04032025 BUSINESS

THURSDAY, APRIL 3, 2025

‘Never in a million years’: Resort, advisers deny link to DPM smear

By NEIL HARTNELL Tribune Business Editor

AN EXUMA resort developer and its advisers yesterday denied any involvement with videos that the Deputy Prime Minister asserted have defamed him and plan to file police complaints themselves.

Bob Coughlin, the Turtlegrass Resort & Island Club developer, in a statement said he had no participation in, or connection, to the videos despite Chester Cooper, minister of tourism, investments and aviation, naming him as the person responsible for their creation and release.

And Diane Phillips, of Diane Phillips & Associates, the public relations adviser to Mr Coughlin and Turtlegrass, told Tribune Business that she and her firm would “never in a million years be part” of any attempt to smear Cabinet minsters or any individuals.

Stating that the videos identified by Mr Cooper, one of which has been viewed by this newspaper, appear to have been manipulated to “track back” to her company and make it appear that it was involved in their commissioning and production, she said she now plans to join the deputy prime minister in filing her own complaint with the Royal Bahamas Police Force’s cyber crimes unit.

Mr Coughlin, who is developing an eco-tourism resort on Big Sampson Cay, Exuma, has threatened to halt the project unless environmental concerns surrounding the neighbouring $200m Rosewood-branded resort, proposed

‘We’ll change hotel locks’ if Labour delays further

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Old Bahama Bay resort’s management takeover was yesterday said to be “in a holding pattern” amid calls for ministerial intervention to resolve the labour-related issues causing delay.

Michael Scott KC, attorney for LRA-OBB and Resorts Holdings, the hotel’s two corporate owners, in an April 1, 2025, letter urged Pia GloverRolle, minister of labour and the public service, to step in because Department of Labour officials in Grand Bahama were allegedly “exacting pressure” on his clients to assume liabilities they are not responsible for.

He asserted that Old Bahama Bay’s owners, who had wanted to fully reclaim management and operational control at the property by last Friday, should not be forced to pick up the bill for staff termination pay and other benefits due to them. These, he argued, are the responsibility of Island Ventures Resort and Club (IVRC), the management entity they are seeking to replace, as the staff are its employees.

Department of Labour to execute their plans for “rehiring most” of the Old Bahama Bay employees once they are terminated and released by IVRC.

LRA-OBB and Resorts Holdings have, since March 28, been waiting on a formal written go-ahead from the

Polymers: Trump tariff

‘not going to come to’ Freeport

departure

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

POLYMERS International’s top executive yesterday asserted “it’s not going to come to that” when asked if the new US 10 percent tariff on Bahamian exports, plus the Chinese ship fee, could end its presence in Freeport.

Mr Scott yesterday branded the unexpected hold-up as “ridiculous”, and told Tribune Business will move to “change the locks”

Greg Ebelhar, the Freeportbased manufacturer’s chief operating officer, told Tribune Business that while it was still assessing the impact of President Donald Trump’s tariff announcement it has “bigger fish to fry” with the US over the proposed $1m fee per port call is is threatening to impose on Chinese-made vessels.

Tropical Shipping, which has previously warned the Chinesemade ship fee threatens its very survival by potentially adding $585m in annual port-related charges, is the carrier that transports Polymers International’s expanded polystyrene (EPS) product to the US, its largest export market. Mr Ebelhar, while confirming the Chinese-made vessel port fee is presently of “more

‘Make

today even if no permission is received.

Urging Mrs Glover-Rolle to intervene, he wrote: “As you may be aware our clients had a bare licence agreement with IVRC in relation to the

concern” to Polymers International’s business model, also told this newspaper that yesterday’s US tariff announcement appears to cut across and violate the Caribbean Basin

mining majority owned by Bahamians’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s finance spokesman yesterday urged the Government to mandate that mining and extractive industries ventures be majority-owned by Bahamians.

