “nothing special” while affirming that the move will have no impact on his company’s separate but connected project to supply the island with baseload generation.

Sir Franklyn Wilson, the BISX-listed firm’s principal, told Tribune Business that “things happen” and suggested that the departure of Island Grid and its head, Eric Pike, the management partner for Bahamas Grid Company, which now holds New Providence’s

electricity grid, had been “amplified” due to the upcoming general election and “political silly season”. He added that there was nothing “untoward” about developments surrounding

Financial crime prosecutions up ten-fold on Act’s passage

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MONEY laundering prosecutions and convictions surged ten-fold and nine-fold, respectively, in the immediate aftermath of the Minnis administration passing upgraded legislation that strengthened the ability of law enforcement authorities to target criminal proceeds.

Ryan Pinder KC, the attorney general, writing in the report detailing The Bahamas’ efforts to combat

financial crime, terrorism and nuclear proliferation financing between 2021 and 2023, unveiled data showing how money laundering prosecutions jumped from just four in 2017 to some 46 only one year later to coincide with the passage of the enhanced Proceeds of Crime Act 2018. Brought forward to help The Bahamas successfully escape the Financial Action Task Force’s (FATF) so-called ‘grey’ list, which it has remained off ever

VAT, levied on the charter contract’s value, was to be handled and collected.

The Davis administration, in the 2022-2023 Budget, more than tripled the tax rate on foreign yacht charters from 4 percent to 14 percent by adding VAT to the levies this market must pay in return for exploiting Bahamian waters for business purposes. This meant these vessels, and their owners, operators and captains, had to make two separate paymentsthe 4 percent charter fee to the Port Department, and 10 percent VAT to the Department of Inland Revenue.

Then the Government, in a bid to improve the ease of doing business

and convenience for foreign charters, amended the Boat Registration Act last year to consolidate the two levies into one all-encompassing 14 percent charge (charter fee and VAT combined) that was payable solely to the Port Department. The 10 percent VAT portion was then to be passed to the Department of Inland Revenue by the Port but, according to the Association, this has created a new set of problems. It told Tribune Business that many of its members believe the bills for tax arrears, and outstanding fines and penalties, can only be the result of the Port Department failing to pass on the collected VAT and accounting records to

Contractor body in exclusivity talks on bankfunded works

BCA chief: We’ve run out of

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian Contractors Association (BCA) is developing its own standard and certification regime that could shortly result in its members gaining “exclusivity” over bank-financed construction projects after running out of patience with the Government over the industry’s self-regulation.

Leonard Sands, the BCA’s president, told Tribune Business that its advocacy efforts urging the Government to appoint the long-awaited Construction Contractors Board - the final step in licensing and regulating all Bahamian construction firms - were “just dead where’s it at” after the current administration failed to deliver on promises made in August last year

that all its members would be in place by early September 2025. Unveiling a change in strategy, he added that the BCA will no longer wait on the Government and will instead lead itself by developing - and implementing - a certification regime for all its members along with standards they must comply with to guarantee consumers “some level of protection, service and professionalism” when fulfilling construction projects.

Fraud begins with culture and what will be tolerated

MOST fraud exists because leaders tolerate operational shortcuts. That tolerance is rarely announced, yet it is reinforced daily through decisions that prioritise outcomes over standards. Over time, those decisions shape how the company operates.

As this writer prepares to address the topic, ‘When culture enables fraud’, at the upcoming ACFE (Association of Certified Fraud Examiners) Bahamas conference, the starting point must be clear. Fraud develops long before any transaction occurs. It builds in the gap between what companies say they require and what they actually accept.

Through work within various local and international regulatory environments, this writer has encountered technically sound - but operationally ignored - policies. The framework is in place. Controls are documented. Training is

complete. Yet behaviour does not align with structure. This disconnect does not emerge suddenly. It forms gradually, as pressure tests standards and leadership responses determine whether they hold.

Tolerance in control environments

Control frameworks depend on consistency. They assume that standards will be applied consistently across teams and situations. In practice, pressure introduces variation. A process is bypassed to meet a deadline. An exception is approved without escalation to superiors. Documentation is incomplete but is accepted. Each decision appears practical in isolation. However, taken together, they begin to redefine how work is done. As these patterns repeat, the company adjusts. What was once an exception becomes familiar, then routine and the norm. The framework remains intact,

but its authority weakens as behaviour deviates from it. This is not theoretical. Evidence continues to show that culture drives outcomes. The Association of Certified Fraud Examiners reports that companies with stronger ethical cultures experience lower fraud losses and faster detection. That result reflects disciplined application, not additional layers of control. Informal practices and cultural drift

As tolerance takes hold, informal practices begin to fill the space between policy and execution. They are rarely introduced as a risk. Instead, they are framed as a means of efficiency - a quicker way to complete tasks or respond to operational demands.

Over time, these practices create uneven standards across the company. Some teams follow defined processes. Others rely on what works. The difference may not be visible in the output,

Technology provider expands and launches training courses

A BAHAMIAN technol-

ogy services provider is both expanding to western New Providence and launching into offering training for repair technicians.

Ten-week certification course opens a pathway from fundamentals to industry credentials, with top performers considered for direct employment at one of Nassau's most trusted technology companies

Hyly Moss, who has spent more than a decade building mTech into a full-service operation serving homes and businesses,

said in a statement that the newly-launched training programme comes as it expands from its original Prince Charles Drive location to a site at The Shoppes at Venetian West.

He and MTech said the new training initiative is part of a broader strategy to invest in the communities the business has served for more than a decade by helping to create the next generation of Bahamian technicians.

“I was intentional about my own training,” said Mr Moss. “I pursued

international certifications because I understood early that the standard you set for yourself determines everything that follows. That same opportunity should exist for anyone willing to commit to it.”

mTech’s course is open to men and women aged 18 and older, and covers the core fundamentals of computer and other electronics repairs, leading toward WISE Level 1 certification. Trainee groups are capped at 10 participants, ensuring every student receives the focused, hands-on

but it is evident in how decisions are made.

Analysis by J.S. Held (2025), in the work ‘Organisational culture: The key to reducing fraud risk’, highlights that environments characterised by weak oversight, performance pressure and limited accountability consistently exhibit a higher risk of fraud. In these settings, behaviour aligns with what is reinforced by action. When short-cuts are overlooked, they become part of the operating model.

Leadership

Leadership ultimately determines whether these standards hold. Not through policy statements, but through response when standards are tested.

As this writer noted in The Compliance Blueprint: “True integrity is tested when pressure challenges the application of standards.” Pressure is constant. Deadlines, revenue targets and operational demands create the conditions under

By

Derek Smith

which decisions must be taken seriously. In those moments, consistency matters.

When deviations go unpunished, expectations shift. When issues are addressed directly, standards are reinforced. Silence, however, signals flexibility. It allows behaviour to adjust in ways that are difficult to reverse. A control framework cannot compensate for inconsistent leadership responses to breaks. Without clear and consistent enforcement, accountability becomes selective and the environment begins to fragment.

In short, fraud develops quietly through repeated

decisions that adjust how standards are applied under pressure. By the time a transaction occurs, the environment has already shifted, often without formal acknowledgement. Then, companies tend to respond by strengthening controls, adding oversight and increasing reporting. These actions introduce structure, but they do not correct behaviour if standards continue to remain flexible in practice. Alternatively, when standards are applied evenly, the control environment stabilises. Therefore, fraud starts with culture, and culture reflects what leadership reinforces. Leaders must decide, deliberately and consistently, what will no longer be tolerated.

• NB: About Derek Smith Jr

Derek Smith Jr has been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified anti-money laundering specialist (CAMS) and holds multiple governance credentials. He can be contacted at hello@ pineapplebusinessconsultancy.com

instruction the programme is built around.

Top performers will be considered for employment with mTech directly, making this as much a pipeline as it is a programme. “There are young people in this country with real ability,” Mr Moss added. “This programme is about making sure that ability has somewhere to go.”

The course is priced at $950 for the full ten weeks, and is currently held at mTech’s Prince Charles Drive location. Applications are open now. Interested candidates can reach mTech via WhatsApp at 242-805-6808 or through @mtech242 on social media. Additional details are available at mosstech242.com.

REPRESENTATIVES from the Government of The Bahamas with Dr Sylvia Earle, MSC Foundation, MSC Cruises and MSC Group representatives at the opening of the Marine Conservation Centre at Ocean Cay in April 2025. From

MSC’s Bimini conservation centre helps educate

THE MSC Foundation says it has educated more than 17,000 visitors on protecting and preserving maritime ecosystems since opening its Marine Conservation Centre on Ocean Cay, off Bimini, in April 2025.

The Foundation, formed by Mediterranean Shipping Company (MSC), in a statement to mark its first year of work in coral restoration, marine science and education, said thay since opening the Marine Conservation Centre it has delivered hands-on training for more than 20 marine science students as part of its long-term commitment to The Bahamas’ marine ecosystems.

“Our work in The Bahamas is grounded in partnership, science and shared responsibility,” said Emeline Bouchet, MSC Foundation marine programme manager based at Ocean Cay. “As we mark Earth Day, it is an opportunity to highlight on how our efforts must extend beyond restoration to building on local knowledge and capacity, ensuring that Bahamian students and communities are actively involved in research, education and environmental stewardship.”

The MSC Foundation said the Marine Conservation Centre at Ocean Cay, a purpose-built facility, now serves as an operational hub combining science and hands-on fieldwork to maximise the growth and

resilience of endangered coral species.

Since opening, it added that more than 600 corals have been grown in the underwater nursery, with over 250 successfully outplanted on to the surrounding reef, demonstrating resilience during peak summer temperatures.

In February 2026, the MSC Foundation and the Perry Institute for Marine Science (PIMS) further advanced their partnership through a coral species exchange at Ocean Cay, boosting nursery diversity and reef resilience with two species. PIMS also incorporated fragments of elkhorn coral (Acropora palmata) into the nurseries they manage under the Reef Rescue Network, increasing the genetic diversity of restoration stock and contributing to the Bahamas Coral Gene Bank.

The MSC Foundation said it has deepened its collaboration with the University of The Bahamas (UB), supporting the development of a dedicated marine science laboratory to bolster national research capacity and teaching.

