03272025 BUSINESS by tribune242

THURSDAY, MARCH 27, 2025

Opposition leader pledges Business Licence reforms

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s leader yesterday pledged to reform the now-mandatory Business Licence audit for high turnover ﬁrms and abolish the practice of estimating the upcoming year’s turnover if elected to ofﬁce.

Michael Pintard told Tribune Business there are “numerous types of businesses”, such as construction companies, which “cannot accurately speculate” what their top-line revenue will be for the next 12 months based on prioryear income due to inconsistencies associated with work and contracts in their industry.

With Bahamian businesses set to pay Business Licence fees based on estimated 2025 turnover by Monday, March 31, he said private sector feedback suggested this and other aspects of the existing Business Licence regime are “too onerous” and imposing extra costs on already-struggling companies.

Promising that an administration led by himself would seek to alleviate this burden and improve The Bahamas’ ease of doing business, Mr Pintard told this newspaper he would also relax the requirement for companies with annual turnover exceeding to produce audited annual ﬁnancial statements to verify their ﬁgures and fee payments are accurate.

Suggesting that a “review”, which ﬁrms with turnover between $250,000 to $5m must undergo, would sufﬁce for many businesses, he challenged why a full audit is necessary given that the Business Licence fee is paid solely on top-line revenue and nothing else.

The Opposition leader, signalling that he would be prepared to scale-down the veriﬁcation to focus on turnover alone, suggested the Government’s mandatory audit demand was based on the need to gather data ahead of extending corporate income tax to the wider Bahamian economy and not just the few entities that are part of corporate groups generating 750m euros or more in annual turnover.

‘Chaos and discord’ erupt at Old Bahama Bay hotel

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FURIOUS battle yesterday erupted over Grand Bahama’s Old Bahama Bay resort as a group of its condo owners vowed to resist moves to replace them as the management company for the property.

John MacDonald, president of Island Ventures Resort and Club (IVRC), the entity formed by the 73 condo owners to keep the hotel open following Ginn’s 2011 default, urged Old Bahama Bay’s owner/management company not to proceed with its planned Friday takeover as it “will not be vacating said premises”.

And, warning that IVRC would involve the police and launch Supreme Court legal action, he accused Lubert Adler-Old Bahama Bay (LRA-OBB), the vehicle that owns the West End-based hotel, of inﬂicting “emotional

distress” on 100 staff, vendors and the condo owners due to the uncertainty created by its ambitions to take back management control from IVRC.

However, Michael Scott KC, LRA-OBB’s attorney, in a March 26, 2025, letter to Lennox Paton, legal representatives for IVRC, countered that the latter’s failure to smoothly handover Old Bahama Bay and its amenities - despite being given more than the required four weeks’ notice that its licence was to be terminated by March 28, 2025 - is responsible for the “chaos and discord” now occurring.

Pointing out that IVRC had been granted a ‘bare licence’, and not a lease, to operate Old Bahama Bay, its marinas, restaurants and other facilities, he demanded that it “fulﬁll their legal employer obligations” and accused it of owing almost $600,000 in

Investor fails to recover $7.5m on failed Rose Isl. Ritz-Carlton

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS-BASED investor has failed to recover the outstanding $7.5m they were allegedly owed for selling land to the now-abandoned Ritz-Carlton project on Rose Island.

Senior justice Deborah Fraser, in a March 25, 2025, dismissed the Lovejoy family’s claim for breach of contract against the development’s initial holding company and successors after she found they took too long to initiate

legal action and thus became “statute-barred” under the Limitations Act. She also criticised the “ambiguity” of the claim, and “the insufﬁciency of the evidence” to back it. The dispute dates back more than 18 years to when Laurie Lovejoy, and his Rose Island Beach and Harbour Club vehicle, agreed to sell Rose Island real estate to the development entity for the Ritz-Carlton project, RC Rose Island Hotel Company. The $22m purchase/ sales price was split between a $14.5m cash payment, which he received, while the remaining $7.5m was to be paid by

the issuance of Class D shares in the project. The resort development was to be financed by an $80m loan from Lehman Brothers, which was secured on its Rose Island real estate. However, the “substantial profits” anticipated by Mr Lovejoy and his family never materialised due to the ‘credit crunch’, and the subsequent 2008-2009 financial crisis and recession, which saw Lehman Brothers collapse and enter liquidation. The $80m loan, and Rose Island collateral security, ended up in the hands of Lehman Brothers’ liquidators and the Class D shares in the

By FAY SIMMONS Tribune Business

PRIME Minister Philip Davis said although the country will “always comply” with international tax regimes, the nation will continue to advocate for fair treatment.

Speaking in Parliament yesterday, Mr Davis said the amendments to the

Ritz-Carlton project became “worthless” as a result. The loan, and rights to the collateral, were transferred and sold between various corporate entities before ultimately being acquired by Hotel Consult Inc, the investor seeking to redevelop the former Paradise Harbour Club into a resort. The Central Bank of The Bahamas, in a May 2021 report, said Hotel Consult Inc planned to develop a hotel on the 107 acres it had acquired on Rose Island for just $10.3m - a price more

BY ANNELIA NIXON

Business

Automatic Exchange of Financial Account Information Bill will ensure the country’s continued adherence to the Organisation for Economic Co-operation and Development (OECD) reporting standards.

“The Automatic Exchange of Financial Account Information (Amendment) Bill 2025 further strengthens

FNM leader Michael Pintard hit out at the BPL tendering process yesterday, saying “we don’t see the competitive bidding”. He said: “All of us in here, we are elected to serve the Bahamian people in general. You’re not elected to serve a select group of Bahamians. We were accused by no less than the leadership of the Progressive Liberal Party that we’re the party of elitists, yet their policies seem to support a narrow group of already generationally wealthy Bahamians. And their pattern of taking Bahamian assets, not allowing multiple Bahamians to compete for contracts on how to manage and monetise those assets again, show that their rhetoric about working for the empowerment of all Bahamians is just that. It’s rhetoric. It’s not supported by concrete action.

He added: “Where is the competitive bidding that

MICHAEL PINTARD

PINTARD: TWO IN PM’S OFFICE TIED TO BAHAMAS MOORINGS

BY ANNELIA NIXON Tribune Business

MINISTER of Immigration and National Insurance

Alfred Sears yesterday blasted the leader of the opposition for “putting imputation into the international community”. The clash comes after a discussion involving the Organisation for Economic Co-operation and Development (OECD). Mr Sears argued FNM leader Michael Pintard’s claims that the current government cannot be trusted should not have been put out to the OECD which was “monitoring” the debate.

In recent years, 3D printing has emerged as a game-changing technology, revolutionising industries ranging from aerospace to fashion. What once seemed like science ﬁction is now a reality, reshaping traditional manufacturing and retail landscapes with unprecedented speed and efﬁciency.

Mr Sears said: “What this honorable member is doing is stating to the international community that the sovereign government of the Commonwealth of The Bahamas with respect to this commitment that is being made, there is an imputation... an imputation, that the international community should not trust.”

Mr Pintard has been critical of the government over the Bahamas Moorings issue, in which a deal was signed over moorings in Exuma, only for the deal to be given up after criticism of the process by which the deal was done and on work starting before permissions were granted.

Mr Sears said: “On the domestic front, we will have a lot of time to talk about

Moorings, to talk about everything.” Pointing to “corruption and bad governance,” Mr Pintard spoke on the PLP’s cancellation of the Moorings deal, adding “debating strengthening the ﬁnancial services sector, inspiring conﬁdence locally and internationally in our commitment to play by the rules, against the backdrop of just recently having been forced by public pressure to cancel the Moorings deal”.

“In the midst of this debate, it would be wrong for us not to face the elephant in the room,” Mr Pintard said. “The truth is corruption and bad governance is bad for Bahamian businesses. In fact, it’s bad for business in general. And this government is

debating strengthening the ﬁnancial services sector, inspiring conﬁdence locally and internationally in our commitment to play by the rules, against the backdrop of just recently having been forced by public pressure to cancel the Moorings deal. You know the deal... to deal, where, no less than the member for Cat Island signed off on an agreement to make available... somewhere in the vicinity of 4,600 acres of our precious sea bed in a lease arrangement to allow a company to install and operate 250 moorings.

“The Bahamas Mooring companies was granted a 21-year lease for 49 anchored sites, at least, across the Exuma keys. Clearly the backlash from

the Bahamian people up and down the spectrum, sent a clear message to the prime minister that this was a bad deal, a deal that seemingly, apparently, did not beneﬁt from public consultation, that was not transparent in its development and ultimate execution... The way we function as a country has to be fully integrated across all sectors. Our message locally is carried internationally, and therefore there ought to be consistency in our pattern of behavior. Unfortunately, the Moorings deal clearly indicates that our talk about accountability and transparency is hollow when we look at how we are doing business at home, while parading on the international stage

as if we are the paragon of virtue.”

Mr Pintard added: “No less than two members in the ofﬁce of the Prime Minister are closely related, in one case, directly to the company having signed on the lease agreement. And then the second, a close and historic business associate of no less than the senior policy adviser to the prime minister himself. And nevertheless, they did not seek to protect the prime minister by ensuring that he was not roped into what is clearly an arrangement that was not good for him, for his administration, but more importantly, not good for the Bahamian people.”

Lack of resources blamed for delays in assessing business locations

3D printing, also known as additive manufacturing, allows objects to be created layer by layer from digital models. Unlike conventional manufacturing, which often involves subtracting material - cutting, drilling or milling - 3D printing builds products from the ground up, reducing waste and enhancing customisation options.

Initially, 3D printing was limited to prototyping in industrial settings. However, technological advances have signiﬁcantly expanded its applications, making it viable for large-scale production and consumer use. From automobile parts to medical implants and even fashion accessories, the possibilities seem endless.

One of the key advantages of 3D printing is its ability to produce complex designs with minimal material waste. Traditional manufacturing processes often require expensive molds and assembly lines, leading to high production costs and long lead times. With 3D printing, companies can produce on

demand, eliminating the need for mass production and large inventories.

For industries such as aerospace and healthcare, where precision is critical, 3D printing has been a game changer. Aircraft manufacturers use it to create lightweight, durable components, while the medical ﬁeld beneﬁts from custom prosthetics and bioprinted tissues tailored to individual patients.

The retail sector is also feeling the impact of 3D printing. Consumers can now design and print personalised products, ranging from jewellery to home decor, often bypassing traditional supply chains. Major brands, including Adidas and Nike, have integrated 3D printing into their footwear lines, offering customised shoes with superior comfort and performance.

Online retailers are beginning to provide digital blueprints for products, enabling customers to print items at home or at local printing hubs. This shift reduces transportation costs and carbon footprints, aligning with the growing demand for sustainable shopping practices.

3D printing offers chance to decentralise production ROYE II KEITH

Despite its promise, 3D printing faces challenges such as high material costs, limited scalability for certain products, and intellectual property rights concerns. However, ongoing research and technological advances continue to address these issues.

As 3D printing technology evolves, its inﬂuence on manufacturing and retail will only deepen. Experts predict that, in the coming decade, we may see entire industries restructured around decentralised, ondemand production models.

From faster innovation cycles to personalised consumer experiences, 3D printing is not just a trend - it is a transformative force shaping the future of how we create and consume products.

Senior Accountant – Experienced in Financial Reporting & Audits- CPA required

Entry-Level Accountant – Perfect for recent college graduates (Bachelor’s Degree required)

Finance Manager – Lead Financial Planning & Strategy

Senior IT Systems Manager- Certiﬁcations (Preferred): CCNA, CCNP, CompTIA Network+, or other relevant certiﬁcations.

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

KEENAN Johnson, chairman of the Bahamas Town Planning Committee, said the Department of Physical Planning faces signiﬁcant processing delays due to limited resources.

Speaking at the Bahamas Contractor’s Association Monthly meeting yesterday, Mr Johnson explained that the role of the department in the business licence application process is to assess that the location of the business is suitable for the type of business being conducted.

“When you apply to the Department of Inland Revenue looking for a business licence, our role there is very, very simple. They’re looking at whatever business you’re looking to do and our job is to simply conﬁrm that’s the appropriate location,” said Mr Johnson.

“If you’re looking to open a shop, or a law ﬁrm,

whatever it is, whether it’s an ofﬁce space or if it’s a hotel. Whatever business you’re looking to establish, whatever that physical location is, pun intended, it is our job to ensure that it is suitable for what you’re looking to do.”