Kwasi Thompson, the east Grand Bahama MP, told the House of Assembly during the debate on the Mining Bill 2023 that Bahamians cannot be left as “spectators, watching from the sidelines” while foreign-owned companies

generate profits from this country’s mineral resources that belong to them, “This land, this seabed, this sand—it belongs to the people of The Bahamas. The minerals beneath our soil are not assets to be bartered off in boardrooms or haphazardly handed to foreign corporations. We must change this familiar story: Foreign firms extract, export and profit while Bahamians watch from the sidelines. We must guarantee that Bahamians will be owners, not spectators, in

Mining Bill ‘will protect’

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

PRIME Minister Philip Davis said a new Mining Bill will ensure the protection of natural resources for Bahamians and protect the country from the “exploitative model” of mining seen in many countries.

Speaking in Parliament yesterday, Mr Davis said it is “crucial” the country is protected against foreign investors that seek to make a profit off our natural resources without ensuring that there is some benefit to locals.

“The natural resources of this country belong to the people. Through this Bill, we are establishing – for the first time – the right of the Bahamian public to be made fully aware of any reconnaissance, prospecting, or mining happening in our country,” said Mr Davis.

“It is crucial, given our history, and given the exploitative model we see in so many places –where outsiders make profits while the people lose – that we prevent unscrupulous practices in our country. That kind of

OLD BAHAMA BAY

DONALD TRUMP

CHESTER COOPER

BOB COUGHLIN

Deputy PM hits out at AI video’s Rosewood claims

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

DEPUTY Prime Minister Chester Cooper yesterday spoke out against the “paid agents hiding behind lies

and digital anonymity” that circulated videos “riddled with outright lies and intentional distortions”.

Speaking in Parliament yesterday, Mr Cooper rejected “misinformation” about himself and the Rosewood Exuma project.

“I know who the actors are. But more importantly, I know who the benefactors are — the shadowy financiers behind this coordinated smear campaign, pouring foreign funds into efforts designed to disrupt our democracy and discredit the leadership of the Progressive Liberal Party,” said Mr Cooper.

He added: “In recent weeks there has been an active, growing local and international campaign driven by Bob Coughlin, an American businessman, the principal of Turtlegrass Resorts, a project approved for Sampson Cay.

“Mr Coughlin has protested the plans of the adjacent development of the Rosewood Resort being developed by Yntegra Resorts that also has an approved heads of agreement by the Government of the Bahamas. The people of Exuma welcome both developments and are of the view that they can co-exist.”

Mr Cooper maintained the Rosewood Exuma project must acquire the necessary approvals and permits from government agencies and rumours of the resort contracting foreign labour and constructing over water bungalows were false.

“Let me state the facts plainly. No Chinese work permits have been issued. No Singaporean construction companies are involved. There are no approvals for over-thewater bungalows as falsely claimed. And the assertions that Crown land is being secretly given away is not only false — it is dangerous misinformation meant to stoke fear and confusion,” said Mr Cooper.

“This is nothing new. These tactics — familiar to anyone who remembers previous smear campaigns against the PLP portrayed as environmental advocacy – are designed to weaponise social media, sow public distrust, and discredit public servants.”

Mr Cooper said he has taken “immediate and decisive action” by filing a criminal complaint and

involving his attorneys to take legal action against the video’s originator.

“A formal criminal complaint has been filed with the Royal Bahamas Police Force in relation to both videos. My lawyers have been asked to pursue civil legal action to hold the culprits and their enablers accountable for their defamatory conduct,” said Mr Cooper.

In addition, I will ask tax authorities and the Office of the Auditor General to investigate any local entities, particularly those suspected of receiving foreign funding under the guise of charitable work. If they have violated Bahamian law, they must be held to account.”

Eric Carey, environmental consultant for Turtlegrass Resorts, emphatically denied that Mr Coughlin and Turtlegrass Resort had anything to do with the video. He said that although his client has environmental concerns about the project, which he has voiced publicly, all videos produced by Turtlegrasss Resorts are branded and posted on their social media platforms.

“My client has nothing to do with that video. We did not fund it. We were not aware of its production. It is not in any way affiliated with his resort. All of his videos are clearly marked and identified as coming from Turtlegrass.”

Mr Carey has also launched a petition urging the government to protect Exuma’s marine ecosystems from the $200m Rosewood development which currently has over 1,300 signatures. That campaign has a video with testimonials from local and international environmentalists raising concerns about the project but makes no direct mention of Mr Cooper.

