03242025 BUSINESS by tribune242

BPL’s near$1bn

loss on illadvised rate cut

By NEIL HARTNELL Tribune Business Editor

BAHAMAS Power & Light (BPL) and its predecessor lost almost $1bn in revenues during the 18 years to end-2021 due to the ﬁrst Christie administration’s decision to cut electricity base rates below cost.

An internal BPL document, prepared by its then-Board and management shortly before leaving ofﬁce after the Davis administration’s September 2021 general election victory, reveals that the roots of the state-

multi-million dollar ﬁnancial woes lay in the 2003 decision to slash electricity tariffs to a level where they would be unable to cover production costs.

The consequences of this move, which was made when the late Bradley Roberts and the late Al Jarett were, respectively, the minister responsible for the then-Bahamas Electricity Corporation (BEC) and its chairman, were worsened by the failure “to streamline operations” and align costs with the reduced income.

The October 2021 paper, also compiled with help

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FOCOL Holdings chairman has accused the Opposition’s leader of “political gimmickry” and “petty foolishness” over his demands for greater disclosure and transparency on the Government’s energy reforms.

Sir Franklyn Wilson told Tribune Business that Michael Pintard had said “nothing of substance” in his call for the Davis administration to provide more and better details, including pricing and terms, for its liqueﬁed natural gas (LNG) supply and regasiﬁcation deal with BISXlisted FOCOL and Shell.

And, accusing the Macro City MP of engaging in “the same old immaturity” with his concerns and criticisms, Sir Franklyn asserted that the $180m fuel cost savings that the Government’s energy reforms will achieve “in the fullness of time” are very “real”.

Arguing that it was unrealistic to expect the Government to disclose all relevant information on

the same day the deal was signed, the FOCOL chief voiced optimism that all energy-related reforms will ultimately be tabled in Parliament when they are concluded. He also suggested Mr Pintard had exposed himself to scrutiny on why the Minnis administration, of which he was part, failed to execute such itself.

Mr Pintard, though, yesterday countered that he and the Opposition are “making the case for the Bahamian people” and standing up for the public’s interest over the Davis

administration’s reforms. In particular, he argued that the Government - while using “the same template” left behind by the Minnis administration - has dropped plans to establish “a shareholder society” in favour of a “narrow” group of private sector interests.

He, and other former Minnis administration sources speaking on condition of anonymity, conﬁrmed that its own energy reforms had planned to create two companies initially named ‘PowerCo’ and ‘TerminalCo’. The former would have owned New Providence’s proposed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIANS must “let your feet do the talking” if they feel they are being poorly treated or overcharged, a senior banker is arguing, with the latest data dispelling any fears of price-ﬁxing on fees.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business that consumers must use the freedom to choose where they bank and switch institutions if they believe they are being exploited by excessive fees, poor customer service or other shoddy banks instead of always demanding regulatory or government action. Speaking after the Central Bank unveiled its latest report on commercial bank fees for the six months to end-December 2024, he acknowledged that - while

Gov’t missed pledge to cut top Water Corp supplier $28m debt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE supplier that provides all the Water & Sewerage Corporation’s Nassau customers with their water has revealed the Government failed to meet pledges to “substantially” cut the $28.4m owed to it by end-2024.

Consolidated Water, the BISX-listed operator of the Blue Hills and Windsor reverse osmosis plants that supply New Providence, warned investors and the global capital markets that it “cannot provide assurances” on when the Government will make good on its promises to drastically pay down the sums due to it from the Water & Sewerage Corporation. However, these liabilities were slashed by almost $6m or nearly 21 percent during the ﬁrst two months of 2025, the company’s 10-K annual ﬁling with the Securities & Exchange Commission (SEC) revealed, cutting the outstanding debt to $22.5m. Sum 77 percent, or more than three-quarters of this amount, is “delinquent” or more than 90 days past due - a slight improvement on the 84 percent delinquency as at year-end 2024.

“Consolidated Water (Bahamas) accounts

GOWON BOWE

Business Continuity plans must go beyond the theory

An electrical substation located near London’s Heathrow airport caught fire on March 21, 2025, leading to a system-wide blackout. Nearly 290,000 passengers were stranded due to the 1,300 cancelled flights that resulted. A month earlier, a major US financial institution, Zacks Investment Research, lost access to core platforms for two days due to a ransomware attack that exploited outdated recovery procedures - the second such confirmed attack in less than two years. Events like these are not isolated. There is a wider trend here: Business continuity plans (BCPs) often exist in theory but fail in practice.

Whether you work in ﬁnancial services, utilities, logistics or telecommunications, this article will help you understand six priorities you cannot afford to ignore.

Risk identiﬁcation must be functional, not theoretical

There are too many BCPs that list generic risks (’natural disaster’, ‘system failure’ etc) without linking them to actual operational processes. A better approach would be to map the company’s core functions to speciﬁc failure scenarios. Include upstream and downstream dependencies, such as vendors, cloud providers and energy supply. In the case of regulated companies, you should consider aligning with international resilience standards and, at the very least, the guidelines of the relevant regulator.

Your business impact analysis (BIA) is not optional

There is a breaking point for every function. When done correctly, BIAs quantify that. Companies need to identify their maximum tolerable downtime (MTD)

DEREK SMITH BY

and recovery time objectives (RTO). Furthermore, assumptions should be challenged. What happens if multiple systems fail simultaneously? Validating these assumptions at least annually is recommended once they are challenged.

You need active recovery strategies not just ‘workarounds’

To build capability, companies must maintain off-site or cloud-based data backups with tested recovery times. Make sure failover processes are tested for companies in the ﬁnancial and utility sectors. To reduce single points of failure, cross-training for staff should be developed.

Communications planning often fails ﬁrst

Early communication breakdown exacerbates the fall-out. Companies should develop templates for messaging in advance. You should also run internal exercises simulating complete communication outages and identify individuals (and back-ups) who will handle crisis messaging. Testing is not a check box There is value in tabletop exercises, but they are not sufﬁcient. Companies need to simulate real disruptions whenever possible. In addition, please do not just report results

to corporate management. You should be involved in the testing process. Next, document lessons learned and track remediation actions.

Continuity is a Boardlevel issue, not an IT problem

Creating a resilient company requires more than just technology teams. Boards need to set recovery tolerance thresholds. Set the tone of resilience planning at the top by funding the necessary infrastructure and training, while ensuring annual resilience reviews are completed and reported on. There should be more than just a theory behind business continuity plans (BCPs). They should also be tested. If you are on the Board of Directors, ask your executive team how you would cope if your power supply, cloud systems and telecommunications provider went down for 48 hours. Who would be in charge? Is there anything that would break? What would customers hear? If that question causes concern, your business continuity plan needs more than a refresh. It requires leadership.

Smith Jr

a governance, risk and compliance professional for more than 20 years with a leadership, innovation

He is the author of ‘The Smith is a certiﬁed antimoney laundering specialist vice-president, compliance and money laundering reporting ofﬁcer for CG Atlantic’s family of companies (member of Coralisle Group Ltd) for The Bahamas, St Vincent & The Grenadines, St Lucia and

NASSAU ENJOYS DOUBLING OF CRUISE VESSEL CALLS, VISITORS

NASSAU Cruise Port says vessel calls and visitor numbers both enjoyed double-digit percentage increases for the ﬁrst two months of 2025 as it hailed a new single-day visitor record of 30,538.

The Prince George Wharf operator, in a statement, said the new record was set on March 11, 2025. It said the surge in arrivals was driven by the major cruise lines, with six ships docking at the port that day including MSC Seaside, Disney Dream and four Royal Caribbean Cruise Line ships - Independence of the Seas, Symphony of the Seas, Liberty of the Seas and Utopia of the Seas

“We are thrilled to announce this incredible achievement,” said Mike Maura, Nassau Cruise

Port’s chief executive and director. “Breaking this passenger record is a testament to the hard work and dedication of our team,

Hotel guests halt Port Lucaya sales ‘drought’

By FAY SIMMONS

PORT Lucaya Marketplace vendors are said to now be emerging from a two-year “drought” even though the Grand Lucayan’s sale has yet to be ﬁnalised.

Ernestine Markland, proprietor of Ernie’s Souvenirs, told Tribune Business, that vendors sales decreased substantially in 2023 but, beginning this February, the area saw an increase in visitor trafﬁc due to guests from the Viva Wyndham Fortuna Beach Resort.

“From 2023 until about the middle of February [2025] we were in a drought. A serious drought. We are located right opposite the Grand Lucayan hotel and the ships were coming in but the taxi drivers weren’t bringing the tourists this way. So we were in

a drought; the income was meagre, if you made anything,” said Ms Markland. “As of the middle of February things have begun to pick up, and that is not based on the ships. That’s not based on the Grand Lucayan or the taxi drivers. It’s actually because of the tourists at the Club Fortuna Hotel.”