He said although the approval process should take a month the process can take up to six months due to the department having limited resources and the process involving several government agencies and the process is not digitised.

Mr Johnson explained that the paper application must be processed by several departments and transported by employees.

“There is no consolidated application. You’re going to take plans, submit those to the Department of Building Control to pay an application fee. The building controls department is then going to review it, make sure their initial review is in order. They may send it to civil design boards and

so on and so forth,” said Mr Johnson.

“That ﬁle, which is not electronic, it’s a big ﬁle, and has to walk over to the Department of Physical Planning, which is in another building, and the Department of Physical Planning has to review it for things like setbacks, things like parking density and those sorts of things. So then you review that particular purpose.”

He said the issue is sometimes compounded by queries that must be sent to other government agencies for review.

“And reality is that if there are queries sometimes the question is, Who will they be queried with? Who is the information going to? And then, for example, it goes to the part of environmental health, if its a query for an environmental concern. So a process that should take no more than one month that can literally take six months easily, because we lack those resources.”

PM: BAHAMIANS MUST BUY-IN TO REACH EMISSIONS TARGETS

By FAY SIMMONS Tribune Business

PRIME Minister Philip Davis yesterday introduced regulations to reduce emissions through initiatives and incentives.

Speaking in Parliament yesterday, Mr Davis said the country aims to reduce greenhouse gas emissions by 30 percent and achieve 30 percent renewable energy by 2030, which can only be accomplished by “full buy-in” from the public.

He noted that while the cost of transitioning to more sustainable technology has discouraged many businesses, it is more costly

in the long run to continue using inefficient technology. “A simple, everyday example can be seen in the use of energy-efficient LED light bulbs, which have already been proven to be far more cost-effective than the continued use of oldschool incandescent bulbs. Yet, many people continue to use the older bulbs because of what they perceive as an inconvenience and cost associated with changing over to LEDs,” said Mr Davis. “This simple example serves as an analogy for a wider issue that we must overcome as a nation. There are many similar scenarios in which it is simply financially prudent to embrace emerging technologies.

However, we understand that the initial cost of these changes can be a deterrent for some individuals and companies.”

Mr Davis said the new regulation will allow individuals and businesses to participate in government supported emission reduction programs or propose an emission reduction initiative to the government. He said the initiatives and incentives will further energy savings through introducing more innovative technology. “I want to clearly state that it is intended that the beneﬁts of these emission reduction initiatives and incentives will allow for cost savings on utilities through the use of energy

Chamber expresses concerns at US Embassy courtesy call

BY ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

THE Bahamas Chamber of Commerce and Employers’ Confederation

(BCCEC) expressed some of its members’ disinterest in diversifying trading partners during a recent courtesy call with the US Embassy. Speaking on the “uncertainty” of the trading

industry, CEO Dr Leo Rolle, raised concerns of the BCCEC members,during a “timely” meeting with the Embassy, noting that while some are open to diversifying trade markets given the tariffs and port fees

saving and innovative technologies,” said Mr Davis.

He said sectors that have been identiﬁed as key stakeholders will be required to report emissions data so the government can track and monitor its emissions goals and will be eligible for emission reduction incentives.

The regulations will also introduce emission allocations permits which will allow the holder to emit a speciﬁed amount of pollution.

“Moving forward, sectors identiﬁed in The Bahamas’ nationally determined contributions as key stakeholders for the achievement of our emission reduction goal will be required to partner with the government through the provision

threatening the industry, some are against switching trading partners.

“But we’re also looking to diversify trade in a way where we look at other avenues and other angles,” Dr Rolle said. “We recommended perhaps streamlining the cost of importing such that even if the cost of shipping goes up, then, of course, the duties and all of the other ancillary fees help, because it offsets it. And so one aspect was, as I said, looking at trade, looking at how we can better utilise ships that are pathways that do not have to go through the US, whether that be South America, whether it be directly from China, whether it be from Asia, from Africa. It helps, because it allows us to be able to access goods in a more feasible way and in a more cost effective way, so that that can be passed off to our members. And so there wasn’t really a full resolve. I think we’re all at a wait and see pattern until April, but at least getting the conversation going, having our members provide comments that can be used, and, of course, looking at alternative routes. So even if it isn’t implemented, we still have that diversiﬁcation of our distribution channels is what the chamber is doing.” Dr Rolle noted that some members did not want to go outside of the US for import. He noted one member who cited their desire to avoid going elsewhere but noted the “heavy burden of increased cost

Share your news

of relevant emissions data. Through this partnership, key stakeholders will be considered eligible for emission reduction incentives,” said Mr Davis. “In keeping with our goal for energy reform, the regulations will allow for the issuance of emission allocation permits. Emission allocations ultimately allow for the permit holder to emit a deﬁned quantity of pollution. If it is determined that an entity is a continuous high emitter, it will be noted that emission allocations may be issued after an assessment of the submitted emissions data.”

He said the emissions data will be tracked and maintained through the National Emissions

of doing business”, which could lead to going out of business or having to pass on increased costs to the Bahamian market.

Adding that both the potential port call fees and other rising trading costs will inevitably impact businesses and consumers, Dr Rolle said the “US Embassy was keen to understand what those challenges were”. He said they discussed “pairing us with international markets” and trade mission assistance.

“That was great, because what it does is it shows that the US, while wanting to continue to be our primary partner, is open to helping us explore new avenues for support,” Dr Rolle added. “And so there’s no challenge there. It will impact, if it is implemented, the business community. We do see it impacting in a negative way, but we also see opportunity through that negativity in a way where we can diversify, where we get our products and services. As Senator Grifﬁn always says, a lot of the beef, pork, chicken, tuna

Registry and be made public so individuals can see how the country is progressing towards the emission goals.

“By supporting a robust incentives regime, promoting data-driven analysis and measurement, and reporting publicly on progress, these regulations will help Bahamians to see the results of our efforts, both in terms of progress toward reducing emissions, as well as the reduction of costs,” said Mr Davis.

“Ultimately, our goal is to deliver a climate friendly, renewable future for the Bahamian people with cleaner energy, innovative technologies, and more affordable costs.”

that we import from the US now is made in South America, and so going directly to those markets where there is no tariff, helps because now we can eliminate that process or eliminate that added burden or cost to the consumer. So I think that was a big item to discuss.” Dr Rolle added: “We’re working on, later in the year, a business forum. They mentioned one a few years ago, where they had Magic Johnson as one of the premier speakers and so we’re looking to do something like that again, where we can actually build the relationship and build the bilateral trade between the US and America. So trade missions are big on our list, and we want to make sure that they’re done in tandem with the US Embassy, whether through the US or whether to other countries that the US was already doing diplomatic relations with, and they can simply connect us.”

Touching on Tropical Shipping’s challenge with the proposed port call fees on Chinese-built ships, Dr Rolle said BCCEC has been working with the company. Noting that BCCEC and the US Embassy has “always had a pretty good relationship” Dr Rolle said late last year they worked toward getting a courtesy call. He said they also agreed to “a quarterly touch point” adding that this meeting was “priceless” in voicing concerns and idea regarding trade and other business related areas.

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.

DR LEO ROLLE

BAHAMAS FIRST IN 324% PROFITS INCREASE TO $6.9M

BAHAMAS First yesterday said the more than four-fold increase in proﬁts to $6.9m for 2024 was largely due to “effective resolution” of the long-standing health insurance claims backlog at its Cayman subsidiary.

The BISX-listed property and casualty underwriter, unveiling its financial performance for the 12 months to end-December, said the $4.3m year-over-year increase in net income was also boosted by a 15 percent improvement in the profitability of its Bahamian operations. This, it added, was driven by a reduction in insurance claims submitted by clients. Besides profits increasing by 324 percent compared

to the prior year’s $1.3m bottom line, Bahamas First in a statement said insurance service results increased by 37 percent or $5.4m compared to 2023 while earnings per common share (EPS) rose to $0.17 as opposed to $0.04 in the prior year.

Total assets stood at $182.2m as at December 31, 2024, compared to $176.2m in 2023, while total comprehensive income experienced an increase of 8 percent or $0.5m over the prior year. “The group’s signiﬁcant improvement in proﬁtability is largely attributable to the effective resolution of a claims backlog and reporting issues within the health division

Cruise port partners to promote straw vendors

NASSAU Cruise Port yesterday said it has teamed with the Straw Market Authority to launch a promotional campaign highlighting the authentic Bahamian products made and sold by straw vendors.

The Prince George Wharf operator, in a statement, said the ‘Rooted in Tradition, Made in The Bahamas’ campaign is designed to drive increased cruise passenger trafﬁc to the Bay Street straw market by featuring the diverse, vibrant and unique products sold by artisans.

of Cayman First,” Bahamas First said.

“Favourable trends in the health loss ratio, supported by strategic pricing amendments and enhanced operational efﬁciencies, have further bolstered our ﬁnancial results. On December 27, 2024, the Cayman Islands Health Insurance Commission (HIC) formally withdrew its previously issued enforcement notice to Cayman First in recognition of the company’s dedicated remediation efforts, including the implementation of comprehensive technological upgrades alongside the appointment of senior personnel.”

Outside of the Cayman Islands, Bahamas First said:

“The group’s insurance service result and proﬁt in The Bahamas also improved signiﬁcantly, recording an increase of 15 percent over the prior year, due primarily to the improvement in claims experience resulting in a more favourable loss ratio.

“The group continues to strategically manage its investment portfolio as it seeks to minimise its risk exposure to one particular investment, which primarily contributed to the negative variance in other comprehensive income of $4.8m.”

Bahamas First’s full-year results were driven by the ﬁnal three months, with fourth quarter proﬁtability making up for struggles earlier in 2024. For the three

months to end-December 2024, proﬁt increased by more than $4.3m while total comprehensive income rose to $7.6m compared to $6.8m for the same period in 2023. This was achieved despite a $3.6m decrease in other comprehensive income.

“This growth reﬂects the positive impact of seasonality adjustments and proﬁt commissions typically realised in the last quarter of the year, partially offset by the stated decline in other comprehensive income,” Bahamas First added.

“We are proud of the signiﬁcant improvement in the ﬁnancial performance that Bahamas First has achieved in 2024,” said Alison J. Treco, its executive chair.

“The growth in proﬁt and enhanced earnings per share are testament to the strategic decisions and hard work of our dedicated team.

“Thanks to their commitment to excellence and their expertise, we have not only addressed past challenges but have also strengthened our organisational structure and foundation. As we continue to adapt to the evolving market, our focus remains steadfast on delivering sustainable value creation and client satisfaction. We are excited about the opportunities that lie ahead and are dedicated to building on this momentum.”

It added that the project seeks to celebrate the rich history of Bahamian craftsmanship and artistry, showcasing the creativity, skill, and heritage embedded in products sold at the straw market. By highlighting these authentically Bahamian products, the campaign aims to encourage locals and visitors to support the straw economy and experience local culture.

“The Straw Market is more than just a shopping destination; it is a living testament to the craftsmanship, resilience and creativity that deﬁne The Bahamas. This collaboration with the Straw Market Authority will help us bring this rich cultural experience to the forefront, offering an authentic connection to our heritage for all who visit.”

“Through this campaign, we are proud to shine a spotlight on the incredible talent of Bahamian artisans who continue to create one-of-a-kind products that embody the heart and soul of our nation,” said Maya Nottage, regional marketing director for the Nassau Cruise Port.

Carolyn Bowe, the Straw Market Authority’s managing director, said: “The Straw Market is a vital part of Nassau’s cultural fabric, and we are thrilled to partner with Nassau Cruise Port on this campaign. It gives us a wonderful opportunity to showcase the talent and hard work of our artisans, while also reinforcing the importance of supporting local businesses.

“This initiative is a testament to the enduring spirit of Bahamian craftsmanship and the pride we

take in creating products that are truly made in The Bahamas.”

The campaign will feature a series of events, promotions and digital

content designed to engage tourists and locals, encouraging them to discover and purchase products that reﬂect the authenticity of The Bahamas. Visitors to

the Straw Market will be able to explore an array of handcrafted goods, including straw crafts, jewellery, wood carvings and clothing.

