10022025 BUSINESS

THURSDAY, OCTOBER 2, 2025

RF and Simplified team for $50m boost to SMEs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

RF Bank & Trust’s president yesterday said a Bahamian non-bank lender may require a further $10m-$15m drawdown from their $50m small business funding tie-up in as little as “three to six months”.

Michael Anderson told Tribune Business that the investment bank’s financing partnership with Simplified Lending, the prominent non-bank and alternative financing institution, is designed to generate returns for his investor clients while simultaneously improving access to capital for the ultimate recipients of the funds - small and mediumsized Bahamian businesses (SMEs).

He explained that the partnership, for which RF Bank & Trust has already

• Bond grows non-bank lender’s capital access

• 70% of first $10m drawn or in ‘the pipeline’

• Further $10m-$15m need in ‘3 to 6 months’

placed and raised an initial $10m tranche out of a $50m bond facility, is designed to provide Simplified Lending with the capital it needs to fully fund job-creating expansion among Bahamian SMEs and, in so doing, accelerate the Bahamian economy’s growth and make it more resilient.

Describing it as a structure where all participants win, Mr Anderson told this newspaper that if demand warranted - and key benchmarks such as Simplified Lending’s debt-to-equity ratios were in line - the bond facility could easily be expanded beyond its initial $50m size.

Pointing out that the bond facility will enhance Simplified Lending’s access to funding that it can then “make available to its clients”, the RF Bank & Trust chief said the partners have already been

DIR chief: Reform to ‘rein in’ liquor industry ‘running wild’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Department of Inland Revenue’s top official yesterday said she was “very surprised” that some liquor operators are backing reforms to “rein in” an industry that is “running wild”.

Shunda Strachan, the tax agency’s controller, told a Zoom conference on the new liquor licensing/registration process that an “all hands on deck” approach involving the Bahamian public is vital to preventing the likes of bars, restaurants and nightclubs “popping

up all over the place” in residential areas and oversaturating communities. She reiterated that operators of so-called “cages”, where alcohol is sold from

$80m Exuma project eyeing dredging, mooring changes

By NEIL HARTNELL

AN $80m resort residential project proposed for Exuma’s Stocking Island will require “limited dredging” and the potential relocation of some moorings in the Elizabeth Harbour Field.

The Environmental Impact Assessment (EIA) for the Exuma Fund 2 project, which does not disclose the beneficial owners, pledges that the 34.07 acre development - set to feature 38 residential homes and a 32-slip marina if approved - will create “at least 40 permanent construction jobs” with the developer planning to use more than “75 percent Bahamian labour

during both the construction and operation of the project”.

The EIA, produced by Bahamian consultants Waypoint Consulting, added: “The proposed development is a resort residential subdivision complete with up to 38 residential homes, a 32-slip marina, private resident docks, moorings, back-of-house facilities, associated amenities and beach improvements. Backof-house operations will service waste management, electricity and potable water facilities.

“The roll-on/roll-off ramp (RORO) requires some dredging for construction materials to land safely. Pending the conclusion of

‘Full disclosure’ demanded over deficit revisions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government must give “full disclosure” on the last-minute revisions to months’-old fiscal data that enabled it to almost hit its full-year deficit target, a senior banker urged yesterday.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that the “positive news” generated by the modest $9.1m overshoot of the 2024-2025 deficit forecast will be undermined unless the Davis administration fully explains, and justifies, the removal of $37.3m from spending and deficits incurred between July and November 2024.

Acknowledging that the revisions, first exposed by this newspaper, have “left significant uncertainties” over the “reliability and accuracy” of the Government’s financial figures and fiscal outcome, he warned that this threatens to leave

The Bahamas “bogged down in minutiae” and overshadow the recent credit rating upgrade by Standard & Poor’s (S&P). Calling on the Government to adopt private sector and public company disclosure standards, where financial statement changes are fully disclosed and explained, Mr Bowe told this newspaper that June 2025’s $25.4m surplus was “highly unusual” - and also warrants further explanation - because it is traditionally one of the

NANOTECHNOLOGY OPENING POSSIBILITIES FOR BAHAMAS

When most people hear the word nanotechnology, their minds go straight to science fiction - tiny robots repairing the human body or futuristic gadgets that feel like something out of a movie. But the truth is, nanotechnology, the science of manipulating matter at the scale of atoms and molecules, is no longer confined to the laboratories of tomorrow. It is already shaping industries today, opening up possibilities that could eventually reach our shores in The Bahamas.

ROYE II KEITH

solar cells. Their panels are lighter and more durablequalities that could make renewable energy more practical for Bahamian homes and resorts.

In healthcare, companies such as NanoCarrier in Japan are developing nanoparticle-based drug delivery systems that improve cancer treatments by precisely targeting tumors. For The Bahamas, which is exploring opportunities in medical tourism, access to this type of advanced therapy could attract patients from abroad and elevate our healthcare sector.

costly reality, adopting such coatings could save millions of dollars over time.

And in the food and beverage industry, companies such as Apeel Sciences are using nanotechnology to extend the shelf life of fruits and vegetables. Imagine the impact that could have on The Bahamas, where food imports are high and spoilage during transportation is a constant challenge. Longer-lasting produce could reduce waste, cut costs and even support local farmers who want to export to new markets.

Globally, nanotechnology is making breakthroughs in healthcare, energy, manufacturing, electronics and even agriculture. Think of nanomaterials that make solar panels far more efficient, building materials that are lighter but stronger, and fabrics that never stain. Or medicines that deliver treatments directly to sick cells, leaving healthy ones untouched. These are not just clever inventions; they represent multi-billiondollar industries that are growing year by year.

Consider First Solar, one of the world’s largest solar companies, which uses nanotechnology to improve the efficiency of its thin-film

Exuma community’s running water first

By FAY SIMMONS Tribune Business Reporter

BARRATERRE resi-

dents now have access to clean, running water for the first time in the settlement’s history following the launch of a new potable water supply system - part of $9.1m in upgrades.

Prime Minister Philip Davis KC described the Water & Sewerage Corporation plant’s launch as a transformative moment for the Exuma community, adding that it represents meaningful progress in improving both quality of life and economic potential.

“Today is a reminder of what delivering for Bahamians is all about. For the first time, families in Barraterre have clean, reliable running water,” said Mr Davis.

“Reliable water gives families security. It allows businesses to expand. It supports farming and tourism. And it gives young people confidence that they can build their future here at home. We also look to tomorrow. Climate change is already here. Stronger storms. Rising seas. New pressures on our islands. That is why we build for resilience. This system was designed to last and to meet future needs.”

Chester Cooper, deputy prime minister, who also serves as the MP for Exuma and Ragged Island, said the project delivers both basic services and social equity for Family Islanders who have long been without

consistent access to potable water.

“This multi-million dollar commissioning is something we are extremely proud of today. This isn’t just running water; this is dignity for our people, and we celebrate a new level of comfort for our people and an era of fairness for Bahamians and Family Islanders and Exumians, where Family Islanders are no longer being left out,” said Mr Cooper Leon Lundy, minister of state for the Water and Sewerage Corporation, initially announced that Barraterre residents aged 65 and older would receive free residential water connections as part of the roll-out.

However, Mr Cooper later confirmed that the age threshold would be lowered to 60 following discussions with the Prime Minister.

“I’ve consulted with Prime Minister Davis, and he has indicated that, notwithstanding the minister indicated free connections up to age 65, that we can make it age 60 instead, because they want every resident in this community to be connected in the shortest possible timeframe. You’ve endured hardships, and today you must see the rewards for your patience,” said Mr Cooper The initiative forms part of a broader $9.1m water infrastructure programme for Exuma, which includes the installation of 32,650 feet of new mains, 130 service laterals, and 42 meters.