“There have been a lot of Canadian tourists coming from the hotel into the Port Lucaya Marketplace and they patronise. If we based our business on what the taxi drivers bring from the ship we’d still be in a drought. So we are very grateful to them because we’ve been crying out to the Government for help, and basically living off faith that God would send someone our way.”

Ms Markland said visitors frequently inquire about the state of the Grand Lucayan as many used to spend time at its casino and beach area.

our local partners and the Bahamian people.

“But beyond the numbers, it’s about the joy of seeing families, couples and friends making lasting

memories together. It’s the smiling faces and the shared experiences that make Nassau such a special destination for cruise passengers.”

She added that the sale of the hotel and transformation of Grand Bahama International Airport would signiﬁcantly aid the island’s “turnaround” and beneﬁt its tourism industry.

“The tourists that actually come off the ship and visit the island all ask what is going on with that hotel. Some of them have visited before and used to come to

Nassau Cruise Port is forecasting that it will welcome 6.5m passengers in 2025, representing around a 15 percent increase over 2024, while revenues are expected to rise from $49m in 2024 to $78m this year. Compared to 2023, cruise ship calls to Nassau increased by 12 percent in January and 19 percent in February. Passenger numbers also rose, with over 50,000 more visitors in January, representing an 11 percent increase, and over 57,000 more passengers in February for a 13 percent increase.

“The passenger record set on March 11, 2025, marks the beginning of what promises to be another banner year for Bahamian tourism,” Mr Maura added. Nassau Cruise Port has

coming in to Freeport, then most deﬁnitely it would be of some help to The Bahamas and turn things around for us in the Port Lucaya Marketplace.”

Ms Markland called for the Government to assist the vendors by providing grants that can be used to replenish their inventory and make their offerings more attractive to guests.

the casino there, so they’ll come looking for it and the beach,” said Ms Markland. “So most deﬁnitely, if the hotel was sold and if the airport was ﬁxed so we could have larger planes

She explained that sales have been so slow that many vendors have not been able to invest in their businesses and are still trying to sell-off goods they had in stock before Hurricane Dorian ravaged the island in September 2019.

“Right now, we need a shot in the arm and we’ve been crying out for a long time. The area is kind of

continued to enhance its facilities and services since its $300m transformation was completed in 2023. In anticipation of its next growth phase, $2m will be invested this year to enhance ground transportation services and to provide additional ferry terminal capacity that will serve Royal Caribbean’s Paradise Island Beach Club, which is scheduled to begin operations in December 2025. New amenities, including the newly-opened Shore Break restaurant and the pool day club experience, which is under construction, will support Nassau Cruise Port’s plan to handle record numbers of visitors while maintaining its renowned hospitality.

depressing because when you have a store and you’re hardly making money, when you make a sale, you have to use that income to pay a bill or plug a hole. There’s not much left over to renovate or buy inventory or expand,” said Ms Markland.

“We could really use some grants that could help us to build our inventory, and we can portray a better display that will attract more customers. Some vendors are selling stuff from before the hurricane, from 2019. It doesn’t look the best and the tourists don’t want to buy it. This is our livelihood, and things have not been going well over the past couple years, so we’d really appreciate some assistance in putting our businesses back on track.”

More than 600 job openings for GB

MORE than 600 potential job openings will be available on Grand Bahama during a three-day job fair that will be held this week starting on Wednesday.

The Ministry of Labour and Public Service, in a statement, said it has teamed with Grupo Anderson’s Bahamas - the company behind the Senor Frog’s restaurant in Nassau, which will also be operating at Carnival Cruise Line’s Celebration Key private cruise port set to open this July.

The job fair will be held at the Ministry of Labour

and Public Service’s ofﬁces between 9am and 4pm, which are located in the Winn Building in downtown Freeport. The three-day event will last from March 26-28 and aims to provide opportunities for Grand Bahama residents seeking employment or re-employment in the workforce, with openings ranging from entry-level to management positions.

Holman McDonald, head of human resources for Grupo Anderson’s Bahamas, said the job fair is offering a variety of hospitality positions and is

specifically targeted at individuals who have not yet submitted an application, including high school seniors preparing to graduate. All interested job seekers can pre-register by using the QR Code on the job flyer or visit jobseekers.bahamas.gov.bs to find the pre-registration form. Job seekers were told to dress appropriately and ensure they bring a current resume, photo and government-issued ID - a passport, National Insurance Board (NIB) smart card or voter’s card.

Standards chief: ‘Execution’ key to national development

By ANNELIA NIXON Tribune Business

THE Bahamas’ top standards regulator says her two-year term on a key committee with the global watchdog will enable The Bahamas to leapfrog rival developing countries.

Dr Renae Ferguson-Bufford, the Bahamas Bureau of Standards and Quality’s (BBSQ) chief executive, said serving on the International Standardisation Organisation’s (IDO) policy development committee comes after she was

appointed to its Board of Directors as the “ﬁrst Caribbean” woman from 2024 until December 2026. She added that “sitting at the table” allows The Bahamas to adopt the knowledge of more developed countries. “In strengthening institutional capabilities for ISO developing country members,” Ms FergusonBufford said, “we look at enhancing contributions by ISO developing country members and their stakeholders to the ISO system. We’re looking at increasing the use of ISO standards in developing countries.

“The only way we can do that is if we are sitting at the table, and we are taking part. But we are not just sitting at their table and taking part. We are actually implementing what is being learned... from developed countries who are actually sitting at the table as well, and we are twinning.

“And so we have an understanding from their aspect, but we are bringing that back and executing. That’s a lot of times the missing piece, because we have the knowledge. We come back here. We want to bring the knowledge back

here, but we in the country are disjointed,” she said. “I really would like to sit at the table and talk about that; about the fact that we work in silos too much and we, as a Bureau of Standards, are supposed to make those connections with all of the regulatory bodies, all of the NGOs, the private sector. So you have the Chamber of Commerce, you have all of these allied associations. I can talk about the Engineers Association, health associations, in order to affect change.

“And so our role is to promote standardisation for the market. So if there are things going on in the country, market wise, they need to come to us and say, ‘we would like for you to meet, look at all of these relevant standards and then declare those as national standards.’ Well, we’re sitting at the table there. We can bring back what is

being discussed in terms for the developing countries to The Bahamas and try to get on board.

“So while they’re developing some sustainable development gold standards, we can be mirroring the same thing here, but the problem is the implementation. The execution, is our missing element. And that is why I think sitting at the table here is signiﬁcant for us, because we can be a part of the decision-making, contribute to it, but we do need to get on one accord from our perspective.”

Ms Ferguson-Bufford said her role as vice-chair will also beneﬁt the rest of the Caribbean through the regional standards watchdog, CROSQ.

“Well, they can gain our perspectives,” Ms Ferguson-Bufford said. “So, so we are members of CARICOM. We are members of CROSQ, which is the

CARICOM regional organisation for standards. So the Caribbean also need to harmonise as well. Which we do. We do a good job of it. And I sitting at the table, The Bahamas can also take that perspective, which they really appreciate.

“And so what I’ve been doing is, when we have certain meetings, I involve CROSQ in the decisionmaking. And so when I come back, I will say, please ﬁnd the minutes. Please ﬁnd this conversation. And before I go and travel, I invite them. We all sit and we try to go over some of the decisions and any questions they may have, any concerns that I can take in my position, especially as the board member. I can take their commentary, etc, back to th governing body, and say, here is the position of the Caribbean.”

PRESENT for the job fair announcement were Wade Babbs, labour officer; Princess Flowers, officer in charge of the Public Employment Services Unit in Grand Bahama; Holman McDonald, head of human resources for Grupo Anderson’s Bahamas; Pia Glover-Rolle, minister of labour and the public service; Shawn Bowe, labour officer; and Natasha Dean, officer in charge of the public service in Grand Bahama.

Photo:Andrew Miller/BIS

$200m resort project eyeing early April construction start

COTTON Bay Holdings has informed the Government that it plans to begin construction, and stage a ground-breaking, for its $200m south Eleuthera

resort development early next month. The conﬁrmation of an early April 2025 start came when its executives met with Chester Cooper,

deputy prime minister and minister of tourism, investments and aviation, to provide an update on the Ritz-Carlton Reserve development.

MORE BAHAMIANS NEEDED FOR ENERGY REFORM PROCESS

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A PROMINENT antipoverty campaigner has given his backing for the Government’s energy reforms but wants more Bahamian groups to participate in the process.

Bishop Walter Hanchell, who runs two shelters and the Great Commission Ministries, said his light bills has decreased slightly as he voiced his support for the new liqueﬁed natural gas (LNG) regasiﬁcation terminal while adding that “other Bahamian groups

should be given the opportunity to bid on LNG and solar initiatives that can lower the cost of energy in The Bahamas.”.