NASSAU CRUISE PORT STRAW MARKET

NEW TOURISM CHIEF MEETS WITH THE PM

JACKSON Weech, the Bahamas Hotel and Tourism Association’s (BHTA) newly-elected president, met Prime Minister Philip Davis KC together with ofﬁcers who serve on the organisation’s executive committee.

They discussed the Association’s strategic plan to further collaborate with the Government, its ministries, private and public-private partners to advance critical issues impacting the Bahamian tourism industry, including the need for workforce

development, infrastructure and product improvements.

Mr Weech, on behalf of the BHTA, praised the Prime Minister, the Ministry of Energy and Transport, Bahamas Power & Light (BPL) for the progress made with energy reform initiatives and grid improvements. The need for the tourism industry to access a skilled workforce, equipped with the necessary vocational and educational competencies to succeed, was also discussed.

The BHTA, in a statement, said it was recognised

that the opportunity for Bahamians to elevate their qualiﬁcations and experience, and advance in their respective career path, was crucial to the sustained social-economic development of the country.

It added that, for The Bahamas to deliver a positive experience for tourists, it was imperative that public and private sector partners be meaningfully, collaboratively engaged in efforts to maintain and enhance the industry and people that work in it.

Opposition leader pledges Business Licence reforms

Calling on it to come clean over potential future tax reform, Mr Pintard said it was almost impossible for some industries to accurately estimate future annual turnover because of the very nature of their industries. Accountants yesterday conﬁrmed that companies are due to pay Business Licence fees based on estimated turnover by Monday, and will either have to pay the difference or get a credit when the review/audit ﬁnishes.

a determination of other things.

“You cannot accurately speculate on what your revenue is going to be. It would be difﬁcult unless you are doing a massive project that is multi-year. There’s a lot of businesses that fall into that category and it makes such speculation problematic.”

As for the mandatory audit for $5m-plus turnover ﬁrms, Mr Pintard said that having this done was almost “automatic” for publicly traded companies listed on BISX and ﬁnancial institutions - all of whom

“There are numerous types of businesses where your revenue this year has zero to do with your revenue next year,” the FNM leader argued. “If you are in construction, and hopefully you have a banner year, this year you may not have that same level of success.

are required by law and regulation to undertake this exercise annually anyway. It is more challenging, though, for privately-owned ﬁrms that are not used to being subject to full audits on a regular basis.

And, pointing out that Business Licence fees are based on top-line turnover alone, the Opposition leader asked: “If you are trying to verify what revenue income is, what is the Government’s motivation for a full audit? The Government must have the beneﬁt of its due taxes, but I would put forth that there are other motivations for them. It’s almost as if they are trying to make

“The moment they go down this road of income tax I think they would have some sentiments that they have not yet heard from the Bahamian public, so they are not willing to, in a forthright way, say why they are making the decisions they are making.” The Government, though, in its corporate income tax ‘green paper’, made clear it was exploring various options for extending such a tax to all parts of the economy.

Mr Pintard, though, asserted that if the Government expanded corporate income tax to most, if not all companies - and eliminated the Business Licence fee in the process - it would also have to impose an income tax on high earners as recommended by the International Monetary Fund (IMF). Otherwise

IN CLOSING REMARKS, PROSECUTOR SAYS FRANK FOUNDER LIED TO JPMORGAN CHASE TO SECURE $175 MILLION DEAL

By LARRY NEUMEISTER

THE young chief exec-

claimed to have helped millions of college students apply for ﬁnancial aid deployed a "brazen fraud" to sell the company to

JPMorgan Chase & Co. for $175 million, a prosecutor said Wednesday in a closing argument to a jury in New York.

Administrative Assistant/Bookkeeper

Position Overview:

We are seeking a detail-oriented and organized Administrative Assistant/Bookkeeper to join our team at The Bahamas Property Fund, a Real Estate Investment Trust (REIT). The ideal candidate will be responsible for handling key fnancial and administrative tasks, ensuring smooth operations and accurate record-keeping. This role requires exceptional attention to detail, excellent communication skills, and the ability to manage multiple priorities in a fast-paced environment.

Key Responsibilities:

Financial and Bookkeeping Tasks

Prepare and issue invoices to tenants for rent, utilities, and other charges.

Maintain and update rent rolls, ensuring accuracy and timely reporting.

• Process and pay invoices from vendors and suppliers, adhering to payment schedules and verifying amounts.

Monitor and reconcile cash balances at the bank, ensuring adequate funds are available for operations.

Monitor, pay and maintain Real Property Tax records for the fund while also ensuring that all Tax Compliance Certifcates are current.

• Record and categorize fnancial transactions in the accounting system. Assist with month-end and year-end fnancial reporting and reconciliations.

Administrative Duties

Maintain organized records of contracts, leases, and correspondence with tenants and vendors.

• Assist with preparation of tenant statements and fnancial summaries. Handle correspondence related to billing inquiries and resolve issues promptly.

• Support the management team with scheduling, fling, and other administrative tasks as needed.

Compliance and Reporting

Ensure compliance with regulations and internal policies related to fnancial management.

Assist in preparing documentation for audits or fnancial reviews.

Qualifcations and Skills:

Minimum of an Associate degree in Business, Accounting or Related feld

3+ years proven experience as a bookkeeper or administrative assistant, preferably in real estate or property management.

Profciency in accounting software (e.g., QuickBooks, Yardi, AppFolio) and Microsoft Offce Suite (Excel, Word, Outlook).

• Strong understanding of bookkeeping principles, fnancial processes and the ability to read fnancial statements. Excellent organizational and time management skills with the ability to prioritize tasks. Attention to detail and accuracy in all aspects of work. Effective communication and interpersonal skills.

• High level of integrity and ability to handle confdential information.

Please apply online at: https://www.rfgroup.com/careers

April, 2025

Charlie Javice, who appeared on Forbes' "30 Under 30" list in 2019, is accused of dramatically exaggerating the customer base of her company, which operated under the name Frank. She and another former top executive face conspiracy and fraud charges.

Javice's lawyer, Jose Baez, urged the jury to acquit his 32-year-old client, calling the case against her "incredibly ﬂawed." He cited a lack of evidence.

As he spoke, Javice smiled at times and turned her chair to face the jury.

Frank was created to simplify ﬁlling out the Free Application for Federal Student Aid, a complex government form used by students to apply for

companies will engage in tax avoidance by paying our proﬁts in salaries rather than dividends.

“I believe a lot of companies are going to hike salaries to persons in the ﬁrm to reduce their exposure if the Government goes down the path of corporate income tax,” Mr Pintard said, “separate and aside from companies earning 750m euros.

“I think the Government should be very transparent as to why it’s making these decisions. A lot of companies don’t fall into the category of requiring an audit; they may need a review. People need to meet deadlines, and do we have the capacity [in companies and the accounting profession] at this juncture to meet these deadlines and have everyone compliant?

“Not every company needs an audit. Our

financial aid for college or graduate school. Javice founded the company when she was in her mid-20s and was the subject of numerous media profiles that lauded her for building a system that would help financially needy students navigate a thicket of rules and eligibility requirements to get tuition aid.

The company once seemed like a pioneer among businesses that cater to college-age students, who banks encourage to open checking or credit card accounts in the hopes they'll become lifelong customers. Access to Frank's client list is one of the things JPMorgan Chase was after when it entered into talks to buy the company in 2021.

At the time, Javice was claiming Frank had over 4.25 million clients. In reality, it had around 400,000, Assistant U.S. Attorney Nicholas Chiuchiolo told the jury.

initial consultation with businesses is they think it’s an onerous requirement, it’s an additional cost to them, they’re not seeing any purpose explained by the Department of Inland Revenue to justify it. It’s leaving businesses to question what the end game is.” Mr Pintard argued that the Government is also “engaging in a lot of overreach”, citing the move to have insurance companies invest “a substantial portion of their investment dollars in government securities as one such example. That was later rescinded, but he argued that this is occurring because of the Government’s financial and fiscal challenges and they are “finding all sorts of ways to extract revenue from the public and companies that we believe are adversely affecting confidence in the business environment”.

Citing emails, text messages and other evidence, Chiuchiolo said Javice repeatedly lied to JPMorgan in the summer of 2021 to secure a buyout that would earn her $45 million.

When JPMorgan Chase sought to verify the client list, Javice ﬁrst approached her company's head of engineering, asking if he could produce "synthetic data" to show the company had over 4 million customers, the prosecutor said.

But the employee refused, saying he "would not do anything illegal," Chiuchiolo said. Javice eventually hired an outside data scientist for $105,000 to create a data set showing over 4.2 million students, prosecutors said. Javice did not testify during the ﬁve-week trial. The Miami Beach, Florida, resident was arrested in April 2023 and is free on bail. The jury was expected to begin deliberations Thursday.

FROM L to R: Suzanne Pattusch, BHTA executive vice-president; Jermaine Wright, BHTA vicepresident, Nassau & Paradise Island; Victor Karavias, BHTA vice-president, Family Islands; Chevaz Chambers, BHTA treasurer; Emmanuel ‘Manny’ Alexiou, BHTA senior vice-president; Jackson Weech, BHTA president; Philip Davis KC; Robert Sands, BHTA immediate past president; Joy Jibrilu, BHTA chairperson Nassau Paradise Island Promotion Board; Kerry Fountain, BHTA chairperson, Bahamas Out Island Promotion Board; and Creswell Sturrup, permanent secretary, Ofﬁce of the Prime Minister.

Photo:Marvin Thompson

PM: We will comply on tax - but we will ﬁght for fairness

our legislative framework in keeping with the OECD’s Common Reporting Standards,” said Mr Davis.

“We continue to adhere to the highest standards as we coordinate with nations across the world to combat tax evasion and increase transparency in the ﬁnancial services sector.”

He said although the country will be complaint with international requirements his administration will continue to advocate against the “unfair” treatment of the OECD.

“Let me be clear, however, that our compliance with regulatory demands is accompanied by robust advocacy for our country. It is well known that global standards for ﬁnancial transparency have not always been administered fairly. Not all countries play by the same rules. Some countries end up on blacklists and graylists while others seem to escape that fate, despite the same or inferior compliance records,” said Mr Davis. “So, today, as we debate a Bill to meet the OECD’s Common Reporting

INVESTOR FAILS

than 50 percent less than what Mr Lovejoy and his company received. The project was to include a restaurant, bar, ﬁve bungalows, pool lounges, cabanas and the expansion of existing dock and marina, and employ 100 workers “at peak” and another 80 “incremental” staff.

Persons who have visited Rose Island recently said there is little evidence of signiﬁcant new work happening. Tribune Business ﬁles reveal that the RitzCarlton project, whose developer was Miamibased GenCom Group, headed by real estate and resort developer, Karim Alibhai, was supposed to generate between 600-800 full-time jobs when completed, and open in 2009.

It was intended to feature 400 dwellings, including a luxury resort, private residences and a sheltered marina, and create 900 construction jobs. The initial Heads of Agreement was signed between Ritz-Carlton and its parent chain, Marriott, and the Government on February 13, 2006. A supplemental deal in April 2007 transferred Marriott’s 70 per cent stake in the development to GenCom Group.

Senior justice Fraser, recalling the involvement of Mr Lovejoy and his company, wrote in her ruling: “On October 20, 2006, the ﬁrst claimant (Mr Lovejoy’s Rose Island Beach and Harbour Club) and the second defendant (RC Rose Island Hotel Company) entered into an agreement for sale.

“Under the terms of the agreement, the ﬁrst claimant agreed to sell certain property, along with the associated development rights, to the second defendant for a total consideration of $14.5m in cash and $7.5m in Class D Shares. These Class D Shares were held by the second claimant.” That was Rose Island

Standards, we are demonstrating that we can comply – and will comply – but compliance is not the same thing as accepting business as usual.”

Mr Davis said the amendments will also ensure that the country avoids being blacklisted by the European Union and demonstrates our willingness to collaborate with other jurisdictions to “promote transparency and eliminate tax evasion”.

“We are cognizant of the fact that The Bahamas’ ﬁnancial services regime, together with its OECD initiatives, falls under the

watchful eyes of the European Union. With these amendments, we are taking proactive steps to avoid being placed on the European Union’s list of non co-operative Jurisdictions for CRS-AEOI purposes in 2026,” said Mr Davis. “The Bill before us today introduces relatively straightforward but important changes to the principal Automatic Exchange of Financial Account Information Act, bringing us in compliance with international standards and demonstrating our willingness to work together

with other jurisdictions to promote transparency and eliminate tax evasion.”

