07312026 BUSINESS

Doctors to launch 75-job ‘ rst of its kind hospital’

BY NEIL HARTNELL TRIBUNE Business Editor

DOCTORS Hospi-

tal is partnering with a leading Indian medical institute to launch “a frst of its kind specialist hospital” in The Bahamas to treat autism through a multi-million dollar investment billed as creating 75 local jobs.

Dennis Deveaux, the BISXlisted healthcare provider’s chief executive, told Tribune Business that its former Doctors Hospital West facility on Blake Road is set to become the home for Bahamas NeuroGen Ltd’s neurological wellness centre with an opening planned for the company’s fnancial third quarter that begins August 1.

BISX provider teams with Indian specialist for neurological wellness centre

Renovates Blake Road facility that will rst treat autism, then other illnesses

‘Next growth chapter’; multi-million project said be be seeking 39 work permits

Besides the real estate, he revealed that Doctors Hospital will also “provide support services” to the facility although its operation will be left to the Bahamian subsidiary of Neurogen Brain & Spine Institute, the Navi Mumbai-based provider that specialises in treating persons with “incurable neurological disorders” such as autism, cerebral palsy, strokes, dementia, spinal cord injuries, muscular dystrophy and motor neuron disease.

and craft our own strategy” for regenerative and neurological medicine as part of imagining what the country’ health and wellness climate will look like come 2031 and beyond. He added that the BISX-listed provider may partner again with Neurogen Brain & Spine Institute, others or even go it alone when pursuing opportunities in this feld.

of The Bahamas in its June 2026 and second quarter economic developments report.

Slashed to just 2% nonconformity in 5-year period Collective $4m tied-up in criminal cases, prosecutions

Financial crime assessment nds risks are mitigated

BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net

Mr Deveaux explained that the Bahamas NeuroGen tie-up will enable Doctors Hospital to “understand what this type of medicine involves

The Doctors Hospital chief spoke out after the Bahamas NeuroGen project was unveiled by the Central Bank

“A neurological wellness facility is planned for the former Doctors Hospital West on Blake Road, ofering diagnostics, medical treatment, neuro-rehabilitation, integrative therapies and autologous stem cell therapy for patients with autism,

Atlantis ‘sick slip’ doctor loses reinstatement bid

BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net

A DOCTOR, who was frst suspended for “forging sick certifcates” for 185 Atlantis workers over a four-month period, has lost the latest bid to reinstate his medical licence to practice.

Sir Ian Winder yesterday ruled that Dr Bertram Sears had supplied no “good reason” for why he missed the deadline, set in law, to launch a Judicial Review challenge to the Bahamas Medical Council’s (BMC) July 14, 2021, decision that left him in “regulatory limbo”. And he found

that giving the doctor the extra time he sought would be “detrimental to good administration” of the medical profession and the public interest.

The Chief Justice, in his verdict, noted that Dr Sears was found by the Bahamas Medical Council’s disciplinary committee to have “not told the truth” after Atlantis complained more than 11 years ago about the number of sick slips he had issued to its employees to enable them to take days of work.

The slips were issued over a four-month period between late 2014 and early 2015, and

Bahamas to outperform IMF with growth ‘just under’ 3.8%

BY FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

THE CENTRAL Bank’s governor yesterday predicted The Bahamas will once again confound the International Monetary Fund (IMF) and other observers by outperforming their 2026 expectations through full-year economic growth set to come in “just below” last year’s 3.8 percent.

John Rolle, speaking at the regulator’s half-year economic developments conference, said the economy maintained healthy growth during the frst half despite facing headwinds from higher infation driven by rising world oil and fuel prices, ever-present geopolitical uncertainties and frequent and long-lasting power outages at home. Presenting the Central Bank's latest assessment, Mr  Rolle said growth during the frst six months

PM requests BPL give more consumer relief

BY FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

PRIME Minister Philip Davis KC yesterday said he has asked Bahamas Power & Light (BPL) to examine whether it can provide further fnancial relief to customers following Wednesday night’s islandwide disruption to homes and businesses across New Providence.

Speaking to reporters while visiting the BPL Blue Hills power plant yesterday, Mr Davis said he has discussed whether consumers

afected by repeated outages and high electricity bills could receive concessions from the utility.  "I've asked BPL to look at that, and they'll see what they can do," he said. Mr Davis acknowledged his frustration with the continued disruptions, but maintained that the latest outages should not be viewed as a failure of the Government's energy reform programme. "Well, it just tells us how complicated the whole issue is," he said.

the Council’s disciplinary committee upheld the Paradise Island mega resort’s complaint that these were “forged” and issued without the patients being examined to determine if they were truly ill.

“The underlying disciplinary proceedings brought against Sears arose from a formal complaint by Atlantis. The complaint alleged that, between November 6, 2014, and February 2015, the applicant issued 185 sick certifcates without conducting medical examinations to determine whether

the certifcates should be granted,” Sir Ian wrote.

“The disciplinary committee of the BMC conducted a detailed investigation, in which Sears was legally represented. The committee held two days of hearings, heard evidence from Sears, and invited written closing submissions on his behalf. The Committee found that Sears was not a credible witness and had not told the truth. It concluded that he had forged sick certifcates, despite his denials, and that he was guilty of serious professional misconduct.”

NON-COMPLIANCE by corporate entities with The Bahamas’ benefcial ownership regime has shrunk from 28 percent during COVID-19 to just 2 percent last year, it has been revealed, helping to minimise fnancial crime risks.

The Bahamas’ latest assessment of the risks posed by money launderers, terror fnanciers and other fnancial criminals found that compliance with the Register of Benefcial Ownership Act 2018, which requires all corporate entities domiciled in this nation to maintain accurate and current information on their owners and control purposes, has improved signifcantly over the past fve years.

Blaming COVID, and the fact the Bahamian fnancial services industry was still getting to grips with the Act’s demands, for more than one-quarter of all Bahamas-registered entities being non-compliant in 2021, the report said steady improvement has taken the sector to a position where there is near-total conformity.

“Benefcial ownership compliance across legal persons and arrangements in The Bahamas remained high and improved steadily during the 2021–2025 period,” The Bahamas’ risk assessment 2025 asserted.

“The compliance rate in 2021 was around 72 percent, refecting the relatively recent implementation of BOSS (Benefcial Ownership Secure Search System) in 2019 and the temporary extensions granted in 2020 due to the COVID-19 pandemic.

“From 2022 onwards, compliance increased steadily, reaching approximately 98 percent by 2025. This trend refects the efectiveness of ongoing supervisory measures, timely regulatory engagement and the embedding of

New corporate leaders must avoid change that is too fast

Stepping into the role of chief executive or senior leader is both an exciting opportunity and a tremendous responsibility. Whether leading a government agency, private company, or non-proft organisation in The Bahamas, the frst few months often determine the level of trust, credibility and momentum that will follow. While every leader is naturally eager to make a positive impact, efective leadership begins with understanding before transforming. Here are ten practical tips for corporate leaders assuming responsibility for a new team. First, spend time listening before leading. Employees possess valuable institutional

knowledge that cannot be found in reports or strategic plans.

* Second, learn the company’s culture. Every workplace has traditions, unwritten norms and values that infuence performance and morale.

* Third, build relationships with staf at every level. Genuine engagement creates trust and encourages open communication.

* Fourth, understand the company’s strengths before focusing on its weaknesses. Recognise successes and celebrate what is already working well.

* Fifth, meet with key stakeholders, including customers, partners, suppliers and governing bodies. Their perspectives provide

Premature to say BPL outages hitting growth

BY FAY SIMMONS

TRIBUNE Business Reporter jsimmons@tribunemedia.net

THE CENTRAL Bank’s governor yesterday said it would be premature to conclude that this summer's Bahamas Power & Light (BPL) outages have materially afected the wider economy’s growth and output.