“I fully support the proposed LNG plant and the savings to consumers throughout New Providence,” he said. “I commend the Government of The Bahamas and Minister Coleby-Davis for their efforts in bringing down high electricity costs in The Bahamas. When completed as planned, the new plant will bring much needed relief to consumers, especially families, small businesses and charitable

New Mexico legislators OK increase on future oil royalty rates for prime land

By MORGAN LEE Associated Press

THE state Legislature has endorsed a bill that would raise royalty rates for new petroleum development on prime pieces of land in New Mexico, on one of the world's most proliﬁc oil production areas.

A 37-31 vote on Thursday sent the bill from the Statehouse to Democratic Gov. Michelle Lujan Grisham for consideration.

The proposal would increase the top royalty rate for oil and gas development

from 20% to 25% on New Mexico's state trust lands with implications for the energy industry in the Permian Basin, which overlaps southeastern New Mexico and western Texas. The area accounted for 46% of U.S. oil production in 2023, according to the Federal Reserve Bank of Dallas. New Mexico deposits royalty payments from oil and gas development in a multibillion-dollar investment trust that beneﬁts public schools, universities and hospitals.

agencies like Great Commission Ministries.

“My only concern is the process that was used. I trust that standard protocols were followed on this project before it was signed off on. It seems like the same names keep coming up on these major projects. It is my view that other Bahamian groups should be given the opportunity to bid on LNG and solar initiatives that can lower the cost of energy in The Bahamas,” Bishop Hanchell added.

While the Government strives to lower electricity costs, he acknowledged the reduced VAT rate on uncooked food items, set to

"We have a legal duty to maximize the return on these assets," said Democratic state Rep. Matthew McQueen of Galisteo, a cosponsor of the bill.

Legislative approval was the culmination of a yearslong effort backed by Public Lands Commissioner Stephanie Garcia Richard to increase top-tier royalty rates. A year ago, Garcia Richard put a hold on lease sales indeﬁnitely for coveted tracts while advocating for the rate increase.

Proponents say neighboring Texas already charges up to 25% on state trust land amid intense competition to drill in the Permian Basin. The royalty changes in neighboring New Mexico would not go into effect in Texas.

Also in attendance were Latia Duncombe, the Ministry of Tourism, Investments and Aviation’s director-general, and Lisa Adderley-Anderson, its

permanent secretary. Representing Cotton Bay Holdings were Daniel Zuleta, its managing director, and Jonell Rigby-Knowles, its general counsel. Discussions covered project timelines, infrastructure and the resort’s impact on local tourism and employment during construction and beyond.

Pictured L-R are Jonnell Rigby-Knowles, Cotton Bay

begin on April 1, but suggested the tax be reduced across the board.

“Focus must also be given to the high cost of goods and services in The Bahamas. I did some research on the cost of living in countries around the world, and just about every study had The Bahamas in the top ten. Some were as low a number ﬁve. This is totally

unacceptable,” Bishop Hanchell said.

“We must address this expeditiously. It is causing an increase in poverty as the misery index continues to elevate in our inner city and among middle class families. Most Bahamians ﬁnd it almost impossible to save money for emergencies.

“The cost of food, medicine and other supplies

Holdings’ general counsel; Daniel Zuleta, Cotton Bay Holdings’ managing director; Chester Cooper, deputy prime minister and minister of tourism, investments and aviation; Lisa Adderley-Anderson, permanent secretary, Ministry of Tourism, Investments and Aviation; Latia Duncombe, director-general, Ministry of Tourism, Investments and Aviation

throughout the country is far too high and is causing havoc on our families. The cost of doing business is also bumping up the price of goods and services. These along with the reality of inﬂation are being passed on to consumers making life extremely difﬁcult for ordinary Bahamians,” he added.

“Again, we would like to thank the Prime Minister for the reduction of VAT scheduled for next month. The masses are grateful and it will no doubt help many families, in particular minimum wage and parttime workers. We do wish that VAT be reduced to 5 percent across the board on all goods and services. The major issue we face is not really the Value Added Tax but the cost of goods in stores and the high cost of rental units and various services throughout the nation.”

BISHOP WALTER HANCHELL

‘Let your feet do talking’ over bank fee concerns

the ﬁndings are unlikely to ever “take the sting” out of criticism from many Bahamians - they eliminate any fears of industry collusion by revealing “signiﬁcant variance” between institutions.

However, Mr Bowe said that Bahamian regulators - besides continuing consumer education - also need to align with their counterparts in the UK by constantly monitoring the market for price-ﬁxing and other anti-consumer behaviour such as “bait and switch” tactics. These occur when institutions seek to lure persons to bank with them, or use a particular product, by offering a lowcost rate initially only to then suddenly raise it.

The Central Bank survey found that, for the six months to end-December 2024, commercial bank fees in The Bahamas exhibited “mixed trends” with those for digital transactions “rising incrementally” during the period. Yet they were much less costly than paper-based transactions.

Asked whether the Central Bank survey ﬁndings and their publication will

ever allay constant public concern and attacks over bank fee charges, Mr Bowe replied: “The truth of the matter is I don’t think you’re ever going to be able to take the sting out of it for the critics....

“It’s not going to allay the concerns and the criticism, but what I can say is that the most avid critics - when I sit with them one on onethey accept what I’m saying but their argument is this particular institution or that particular institution has taken advantage of me. My response is: ‘Why are you still with that institution?’ If fees lead to customers departing, banks are not going to be open for very long.”

Asserting that many Bahamians forget that “they are not only depositors”, but also borrowers from the same bank, which provides employment and, in some cases, ownership opportunities for Bahamians, he added: “As long as there is a level of self-interest used to evaluate fees, we’re always going to have that criticism.

“As long as you believe, as a consumer, the Government should mandate how private entities operate

clearly we’re going to have that criticism as opposed to having the private sector provide that information and let your feet do the talking.

“Every customer dissatisfied with their bank has the choice to move to another institution,” Mr Bowe continued. “If there’s a belief that there’s price fixing and all banks have the same fees, that’s a different matter. The doesn’t take place because when you look at the fees there’s a significant variance between one category to the next.”

While acknowledging that the existing fees survey is “not perfect”, the Fidelity Bank (Bahamas) chief said the bi-annual report is developing sufﬁcient data “for consumers to be educated” and the Central Bank to build on this with further efforts to show “how we measure the sustainability of banks” by examining their results and proﬁtability.

He added that “the next step” is to enable consumers to analyse bank proﬁts, “as opposed to harping on one aspect, which is the revenue”, and determine using industry benchmarks whether they are enjoying

STATES PUSH TO SHIFT ROAD FUNDS TO TRANSIT AND BIKE PROJECTS AS TRUMP THREATENS CUTS

By JEFF McMURRAY Associated Press

HUNDREDS of bicy-

cle advocates were at an annual summit this month in Washington, D.C., when their cellphones lit up over breakfast with an urgent email warning that President Donald Trump's transportation department had just halted federal grant funding for bike lanes.

As the administration targets green energy projects championed by former President Joe Biden that boosted transit, recreational trails and bicycle

infrastructure, several states are banding together to advance those priorities on their own.

California, Illinois, Maryland, Michigan, Minnesota, New York and Pennsylvania joined forces for a national organizing effort dubbed the Clean Rides Network. The group gained momentum in various statehouses this year on environmentally friendly transportation projects it contends the federal government has abandoned. "These are changes we need to make anyway, but they're more urgent than

ever," said Justin Balik, senior state program director for the environmental advocacy group Evergreen Action and one of the organizers of the Clean Rides Network. "I've been calling the state departments of transportation the next frontier of climate advocacy."

Although Colorado wasn't among the seven charter members of the Clean Rides Network, a policy enacted there set the framework for one of its most ambitious goals.

In 2021, Gov. Jared Polis committed to a dramatic

excessive returns at the expense of consumers. The present Central Bank fee survey only assesses the revenue side, and Mr Bowe said expenses and cost structure also need to be considered.

Urging regulators to beware “bait and switch” tactics, price ﬁxing and other anti-competitive and anti-consumer behaviour, he added: “Things like that are what the Central Bank as regulator should be focused on and, after that, it just needs to enhance its consumer education programme.”

The Central Bank, though, in analysing the fees levied on Bahamians for deposit accounts, argued that not all customers have freedom of choice as to who they bank with as their loan/credit arrangements will mandate they open account with that particular institution. This is especially the case if a loan has been secured by salary deduction, as the lender will want the borrower’s income to be paid to an account with them.

“Compared to June 2024, and end-2023, domestic banks’ average surcharges for services provided

reduction in Colorado's greenhouse gas emissions and employed a novel approach to accelerate the timeline. Whenever the state's transportation department commits money to a large-scale project that increases vehicle trafﬁc such as a new highway, it must also pursue a corresponding project to offset the environmental harms.