Academic engagement over the past year included six graduate internships for students from the University of Miami and Nova Southeastern University, supported by 12 associated field visits.

Students from the University of The Bahamas and The Bahamas Agriculture and Marine Science

Institute (BAMSI) also took part in immersive, week-long courses at Ocean Cay, with 16 participants gaining hands-on learning in coral propagation, reef monitoring and restoration techniques.

Beyond Ocean Cay, the MSC Foundation said it supported community initiatives in Bimini, including a beach clean-up involving more than 120 participants, and a new high school agricultural education initiative reaching up to 80 students during the 2025-2026 school year.

“As we look ahead, our focus is on translating this momentum into measurable, long-term impact,” added Daniela Picco, MSC Foundation executive director. “By deepening our partnerships and investing in local capacity, we will continue to support The Bahamas as a leader in marine conservation and sustainable development.”

The MSC Foundation’s Marine Conservation Centre (MCC) serves as a base for biologists, scientists, students and island visitors, offering interactive, real-world learning focused on preserving the marine ecosystem. The facility features a local underwater coral nursery, a discovery pavilion, a lecture hall, a fully equipped Bio Lab and a land-based nursery with 22 coral tanks. It also serves as the base for the MSC Foundation’s Super Coral Reefs Programme, which is dedicated to restoring resilient coral ecosystems.

Dunkin’ targets other projects after 50-job Venetian opening

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

DUNKIN’ Donuts’ Bahamian franchise says it has created 50 jobs with a $500,000 investment in its latest outlet at the Shoppes at Venetian Village, which was officially opened on Friday.

The new location welcomed its first customers on February 13, 2026, in a soft launch following nearly two years of planning and development. Katherine Nelson, managing director of Bahamas QSR, the local franchisee, said the new store reflects the company’s broader vision for growth and its dedication

to enhancing customer experience.

“Today is more than just the opening of a new restaurant,” Ms Nelson said. “It represents our continued investment in The Bahamas, our commitment to growth, and our passion for delivering great experiences to our guests each and every day.

“Dunkin’ Bahamas is proud to officially open our newest location at The Shoppes at Venetian Village, which welcomed its first customers on February 13, 2026. This location represents a significant investment of over $500,000 and reflects nearly two years of planning and development to bring the project to life.

“We selected this location to strengthen our presence

Livery chief warning price inconsistency hurts tourism

BY ANNELIA NIXON Tribune Business

THE Bahamas Livery Drivers Union’s (BLDU president is calling for stronger regulatory enforcement and greater transparency in the transportation sector while warning that inconsistent taxi fares are creating disputes that could harm the tourism industry.

Speaking on ongoing tensions within the transportation industry, Taurian Austin emphasised the need for the protection of standards across the industry.

“The livery sector wants to make it very clear, we’re not trying to get involved with Tyrone Butler and the Taxi Cab Union, and Ms Cheryl’s [Cambridge], business,” Mr Austin said. “As far as we are concerned, tourism being everybody’s business, we want to protect the transportation industry that plays a very important role in tourism.”

Mr Austin pointed to growing concerns about fare inconsistencies, particularly at high-traffic locations such as airports and hotels, where visitors often rely on taxis as their first point of contact in The

Bahamas. He alleged that some drivers are charging rates that do not align with government-approved pricing structures.

“We’ve seen it where prices are not consistent with the regulatory system that’s in place here at the airport, especially,” he said, adding that instances of what he described as price gouging have been witnessed.

A key issue, according to Mr Austin, is the absence of taxi meters, which he argues has contributed to confusion and confrontation between drivers and passengers.

“Gone are the days of the meter,” he said. “When a person jumps in the car, they could read a meter… What we’re doing now is getting into a car or a taxi and not knowing what the price is.”

Mr Austin noted that disagreements often arise when posted fare signs conflict with what drivers demand, leaving both tourists and locals uncertain and frustrated. “You have guests looking at a sign that says one thing and the taxi driver is saying another thing,” he said. “It is unnecessary.”

He called on the Road Traffic Department to take

in the western New Providence market, allowing us to reach a new and growing demographic while continuing to elevate the Dunkin’ brand experience,” she added.

“This has been one of our most ambitious projects to-date, and while it came with its challenges, it has ultimately made us stronger as a team and as a brand. What sets this location apart is its next generation equipment, including our tap system and La Cimbali espresso machines, paired with an elevated ambiance that reflects the evolving expectations of today’s customer.”

Ms Nelson said the store introduces a more modern and elevated brand experience. “This location

a more active role in monitoring and mediating such situations, including having officers stationed in areas where disputes are most likely to occur.

“I’ve written letters and asked Road Traffic to look into being stationed where guests are in dispute with taxi drivers because of the pricing,” Mr Austin said, adding that stronger enforcement presence is needed across multiple aspects of the industry - not just fares, but also standards of conduct, dress code and vehicle condition.

“In every part of the public sector, there needs to be a bigger presence of Road Traffic,” he said. “You have to have somebody of authority that actually is in place to ensure the sector is protected.”

Mr Austin also addressed recent calls from taxi operators to increase fares in response to rising fuel costs sparked by the Iran war. While acknowledging the financial pressures facing drivers, he argued that any fare adjustments must have government approval.

“If the Government has regulated a price, until the Government authorises the change, I don’t think that anyone should have a right to go against what the Government has authorised,” he said. He added that taxi fares were adjusted less than three years ago, suggesting that additional increases should be considered carefully.

Mr Austin also raised concerns about taxi operators

represents the next step in elevating the Dunkin experience in our market,” she added, noting its design, upgraded technology and consistent product quality.

Dunkin Bahamas also has locations on East Street, Bernard Road, Carmichael Road, Munnings Road and at Lynden Pindling International Airport (LPIA).

Ms Nelson said a number of projects are being considered.

“Dunkin’s continued global growth is rooted in our ability to stay relevant, understanding that consumer preferences are always changing and adapting to meet the needs of the market,” she added.

“We remain open to new opportunities for expansion in The Bahamas and

using larger vehicles, such as SUVs, to justify higher rates that more closely resemble livery pricing, despite operating under taxi licences.

“They are pricing a client based on a livery pricing… but they’re not giving the guests a taxi rate,” he said.

“I’ve seen it. It happens a lot.”

Mr Austin described the transportation sector as facing “major issues” that extend beyond taxis to include liveries and bus operators. He called for a collaborative approach among stakeholders to address the challenges.

“Now we need to sit to the table and resolve a lot of the issues,” he said.

As The Bahamas continues to rely heavily on tourism, Mr Austin warned that unresolved disputes and inconsistent standards within the transportation sector could undermine visitor confidence and the country’s reputation.

currently have several projects under consideration, which we look forward to sharing once confirmed.”

Al Leal, international brand manager for Dunkin’ Donuts, highlighted the broader significance of the opening, calling it the result of more than a year-and-ahalf of development.

“It’s been quite a process over a year-and-a-half in the making, bringing the latest decor, the latest strategy from the brand which is becoming not only a donut place, but also a social destination,” Mr Leal said.

Herschel Walker, the US Ambassador to The Bahamas, said: “This ribbon cutting means more than just donuts. It means

establishing and bringing a community together, and it means showing America and The Bahamas are partners. And partnership is what it's all about. Dunkin’ is creating new jobs and is serving the community to help strengthen the economic ability of the United States and The Bahamas.

“In this great location, the Shoppes at the Venetian Village, there will be new opportunities for American and Bahamas suppliers. And I must admit that as the US ambassador to The Bahamas myself now, I can get another taste of America.”

Racquel Rolle, operations manager at Bahamas QSR, said: “This store not only represents the Dunki’ brand but the people behind it. We’vebeen eager to bring this store to the community because The Bahamas runs on Dunkin’, and every area of his island we need to be a part of.”

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Golden Yolk eggs hit food stores just before election

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

EGGS produced by the Government’s $28m Golden Yolk initiative have finally reached food store shelves just weeks ahead of the May 12 general election.

The Bahamas Agricultural and Industrial Corporation (BAIC) announced via social media on Friday that the first cartons were available at Super Value’s Top-of-theHill location on Mackey Street, with additional supplies rolling out to stores at Cable Beach and Golden Gates shortly after.

Officials framed the occasion as a breakthrough for domestic agriculture and food security, calling it “a defining moment” and signalling what they described as the start of sustained local egg production aimed at reducing import dependence.

“This is more than eggs on shelves; this is execution, collaboration and progress in motion,” BAIC said,

adding that the initial batch is “only the beginning…the first batch of many to come”. The roll-out comes against the backdrop of a heated political exchange between BAIC chairman Darron Pickstock and Opposition leader Michael Pintard, who had questioned the project’s progress in recent days. Speaking at a rally last week, Mr Pintard asked: “Where the hell them eggs are?” while also raising concerns about the programme’s cost, suggesting it has risen to around $60m, and broader issues tied to agricultural policy.

Mr Pickstock responded sharply in a social media post this weekend following the eggs’ arrival in stores, saying: “Well, they’re at Super Value… Bahamian eggs. On Bahamian shelves. “This is what execution looks like. Not press conferences with nothing to show… Not Pintard standing at a rally asking where the eggs are while we’re putting them on the shelves.”

Mr Pickstock also positioned the initiative as central to economic resilience, arguing the project keeps “dollars staying inside this country instead of leaving it”.

The Golden Yolk project has been a cornerstone of the Davis administration’s food security agenda, though its path to market has been lengthy and at times controversial.

The programme was first promoted as a major step towards reducing the country’s heavy reliance

on imported eggs, with the Government several million dollars towards infrastructure, production capacity and distribution systems.

However, delays in implementation, questions over procurement and concerns raised by the Opposition have kept the initiative under scrutiny.

Earlier this year, Prime Minister Philip Davis KC acknowledged the slow roll-out, describing the project as “better late than never” while maintaining it would ultimately deliver

meaningful benefits for the country.

Now, with eggs physically on shelves, the Government appears eager to point to the project as evidence of delivery ahead of the election, while critics are likely to continue questioning its cost, timing and execution.