"I would not want to draw too many new conclusions from that," John Rolle said at the regulator’s half-year economic briefing. "We have not done any quantitative work, but you want to be very careful in trying to connect the dots

from a few power supply disruptions and economic performance." Instead, Mr Rolle said the more important issue is reducing The Bahamas' long-standing energy costs, which continue to infuence investment decisions and economic competitiveness. "I think it's better to say that if you look at the overall cost structure in The Bahamas, the cost of energy is a factor in those tie-break decisions that are being made around investments, and that is not a 2026 issue,” he added. “That is an historical issue, which the investments in the sector will potentially address by reducing some of the

valuable insight into corporate expectations.

* Sixth, communicate your vision clearly and consistently. People support what they understand.

* Seventh, make decisions based on evidence rather than assumptions. Review performance data, fnancial information and operational realities before introducing signifcant changes.

* Eighth, identify and develop talent within the company. Strong leaders build future leaders rather than relying solely on external recruitment.

* Ninth, establish quick but meaningful wins that demonstrate progress without disrupting stability.

* Finally, remain humble and approachable.

baseline costs for electricity generation."

Mr Rolle added that ongoing investments in the energy sector could provide broader economic benefts by lowering electricity costs over the long-term and supporting stronger growth.

"What's also positive is that a lot of the investments that have been formulated over the last year-plus are making use of liquidity in the domestic fnancial sector," said Mr Rolle. "That's a very good thing, and there's a lot more capacity for private sector mobilisation of liquidity through these types of interventions."

The Governor said he was not aware of any signifcant disruption to the banking system following Thursday morning’s islandwide power outage. Asked whether the outage had afected banks after reports that several automated teller machines (ATMs) were unavailable, Mr Rolle

Leadership is not about authority alone; it is about earning confdence through integrity, consistency and service.

Perhaps the greatest mistake a new executive can make is assuming that previous methods automatically apply to a new company. Every workplace has its own history, challenges and successes. Arriving with pre-determined conclusions, replacing systems too quickly or restructuring departments without meaningful consultation can create uncertainty, resistance and declining morale. Successful leaders recognise that consultation is not a sign of weakness; it is a sign of wisdom. Employees, Board members, customers, unions, government ofcials,

said fnancial institutions generally have contingency measures in place to maintain operations.

"I'm not aware, but again, I'm not going to draw any conclusion from a single event," he said. "Financial institutions typically have very good business continuity plans with reserve power supplies, so you would need to be very careful in taking note of where those ATM machines are located and what direct, continuous control banks have over them."

Mr Rolle noted that many ATMs operate outside bank branches, meaning their availability can depend on factors beyond a bank's direct control. "A lot of the ATMs on this island - in fact, the majority of them- are probably located outside of banking premises, so you want to bear that in mind," he said.

and other stakeholders all have perspectives that deserve careful consideration before signifcant decisions are made. Inclusive leadership produces better decisions because it incorporates diverse experiences and minimises unintended consequences. The most respected leaders are rarely those who make the fastest changes. They are the leaders who take the time to understand, consult, inspire and then execute with confdence.

In today's rapidly-changing Bahamian business environment, thoughtful leadership remains the strongest foundation for sustainable organisational success.

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

Governor: More research needed on US tari e ect

BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net

THE CENTRAL Bank’s governor yesterday said more research is needed to determine how the US imposition of a 12.5 percent tarif on Bahamian exports will afect this country's economy, identifying seafood exports as one of the sectors set to be most impacted.

John Rolle, speaking at the Central Bank's halfyear economic review, said ofcials are still assessing the scope of the tarifs and which Bahamian exports will be most afected.

"The understanding of what's happening in the tarif space continues to be an area where more research is needed," said Mr Rolle. "If you follow

some of the public dialogue, there has been an emphasis on what it would mean, for example, for seafood exports. That's one of those singular items we can identify."

The Governor noted that The Bahamas' role as a transshipment hub means the full impact of the tarifs will require closer examination.

"The Bahamas also has a lot of transshipment activity," said Mr Rolle. "If you read the US proclamation very carefully, you'll see there's some delineation separating what's happening in the transshipment space from direct exports.

"We need to drill down to identify the specifc categories of commodities and goods being exported from

SELL - See Page B5

Asset trading platform deal to create new ‘Benchmark’

BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net

A SUBSIDIARY of BISX-listed Benchmark Bahamas yesterday signed a joint venture with a Swiss technology frm to establish a digital asset trading platform designed to position The Bahamas as a global leader in blockchain-based fnancial services once regulatory approval is secured.

The move, which comes as Benchmark’s celebrates its 25th anniversary as a publicly-listed company on the Bahamas International Securities Exchange (BISX), now awaits approval from the Securities Commission of The Bahamas for licences under the Digital Assets and Registered Exchanges (DARE) Act 2024.

The deal, involving its Benchmark Advisors (Bahamas) afliate, is a tie-up with Swiss company, Ovryde Ltd, to create the Bahamas Ovryde Exchange (BOX), which is intended to be far more than a crypto currency exchange.

Julian Brown, Benchmark’s chairman, president and chief executive, described the venture as a transformative step for

the country’s fnancial services industry.

“We have today signed a signifcant venture with our partners Ovryde to create the Bahamas Ovryde Exchange,” Mr Brown said. “It’s a digital infrastructure that is going to bring blockchain and digital currency trading, tokenised trading, to The Bahamas.”

He said the partnership combines Ovryde’s proprietary technology with Benchmark’s regulatory licences and decades of experience operating under the Securities Commission’s supervision.

The joint venture will see Benchmark apply for every category of licence available under the DARE Act, allowing the company to provide a broad range of digital asset services if approvals are granted.

“We’ve applied for every licence in the Act,” Mr Brown said. “So there are fve diferent categories. We’ve ticked them all because the technology is that powerful.”

He added that Benchmark has been working on the project for around six months, beginning with discussions on strategic ft before moving into planning and execution.

“The only thing that we’re waiting on now, before we

Businesses fume on BPL’s latest outages

BY ANNELIA NIXON TRIBUNE Business Reporter

anixon@tribunemedia.net

A NEW Providence-wide power outage early Thursday disrupted businesses, delayed fights, afected airport operations and forced Bahamas Power & Light (BPL) into an hours-long restoration efort.

For many businesses, the outage translated directly into lost productivity, delayed appointments and increased operating costs.

Emmanuel Petit-Homme, owner and chief executive of FRYME Studios, said the outage efectively crippled his company’s operations.

“It defnitely afects our business because we’re in the media business and we need electricity,” he said.

“It caused a lot of late starts, and clients already booked and funds already paid. So it caused a lot of inconvenience.”

FRYME Studios rents production facilities and

provides advertising, content creation and social media services. Mr Petit-Homme said about 90 percent of the studio’s operations depend on electricity. “If we don’t have electricity, it literally takes down 90 percent of our studio because you need Wi-Fi speed,” he said. “Our server is down. Our equipment uses electricity to turn on lights and so on and so forth. It’s actually a smart studio also. So if there’s no current, then I guess it’s a dumb studio at that point.”

Mr Petit-Homme said outages create a cascading scheduling problem for clients, many of whom co-ordinate photographers, videographers and make-up artists around fxed appointment times.

“It’s a domino efect,” he said. “If somebody books for today and I have to push them to tomorrow, then the person who was supposed to come tomorrow has to move to the next day.”

First-ever credit bureau still feels like ‘start-up’

BY FAY SIMMONS

THE CENTRAL Bank’s Governor yesterday said The Bahamas' frst-ever credit bureau remains in its start-up phase but is already helping borrowers strengthen their credit profles and negotiate better loan terms  John Rolle, speaking at the regulator’s half-year economic briefing, said commercial bank lending continues to accelerate amid improving economic conditions. He said the credit bureau continues to onboard new reporting entities and expand the information available to lenders, while providing consumers with a clearer picture of their credit histories.