He said it is of the “utmost importance” that our ﬁnancial services industry is deemed complaint by the OECD and the EU and the legislation demonstrates how seriously the country takes transparency, compliance and anti- tax evasion.

“It is of the utmost importance for our ﬁnancial services industry to ensure that, as our framework is reviewed by the OECD for effectiveness, we are assessed as compliant with

TO RECOVER $7.5M ON FAILED ROSE ISL. RITZ-CARLTON

Beach and Harbour Club Development Ltd, another corporate entity of Mr Lovejoy’s.

“The second defendant sought to undertake the Ritz-Carlton project on the aforementioned property and requested a loan of $80m from Lehman Brothers Holdings. In consideration of providing the loan, Lehman Brothers Holdings required the execution of various securing documents,” senior justice Fraser noted.

“The claimants anticipated that the project would generate substantial profits. However, their expectations were disrupted by the onset of the financial crisis of 2008-2009. Facing financial difficulties, the second defendant sought to raise funds through a shareholder debt on September 2, 2008.

“On September 15, 2008, Lehman Brothers Holdings entered liquidation, triggering the calling in of the $80m loan extended to the second defendant by the liquidators. As a result, the Class D Shares held by the second claimant became worthless, leading to signiﬁcant ﬁnancial losses for the investors.”

Via a series of transactions, the debenture securing the $80m, “along with the associated development rights and other securities and collateral”, were in 2016 transferred to LRLA Rose Island Ltd, which the Lovejoys named as the ﬁrst defendant in their claim.

“The first defendant, as an assignee of the rights of the debenture holder, Lehman Brothers Holdings, held a power of sale over the secured assets, including the Ritz-Carlton development property and the development rights transferred by the first claimant. The first defendant subsequently exercised its power of sale and transferred the property to Hotel Consult Inc,” senior justice Fraser wrote.

“The claimants contend that while they have received the $14.5m in cash, they have not yet received the $7.5m in Class D Shares. As a result, the claimants have initiated legal actions between 2009 and 2019, alleging breach of contract and seeking appropriate relief.

“Additionally, the second defendant was struck off the Companies Register on January 1, 2011, and has

not been restored for the purposes of this matter or any other legal claim. In light of the second defendant’s removal, the claimants assert that the ﬁrst defendant should be held liable for their losses.”

However, Christopher Jenkins KC and Sebastian Masnyk, the Lennox Paton attorneys representing LRLA Rose Island, urged the Supreme Court to reject the claim as their client could not be held liable for the actions of RC Rose Island Hotel Company.

The Lennox Paton duo also contended that the claim had been brought too late, and thus was “statute barred” and should be dismissed, arguing that the 2019 action was initiated

more than 12 years after the alleged contract breach when the Limitation Act sets the limits at six years. They also said they were not a party to the contract in dispute.

Senior justice Fraser found for the defendants, ruling: “The ﬁrst claimant entered into a contract with the second defendant, which was completed on October 20, 2006, whereby the property was conveyed from the ﬁrst claimant to the second defendant.

The claimants initiated an action on March 11, 2019.

“Under the Limitation Act, a claim for breach of contract must be brought within six years of the breach, speciﬁcally regarding the failure to issue the

CRS-AEOI standards,” said Mr Davis. “Through the Automatic Exchange of Financial Account Information Amendment Bill 2025, we are signalling to the world, yet again, how seriously we take our commitment to transparency, compliance, and developing the strongest AML-CTFCPF and anti-tax evasion framework in the world. And we are signalling to investors and those in need of wealth management services that we continue to be a safe harbour for their ﬁnancial services needs.”

Class D Shares. It is reasonable to conclude that such consideration under the agreement for sale should have been issued prior to the actual conveyance of the property. “Accordingly, it is my position that the limitation period for the breach began when the property was conveyed from the ﬁrst claimant to the second defendant. As such, the claimants are barred by the limitation period.”

Senior justice Fraser also found the Lovejoys and their companies had “failed to adequately establish their causes of action, and have not provided sufﬁcient evidence to support their assertions”, while LRLA Rose Island did “not owe any legal obligations” to them. As a result, she dismissed the claim.

‘Chaos and discord’ erupt at Old Bahama Bay hotel

unpaid VAT, real property tax and marina dockage fees.

Orlando-based Kingwood International Resorts, which has previously attempted to acquire Old Bahama Bay and the former Ginn development in Grand Bahama’s West End, has been lined up to take over the property’s management and operations according to promotional material seen by Tribune Business

Describing Kingwood as “a proven leader in hospitality”, the brochure sent to all Old Bahama Bay condo owners conﬁrms:

“Old Bahama Bay Resorts & Yacht Harbour Rental Management is the ofﬁcial on-site management company for villas located within Old Bahama Bay Resort and Yacht Harbour, managed by Kingwood International.”

However, Mr MacDonald and IVRC yesterday voiced concerns over the Kingwood arrangement, and whether it has been approved by the Government to operate Old Bahama Bay, given that the Government has previously rejected its various applications for approval to acquire the former Ginn project from Lubert Adler. He also questioned

if Kingwood has secured the necessary licences and insurance, plus work permits.

Lubert Adler, the investment bank that was Ginn’s former ﬁnancing partner, took over the West End development’s core property and Old Bahama Bay after the developer defaulted some 14 years ago. It has been seeking a buyer, and exit route, for some time, and Tribune Business previously reported it had done an offshore deal with Kingwood where the latter’s principals took control of LRA-OBB and other afﬁliates.

However, Phylicia Hanna-Woods, the Bahamas Investment Authority’s (BIA) director, conﬁrmed in September 2023 that Kingwood had been rejected as the project’s prospective purchaser because it was “unable to satisfy the Government of their ﬁtness to do business in The Bahamas”. Now Kingwood appears to be back, albeit in an ownership rather than buyer capacity, and Mr MacDonald has seized on those concerns.

In a package sent to Old Bahama Bay condo owners, which has been seen by this newspaper, he also cited Kingwood’s payment of $325,000 in sanctions to the US Justice Department to settle COVID-related

fraud allegations, and the $21m in “punitive damages” awarded against it by a Georgia court following a dispute with homeowners in one of its developments, as causes for concern. The Georgia ruling is being appealed

Mr MacDonald, in his missive to fellow condo owners, questioned how the transfer of payroll and liabilities to the new manager, along with accounts and assets, will occur. He complained that “there is nothing on paper or any type of real plan moving forward. Just commands and demands”.

And, in a March 26, 2025, letter addressed to both Lubert Adler and Kingwood, he warned that IVRC will not relinquish Old Bahama Bay’s management without a ﬁght.

“Be advised, in accordance with the attached letters, as legal tenants of the premises at issue, IVRC will not be vacating said premises. We are hopeful that you will abide by the appropriate landlord/tenant laws and not enter on to the premises.”

Seeking to deter LRAOBB and Kingwood, he urged it not to change any locks or operating systems; remove staff and vendors; or remove property and equipment or in any way disrupt Old Bahama Bay

those documents, will be laid among the House table at the appropriate time.”

come tomorrow when IVRC’s licence is allegedly due to expire.

“Any attempt will be referred to the local authorities for immediate removal and arrest if necessary,”

Mr MacDonald wrote, “followed by the ﬁling of a lawsuit by IVRC’s attorneys, Lennox Paton, for the following but not limited to possessions, actual damages, emotional stress to over 100 staff members, vendors and over 70 condo owners along with punitive damages and costs.”

Mr Scott, though, in a March 26, 2025, letter signalled that neither he nor his clients will be deterred. Writing to Sophia RolleKapousouzoglou, the Lennox Paton attorney acting for IVRC, he argued that LRA-OBB had the ability to terminate IVRC’s ‘bare licence’ to operate Old Bahama Bay “for any reason.

And Mr Scott asserted that IVRC had been given “ample time to prepare for the vacation of the property and to fulﬁll its obligations”, while adding that LRA-OBB had ignored “material breaches” of the licence terms that it will seek to recover damages for.

These alleged “breaches” were not speciﬁed, although Mr Scott alleged that IVRC owed some $597,223 to his client representing VAT, real property tax and marina dockage fees that the latter was to pay to the Government under the terms of its licence.

“IVRC are required to vacate the bare licence

the Bahamian people can understand.”

property no later than

12pm on March 28, 2025,” Mr Scott wrote,”failing which LRA will take steps to secure possession of its property.... Any governmental approvals or otherwise obtained by my clients are of no concern to your clients by reason of the” bare licence’s termination, notice of which was provided some six weeks ago.

“In these circumstances, your clients should govern themselves accordingly and you are hereby notiﬁed that LRA will take all appropriate and necessary steps to effect possession as is hereby noticed,” Mr Scott continued. “For the sake of the employees of IVRC and the sub-licencees, it is detrimental for IVRC to ignore the clear terms of the licence and not abide by them.

“IVRC’s deﬁance and unruly conduct sows chaos and discord, creating fear and anxiety. It is our expectation, and the obligation of IVRC, that they immediately implement the termination provisions of the bare licence giving valid notice to their employees and sub-licensees and, in the circumstances, fulﬁlling their legal employer obligations under the Employment Act and Bahamian law generally.”

Ms Rolle-Kapousouzoglou, in earlier correspondence with Mr Scott yesterday, dismissed allegations that IVRC had breached the ‘bare licence’ agreement and voiced concerns over his hint that LRA-OBB will retain

her client’s entire security deposit as a result.

“The allegations regarding the purported breached of the agreement by IVRC are rejected and, unfortunately, your correspondence has regrettably not assuaged the concerns of our client regarding the security deposit,” she wrote.

“In fact, the statement in your correspondence... has only reinforced our client’s concern that an unfortunate but entirely avoidable situation could arise where LRA wrongfully seeks to withhold the security deposit.” Mrs Rolle-Kapousouzoglou said Juljana Cama, on behalf of Kingwood/ LRA-OBB, had conﬁrmed on March 6, 2025, that all fees relating to the agreement have been paid by IVRC along with all utilities invoices. She reiterated that claims IVRC had violated the licence terms were “unfounded” and “cannot serve as grounds” for withholding her client’s security deposit.

“We have been instructed to advise that, due to your correspondence, particularly regarding the security deposit, IVRC has been compelled to decide not to vacate the premises on March 28, 2025,” Ms RolleKapousouzoglou wrote. “IVRC remains open to agreeing to acceptable and reasonable terms for a mutually agreed third party to hold the security deposit, but is not willing to vacate the premises without this arrangement in place.”

allow multiple persons to have an opportunity to bid on generating wealth?”

Mr Pintard said that there had been competitive bidding on solarisation projects, but added: “In New Providence at the heart of the BPL arrangements, whether on the generation side or on the LNG side, we don’t see the competitive bidding.”

Prime Minister Phillip Davis hit back, saying rental generation under the FNM was costing $40m a year.

“He’s talking about the BPL deal, that there’s

no competitive bidding or that we are favouring some select few of generational... let me just say it was the FNM who started the process,” Mr Davis said. “And the way they had it, it was a bad deal for the Bahamian people, but we converted it. For example, FOCOL. They were renting generation from them. It was costing the Bahamian people up to $30m or more, $40m a year. That went directly to the bottom line of BPL, not passed on. We have converted it now to ensure to a capacity charge of what it is. That’s where it started... and as I said, those

Mr Pintard questioned aspects of the BPL deal, including whether there would be a pipeline at Clifton “all the way to Blue Hills” or whether it would be another pipeline from Arawak Cay to Blue Hills. He said: “What we have is at least 10 different components, most of which are run by completely different enterprises that I do not believe that even the Minister responsible for energy and the Prime Minister fully understand. They are being advised as they go, is my view. We should dedicate a day of debate to this issue. It is that important. It is that important of an issue. Let’s discuss it just so

However, Energy Minister JoBeth Coleby-Davis said Mr Pintard “cannot articulate to the Bahamian public what their energy reform plan was”. She referenced a deal she said was made by the opposition where $7m was given during a deal to purchase land which was never obtained. “What we are clear on... is that the member for Marco City have absolutely no understanding of the energy sector,” Ms Coleby-Davis said. “That is one thing that we are clear on. So I don’t need him to speak about whether I can comprehend it. I did my masters in the sector. So I understand exactly what’s happening. What we’re also clear on is that he served in the

government that he, to this day, cannot articulate to the Bahamian public what their energy reform plan was for The Bahamas. That’s two things that we are clear on.” She added: “For the Bahamian public, we are creating an any energy dossier that will break down and explain every part of this project we are creating that, this government that will be a communication piece, in layman’s term, for the main public to understand exactly what is transpiring, and that is coming. It’s not too late for that. But we’re doing that because once we table all of the PPAs, it will be highly technical. But we want to make sure that our documentation allows the public to understand exactly how

we’re going to move them from point A to point B. Mr Davis backed Ms Coleby-Davis, saying of the FNM: “All I’m going to say is that they had an opportunity. They had the opportunity to do energy reform. At that time they could have done it the way they wanted. We have decided that this is what is best for the Bahamian people, and the Bahamian people will see the beneﬁt of that in due course. This is what we decided as a government that will be best for the Bahamian people. We are satisﬁed that what we have done is in the best interest of the Bahamian people. And the Bahamian people will see it. They’re feeling it now. They’re showing it now. They are feeling it now... What I’m saying was we chose it this way, and what we have arrived at is in the best interest of the Bahamian people to avoid what was a catastrophe that was looming... in front of us.”