Two major highway expansion projects were canceled because of the policy, said Matt Frommer of the Southwest Energy Efﬁciency Project. The group advocated for the change.

Colorado used the savings to expand an intercity bus service that has soared in popularity for urban

through digital platforms rose incrementally during the second half of 2024,” the Central Bank found. “The average chequing account proﬁle remained the most costly, while adult savings accounts continued to rank in the middle of the cost range.

“In terms of deposit account maintenance, a proﬁled retail banking customer employing maximum use of digital or electronic services options faced average monthly charges in the range of $2.65 to $16.49 per month, according to the December 2024 fee structure, compared to an estimated range of $2.49 to $15.91 per month, a year prior.

“Students receive the most concessions, followed by retirees. The average cost to maintain the adult savings account category reduced marginally since the ﬁrst half of 2024, while reverting to the same range posted in the ﬁnal half of 2023. However, the various categories of student, retiree and adult chequing accounts using electronic channels have been slightly costlier for some customers since at least mid-2024.”

residents and tourists traveling to ski resorts.

Polis' vision lined up with the multimodal transportation aims under the $1.1 trillion bipartisan infrastructure law Biden signed that year. In the ﬁnal months of Biden's administration, the city of Denver won a $150 million federal grant to build a rapid transit bus line along one of its busiest corridors.

Frommer, a transportation and land use policy manager, said there are fears that states will now have to pursue projects like that on their own.

"If your state cares about climate change, you need to take the reins and step up and direct your transportation funds to projects that are going to reduce

As for paper-based transactions, the Central Bank said: “Customers that rely on physical or paper-based channels for services experienced mixed trends. In the half-year through December 2024, average monthly costs ranged from $9.72 to $27.10, vis-à-vis a range of $10.36 to $26.97 in mid-2024.

“Fees assessed for three of the constructed customer proﬁles decreased, though incrementally in some cases, from the preceding six-month period [to] June 2024. However, the average cost for adult chequing accounts rose over the survey period to December 2024, while stabilising incrementally for student facilities - notably vis-àvis the December 2023 fee structure.

“Retirees still incurred the lowest profiled service prices, with estimated costs decreased compared to both mid-2024 and end2023. Student-profiled accounts cost stayed only moderately higher than the retiree fees, whereas the average cost to maintain adult chequing and savings accounts were clustered close together on the higher end with checking account profiles being the most costly.”

emissions," Frommer said.

"We may not be able to rely on the federal government to put that policy in place or to really help you in many ways."

Minnesota followed Colorado's lead and adopted a similar rule to offset greenhouse emissions. Other states that are part of the network are pushing proposals this session.

The Maryland House recently passed its version of the Colorado law, and Senate sponsor Shelly Hettleman said she's cautiously optimistic it will win ﬁnal passage before lawmakers adjourn.

In trying to persuade her colleagues, Hettleman has focused less on the environmental beneﬁts than what she sees as economic ones.

‘Political gimmickry’ blast over Govt’s LNG reforms

220 mega watt (MW) baseload generation plant, while the latter held the LNG regasiﬁcation plant also to be constructed at Clifton Pier.

‘PowerCo’ would have been 51 percent majority-owned by Shell with the Government initially holding the remaining 49 percent equity interest. And ‘TerminalCo’ would have been 65 percent majority government owned via a special purpose vehicle (SPV), with the remaining 35 percent offered to Bahamian institutions and high net worth individuals via a private offering.

Mr Pintard said this structure was designed to ensure the Government received substantial revenues from the energy reforms, with at least a portion likely deposited into a sovereign wealth fund. And, ultimately, both ‘PowerCo’ and ‘TerminalCo’ would have been taken public via initial public offerings (IPOs) that would have allowed small, individual, retail investors to gain an ownership stake in Bahamian energy.

However, the Davis administration has elected instead to hand the LNG terminal to New Providence gas, a joint venture between FOCOL and Shell. And, given that the Government itself will be responsible for buying the LNG from Shell via an SPV, it appears that the multinational fuels giant will be able to ‘double dip’ - earning at both the LNG supply and regasiﬁcation stages.

And, with no IPO of the LNG terminal company seemingly planned, Mr Pintard and others argued that the Government has dropped the concept of widespread Bahamian equity ownership and replaced this with a tightlyowned private consortium that will beneﬁt relatively fewer persons. “They have kept the same structure and swapped out the players,”

one source said of the changes.

The Opposition leader, arguing that all Bahamians “should have a shot at investing in these assets”, yesterday asserted that he and his party are “carrying water for the people of The Bahamas” by scrutinising the Government’s energy reforms. And he renewed criticisms of the failure to open the process to competitive bidding as Bahamians do not know “if they are getting the best price and terms’.

Sir Franklyn, though, reassured Bahamian businesses and households that major light bill cost savings will result from reforms he branded as “one of the most signiﬁcant events that have happened in the history of the country”. He pointed to what he described as “clarity of purpose”, and said Shell’s involvement under two successive administrations “was evidence of continuity of government, a sign of a vibrant democracy”.

The FOCOL chairman, though, was less charitable about Mr Pintard’s subsequent intervention. The Opposition leader, in a statement on Thursday, argued that FOCOL’s involvement had occurred “without going through the required transparent bidding process” and seemingly in contravention of the Public Procurement Act’s stipulation.

And, asserting that the Government is “handing over hundreds of millions of dollars” in Bahamas Power & Light (BPL) assets and revenues “to politically well-connected private business interests”, Mr Pintard called for the Government to disclose details surrounding the pricing for LNG and energy it will fuel, plus speciﬁcs on FOCOL’s role, the deal’s terms and who will own the pipelines taking the gas to the power plants.

“It surprised me, and to some extent disturbed me, that the leader of the Opposition chose to get into this

political statement, the same old politics, although he really had nothing to say,” Sir Franklyn blasted. “If you analyse the statement, the little he said, there was nothing of substance.”

As for comparisons between the Minnis and Davis administration’s plans, Sir Franklyn said the latter and FOCOL were executing and implementing whereas the former had failed to do so. “If you had a better plan, implement it,” he argued. “He was a member of the Cabinet then. If you had a good plan, execute it. That’s what people elected you for.

“Why cause this controversy with all this? It’s so unwise, so immature in my opinion. At some point we’ve got to stop this foolishness. We have to be more mature, talk sense. I understand the role of the Opposition is to oppose, but at least have a point when you oppose. Have a point.

“What is a plan if you don’t execute it? All he’s done is invite questions about why they didn’t execute it? He’s invited the criticism. He knows why he couldn’t do it. The fact of the matter is this is a complex matter. This is not something you draw up on a piece of paper and do. This is a very complex matter, and any suggestion to the contrary is in effect an adverse ﬁnding on him. It just shows the same old immaturity.”

Sir Franklyn said there was “a mechanism” for the Government to disclose agreements such as the energy reform strategy by tabling them in Parliament.

“The idea this is something secret is the same old, same old petty foolishness,” he added, suggesting that Mr Pintard and the Opposition would be able to view them and gain the answers to any questions then.

“He will see the country will save, in the fullness of time, $180m per annum based on the current fuel realities in The Bahamas,” the FOCOL chairman

told Tribune Business

“That’s signiﬁcant, $180m per annum in fuel savings based on all the models. It’s all there. He will have his opportunity. The Prime Minister, whenever it is, will answer his questions. That’s how the process goes.

“All I’m saying to the Bahamian public is there ain’t no complication with this matter. The savings are real.... This is not gimmickry, this is not gimmickry. This is not time for the same old, same old, creating controversy where there’s nothing to be controversial about. There’s nothing to be controversial about.”

Mr Pintard, though, argued that he and his party are looking out for the Bahamian people’s interest while Sir Franklyn is focused on FOCOL and its shareholders. He conceded that the Minnis administration, in whose Cabinet he served, “missed a window of opportunity” to execute on its own energy reform plan but accused the Davis administration of exactly the same failings over the abandoned rate reduction bond (RRB) reﬁnance.

Turning to the present, the Opposition leader retorted: “The real issue here is the Government has entered into yet another deal, a multi-year deal, a generational deal. The Government has entered into this deal without the beneﬁt of competitive bidding.

“We have no way of knowing whether we are getting the best possible price, and I don’t believe they have been transparent in terms of what the ask is of Sir Franklyn and his partners in terms of the per kilowatt hour (KWh). We do not know if we are getting the best possible price.

“If Sir Franklyn is saying we are engaging in political gimmickry, what we are actually doing is asking the Government to follow what is prescribed in the procurement law, and in the absence of doing what is a proper procurement process and using competitive bidding, they are dutybound to explain why they are doing this,” Mr Pintard added.