"I would say it's been very positive, but to some extent we still feel as if we're in start-up mode with the credit bureau," he said. "There's still a lot of onboarding going on, and we're trying to make certain that we get all of these interested entities onboarded."

press the name on a letterhead, is the licence,” Mr Brown said, expressing confdence that the frm’s long-standing regulatory record would support its application.

Benchmark operates through two licensed subsidiaries that provide capital markets and brokerage services. Mr Brown said the frm’s regulatory experience would complement Ovryde’s technology, creating a structure designed to avoid governance failures that plagued previous digital asset platforms.

Mr Brown made a distinction between the proposed exchange and the collapse of FTX, the crypto currency exchange whose failure in 2022 damaged The Bahamas’ reputation as a digital assets jurisdiction.

“FTX was a fraud; it was structured incorrectly,” Mr Brown said. “The Bahamas made a short mistake in doing it because we wanted to advance ourselves into the new frontier.” He argued, however, that the country’s regulatory framework has since been strengthened through the updated DARE legislation.

“We have now adjusted our rules and created a new DARE Act 2024 to accommodate the errors and the loopholes that were in the

To minimise the disruption, the company often provides additional studio time or works late into the evening to accommodate customers, increasing overtime costs while preserving client relationships.

The BPL outage, which began shortly after midnight on Wednesday, left homes, hotels and businesses without electricity for several hours, with BPL later confrming that a fre at its Blue Hills power plant was triggered after a suspected underground cable fault caused an explosion.

Initial investigations later determined that this resulted in the explosion of a 15-mega volt-ampere (MVA) transformer, forcing the utility to isolate critical equipment before beginning to restore the grid.

The outage also disrupted operations at Lynden Pindling International Airport (LPIA). Airport operator, the Nassau Airport Development Company (NAD), said the airport switched to generator power for several hours after commercial electricity failed, with normal power restored shortly after 8am.

Although passenger screening continued, several airlines experienced delays, producing longerthan-normal check-in lines in both the US departures

faster pace, supported by stronger consumer borrowing and a near doubling in commercial lending.

frst, and so the regulatory regime is a lot stronger,” he said.

Mr Brown maintained that The Bahamas now ranks among the world’s leading jurisdictions for digital asset legislation, and suggested other countries are modelling aspects of their regulatory regimes on Bahamian law.

David Kalberer, chairman of Ovryde Ltd, said the exchange’s biggest differentiator will be its use of self-custody technology, allowing investors to retain direct control over their digital assets rather than transferring them to the exchange.

“The user or the investor keeps control and sovereignty over the assets he brings into the exchange,” Mr Kalberer said. “That’s a lot diferent from how other providers do that.”

He said the Bahamas Ovryde Exchange will operate as a Bahamian company using Swiss and European-developed institutional grade technology rather than serving as an ofshore branch of a foreign exchange.

“This is a Bahamas company,” he said, adding that the technology is capable of rivaling major global

and international/domestic terminals.

“Flights are arriving and departing from LPIA,” NAD said, while encouraging passengers to contact their airlines directly as delays continued to ripple through fight schedules. National fag carrier, Bahamasair, also reported interruptions after the outage afected Internet connectivity used for international passenger check-in.

The airline said back-up Internet systems allowed operations to resume, although passengers travelling on morning fights to Miami, Fort Lauderdale and Orlando experienced minor delays.

Atlantis said it has multiple back-up generators, allowing power to be restored quickly after Thursday’s island-wide failure.

Meanwhile, the Water and Sewerage Corporation advised customers in western New Providence that they could experience temporary interruptions in water service after a generator failure at the Windsor pumping station.

Areas potentially afected included sections of western Carmichael Road, Tropical Gardens, Old Fort, Westridge, Cable Beach West, Munnings Drive and Skyline Drive.

and continued management of delinquent accounts by commercial banks.

exchanges such as the New York Stock Exchange and the London Stock Exchange. Sean Prescott, Ovryde’s founder, chief executive and chief technology ofcer, said the project brings together technology, regulation and location in a way that could integrate The Bahamas more closely into the global fnancial system.

“If people want to do remittance, if we want to connect The Bahamas to the global fnancial systems and vice versa, we now have the partnership, the legal framework, the regulatory and technology all in one place,” he said.

Mr Prescott said the platform has been designed in consultation with regulators and is built around cryptographic verifcation and self-custody principles intended to improve transparency and investor protection.

Addressing comparisons with FTX, he said users of the Bahamas Ovryde Exchange would retain exclusive control over their assets.

“When people were signing up to FTX, they were basically just handing over their funds,” Mr Prescott said. “With Ovryde and the technology for the Bahamas Ovryde system, we can prove to you; anybody that comes on the system, that we don’t have access to your money.”

He described the technology as independently audited and certifed, with cryptographic safeguards preventing the operator

from accessing customer assets.

Beyond crypto currency trading, Mr Prescott said the technology also supports tokenisation of real world assets, enabling ownership records and asset histories to be verifed through blockchain technology.

Patrick Burke, a director involved with the venture, said the partnership combines Benchmark’s reputation in traditional fnancial services with globally competitive digital infrastructure.

“This isn’t state-of-the-art technology relative to The Bahamas,” he said. “This is state-of-the-art technology on a global basis.” He added that the technology is already fully developed rather than being a concept under development.

“This is built,” Mr Burke said. “This is actually ready to go. It’s leading edge today.”

If approved by regulators, the Bahamas Ovryde Exchange would become one of the frst platforms to operate under the country’s revised DARE Act framework, which was introduced following reforms aimed at strengthening oversight of the digital asset industry after FTX’s collapse.

Benchmark executives said they expect the venture to attract international digital asset business to The Bahamas while reinforcing the country’s ambitions to re-establish itself as a leading fnancial technology jurisdiction.

Governor: 18% foreign currency sales growth ‘far

exceeds’ 2025

BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net

THE CENTRAL Bank’s governor yesterday said foreign exchange transactions underscore the Bahamian economy’s relative health with the 17.8 percent increase in bank purchases from the private sector to $4.6bn “far exceeding” 2025’s frst-half growth.

John Rolle, speaking at the regulator’s half-year economic development briefng, added that increased demand for import payments also drove a 13.7 percent rise in foreign currency sales by the banks to businesses and individuals during the frst six months of 2026 to end-June.

And, amid all this activity, The Bahamas’ foreign currency reserves - which ultimately support the parity one:one exchange rate peg with the US dollar - were more than $200m higher than the year-before point at end-July. As a result, Mr Rolle forecast that the reserves will likely fnish 2026 at a level equal to, or slightly higher, than the prior year.

1.3 percent expansion in 2025.

“In line with increased demand for payments, mainly for imports of goods and services, total sales of foreign exchange to the private sector increased by 13.7 percent to $4.1bn. The resulting seasonal net infow of foreign exchange through the banking sector was correspondingly twothirds stronger than in 2025, contributing to signifcantly expanded net sales of foreign currency to the Central Bank.

“With the Central Bank’s net sales of foreign exchange to the public sector only marginally ofsetting these net receipts from commercial banks, the external reserves growth through the frst half of 2026 was boosted to $480m from the healthy, but more moderate, $355m in the same period of 2025,” the Governor added.

Mr Rolle said the system is already producing benefts for both fnancial institutions and borrowers.

"It's already starting to help institutions as well as borrowers," he added.

"It does help borrowers because, for once, a borrower can tell, in a consolidated fashion, what information exists on their credit history and, in the process, clean up any inaccuracies in the records."

Mr Rolle said the credit bureau ultimately gives consumers a stronger ability to demonstrate their creditworthiness when seeking fnancing.

"It's benefcial for borrowers and it's really intended to empower them, particularly now that they can provide more factual evidence of their creditworthiness and, in many cases, use that to negotiate better interest rates,” he added.