For consumers, however, the immediate impact is more straightforward:

Blue Lagoon Island unveils event, wedding packages

BLUE Lagoon says it has launched a collection of all-inclusive wedding and special event packages that combine private island exclusivity with planning and accessible pricing.

The Bahamian attraction, in a statement, said it is moving to exploit trends that have seen destination weddings account for nearly 20 percent of all US nuptials with this nation

ranking among the top three Caribbean choices.

Blue Lagoon said its wedding packages range from beachfront ceremonies to dolphin swim weddings, allowing couples to say

“I do” in unique settings. It added that packages include ceremony set-up, officiant services, photography, floral arrangements and marriage license filing. Champagne toasts, wedding

cakes, décor upgrades and VIP beach experiences are also available as options.

Locally-produced eggs are now available for purchase, with officials promising supply will increase in the weeks and months ahead.

Whether the Golden Yolk Project becomes a lasting pillar of food security, or remains a politically contested initiative, may depend on how consistently it can deliver beyond this first batch.

“Couples today are prioritising experiences that feel intimate, meaningful and effortless,” said Charmaine Moss-Albury, Blue Lagoon’s sales and marketing manager. “Our goal is to remove the complexity from destination planning while delivering something truly extraordinary with a private island setting, transparent pricing and a dedicated team that brings each couple’s vision to life.”

Gov’t unveils digital platform to aid trade

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Government has unveiled a digital platform aimed at expanding Bahamian participation in global trade by giving businesses easier access to financing, export guidance and international opportunities.

Prime Minister Philip Davis KC said the Bahamas Trade Commission’s online portal is intended to serve as a “central access point for trade, business and global opportunity”, bringing together key resources in one place.

He said the platform includes information on funding opportunities, trade missions, import and export processes, market intelligence and practical business toolkits.

“It brings together in one place financing and funding opportunities; trade missions and international events; import and export guidance; market intelligence and analysis, and

practical toolkits for doing business locally and internationally,” he added.  Mr Davis said the initiative is also aimed at helping businesses scale beyond the domestic Bahamian market. “For the small business owner, it answers the question, ‘How do I grow into a bigger business?” said Mr Davis. “Our goal is a shift in mindset; from ‘What can I do here?’ to ‘Where in the world can I compete (from here)?’”

Senator Barry Griffin, executive chairman of the Bahamas Trade Commission, said the platform is designed to convert strategy into practical access for Bahamians. “All of this strategy means nothing if the average individual cannot access it,” said Mr Griffin. “Today, we are not just talking; we are putting it in your hands.”

He added that The Bahamas must now take deliberate steps to unlock its trade potential. “Trade is how small businesses become global players,

professionals become multinational operators, and ideas become exports,” said Mr Griffin. “But now we must organise that potential.

We must structure it, and we must activate it.”

He explained that the website provides step-bystep guidance for both importing and exporting, including tools for assessing export readiness, identifying target markets and connecting with support agencies.

Users can also request direct assistance through the platform, which links them

to relevant government agencies and private sector partners.

Mr Griffin stressed that the platform was built with accessibility in mind. “This is not a government landing page. This is a central hub for trade, business and global connectivity - a place where information meets action, access meets opportunity and ambition meets pathway,”  said Mr Griffin.

He said the platform also highlights national initiatives such as the National Trade Diversification

Strategy and the National Export Strategy, along with opportunities for businesses to participate in consultations and programmes.

Looking ahead, Mr Davis said technology will play a key role in enabling Bahamian businesses to compete internationally.

“Technology can help our agencies analysze global demand trends, streamline Customs and compliance processes, and deliver tailored guidance to businesses at scale,”  said Mr Davis.

Bahamas urged to boost $500m annual UK trade

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BAHAMIAN businesses are being urged to take advantage of stable, duty-free access and boost this nation’s $450m to $500m annual trade with the UK as a volatile global climate reshapes export opportunities.

Smita Rossetti, British High Commissioner to The Bahamas, said that while trade between the UK and the Caribbean totals around $6bn annually, this nation accounts for approximately $450m to $500m - a figure that is heavily weighted towards services.

“At the moment, that is heavily concentrated in

services, which makes sense given our shared strengths in financial services, legal systems and professional services,” said Ms Rossetti. “But there is more we can do to broaden that relationship, particularly in goods.”

She pointed to the UK-Caribbean Economic Partnership Agreement as a key advantage, noting that it provides duty-free, quota-free access to the UK market across most sectors.

“In the current geopolitical context, with fluctuating tariffs and volatility, that framework is incredibly valuable,” said Ms Rossetti. “I would encourage more businesses to make full use of the opportunities it provides, including access to a market of 70m consumers.”

She added that success in the UK market often comes down to branding and partnerships.

“There are several Caribbean brands that have done exceptionally well — such as Wray & Nephew, Blue Mountain Coffee and Grenada Chocolate Company,” said Ms Rossetti.

“One key factor is story-telling. Brands that lean into their authenticity, their heritage and their origin stories tend to perform very well, and consumers are often willing to pay a premium for that.”

Ms Rosetti added that securing strong distribution partnerships is also critical to getting products on to shelves in the UK. “For small and medium-sized

businesses, especially in sectors like food and beverage, health, beauty and creative industries, it is critical to find the right distributors. Those partnerships are what ultimately get products on to shelves,” she said.

Yan Jiarong, the Chinese ambassador to the Bahamas, highlighted the scale of opportunity in China, describing it as a “prosperous and dynamic market” driven by a population of 1.4bn people and a rapidly-growing middle class. She pointed to seafood, rum and specialty goods as areas with export potential for The Bahamas.

“For countries like The Bahamas, the opportunity lies in identifying unique, high-quality products. Bahamian goods such as seafood, rum and other specialty items have strong potential because of their uniqueness and quality,” said Ms Yan.

Beyond goods, Ms Yan said China’s significant deficit in services trade presents another opening for Bahamian businesses. “There is room for countries like The Bahamas to capture a share of that market,” she said. Ms Yan also pointed to opportunities in the creative industries, citing The Bahamas’ pool of “talented,

“It can help Bahamian businesses improve productivity, quality control and marketing, whether you are exporting seafood to a distant market or selling creative content online.” He urged Bahamians to take advantage of the new platform. “The world is within your reach,” said Mr Davis. “We hope you will walk - or even runthrough the doors that we’re opening.”

innovative young people” as a competitive advantage. Tourism was also identified as another key area for strengthening economic ties, with potential spillover benefits for broader trade.

“Tourism is another important area. Strengthening tourism links can also support broader trade and economic engagement between our countries,” said Ms Yan.

The comments come as The Bahamas looks to diversify its economy and expand exports, with the Government launching a new trade platform designed to connect businesses to global markets, financing and export support services.

FOCOL chief asserts ‘things happen’ as Island Grid exits

New Providence’s transmission and distribution (T&D) grid operator, and said he retains “confidence” in Bahamas Grid Company and its chairman, Anthony Ferguson, who is also principal at CFAL. Sir Franklyn also said there is “evidence of continuity” through the continued involvement of Pike Electrical, the US utility, which will be present through June 2026 to complete the initial $130m grid upgrades.

FOCOL Holdings and its subsidiaries, Sun Oil Holdings and Bahamas Utilities Holdings, are the generation side of the Davis administration’s New Providence energy reforms with responsibility for developing a liquefied natural gas (LNG) regasification terminal at Clifton Pier and a 177 mega watt (MW) “combined cycle plant” at Bahamas Power & Light’s (BPL) Blue Hills location. When asked whether Island Grid’s exit, and the subsequent restructuring of Bahamas Grid Company, will have any impact on this aspect of the Government’s energy overhaul, Sir Franklyn replied: “None at all, none at all.”

As for the exit of Island Grid and Mr Pike, the latter of whom is an investor and home owner at Eleuthera’s Jack’s Bay development, which is chaired by Sir Franklyn, the FOCOL chairman said: “The bottom line is that there’s continuity, evidence of continuity. Pike is still involved. The understanding is that Pike is providing services. They have committed to do that by June of this year. You can take that as serious.”

Asked about the consequences of Bahamas Grid Company losing its management partner, Sir Franklyn added: “Things happen. Nothing special about that. Things happen. We’re in campaign season. The fact of the matter is everything in political season; everything becomes amplified. I don’t see anything untoward about it.

“Anthony Ferguson’s a very respected businessman. He’s put together a very good team. We continue to have confidence in a company led by Anthony Ferguson. His speaks for itself. In silly season, everything gets amplified. Anthony Ferguson has earned his standing. He’s said the company will meet its obligations.”

FOCOL Holdings has continued to move towards delivering on its obligations, with the Utilities Regulation and Competition (URCA) recently publishing a notice confirming its Sun Oil Holdings affiliate is seeking regulatory permission to sell a 40 percent ownership stake in New Providence Gas, the entity created to develop and own the LNG regasification terminal at Clifton Pier, to a Shell subsidiary. Shell will be the actual supplier of the LNG fuel.

However, no explanation has been forthcoming from any of the key players in the New Providence transmission and distribution deal - the Government, Bahamas Power & Light (BPL), Bahamas Grid Company, and Island Grid and Mr Pike themselvesfor why the latter would, suddenly and abruptly, walk away from what was a 25-year deal with an annual $4.359m managment fee equal to 5.8 percent of BPL’s grid revenues after less than two years.

JoBeth Coleby-Davis, minister of transport and energy, would only say: “We spoke to it and a statement went out.” The Opposition, though, has been quick to seize on the Government’s

seeming reluctance to provide a full explanation by asserting that the energy reforms - a key element in the Davis administration’s re-election campaign - are starting to unravel and fall apart with Island Grid’s departure.

Dr Duane Sands, the Free National Movement (FNM) chairman, questioned to Tribune Business recently whether the exit of Bahamas Grid Company’s manager could impact the Davis administration’s plan - if re-elected - to acquire Grand Bahama Power Company for $200m, plus $80m in working capital, given that utliity would likely be placed under the same combination with FOCOL Holdings.

“The numbers behind that silence matter,” Dr Sands said of Island Grid’s exit, referring to the combined $141m in capital raised from investors to finance the initial New Providence transmission and distribution upgrades. “$111m in bonds and $30m in equity are tied up in this project, and investors are now asking who pays them back….