Tesla is suing to open dealerships in Wisconsin. It’s become a big deal in the Supreme Court race

By TODD RICHMOND Associated Press

TESLA CEO Elon Musk and political groups he backs are pouring millions of dollars into the race for a seat on the Wisconsin Supreme Court as the electric vehicle company sues to overturn a state law that prevents it from opening dealerships — a case that eventually could make its way to the high court.

Tesla's multiple attempts to open its own dealerships in Wisconsin keep running up against a state law that allows only third parties, not auto manufacturers, to operate them. The company

ﬁled a lawsuit in January seeking an exemption, just as two Musk-backed political action committees started supporting the Republican-backed candidate, Brad Schimel, over his opponent, Susan Crawford, who is supported by Democrats.

Musk, who is the world's wealthiest person and is running President Donald Trump's initiative to slash the size of the federal workforce, has given $3 million to the Wisconsin GOP while groups he supports have funneled more than $17 million into the race. The contributions are part of an extraordinary spending spree in the race, making it by far the most expensive judicial race on record in the U.S. Total spending has eclipsed $80 million with days still to go before the ﬁnal day of voting on April 1.

Schimel's critics have accused Musk of trying to buy a favorable ruling for Tesla should the dealership case make it to the state Supreme Court. Here are details of the law and Musk's lawsuit: Why can't Tesla set up Wisconsin dealerships?

State statutes generally prohibit vehicle manufacturers from owning or operating dealerships in Wisconsin and give that franchise to third parties. The law was intended to prevent manufacturers from undercutting independent dealerships.

Nearly 20 states have similar prohibitions, according to the National Conference of State Legislatures. The laws took hold in the 1930s as carmakers started to rely on independent dealerships

to sell and service vehicles so they could focus on production. Later, independent dealers wanted to prevent manufacturers from opening their own dealerships and driving them out of business.

Tesla sells its vehicles directly to consumers, who can have their vehicles shipped directly to them or to dealerships in 27 states. Because the company can't set up its own dealerships in Wisconsin, buyers there must have the cars delivered to them or travel to dealerships in neighboring Minnesota or Illinois to pick them up.

Tesla ofﬁcials have been working for almost a decade to secure an exemption from the law. Republican legislators introduced bills in 2017 and 2021 that would permit Tesla dealerships, but none of those made it out of the Legislature. They inserted an exemption for Tesla dealerships into the 2019-21 state budget, but Democratic Gov. Tony Evers used his partial veto powers to erase the provision.

The Wisconsin Automobile and Truck Dealers Association has been ﬁghting to preserve the law.

Bill Sepic, the association's president and CEO, told The Associated Press that Tesla should have to follow the law like any other vehicle manufacturer. He said the statutes exist to enable third parties to act as consumer advocates "in making one of the larger purchases of their life." What is the company doing now?

Tesla ﬁled a lawsuit in state court in January seeking permission to open four dealerships in Wisconsin.

The company argues that independent dealers wouldn't meet its standards and says selling vehicles at its own dealerships is in the public interest because unafﬁliated dealers' prices are higher and less transparent.

Its lawsuit says that the state law barring manufacturers from running their own dealerships violates economic liberty rights and that the prohibition exists only to protect independent dealers from competition.

The case is pending in Milwaukee County Circuit Court, though no hearings have been scheduled.

The state Justice Department is defending the law. An agency spokesperson declined to comment.

How did Musk get involved in the state Supreme Court race?

Schimel, the conservative state Supreme Court candidate, is vying with Crawford for an open seat on the high court.

The race is the most signiﬁcant election nationally since the November presidential contest, providing an early barometer for Republicans and Democrats given the intense interest and outside spending it has generated. It also will determine whether the highest court in the perennial presidential battleground state will ﬂip from liberal to conservative control with major cases involving abortion, union rights and congressional redistricting on the horizon.

Eight days after Tesla ﬁled the Wisconsin dealership lawsuit, Musk tweeted: "Very important to vote Republican for the Wisconsin Supreme Court to prevent voting fraud!"

To be clear, there has been no evidence of widespread voting fraud in Wisconsin. Democrat Joe Biden's victory in the state over then-President Donald Trump in 2020 was afﬁrmed by a recount and an independent audit. Trump, a Republican, won the state last November and offered no objections then to the voting or ballot-counting.

According to a tally from the Brennan Center for Justice, Musk-backed groups America PAC and Building America's Future have spent more than $17 million to support Schimel with ads and ﬂyers. The money he donated to the state Republican Party has been used to help Schimel, who has been endorsed by Trump.

Are the candidates focused on the Tesla case?

Crawford's supporters contend the timing of the contributions show Musk is trying to ensure that Schimel wins and creates a conservative majority on the court that ultimately would rule in Tesla's favor.

Crawford said during a debate with Schimel this month that Musk "has basically taken over Brad Schimel's campaign."

Sepic, president of the state dealership association, said Wisconsin should elect the candidate who enforces the prohibition but declined to comment when asked if he thought Schimel or Crawford would do that.

Schimel has repeatedly said he would treat any case involving Tesla the same as any other when he considers whether to hear it or recuse himself. Schimel also has insisted that the donations from Musk and his groups do not make him beholden to them.

Crawford has said the same thing about

A FEDERAL employee, who asked not to use their name for fears over losing their job, protests with a sign saying “Federal Employees Don’t Work for Kings” during the “No Kings Day” protest on Presidents Day , Feb. 17, 2025, near the Capitol in Washington. Photo:Jacquelyn Martin/AP

FEDERAL JUDGE STRUGGLES WITH SCOPE OF RELIEF FOR FIRED WORKERS

By BRIAN WITTE Associated Press

A FEDERAL judge in Maryland said Wednesday he will at least briefly extend a temporary order requiring the Trump administration to bring back federal workers who were fired as part of a dramatic downsizing of the federal workforce, but the judge said he was struggling with the scope of a broad order. U.S. District Judge James Bredar said he had "great reluctance" to issue a sweeping national preliminary injunction in the case, where 19 states and the District of Columbia contend they have been harmed by a large-scale reduction in the federal workforce without warning as required by law. Bredar asked attorneys for plaintiff states and the federal government to submit supplemental documents by 10 a.m. Thursday on the question of the ramifications for the 19 states seeking relief and the 31 states that are not parties to the case. During a federal court hearing in Baltimore, Bredar said "there's a lot of things wrong with national injunctions, just on a jurisprudential level, and courts and commentators are all over the issue."

NOTICE

"That doesn't mean the court won't enter one, if the circumstances and law on this case compel it, but I'm going to resist doing it," Bredar said. "You're going to have to show me that it's essential to remedying any harms that your clients are speciﬁcally experiencing."

The case is complicated by the fact that some federal employees may work a job in a state that is a party to the lawsuit, while they may live in a state that isn't. An example is in the Washington area, where an affected federal worker might live in Virginia, which isn't one of the states in the complaint, but work at a federal job in Maryland or the District of Columbia, which are parties in the lawsuit. In the meantime, the judge said he planned to extend a temporary restraining order he issued last week that required the federal government to reinstate more than 24,000 federal workers. The order expires Thursday night, but the judge said he would extend it "at least brieﬂy, because I think it's doubtful that given the work that still has to be accomplished that I could complete my opinion and any orders related to this before that TRO runs out."

IN THE ESTATE OF ALMA WINIFRED ALBURY-THOMPSON late of #25 Lewis Street East, in the Northern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certiﬁed in writing to the undersigned on or before the 30th April, A. D. 2025, after which date the Executrices will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

EDWARD B. TURNER & CO. #24 Leonie Place

Position Available:

ELEVATOR CONSULTANT

The role of the Elevator Consultant is responsible for Identifying areas where elevator malfunctions are evident and arranging repairs for the elevators located at FINCEN Limited.

Key Responsibilities:

• Perform extensive hardware and software modifcations of both the elevator signal and speed control systems to accommodate new safety code required updates. Replace the existing geared traction machines on each elevator with new geared traction machines to include new code required secondary rope grippers and disk brakes for enhanced safety. Totally run diagnostics on the three (3) MCE VFMC Series controllers to identify any signal or speed control malfunctions and perform any corrective activities as required.

• Make any speed control changes required to interface the new geared traction machines with the existing controllers, especially related to the new encoded interface.

• Perform full load full speed safety tests on each elevator, after machine replacement

Key Qualifcations & Experience:

• Bachelor of Science degree in Physics or Electrical Engineering

• Extensive Experience in both installing and adjusting elevator systems Ability to work in a self-motivated environment with little supervision

Please apply online at: https://www.rfgroup.com/careers

Deadline to Apply is Friday, 11th April, 2025

Flax Terrace off Malcolm Road Nassau, Bahamas

Attorneys for the Executrices of the Estate of the late Alma Winifred Albury-Thompson

THE TESLA logo is displayed at a Tesla dealership Thursday, Mar. 13, 2025, in Miami. Photo:Lynne Sladky/AP

DOLLAR TREE OFFLOADS FAMILY DOLLAR CHAIN FOR $1

BILLION, ENDING A DECADELONG EFFORT TO FIND A FIT

By MICHELLE CHAPMAN AP Business News

DOLLAR Tree's decade-long effort to fold the Family Dollar chain into its business is ending after agreeing to sell the bargain store chain to a pair of private equity ﬁrms for $1 billion.

Dollar Tree Inc. bought Family Dollar with its over 7,000 stores ten years ago for more than $8 billion.

Neil Saunders, managing director of GlobalData, said that Dollar Tree struggled with supply chain issues, poor store locations and other operational

difﬁculties ever since making the acquisition.

"Basically, Dollar Tree bit off far more than it could chew," he said. Last year Dollar Tree announced that it planned to close hundreds of Family Dollar stores.

Family Dollar carries a range of household staples, from food to laundry detergent. The stores are largely located in underserved, urban areas. Store closings that are underway, and those that may take place under new ownership, are likely to have an outsized impact on customers living in those areas. Access to affordable, essential goods may

become more challenging for lower income families as more Family Dollar stores close, said Marshal Cohen, chief industry advisor at Circana, a market research ﬁrm

"The lower income consumer will be losing a critical place to be able to purchase value products," Cohen said. "They're losing the breadth of the assortment and the depth of the discount and the convenience."

The mom and pop stores found in such densely populated urban areas have less selection and prices are typically higher, Cohen said.

Dollar Tree had been scouting options for Family

Dollar for a while and said Wednesday that the sale to Brigade Capital Management and Macellum Capital Management will allow it to focus on its core business.

"This is a major milestone in our multiyear transformation journey to help us fully achieve our potential," said Mike Creedon, who was made permanent chief executive ofﬁcer of Dollar Tree late last year.

Position Available:

Position Overview:

The Property Manager is responsible for ensuring that cost-effective, environmentally sound and sustainable operation of the Bahamas Property Fund Buildings. This is both a technical oversight and relationship management role for the self-motivated individual who also performs administrative tasks as necessary or assigned.

The areas of responsibility include all equipment and materials involved with lighting, ventilation, air-conditioning, electrical distribution, water supply, plumbing, sanitation, public health, fre protection, safety systems, elevators and the aesthetic upkeep of the building. To facilitate these procedures, a maintenance program needs to be established and maintained.