The Governor's comments came as the Central Bank reported continued strengthening in bank lending during the frst half of the year. According to the Central Bank's latest economic review, private sector lending expanded at a modestly

Mr Rolle noted that many commercial loans have been directed towards fnancing major energy sector investments.

"We don't have a very granular view of who those borrowers are, but in many cases they tend to be larger businesses," he said. "In the recent year or so, a signifcant chunk of lending has also been mobilised to fnance some of these energy projects."

The banking sector's asset quality also continued to improve, with delinquent loans declining over the past year.

The Central Bank estimates the ratio of non-performing loans fell by about one percentage point from June 2025 to approximately 4.4 percent, refecting fewer private sector loans more than three months in arrears

Mr Rolle said the Central Bank also intends to continue expanding participation in both the credit bureau and the domestic fnancial system more broadly as part of eforts to improve credit access and strengthen lending decisions.

“The foreign exchange markets underscore significantly accelerated private sector infows during the frst half of 2026 compared to last year,” Mr Rolle said.

“In particular, commercial banks’ total purchases of foreign currency from the private sector - from investment infows, tourism and other exports - rose at a robust rate of 17.8 percent to $4.6bn in the frst half of the year, far exceeding the

“Near the end of July 2026, external balances were estimated near $3.2bn compared to $2.97bn at the end of July 2025. Given current balances, external reserves are expected to end the year at stable to possibly improved levels in comparison to December 2025. This maintains a favourable support for the Bahamian dollar fxed exchange rate, and it leaves continued room for the Central Bank to accommodate strengthened private sector credit growth over the near and medium-term.”

As for Bahamian commercial bank credit activities, Mr Rolle added:

CURRENCY - See Page B7

Project provides gateway for Doctors to ‘craft own strategy’

cerebral palsy and other neuro-developmental disorders,” the Central Bank said.

“Expected to house 34 rooms, an operating theatre, a stem cell laboratory and rehabilitation facilities. The project is expected to employ at least 75 Bahamians. Thus far, the developers have requested 39 work permits.” Neurological and regenerative medicine is a specialist, evolving feld and some expatriate expertise will be required to launch and place the Bahamian business on a sustainable footing in its early years.

Mr Deveaux, who told Tribune Business that Bahamas NeuroGen is “in the fnal throes” of satisfying the Immigration Department on its labour needs and approvals, said Doctors Hospital has emphasised to its Indian partner the need to employ Bahamians “in meaningful roles”. He added that this advice has been “embraced’, as both the medical head and head of nursing are local.

Asserting that the “knowledge transfer” and other benefts ofered by Bahamas NeuroGen’s Indian parent will be major advantages for The Bahamas, Mr Deveaux added that Doctor’s Hospital’s share of the investment at Blake Road is “less than $1m”, with the capital mostly deployed in renovations and outftting the facility, and the balance devoted to

an extra hyperbaric oxygen chamber and vehicles.

The Doctors Hospital chief explained that the Government had paved the way for the Bahamas NeuroGen investment, and its own plans, by passing the Longevity and Regenerative Therapies Act 2024 (LARTA) to replace the original 2013 stem cell legislation. It established a legal framework for the approval, licensing and ethical regulation of advanced medical treatments such as gene therapy, stem cell procedures and functional medicine.

“We already, as part of our look towards 2031 and what medicine in the country might will involve, have taken note of the enabling legislative environment,” Mr Deveaux told Tribune Business. “The legislative environment is the Longevity and Regenerative Therapies Act 2024 that allows for establishing medical programmes in the space of longevity and regenerative medicine.

“Doctors Hospital intends to be at the forefront of that within the appropriate legal and regulatory framework locally. We have idle, and have fnished renovating, the facility at Doctors Hospital West in order to host the country’s frst paediatric specialist medical facility with the work and mission to treat those that have autism.

“Doctors Hospital’s role will be to primarily provide the facility and allied health services around the programme itself,” Mr Deveaux

explained. “We are the host facility for a frst of its kind paediatric specialist hospital in The Bahamas to treat for autism.

“Bahamas NeuroGen is in the fnal throes of satisfying the Central Bank and Department of Immigration, and the allied health professional councils through appropriate oversight and regulatory steps.”

The Doctors Hospital chief executive said the Blake Road facility is due to open during the third quarter of the BISX-listed healthcare provider’s fnancial year, which runs from August 1 to end-October.

“That entity [Bahamas NeuroGen] has received its certifcate of incorporation, and I believe it has the approval of the Bahamas Investment Authority (BIA),” Mr Deveaux said. “It’s now with the Central Bank for exchange control approvals.” He added that the neurological wellness centre will initially focus on paediatric treatments for autism, with the other services detailed by the Central Bank rolled out in later phases.

“The only point I would make, and it’s a very narrow point in terms of where the programme starts, is that it starts only with autism and will not add other neurological diseases in the frst phase of the facility,”

Mr Deveaux said. “They’ll move into paediatric autism cases once the facility is opened. Those additional phases will be appropriately facilitated by the LARTA committee.”

Sir Ian: Challenge’s go-ahead against ‘good administration’

As punishment, the BMC’s disciplinary committee “recommended that Sears be reprimanded and that the reprimand be entered in the Medical Register”. It added that he must also attend, and pass, an “intensive course” on medical ethics and recommended that his medical licence to practice be suspended until this occurred. The committee stipulated that Dr Sears take the “PROBE programme” held by the National Centres for Personalised Physicians Evaluation and Education. “The PROBE programme is described by the BMC as an intensive, personalised, non-adversarial remediation programme,” Sir Ian wrote. “It comprises pre-session assignments, a 16-hour seminar programme, and a fnal essay graded by PROBE. It is targeted to the practitioner’s specifc

As for any concerns over the requested 39 work permits, he explained: “What we have advised Bahamas NeuroGen is they need to have Bahamians that are in meaningful roles in the hospital and oversight, and I think they have embraced that. The medical head and head of nursing are both Bahamians.

“They will have a signifcant role in the delivery of the programme itself, with signifcant knowledge transfer from Neurogen Brain & Spine Institute from India. Where the therapists exist, and nurses and allied professionals and administrators exist, they will be Bahamian.

“We expect Bahamas NeuroGen, in partnership with ourselves, as the host facility, will be a company run by Bahamians and beneft from the technology, advice, research and knowledge of a well-managed operator that originates from outside The Bahamas. They are working with very credible advisers to set up their operations here.”

Neurogen Brain & Spine Institute, according to its website, was founded in 2008 and won the Nobel Prize in Medicine in 2012 for its autologous bone marrow mononuclear cells grafting. It has expanded from treating 150 patients in its frst year to 250 patients per month, and with a staf that has grown from six to nearly 200 full-time and contract workers.

As for Doctors Hospital’s share of the Blake Road investment, Mr Deveaux

infraction, and requires disclosure and refection on the misconduct.”

The full BMC accepted the fndings and recommendations, but Dr Sears missed the 25-27, April 2017, course dates as he was still pursuing an appeal against his licence suspension, which he ultimately abandoned that July.

“Sears eventually enrolled in the PROBE programme and attended the course in Denver, Colorado, on 24–26 August 2017,” the Chief Justice added. “He was unsuccessful in this attempt.

“On October 5, 2017, the BMC wrote to Sears and advised him that they had been made aware of the fact that he had failed the PROBE programme and that his licence remained suspended until he satisfed the Council’s requirements. Sears did not re-enroll in the PROBE programme.”

Instead, Dr Sears eventually applied to have his licence reinstated in January 2021 and provided evidence that he had completed a diferent, online course on ‘Medical ethics, boundaries and professionalism” at Case Western Reserve University. However, Sir Ian noted that the doctor did not obtain the BMC’s view of the course, whether it was equivalent to the PROBE programme and if passing would result in his licence being returned if he passed.