Mr Lundy said the project was not just about

Even in construction and hospitality, nanotechnology is making waves. Lotus Effect coatings, inspired by the way water beads off lotus leaves, are already used on buildings in Europe to create self-cleaning surfaces. For resorts here at home, where constant repainting and upkeep is a

new infrastructure, but building a system that is reliable, resilient and ready for future expansion. “Over 32,000 feet of new mains were installed, including more than 21,000 feet of six-inch mains, 6,500 feet of four-inch mains and 5,000 feet of two-inch mains alongside 130 service laterals and 42 new meters,” said Mr Lundy. “These works mean that homes and businesses here in Barraterre are now connected to a system built for dependability and growth. But let me be clear, these are not just pipes in the ground. They are the arteries of progress. They are the guarantee that when a family turns on the tap, clean, reliable water will flow.”

CONSTRUCTION PROJECT MANAGERS

• Responsibilities include: overall project execution, scheduling, materials ordering, and producing weekly site reports.

• Must have at least 10 years of experience and a relevant Bachelor’s Degree.

SITE FOREMEN

• Must have at least 10 years of experience in the construction industry

• Valid references required

At first glance, our small island nation may not seem like a hub for high-tech research, but we are right in the middle of conversations about renewable energy, sustainable development and diversification. Nanotechnology links directly to all these priorities. In energy, nanotech-enhanced solar panels could help

reduce our dependency on imported fossil fuels. In healthcare, advanced nanomedicine could put us on the map as a destination for cutting-edge treatments. In tourism and hospitality, nanotech could lower maintenance costs, improve energy efficiency and make resorts more sustainable. And in agriculture and food security, nanotech could help reduce food spoilage, increase yields and improve packaging. Of course, this will not happen overnight. For The Bahamas to benefit, we will need to build awareness, invest in education and create partnerships with universities, research institutions and private companies abroad. Training a local workforce to understand and manage these technologies is key. Without that, we risk being consumers rather than creators of innovation.

CRUISE LINE SEEKS 135 STAFF FOR $400M GROWTH

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A CRUISE line’s private cay is set to enjoy $400m worth of investments through the development of a water park, pier, welcome centre and other amenities and infrastructure upgrades.

Predicting that Great Stirrup Cay, located in the Berry Islands, will receive some 1.1m guests in 2026, with more in 2027, Norwegian Cruise Line (NCL) confirmed that project is on track despite being set back a few days due to the passage of Tropical Storm Imelda.

With preliminary works already started, Jovo Sekulovic, NCL’s vice-president

of hotel operations and new-build deliveries, said the cay’s water park, Great Tides, which will feature 19 water slides, an 800foot river, 9,000 square feet splash zone for children, and the industry’s first cliffside jumps of 10 to 15 feet, has a projected completion date within the 2026 second half.

Great Stirrup Cay’s pier is set for completion in December this year. During the announcement of an upcoming job fair for positions on the Cay, its human resources director, Marion Curry, said vessel calls to the private destination are expected to be over 500 annually.

“Great Stirrup Cay with their new pier, the amount of tourists that are going to be coming next year,

Nanotechnology may operate at a microscopic level, but its economic potential is anything but small. If The Bahamas can begin to strategically explore and adopt nanotech solutions, we could cut costs, strengthen resilience and even open doors to new industries. The real question is not whether nanotechnology will impact us, but whether we will be ready to seize the opportunity when it does.

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

500-plus calls, and since we’re on this with this team headed up by Marion Curry, will be [gearing] up to hire more Bahamians to service our clients and guests,” Andrew Malone, president of United Shipping, and president of the Great Stirrup Cay management company, said.

“With all these guests coming to our country, we need more Bahamians on the ground to support the island. So we’re looking forward to it. It’s new events in the history of Great Stirrup Cay, and we can’t wait.”

Ms Curry added: “We have open over 135 positions we need to hire for by the end of the year. And you heard Mr Malone, and he alluded to the fact that we’re opening up a multiple area shipping here, where all the ships are going to be coming in, and our ship calls are going to be over 525 by next year July, and that means more than 5,000 tourists. So I need

ROSEWOOD EXUMA DEVELOPER TOUTS 80% JOB INQUIRIES JUMP

THE $200m Rosewood Exuma resort developer says it has enjoyed a significant increase in inquiries from Bahamians about job and business opportunities since it broke ground.

The Miami-based Yntegra Group, which is spearheading the development on East Sampson Cay, said in a statement that more than 300 Bahamians have expressed interest in working at the resort to-date. And 35 business owners in industries including landscaping, maintenance, security and private catering have also offered their services.

The developer added that, since breaking ground about two weeks ago, around 140 people have contacted it about job opportunities, while 15 businesses have inquired about the possibility of supplying goods and services, representing increases of 80 percent and 75 percent,

respectively. These inquiries have come from Exuma residents and businesses, as well as counterparts throughout The Bahamas.

“As we said from the beginning, this project will prioritise Bahamians. We are committed to hiring Bahamians for positions across the resort - from the front desk to management, and working with Bahamian business owners to ensure that the entire community benefits from the resort,” said Felipe MacLean, Yntegra Group’s chief executive.

“The community in the Exuma Cays is already benefiting from our project - from boat captains having more passengers, to Black Point and Staniel Cay having their first ATMs thanks to our partnership with SunCash. People are excited because they can see that Exuma is about to grow. They know that the Sampson Cay project

will bring opportunities for them and their families now and in the future.”

The developer said it recently opened the process for Exuma-based entrepreneurs to express interest in operating essential services that will support the 150 resort employees who will live and work on Sampson Cay.

Yntegra Group added that businesses working with it have reported an increase in business and anticipate further growth, with Exclusive Aviation, a Bahamian-owned charter company, indicating a 20 percent increase in business since working with the developer.

Bahamas Industries & Construction Company (BICCo), another Bahamian-owned company, says it has identified 146 prospective employees from the Exuma Cays and beyond for the Sampson Cay project.

Bahamas tourism chief attends global summit

THE Bahamas’ tourism director-general participated in the World Travel & Tourism Council (WTTC) Global Summit in Rome to help reinforce this nation’s leadership role in the industry.

The gathering brought together more than 1,600 delegates from over 60 countries, including ministers, chief executives, senior government officials and international media, to chart the future of the sector under the theme ‘La Grande Bellezza’ (The great beauty of travel).

Latia Duncombe was a featured speaker in the Global leaders’ dialogue: ‘Progress towards a connected travel and tourism world’. The session convened ministers, chief executives, senior government officials and private sector leaders to discuss how collaboration and innovation can make global travel more seamless and resilient.

Mrs Duncombe emphasised The Bahamas’ ongoing efforts to strengthen connectivity between its islands, integrate sustainability into its growth strategy, and leverage technology and partnerships that enhance competitiveness while ensuring that tourism continues to create

lasting opportunities for Bahamians.

“The future of travel must be seamless, secure and centred on people,” said Mrs Duncombe. “For The Bahamas, this means building stronger partnerships and adopting innovations that make it easier for travellers to explore our islands, while ensuring the benefits of growth are felt in every community.”

She met with leaders from governments, multilateral institutions, media and the global travel trade. The Ministry of Tourism, Investment and Aviation said these interactions strengthened The Bahamas’ presence on the world stage and opened pathways to sustainability, investment, technology and tourism partnerships.

NCL ASSERTS GREAT STRIRRUP CAY LABOUR WOES RESOLVED

By ANNELIA NIXON Tribune Business

NORWEGIAN Cruise

Line yesterday asserted that all labour issues concerning its Berry Islands private destination have been resolved as it seeks 137 new hires by endDecember and 500 by 2026.

Following claims of noncompliance with Bahamian labour laws and unfair treatment of staff, which caused the Department of Labour to launch an investigation over Great Stirrup Cay earlier this year, Jovo Sekulovic, its vice-president of hotel operations and newbuild deliveries,confirmed that “whatever concerns we have inherited, they are actively being dealt with, and I would say 95 percent of those being resolved as well”.

“In these kind of occasions, people say a lot of politically correct things, and I meant every word I said,” Mr Sekulovic said.

“Myself and my direct boss have been put in charge to oversee what was going on on the island just this year. And as I said, our philosophy as a company is to do things right, always. Nothing else. We have absolutely no hidden agendas.

“Our interest is to first and foremost make sure our team is motivated and happy to work, and that has always been the case with Norwegian Cruise Line. Norwegian Cruise Line is by far and none the best company I ever worked for. And I did not start as a vice-president, I can assure you that. So, whatever happened has been resolved, has been dealt with, and not to the small portion of the contribution of the Department of Labour itself and its director.