“I have already warned that this collapse will produce lawsuits in abundance. Every Bahamian household and every Bahamian business now has a right to know what their exposure is.” Dr Sands demanded that Mrs Coleby-Davis and the Government explain what caused Island Grid to walk away, and what payments, fees or settlements are owed” to it as a result. He also sought information on who now owns or controls Bahamas Grid Company.

“Calling an 18-month collapse a ‘transition[ insults the intelligence of every Bahamian. A 25-year deal does not fall apart this fast unless something was very wrong from the start, and a minister who answers a national crisis in eight words has not earned the public’s trust to manage

what comes next,” Dr Sands argued. Tribune Business sources suggested it was highly likely that Island Grid and Mr Pike, or the both of them, own at least some of the $30m equity capital that was invested in Bahamas Grid Company. It is unclear if they own a majority stake, and whether that investment has been sold or put up for sale following Island Grid’s exit, but all agreements related to the New Providence electricity grid deal were signed on Bahamas Grid Company’s behalf by Mr Pike.

This newspaper’s contacts again suggested that Island Grid exited because it was not receiving its management fee in full or on time. Besides that management fee, Bahamas Grid Company itself was also to be paid 5.5 cents from every kilowatt hour of electricity sold by BPL to its customers, and there were suggestions that these additional payments were too rich for BPL’s already strained cash flow to bear - especially without any base tariff adjustment or increase.

Other sources suggested there had been “problems” transferring the New Providence grid transmission and distribution assets from BPL to Bahamas Grid Company as called for by the project’s June 3, 2024, Heads of Agreement and various underlying transition agreements. These mandated that such assets be leased and transferred to Bahamas Grid Company free of any encumbrances or liens, such as debt secured by mortgages and other charges. And, should such liens still be attached to the transmission and distribution assets, the Heads of Agreement mandated that the liabilities associated with them - and the responsibility for repayment - stay with BPL and not be transferred to Bahamas Grid Company. However, several sources

suggested that separating such liens and charges from the underlying asset cannot be done especially if there is no permission given by the third-party security holder such as a lender.

The Heads of Agreement states: “The parties further agree to enter into, or to take such steps as may lie within their authority, acting reasonably and in good faith, to facilitate the execution of - and entry into - a long-term lease agreement whereby BPL (or the applicable freehold owner) shall grant to SPV (Bahamas Grid Company) a leasehold interest in the transmission and distribution system sites for a lease term, and with such rights of renewal as the parties shall agree from time to time, not to derogate from the term and any renewals from time to time of this agreement.

“The leasehold interest to be granted to SPV in the transmission and distribution system sites shall be free of any liens and any other encumbrances whatsoever. The parties hereto acknowledge and agree that to the extent SPV agrees to take a leasehold interest in any transmission and distribution system sites subject to pre-existing liens, the Government and/or BPL shall be solely responsible for any obligations, costs, expenses or liabilities that may arise as a result thereof.

“The Government agrees to indemnify SPV, its officers, directors, employees and agents for, and defend and hold SPV harmless from and against, any and all liabilities, obligations, losses, damages, payments and claims, and reasonable costs or expenses, of any kind whatsoever that may be imposed on, incurred by or asserted against each such person as the result of any liens that may exist in respect of any transmission and distribution system sites.”

Yacht charters ‘sick of it’ and targeting relocation

the Department of Inland Revenue - an accusation that was rejected by its most senior official.

Senior commander Berne Wright, the Port Department’s controller, told Tribune Business that he was unaware of the Association’s and wider yacht charter industry’s concerns or that there were any problems relating to VAT’s collection. He also denied that the Port Department was failing to pass the VAT, and accompanying accounting records including proof of payment, to the Department of Inland Revenue and asserted his agency was fulfilling its obligations.

The Department of Inland Revenue, meanwhile, did not respond to Tribune Business requests for a response and comment before press time last night, despite being e-mailed a detailed list of questions on Friday past following a conversation with its spokesperson to inform them of the nature of this newspaper’s inquiries.

An Association spokesperson, meanwhile, told Tribune Business that the resulting tax uncertainties combined with fears that vessels could be seized over the unpaid arrears if still in Bahamian waters were, in effect, “running off the boats” bringing high-spending visitors into this country.

They added that per capita spending by yacht charter passengers, at $2,000, is thought to be close to the estimated $2,500-$2,800 of land-based stopover visitors and far in excess of that of cruise tourists, meaning that The Bahamas could be losing further market share in a highly lucrative segment as yacht charters eye “more favourable” jurisdictions elsewhere in the Caribbean.

The spokesperson also warned that the taxation

concern is likely to create “the exact opposite effect” of what the Government intended by giving an advantage to those vessels “operating under the radar” and not paying due taxes in The Bahamas - a ‘black market’ that this could further encourage.

The Association also revealed two other taxation-related issues impacting the industry. With the first, the existence of alleged tax arrears means yacht charters are unable to claim VAT refunds or credits on purchases made in The Bahamas, which it argued hurts local businesses such as food stores, hull cleaners, provisioners and fuel providers by discouraging the buying of supplies in-country. And it added that vessels which have left The Bahamas, and no longer operating here, are struggling to have their VAT registration suspended or cancelled by the Department of Inland Revenue. Instead, they are still being billed for VAT every quarter, along with associated fines and penalties, despite no longer being present within this jurisdiction - a development confirmed by Peter Maury, the Association of Bahamas Marinas (ABM) president.

The Bahamas Charter Yacht Owners & Managers Association, in a statement to Tribune Business detailing what it said has occurred following the 2025-2026 Budget changes, said: “Since the implementation of this amendment, which moved collection of the VAT portion of tax from the Department of Internal Revenue (DIR) to the Port Department, as far as our membership can ascertain no VAT collected by the Port from foreign charter vessels on behalf of the DIR has been reported paid to the Department of Internal Revenue.

“The DIR has continued to require foreign charter vessels to file VAT returns, however. The yachts have paid their taxes to the Port and filed their returns timely, yet are now, three quarters later, showing tens of thousands, and for some larger vessels, hundreds of thousands, of dollars in VAT taxes overdue inside the DIR portal, and are receiving overdue payment notices and being levied with fines and interest despite already having paid their taxes to the Port.”

Tribune Business has seen some of these fines and late payment notices, albeit with figures ‘blacked out’.

“Most of these foreign charter vessels are also owed refunds for input credits that were overpaid as part of the Port’s flat 14 percent tax collection form, which does not provide for VAT input credits to be reported, and cannot access their refunds because, despite submitting the receipts for their payments to the Port alongside their VAT returns, the DIR considers their taxes to be unpaid until the Port provides the payment information,” the Bahamas Charter Yacht Owners & Managers Association added.

“Yachts that left the country and do not intend to return, [and] have applied to cancel or suspend their VAT registration, are not being allowed to do so despite having ceased operations within the country and meeting all the requirements for cancellation or suspension. Instead, they are being fined quarterly for failure to file, with no recourse to repair the issue.”

The Bahamas Charter Yacht Owners & Managers Association added that despite efforts to address the situation with both the Port Department and Department of Inland Revenue, the taxation concerns remain unresolved and are

now threatening to drive further yacht charter business from this nation in addition to the estimated 40 percent drop-off that occurred when the all-in tax rate was more than tripled with effect from July 1, 2022.

“Vessel owners and managers, in addition to their Bahamian charter vessel agents, have reached out repeatedly since the 2025 third quarter via the DIR portal, and by e-mail and phone calls to the port controller/senior commander Berne Wright’s office, and the Port finance officer, Severna Beneby’s office, and none have received resolution,” it said.

“DIR officers have been responsive to requests for information sent via the VAT portal. However, they state they are unable to credit vessels’ accounts without information from the Port Department for reconciliation. As far as vessel owners and managers are aware, no action has been taken to resolve this.”

As for the consequences, the Bahamas Charter Yacht Owners & Managers Association said: “The end result is that the [local] business owners are suffering the consequences, and this is likely to lead to more vessels abandoning the Bahamas in favour of more responsibly-operated charter destinations with functional and fair taxing authorities….

“This issue also affects the Bahamian business owners who depend on the charter industry to bring visitation and investment to their islands. Vessel owners are frustrated and many have left. Others are considering leaving the market rather than risk their vessels or a lawsuit to defend themselves against accusations of non-payment.”

Senior Commander Wright, though, said he was unaware of such concerns prior to being contacted by Tribune Business on the matter. “No, it hasn’t come across my radar the way you put it,” he told this newspaper. “We are in communication with the Department of Inland Revenue, and we do remit the money to them. I cannot explain why their accounts show it to be in arrears.

“We do remit the money to the Department of Inland Revenue. If the money is paid to the Port Department, we do remit it to the Department of Inland Revenue. It’s not a case of no remittance. Sometimes there’s a balancing as well. We do send the money to the Department of Inland Revenue. For sure, there’s an accounting system. I cannot speak for what goes on at the Department of Inland Revenue.

“If there is an issue I will have my financial officer reach out to the Department

of Inland Revenue and see if there is a glitch and sort it out, but I’m not aware of any issues.” However, Mr Maury, the ABM president, confirmed that filing returns with the Department of Inland Revenue - as charter yachts are being asked to do - “automatically” generates a bill for the accompanying VAT, thus exposing vessels to the prospect of ‘double taxation’ given that they have already pad due taxes to the Port Department.

Suggesting that this has caught “a lot of boats” numbering at least in the hundreds, Mr Maury told this newspaper: “Everybody’s paid the 14 percent, and the Department of Inland Revenue is like, ‘No, you have to file with us’. And if you file with the Department of Inland Revenue, you have to pay it. Everything is paid, everything is done, and they are still getting these silly notices that they haven’t filed. Every quarter, every filing period we get notices - even for the boats we are trying to de-register.

“I spoke to somebody at the Port Department and spoke to somebody at the Department of Inland Revenue, and they are like ‘well, the boats have to file’. The Port Department said the same thing, but they have already paid you. They [the Port Department] have to share the records with the Department of Inland Revenue to show they have paid.