The BMC, in a July 14, 2021, response to Dr Sears’ reinstatement application, supplied by his then-attorney, the late Romona Farquharson-Seymour, demanded that he provide more details on the Case Western course so it could determine whether it matched PROBE. The letter, signed by Dr Merceline Dahl-Regis, former chief medical ofcer, also reminded Dr Sears that he needed the Council’s approval before enrolling in a re-entry course.

“The BMC says that it gave Sears an opportunity to provide further evidence that the Case Western course was equivalent to the PROBE programme, and did not refuse his application outright,” Sir Ian said.

“Sears did not respond to that request until October 27, 2022, when his attorneys, Cedric Parker & Company, wrote to the BMC asserting that the Case Western course was equivalent to the PROBE programme. The BMC says that Sears’ attorneys did not provide further evidence or any reasoned basis for that assertion.”

The BMC’s position was that the Case Western course did not match the PROBE equivalent, and it did not reinstate Dr Sears’ licence - thus triggering the

said: “It’s not very capital intensive. Our investment is less than $1m. Most of it is in the renovation and outft of the facility. I would imagine, just knowing the scope of the programme, their’s [Neurogen Brain & Spine Institute] will be a multi-million dollar investment.

“Ours shouldn’t be more than $1m all-in. For shareholders, we have a business plan that sets out the proposed return from that.”

Reiterating that Doctors Hospital will provide support services rather than operate the facility itself, Mr Deveaux explained that the partnership will open the door for the BISXlisted healthcare provider’s entrance into neurological and regenerative medicine.

“This gives us an opportunity to understand what this type of emergent feld of medicine involves, and craft our own strategy in partnership with Bahamas NeuroGen, other partners or on our own. The legislation enables it,” he told Tribune Business.

Mr Deveaux said Doctors Hospital’s strategy is based on “three core objectives”. The frst is that it will only target areas where there is “strong clinical interest”, with research-backed practices that demonstrate value and intend to conduct further study. And, setting out the company’s second and third criteria, he added: “We look for things that are low risk.

“We are not interested in exploring, not interested in chasing the latest trends

legal action he launched almost two years’ later on May 23, 2023. This was later changed to a Judicial Review case on July 4, 2024, with this type of action used to challenge the decisions and powers of public authorities such as the BMC.

Dr Sears demanded that the Supreme Court “quash” the refusal to restore his licence and, instead, “immediately restore” his name to the Medical Register of doctor able to practice medicine. He alleged he was the victim of an unlawful decision, and subjected to “arbitrary, oppressive, inhumane, degrading” conduct.

“Sears submits that he provided the BMC with all reasonably available information showing that the Case Western Reserve University School of Medicine course.. was equivalent to the course recommended by the BMC. He says Case Western was accredited by the Accreditation Council for Continuing Medical Education, and that he was therefore entitled to a substantive decision on his application for restoration,”

Sir Ian wrote.

“If the BMC had a genuine concern about the course, Sears argues that it should have conducted a transparent investigation, communicated its fndings and raised any concerns directly with Case Western, which had invited such contact… He maintains that he was entitled to a lawful pathway to resume practice in The Bahamas, particularly where both programmes were said to be ACCME-accredited.”

Sir Ian added that Dr Sears had branded the Council’s July 14, 2021, decision “as a continuing wrong that leaves him in regulatory limbo”. However, the Council countered by asserting that all Dr Sears’ arguments were in vain because the Judicial Review action was brought on July 4, 2024almost three years’ after the decision complained of, and well outside the six-month deadline imposed by the Supreme Court’s civil procedure rules.

This was an argument that found total agreement from the Chief Justice, who said the “failure to act promptly” brings Dr Sears’ action to an immediate halt. And the doctor had supplied no good reason to explain or justify the delay. An afdavit fled on Dr Sears’ behalf said: “The applicant humbly apologises for the delay in instituting these proceedings. The applicant undertook signifcant cost and expense in securing counsel to represent him in this matter, and the unreasonable and protracted delays and

in neurological and regenerative medicine. We are not chasing red herrings if you will. We also need to see strong demand drivers where demand is robust, and a strong pipeline of patients willing to travel to The Bahamas, introducing medical tourism, to receive a cure not available in their home market. Those are the three pillars we are looking at.”

Mr Deveaux hailed neurological and regenerative therapies as “kind of the next chapter of Doctors Hospital’s growth, and it will really transform healthcare delivery”. He added that the company has expanded, from just its Collins Avenue and “satellite” Blake Road facility just fve years ago, to one with nine out-patient facilities that are “all fnancially viable” and see as many as 50,000 persons per year, with its new Grand Bahama hospital close to completion.

“This part of our journey continues to look at what the future holds for medicine,” Mr Deveaux said. “We have worked on this [Bahamas NeuroGen] for a very long time, and are very committed to improving things nationally. The fact we are able to launch this programme in The Bahamas speaks volumes to the forward thinking of the regulatory environment. We hope this is going to do a lot in our community.”

silence on the part of the respondent contributed to the overall time taken. The applicant instituted these proceedings as soon as he could manage to do so.”

Sir Ian agreed with the BMC’s argument that Dr Sears had given no suitable explanation for the delay. And he added: “Firstly, Sears has not demonstrated any urgency in pursuing the reinstatement of his licence. The BMC, on March 1, 2017, imposed the condition that Sears complete the PROBE programme timely and indicated that he should enroll in the programme scheduled for 25-27 April, 2017.

“Sears did not enroll in the programme, as directed, resulting in the cancellation on his licence with efect from 1 June, 2017. Sears eventually took the PROBE programme held in August 2017 and was unsuccessful. Having failed the programme, and rather than retake the PROBE programme, which he was permitted to do, Sears enrolled himself in the Case Western programme.

“Sears undertook this programme without determining whether the BMC would accept it as an alternate to the PROBE programme that he was directed to complete. Remarkably, he does not enroll in this programme until February 2020, twoand-a-half years later. Even more remarkably, Sears does not apply to be reinstated until January 2021, a year after completing the course.”

Sir Ian also noted that Dr Sears took 15 months to reply to the BMC letter demanding he supply proof that the Case Western course was equal to PROBE. “I am satisfed that this is not a case where there is good reason for extending the time within which to apply for Judicial Review,” he added.

“I am also satisfed that any relief sought by Sears, assuming there was good ground, ought to be refused on the ground that to grant it would be likely to cause hardship or prejudice or be detrimental to good administration. The BMC has pointed to the protracted lapse of time since Sears was directed to complete the PROBE programme, arising from his very serious infractions, some six years ago”

The BMC, in its evidence, said nine years had passed since the PROBE condition was imposed, and Dr Sears’ reinstatement “would require an up-to-date assessment of his suitability, competence, conduct and compliance with statutory requirements”.

Governor: Stopover tourism not yet to pre-COVID peak

of the year closely matched the pace recorded in the same period of 2025, supported by stronger tourism, continued foreign investment, construction activity and improving employment.

“Based on available indicators, the Bahamian economy maintained a healthy growth rate during the frst half of 2026, closely keeping pace with the estimated gains recorded in the frst half of 2025,” he said. Mr Rolle added that tourism performance strengthened compared with last year, with faster growth in stopover visitors

alongside continued robust cruise arrivals.

He added that foreign investment remained concentrated in resort developments, residential real estate projects and private cruise destinations, supporting construction activity and creating both temporary and permanent jobs.

“For 2026, forecasted growth is on pace to come in just moderately below the estimated 3.8 percent recorded in 2025,” Mr Rolle said, while acknowledging that stopover tourism trends remain below those from pre-COVID. The IMF and credit rating agencies have projected Bahamian

PM blames heat wave grid strain for BPL’s challenges

FIRE - from page B1

“For example, the institutional knowledge of the grid in BPL is no longer there... There’s no asset inventory. We’re now trying to develop that.” Mr Davis said the outages were not the result of inadequate maintenance or a lack of investment, but rather circumstances beyond the Government’s control.