“We have a generational deal being signed with pretty much a direct award. We are deeply concerned about that.” The Opposition leader then voiced his concerns about abandoning the IPO-led plan for broad Bahamian ownership of the generation and LNG reforms, as well as dropping revenue-earning opportunities for the Government, and replacing them with private interests in the shape of FOCOL and Shell.

While acknowledging that Sir Franklyn will likely “make the case” that FOCOL’s Bahamian shareholders will beneﬁt, Mr Pintard said there will likely be no chance for others to reap the beneﬁts from energy reforms and BPL

assets they have spent years paying costly light bills to help maintain.

“There’s no opportunity for the average Bahamian or Bahamians unable to reach that high level of wealth,” he added. “We are making the case for the Bahamian people. He is clearly making the case for himself and his shareholders, when we believe this is a bad agreement for the Bahamian people. It may be a good deal for him, it may be good for Davis who appears to be cash-strapped as a government.

“I don’t wish to be in any acrimonious discussion. Sir Franklyn in his private capacity is working to build private wealth for himself and those associated with him. My job is to ﬁght for the Bahamian people, and the best plan is to ensure the Government gets a substantial amount of revenue on those assets that have for decades caused it to pump hundreds of millions of dollars into BPL.

“The Bahamian people have also spent hundreds of millions of dollars to maintain and reﬁt those assets. Now those assets are being handed to other people. Why shouldn’t the Bahamian people have a shot at investing in those assets? That’s who we are carrying water for: The people of The Bahamas and the sovereign wealth fund. That’s what our interest is and why we signed up for public life.”

BPL’s near-$1bn loss on ill-advised rate cut

from the EY (Ernst & Young) accounting ﬁrm, said: “How did BPL/BEC amass a debt of $321m?

In short, without the beneﬁt of a detailed rate study, the electricity rates were reduced in 2003, then in 2005 from a high of 18 cents per kWh (kilowatt hour), and further adjusted in 2010 to what we have today - an average of 12.5 cents per kWh for residential customers when considering the 10.9, 11.9 and 14.9 cents per kWh price points.

“With these downward rate adjustments, BPL lost revenue, and rather than work to streamline operations and reduce costs to match the revenue losses, the company did very little to control costs. As such, the company had to continuously borrow money in order to continue to operate.

“Given the reduction of the tariff rates, it is estimated that BPL has lost just over $980m in revenues over the past 18 years, which is unsustainable for any entity especially if no

adjustments were made to streamline operations,” the document added.

“As a consequence, inadequate funds were invested over the years in maintaining and upgrading the assets of the company, hence the multiplicity and crescendo of generation issues that led to the summer 2019 load shedding experience.”

Given that further years have elapsed since the October 2021 report, it is likely that the 2003 rate cut has cost BPL over $1bn in revenue.

The paper detailed the Minnis administration’s efforts to reﬁnance BPL’s $321m legacy debt, as well as generate additional capital to upgrade its transmission and distribution assets, network infrastructure and tackle legacy environmental and pension liabilities via the now-abandoned $535m rate reduction bond (RRB) ﬁnancing.

This would have issued bonds to raise funding from local and international investors, who would have been repaid interest and

principal by BPL’s business and household customers via their monthly bills. The Davis administration dropped the plan after global capital markets and interest rates moved against The Bahamas following the COVID-19 pandemic, making the RRB’s debt servicing costs too burdensome for Bahamians.

However, Michael Pintard, the Opposition’s leader, yesterday argued that the Davis administration had a chance to proceed with the reﬁnancing while also admitting that its Minnis administration predecessor - in whose Cabinet he served - “missed the window” to place the RRB itself.

“We missed the window of opportunity by going early in the election, and not moving to resolve the issue,” he told Tribune Business. “As the new leader of the party, we missed an opportunity and all of us in Cabinet at that time take responsibility in that regard...

“But even though we missed the window on the

RRB, the PLP came in and interest rates on the global markets, the interest rates in order to execute the RRB were still attractive enough for the PLP government to proceed with the RRB. They had the exact same package of information. We missed the opportunity, and the same opportunity they missed on by dismissing it out of hand.”

BPL’s October 2021 document, detailing a series of delays that hit the planned RRB offering, said: “Due to the March 2020 declaration that COVID-19 had become a global pandemic, the world ﬁnancial markets became unstable. In addition, the pandemic dramatically affected the Bahamian economy, impacting local market conditions.

“The RRB offering was subsequently put on hold until the markets became more favourable for the RRB offering. This was done to ensure that the Bahamian people get the best possible price for the RRB offering. Citi was asked to conduct a market

Eyeing China threat, Trump announces Boeing wins contract for secretive future ﬁghter jet

By TARA COPP Associated Press

PRESIDENT Donald Trump announced Friday that Boeing will build the Air Force's future ﬁghter jet, which the Pentagon says will have stealth and penetration capabilities that far exceed those of its current ﬂeet and is essential

in a potential conﬂict with China. Known as Next Generation Air Dominance, or NGAD, the manned jet will serve as quarterback to a ﬂeet of future drone aircraft

sounding exercise in the summer of 2020, and it was discovered that there was only interest in the RRB at signiﬁcantly higher interest rates, and it would be very difﬁcult to fully subscribe the offering with the established bond quantum.

“This would not work for the company because BPL’s debt exceeded $300m, and with a bond offering not fully subscribed there would be no funds available to support investment in infrastructure.” As a result, BPL’s reﬁnancing had to be restructured to focus on privately-placed loans and bonds with CIBC Caribbean called on to gain feedback from potential investors.

“It was determined that there was interest in the transaction that was commensurate with the $535m bond quantum, with an interest rate that was very favourable and comparable to the initial modeling of the RRB costs,” the BPL report added.

“Given this encouraging response, the choice was made to pursue this alternate ﬁnancing solution, fully recognising that additional amendments to the 2019 Rate Reduction Bond

legislation would be needed before the offering could be made to the market....

“There was additional work to package for the market, address the new requirements under this ﬁnancing option, and refresh documents given the time lapse and developments due to the pandemic. This would represent an increase in costs,” the report said.

“However, given that the bond quantum was ﬁxed at $535m there would be no additional fees levied on the consumer instead the use of proceeds was adjusted to accommodate the additional costs. All legal amendments and offering documents for the revised bond offering were completed in June 2021.

“BPL, along with the Bahamas Rate Reduction Bond Company (BRRBL), went to the Cabinet to seek approval for the required amendments so that the bond could be offered to the market before August 2021. Unfortunately, Parliament was put in recess for the summer before the amendments could be introduced and passed in Parliament.”

designed to be able to penetrate the air defenses of China and any other potential foes. The initial contract to proceed with production on a version for the Air Force is worth an estimated $20 billion.

The 47th president, who announced the award at the White House with Defense Secretary Pete Hegseth and Air Force leadership, said

with a grin that the new ﬁghter would be named the F-47. Gen. David Allvin, chief of staff of the Air Force, said, "We're going to write the next generation of modern aerial warfare with this." And Hegseth said the future ﬂeet "sends a very clear, direct message to our allies that we're not going anywhere." Critics have questioned the cost and the necessity of the program as the Pentagon is still struggling to fully produce its current most advanced jet, the F-35, which is expected to cost

taxpayers more than $1.7 trillion over its lifespan. In addition, the Pentagon's future stealth bomber, the B-21 Raider, will have many of the same cutting edge technologies in advanced materials, AI, propulsion and stealth.

More than 1,100 F-35s have already been built for the U.S. and multiple international partners.

A fleet of about 100 future B-21 stealth bombers at an estimated total cost of at least $130 billion is also planned. The first B-21 aircraft are now in test flights.

Gov’t missed pledge to cut top Water Corp supplier $28m debt

receivable balance, which includes accrued interest due from the Water & Sewerage Corporation, amounted to $28.4m as of December 31, 2024,” Consolidated Water conﬁrmed.

“Approximately 81 percent of the December 31, 2024 accounts receivable balance was delinquent as of that date.

“As of February 28, 2025, this receivable amounted to $22.5m, of which 77 percent was delinquent. The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary. From time to time, including presently, Consolidated Water (Bahamas) has experienced delays in collecting its accounts receivable from the Water & Sewerage Corporation.

“When these delays occur, we hold discussions and meetings with representatives of the Water & Sewerage Corporation and

The Bahamas government and, as a result, payment schedules are developed for Water & Sewerage Corporation’s delinquent accounts receivable,” the BISX-listed reverse osmosis provider said.

“All previous delinquent accounts receivables from the Water & Sewerage Corporation, including accrued interest thereon, were eventually paid in full. Based upon this payment history, we have not provided for a material allowance for credit losses for Consolidated Water (Bahamas” accounts receivable from the Water & Sewerage Corporation as of December 31, 2024.”