“As I said, and I will repeat to you again, he has been to the island multiple times. He came the day after the management change has occurred. We

Share your news

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.

have had a very frank conversation with him that lasted the whole day, and then he visited the island after that,” he added.

“Marion [Curry, head of human resources], here, she is a very important link into our relationship with the Department of Labour as well, making sure that we are properly guided, that we understand what it entails to operate in The Bahamas in a manner that is lawful, that is legal, that is correct, because Norwegian Cruise Line has been known as a company that always goes above and beyond.”

Mr Sekulovic said director of labour, Howard Thompson, had been “a great partner” and has checked in consistently, visiting the island to ensure promises are being fulfilled.

Mr Sekulovic said he does not see any concerns.

With 207 staff currently working on the island, NCL is looking to fill 137 positions by December and, in conjunction with the Department of Labour, will hold a job fair this month. The fair will cover the islands of The Bahamas.

“October 3 at Great Harbour Cay at the community centre,” Ms Curry said. “On October 6 through the 7th we are going to be in Freeport, and we are going to be at the Department of Labour Office at Region Centre East, and that’s on Explorers Way.

“October 9 and 10, we’re going to be in Exuma at the Department of Labour Office at the Darville’s Plaza in Hooper’s Bay. On October 15 through 16 we’re going to be in North Andros, Department of Labour and Queen’s Highway. October 20 to the 21st, we’re going to be in Abaco at the Department of Labour office on the Government’s complex in Marsh Harbour. October 23 through the 24th, we are going to be in Eleuthera at the Department of Labour Office in Governor’s Harbour...

“October 27 and 28th we are going to be wrapping up in Nassau, Bahamas, at the Department of Labour office on Carmichael Road. So we’re going to be available. And if you cannot attend, if you’re saying to me you can’t make it, please email me at gscjobs@ncl. com. And once you send me your resume, please include your your NIB card, your passport and a police certificate or police record.”

Ms Curry said some positions are entry level and some are managerial and supervisory. “One of the areas that we are heavily recruiting in is lifeguards and our technical positions,” she said. “We want to encourage our Bahamians, young people, to come out to the job fairs. If you are already a certified lifeguard, come out to that.

“We also, in our technical positions, we’re offering AC technicians, plumbers, carpenters. We’re also hiring for power plant technicians. We’re also hiring for water treatment plant technicians. So we want to make sure that you come out and make sure you come out with resumes.

“You bring their resumes, they bring the NIB, their passports and their police record, and we go ahead and do the interview at that time at the job fair. That’s very important. So they come dressed smartly. Come dressed to impress, because we’re there to hire. But we want to make sure that you’re ready to come to the island to work,” Ms Curry added.

“If you do not get to us and you cannot come to the job fair, you can email me at gscjobs@ncl.com and I’m reviewing every resume. I’m making sure that your resume gets noticed and make sure that we are able to assist you.

“And if you don’t hear me announce any of the positions now, just go ahead and come to the job fair or just send your resume in, and I will take a look and see where you will fit here.

We’re hiring for island security guards. We need island security. If you are a security officer, come apply for that position. We will have the security manager there at the job fair to go ahead and interview you at that time.”

Ms Curry said 80 more persons will be hired to accommodate the opening of the cay’s water park, Great Tides, next June. She said more employees will also be needed for the new pier set for completion in December, which will have over 500 ship calls.

While noting that 90 percent of the directors and supervisory roles are filled by Bahamians, Mr Sekulovic said the goal is to use local talent.“Our direction when it comes to the future operations is to rely really heavily on the local talent,” Mr Sekulovic said.

“We promote within. We do not try to bring people from the outside, because we believe, first and foremost, that there is more than enough of great people available in The Bahamas.

“We have done a tremendous shift as of this year, not only in structure, but also in everything that we do, day-to-day business

conduct, to the point that for example... We used to have senior directors and senior department heads on the island, the number was maybe 20 percent. Now it’s 87 percent. Our key personnel is actually Bahamians.” Simone Thurston, manager of the public employment services unit at the Department of Labour, added: “I want to say on behalf of the minister of labour and the public service, Pia Glover-Rolle and the director of labour, Howard Thompson, it is certainly our pleasure to partner with Norwegian Cruise Line and this extensive recruitment exercise.

“And the Department of Labour, we are in the job-seeking business. So whenever there’s an opportunity to assist the unemployed person, we are ready and willing to assist whatever company or organisation is hosting. So we encourage persons to come out, take your best shot and get your employment opportunity. The opportunity is there so ensure that you come dressed to impress and secure your employment spot.”

RUBIS BAHAMAS APPOINTS

FEMALE

MANAGING DIRECTOR

RUBIS Bahamas has appointed its first-ever female managing director after Micah C. Knowles took over the post with effect from yesterday.

The petroleum products supplier, in a statement, said she has taken over from Raymond Samuels who will assume the role of managing director for Rubis Energy Bermuda and Bermuda Gas & Utility Company.

Mrs Knowles brings more than 30 years of leadership experience in finance, compliance, sales and strategic management. Since joining Rubis in 2003, she has served in several key roles, including finance manager, internal controls and compliance officer and, most recently, as sales and marketing manager for Rubis Bahamas and Rubis Turks & Caicos. Throughout her career, she has been played a key role in advancing Rubis’ growth across the Caribbean. This has involved spearheading brand marketing strategies to driving new business developments. Mrs Knowles has also led digital transformation initiatives, including the migration of enterprise resource planning (ERP) systems, ensuring efficiency, compliance and long-term sustainability.

In her new role, Mrs Knowles will oversee all aspects of Rubis’ operations in The Bahamas including retail, commercial and industrial, aviation, marketing, finance, operations, IT, human resources and environmental, social and governance (ESG) initiatives. She will also serve as the principal liaison for government and public affairs.

“Micah’s appointment reflects both her exceptional leadership and the company’s commitment to developing local talent. Her proven track record of driving growth, managing

operations and leading with integrity makes her the ideal candidate to guide Rubis Bahamas into the future,” said Mauricio Nicholls, president and chief executive of Rubis Caribbean.

Mrs Knowles has served as past president of the Pilot Club of Nassau, contributing to numerous service and outreach initiatives, and continues to mentor emerging leaders in business and civic life. She holds a master of business administration and a bachelor of science in professional management from Nova Southeastern University, Florida, and passed the Certified Public Accountant (CPA) exams. She has earned certifications in cyber security, anti-corruption, competition law and data protection.

“I am truly honoured to be appointed as the first Bahamian female managing director of Rubis Bahamas,” said Mrs Knowles. “I look forward to building on the company’s strong foundation operational excellence and customer service while driving innovation, growth and sustainability for the benefit of our customers, employees and communities across The Bahamas. This achievement is not mine alone - it is a testament to the support of my family, colleagues, mentors and community.”

Royal Caribbean’s PI Beach Club water taxis in Nassau

ROYAL Caribbean has confirmed that the fivestrong fleet of water ferries that will transport passengers to its Royal Beach Club on Paradise Island have arrived in The Bahamas.

“We are committed to delivering an exceptional, sustainable and authentically Bahamian experience for our guests. These new vessels exemplify our dedication to operational excellence and innovation, seamlessly connecting visitors with the natural beauty and lively culture of The Bahamas from ship to shore,” said Philip Simon, Royal Caribbean Group’s Bahamas president.

Bahamas Transport Logistics (BTL), a 100 percent Bahamian-owned company that specialises in marine transportation, will own and operate the Royal Beach Club Paradise Island water ferry business. While the company’s beneficial owners were not named, this newspaper understands that Khaalis Rolle, ex-minister of state for investments, is among the principals.

Royal Caribbean said its partnership with Bahamas Transport Logistics reflects the company’s commitment to including Bahamians in all aspects of the project, while ensuring that the

Beach Club ferries are managed by experienced professionals who will uphold the highest safety standards and operational excellence.