“I am frustrated because the acts that cause these outages are not because of a lack of maintenance, not because of the transformative work that is happening, but rather because of factors beyond our control,” he said.

“For example, the heat that we are experiencing. If you do your investigative reporting and understand what’s happening around the world, you’ll see that The Bahamas is not unique in what is happening with power delivery. We are dealing with our own problems. We are facing those problems, and we are delivering aggressively.”

Responding to concerns from Bahamians who have questioned why outages persist despite signifcant investment in the electricity sector, Mr Davis said the recent failures were driven by extreme weather conditions rather than shortcomings in BPL’s transformation programme.

“What caused the blackout wasn’t because of a lack of efort on the part of BPL, and the carrying out of the initiatives that started under our transformative initiatives. It was because of acts beyond our control,” he said.

“You have a transformer that’s blown up because of overheating of underground cables... May, for example, was the hottest in history. June, same thing. Heat overbears our transmission and distribution system.”

Meanwhile, Jo-Beth Coleby-Davis, minister of energy, utilities and aviation, said she was advised by BPL executive chairman, Christina Alston, that a fault on the high-voltage system at the Blue Hills primary substation at around

gross domestic product (GDP) will grow in the low 2 percent range for 2026, below the Governor’s forecast.

“For tourism, this includes an expansionary year-to-date contribution from stopover earnings, benefting from slightly recovered visitor volumes and further appreciated average pricing, but with constrained hotel room inventory still limiting overall performance,” he explained. “Although rebounded against 2025, monthly seasonal volumes still have not shifted significantly, on average, to the peak baseline headcount

2.30 am yesterday resulted in the loss of one of the station’s primary transformers. According to Mrs Coleby-Davis, the failure caused a fashover, making it necessary to immediately isolate critical equipment to protect personnel and the wider electricity system. After the system was stabilised and all required safety procedures were completed, BPL’s system controllers began a “black start” restoration. Mrs Coleby-Davis said a ‘black start’ is among the most technically

recorded before the COVID-19 pandemic.

“Otherwise, tourism performance also refects a fairly robust uptake of vacation rentals, in place of constrained resort accommodations. In addition, vigorous demand growth from the Canadian market for the second consecutive year has been supplemented in 2026 by a more stabilised and incrementally improved outcome for the US market. In the meantime, cruise visitor infows have remained strong.”

At the same time, Mr Rolle said infation has accelerated because of higher fuel costs and rising

demanding operations an electric utility can undertake, requiring generation units to be brought online in a carefully-controlled sequence, substations to be progressively energised and electrical load restored in stages to maintain system stability and prevent further failures.

She said BPL deployed operational, engineering and feld teams throughout the network to support the restoration efort, monitor system conditions and respond immediately to any abnormalities encountered during the energisation process.

While acknowledging the frustration experienced by households and businesses, Mrs Coleby-Davis thanked BPL employees for working under extremely demanding conditions while mourning the recent loss of a colleague.

“The Ministry of Energy, Utilities and Aviation will continue to monitor the restoration eforts and remain in close communication with BPL ofcials,” said Mrs Coleby-Davis, encouraging the public to follow BPL’s Facebook page and WhatsApp channel for updates.

prices for imported goods and services stemming from geopolitical tensions.

“Turning to infation, recent frming was evident, owing to higher prices for imported fuel, impacting transportation costs and a range of elevated pricing on other imports,” he said.

While domestic electricity prices have been partially shielded by Bahamas Power & Light’s (BPL) fuel hedge, Mr Rolle warned that higher generation costs could eventually flter through once those protections expire.

“For the time being, some domestic energy costs remain sheltered by BPL’s fuel hedge. However,

adjustment in the fuel hedge is expected to occur before oil prices fall back to pre-war levels. This could pass higher costs through to electricity generation after 2026,” he added.

Looking ahead, Mr Rolle said the economy continues to face signifcant external risks, including the wars in Ukraine and the Middle East, persistent tarif uncertainty and weaker consumer confdence in key tourism markets. Nevertheless, he said tourism, foreign investment, employment growth and domestic lending are all expected to remain supportive of continued economic expansion.

Trump tari s to disrupt sheries

SELL- from page B2

The Bahamas. We know fsheries products are one of those, and it’s probably one of the most concentrated export categories that people can point to.”

The US imposed the 12.5 percent tarif on Bahamian goods this month after determining that this nation had failed to adequately prohibit imports produced using forced labour, although the measure was based on the country’s import laws rather than labour practices within The Bahamas itself.

The Davis administration has since sought an exemption for Bahamian crawfsh and stone crab exports, arguing that the

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country’s commercial fsheries do not employ forced labour and warning that the tarif comes just days before the opening of the crawfsh season.

Jomo Campbell, agriculture and marine resources minister, has also pledged to strengthen The Bahamas’ forced labour import regime in an efort to secure a lower tarif rate.

The tarif has drawn concern from both government and industry representatives, who have warned it could increase costs for one of The Bahamas’ most important export sectors.  Opposition fnance spokesman, Kwasi Thompson, has also urged the Government to continue pressing the US until the tarif is removed.

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Amazon to boost spending on AI and other technology by $20 billion after strong Q2 results

By ANNE D’INNOCENZIO AP Business Writer

AMAZON said it will be increasing this year’s capital spending on technology, mostly artifcial intelligence, by an additional 10% after the tech and e-commerce giant delivered strong profits and net sales during for fscal second quarter, helped by surging growth in its prominent cloud computing unit.

The Seattle-based company said Thursday that sales in its cloud computing unit called AWS rose 37% during the April-June period, faster than the 28% clip in the previous quarter and marking the fastest rate of growth in 18 quarters.

CEO and President Andy Jassy disclosed to investors on the call that Amazon now expects capital spending to total $220 billion, which also includes outlays on robots, semiconductors and satellites. That’s up from the $200 billion investment plan that was announced in February and well above the $128 billion in capital spending for all of last year. Jassy cited the higher cost of memory chips as the main reason for the increase.

Jassy told investors that even at the $220 billion level, Amazon will not have enough capacity to meet all of the demand it has this year.

“I believe this dynamic will also be true in 2027

too,” he added. “In fact, the demand we already have for 2028 is striking.”

Still, shares rose more than 9% in after-hours trading.

Investors had been closely watching Amazon’s quarterly earnings to see if the company’s big spending on AI is starting to pay of.

The Seattle-based company ofered a cautious sales outlook for the current quarter.

Amazon was among the last of the tech giants to report its earnings results covering the latest threemonth period. The reports ofer investors a read on AI spending and cloud computing growth across the industry.

Google parent Alphabet reported better-than-expected revenue for the second quarter last week, fueled by an 82% increase in its cloud business. But the stock tumbled as the tech giant increased its fullyear forecast for capital expenditures to a range of $195 billion to $205 billion. That’s up from its previous estimate of $180 billion to $190 billion.

Microsoft, which on Wednesday reported stronger proft for the latest quarter than analysts expected, said growth was strong for its Azure cloud business. The company didn’t announce a big increase in how much it plans to spend on AI

22, 2025.

on a conveyor belt at an Amazon storage warehouse

investments. That helped to boost shares.

Investors are worried that such spending is eating into companies’ cash fows and may not ultimately be worth it if AI doesn’t deliver as much productivity and profts as promised. In a statement released Thursday, Jassy said AWS is “booming” and noted that its AI and chips businesses each eclipsed run rates of more than $25 billion. He noted that in stores, the company set record delivery speeds for its Prime members in the frst half of the year, noting that 40% more items were delivered either same-day or overnight.

Microsoft’s best day since 2008 leads US stocks, while in ation worries remain in the bond market

By STAN CHOE AP Business Writer

A MONSTER day for Microsoft’s stock following signals that its big spending on AI is translating into profts led a powerful rebound on Wall Street Thursday, while computer-chip companies regained some of their sharp recent losses. In the bond market, though, worries remained about infation potentially remaining high for years. The S&P 500 rallied 1.7% and more than recovered its drop from the day before, which was its worst in seven weeks. The Dow Jones Industrial Average jumped 613 points, or 1.2%. The Nasdaq composite, which is full of artifcial-intelligence stocks, rallied 2.8% a day after it fell 9.8% below its record set last month.