This position is a highly visible one that is responsible for the total upkeep of the premises, ensuring all areas of the facilities function as they were designed and all services are available as required.

Key Responsibilities:

Building Management

• Plan and schedule all routine maintenance in order of priority

Maintain all time and cost records for service procedures

Conduct monthly inspection of all maintenance and system processes.

• Diagnose all problems and initiate all necessary action

Direct all work order requests to be performed by independent contractors

• Maintain all materials and equipment inventories

Supervises all routine painting assignments and secure quotes for larger projects

• Recommend replacement of expired or expiring systems

Performs inspections of all restroom facilities as required several times daily

• Ensure that safety regulations are adhered to and liaise with Government bodies to verify compliance

• Conduct Vendor performance review and submit recommendations

Manage the budget to ensure that value is received for money invested and that all work is completed in a timely manner

Vendor Relations

• Assists in the negotiation and development of all service contracts with service providers under the direction of the management company

Establish and maintain a system that tracks invoices and payments

• Conduct due diligence check and signoffs on completed work

Report inconsistencies and potential concerns to Senior Management

Interfacing with Clients

Establish and maintain communication and effective working relationships with all tenants and the general public

• Triage, address and escalate client concerns and complaints as necessary

Review, update and maintain Client Agreement records

• Conduct routine client check-ins

Provide support when necessary in leasing negotiations and activities.

Administration

Complete and submit monthly report on lease payments and related billings

• Supervises all building employees employed by the Bahamas Property Fund and conduct payroll reporting

• Complete parking ticket reconciliation and submit report

Responsible for any additional duties assigned by Management

Qualifcations and Skills:

A Bachelor’s degree in Real Estate, Property Management , Business Administration or a related feld preferred

• Property management certifcation such as Certifed Property Manager (CPM) is a strong asset.

• Experience working with rent rolls, tenant billing, and real estate accounting is a plus.

At least 3-5 years proven experience in property management, preferably at commercial real estate property, hotel or property management frm. Familiarity with different property types (offce buildings, retail spaces, storage facilities)

• Excellent organizational and time management skills with the ability to prioritize tasks.

• Attention to detail and accuracy in all aspects of work.

Ability to negotiate contracts, address tenant issues and provide clear reports to management

• Profciency in building management software (e.g., Yardi or AppFolio) and Microsoft Offce Suite (Excel, Word, Outlook).

• Strong understanding and management of property budgets and cash fow Knowledge of lease agreements and the ability to read fnancial statements Effective communication and interpersonal skills.

During a conference call, Creedon noted how Dollar Tree and Family Dollar are "two different businesses with limited synergies." The sale will now allow each one to concentrate on its speciﬁc needs, he added.

Dollar Tree, whose customer base is about 50% middle-income shoppers, are found in many suburban locations. Its shelves are more likely to feature seasonal goods, party supplies, crafts and snacks.

The sale will likely free Dollar Tree to focus on its core customers, Truist

Securities analyst Scot Ciccarelli believes.

"Family Dollar turnaround efforts had been consuming massive amounts of both management focus and ﬁnancial resources and now the company can focus all of its efforts toward growing and optimizing Dollar Tree," he wrote in a client note.

Bargain chains like Dollar Tree, which have raised some of their prices in recent years, are ﬁnding that they have little room to maneuver. Americans have tightened their spending as consumer conﬁdence in the economy slides.

Family Dollar, which moved its headquarters from North Carolina to Chesapeake, Virginia, after the sale to Dollar Tree, will maintain its headquarters in Virginia.

Saunders said Brigade and Macellum have to ﬁx several issues at Family Dollar, including pricing that isn't as sharp as many

of its rivals and a customer base that isn't as loyal.

The deal is expected to close later in the second quarter.

Arun Sundaram, an analyst with CFRA Research, said in a client note that the Family Dollar sale is the right move for Dollar Tree, which has historically generated stronger sales, proﬁtability and cash ﬂow.

But Sundaram cautioned that Dollar Tree has increased exposure to tariff risks due to its higher concentration in general merchandise categories than Family Dollar.

While about half of the chain's customer base is middle income shoppers, Creedon said that higherincome customers in store aisles are becoming more frequent.

"We are seeing stronger demand from higher income customers who increasingly see Dollar Tree as a cost effective source for an expanding range of products," he said.

North Carolina government makes big tax revenues quickly from ﬁrst year of sports betting

By GARY D. ROBERTSON Associated Press

NORTH Carolina government cashed in early when it came to reaping ﬁscal beneﬁts from authorized sports wagering in the ninth-largest state.

A report presented Wednesday to the North Carolina State Lottery Commission, which regulates the betting, says the state expects to have collected $131.3 million in taxes from sports betting operations for the ﬁrst full year of operations through March 10.

That amount goes well beyond estimates of state legislative researchers as the bill worked its way through the General Assembly that enacted it in 2023. They had projected tax revenues could reach $100 million annually within ﬁve years. The calculation is based on the law's 18% rate upon gross wagering revenue, which is essentially betting revenue minus paid winnings.

On March 11, 2024, licensed operators began taking bets on smartphones

and computers under the 2023 state law permitting and regulating such gambling. At the time, North Carolina became the 30th state to offer mobile sports better, along with the District of Columbia.

The windfall is connected to big betting. For the ﬁrst full year of North Carolina operations, over $6.8 billion in bets were made, resulting in $729.3 million in gross wagering revenue for the eight licensees, according to the commission report.

"It was a very successful year in my opinion," Sterl Carpenter, the lottery's chief business development ofﬁcer who helped get sports wagering off the ground, told the commission. "Things went extremely well."

"I would say that we are very encouraged by the results," commissioner Cari Boyce said.

With a population of 11 million, North Carolina had been considered an attractive market for interactive wagering companies seeking to open. Before the law was implemented, sports gambling was legal in North Carolina only at three

casinos operated by two American Indian tribes. Under the law, registered customers within the state's borders can bet on professional, college or Olympic-style sports. The law allows for future inperson wagering through sportsbooks beyond those already located at the tribal casinos.

Close to $500 million in the sports wagering revenues during the past year were considered "promotional wagers" — incentives for new customers offered by the companies once an initial bet is made. With those amounts removed, the complete months with the highest betting totals were November, December and January — a period that features college and professional football playoffs, as well as college basketball and pro hockey and hoops.

The tax revenues collected partly go to athletic departments at most University of North Carolina system schools, amateur sports initiatives and gambling addiction education and treatment.

Please apply online at: https://www.rfgroup.com/careers Deadline

Apply is Friday, 11th April, 2025

A WOMAN leaves a Dollar Tree store in Urbandale, Iowa, on Feb. 25, 2021.

Photo:Charlie Neibergall/AP

Assistant Property Manager

US COULD RUN SHORT OF MONEY TO PAY ITS BILLS BY AUGUST WITHOUT A DEBT LIMIT DEAL, CBO SAYS

By FATIMA HUSSEIN and KEVIN FREKING Associated Press

THE United States is on track to hit its statutory debt ceiling — the so-called X-date when the country runs short of money to pay its bills— as early as August without a deal between lawmakers and the White House, according to a Congressional Budget Ofﬁce report Wednesday.

By that time, the government would no longer have enough of a ﬁnancial cushion to pay all its bills after exhausting its "extraordinary measures" the accounting maneuvers used to stretch existing funds.

Washington would risk defaulting on its debt unless

Congress and Republican President Donald Trump agree to lift the borrowing limit or abolish the debt ceiling concept altogether.

The debt limit was reinstated Jan. 2, following its suspension by Congress in the Fiscal Responsibility Act of 2023. "The Treasury has already reached the current debt limit of $36.1 trillion, so it has no room to borrow under its standard operating procedures," according to the CBO report.

An analysis released on Monday by the Bipartisan Policy Center estimates that the U.S. could run out of cash by mid-July if Congress did not raise or suspend the nation's debt limit.

Trump had previously demanded that a provision raising or suspending the debt limit — something that his own party routinely resists — be included in legislation to avert the last potential government shutdown. "Anything else is a betrayal of our country," Trump said in a statement in December. That deal did not address the debt limit. Experts say an extended default period could result in the loss of millions of jobs and an economic. Government payments to millions of families probably would go unpaid, including to Social Security beneﬁciaries, veterans and military families. There could be disruptions to operations

IN CLOSING REMARKS, PROSECUTOR SAYS FRANK FOUNDER LIED TO JPMORGAN CHASE TO SECURE $175 MILLION DEAL

By LARRY NEUMEISTER

Associated Press

THE young chief executive of a startup that claimed to have helped millions of college students apply for ﬁnancial aid deployed a "brazen fraud" to sell the company to JPMorgan Chase & Co. for $175 million, a prosecutor said Wednesday in a closing argument to a jury in New York.

Javice's lawyer, Jose Baez, urged the jury to acquit his 32-year-old client, calling the case against her

"incredibly ﬂawed." He cited a lack of evidence.

As he spoke, Javice smiled at times and turned her chair to face the jury. Frank was created to simplify filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for financial aid for college or graduate school. Javice founded the company when she was in her mid-20s and was the subject of numerous media profiles that lauded her for building a system that would help financially needy students navigate a thicket of rules and eligibility requirements to get tuition aid. The company once seemed like a pioneer among businesses that cater to college-age students, who banks encourage to open checking or credit card accounts in the hopes

they'll become lifelong customers.

Access to Frank's client list is one of the things JPMorgan Chase was after when it entered into talks to buy the company in 2021.

At the time, Javice was claiming Frank had over 4.25 million clients. In reality, it had around 400,000, Assistant U.S. Attorney Nicholas Chiuchiolo told the jury.

Citing emails, text messages and other evidence, Chiuchiolo said Javice repeatedly lied to JPMorgan in the summer of 2021 to secure a buyout that would earn her $45 million.

such as air trafﬁc control and food safety.

Given these consequences, Congress and presidents have always found a way, even at the last minute, to avoid a default.

The nation has been through several protracted debt ceiling ﬁghts between congressional Democrats

and Republicans, including in 2011 and in 2023 when lawmakers suspended the debt limit through Jan. 1, 2025, rather than raising the ceiling by a dollar amount. After the debt limit was reinstated in January, in one of her last acts as Treasury Secretary, Janet Yellen said Treasury would institute "extraordinary measures " intended to prevent the U.S. from reaching the debt ceiling. Since then, the Treasury Department has stopped paying into certain accounts, including a slew

of federal worker pension and disability funds, to make up for the shortfall in money. Treasury Secretary Scott Bessent has continued to notify Congress about the use of extraordinary measures in an effort to prevent a breach of the debt ceiling. The CBO estimates that if the debt limit remains unchanged, then "the government's ability to borrow using extraordinary measures will probably be exhausted in August or September 2025.

Copper prices have soared as the US threatens tariffs on the metal and China boosts its economy

By DAMIAN J. TROISE AP Business Writer

COPPER prices have hit record highs as an ongoing trade war between the U.S. and its key trading partners threatens to squeeze supplies of the vital metal.

Buyers in the U.S. have been stocking up on copper ahead of potential tariffs. Future prices for the base metal's most traded contract rose to $5.24 per pound on Wednesday. Prices are up about 30% so far this year, following modest gains over the last several years.

President Donald Trump has threatened to impose a tariff of up to 25% on all copper imports and has called for increasing U.S. production. China, the world's largest importer of copper, is embarking on a stimulus program that could further increase demand for the base metal.

"Tariff threats, tightening supply, and stimulus-fueled

optimism for an economic rebound in China have underpinned a rally in copper." said Adam Turnquist, chief technical strategist for LPL Financial. Copper is critical to energy infrastructure around the world. It goes into cords for electronic devices, transmission lines, batteries, and LED lights.

A global shift to cleaner energy technology, such as solar power, had already been boosting demand, which is expected to keep growing as the development of artiﬁcial intelligence technology puts more of a strain on data centers and the energy grid.

"When you look at the uses of copper in today's economy, those uses and the intensity of use of copper in today's economy are growing," said Kathleen L. Quirk, President and CEO of mining giant Freeport-McMoRan, at a recent conference for the global metals industry.