The identity of the party behind the video is currently unclear. The video, which was clearly AI generated, accused Mr Cooper of “facilitating backroom deals” and ignoring environmental concerns to appease foreign investors.

Free wi-fi on public transport thanks to new BTC venture

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

FREE wi-fi is to be provided on public transport thanks to a partnership between BTC and AD-FI.

Delmaro Duncombe, director of BTC Business, said more than 75 buses and 20 taxi and livery vehicles have already been equipped with the devices to provide free wi-fi to passengers via the ad supported service.

“Partnering with AD-FI allows us to extend our reliable for 4G LTE network to public transit, ensuring that both residents and visitors stay effortlessly connected. This initiative not only strengthens digital access, but also creates new opportunities for businesses and commuters alike,” said Mr Duncombe.

“Our 4G LTE network will deliver an ad-supported wi-fi solution, enhance connectivity, support local businesses and elevate the public transit experience. Passengers will enjoy free wi-fi during their bus ride, and they will also have access to a number of business ads.” He said the initiative will allow local businesses to advertise their products and reduce the cost of unlimited data service by almost 90 percent for drivers that offer free wifi.

“AD-FI’s sponsored Wi Fi platform presents groundbreaking opportunity for bus operators and taxi cab drivers to generate additional revenue through third party advertising,” said Mr Duncombe.

“By integrating ADFI’s advertising platform at BTC’s data services bus

operators, can now significantly reduce the cost of unlimited data, which typically runs over $100 per month, by nearly 90 percent. This approach not only minimises cost for operators, but also transforms Wi Fi into a sustainable, cost-effective amenity that enhances the overall public transit experience”

Minister of Energy and Transport JoBeth ColebyDavis said the initiative is in line with the Davis administration’s goal to improve the public transportation system.

“I’m honoured to support this project as it supports efforts by the government of the Bahamas to expand access to wi-fi options and my ministry’s push to improve public transport services. Every day, thousands of persons, that’s Bahamians and tourists, use our public transport systems,” said Mrs Coleby-Davis.

“While my ministry has taken several steps to improve service quality, such as the introduction of a code of conduct for all drivers and the hiring of additional road traffic supervisors, today’s launch of free wi-fi access will also strongly support the initiative and the experience for our passengers.”

She said an audit is currently being undertaken to determine which routes need to be expanded or introduced and the free wifi service can be used to poll users and gain feedback on how to improve public transportation.

“My ministry is in the process of conducting an

‘WHY DID GOV’T BREAK LEASE ON WATER CORP MALL OFFICE?’

By FAY SIMMONS

DEPUTY Leader of the Opposition Shanendon Cartwright has asked why the Davis administration chose to break the lease on the Water and Sewerage office in the Mall at Marathon.

Speaking in Parliament yesterday, Mr Cartwright said the lease signed by the former Minnis administration was not set to expire until 2026 and included a $56,000 penalty if broken early.

He said the location’s closure has “frustrated” consumers that used the location to pay for services and make inquiries.

“There was under the free National Movement administration, the sub office at the mall at Marathon that allowed

Bahamian consumers to go in and utilise and pay for their services. It was another option to increase efficiency. The Bahamian public, they are very frustrated because what they want to know, why has this office been closed in the mall, considering the fact that it was closed in February of this year, but the lease, the lease is not up until August of next year. And so the government had to spend $56,000 because they broke the lease,” said Mr Cartwright.

“So the Bahamian people want to know, why would the government close down sub office in the Marathon Mall especially given that the lease was not slated to be up until next year, and so the government had to call for $56,000 of the taxpayers’ money”

Mr Cartwright also alleged consumers received letters from the Water and

Sewerage Cooperation warning that they would have their sewerage services disconnected or have legal action taken against them over unpaid bills.

“Our understanding is that never in the history of Water and Sewage, and in the Commonwealth of the Bahamas, has that cooperation taken the option of disconnecting sewer services from Bahamian citizens and threatening to disconnect their sewer services,” said Mr Cartwright.

“This is a very important issue especially considering the impact that discontinuing sewer services. I have a letter here, that was sent to a customer at Water and Sewerage and full disclosure, it talks about the fact that there’s an outstanding bill that needs to be addressed, so let me just say that.