However, Consolidated Water signalled that its faith in the Government’s pledges has been somewhat shaken after the latter failed to make any major inroads into the sums owed by the Water & Sewerage Corporation last year as planned.

“Consolidated Water (Bahamas) held discussions with the Water & Sewerage Corporation in March 2024, and with representatives of The Bahamas government in April 2024 during which Consolidated Water (Bahamas) was informed that the Government intended to substantially reduce Consolidated Water (Bahamas) accounts receivable from the Water & Sewerage Corporation before the end of 2024,” it added.

“This anticipated substantial reduction in Consolidated Water (Bahamas) accounts receivable did not occur over the course of 2024. We continue to be in frequent contact with ofﬁcials of the Bahamas government, who continue to express their intention to signiﬁcantly reduce Consolidated Water (Bahamas) accounts receivable balances in the near future. However, we cannot provide any assurance as to when such reduction will occur....

What we know about the ﬁre that brought London’s Heathrow Airport to a standstill

By DANICA KIRKA Associated Press

HEATHROW Airport was up and running Saturday and airlines worked to clear the backlog after a ﬁre at a nearby electricity substation knocked out power to Europe’s busiest airport, disrupting travel plans for hundreds of thousands of people around the world.

The airport said it had made space for extra ﬂights, but it is expected to take days to get stranded passengers to their destinations and displaced aircraft into the proper locations.

Here’s a look at what happened and its impact on air travel.

What happened?

A ﬁre at an electrical substation in west London, about 2 miles (3.2 kilometers) from the airport, cut power to Heathrow Airport late on Thursday.

Residents reported an explosion and a fireball just before midnight. The London Fire Brigade said a transformer holding 25,000 liters (5,000 gallons) of cooling oil caught fire. It said 10 fire engines and 70 firefighters brought the

blaze under control after seven hours, but isolated hotspots were still alight 24 hours after the fire started. National Grid, which maintains energy infrastructure in Britain, said the blaze damaged equipment at the substation and cut power to 67,000 properties, including Heathrow. It said power was restored to all of them by Saturday morning. The “significant power outage” initially forced Heathrow officials to announce that the airport would be closed until 11:59 p.m. on Friday, but some flights began to resume on Friday evening. What caused the fire?

Officials said there was no suggestion of foul play, but the cause is still under investigation. The fire brigade said its investigation would focus on the electrical distribution equipment at the substation. Even so, London’s Metropolitan Police Service said counterterrorism detectives were leading the investigation because of the fire’s impact on critical national infrastructure.

Energy Secretary Ed Miliband said it was “an unprecedented event.”

NOTICE

NOTICE is hereby given that ROSENIRVA MONESTIME Garden Hills, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“If Consolidated Water (Bahamas) is unable to collect a sufficient portion of its delinquent accounts receivable, one or more of the following events may occur. Consolidated Water (Bahamas) may not have sufficient liquidity to meet its obligations; we may be required to cease the recognition of revenue on Consolidated Water (Bahamas) water supply agreements with the Water & Sewerage Corporation; and (we may be required to provide a material allowance for credit losses for Consolidated Water (Bahamas) accounts receivable. Any of these events could have a material adverse impact on our consolidated financial condition, results of operations and cash flows.”

“Obviously, with any incident like this we will want to understand why it happened and what if any lessons it has for our infrastructure,” he told Sky News. How was Heathrow affected?

The closure disrupted the travel plans of around 200,000 people who were expected to travel through Heathrow on Friday. Heathrow advised passengers not to travel to the airport and to contact their airlines to rebook flights. With all takeoffs and landings canceled, the first impact was on dozens of long-haul flights from North America and Asia that were in the air when the airport was shut down. Some were forced to turn around, while others were diverted to airports around the United Kingdom and Europe.

Heathrow-bound aircraft landed at Schiphol Airport in Amsterdam; Shannon Airport in western Ireland; Glasgow, Scotland; Manchester, England; Charles de Gaulle in Paris; Lyon, France; and Frankfurt, Germany, among others.

About 4,000 tons of cargo were also stranded by the

“One bulk water customer, the Water & Sewerage Corporation, accounted for approximately 22 percent of our consolidated revenue for 2024. If, for financial or other reasons, the Water & Sewerage Corporation does not comply with the terms of our water supply agreements our consolidated financial condition, results of operations, and cash flows could be materially adversely affected,” the reverse osmosis supplier added.

“We sell bulk water in The Bahamas through our majority-owned subsidiary, Consolidated Water (Bahamas), to the Water & Sewerage Corporation, which distributes the water through its own pipeline system to residential, commercial and tourist properties on the island of

Consolidated Water’s Bahamas operations sustained a 5 percent year-over-year decline in revenue for 2024, dropping to $29.676m from $31.222m. This means the sum owed by the Water & Sewerage Corporation t year-end 2024 was almost as large as the company’s annual revenues.

How long will the disruptions last?

The disruptions are expected to last for days as airlines move stranded aircraft and ﬂight crews back into position and work to accommodate passengers whose ﬂights were canceled. Mendiratta estimated that it would take two to four days to clear all the backlogs.

“This is an extreme situation where the entire aviation ecosystem is impacted,” she said.

“There will be two things that will be happening as a priority No. 1. First is airport operations and understanding, from an electrical system point of view,

NOTICE

NOTICE is hereby given that FANELIE MERUS of Laird Street, Blue Hill Road, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

what has been impacted, if anything,” she said. “Did anything short out, for instance? What needs to be reactivated? And then how do you literally turn the airport back on again?”

How big is Heathrow?

Heathrow was Europe’s busiest airport last year, with 83.6 million passengers traveling through it. Its closure will have far-reaching impacts because it’s a major hub for connecting ﬂights to cities throughout the U.K. and around the world, as well as for travel to London.

Does London have other airports?

Yes. Five other air hubs in southeastern England identify themselves as London airports, but they are much smaller than Heathrow.

New Providence. We supply bulk water in The Bahamas from our Windsor and Blue Hills plants.

“Our water supply agreement with the Water & Sewerage Corporation for our Windsor plant, which has a capacity of 2.8 million gallons per day, expires in August 2033 and requires us to deliver and requires the Water & Sewerage Corporation to purchase a minimum of 16.8 million gallons per week,” Consolidated Water continued.

“We supply water from the Blue Hills plant, our largest seawater reverse osmosis desalination facility, with a capacity of 12 million gallons per day under the terms of a water supply agreement with the Water & Sewerage Corporation that expires in March 2032 that requires us to deliver, and requires the Water & Sewerage Corporation to purchase, a minimum of 63 million gallons of water each week.”

London Gatwick, Britain’s second-biggest airport, handled 43.2 million passengers last year. It’s located in the town of Crawley, 28 miles (45 kilometers) south of London.

What’s the bigger picture?

The ﬁre raises concerns about the U.K.’s ability to withstand attacks or natural disasters that damage critical infrastructure such as communications and power networks, analysts said.

The incident is particularly worrisome given recent comments by Britain’s security services that Russia is conducting a reckless campaign of sabotage across Europe, said Alan Mendoza, the executive director of the Henry Jackson Society, a London-based security think tank.

“The U.K.’s critical national infrastructure is not sufficiently hardened for anywhere near the level it would need to be at to give us confidence this won’t happen again,” he said. “I mean, if one fire can shut down Heathrow’s primary systems ... it tells you something’s badly wrong with our system of management of such disasters.”

NOTICE

NOTICE is hereby given that SENDY DIEGUE of Harbour Island, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of March, 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 VANNA EXILUS Kemp Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

closure, according to Anita Mendiratta, an aviation and leadership consultant.

THE VOICE of America building, Monday, June 15, 2020, in Washington.

Photo:Andrew Harnik/AP

Segway recalls 220,000 of its scooters due to a fall hazard that has resulted in 20 injuries

SEGWAY is recalling about 220,000 of its scooters sold across the U.S. due to a fall hazard that has resulted in user injuries ranging

from bruises to broken bones. According to a notice published by the U.S. Consumer Product Safety Commission, the folding mechanism in Segway's Ninebot Max G30P and

UK GOVERNMENT ORDERS

PROBE

INTO HEATHROW SHUTDOWN THAT SPARKED CONCERN OVER ENERGY RESILIENCE

By JILL LAWLESS Associated Press

THE British government on Saturday ordered an investigation into the country's "energy resilience" after an electrical substation ﬁre shut Heathrow Airport for almost a day and raised concerns about the U.K.'s ability to withstand disasters or attacks on critical infrastructure.

While Heathrow Airport said it was now "fully operational," thousands of passengers remained stuck, and airlines warned that severe disruption will last for days as they scramble to relocate planes and crews and get travelers to their destinations.

Inconvenienced passengers, angry airlines and concerned politicians all want answers about how one seemingly accidental ﬁre could shut down Europe's busiest air hub.