Microsoft led the way and leaped 15.5% for its best day in nearly 18 years after reporting a stronger proft for the latest quarter than analysts expected. Growth was strong for its Azure cloud business, and

CEO Satya Nadella said it refects how customers are using Microsoft to move into AI. Perhaps just as importantly for Wall Street, Microsoft did not announce a big increase in how much it plans to spend on AI investments, something that several other Big Tech rivals have done. Worries are high that such spending is eating into companies’ cash fows and may not ultimately be worth it if AI does not produce as much productivity and profts as promised. Meta Platforms helped demonstrate such fears after falling 8%. The parent company of Facebook and Instagram reported a weaker proft for the latest quarter than analysts expected, even though it made slightly more in revenue than expected. It also raised the lower end of its forecasted range for spending on investments this year.

Companies involved in the making of the computer memory and processors that such “hyperscalers” are buying to power their AI

NOTICE is hereby given that I ACREUS MASE INELUS SIMON  of #59 Sandilands Village, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 31st day of July, 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 CLAUDE FRANCOIS of #20 Westridge, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of July, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

eforts rose Thursday, recovering some of the big losses they’ve taken on worries their stock prices shot too high in the euphoria around AI.

Micron Technology jumped 18.4%, for example, to trim its loss for the week to 5%. It was the strongest force lifting the S&P 500 after Microsoft.

Lam Research, a supplier to the semiconductor industry, soared 18% after reporting stronger proft and revenue for the latest quarter than analysts expected. Chip giant Advanced Micro Devices rallied 13%.

On the losing end of Wall Street was Jersey Mike’s Subs. The sandwich chain’s stock fell 6% in its frst day of trading on the New York Stock Exchange. All told, the S&P 500 rose 121.48 to 7,437.63. The Dow Jones Industrial Average climbed 613.92 to 52,208.06, and the Nasdaq composite leaped 679.24 to 25,122.18.

In the bond market, longer-term Treasury yields held steadier following their sharp accelerations Wednesday. They had jumped after the chairman of the Federal Reserve, Kevin Warsh, gave few clues about what the central bank will do with interest rates to combat the painfully high infation that continues to hurt the country.

Higher rates could keep a lid on infation, but they can also slow the economy and undercut prices for stocks and other investments.

The yield on the 10-year Treasury was 4.67%, the same as late Wednesday.

The 30-year Treasury yield ticked up to 5.22% from 5.20%, a day after it shot up from 5.09%. Those yields

“There’s a lot to be excited about, and we have much more coming for customers in the second half of the year and beyond,” he said.

Amazon’s results from the latest quarter underscored that demand keeps growing for Amazon’s services and technology.

In April, Amazon signed big deals with OpenAI, Anthropic and Meta.

Amazon announced in April what it called a “major expansion” of its partnership with ChatGPT maker OpenAI one day after the artifcial intelligence company said it was loosening its ties to longtime backer Microsoft.

Like other retailers, however, Amazon is experiencing higher tarif costs because of President Donald Trump’s foreign trade policies. Rising shipping costs as the Iran war afects oil and fuel prices also could cut into the company’s e-commerce revenue.

Meanwhile, Amazon has been speeding up order delivery times through a combination of robotics, AI technology and more efcient warehousing. In fact, speedier delivery helped Amazon dethrone Walmart in February from its status as the nation’s largest company by revenue, according to Fortune, which compiles

a ranking of the top 500 U.S. corporations by total revenue for their respective fscal years.

Amazon announced in May it was rapidly opening small order processing hubs in dozens of U.S. and foreign cities for 30 minute deliveries, catering to people who can’t or don’t want to wait for cough medicine to relieve fu symptoms or tomatoes for tonight’s dinner salad.

The company said Thursday that for the frst six months of the year it more than doubled the number of new customers for its online pharmacy service, while same-day prescription deliveries were up nearly fve times.

Amazon also pushed up its big four-day sale event known as Prime Day to June from July this year.

Amazon reported net income of $62.65 billion, or $5.75 per share, in the three-month period ended June 30. That compares with $18.16 billion or $1.68 per share, in the year-ago period.

Net sales rose to $200.6 billion from $167.7 billion a year ago. Analysts were expecting sales of $197.03 billion for the latest quarter.

Amazon said it expects net sales to be in the range of $197 billion to $202 billion. Analysts expect $203.9 billion, according to FactSet.

“If investors conclude that the latter is true, the credibility of the Fed’s in ationghting commitment could come under increasing scrutiny. Arguably, it already is.”

Kevin Warsh

move with investors’ expectations for infation and economic growth in upcoming years. Warsh reafrmed on Wednesday the Fed wants to get infation back to 2%, even though the central bank decided not to raise interest rates despite infation remaining higher than that. He also implied the bond market may already be doing some of the Fed’s work to restrain infation, and he pointed to how yields have climbed since the central bank’s last meeting six weeks earlier. That leaves investors questioning whether the Fed is prepared to act if infation worsens, or whether it is relying on fnancial markets to achieve the same

NOTICE

NOTICE is hereby given that I, ABDUL RABIN ZIDOR of Firetrail 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 24th day of July, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

outcome, according to Seema Shah, chief global strategist at Principal Asset Management.

“If investors conclude that the latter is true, the credibility of the Fed’s infation-fghting commitment could come under increasing scrutiny. Arguably, it already is.”

President Donald Trump, who nominated Warsh to lead the Fed, has lobbied for lower interest rates even though they could cause infation to accelerate.

Reports released Thursday suggested the U.S. economy’s growth slowed by more during the spring than economists expected.

A measure of Infation, meanwhile, remained worse last month than the Federal

Reserve’s target, but it slowed from May’s level. In the oil market, prices eased. Brent crude, the international standard, fell 1.4% to settle at $86.88 per barrel. It had swung as low as $72 early this month and as high as $102 last week on uncertainty about whether the United States and Iran could reach a deal to allow oil tankers to move freely again from the Middle East to customers worldwide. In stock markets worldwide, indexes were mixed in Europe and Asia. South Korea’s Kospi fell 1.2%, and France’s CAC 40 rose 0.9% for two of the world’s bigger moves. Seoul’s market has been at the center of AI’s huge swings because it’s dominated by two tech titans, Samsung Electronics and SK Hynix. After more than doubling through this year’s frst six months, the Kospi has plunged 34% so far in July. Its drop on Thursday came as Samsung Electronics dipped 0.7%.

NOTICE

NOTICE is hereby given that I RAYMOND SIMON of #59 Sandilands Village, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 31st day of July, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Financial providers, realtors refuse clients failing due diligence scrutiny

ASSESS - from page B1

reporting obligations across all entity types,” the study added.

“Domestic companies and International Business Companies (IBCs) consistently demonstrated strong adherence, while smaller or specialised entities, including exempted limited partnerships, foundations and foreign companies, gradually improved compliance, consistent with the complexities of cross-border operations.”

The Bahamas’ risk assessment noted that compliance with the benefcial ownership regime had increased to 84 percent of all corporate entities and their registered agents in 2022, with further improvements to 90 percent by 2023; 94 percent by 2024; and last year’s 98 percent, which was attributed to the implementation of reporting obligations and increasing “adoption and awareness” of these demands.

The assessment added that just four criminal matters, featuring a combined $4.085m and involving Bahamas-based companies, International Business Companies (IBCs), foreign companies, exempted limited partnerships, foundations and investment-related vehicles, were identifed by law enforcement authorities between 2021 and 2015. Three resulted in prosecutions.