“People feel under threat because they are being accused of not paying taxes. They are like: ‘We’re not coming back’. They are afraid their boats are going to get seized despite having paid their taxes. We said the boats cannot file because then they will be assessed twice. The system automatically bills if you file. They said the boats didn’t pay. They paid the Port already. Nobody is going to pay twice. I don’t know if the intent is to double bill.” As for the fall-out for The Bahamas’ boating market, the ABM president said: “It just makes it more confusing, and people are less likely to come here. It just makes us less attractive as a destination. It’s the same thing as always. The policymakers have us Bahamians beat down; they put us through hell to file taxes and do things, but these people [charter yachts] don’t have to go through that so they leave.

“They tried to de-register but have not been allowed to do so and have to pay fines. People are like: ‘No problem. We won’t come back so what are you going to do now?’ More frustration means less business all around. The charters are the major consumers that use the most food, the most dockage, the most utilities,

consume the most groceries. They are high-end people.

That’s at least one-third of our total boating market. Nobody wants to talk about it and fix it.”

The spokesperson for the Bahamas Charter Yacht Owners & Managers Association said vessels believe they are, in effect, exposed to “double taxation”. They added: “The Department of Inland Revenue is taking the position we must file quarterly, but we don’t pay when we file because we are paying the Port, so so we go into arrears with them. If you don’t file you get a $100 fine. You’re stuck either way. There’s no way to be compliant.

“We are, by the letter of the law, being compliant but the Port cannot be handing the money or any accounting records to the Department of Inland Revenue for nine months. If we give the Department of Inland Revenue receipts [of payment], they don’t accept it. They say there has to be a reconciliation with the Port to be accepted. People are getting really sick of it. Some boats have hundreds of thousands of dollars in fines building up quarter after quarter.

“It’s affecting everyone,” the spokesperson added.

“Anyone who’s a tax-paying, registered, legally chartered and compliant vessel is being affected. You’re trying to do everything right, but you don’t want your vessel in a country where it’s at risk because the Government says you’re in violation or your assets are at risk from your involvement in the country.

“From what we can ascertain, the average charter visitor spends around $2,000 per visit. You’re talking about high-value tourists, but by running off those boats you’re losing this supply into the country. How to you get input credits, how do you pay VAT? No one is having conversations about that, and influencing more purchasing in-country such as fuel, bottom cleaning, provisioning and all the rest of it.

“There’s vessels talking about where to relocate at this point. There are markets further south more favourable to this. It’s running off compliant vessels and aiding the people operating under the radar, which is the exact opposite of what the Government wants.”

The Bahamas Charter Yacht Owners & Managers Association spokesperson said the Port Department’s Ms Beneby had pledged in a January 2026 e-mail that the taxation concerns were being addressed, and it was hoped a resolution would be achieved by the end of that month, but they added that nothing has yet been forthcoming.

Contractor chief says Gov’t ‘can join party’

Mr Sands, disclosing that the BCA’s licensing and certification regime is “ready to roll-out”, told this newspaper that the construction body is “very close to inking” an agreement with the Clearing Banks Association (CBA), the trade body that represents all Bahamas-based commercial banks such as Royal Bank of Canada (RBC), CIBC and Scotiabank, that would see its members used exclusively to construct bank-financed projects throughout this nation.

Suggesting that an agreement with the CBA could be signed within the next three to six months, the BCA president replied “unlikely” when asked by Tribune Business whether the Association would revive the push for the Construction Contractors Board’s appointment with whichever administration is elected to office on May 12, 2026. Noting that the Act was passed by Parliament a decade ago in 2016, he added both FNM and PLP administrations had chosen

not to complete this key final step.

“We’ve been at this across two administrations feverishly asking for the appointment of a Board,”

Mr Sands said. “What would be the point of asking? It’s clear that the administration is either unwilling or doesn’t care enough about the construction industry to want its regularisation and that, in itself, speaks to how they want to regularise the construction profession.

“We are focusing on other things at this point in time. For the rest of this year, regardless of the outcome of the election, the BCA will be focused on certifying our members and holding them to a high standard. We will work independently of government who seem to be not interested in having standards and regulation for construction and meeting regulatory requirements.

“Within the BCA, we will focus on setting and maintaining standards within our membership, and presenting it as the authority for standards in construction in this country. The Government’s not doing it, so we will do what we have to do,” Mr

Former Colorado funeral home owner sentenced to 30 years in case that forced industry crackdown

By COLLEEN SLEVIN and MATTHEW BROWN Associated Press

A FORMER Colorado funeral home owner who helped her ex-husband hide nearly 200 decomposing bodies was sentenced to 30 years in prison Friday in a case that forced the state to clamp down on an industry plagued by repeated scandal and notoriously lax oversight. Carie Hallford faced between 25 and 35 years in prison under a plea agreement. Some family members of those whose bodies were left to rot had urged Judge Eric Bentley to impose the maximum sentence. But the judge said Carie Hallford made credible claims of being a victim of domestic violence and her ex-husband, Jon Hallford, was the driving force in their relationship. Bentley added that 30 years was a "staggeringly huge sentence" and appropriate for her crimes.

Jon Hallford was sentenced to 40 years on corpse abuse charges at a February hearing in which

he was called a "monster" by relatives of the victims. Carie Hallford was the public face of Return to Nature, dealing with bereaved customers at the couple's funeral home in Colorado Springs. Jon Hallford performed much of the physical work, including at a second location south of Colorado Springs in Penrose. That's where authorities found bodies piled throughout a bug-infested building after neighbors complained about a foul odor in 2023. One of those corpses was the mother of Tanya Wilson, who told Bentley on Friday that the family released what they thought were her ashes from a boat in Hawaii. It turned out her body was lying in toxic fluids on the floor of the Hallfords' makeshift mortuary. Like other Return to Nature customers, the family received fake ashes instead of the cremated remains they were promised. They had prepared her mother's body for meeting her Korean ancestors in the afterlife, Wilson said. To preserve her dignity, they

Sands added. “The BCA will do what we have got to do. If they join the party, congratulations. We have already talked with stakeholders - the banks, the insurance companies, the legal fraternity. All are in the same space as us.

“The only body that has not joined in moving forward seems to be the Government of The Bahamas. They’re just going to watch the show. Once we get the Clearing Banks Association to use our certified members exclusively it changes everything. We’re very close to inking that relationship. We have been in talks and they’re no longer comfortable with being exposed they way they are in construction.

“They see the value in looking at some level of regulation; for licensing. The BCA has the documents put together, the scheme is in place, and the criteria for licensing we have ready to roll-out to our members. In the future, only contractors certified through the BCA will have the opportunity to engage in construction with banks and their clients. We’re in talks about it.

brushed her hair, applied her favorite moisturizer and dressed her in special clothes to preserve the dignity she had in life.

"Carie Hallford annihilated that dignity," Wilson said. Carie Hallford apologized in court Friday, saying she was raised to know right from wrong but had lost who she once was.

She fought back tears as she said her marriage had been "a convoluted web of lies, deceit and abuse." She said she was not a monster but deserved punishment. Prosecutors have alleged that the Hallfords were motivated by greed. They charged more than $1,200 per customer, and authorities said the amount they spent on luxury items would have covered the cremation costs many times over.

The case became the most egregious in a string of allegations involving Colorado funeral homes as details emerged about the their lavish spending and their pattern of defrauding customers.

Colorado had been the only state that did not regulate funeral homes before lawmakers adopted recent changes. The Hallfords' case prompted laws mandating routine inspections and adopting a funeral director licensing system.

State inspectors acting under the new law last

We’ve already laid out our case,” the BCA president continued.

“We have a feeling they appreciate their exposure, they recognise their exposure. The legal firms recognise their exposure, the insurance companies recognise their exposure. All the stakeholders recognise that this can’t continue, and they know just one case will show them how massively exposed they are.

“They are appreciating all the benefits that come with licensing. The BCA is moving forward with its members and stakeholders to create a level of certification that provides some guarantee of protection, some level of service, some level of professionalism in the industry.”

When asked by Tribune Business when the BCA’s agreement with the CBA and its members is likely to be signed, Mr Sands replied: “We cannot say for sure. We are in ongoing conversations. It’s close, but I would say in the next three to six months.”

He signalled that the negotiations with Bahamian commercial banks, and the

year found 24 decomposing bodies and multiple containers of bones behind a hidden door of a funeral home owned by the Pueblo County coroner and his brother. It was the first inspection of that Pueblo mortuary. Before the bodies

possibility of an exclusivity for BCA members on all bank-financed construction and development, is designed to put pressure on the Government to finally appoint the Board given that “hundreds of contractors outside our membership will be unable to do business with the banks”. Mr Sands indicated that the Government would have “no choice” but to move as this would “open this thing up”. He disclosed last August that Prime Minister Philip Davis KC had told BCA executives he wanted to appoint the Board before month’s end or early September 2025 at latest. The BCA submitted recommendations for those it wanted appointed to the Board to the Government, but no further action followed. “I think it’s safe to say that’s just dead where it’s at,” Mr Sands said of the Board.

“That’s safe to say.” He added that the Government had “not lived up to the promises made to the construction community”, which he described as “very disappointing” and the reason why the BCA has decided to move forward by

were found at Penrose, a mother and daughter who operated a funeral home in the western Colorado city of Montrose were sentenced to federal prison after being accused of selling body parts and giving clients fake ashes. In 2024,

itself and let the next admin-

istration either join or catch up. The construction industry is the last major profession in The Bahamas yet to be brought under self-regulation. Currently, consumers have little means for recourse or redress for contractor negligence or shoddy workmanship beyond regular contract law - as do banks and other financiers.

The Construction Contractors Act, and the Board’s appointment, were designed to provide such redress while also establishing a licensing regime certifying contractors according to the work they can perform. Penalties and sanctions would be imposed on those found guilty of misconduct and defective work.

The regulatory regime envisioned by the Act would also enable Bahamian contractors to better compete with foreign rivals for work on major foreign direct investment (FDI) projects by licensing and registering Bahamian contractors and construction trades persons according to their abilities and the scale of projects and work they are able to perform - thus giving developers a better idea of what they are capable of

authorities

people.

NOTICE

(Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 23rd day of April, A.D., 2026. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas.

Galnom Ltd. Liquidator

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.