"This is a huge embarrassment for Heathrow airport. It's a huge embarrassment for the country that a ﬁre in one electricity substation can have such a devastating effect," said Toby Harris, a Labour Party politician who heads the National Preparedness Commission, a group that campaigns to improve resilience. Energy Secretary Ed Miliband said he'd asked the National Energy System Operator, which oversees U.K. gas and electricity networks, to "urgently investigate" the ﬁre, "to understand any wider lessons to be learned on energy resilience for critical national infrastructure."

It is expected to report initial ﬁndings within six weeks.

"The government is determined to do everything it can to prevent a repeat of what happened at Heathrow," Miliband said.

Heathrow announced its own review, to be led by former transport secretary Ruth Kelly, a member of the airport's board.

Heathrow Chairman Paul Deighton said Kelly will look at "the robustness and execution of Heathrow's crisis management plans, the airport's response during the incident and how the airport recovered."

Stalled journeys

More than 1,300 ﬂights were canceled and some 200,000 people stranded Friday after an overnight ﬁre at a substation 2 miles (3.2 kilometers) away cut power to Heathrow, and to more than 60,000 properties.

Heathrow said Saturday it had "added ﬂights to today's schedule to facilitate an extra 10,000 passengers." British Airways, Heathrow's biggest

airline, said it expected to operate about 85% of its 600 scheduled ﬂights at the airport Saturday. While many passengers managed to resume stalled journeys, others remained in limbo.

Laura Fritschie from Kansas City was on vacation with her family in Ireland when she learned that her father had died. On Saturday she was stranded at Heathrow after her BA ﬂight to Chicago was canceled at the last minute.

"I'm very frustrated," she said. "This was my ﬁrst big vacation with my kids since my husband died, and ... now this. So I just want to go home."

Shutdown points to a broader problem

Residents in west London described hearing a large explosion and then seeing a fireball and clouds of smoke when the blaze ripped through the substation. The fire was brought under control after seven hours, but the airport was shut for almost 18 hours. A handful of flights took off and landed late Friday.

Police said they do not consider the ﬁre suspicious, and the London Fire Brigade said its investigation would focus on the substation's electrical distribution equipment. Still, the huge impact of the ﬁre left authorities facing questions about Britain's creaking infrastructure, much of which has been privatized since the 1980s. The centerleft Labour government has vowed to improve the U.K.'s delay-plagued railways, its aged water system and its energy network, promising to reduce carbon emissions and increase energy independence through investment in wind and other renewable power sources.

"The last 40, 50 years we've tried to make services more efﬁcient," said Harris. "We've stripped out redundancy, we've simpliﬁed processes. We've moved towards a sort of 'just in time' economy. There is an element where you have to make sure you're available for 'just in case.' You have to plan for things going wrong."

'Clear planning failure'

Heathrow is one of the world's busiest airports for international travel, and saw 83.9 million passengers last year.

Chief executive Thomas Woldbye said he was "proud" of the way airport and airline staff had responded.

Max G30LP KickScooters can fail during use — causing the handlebars or stem of the scooters to fold. That can result in serious injuries, the Commission warns. Thursday's recall notice notes that Segway

has received 68 reports of folding mechanism failures — with 20 injuries that include abrasions, bruises, lacerations and broken bones.

Consumers in possession of these now-recalled scooters are urged to stop using them immediately and contact Segway to request a free maintenance kit. This kit includes tools and step-by-step instructions to inspect and adjust the scooters' locking mechanism as needed, Segway says. "Over time, depending on riding conditions, the folding mechanism may require periodic checks and tightening," Californiabased Segway writes on its website. "No returns or replacements are involved."

According to the CPSC, the Segway scooters involved in this recall were manufactured in China and Malaysia and sold at retailers across the U.S. — like Best Buy, Costco, Walmart, Target and Sam's Club, as well as online at Segway. com and Amazon.com, between January 2020 and February 2025. Sale prices ranged from $600 to $1,000.

"The airport didn't shut for days. We shut for hours," he told the BBC.

Woldbye said Heathrow's backup power supply, designed for emergencies, worked as expected, but it wasn't enough to run the whole airport, which uses as much energy as a small city. "That's how most airports operate," said Woldbye, who insisted "the same would happen in other airports" faced with a similar blaze.

But Willie Walsh, who heads aviation trade organization IATA, said the episode "begs some serious questions." "How is it that critical infrastructure – of national and global importance –is totally dependent on a single power source without an alternative? If that is the case, as it seems, then it is a clear planning failure by the airport," he said.

Walsh said "Heathrow has very little incentive to improve" because airlines,

Legal Notice NOTICE

KURTHWOOD LTD.

NOTICE IS HEREBY GIVEN as follows:

(a) KURTHWOOD LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 17th day of March 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Delco Investments Limited of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 24th day of March, A.D. 2025 Delco Investments Limited Liquidator

not the airport, have to pay the cost of looking after disrupted passengers.

'No back-up plan'

Friday's disruption was one of the most serious since the 2010 eruption of Iceland's Eyjafjallajokull volcano, which shut Europe's airspace for days.

Passengers on about 120 ﬂights were in the air when Friday's closure was announced and found themselves landing in different

TRAVELLERS check

busiest airport.

Kirsty Wigglesworth/ AP

cities, and even different countries.

Mark Doherty and his wife were

when the inﬂight map showed their ﬂight from New York's John F.

to Heathrow was returning to New York. "I was like, you're joking," Doherty said. He called the situation "typical England — got no back-up plan for something happens like this. There's no contingency plan."

Legal Notice

International Business Companies Act No. 45 of 2000

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of completed, a Certi been issued and the Company has therefore been struck o

Te date of completion of the Dissolution was the 6th day of

the information board in London, Saturday, March 22, 2025, as Heathrow Airport slowly resumes ﬂights after a ﬁre cut power to Europe’s

Photo:

halfway across the Atlantic

Kennedy Airport

Two months into Trump’s second administration, the news industry faces challenges from all directions

By DAVID BAUDER AP Media Writer

DURING the ﬁrst Trump administration, the biggest concern for many journalists was labels. Would they, or their news outlet, be called "fake news" or an "enemy of the people" by a president and his supporters?

They now face a more assertive President Donald Trump. In two months, a blitz of action by the nation's new administration — Trump, chapter two — has journalists on their heels.

Lawsuits. A newly aggressive Federal Communications Commission. An effort to control the press corps that covers the president, prompting legal action by The Associated Press. A gutted Voice of America. Public data stripped from websites. And attacks, ampliﬁed anew.

"It's very clear what's happening. The Trump administration is on a campaign to do everything it can to diminish and obstruct journalism in the United States," said Bill Grueskin, a journalism professor at Columbia University.

"It's really nothing like we saw in 2017," he said. "Not that there weren't efforts to discredit the press, and not that there weren't things that the press did to discredit themselves."

Trump supporters say an overdue course correction is in order Supporters of the president suggest that an

overdue correction is in order to reﬂect new ways that Americans get information and to counter overreach by reporters. Polls have revealed continued public dissatisfaction with journalists — something that has been bedeviling the industry for years.

Tension between presidents and the Fourth Estate is nothing new — an unsurprising clash between desires to control a message and to ask probing, sometimes impertinent questions. Despite the atmosphere, the Republican president talks to reporters much more often than many predecessors, including Democrat Joe Biden, who rarely gave interviews.

An early signal that times had changed came when the White House invited newcomers to press brieﬁngs, including podcasters and

friendly media outlets. The AP was blocked from covering pool events in a dispute over Trump's renaming of the Gulf of Mexico, setting off a ﬂurry of First Amendment concerns among press advocates and leading the administration to assert that the White House, not the press, should determine who questions him.

Two months before the administration took ofﬁce, former White House press secretary Ari Fleischer, who served under Republican President George W. Bush, had urged that changes be made.

"It's time to bring that (brieﬁng) room in line with how readers and viewers consume the news in 2025," Fleischer said in an interview. "They don't get their news from The Washington Post, The New York Times and the three networks anymore. They get their news from a myriad of sources."

China’s premier says US relations

juncture’ during meeting with

BEIJING Associated Press

CHINA'S Premier Li Qiang said Sunday that Beijing and Washington should choose dialogue instead of confrontation, as the two countries are locked in rising friction over trade tariffs and efforts to combat illegal fentanyl trade. Li was speaking during a meeting with U.S. Senator Steve Daines, a strong supporter of President Donald Trump, who is the ﬁrst member of Congress

In practice, some newcomers have refreshingly tried to shed light on issues important to conservatives, instead of hostile attempts to play "gotcha" by the mainstream media, Fleischer said. There were also softballs, like when the Ruthless podcast asked press secretary Karoline Leavitt if reporters who questioned border policy were "out of touch." The conservative Real America's Voice network tried to knock Ukrainian President Volodymyr Zelenskyy off stride by asking why he wasn't wearing a suit in the Oval Ofﬁce.