The cruise line said the fleet features five colorful ferries with lightweight aluminum hulls, each reflecting the personality and vibe of the destination. They are Flirty Flamingo (pink); Sassy Starfish (blue), Coral Calypso (orange); Twisted Turtle (green); and Lucky Lizard (turquoise).

The ferries have advanced navigation and propulsion systems to enable quick turnaround times and ensure efficient and smooth guest transportation. The playful names and vibrant colors embody the lively, fun-filled spirit that guests can expect to experience in The Bahamas. The Royal Beach Club is scheduled to open in December 2025.

“I know of one entity that

Agencies to ‘start afresh’ on Business Licence ‘clean up’

a window, take-away restaurants and other existing liquor entities for which licences will no longer be issued have until April 1, 2026, to reconfigure their businesses and come into compliance with Business Licence Act reforms passed alongside the May Budget.

And the Department of Inland Revenue chief also warned that it will use the new liquor licensing process to request that other government agencies “start afresh” and “clean up whatever needs to be cleaned up” under their regulatory purview.

Ms Strachan warned that, in particular, this will target companies who have either expanded or changed their business purpose/nature without it being reflected in their annual Business Licence renewals. Without naming the entity, she cited an operation that started out as a sit-down restaurant but subsequently has become “a full-fledged dancehall” generating noise and parking obstructions.

“In his statement, he made clear it’s needed and because it seems the industry is just running wild there definitely needs to be some sort of restrictions put in place to get it back in line.”

In unveiling the Business Licence Act reforms and new regulatory regime, the Davis administration made clear it is designed to curb the spread of alcohol-selling entities in residential and inner-city areas.

This is also intended to counter the social ills associated with alcohol consumption, including under-age drinking.

Ms Strachan yesterday explained that food trucks will not be permitted to serve alcohol because their mobile nature makes them difficult to police.

“That’s the decision the Government made relative to how it plans to regulate liquor entities,” she added.

“When you think about a food truck, a food truck moves around, so that

Acknowledging that operators of “cages” will likely be most impacted by the new regime, and that some may not survive, the Department of Inland Revenue chief said that while some in the liquor industry have voiced concerns about the new regime there has also been support from unexpected sources. Without naming who she was referring to, Ms Strachan said: “I was actually very surprised, if I can say that. There was one in particular, a very known and a very strong leader in the liquor industry, who came out and supported the legislation and said that back in the day there were rules in place and in force which worked.

really goes against what they’re [the Government] trying to accomplish now; they’re trying to bring some order to what is felt to be a dis-ordered industry right now, the liquor industry.

“For a liquor entity to be mobile and moving around, that takes away the ability to safely control your environment when dealing with liquor establishments. So it’s all about safety and just trying to rein what is seen as a proliferation of liquor establishments popping up all over the place.”

However, the guidance notes released by the Department of Inland Revenue state that party buses and mobile bars will be permitted subject to certain conditions. In the former’s case, the vehicle “must be certified for a bar licence or restaurant and bar licence” and not sell alcohol while it is moving. As for mobile bars, only those with a permanent place of business will be certified.

Revealing that the new liquor licensing process will be exploited to “clean up” in other areas, Ms Strachan added: “What we tend to see sometimes is that entities get a Business Licence for one aspect of business and, over time and over the years, they expand and change the nature of their business without coming back to us or going back to the regulators and getting the proper inspections.

Simplified touts over $200m client funding

FINANCE - from page B1

working together for the last three years with the investment house providing it an earlier $10m facility.

“We’re going to be starting with the larger requirements they have. As their business grows they have an ever-increasing need for funds,” Mr Anderson said of Simplified Lending, adding that the latter is now seeking bigger and more sustainable funding sources. Investor capital injections, via preference shares and other avenues, are no longer sufficient for the non-bank lender.

“We see where Simplified Lending has a significant role to play in the economy in terms of its client base needing access to financing that they struggle to get in other spaces,” the RF Bank & Trust chief added of SMEs. “There’s a big knock-on effect with the lending to the economy. It’s a fairly large multiplier.

“When we lend money to Simplified, it creates investment opportunities for our clients to invest in those bonds. It brings money from Bahamian investors to now lend that money out through Simplified. RF Bank & Trust mobilises Bahamian savings, and creates opportunities to invest with people needing to put capital to work.

“We act as an intermediary to put that

capital to work, grow the economy and create investment opportunities. Bahamian money ends up going through a bunch of businesses that need capital. It builds the economy.”

Mr Anderson explained that, via this partnership, Simplified Lending will “on-lend” the bond proceeds to SMEs that meet its lending criteria and represent good growth and investment possibilities.

“At some point, we think the bond facility will probably grow larger,” he added. “This business [Simplified] has been growing over the last three years in short period of time. There will be a lot of opportunities over the next three to five years to see this company growing a lot faster. This initial $50m tranche will last for three years. At some point this company will need more capital.

“The facility is up to $50m. We’ll evaluate it going forward depending on the needs of the economy. The idea is to extend the $50m, to extend the line further. They [Simplified] are ready to grow. My sense is that when the money is available and pooled they’ll be comfortable going out and doing transactions they’ve been holding back on waiting for this to happen.

“I do think the next $10m-$15m will not take much more than three to

started as a restaurant, a sitdown restaurant, but over time became a full-fledged dance hall. The noise that comes from that establishment is causing challenges in the community in which it resides. The question is: Is it a residential community? Was it there first?

“The condo unit complex which sits near that particular establishment, the complaints that come from there because of the loud noise or the infringement of traffic where you cannot get to your home.... We’re going to ask our sister agencies to re-check all their regulations; they’ll go down their check-lists again,” Ms Strachan continued.

“Some of these businesses have had a Business Licence for many years, and over many years have changed the nature of their operations. Some of these changes may not have been properly regulated or allowed. It’s like starting anew. We’re starting afresh to clean up whatever needs to be cleaned up.”

Ms Strachan also voiced optimism that the reforms will help to combat the ‘grey market’ for counterfeit, smuggled or tax-dodging liquor sales which Commonwealth Brewery, in 2012, estimated accounted for up to 15 percent of the Bahamian alcohol market.

“I think that’s happening now,” she said of ‘grey market’ sales. “There’s a strong black market that’s going on now where we have sales happening where goods are coming in, uncustomised goods, meaning

people to put them back into the economy.”

RF Bank & Trust said the initial $10m bond offering, which opened on July 17, was closed within 48 hours.

six months. We don’t compete with them. We’re not in that space at all. We lend at the wholesale level, and then allow Simplified to go ahead and lend in the retail space,” Mr Anderson added.

“From our side we have thousands of investors in our pension fund pool and mutual fund pool where funds end up being invested in these bonds and end up financing these other businesses that Simplified lends to. We’re able to mobilise the savings of thousands of

The remaining tranches will be drawn down over the next 36 to 48 months to enhance access to capital for Bahamians.

“RF Bank & Trust is pleased to expand avenues for Bahamians to build wealth,” said Gerhard Beukes, vice-president and group head of funds and investment banking.

“Across the globe, alternative financing solutions are an important complement to traditional banking, and The Bahamas is no exception.

“By supporting a leading Bahamian company like

they come in without the requisite duty being paid.....

“We have some black market things happening now, and that’s a reason for trying to bring structure and bring regulation to the liquor industry. There are lots of things happening that we are aware of, and this is going to help bring some of it - not all, but some of it - into line. This will help the black market and underground.”

While alcohol sales on board cruise ships will be exempt from the new liquor licensing regime, including when they are docked in ports such as Nassau and Freeport, the new regulations will apply on their private islands.

Ms Strachan, asserting that operators of “cages” and other formats that will be banned under the new regime have time to adjust their business models and come into compliance, said: “An opportunity has been given. Initially we were going with the premise that we will start enforcement from December 31 when licences expire.

“But the Business Licence has a three-month grace period. While the licence expires on December 31, three months is given as a grace period to the end of March when payment is due, so we will allow businesses until April 1 to prepare and get their premises suited and fitted. So enforcement will not commence until April 1”, 2026.

Acknowledging that “cage” operators and other liquor entities have raised concerns about the new

Simplified Lending, RF is advancing financial inclusion while simultaneously generating returns for our clients, our communities and our economy.”