“But it says, your account is vitally important to us,

FROM L to R: Judith Smith, comptroller, University of The Bahamas (UB); Suzanne Pattusch, executive vice-president, Bahamas Hotel & Tourism Association (BHTA); William ‘AJ’ Saunders III, director, Majestic Tours; Donae Gibson, scholarship recipient; Janis Saunders, president, Majestic Tours; Inga Bostwick, senior manager, corporate and foundation relations, UoB; Kandice Weech, acting assistant vice-president, development and grants,and executive director, corporate and foundation relations, UoB; Shandy Smith, director II stewardship and donor relations, UoB.

Billy Saunders’ family meet endowment award winner

THE Bahamas Hotel & Tourism Association (BHTA) and the late William “Billy” Saunders’ family have met the first recipient of their endowment award.

William ‘AJ’ Saunders III, grandson, and Janis Saunders, daughter of Billy Saunders, were joined industry partners from the University of The Bahamas (UB) to meet and congratulate Donae Gibson, the first recipient of The William Saunders Endowment Resource Award. She is enrolled in Culinary Arts & Tourism Studies at UoB’s College of Tourism, Hospitality and Leisure Management (CALM).

The Saunders family encouraged Ms Gibson to follow her dream of owning and operating her own hotel in The Bahamas, adding that “through hard work every day, and a commitment to excellence, anything is possible”.

Mr Saunders reflected on the humble beginnings of his family’s Majestic Tours business, and how his grandfather started the company almost 70 years ago with one borrowed car, a dream, and the steadfast support of his wife, Iris Saunders. The company is now one of the largest transfer and tour operators

in The Bahamas with more than 90 employees and a wide fleet of vehicles.

Mr Saunders defined his company’s motto in one simple sentence: “We only sell one thing; service.” He spoke about his grandfather’s dedication to seeing others succeed, and to be the best version of themselves in whatever role they played in his company or the tourism industry in general. The family also invited Ms Gibson to visit Majestic Tours so she could see how the company operates.

“My father wanted to have hospitality and tourism taught in every classroom. He believed it should be a fundamental part of the educational experience in The Bahamas, given the prominent role it plays in our country,” said Janis Saunders, who has worked at her father’s company throughout her career in tourism alongside her brothers, Scott and William “BJ” II.

“He was passionate about passing on his knowledge, his insights about the hospitality industry,” she added. The BHTA said it continues to work alongside private and public sector partners to connect students to the tourism industry as part of its workforce development efforts and initiatives.

WATER AND SEWERAGE COOPERATION HEADQUARTERS

however, due to the cost of supplying your service without any payments, we now find it necessary to consider legal action and or disconnection of your sewer service, which will have dire consequences. So, Water and Sewerage admits that if we were to do this, it would cause dire consequences.”

Mr Cartwright said the disconnection of sewerage services not only impacts

the overdue account holder but the wider community and could evolve into a public health crisis.

“It goes on, after giving them a window for this being paid. Regrettably, discontinuation of sewer services would result in a very unhealthy and unsanitary condition and render your premises unfit to occupy,” said Mr Cartwright.

“I don’t know if this is new policy. All right, the impact of this in terms of disconnecting sewer services, not just the impact to this particular customer, but can you imagine when this person is disconnected, if there are some other issues, the impact to other residents, and the public health crisis that this could cause.”

‘We’ll change hotel locks’ if Labour delays further

management of certain facilities at Old Bahama Bay, and which licence was terminated effective March 28, 2025; Friday last.

“For reasons which are unknown to me, the Grand Bahama Labour Department has been contacted in relation to the termination of IVRC employees and/or sub-licensees employed at Old Bahama Bay and were exacting pressure on my clients to assume severance and termination obligations, which are the responsibility of IVRC.

“As far as I am concerned, and based on my experience and knowledge of employment law, the termination obligations for employees and/or sublicensees of IVRC are the responsibility of IVRC up to the termination date: March 28, 2025,” Mr Scott continued.