Over 108 money laundering convictions in six years to ‘23

CASES - from page B1

since, the Act strengthened the ability and tools that law enforcement could employ to combat money laundering and trace and seize criminal proceeds. It also introduced Unexplained Wealth Orders and non-conviction based civil forfeiture orders. Tax crimes were also made a predicate offence.

Data disclosed in the report revealed that in 2018, the same year as the enhanced Proceeds of Crime Act was brought into effect, the number of persons convicted of money laundering offences rose almost nine-fold yearover-year - from just five in 2017 to 44. Over the same period, the number of persons charged increased more than seven-fold from ten to 72, while the number of prosecutions producing convictions jumped ten-fold from three in 2017 to 30 one year later. While the numbers eased slightly in the four subsequent years from 2019 to

2023, prosecutions/cases brought to court by the Bahamian authorities were always five to six times’ higher than in the benchmark year of 2017. “Over the six years to 2022, the Royal Bahamas Police Force was successful in investigating and forwarding cases for prosecution,” Mr Pinder wrote. “Prior to the Proceeds of Crime Act 2018, only four money laundering cases were prosecuted. Over the period reviewed, there were 141 money laundering cases prosecuted.” That 141 figure covers the six years from 2017 through to 2023, with the total number of persons charged and those convicted hitting 264 and 108, respectively, for the period. Cases resulting in conviction numbered 66, or an average of 11 per year, for the six-year period. “For the period of 2017 to 2022, a total of 2,771 financial crime cases were reported to the Royal Bahamas Police Force (RBPF) with an approximate value of $34.62m,” Mr Pinder added.

Emerick Seymour, director of the Financial Intelligence Unit (FIU), which analyses reports on suspicious transactions submitted to it by Bahamian financial services providers, wrote in the same report: “From 2021 to 2023, the total number of suspicious transaction reports (STRs) submitted over the three years amounted to 2,339 with a significant rise in 2022.

“Banks accounted for the highest number of STRs, totalling 1,559 reports. Money remittance services, though contributing fewer reports, still played a role with a total of 82 STRs, peaking at 57 reports in 2022. Credit unions reported a modest total of nine STRs over the three years, with a notable absence of reports in 2022.

“Lastly, trust companies submitted 99 STRs, with 78 reports recorded in 2022. These figures highlight the varying levels of compliance and activity within different financial institutions, emphasising the importance of continued monitoring

and collaboration to combat financial crimes effectively.”

As to the types of suspected offences covered by the STRs, Mr Seymour added: “The types of suspected criminality reported during the period 2021 and 2023 showed significant variation. Fraud consistently remained the most reported offence, while corruption and bribery fluctuated over the three years. The increase in fraud cases in 2021 is suspected to be a result of the pandemic, which led to a shift toward non-face-to-face operations in the financial sector.

“This shift may have created opportunities for fraudulent activities to occur more frequently, as the reliance on remote transactions and digital platforms increased during this period. Tax-related matters demonstrated a steady upward trend, with an increase in reports each year.

“Drug-related offences remained relatively low, with only a few reports for each of the reporting year. Trafficking in persons

Analysis: The US protected ships from Iran in the Strait of Hormuz in the ‘80s. Could it again?

By JON GAMBRELL Associated Press

NAVAL mines bobbing in the waters of the Persian Gulf, threatening oil tankers. Iranian speed boats raking ships with machinegun fire in the Strait of Hormuz. And the United States right in the middle of the fight.

This isn’t the current conflict between Iran and the U.S., paused by a shaky ceasefire. Instead, it’s the “Tanker war,” when Iran targeted shipping during its 1980s war with Iraq, and U.S. warships stepped in to escort Kuwaiti tankers to ensure the flow of crude oil to the global market.

The U.S. could follow that model now and become more aggressive to protect ships passing through the strait, through which 20% of the world’s traded oil and

natural gas passes in peacetime. It conducted more limited escorts of ships that came under attack in the Red Sea in recent years, and President Donald Trump said this week that he has ordered the U.S. military to “shoot and kill” small Iranian boats.

But offering escorts in the Strait of Hormuz wouldn’t be so easy. Military technology has advanced since the “Tanker war.” The U.S. hasn’t defined the same clear, narrow goals in this war as it did in the 1980s. And it’s not clear international shippers would feel safe even with an American Navy escort given it is a combatant now.

Small boats, big problems

The U.S. Navy has long been familiar with the small boat tactics deployed by Iran’s

paramilitary Revolutionary Guard, which has adapted to international sanctions blocking its ability to access military vessels by using smaller civilian ships for military purposes.

For years, the Guard has used vessels the size of small commercial fishing boats to shadow American aircraft carriers whenever they pass through the strait. Instead of bearing fishing poles, most have Soviet-era heavy machine guns bolted to their bows with a small rocket launcher atop.

Using those small boats, Iran seized two cargo ships this week. A video released by the Guard showed its forces aboard patrol boats dwarfed by the massive container ships. Guardsmen opened fire on the cargo ships, then stormed the vessels, carrying assault rifles.

Beyond their propaganda value, the seizures showed that nearly eight weeks into the war with the U.S. and Israel, with the American Navy imposing a blockade on Iran’s coasts, the Guard can use limited resources

to effectively shut down the strait and hold the global economy hostage.

The ‘Tanker war’

The “Tanker war” grew out of the fierce eight-year war between Iraq and Iran in the 1980s.

Iraq first targeted Iranian oil infrastructure and tankers in the Persian Gulf. Iran eventually responded with a concerted campaign of its own against ships in the region, including laying mines.

Iraq ultimately would attack over 280 vessels to Iran’s 168, according to the U.S. Naval Institute. But Iran’s use of mines caused havoc in the region.

The U.S., which supported Iraqi dictator Saddam Hussein with intelligence, weaponry and other aid, launched “Operation Earnest Will” and began escorting Kuwaiti oil tankers — which were reflagged as American.

It wasn’t without danger.

The Kuwaiti supertanker Bridgeton struck a mine while under U.S. escort at

was consistently reported at a low level throughout the period. These trends highlight the shifting prevalence of different criminal activities, underscoring the importance of sustained vigilance and targeted enforcement efforts.”

John Rolle, the Central Bank of The Bahamas governor, wrote that there had been a reduction in “requirements” issued to its bank and trust company licensees, which “identify less urgent yet still significant deficiencies” in anti-financial crime defences where the regulator can use its lawful powers to require remediation, between 2022 and 2023.

“The total number of supervisory requirements ranged from 57 to 67 per half-year period, reflecting ongoing identification and remediation of compliance gaps,” the Governor said.

“Notable sectoral trends included a decrease in requirements issued to domestic banks from a peak of 26 in March 2022 to eight 8 in September 2023, while domestic non-bank supervised financial institutions saw an increase, reaching 32 by September 2023, indicating a heightened supervisory focus.

“Requirements for international home offices gradually declined from 36

in September 2021 to just three in September 2023, whereas the imposed obligations for international host entities remained relatively stable, averaging between eight and 16 per period.”

As for the Gaming Board, Terah Rahming, its secretary, said: “Between March 2021 and April 2022, the Board conducted on-site inspections at a total of 235 licensed locations122 across 11 Family Islands and 113 in New Providence. These inspections, distributed among the seven licensed gaming house operators (web shops), were carried out under modified protocols due to COVID-19 restrictions.

“While gaming enforcement Inspectors continued daily monitoring of anti-money laundering/ counter-terror financing-related business transactions within casinos, only one formal anti-money laundering audit programme was conducted in 2022, also due to pandemic-related limitations. In 2023, the Board resumed full-scale inspection activities, conducting on-site assessments at 63 locations across Grand Bahama, Abaco and Bimini, in addition to 112 locations in New Providence, for a total of 175 inspections for the year.”

the start of the operation.

An Iraqi missile strike on the USS Stark killed 37 sailors, while an Iranian mine attack wounded 10 on the USS Samuel B. Roberts. The U.S. also mistook a commercial airliner for a fighter jet and shot it down, killing all 290 people aboard Iran Air flight 655.

No easy way out

Despite the challenges, the “Tanker war” operation saw the U.S. Navy ships successfully escort some 70 convoys through the region. But it would be hard to replicate that today.

The U.S. would have to guarantee that it could create a cordon that Iran couldn’t pierce — a tall order since just one Iranian missile, drone or boat-borne attack would bring back the fear that now pervades the strait.

“I think even if you compare it with the ‘Tanker war,’ I think just in terms of the way military technology has evolved, especially on that asymmetrical side, it’s much more difficult to secure a waterway now than it was then,” said Torbjorn Soltvedt, an analyst with risk intelligence company Verisk Maplecroft.

Don’t count on rate cuts just yet: Warsh as Fed chair may not lead to big policy changes

By CHRISTOPHER RUGABER AP Economics Writer

PRESIDENT Donald Trump has made it clear he expects his choice for Federal Reserve chair to quickly cut interest rates once he takes office. Yet Americans shouldn’t pencil in lower borrowing costs for mortgages, auto loans, or business loans just yet.

The odds of Kevin Warsh becoming chair by the time Jerome Powell’s term ends May 15 shot higher Friday when U.S. Attorney for Washington, D.C., Jeanine Pirro, said she would drop her probe into Powell over his testimony last summer about the Fed’s costly building renovations.

But should he be confirmed, Warsh will still face several hurdles to reducing rates, including rising gas prices that are pushing up inflation, questions about his political independence, and 11 other Fed policymakers who have a vote on the decision, with most of them not ready to cut.

At a Senate hearing Tuesday, Warsh pledged to be independent from White House pressure, but said relatively little about the direction he would take rates. While economists say

he was likely just being cautious, he missed a chance to lay out an argument for rate cuts.

“Warsh’s stated outlook is much more consistent with an extended hold than additional cuts,” Aditya Bhave, head of U.S. economics at BofA Securities, wrote in a client note.

Trump, meanwhile, has kept up the pressure. When asked last week on Fox Business whether he still expects interest rates to decline, Trump said, “when Kevin gets in, I do ... interest rates should be much lower.”

Here’s what you need to know about Warsh and what he will face as next Fed chair:

Rising inflation will make it harder to cut rates

Warsh, who was a member of the Fed’s governing board from 2006 to 2011, regularly argued for rate cuts last year as he sought Trump’s nomination to replace Powell. But since being named in late January, he has kept quiet, and hasn’t made any public comments since the Iran war started Feb. 28.