“At Simplified Lending, we have successfully secured over $200m in financing for our clients, demonstrating our commitment to unlocking financial opportunities and driving economic growth,” said Robert Pantry, its chief executive and founder.

“Our collaboration with RF continues to support our evolution as a direct lender focused on helping small and medium-sized businesses. Since the drawdown of the first tranche in July, we have already approved more than $3m in loans for SMEs, with another

regime including safety, Ms Strachan asserted there is a “flip side” to the latter argument because the Royal Bahamas Police Force “have said there has been an uptick in crime and unsavoury behaviour” at certain “cage” sites due to persons “congregating and getting into fights and that type of thing”.

While doubts have been raised about whether the Department of Inland Revenue has sufficient manpower and resources to effectively enforce, and police, the new liquor licensing regime, Ms Strachan said the tax authority will not be doing this in isolation. Besides its own investigation and compliance unit, it will also get help from the likes of the police and is also seeking the general public’s help.

“This is a very huge task which has been assigned to the Department of Inland Revenue,” she admitted. “We need your help; you, the general public. This is not a DIR law or policy. It’s the Government’s policy, our country’s policy, and it is a priority or really a challenge for us to clean up our liquor industry. We are going to need all hands on deck to do it.

“It cannot be done by the Department of Inland Revenue alone. We’re going to need your assistance. It’s legislation passed by the Government, so it’s all of our concern. It’s for all of us to police, because it’s been entrusted to us to manage and we’re going to manage it very well, but we’re going to call on all of you for assistance.”

$4m currently in the pipeline as they go through the approval process.

“The facility allows us to provide more flexible structures for our clients, and helps us bridge the gap so that small and mediumsized businesses can secure funding until they are able to access more traditional financing from commercial banks,” Mr Pantry added.

“Simplified Lending’s role is to complement the banking sector by filling an important void in the local financial ecosystem. Alternative lenders like us are a critical pillar of any modern economy, working alongside banks to ensure that businesses of all sizes have the resources they need to thrive.”

largest deficit months in the annual Budget cycle.

“Ultimately, there has been so much of what I’m going to call suspicion regarding the deficits reported for the first six months and the significant surplus reported for the first quarter - the financial numbers for the last 12 months going on 15 months - it’s one that, in my view, necessitates full disclosure to allay concerns that this is simply designed to achieve an objective,” the Fidelity chief said of the revisions.

“We have to bear in mind.. was there excessive focus on the deficit? Yes, by both political parties, but the vacillations - we’re up, we’re down, we’re going to make it - with no explanation has certainly left significant uncertainty with regard to the numbers.

“We’ve had too many instances of revisions without explanation, and that’s doing more of a disservice than the actual fiscal outcome. The reality is that the fiscal outcome, although positive news, has very little intrinsic value if there’s no confidence in its reliability and accuracy.”

Tribune Business revealed yesterday that the Government overshot its 2024-2025 full-year deficit target by just $9.1m thanks to lastminute revisions which cut its first-half ‘red ink’ by $37.3m and enabled it to hit Budget goals.

The Ministry of Finance, unveiling the Government’s fiscal performance for June and the full Budget year, revealed that the fiscal deficit only exceeded initial projections by 13 percent to close at $78.9m compared to the originally-targeted $69.8m.

However, a closer inspection of the figuresparticularly a comparison of the Ministry of Finance’s May and June fiscal reports - discloses that the Government only came so close to its target because of lastminute changes to monthly expenditure and deficit figures for the first five months of the 2024-2025 fiscal year.

Prime Minister Philip Davis KC yesterday said the last-minute revisions were primarily the result of “late postings” and the realignment of allocations between ministries, which ultimately allowed the administration to meet its fiscal deficit goal for the 2024-2025 Budget year.

“Those revisions will come about as a result of late postings, primarily that and the alignment of various allocations between ministries. We met our targeted numbers,” said Mr Davis.

He maintained that the Government had achieved its stated fiscal goal of keeping the deficit within the forecast range as a percentage of GDP. “We met our target because what we said about our projection was that we’ll be between 0.3 and 0.7 percent to GDP. We came in at 0.5 percentthat’s our target,” he added of the deficit.

However, one financial source, speaking on condition of anonymity, questioned why the revisions were left so late in the 2024-2025 fiscal year and not made months’ earlier given that the changes were almost all associated with events that happened more than six months earlier between July and November 2024.

Asserting that “spending doesn’t disappear”, they questioned whether the spending had been converted into “off-book” loans to state-owned enterprises (SOEs) or pushed back into a prior year. “They have to account for where that $37m has gone,” they said of the Government.

Mr Bowe, meanwhile, warned that the questions over the 2024-2025 fiscal numbers threaten to overshadow more positive economic developments. “There are too many positive developments relating to our upgraded credit rating, analysis by the rating agencies and the multilaterals, for us to be bogged down in the minutiae of whether the numbers are accurate,” he told Tribune Business.

“In the grand scheme of things, $100m one way or another is not worth the credibility of the nation. It should not be taken lightly. It needs the full attention of the Ministry of Finance to demonstrate why these numbers were revised in the first place and what were the extraordinary events that took place in June to produce the surplus they had in that period?

“It doesn’t appear that the June surplus information is readily available in terms of full details on what the actual number is going to be. I’m going to say it’s highly unusual for there to be such a surplus in June, and particularly to have revisions for the earlier months,” he added.

“It’s not worth having this debate where the Government should make it clear what the trigger points are so everyone can see plain as day what led to this outcome.” Mr Bowe suggested the Government adopt private sector and public company practices, where significant changes to previously-published financials are fully clarified, explained

and disclosed in a timely fashion.

June has traditionally been a month when the Government’s spending far exceeds revenues due to government agencies, departments and ministries presenting the Ministry of Finance with bills for payment prior to fiscal year-end that it knows nothing about.

The Opposition charged that last year’s moderate June surplus was achieved by the Government kicking its payables over into the 2024-2025 fiscal year, as it is allowed to do under cashbased accounting, to enable it to hit the deficit target.

Mr Bowe, meanwhile, questioned whether June’s outcome resulted from the sale of capital assets, although it was unlikely to have been the Grand Lucayan, or the collection of major tax arrears on previous international transactions that the Government was known to be pursuing.

The May 2025 fiscal report, released just over one month ago towards the end of August, revealed a $141.5m deficit for the first 11 months of the 2024-2025 fiscal year. To reduce that to $78.9m would have required the Government to generate a $62.6m surplus in June, which is traditionally a month when heavy deficit spending is incurred, but yesterday’s report showed just a $25.4m surplus for June.

That would have taken the full-year deficit for 2024-2025 to $116.1m, some $37.2m above the endJune number of $78.9m. A Tribune Business analysis found that the difference, or gap, can be explained by last-minute government revisions to its spending and deficit figures for the first four months of the 20242025 fiscal year. This covers the four months from July to November. In particular, November’s monthly deficit, which was shown in the May fiscal report as standing at $82.8m, ended up being cut by $25.9m or 31.3 percent to $56.9m in the June fiscal report that was released yesterday.

The revised November 2024 deficit figure resulted from a downwards revision to total government spending, which was cut from $336m in the May 2025 report to $310.1m in

the latest publication. The near-$26m, or 8.4 percent, reduction resulted largely from a $22.9m drop in capital spending - from $53.7m in the May 2025 report to just $30.8m in its June equivalent.

In particular, November 2024’s ‘transfers N.E.C’, which stands for ‘transfers not elsewhere classified’, were cut from $28.3m in the May 2025 report to just $5.4m one month later in the June report. No explanation was provided for

such a substantial, late revision that favours the Government by bringing it in close to its 2024-2025 deficit target. Smaller revisions, according to Tribune Business’s analysis, also occurred for the Government’s monthly spending and deficit revisions for July 2024 through October 2024. The deficits shown in the May 20205 fiscal report were subsequently revised downwards by $4.6m for July; $0.7m for August; a $3.9m reduction

for September; and a $2.2m drop for October. When added to the November changes, these last-minute revisions for the June and year-end 2024-2025 fiscal report cut the deficit by a combined $37.3m compared to previous monthly reports. This, together with the May and June Budget surpluses, meaning revenue income exceeds the Government’s spending, is what enabled it to come so close to the fullyear deficit target.