“Mutual Legal Assistance Treaty (MLAT) requests were submitted in fve matters, refecting cross-border co-operation with the US, Canada, Venezuela and Spain,” it added. “The matters primarily involved domestic companies and IBCs, often characterised by single ownership or shell structures, with assets concentrated in bank accounts.

“Civil enforcement activity during the period was limited to one reported matter, and no convictions were recorded. The total value of suspected proceeds under investigation was approximately $4.085m.”

However, The Bahamas’ assessment said the three cases being prosecuted show how “sophisticated

“By 2025, the pattern indicates a well-established culture of compliance, with regulatory authorities continuing to emphasise timely submissions and periodic updates, supporting a robust and reliable benefcial ownership framework,” the report said. “Supervisory activities provide additional assurance by validating the completeness, accuracy and timeliness of benefcial ownership information held at the institutional level, including through cross-referencing with available registry data.”

Foreign reserves to match 2025 after hitting $3.2bn

CURRENCY - from page B3

“The pace of bank lending frmed over the frst half of 2026, refecting stronger net fows to the private sector and a recovery in net lending to the public sector.

“After adjusting for transactions which reclassifed some commercial credit to public enterprise liabilities, the private sector continued to experience modestly frmer lending growth, including accelerated consumer credit increases and a nearly doubled net advance for commercial credit. Mortgages were mildly increased, but mainly denominated in foreign currency transactions.

“Compared to the same point a year earlier, lending risks also continued to subside - a beneft of both the healthy economic environment and efective ongoing management of delinquencies by banks. In particular,

refecting the reduction in private loans more than three months behind in payments, the non-performing loan ratio moderated by approximately a full percentage point since June 2025 to an estimated 4.4 percent.”

Pledging to take a “balanced approach” to support strengthened lending and ensure the foreign currency reserves remain stable, Mr Rolle added: “In the outlook, the pace of growth, as mentioned earlier, is expected to stay elevated above the estimated medium-term potential, but moderately tempered below 2025.

“For tourism, stopover momentum could strengthen moderately, particularly on the basis of appreciated pricing and some seasonably-improved forecast of average occupancy during the traditionally slower months in

NOTICE

AltonCorp Ltd.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 212378 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 30th day of July A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. MARCELO JOSE MONTEIRO CARVAS whose address is Rua Dr Mario Ferraz 44 61, Jardim Europe, CEP: 01453-010, Sao Paulo,SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 29th day of August A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 30th day of July A.D. 2026. MARCELO JOSE MONTEIRO CARVAS

NOTICE

WINE BONE & STOCKS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210112 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 30th day of July A.D. 2026.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. CLEBER FERREIRA MOREIRA whose address is Av Helio Carettoni 109, Casa 14, Condomino Veduta Blu Jardim Marco Leite 13215-466, Jundai, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 29th day of August A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 30th day of July A.D. 2026. CLEBER FERREIRA MOREIRA LIQUIDATOR

corporate structures, including IBCs, domestic companies and professional service providers, can be exploited to facilitate money laundering”.’

However, it quickly added that they also showed “the efectiveness of regulatory oversight, BOSS, and inter-agency coordination in tracing complex fnancial fows”. The report said: “Case one involves a domestic company and an IBC used to launder proceeds of cheque fraud, with charges pending trial.

“Case two involves a law frm providing professional services in the real estate sector, and concerns the laundering of proceeds from stealing by reason of service. The case remains under investigation. Case three involves IBCs and foreign companies transferring funds through cross-border channels, currently under investigation via international co-operation requests.”

The Bahamas’ assessment acknowledged that this nation’s corporate entities pose a “medium” level threat of exploitation from money launderers and other fnancial criminals, adding: “While some documented misuse exists, benefcial ownership data, professional oversight and internal controls make exploitation less likely….

the second half of 2026. The foreign investment climate is expected to also remain relatively vibrant.

“The outlook also remains improved for employment. In addition, the pace of domestic credit growth is expected to be maintained at stable to strengthened levels, in line with the Central Bank’s policy posture to encourage frmer lending trends with a continued, very healthy

“No cases explicitly related to terror fnancing were identifed, consistent with the sector’s low exposure to terror fnancing risk. Overall, the evidence indicates that the Bahamian regulatory framework efectively mitigates systemic money laundering risks while supporting legitimate business activity.”

Trusts, foundations and other estate-planning and investment vehicles were also found to pose a “medium” risk. “The sector’s risk profle is infuenced by the international nature of clients and structures,” the risk assessment said of these vehicles. “Most clients are non-residents, with Latin America and Brazil, in particular, representing the largest source of business.

“High-risk clients account for 19.1 percent of accounts in the banks and trust sub-sector, and 7.3 percent in the trust sub-sector, with PEPs (politically exposed persons) comprising 4.8 percent and 7.2 percent, respectively. Despite this, transparency is maintained through rigorous identifcation, verifcation and ongoing monitoring of all relevant parties, supported by statutory and supervisory frameworks.

“No instances of misuse were reported during the review period (2021-2015). Supervisory processes assess whether all relevant parties to legal arrangements are identifed and verifed, and whether this information is maintained in a manner that supports an accurate and

outlook for the external reserves,” he said.

“Ample capacity exists in this credit and liquidity environment to accommodate increased government reliance on local currency fnancing, relative to foreign currency sources in its overall debt management operations.”

As for the challenges, the Governor added: “Downside risks and headwinds facing the economy remain

current understanding of control and ownership.”

A survey of Bahamian fnancial services workers and providers found many are all too aware of the potential threats. “Respondents identifed several risk factors, including links to high-risk jurisdictions (60.7 percent); gaps in benefcial ownership transparency during customer due diligence (53.3 percent); weaknesses in customer due diligence (52.5 percent); and the involvement of politically exposed persons (45.9 percent),” The Bahamas’ risk assessment said.

However, the report argued that, for the most part, such risks are “actively managed”. It said: “Financial and corporate services providers report routinely delaying or refusing client onboarding where ultimate benefcial ownership cannot be verifed,” the Bahamas’ risk assessment said. “Internal risk-rating systems and enhanced due diligence are applied for clients associated with PEPs, high-risk jurisdictions or unusually complex ownership arrangements.”

Similar scrutiny is applied by Bahamian realtors.

“Feedback from surveys and working-group discussions indicates that real estate professionals exercise structured due diligence, including verifcation of benefcial ownership, scrutiny of funding sources and enhanced checks for transactions involving higher-risk jurisdictions or complex

elevated, given the spillover from wars in Ukraine and the Middle East, and from persistent tarif policy uncertainty. Tourism, in particular, faces some demand restraint from fuel cost pass-through into transportation and electricity costs, as well as the weighing down, particularly, of US consumer confdence because of the varied channels through which infation has become heightened.

corporate structures,” the report added.

“Transactions are often delayed or declined when ownership information is incomplete or clients fail to provide satisfactory documentation. The regulatory framework further supports transparency through statutory registration requirements, oversight of licensed professionals and information sharing with fnancial institutions involved in transaction settlement.

“While legal persons in the real estate sector may present theoretical exposure due to their transactional nature and the use of corporate vehicles, these structural vulnerabilities are well understood and actively managed.”

As a result, the report concluded: “The assessment confrms that The Bahamas maintains a robust, well-governed and transparent environment for legal persons and arrangements. High levels of compliance, strong professional oversight and active co-ordination between domestic authorities and international partners provide assurance that risks are appropriately monitored and mitigated.

“Recommendations focus on reinforcing existing best practices, sustaining high levels of benefcial ownership compliance, maintaining sectoral co-ordination and continuing vigilance with regard to complex or cross-border structures.”

“In addition, higher infation in the near-term continues to slow the pace at which international interest rates are expected to return to lower levels. This is forecasted to keep public sector foreign currency borrowing costs more elevated for longer than expected, and, on a protracted basis, make it more challenging for foreign investment activity to secure funding.”

THE MENACE

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