The war has pushed up oil and gas prices, which caused inflation to spike to a two-year high of 3.3%

INTERNATIONAL BUSINESS COMPANIES ACT. 2000

KAWOBER INVESTMENTS CORP. In Voluntary Liquidation

NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, KAWOBER INVESTMENTS CORP. is in dissolution.

The date of commencement of the dissolution was the 22nd day of April A.D., 2026.

Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of KAWOBER INVESTMENTS CORP.

Michael C. Miller Liquidator

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, Deangela Johnson of Palm Breeze Drive, Carmichael Road, parent of JAMARI ERIC STUART intend to change my child’s name to JAMARI ERIC MILFORT. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is here by given that I, JESSICA MICHEL of Robinson Road, Second Street, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th 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 IVAN JAMES ALISTAIR COOKE of Winton Terrace, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th 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 NATALIE JOY LIVINGSTON NEWBOLD of Blue Hill South, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

KEVIN Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026. Photo:Jose Luis Magana/AP

in March, above the Fed’s target of 2%. The Fed typically keeps its short-term rate — currently at about 3.6% — elevated to combat inflation, or even raises it. The Fed reduces its rate to spur more spending and hiring, and earlier this year several Fed officials worried that a slowdown in job gains demonstrated that the rate was too high. But in recent weeks there are signs the job market may be stabilizing, possibly undercutting the need for a rate reduction.

Christopher Waller, a Fed governor who voted in favor of a rate cut in January, last week expressed concerns that rising inflation could mean the Fed would have to stand pat. He also suggested that with the unemployment rate a stilllow 4.3%, rate cuts might not be necessary.

And Treasury Secretary Scott Bessent said last week that if the Fed wanted “to wait for some clarity” before cutting rates, “I understand that,” a statement widely seen as providing some cover

NOTICE is hereby given that KEMAR CHRISTOPHER DALEY JR. of Sandiland Village Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

for Warsh to keep rates unchanged for at least a few months.

For now, Wall Street investors see little chance for a rate cut until October 2027, according to futures pricing.

Certainly, if inflation cools in the coming months and unemployment worsens, more Fed officials could end up supporting a rate cut. The economy has been volatile for the past year, at times looking healthy and other times anemic.

Warsh is just one of 12 voters at the Fed

Another challenge for Warsh is that he will be just one of 12 voters on the Fed’s rate-setting committee, which meets eight times a year to decide on where to set its overnight interest rate. Most have indicated in recent speeches or votes that they are reluctant to lower borrowing costs with inflation as high as it is. The committee voted 11-1 to keep rates unchanged in March.

But there is a larger faction on the committee that wants the Fed to start considering the possibility of hiking rates, rather than cutting them, at upcoming meetings, according to minutes of their March gathering.

Members of the Fed’s board typically seek to support the chair, former Fed officials say. But rarely can a chair single-handedly and quickly swing an entire committee in his or her direction.

Jon Faust, an economist at Johns Hopkins and former adviser to Powell, said that the last time a chair was able to achieve something close to that was in the late 1990s, when then-chair Alan Greenspan famously persuaded the rest of the committee that rising productivity from the Internet would prevent inflation from taking off, and so the Fed didn’t need to raise rates. Yet that was after Greenspan had been chair for several years and had built support on the committee, Faust said.

Next week, at a meeting likely to be Powell’s last, the committee is widely expected to keep rates where they are. Stephen Miran, a governor Trump appointed last September, was the only official to vote for a rate cut in March and has voted to cut rates at every meeting he has attended. But Warsh will replace Miran. Another governor Trump named in his first term, Michelle Bowman, has also occasionally dissented in favor of a rate cut.

NOTICE

NOTICE is here by given that I, ISMITE BELFORT of S.C Bootle Highway, Abaco, 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 27th day of April, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas

Trump’s disdain for wind power creates political turbulence for Republicans in coastal Virginia

By MATTHEW DALY Associated Press

WHEN President Donald Trump tried to cancel five massive offshore wind projects under construction along the East Coast, it wasn’t just environmentalists who cried foul.

Nine Republicans in the U.S. House sent a letter to administration officials demanding an explanation.

“America’s energy policy should be grounded in facts, fiscal responsibility, and the national interest — not ideology or politics,” they wrote.

One of the lawmakers is Rep. Jen Kiggans, a former Navy helicopter pilot who represents a coastal district in Virginia where an $11.5 billion wind farm is expected to create 1,000 jobs. Her support for an initiative targeted by Trump shows the scrambled politics of clean energy in an election year where Republicans are at risk of losing the House.

Kiggans could be even more at risk after Virginia voters on Tuesday approved a new congressional map that makes her competitive district more Democratic than before.

Trump’s broader campaign against clean energy resulted in the cancellation of nearly $35 billion in U.S. projects last year, according to a report by E2, a clean energy business group. Republican-held congressional districts lost nearly twice as much in investments than did Democratic districts, the report said.

For now, the Virginia project is back on track, along with the other four, because

of federal court rulings. But Elaine Luria, a former congresswoman who is seeking the Democratic nomination in the 2nd Congressional District represented by Kiggans, said the incumbent’s efforts have been futile in the face of Trump’s onslaught.

“Her advocacy did nothing,” Luria said. Kiggans did not respond to requests for comment.

A president who hates ‘windmills’ Trump has treated energy issues as another front in the nation’s cultural clashes, referring to Democrats’ support for clean energy as the “Green New Scam.” He frequently talks about his hatred of “windmills,”

which he described as “STUPID AND UGLY” on social media. He issued an executive order on the first day of his second term blocking wind projects and he has insisted that “smart countries” do not use wind power.

Solar farms are not much better in his mind.

“You go around and you see all these things that are 3 miles long by 3 miles wide and you say what the hell is that,” Trump said at the White House last summer.

The administration even agreed to pay $1 billion to a French company to walk away from two U.S. offshore wind leases and instead invest in oil and natural gas projects.

Leaders of France and Greece say the EU’s defense splurge is no alternative to the NATO alliance

By MENELAOS HADJICOSTIS Associated Press

THE European Union’s ongoing push to bolster its own defensive capabilities isn’t intended to spawn an alternative to the NATO alliance but to answer a long-standing U.S. call for the continent to take charge of its own security, the French president said Saturday.

Emmanuel Macron said Europe mustn’t act to weaken NATO, which connects the continent with its American ally. Instead, Europeans are now stepping up to meet Washington’s demand made over the past decade “sometimes nicely, sometimes less nicely” to take care of their own security.

“The lesson we must draw is, let us no longer be dependent,” Macron said after talks with Greek Prime Minister Kyriakos Mitsotakis. “We Europeans must strengthen this European pillar of NATO, we must strengthen this Europe of defense — not against anyone, not as an alternative to anything.” Mitsotakis echoed the French president, saying the U.S. should be pleased that the EU is taking its own self-reliance seriously and investing more in its own defense, calling the

American demand to spend more “justified.”

After traveling to Cyprus for an informal European Union leaders’ summit, Macron visited the Greek capital to renew a 2021 defense partnership between France and Greece that includes a mutual assistance clause in case of an armed attack against either. “This mutual assurance and assistance clause is inviolable, and it is not up for debate between us,” Macron said. “So there are no question marks, no doubts to be entertained — and all our potential, or real, enemies need to be very clear about that.”

The 3-billion-euro agreement included the purchase of 24 Rafale fighter jets and four state-of-the-art frigates including the Kimon, which Macron and Mitsotakis visited Saturday.

Greece, which has long had troubled relations with its eastern neighbor Turkey, has been overhauling its military capabilities, and much of its defense procurement has come from France. Among those is the French MICA anti-airmissile system that can be used by aircraft, land forces and warships. Both leaders hailed the agreement as an example for other EU partners to follow and boost the 27-member bloc’s competitiveness. Mitsotakis

encouraged EU leaders to drop “national egotism” that pulls a protective curtain over their domestic industry and move forward with more mergers to produce economies of scale.

Macron underscored the need for European industry to innovate and win back consumers with better, more desirable products that will finance the EU’s defense goals.

“All of us Europeans — the Franco-Greek relationship is a prime example — need to buy more European products, produce more European goods, and innovate more within Europe,” he said.

Both leaders referred to Article 42.7, the EU’s own mutual defense clause, that Macron said wasn’t “just empty words.” The French president pointed to both countries’ rush to assist fellow EU member Cyprus by dispatching warships there in early March after a Shahed drone struck a British base on the island nation during the Iran war.

The French president warned against instigating panic with talk about fuel shortages as a result of the closure of the Strait of Hormuz from which roughly a fifth of the world’s oil and gas passes. He said the fuel supply remains “under control” and that he doesn’t foresee any shortages.

He said Europe remains focused on helping to reopen the Strait of Hormuz, although he acknowledged that it will take some time for the situation to return to normal.

because it was perfect but because it delivers permanent tax relief for families & small businesses, rebuilds our Navy & invests in national defense,” she wrote.

Stephen Farnsworth, a political science professor at the University of Mary Washington in Fredericksburg, Virginia, said front-line Republicans have been put in a difficult position.

“Kiggans is not the only Republican being squeezed” as Trump focuses on his own priorities and the country faces economic headwinds exacerbated by the war with Iran, he said. Although few want to risk upsetting the president, Farnsworth said, “in coastal Virginia politics, there’s not much upside to opposing wind.”

U.S. Rep. Tom Kean Jr., R-N.J., has been caught up in a controversy over the

see from land. On a recent visit to the Portsmouth Marine Terminal, where construction is staged, the turbines were impossible to discern along the horizon.

Dominion Energy, which operates the wind farm, says it delivered its first power to the grid last month. The project, first announced in 2013, is expected to create 1,000 jobs and generate about $2 billion in economic activity, the company said.

Once finished, the 176-turbine project could deliver 2.6 gigawatts of power to the grid — enough to supply more than 660,000 homes — at a time when Virginia faces growing energy demand from an expanding hub of artificial intelligence data centers.

“I had ONE vote, and I voted YES on the One Big Beautiful Bill Act not because it was perfect but because it delivers permanent tax relief for families & small businesses, rebuilds our Navy & invests in national defense.”