“Thereafter, it is the intention of new operators engaged at the instance of

my clients to re-hire most of the persons whose employment would have been terminated as of Friday last under new arrangements with new operators. This notwithstanding, the issue remains as to liability for severance and termination benefits which have accrued up to the termination date mentioned above.” Tribune Business understands that more than 50 employees may be caught in the termination pay and associated benefits impasse. LRA-OBB and Resorts Holdings, via Mr Scott, are adamant they will not themselves pay liabilities which they assert are the responsibility of IVRC, an entity formed by a group of Old Bahama Bay condo owners to run the resort following Ginn’s 2011 debt default. IVRC, though, has yet to agree to relinquish Old Bahama Bay’s management or terminate its employees. In this situation, were LRAOBB, Resorts Holdings and the new management team

to re-hire them now, these staff could be deemed to have resigned and waived their entitlement to termination pay and other benefit rights.

“Your Labour Department in Freeport promised to fully consider the matter and revert by the close of business last Friday afternoon with their opinion,” Mr Scott told Mrs GloverRolle. “Today is April 1, 2025, and my clients have yet to hear from the Labour Department. As you will, undoubtedly, be aware the legal issue is really quiet straightforward.

“IVRC are liable under the general law, and under the Employment Act 2001 as amended, for the termination, severance and any other emoluments up to and including the termination date. The legal position is uncontroversial. Our clients are anxious to get on with new arrangements with new operators and should, therefore, be grateful for your kind intervention to resolve

this matter at the very earliest.”

Should Mrs GloverRolle agree, this would be the second government intervention in the Old Bahama Bay management takeover saga.

Phylicia Woods-Hanna, the Government’s investment chief, previously demanded that Orlando-based Kingwood International Resorts and its affiliates “cease and desist” from having any role in events because their involvement would “violate” Bahamian law. This was because the Davis administration, in 2022, twice rejected Kingwood’s application to acquire both Old Bahama Bay and the 2,000-plus acres that represented the former Ginn project. IVRC and others have voiced fears that Kingwood is hiding behind LRA-OBB’s corporate identity to disguise its involvement in the management takeover, but the Old Bahama Bay owner has denied this and said it is directing all actions.

Mr Scott yesterday told Tribune Business there had been no further progress since he sent his Tuesday letter to Mrs Glover-Rolle. He added, though, that LRA-OBB had been informally told that the Department of Labour goahead letter it is seeking will be issued today “at the latest”.

“They’re waiting on somebody to return to the Department who is away travelling,” he said of the Government position. “If it doesn’t happen [today] we’re going to go ahead and change all the locks. It’s ridiculous. We need to get on with it because we need to enter into other arrangements. It should be a liability due from John MacDonald [IVRC’s president] to his employees. It’s ridiculous. The ball is in their court.”

Daniel Baker, an LRA-

OBB representative, also

confirmed that the Old Bahama Bay owner is waiting on the Department of Labour’s go-ahead. “We’re in a holding pattern,” he told this newspaper. “Everybody wishes for us to continue. We’ve had many folks reach out to us, in particular, condo owners and staff representatives in Grand Bahama.

“They understand what we’re doing because we’re doing the right thing, and doing the right thing by the employees. We are waiting on the Department of Labour to come through and issue the opinion which they recently indicated to us, and we can keep going. Hopefully we’ll be able to take the next step.

“We feel very confident that a lot of the condo owners will be ready to join with us and partner with us on the [rental] programme. We’ve heard informally that the letter they promised will be to us no later than tomorrow [today]. We want to get it right and be in accord with them,” Mr Baker continued.

“We want to communicate and reassure the employees they are covered and protected. We will continue to wait and be patient for the implementation of our plans. As soon as he [Mr MacDonald] fulfills his obligations and terminates the staff, and pays them, they’ll become [our] employees. It’s all intended to make sure they are protected.

“I think we’re very close, and the message were getting informally [from the Department of Labour] is that nothing has changed with their position, they fully agree with our plan and the implementation of it.” Mr MacDonald, though, yesterday told Tribune Business that IVRC remains in management control at Old Bahama Bay with the resort’s operations “still

status quo; everything is quiet”.

However, he accused LRA-OBB of “calling the Labour Board on us. The Labour Board came down on Tuesday and found everything is in order. That’s going to backfire on them. On March 5, myself and five other Board members had a call with Anthony Carll, Daniel Baker and Don Churchill telling us what they were going to do on March 28 and how they were going to do it.