NCL’s private island to attract 1.7m by 2027

ISLAND - from page B3

employees to be there to service these guests.”

With its upcoming job fair, NCL is building two new dormitories to house staff on Great Stirrup Cay, with dual accommodations for an occupancy of 240 persons. Mr Sekulovic added that the dormitories will be Category Five hurricane-certified and feature laundry facilities. He said staff can also expect a new restaurant.

“We’re building two brand new dorms - dorm eight and nine, which are the Category Five proof,” Mr Sekulovic said. “They will have double accommodation with the private bathrooms. And then after we finish with that phase, we’re going to look into the other dorms and everything else...

“We are building a brand new restaurant for the crew, brand new kitchen, the holding capacities and everything else. And they’re all

built in a manner that the storm cannot blow them away. So this is the philosophy from now on. That is something that I can assure you, every passing day, our team members are going to have optimum and beyond conditions to live and work, because that’s the most important thing.

“On top of that, we have established the crew welfare department that is looking into the spare time when they are not working. Those days will be less and

Developers pledge 75% Bahamian-led workforce

project construction, this RORO will become inactive with no maintenance dredging anticipated.

While the lagoon area reaches depths of 12 feet, the marina requires limited dredging of approximately 300 cubic yards.. around the coastal perimeter to allow for the safe manoevering of vessels.”

Providing further insight into the need for dredging, the EIA added: “To facilitate the delivery of construction materials, the identified RORO location necessitates dredging to accommodate a barge.

less in the future because, as I said, we are planning to bring more than 1.1m guests to Great Stirrup Cay in 2026, close to 1.7m in 2027,” he added.

“So that’s going to be quite a busy operation. But we want to make sure that we also provide the team members ample time to rest, so when they come back they are fully energised and do whatever they have to do.

“Existing accommodations vary. Some of them are dual. Some of them are three, some of them are four. Some of them have the bathroom inside. Some of them have it in a corridor. But we are determined to update those in the coming phases of the development

location to offload goods.

Initial RORO designs were amended to include a breakwater to protect the ironshore.”

of the island,” Mr Sekulovic said.

“Most importantly, we are looking at the possibility to make sure, because those two new dorms are going to be concrete structures, they’re going to be Category Five certified, so we want to make sure the rest of the accommodations are up to that level as well.” Mr Sekulovic said a new plant will be brought online sometime mid-next year to power the new amenities, noting they will keep the current generation plant as a back-up. He said the plant will include modern generators so less fuel is used. With all the developments on the cay, Mr Sekulovic said 95 percent of the contractors are

a state-of-the-art mooring field in Elizabeth Harbour and Moriah Harbour National Park.

Bahamian. Delvin Moss, the government relations manager for The Bahamas and NCL, said the cruise line is careful to honour the environment. It has enlisted Janeen Bullard, principal and lead environmental consultant at JSS Consulting

“Additionally we do have an environmental consultant that oversees all projects,” Mr Moss said. “We are compliant in everything. Before we move a branch we make sure that we have that CEC (certificate of environmental clearance) and we are compliant in all forms. We take the environment very seriously, and we are compliant in everything.”

buttonwood formation and preserve this wetland feature. Home lots range from half-an-acre to one acre.

“Preliminary probes indicate a sandy bottom substrate. Of note, this dredge area is for construction purposes only with no maintenance dredging anticipated. Sand will naturally accumulate in the impacted area over time. A coral head is approximately 200 feet to the south-east of the proposed RORO. With turbidity controls in place no adverse impacts are anticipated.

“Marina final design indicates that limited dredging of 300 cubic yards is needed to accommodate shallow draft vessels... The size and draft of vessels docking at the marina is dictated by the ability to ingress and egress the to-be dredged navigational channel and the interior marina slips.

An estimated volume of 660 cubic yards of dredged material will be excavated in the area of the RORO and reused for upland purposes.

The marina is anticipated to accommodate up to 32 vessels,” the EIA added.

“Dredge spoils will be placed upland in the area of the interior lagoon beach for beach renourishment and enhancements. Turbidity controls will be deployed and used for any dredging operations with the lagoon, with no long-term adverse impact anticipated. No dredging is required for any private residential docks. These docks were designed to avoid dredging...

“With regards to the RORO location, alternative locations within the lagoon area were reviewed and dismissed due to the limitation of access by a large barge. The contractor notes that project construction and materials require a 192 foot barge with access only available at this

The EIA pledged that “dredged materials will be placed on existing beaches and elsewhere on site. Additionally, racket courts will serve as a dual-purpose helipad for infrequent landings and take-offs, and emergency uses”.

The EIA also suggested that the Elizabeth Harbour moorings field may have to be slightly reconfigured to accommodate the project.

“Elizabeth Harbour experiences a significant volume of anchored vessels (several hundred sailing and motorboats) during the winter and spring months which has caused degradation to marine benthic habitat and water quality,” it said.

“To curtail damage caused by anchors and chains, the Bahamas National Trust in association with the Elizabeth Harbour Conservation Partnership established

Share your news

“Installation of the mooring field was completed in January 2024. These moorings are located to the immediate west of the Exuma Fund 2 development. Access to the resort and RORO area may warrant relocation of select mooring installations in co-ordination with the Port Department and Bahamas National Trust.”

As for the project’s land-side impact, the EIA said: “Alternatives were reviewed for the placement and construction of the windward home sites.

Considerations for the environment are apparent on the master plan with wetland areas being largely preserved.

“The preferred alternative has an increased setback from the dune crest to 50 feet. Situated behind the dune, the homes do not interfere with the low-lying

“At present, development on Stocking Island consists of mixed-use properties with pockets of commercial restaurants such as Chat N’ Chill and hotels such as a Kahari Resort and Peace and Plenty Beach Club, as well as private homes set amidst undeveloped parcels,” the EIA continued.

“Much of the developed land is located within the immediate vicinity of the sheltered lagoons and the Exuma Fund 2 project.

“Given its proximity to Great Exuma, the project’s influence will extend beyond its immediate footprint. At less than two miles south-west, Georgetown is the community in closest proximity to Stocking Island with Great Exuma hosting an international airport, year-round population and supporting infrastructure.”

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.

York, Wednesday, Oct. 1, 2025.

Seth Wenig/AP

WALL STREET SETS MORE RECORDS, BUT BOND YIELDS DROP FOLLOWING DISCOURAGING DATA ON THE JOB MARKET

By STAN CHOE AP Business Writer

STOCKS rose to more records on Wednesday, as Wall Street still doesn't care much about the shutdown of the U.S. government, but yields sank in the bond market following the latest discouraging signals on the economy.

The S&P 500 climbed 0.3% to top its prior alltime high, which was set last week. The Dow Jones Industrial Average added 43 points, or 0.1%, to its own record set the day before, while the Nasdaq composite rose 0.4%.

The action was stronger in the bond market, where Treasury yields dropped after a report suggested hiring may have been much weaker across the country last month than economists expected.

Employers outside the government actually cut 32,000 more jobs than they added, according to the survey by ADP Research, with the Midwest taking particularly hard hits. What's worse, the survey also revised down its numbers for employment in August, to a loss of 3,000 jobs from a previously reported gain of 54,000.

Usually, traders on Wall Street wait for a more comprehensive jobs report that

typically powered through past shutdowns, particularly if they are short in duration.

But this shutdown could be different in a couple ways, including the threat that the White House may use it to push for large-scale firings of federal workers.

On Wall Street, Nike rose 6.4% after blowing past analysts' expectations for profit in the latest quarter.

The athletic giant reported strong growth for apparel sold in North America.

Lithium America's stock that trades in the United States jumped 23.3% after the Canadian company said the U.S. government agreed to let it draw from a previously announced $2.26 billion loan. As part of the agreement, the U.S. Department of Energy will take an ownership stake in the Vancouver-based company.

Lithium Americas is developing a lithium project in Nevada with General Motors, and it follows Intel and other companies where the U.S. government has recently taken an ownership stake.