While the White House Correspondents' Association has protested the AP's treatment and efforts to upend tradition, it has been largely toothless. For more extensive discussions, the president and his team generally favor interviews with

at ‘an important

pro-Trump senator

to visit Beijing since Trump took ofﬁce in January. The meeting also involved the leaders of several American businesses, including FedEx Corp. CEO Raj Subramaniam, Boeing Co.'s senior vice president Brendan Nelson, Qualcomm's CEO

Cristiano Amon and Pﬁzer's CEO Albert Bourla. Li said relations between the countries "have come to an important juncture" and Chinese President Xi Jinping noted the two countries could become partners and friends that contribute

outlets that speak to his supporters, like Fox News. The Trump team's rapid response efforts to ﬁght the 'fake media' The White House has also established a "Rapid Response 47" account on X to disseminate its views and attack journalists or stories it objects to. The feed's stated goals are supporting the president and "holding the Fake Media accountable."

Leavitt, 27, hasn't hesitated to go toe to toe with reporters, often with a smile, and Tik-Tok collects some of those moments.

"We know for a fact there have been lies that have been pushed by many legacy media outlets in this country about this president, and we will not accept that," she said at her first press briefing. It stood in contrast to Trump's 2017 press secretary, Sean Spicer, who got into an angry confrontation with the press about the size of the president's inauguration crowd on his first day in the White House, and never truly recovered from it.

Showing the spread of the administration's disciplined approach, the Defense Department also has a rapid response account that says it "ﬁghts fake news."

The Pentagon has evicted several news organizations from long-held ofﬁce space,

leading some reporters to worry about access to fast, reliable information during a military crisis.

"Strategically, he likes to use the press as a pawn — it is one of the institutions that he can demonize to make himself look good," said Ron Fournier, a former Washington bureau chief for the AP.

Trump has active lawsuits going against news outlets that displease him, such as CBS News for the way "60 Minutes" edited an interview with 2024 election opponent, Democratic Vice President Kamala Harris, or The Des Moines Register, for what turned out to be an inaccurate pre-election poll of Iowa voters.

The new FCC chairman, Brendan Carr, has signaled an activist stance, with investigations open against CBS for the "60 Minutes" case, ABC News for how it fact-checked the TrumpHarris debate and NBC on whether it violated federal "equal time" provisions by bringing Harris onto "Saturday Night Live."

Even with all the change, many newsrooms are confronting the challenge Fleischer welcomes a newly aggressive attitude toward the press. He believes many journalists were more activists than reporters during Trump's ﬁrst term.

during a call with Trump

January.

"Our two sides need to choose dialogue over confrontation, win-win cooperation over zero-sum competition," he said.

China hoped that the U.S. would work together to promote the steady and sustainable development of the China-U.S. relations, he added.

China's ofﬁcial Xinhua news agency reported Li also said there's no winner in a trade war. He said China welcomes foreign companies, including those from the U.S., to share development opportunities in the country. It will work to resolve reasonable demands of businesses and treat domestic and foreign ﬁrms equally, the report quoted him saying.

During the ﬁrst Trump administration, Daines served as a go-between when tariffs were also a major issue. Ahead of the trip to China, his ofﬁce said he is coordinating closely with the White House and will be "carrying President Trump's America First agenda."

Since he arrived in the Chinese capital on Thursday, he has talked with Chinese Vice Premier He Lifeng to voice Trump's ongoing call for Beijing to stop the ﬂow of fentanyl precursors from China. Additionally, he met with Vice Foreign Minister Ma Zhaoxu.

Just months into Trump's second term, relations between the world's two

largest economies have deteriorated. Washington slapped 20% tariffs on Chinese imports, with Beijing hitting back with 15% duties on U.S. farm goods.

Trump is planning to impose "reciprocal" tariffs by increasing U.S. duties to match the tax rates that other countries charge on imports "for purposes of fairness." These reciprocal tariffs are expected to be announced on April 2.

Earlier Sunday, Li said at the China Development Forum that his country may see unexpected shocks, mainly from external factors. He said the government, when necessary, will introduce new policies to ensure the local economy runs smoothly. The forum is a government-sponsored event that invites senior ofﬁcials and business leaders, including top executives from outside China.

Facing rising economic fragmentation and instability, Li said it has become even more crucial for every country to open up its markets, calling for entrepreneurs to help maintain economic globalization proactively.

"We are not against competition, but we should advocate for fair competition under internationally recognized rules, rather than zero-sum games or deliberate suppression of vicious competition by other countries," he said.

The U.S. has also criticized China for not doing enough to stop the export of precursor materials for fentanyl, a highly potent opiate blamed for tens of thousands of deaths in the U.S. Beijing responded with a report detailing its efforts to control the illegal trade in fentanyl, speciﬁcally the ingredients for the opioid that are made in China. The report said China is committed to cooperation but opposes the U.S. imposition

IN this photo made with a slow shutter speed, the White House podium is seen before a brieﬁng in the James Brady Press Briefing Room at the White House, March 5, 2025, in Washington. Photo:Alex Brandon/AP

CHINESE Premier Li Qiang, right, greets Medtronic CEO Geoffrey Martha, from a delegation led by U.S. Senator Steve Daines before a meeting held in the Fujian Room at the Great Hall of the People in Beijing, China, Sunday, March 23, 2025.

Photo:Ng Han Guan/AP to each other's success

STOCK MARKET TODAY

Wall Street closes

higher, snapping a 4-week losing streak

By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers

STOCKS on Wall Street

shook off a weak start and closed slightly higher Friday, snapping a fourweek losing streak.

The S&P 500 edged up 0.1%. The index ﬁnished with a 0.5% gain for the week. It's still down 4.8% so far this month.

The Dow Jones Industrial Average eked out a 0.1% gain, while the Nasdaq composite rose 0.5%.

Technology stocks, which had been the heaviest weights on the market in the early going, bounced back to offset a big share of the declines elsewhere in the S&P 500. The sector has been at the center of much of the market's recent sell-off in a reversal from their market-driving gains throughout the previous year. The stocks are among

the most valuable on Wall Street and have outsized impacts on the whether the market gains or loses ground.

Apple rose about 2% and Microsoft added 1.1%.

Another Big Tech stock, Nvidia, fell 0.7%, while Micron Technology slid 8% for the biggest decline among S&P 500 stocks. Stocks have been losing ground for weeks over uncertainty about the direction of the U.S. economy. A trade war between the U.S. and its key trading partners threatens to worsen inﬂation and hurt both consumers and businesses.

Inﬂation remains stubbornly above the Federal Reserve's goal of 2% and tariffs could hurt the central bank's efforts to ease the rate of inﬂation.

President Donald Trump has set an April 2 deadline to impose more tariffs on trading partners. It follows

a series of other deadlines that have been set for tariffs only to be postponed, sometimes at the last minute.

"Investors are confused, but there's a lot less panic infusing the market," said Mark Hackett, chief market strategist at Nationwide.

Businesses have been warning investors about tariffs, inﬂation and growing uncertainty about the impact to costs.

Nike slumped 5.5% after it forecast a steep decline in revenue in the current quarter, blaming geopolitical dynamics, new tariffs by the Trump administration and a less conﬁdent consumer.

FedEx tumbled 6.4% after the package delivery company said it expects revenue to be ﬂat to slightly down year-over-year and lowered its per-share proﬁt guidance.

Homebuilder Lennar fell 4% after giving investors a weaker-than-expected

forecast for new orders and average sales prices for the current quarter. It said high interest rates, inﬂation, and waning consumer conﬁdence are weighing on an already tough housing market.

High interest rates have been a key issue for the housing market. The Federal Reserve held its benchmark interest rate steady at its most recent meeting this week as it assesses the potential impact from tariffs and other U.S. policy shifts.

The Fed cut interest rates through the end of last year amid consistently easing inﬂation rates, but

has been holding steady so far in 2025. Lower rates can bolster the economy, but they can also push inﬂation higher.

Fed Chair Jerome Powell has acknowledged that the economy remains solid, but stressed that uncertainty is making forecasting difﬁcult.

"With Fed Chair Powell acknowledging that the effect of tariffs on consumer conﬁdence, economic growth and inﬂation remain unknown, we might be in this below-water holding pattern until after April 2," said Sam Stovall, chief investment strategist at CFRA.

A recent batch of economic reports on home sales, industrial production and unemployment reinforced the view that the economy is holding strong. But other reports on consumer sentiment and retail sales have revealed rising caution from consumers.

"We're in really pessimistic territory," Hackett said. "When everybody is pessimistic, that's when a tiny bit of optimism can move markets pretty strongly."

In the bond market, Treasury yields mostly held steady. The yield on the 10-year Treasury rose to 4.25% from 4.23% late Thursday.