The International Energy Agency expects demand for the base metal to rise 20% to 31,128 kilotons by 2030 and by 41% to 36,379 kilotons by 2040. The U.S. mined about 1.1 million tons of copper in 2024. It currently lags the top producers, including Chile, Peru and China.

Copper mining companies are gaining ground amid rising demand. Shares of Freeport-McMoRan, which operates most of its open-pit copper mines in the U.S., are up 9% this year. Southern Copper, which has operations in Mexico and Peru, is up 8% for the year. The broader market has been slipping, with the S&P 500 down 2.9%. The rising price of copper has a potential downside for some businesses and consumers.

The construction industry, including homebuilders, could face a tighter ﬁnancial squeeze because of copper's

rising cost as demand fails to keep pace with supplies. Stubborn inflation has already pushed home construction costs higher. Total construction costs for a single-family home rose just under 9.2% in 2024 from the previous year, according to the National Association of Homebuilders. Higher copper prices, coupled with higher prices for other key building materials such as lumber, could worsen inflation for the sector. Appliances, electronics and other products containing copper could become more expensive, also fueling inflation and prompting consumers to cut back on spending for certain items.

transmission tow-

street in Redondo Beach, Calif., Wednesday, Sept. 7, 2022. Photo:Jae C. Hong/AP

NTSB chairwoman says reviewing the data after midair crash may prevent the next aviation accident

By JOSH FUNK Associated Press

SOMEONE should have spotted the alarming number of near misses in the skies over the nation’s capital before the fatal midair collision that killed 67 people in January, and reviewing the data now could prevent future crashes, according to the head of the agency investigating the crash.

National Transportation Safety Board Chairwoman Jennifer Homendy emphasized to Congress Wednesday that the Federal Aviation Administration had data going back to 2011 showing that collision alarms were sounding inside cockpits at least once a month because of how close the planes were getting to helicopters. But the FAA didn’t act, she said.

“All this data is being collected by FAA from operators, from others, from voluntary reporting systems. Where is that data going to trend potential accidents and incidents in the future?” Homendy said during a hearing on her agency’s budget. “The next accident is in the data right now. And what are we doing to ﬁgure out what that is?”

The Senate is planning another hearing Thursday to delve deeper into

what the NTSB has found so far about the Jan. 29 midair collision between an American Airlines passenger jet and an Army Black Hawk helicopter near Washington, D.C., Ronald Reagan National Airport. Homendy and the leaders of the FAA and Army’s aviation division will all testify.

Former NTSB Chairman Jim Hall said the FAA clearly should have been doing more with the information it has on hand from airlines, pilots and air trafﬁc controllers to spot safety threats. The crash investigation will likely determine

why that didn’t happen effectively.

“The question remains whether it was politics or oversight that permitted that situation at Washington, D.C., to continue as long as it did and take the lives of those people that were tragically taken in that accident,” Hall said.

Both Homendy and Transportation Secretary Sean Duffy said earlier this month when NTSB ﬁrst disclosed the shocking statistics that they were angry that the FAA didn’t recognize the dangers before this crash after 85 near misses in

the past three years when aircraft ﬂew within a few hundred feet (meters) of each other.

The FAA promptly launched a review of all its data after the NTSB briefing to try to identify any similar safety threats, particularly in eight cities with heavy helicopter trafﬁc.

The FAA said Wednesday that analysis continues.

That review — aided by artiﬁcial intelligence and machine learning — is focused on airports in Boston, New York, Baltimore-Washington, Detroit, Chicago, Dallas, Houston

RESCUE and salvage crews pull up a part of a Army Black Hawk helicopter that collided midair with an American Airlines jet, at a wreckage site in the Potomac River from Ronald Reagan Washington National Airport, Feb. 6, 2025, in Arlington, Va.

and Los Angeles and the heavy helicopter trafﬁc off the Gulf Coast. The FAA hasn’t said whether it has found anything yet, but the agency promised it “will have corrective action plans for any risks that are identiﬁed.”

In the meantime, the FAA quickly adopted the NTSB’s recommendation to permanently close off a particular helicopter route near Reagan anytime planes are taking off or landing on the airport’s runway 33 that the jetliner was approaching in January when the collision happened. If a helicopter does need to use that route for an urgent reason, no planes will be allowed to take off or land.

That should ensure that planes and helicopters are no longer sharing the same airspace near the airport, ofﬁcials said.

“The FAA will continue to closely support the NTSB-led investigation and take action as necessary to ensure public safety,” the agency said in a statement.

Homendy declined Wednesday to address President Donald Trump’s comments right after the crash suggesting that diversity and inclusion policies at the FAA may have contributed to it because the NTSB investigation isn’t complete. A ﬁnal report identifying the cause isn’t expected for more than year. Trump also faulted the helicopter for ﬂying too high and later suggested

that an “obsolete” air trafﬁc control system was the problem.

New Jersey Democrat Rep. Bonnie Watson Coleman said it is important to refute those diversity comments now because nothing has been found so far to support them, and she doesn’t want the public to get the idea that diversity is the problem.

“On the contrary, loyalty and sycophants seems to be the order of the day, and it’s deﬁnitely negatively impacting this federal government doing its job,” Watson Coleman said during the hearing.

Federal ofﬁcials have been raising concerns about an overtaxed and understaffed air trafﬁc control system for years, especially after a series of close calls at airports.

The NTSB previously said the helicopter may have had inaccurate altitude readings in the moments before the crash, and the crew may not have heard key instructions from air trafﬁc controllers. The helicopter was at 278 feet (85 meters) at the time of the collision, which would put it above its 200-foot (61-meter) limit for that location.

The collision was the deadliest plane crash in the U.S. since 2001, when a jet slammed into a New York City neighborhood just after takeoff, killing all 260 people on board and ﬁve more on the ground.

Share your news

NOTICE

NOTICE is hereby given that WESNEL CHERY of Soldier 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 27th 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 LORENCE SAINT JUSTIN of Dumore Street, 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 27th 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 KELLY ANN MEADE of Palm Cay, Nassau, 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 27th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Photo:Jose Luis Magana/AP

Wall Street slumps as Nvidia, Tesla and other Big Tech stocks drop

By STAN CHOE AP Business Writer

DROPS for Nvidia, Tesla and other former superstars dragged Wall Street lower on Wednesday.

The S&P 500 sank 1.1% to break what had been a run of calmer trading. The Dow Jones Industrial Average swung from a gain of 230 points in the morning to a loss of 132 points, or 0.3%, while the weakness for Big Tech sent the Nasdaq composite to a market-leading drop of 2%.

The group of dominant stocks known as the "Magnificent Seven" has been at the center of the U.S. stock market's recent sell-off, which earlier this month took the S&P 500 10% below its all-time high for its first "correction" since 2023. Big Tech had rocketed in earlier years amid a frenzy around artificialintelligence technology, and critics said their prices rose too quickly compared with

their already rapidly growing proﬁts. Nvidia fell 6% to bring its loss for the young year so far to 15.5%. It was the single heaviest weight on the S&P 500 by far. Other AI-related stocks were also weak, including server-builder Super Micro Computer, which fell 8.9%, and power companies hoping to electrify AI data centers. Tesla has been contending with additional challenges, including worries that political anger at its CEO, Elon Musk, will hurt the electric-vehicle maker's sales. Tesla dropped 5.6% to extend its loss for 2025 to 32.6%.

Other U.S. automakers went on their own sharp swings after the White House said in the afternoon that President Donald Trump would announce tariffs on auto imports after trading ended for the day on the U.S. stock market.

U.S. auto giants have already spread their

production around North America following prior free-trade deals encompassing the United States, Canada and Mexico. General Motors sank 3.1%.

Ford Motor went from an early gain to a loss and back before inching up by 0.1%.

The U.S. stock market had been steadying somewhat following its drop into a correction, with a threeday winning streak running through Tuesday. But strategists along Wall Street have warned the sharp swings likely aren't over yet, with a suite of U.S. tariffs scheduled to arrive next week. Even if those end up less painful for the global economy than feared, all the talk about tariffs has already soured conﬁdence among U.S. consumers and companies.

Such weakening conﬁdence and the threat of tariffs pushed Venu Krishna and other strategists at Barclays to cut their forecast for where the S&P 500 may end the year, down to

5,900 from 6,600. The new target suggests a 2% rise from Tuesday's closing level instead of a 14% jump.

The Barclays strategists also slashed their estimate for how much proﬁt S&P 500 companies will make this year, though they don't see a recession.

Much still remains uncertain, and things will "hinge upon the ﬁnal scope and severity of tariffs," Krishna and the strategists wrote in a report. A walk-back in tariffs by Trump could send the S&P 500 up to 6,700, while more strict levies could send the index down to 4,400.

So far, the economy and job market have appeared to remain solid despite the worsening moods of shoppers and businesses, and economists are looking for signals about whether the hit to conﬁdence is translating into actual pain for the economy. Another report on Wednesday morning offered little clarity.

Canadian Prime Minister Carney calls Trump’s auto tariffs a ‘direct attack’ on his country

By ROB GILLIES Associated Press

CANADIAN Prime

Minister Mark Carney said Wednesday that U.S. President Donald Trump's auto tariffs are a "direct attack" on his country and that the trade war is hurting Americans, noting that American consumer conﬁdence is at a multi-year low.

Trump said earlier Wednesday that he was placing 25% tariffs on auto imports and, to underscore his intention, he stated "This is permanent."

"This is a very direct attack," Carney responded. "We will defend our workers. We will defend our companies. We will defend our country."

Carney said he needs to see the details of Trump's executive order before taking retaliatory measures. He called it unjustiﬁed and said he will leave the election campaign to go to Ottawa on Thursday to chair his special Cabinet committee on U.S. relations.

Carney earlier announced a CA$2 billion ($1.4 billion) "strategic response fund" that will protect Canadian auto jobs affected by Trump's tariffs.

Autos are Canada's second largest export, and Carney noted it employs 125,000 Canadians directly and almost another 500,000 in related industries.

"Canada will be there for auto workers," he said.

NOTICE

NOTICE is hereby given that AYLI TUPARINA CAMPO CACHIGUANGO of Bay Street and King Street, 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 27th 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 LOUBERT NESTOR of Mackey Street, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th 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

The Bahamas applying

the

responsible for Nationality and Citizenship, for

Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Trump previously granted a one-month exemption on his stiff new tariffs on imports from Mexico and Canada for U.S. automakers. The president has plunged the U.S. into a global trade war — all while on-again, off-again new levies continue to escalate uncertainty.

The Conference Board reported Tuesday that its U.S consumer conﬁdence index fell 7.2 points in March to 92.9, the fourth straight monthly decline and its lowest reading since January of 2021. "His trade war is hurting American consumers and workers and it will hurt more. I see that American consumer conﬁdence is at a multi-year low," Carney

said earlier while campaigning in Windsor, Ontario ahead of Canada's April 28 election.

The tax hike on auto imports starting in April means automakers could face higher costs and lower sales.

Trump previously 25% tariffs on Canada's steel and aluminum and is threatening sweeping tariffs on all Canadian products — as well as all of America's trading partners — on April 2.

"He wants to break us so America can own us," Carney said. "And it will never ever happen because we just don't look out for ourselves we look out for each other."

Carney, former two-time central banker, made the

NOTICE

NOTICE is hereby given that KEVIN JEAN LOUIS of P.O. Box AB20317 Marsh Harbor, Abaco , 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 27th 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 MARKEE SAINTIL of Sandiland Village Road, Nassau, 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 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Orders for machinery, airplanes and other long-lasting manufactured products unexpectedly grew last month, when economists were forecasting a contraction. But a subset of the data seen as an indicator for investment by businesses ﬂipped from growth to contraction. That could be a signal businesses are holding back on spending to see how tariffs play out.

Treasury yields in the bond market, which often move with expectations for the U.S. economy's strength, swiveled up and down following the report.

The yield on the 10-year Treasury ended up rising to 4.34% from 4.31% late Tuesday. On Wall Street, GameStop jumped 11.7% after the video-game retailer reported better results for the latest quarter than analysts expected. It also said it would begin investing part of its treasury in bitcoin.

earlier comments while campaigning against the backdrop of the Ambassador Bridge, which is considered the busiest U.S.-Canadian border crossing, carrying 25% of all trade between the two countries. It plays an especially important role in auto manufacturing.