On the losing side of the market was Peloton Interactive, which dropped 3.7%. It got a cold reception to its unveiling of an

“Whether this is an accurate statistic or not, people in the markets believe that it signals something. The signal from today’s headline will not be a good one.”

Carl Weinberg

comes from the U.S. government each month to suss out how the job market is doing. The U.S. government gets its data from a larger sample of employers than the ADP survey, which does not have a perfect track record predicting what the more comprehensive report will say each month.

But the next Labor Department report, scheduled for Friday, is likely to be delayed because of the shutdown of the U.S. government that began just after midnight.

"Whether this is an accurate statistic or not, people in the markets believe that it signals something," according to Carl Weinberg, chief economist at High Frequency Economics. "The signal from today's headline will not be a good one."

The hope on Wall Street has been that the job market will continue to slow by a very precise amount: enough to convince the Federal Reserve to keep cutting interest rates, but not by so much that it brings a recession.

That's a delicate balance to achieve, and every economic report from the U.S. government that gets delayed only increases the uncertainty about whether it's possible. Stocks have already run to records on expectations for coming cuts to rates, so a lack of them could send the market lower.

To be sure, the stock market and economy have

AI and computer vision system, along with other equipment designed for cross training.

Corteva sank 9.1% after announcing a plan to split into two companies, each with its own stock. One will hold onto the company's seed business, while the other will focus on crop protection.

Cal-Maine Foods fell 1.2% after the egg company's profit and revenue for the latest quarter fell short of analysts' expectations. All told, the S&P 500 rose 22.74 points to 6,711.20. The Dow Jones Industrial Average added 43.21 to 46,441.10, and the Nasdaq composite climbed 95.15 to 22,755.16.

In stock markets abroad, indexes rose in Europe following a mixed finish in Asia.

In the bond market, the yield on the 10-year Treasury sank to 4.10% from 4.16% late Tuesday.

Yields fell as the weakerthan-expected payroll report from ADP firmed expectations for coming cuts to rates by the Fed. So did another report showing that U.S. manufacturing was weaker last month than economists expected.

Several manufacturers told the Institute for Supply Management's surveyors that they're still feeling pain because of tariffs.

"Steel tariffs are killing us," one manufacturer said.

VACANCY FOR VICE PRINCIPAL CENTRAL SECONDARY SCHOOL SCALE S6 (DEPARTMENT OF EDUCATION)

MINISTRY OF EDUCATION AND TECHNICAL AND VOCATIONAL TRAINING

Letters of Interest and completed Applicant’s Information Forms are invited from suitably qualified Bahamians presently serving in the Public School System to fill the post of Vice Principal Central Secondary School, Scale S6, in the Department of Education, Ministry of Education and Technical and Vocational Training, for the beginning of the 2025/2026 academic year.

Please note that this position will not be filled if the anticipated vacancy does not materialize. Persons who were appointed to this post by the Public Service Commission and are acting to test suitability for substantive promotion need not re-apply

Requirements for the post:

1. A Bachelor’s Degree;

2. Professional Teaching Qualification from an approved institution;

3. A minimum of ten (10) years of experience as either a Trained Teacher and/or a School Administrator;

4. A minimum of three (3) years excellent administrative experience as a Principal Grade ‘D’, Vice Principal Grade ‘C’, or Senior Master/Mistress, Primary Schools, Scale S9; and

5. Must be computer literate.

The successful candidate will be expected to:

• Assist the Principal in all aspects of instructional and administrative leadership;

• Be committed to the philosophy of education;

• Possess excellent leadership, organizational and interpersonal skills; and

• Be knowledgeable about and capable of utilizing current trends and techniques which contribute to student development; and

• Accept posting on another island for a minimum of three (3) years if the vacancy is outside of the island of domicile.

Specific duties of the post include:

• Leading the development, implementation and evaluation of all school programmes and activities;

• Providing and supervising an effective discipline system;

• Communicating with the Superintendent regularly about the needs, successes and general operation of the school;

• Establishing and promoting high standards and expectations for all staff and students, for academic performance and responsible behaviour;

• Supervising instructional programmes of the school, ensuring that they address students’ needs, interests and skill levels;

• Overseeing financial and personnel management, procurement and distribution of resource materials and the maintenance of healthy and safe facilities; and

• Completing any other duties that may be assigned by the appropriate education authorities within the Department of Education.

The salary of the post is in Scale S6 - $39,200x$700–$51,100 per annum (July 2024 Salary Scales)

Documents that MUST be submitted, via the online application form, are as follows:

i. A Letter of Interest, with the applicant’s authentic signature, indicating the specific post, scale and island for which the applicant wishes to be considered;

ii. A completed Applicant’s Information Form, with the applicant’s authentic signature;

iii. Certified copies of all academic and professional documents (see Requirements for the post);

iv. A letter from the MINISTRY OF THE PUBLIC SERVICE, confirming the applicant’s appointment to his/her current substantive post; and

v. A recent passport-sized photograph (no more than 2”x2”) – copied on to the Information Form or the Letter of Interest.

In order to submit use link: https://forms.office.com/r/xDG1MPXjWw

It is the responsibility of the applicant to provide certified proof of all relevant academic and professional qualifications and school experience.

Applicants must submit a Letter of Interest and an Applicant’s Information Form, along with supporting documents, copied to their Head of Department, no later than 6th October, 2025

APPLICATIONS TENDERED AFTER THE STIPULATED DEADLINE AND WITHOUT THE REQUISITE DOCUMENTS ARE DEEMED INCOMPLETE AND UNACCEPTABLE.

Trump administration puts on hold $18 billion in funding for New York City infrastructure projects

By JOSH BOAK Associated Press

PRESIDENT Donald Trump 's administration, citing the government shutdown, said Wednesday it was putting a hold on roughly $18 billion to fund a new rail tunnel beneath the Hudson River between New York City and New Jersey and an extension of the city's Second Avenue subway.

The White House budget director, Russ Vought, said on X that the step was taken due to the Republican administration's belief the spending was based on unconstitutional diversity, equity and inclusion principles.

In a statement, Trump's Transportation Department said it had been reviewing whether any "unconstitutional practices" were occurring in the two massive infrastructure projects but that the shutdown, which began Wednesday, had forced it to furlough the staffers conducting the review.

The suspension of funds is likely meant to target Senate Democratic leader Chuck Schumer of New York, whom the White House is blaming for the impasse. He said the

funding freeze would harm commuters.

"Obstructing these projects is stupid and counterproductive because they create tens of thousands of great jobs and are essential for a strong regional and national economy," he said on X.

The spending hold was a preview of how the messy the politics of the shutdown could get, with Vought later posting on X that $8 billion in funding for green energy projects in Democratic-led states would be canceled.

The administration has shown a willingness to use its control of federal dollars to apply pressure on Democrats to reopen the government, with commuters and thousands of jobs hanging in the balance.

The agency working on the subway line said it was blindsided by the announcement. "For now, it looks like they're just inventing excuses to delay one of the most important infrastructure projects in America," read a statement from John McCarthy, policy chief and spokesperson for the New York state-controlled Metropolitan Transportation Authority.

At a news conference in New York City about the federal government shutdown, Gov. Kathy Hochul,

NOTICE

NOTICE is hereby given that TELIZIER NICOLAS of P.O. Box GT2381, Cowpen Road, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 25th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that TAWANANYASHA E MUSHONGA of #5 Edgecombe Terrace, 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 twentyeight days from the 25th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

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 25th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

D-N.Y., told reporters, "The bad news just keeps coming."

"That's what a partnership with Washington looks like as we're standing here. We've done our part. We're ready to build. It's underway," she said. "And now we realize that they've decided to put their own interpretation of proper culture ahead of our needs, the needs of a nation."

The Hudson River rail tunnel is a long-delayed project whose path toward construction has been full of political and funding switchbacks. It's intended to ease the strain on a more than 110-year-old tunnel connecting New York and New Jersey. Hundreds of Amtrak and commuter trains carry hundreds of thousands of passengers per day through the tunnel, and delays can ripple up and down the East Coast between Boston and Washington.