Kiggans voted in favor of Republican legislation to gut clean energy tax credits as part of Trump’s sweeping tax and spending bill even though she has long portrayed herself as a champion of renewable energy. Democrats have turned the issue into campaign advertisements, and Luria said it undermines Kiggans’ attempt to “sell herself as if she’s a moderate.”

Luria said Kiggans “voted for a bill to make energy more expensive.”

In a Facebook post after the bill was passed in July, Kiggans said her vote “wasn’t about politics — it was about overall results.”

“I had ONE vote, and I voted YES on the One Big Beautiful Bill Act not

Gateway Tunnel, which will add new rail tracks under the Hudson River to alleviate congestion between his state and New York City. Trump tried to block federal funding, a potential setback for commuters in towns that Kean represents. A judge ordered the administration to restore money for the project after Democratic leaders in New Jersey and New York went to court.

An opportunity to lead on offshore wind

Although Trump has dismissed offshore wind turbines as ugly, the Coastal Virginia Offshore Wind project is about 27 miles (43 kilometers) out into the ocean, making it difficult to

“There’s an opportunity here for Hampton Roads to be a national leader in offshore wind,’’ said Andrew Nissman, a spokesman for the Hampton Roads Workforce Council, which has trained maritime workers for the project.

Nissman declined to comment on the congressional race, saying, “as with any stop-and-start challenge, it’s important the project is moving forward.’’

While the wind farm is now partially online, “Kiggans nearly cost her constituents this project by standing with an administration dead set on dismantling the offshore wind industry and voting to repeal critical clean energy tax credits last year,’’ said Dan Taylor, Southeast regional field manager for the BlueGreen Alliance, which coordinates labor unions and environmental groups.

Intel’s best day since 1987 leads the US stock market to more records

By STAN CHOE AP Business Writer

A SURGE for Intel fol-

lowing a blowout profit report led the U.S. stock market to more records Friday, while oil prices kept yo-yoing in the wait for what’s next with the Iran war.

The S&P 500 climbed 0.8% and topped its prior all-time high, which was set on Wednesday. The Dow Jones Industrial Average dipped 79 points, or 0.2%, and the Nasdaq composite rallied 1.6% to its own record thanks to the jump for tech.

Intel led the way and roared past its 2000 peak during the dot-com boom to an all-time high. It soared 23.6% for its best day since 1987 after reporting much stronger results for the first three months of the year than analysts expected.

CEO Lip-Bu Tan said the next wave of artificial-intelligence technology is increasing the need for Intel’s chips and products, and the company’s forecast for profit in the spring topped analysts’ estimates.

Such strong profit reports have helped Wall Street rally to records, and the S&P 500 has leaped nearly 13% in a little under a month. Hopes have also

built in financial markets that the United States and Iran can find a way to avoid a worst-case scenario for the global economy because of their war.

A ceasefire is tenuously in place between the two, but tensions between them are still keeping oil tankers from passing through the Strait of Hormuz to deliver crude from the Persian Gulf to customers worldwide.

Oil prices climbed this week on worries about the

strait, but an encouraging signal came Friday after Iran’s top diplomat said he was heading to Pakistan. That’s where officials have been trying to get the United States and Iran to convene for a second round of ceasefire negotiations.

White House press secretary Karoline Leavitt later said in an interview on Fox News Channel that President Donald Trump is sending his envoys Steve Witkoff and Jared Kushner

Tillis says he’s ready to move ahead with confirming Warsh as Trump’s pick as Fed chair

WASHINGTON Associated Press

THE Republican senator who had effectively blocked confirmation of President Donald Trump’s pick to lead the Federal Reserve said Sunday he was dropping his opposition after the Department of Justice ended its investigation of the current central bank chair.

The announcement by Sen. Thom Tillis of North Carolina removes a big hurdle to Trump’s effort to install Kevin Warsh, a former high-ranking Fed official, in the job in place of Jerome Powell, long under White House pressure to lower interest rates. Tillis’ opposition was enough to

to Pakistan to meet with Iran’s foreign minister.

The price for a barrel of Brent crude to be delivered in June yo-yoed for much of the day before settling at $105.33, up 0.2%. The price for a barrel of Brent oil delivered in July, which is where more of the trading is happening in the market, fell 0.2% to $99.13.

On Wall Street, Procter & Gamble rose 2.5% after reporting stronger profit for the latest quarter than

stall the nomination in the GOP-controlled Senate Banking Committee as Powell neared the scheduled end of his term on May 15.

“I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair,” Tillis told NBC’s “Meet the Press,” two days after the U.S. attorney for the District of Columbia said her office’s investigation of the Fed’s multibillion-dollar building renovations was over. Powell’s brief congressional testimony last summer about that work was also under review.

The Fed’s internal watchdog is scrutinizing a project, now at $2.5 billion after earlier estimates had put it at $1.9 billion, that the Republican president has criticized for cost overruns. Powell had asked in July for the inspector general’s review.

“I believe that there will not be any wrongdoing. Maybe we find a little

analysts expected. CEO Shailesh Jejurikar said it saw broad-based growth across regions and products, which include Bounty paper towels and Tide detergent.

That helped offset a drop of 25.5% for Charter Communications, whose profit for the latest quarter came in weaker than analysts expected. It lost 120,000 internet customers during the three months, more than some analysts expected.

Hartford Insurance Group fell 3.7% after reporting profit growth for the latest quarter that fell short of analysts’ expectations.

All told, the S&P 500 rose 56.68 points to 7,165.08.

The Dow Jones Industrial Average dipped 79.61 to 49,230.71, and the Nasdaq composite rallied 398.09 to 24,836.60.

In the bond market, Treasury yields eased as traders upped their bets on the possibility that the Federal Reserve could resume its cuts to interest rates later this year. The path appeared to clear Friday for Trump’s nominee to chair the Fed, Kevin Warsh, after the U.S.

stupid here in terms of somebody responsible for the project making a decision they shouldn’t? Maybe. But it doesn’t rise to a criminal prosecution. That was my problem to begin with because I feel like there were prosecutors in D.C. that thought this was going to be a lever to have Mr. Powell leave early,” he said. Tillis, who infuriated Trump in June for opposing his big tax and spending cuts bill over Medicaid reductions and then announced he would not seek reelection in 2026, added that he had received assurances from the Justice Department that “the case is completely and fully settled … and that the only way an investigation would be opened would be a criminal referral from one of the most respect inspector generals.”

Important week for Fed leadership

The committee on Saturday said it planned to vote Wednesday on Warsh’s nomination. The ranking Democrat, Massachusetts Sen. Elizabeth Warren, responded with a statement that “no Republican claiming to care about Fed independence should support moving forward the nomination of Kevin Warsh, who proved in his nomination hearing to be nothing more than President Trump’s sock puppet.”

Also Wednesday, Fed policymakers will meet and are expected to keep their key interest rate unchanged for the third straight meeting, shrugging off Trump’s demands for a cut. At a news conference, Powell could indicate whether he will remain on the Fed’s board of governors after his term as chair ends, an unusual but not completely unprecedented step that would deny Trump the opportunity to fill another seat on the seven-member board. Powell’s term as a governor lasts until January 2028. At a hearing last week, Warsh told senators he never promised the White House that he would cut interest rates and pledged to be “an independent actor” if confirmed as chair. Hours before that, Trump had been asked in a CNBC interview whether he would be disappointed if Warsh did not immediately cut rates. “I would,” the president said.

23, 2026.

Justice Department ended its probe into the Fed’s current chair, Jerome Powell. Sen. Thom Tillis, a North Carolina Republican, has said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation. Warsh is the choice of Trump, who has been arguing loudly for lower interest rates, which could help mortgages and other kinds of loans become less expensive.

The yield on the 10-year Treasury dipped to 4.30% from 4.34% late Thursday.

A report in the morning also said sentiment among U.S. consumers remains sour. A survey by the University of Michigan found weaker sentiment in April across political party, income, age, and education, though it improved a bit after the ceasefire in the war with Iran was announced earlier in the month.

In stock markets abroad, indexes were mixed across Europe and Asia. Japan’s Nikkei 225 rose 1%, and France’s CAC 40 fell 0.8% for two of the world’s bigger moves.

Without the constraints of a political campaign, Tillis has spoken out forcefully about Powell, decrying the inquiry by U.S. Attorney Jeanine Pirro, a longtime Trump ally, as a “vindictive prosecution” and suggested it threatened the Fed’s longtime independence from day-to-day politics. Tillis told NBC that he had gotten assurances from the Justice Department that he needed “to feel like they were not using DOJ as a weapon to threaten the independence of the Fed. So this will allow Mr. Warsh to move on with his confirmation.”

On Saturday, Trump was asked by reporters whether there was now smooth sailing for Warsh with the end of the Justice Department’s investigation. “I imagine it’s smooth,” Trump said, adding that his nominee “is going to be fantastic.” The president said he still wanted to find out “how can a building of that size cost ... whatever it’s going to be.” Trump visited the Fed building in July and, in front of television cameras, said the renovations would run $3.1 billion. Powell, standing next to him, said after looking at a paper presented to him by Trump, that the president’s latest price tag was incorrect.

Justice Department pursues Trump adversaries The investigation was among several undertaken by the Justice Department into Trump’s perceived adversaries. For months it had failed to gain traction as prosecutors struggled to articulate a basis to suspect criminal conduct. Other efforts by the department to prosecute Trump’s adversaries, including New York state Attorney General Letitia James, a Democrat, and former FBI Director James Comey, have also been unsuccessful. Last month, a federal judge quashed Justice Department subpoenas issued to the Fed in the investigation, describing their purpose as “to harass and pressure Powell to resign” and open the path for a new chair. A prosecutor handling the Powell case had acknowledged at a closed-door court hearing that the government had not found any evidence of a crime.

Pirro said Friday on X that she “will not hesitate to restart a criminal investigation should the facts warrant doing so.” The acting attorney general, Todd Blanche, told NBC on Sunday that “there is no doubt that we will investigate” if the inspector general finds evidence of criminal conduct.

Warsh is a financier and former member of the Fed’s board of governors. Trump nominated him in January.