Carney said the bridge carries $140 billion Canadian dollars ($98 billion) in goods every year and CA$400 million ($281 million) per day. "Now those numbers and the jobs and the paychecks that depend on that are in question," Carney said. "The relationship between Canada and the United States has changed. We did not change it."

In the auto sector, parts can go back and forth across the Canada-U.S. border several times before being fully assembled in Ontario or Michigan.

Dollar Tree rose 3.1% after it said it's selling Family Dollar to a pair of private equity firms for $1 billion after a decade of trying to make its acquisition of the bargain chain fit. Dollar Tree also reported stronger profit for the latest quarter than analysts expected.

Cintas climbed 5.8% after the provider of work uniforms, restroom supplies and other equipment reported stronger proﬁt for the latest quarter than analysts expected. All told, the S&P 500 fell 64.45 points to 5,712.20. The Dow Jones Industrial Average sank 132.71 to 42,454.79, and the Nasdaq composite tumbled 372.84 to 17,889.01. In stock markets abroad, indexes were mixed across much of Europe and Asia. The FTSE 100 rose 0.3% in London after a report said U.K. inﬂation improved by a touch more than economists expected.

Ontario Premier Doug Ford said, whose province has the bulk of Canada's auto industry, Ford said auto plants on both sides the border will shut simultaneously if the tariffs go ahead.

"President is calling it Liberation Day. I call it Termination Day for American workers. I know President Trump likes tell people 'Your ﬁred!" I didn't think he meant U.S. auto workers when he said it," Ford said. Trump has declared a trade war on his northern neighbor and continues to call for Canada to become the 51st state, a position that has infuriated Canadians.

The new prime minister, sworn in March 14, still hasn't had a phone call with Trump. It is unusual for a U.S. president and Canadian prime minister to go so long without talking after a new leader takes ofﬁce.

NOTICE

NOTICE is hereby given that KAYDEON SHANEL SMITH of #2 Croton Street, Carmichael Road, Nassau, 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 27th 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 GERMA LOUIS of P.O. Box CB 11855 Edward Avenue, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Trump places 25% tariff on imported autos, expecting to raise $100 billion in tax revenues

By JOSH BOAK Associated Press

PRESIDENT Donald Trump said Wednesday he was placing 25% tariffs on auto imports, a move the White House claims would foster domestic manufacturing but could also put a ﬁnancial squeeze on automakers that depend on global supply chains.

"This will continue to spur growth," Trump told reporters. "We'll effectively be charging a 25% tariff."

The tariffs, which the White House expects to raise $100 billion in revenue annually, could be complicated as even U.S. automakers source their components from around the world. The tax hike starting in April means automakers could face higher costs and lower sales, though Trump argues that the tariffs will lead to more factories opening in the United States and the end of what he judges to be a "ridiculous" supply chain in which auto parts and ﬁnished vehicles are manufactured across the United States, Canada and Mexico.

To underscore his seriousness, Trump said, "This is permanent." Shares in General Motors fell roughly 3% in

Wednesday trading. Ford's stock was up slightly. Shares in Stellantis, the owner of Jeep and Chrysler, dropped nearly 3.6%.

Trump has long said that tariffs against auto imports would be a deﬁning policy of his presidency, betting that the costs created by the taxes would cause more production to relocate to the United States while helping to narrow the budget deﬁcit. But U.S. and foreign automakers have plants around the world to accommodate global sales while also maintaining competitive prices — and it could take years for companies to design, build and open the new factories that Trump is promising.

"We're looking at much higher vehicle prices," said economist Mary Lovely, senior fellow at the Peterson Institute for International Economics. "We're going to see reduced choice. ... These kinds of taxes fall more heavily on the middle and working class.''

She said more households will be priced out of the new car market — where prices already average about $49,000 — and will have to hang on to aging vehicles. The tariffs on autos would start being collected

on April 3, Trump said. If the taxes are fully passed onto consumers, the average auto price could jump by $12,500, a sum that could feed into overall inﬂation. Trump returned to the White House after losing the 2020 election in large part because voters believed he could bring down prices.

As Trump announced the new tariffs, he indicated that he would like to provide a new incentive to help car buyers by allowing them to deduct from their federal income taxes the interest

paid on auto loans, so long as their vehicles were made in America. That deduction would eat into some of the revenues that could be generated by the tariffs.

The auto tariffs are part of a broader reshaping of global relations by Trump, who plans to impose what he calls "reciprocal" taxes on April 2 that would match the tariffs, sales taxes charged by other nations.

Trump has already placed a 20% import tax on all imports from China for its role in the production of fentanyl. He

similarly placed 25% tariffs on Mexico and Canada, with a lower 10% tax on Canadian energy products. Parts of the Mexico and Canada tariffs have been suspended, including the taxes on autos, after automakers objected and Trump responded by giving them a 30-day reprieve that is set to expire in April.

The president has also imposed 25% tariffs on all steel and aluminum imports, removing the exemptions from his earlier 2018 taxes on the metals.

He also plans tariffs on computer chips, pharmaceutical drugs, lumber and copper.

His taxes risk igniting a broader global trade war with escalating retaliations that could crush global trade, potentially hurting economic growth while raising prices for families and businesses as some of the costs of the taxes get passed along by importers. When the European Union retaliated with plans for a 50% tariff on U.S. spirits, Trump responded by planning a 200% tax on alcoholic beverages from the EU.

Trump also intends to place a 25% tariff on countries that import oil from Venezuela, even though the

Supreme Court upholds Biden rule requiring serial numbers and background checks for ghost guns

By LINDSAY WHITEHURST Associated Press

THE Supreme Court on Wednesday upheld a Biden administration regulation on the nearly impossible-totrace weapons called ghost guns, clearing the way for continued serial numbers, background checks and age veriﬁcation requirements for buying the kits online.

The 7-2 opinion found that existing gun laws

allow regulation of the kits increasingly linked to crime. It comes after President Donald Trump ordered a review of federal gun policy that could undermine or reverse regulations championed by his predecessor.

Sales of the homemade ﬁrearms grew exponentially as kits allowing for easy athome building came into the market, Justice Neil Gorsuch wrote in the majority opinion. "Some home hobbyists enjoy assembling

United States also imports oil from that nation.

Trump's aides maintain that the tariffs on Canada and Mexico are about stopping illegal immigration and drug smuggling. But the administration also wants to use the tariff revenues to lower the budget deﬁcit and assert America's preeminence as the world's largest economy.

The president on Monday cited plans by South Korean automaker Hyundai to build a $5.8 billion steel plant in Louisiana as evidence that tariffs would bring back manufacturing jobs.

Slightly more than one million people are employed domestically in the manufacturing of motor vehicles and parts, about 320,000 fewer than in 2000, according to the Bureau of Labor Statistics. Another 2.1 million people work at auto and parts dealerships.

The United States last year imported nearly 8 million cars and light trucks worth $244 billion. Mexico, Japan and South Korea were the top sources of foreign vehicles. Imports of auto parts came to more than $197 billion, led by Mexico, Canada and China, according to the Commerce Department.

verifying that buyers are 21 or older.

them. But criminals also ﬁnd them attractive," he said.

The number of ghost guns found at crime scenes around the country has also soared, according to federal data. Fewer than 1,700 were recovered by law enforcement in 2017, but that number grew to 27,000 in 2023, according to Justice Department data.

Since the federal rule was ﬁnalized, though, ghost gun numbers have ﬂattened out or declined in several major cities, including New York, Los Angeles, Philadelphia and Baltimore, according to court documents. Manufacturing of miscellaneous gun parts also dropped 36% overall, the Justice Department has said.

Ghost guns are any privately made ﬁrearms without the serial numbers that allow police to trace weapons used in crime.

The 2022 regulation was focused on kits sold online with everything needed to build a functioning ﬁrearm — sometimes in less than 30 minutes, according to court documents.

Ghost guns have been used in high-proﬁle crimes, including a mass shooting carried out with an AR-15-style ghost gun in Philadelphia that left ﬁve people dead. Police believe a ghost gun used in the slaying of UnitedHealthcare's CEO in Manhattan was made on a 3D printer rather than assembled from a kit of the kind at the center of the Supreme Court case.

Finalized at the direction of then-President Joe Biden, the "frame and receiver" rule requires companies to treat the kits like other ﬁrearms by adding serial numbers, running background checks and

Gun groups challenged the rule in court in the case known as Garland v. VanDerStok. Most crimes are committed with traditional ﬁrearms, not ghost guns, they argued. It's legal for people to build their own ﬁrearms at home, the challengers said, arguing that the Bureau of Alcohol, Tobacco, Firearms and Explosives overstepped its authority by trying to regulate the kits.

The Supreme Court majority disagreed, pointing out that the law gives the ATF the power to regulate items that can be quickly made into working ﬁrearms.

"The 'Buy Build Shoot' kit can be 'readily converted' into a ﬁrearm too, for it requires no more time, effort, expertise, or specialized tools to complete," Gorsuch wrote, referring to a speciﬁc product.

Some kits may take more time to build into guns and therefore fall outside the ATF's power, he wrote, but many popular kits are subject to regulation.

In response to the ruling, a Justice Department spokesperson said the administration would "continue to support and defend the Second Amendment rights of all Americans." Gun safety groups celebrated the ruling, with Everytown Law executive director Eric Tirschwell saying the rule also had broad support from law enforcement. "Fundamentally, today's decision conﬁrms the ghost gun industry is dead as a viable business model," he said.

A Michigan woman whose son lost an eye when he was accidently shot by a friend who bought a ghost gun before he was old enough to legally buy a typical weapon also applauded. "We are deeply relieved by today's ruling, which will help ensure that a tragedy like ours never happens again," she said.

Legal Notice NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the

PRESIDENT Donald Trump speaks at a reception celebrating Women’s History Month in the East Room of the White House, Wednesday, March 26, 2025, in Washington. Photo:Jacquelyn Martin/AP

A GHOST gun that police seized from an organized shoplifting crime ring is on display during a news conference at the Queens District Attorney’s ofﬁce in New York City, Nov. 26, 2024. Photo:Ted Shaffrey/AP

EDUCATION DEPARTMENT REOPENS APPLICATIONS FOR STUDENT LOAN REPAYMENT PLANS

By CHEYANNE MUMPHREY AP Education Writer

THE U.S. Education Department reopened online applications Wednesday for incomedriven repayment plans for student loan borrowers.

The applications had been taken down in response to a February court ruling, which blocked the Biden administration's Saving on a Valuable Education Plan and parts of other income-driven repayment plans. The materials' removal had complicated the renewal process for borrowers already enrolled in repayment plans.

The American Federation of Teachers had ﬁled a lawsuit seeking to force the department to accept and process applications for repayment plans.

Delays in processing applications held up relief for borrowers including those enrolled in the Public Service Loan Forgiveness program, said Persis Yu, deputy executive director for the Student Borrower Protection Center, which represented the plaintiffs. "Every day these applications go unprocessed deprives borrowers of critical time toward PSLF relief and ﬁnancial stability," Yu said.

The Trump administration needed to revise the income-driven repayment plan application in order to comply with the February ruling, said James Bergeron, acting under secretary at the Education Department. While the online application was down, ofﬁcials said there were no disruptions to the paper application process.

Income-driven repayment plans take a borrower's ﬁnances and family size into account when calculating monthly payments, but borrowers must periodically demonstrate they still qualify. When forms were unavailable, some borrowers were unable to complete that process.

Advocates for borrowers encouraged them to be prepared for delays in processing as the department begins accepting applications again.

"Looking at the application today, it does appear that everything is back online," said Sabrina Calazans, executive director of Student Debt Crisis Center. "Borrowers should still apply for the plan that works for them."

She said borrowers should continue to plan for how to tackle their

student debt, despite the Trump administration's dismantling of the Education Department. Not paying back loans or meeting payments can result in delinquency and defaults.

"We have heard a lot of people say that if the department is going away, so do their loans. That is not true," Calazans said.

AFT President Randi

Weingarten said in a joint statement with the Student Borrower Protection Center that the government "took a step because of our lawsuit to restore some borrowers' rights" but that many borrowers are still being met with "red tape, backlogs and dead ends."

The Education Department's Federal Student Aid ofﬁce has been hit hard by layoffs, with more than 300 FSA jobs eliminated. The Trump administration has said the cuts won't affect students and families.

PRESIDENT Joe Biden departs after delivering remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis.

Photo:Evan Vucci/AP