NOTICE is hereby given that NANCY ANETA ARTHUR of P.O. Box SS5060 Johnson Terrace, 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 twentyeight days from the 25th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that GERELINE MARTIN of Jones Town, Eight Mile Rock, Grand Bahama, 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 twentyeight days from the 25th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

In a 2023 interview with The Associated Press, Schumer said he and thenPresident Joe Biden were both "giddy" over the project.

Amtrak and the NJ Transit commuter rail system referred questions about the White House's announcement to the Gateway Development Commission, which is overseeing the tunnel project. Commission CEO Thomas Prendergast said the agency remains "focused on keeping the project on scope, schedule and budget."

The commission did not address questions about the specifics of the funding suspension or what it means for the project.

The Trump administration specifically targeted New York City in putting a hold on the funding, but the move could also influence this year's election for governor in New Jersey.

The Democratic nominee, Rep. Mikie Sherrill, said on X that if elected, she would "fight this toothand-nail and sue the Trump administration to finish this critical, job-creating infrastructure project to reduce congestion and improve quality of life in New Jersey."

Republican challenger Jack Ciattarelli's campaign said Sherrill owns the consequences of the shutdown.

"If Mikie Sherrill did her job as a congresswoman, we wouldn't be in this mess," Ciattarelli campaign consultant Chris Russell said by email.

Sherrill countered in a statement that "Washington Republicans must come to the table immediately to find a bipartisan consensus on a plan that reopens the government."

A prolonged US government shutdown could impact your travel plans

By RIO YAMAT AP Airlines and Travel Writer

IF A U.S. government shutdown goes on long enough, it could throw a wrench in travel plans, potentially leading to longer airport wait times, flight delays and even cancellations.

The shutdown began Wednesday after President Donald Trump and Congress failed to reach a deal to continue funding government services and operations. That means a vast majority of employees who keep U.S. airports and air travel running are working without pay until the government reopens.

"The longer a shutdown drags on, the more likely we are to see longer TSA lines, flight delays and cancellations, national parks in disrepair and unnecessary delays in modernizing travel infrastructure," Geoff Freeman, president and CEO of the U.S. Travel Association, warned in a statement.

Here's what to know about the shutdown and its potential impacts on your travel plans.

Flying during a shutdown

Travelers can still fly despite the lapse in funding, and early on in the shutdown, they might not even notice any issues at the airport.

Control towers and airport security checkpoints will still be staffed, with about 13,200 air traffic controllers and more than 61,000 Transportation Security Administration employees expected to remain on the job.

But as more time passes for the workers since their last paycheck, travelers could start to see longer lines at security and flight interruptions, said Jeffrey Price, professor of aviation at the Metropolitan State University of Denver.

"The system does become a little bit more brittle, and the longer this goes, the more the traveler is going to notice it," Price said.

That's what happened in 2018 and 2019, when Trump led the country into its longest shutdown ever for 35 days during his first term.

About three weeks into that shutdown, some unpaid security screeners started calling in sick, and

of Florida’s Everglades National Park, as he drives into the park, Wednesday, Oct. 1, 2025.

air traffic controllers sued the government in a bid to get their paychecks. Miami International Airport had to temporarily close one of its terminals because TSA officers were calling in sick at twice the airport's usual rate.

The latest shutdown is unfolding at a time when both the TSA and the Federal Aviation Administration are already facing staffing shortages, including a shortage of about 3,000 air traffic controllers.

If the system can't handle the number of flights that are scheduled, the FAA will slow down landings and take offs and passengers will see more delays and cancellations.

Safety at airports and in the air

Nick Daniels, president of the union that represents air traffic controllers, said a shutdown weakens the aviation safety system by adding stress on controllers and taking away many of the workers who support them and maintain the outdated system they rely on.

"They're out there working right now with critical staffing — the lowest staffing we've had in decades of only 10,800, where there should be 14,633. And on top of that, they're working with unreliable equipment," Daniels said.

During the 35-day shutdown during Trump's first term, controllers in the busiest U.S. air traffic facilities reported working as much as 60 hours per week, and an increasing number of

INVESTMENTS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 205338 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 30th day of September A.D. 2025.

MELISSA MUNARI MAGNUS LIQUIDATOR

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 209773 B.

(In Voluntary Liquidation)

Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 30th day of September A.D. 2025.

LUCAS SCOPEL LIQUIDATOR

FEDERAL

SAFETY BOARD TELLS PHILADELPHIA’S MASS TRANSIT AGENCY TO SHELVE RAILCARS IMPLICATED IN

By MARC LEVY Associated Press

include employees who are responsible for protecting the country's borders and monitoring traffic coming into the U.S. at official border crossings, like airports and land crossings from Canada and Mexico.

Passports and visas

The U.S. Citizenship and Immigration Services, the agency responsible for overseeing the naturalization process, is primarily funded by application fees, meaning a lapse in funding at the federal government has minimal impacts on most passport and visa processing.

TSA agents also quit their jobs.

"This is more than just an inconvenience to the traveler," Price said of the shutdown. "This is definitely going to bring up safety and security issues, if it really starts to go into the long term."

Travel by train

Amtrak says its passengers trains will continue running. It operates more than 300 trains daily in 46 states, the D.C. area and three Canadian provinces.

In a statement, the country's rail operator said that passengers planning to travel on its trains "in the coming days and weeks can be assured that Amtrak will remain open for business."

International travel into the U.S.

Ports of entry into the country are expected to stay open for international travelers, according to the Department of Homeland Security's contingency plan.

The department estimated that about 63,000 workers at Customs and Border Protection would still report to work. They

Agency spokesperson Matthew Tragesser said in a statement, however, that the shutdown does temporarily shutter the agency's E-Verify program, a free online system that employers can use to confirm their new employees are authorized to work in the U.S. Museums and national parks

Smithsonian museums, research centers and the National Zoo were scheduled to stay open to the public through at least Oct. 6. Further updates will be posted on the Smithsonian website. The Smithsonian is the world's largest museum complex, with 17 museums and its zoo located in the Washington, D.C. area, as well as two museums in New York City. National Parks will remain mostly open during the shutdown.

The National Park Service's contingency plan says park roads, lookouts, trails and open-air memorials will "generally remain accessible to visitors." But parks without "accessible areas" will be closed, and additional sites could shutter if damage is done to park resources or garbage builds up during the shutdown.

FEDERAL transportation safety officials told Philadelphia's mass transit agency this week that it should shelve an aging electric railcar model that is heavily used in its regional rail fleet until it figures out how to stop them from catching fire.

The recommendation from the National Transportation Safety Board came after it investigated five fires this year involving the Silverliner IV passenger railcars used by the Southeastern Pennsylvania Transportation Authority, or SEPTA.

In addition to suspending operation of the Silverliner IV fleet until it can fix the cause, the agency said SEPTA should fast-track the replacement of the Silverliner IV fleet or retrofit cars to meet modern fire safety standards and add systems to give the train crew detailed information on when dynamic brakes or other electrical systems aren't functioning normally.

All five fires forced everyone aboard to evacuate — in one case, as many as 350 passengers — with a few minor injuries reported.

One railcar was involved in two of the fires, and two other railcars were destroyed, the NTSB said.

SEPTA is one of the nation's largest mass transit agencies, carrying 800,000

daily riders on buses, trolleys and rail.

The recommendation comes at a time when SEPTA and major transit agencies around the U.S. are fighting for more public funding as they struggle with rising costs and lagging ridership.

In its report, the NTSB was critical of SEPTA's maintenance and operating practices.

That, combined with the outdated design of the Silverliner IV railcars, "represents an immediate and unacceptable safety risk because of the incidence and severity of electrical fires that can spread to occupied compartments," the NTSB said.

The NTSB traced the fires to different components, including electrical components associated with the train's propulsion system, the dynamic brakes and a traction motor.

SEPTA did not immediately respond to questions about whether it would or could comply with the recommendations.

In its budget report issued earlier this year, SEPTA reported that ballooning material, manufacturing and construction costs has made it more expensive for it to replace the Silverliner IV fleet.

Still, it said the replacements are "long-overdue investments" and "can no longer be delayed."