“It was a very candid call until I asked them under what authority... do you have the permits, do you have your licences?” Mr MacDonald said LRA-OBB and Mr Scott had refused to produce the permits showing they had government approval to take over Old Bahama Bay’s management, adding that Mrs WoodsHanna’s March 22 letter made clear they did not possess them.

“How could they then attempt what they were trying to attempt on the 28th?” he asked. “They continued, even though they had a letter in their hands six days before telling them not to do it. They were defiant against the Government, and tried to do it anyway. I would not want to be defiant of the Government like that.

“I cannot see how they can tell the Government this would be in the best interests of the staff and property but, at the same time, not listen to it. They’ve certainly not made themselves look good in the eyes of the employees. It’s a shame, because as a whole the Bahamas gets hurt touristically and the staff get nervous.

“Our staff have been able to pay their bills, have a roof over their heads, and clothe their children for the last 12 years because we stepped up. People don’t forget stuff like that.”

Mining Bill ‘will protect’ resources for Bahamians

FROM PAGE B1

funny business is no business at all. It is economic thievery masquerading as enterprise. It is the theft of sovereign wealth. And it will not happen here. We are enshrining protections in the law, so that moving forward all such agreements must safeguard our national resources, and benefit our people. At the same time, we are open to negotiations with investors who come to this nation with an environmentally-conscious, and financially-fair, proposal to

make innovative use of our resources.”

Mr Davis said the bill ensures that any mineral resource discovered on public or private property are subject to royalties and fees that will be placed in the National Investment Fund for infrastructure and improvements.

“This Bill establishes that any mineral resources discovered in our country, whether on public or private land, belong to the Commonwealth of The Bahamas. It can never be the case that mining

activities are able to circumvent the law by being solely carried out on private property,” said Mr Davis.

“The government is entitled to collect both royalties and fees on behalf of the Bahamian people. These funds will be collected by our National Investment Fund to go toward critical infrastructure, climate resilience, and other necessary investments to build up our nation.”

He said the bill also mandates that companies must employ and train Bahamians and give first preference

to Bahamian businesses as suppliers of goods and services.

“Through royalties, fees, and the inclusion of Bahamian businesses, we are maximising the economic impact of any mining activities in our nation. This includes the provision of a minimum 25 percent profit-sharing arrangement between the mining operation and the government. The government is also entitled to hold a ten percent equity interest in the holder of a mineral right,” said Mr Davis.

‘Make mining majority owned by Bahamians’

their own natural wealth,” he argued.

“Should this industry be reserved for Bahamians or majority-owned Bahamian companies? It is my belief that any company that is granted a licence should at the very least have majority Bahamian ownership and participation as we do with respect to other industries.”

Sectors such as retail are purportedly reserved for exclusive 100 percent ownership under the National Investment Policy, and Mr Thompson asserted: “We as a government should say whether we believe it’s an industry reserved for Bahamians or if it’s an industry reserved for 50 percent or more Bahamian ownership.

“Obviously there have to be partnerships, strategic partnerships and international participation, but we should make sure we have this policy that reserves Bahamian rights in these companies and put that in legislation that says if we’re going to grant a licence it should at the very least be 50 percent or majority Bahamian ownership to protect Bahamians.”

Mr Thompson subsequently told Tribune Business that the Bill lacked a mechanism to give small Bahamian retail investors

an opportunity to buy an ownership interest in a mining company.

“There was no mandate or provision for the Bahamian individual investor to invest in what could be a profitable venture,” he said.

“We have to look at this as an entire industry, not just licensed businesses. We have to look at how to grow an entire industry, which means not just the business but all those businesses that could be connected to it...

The Bill speaks to training employees of licensees. The licensee has an obligation to train employees, but what I’m suggesting is that licensees have an obligation to build an industry not just their own companies.”

Shanendon Cartwright, the FNM’s deputy leader, questioned the timing for when mining firms have to lodge a performance bond to guarantee that the land they use will be “rehabilitated” once finished with. And, in the case of international firms, he argued that the bond should also cover termination pay for employees to prevent them from fleeing The Bahamas without settling such liabilities.

The Bill allows the Government to take a “minimum”10 percent equity ownership interest in mining firms, while

profit

sharing also enables it to receive “a minimum of a 25 percent of the profits of the mining operations” along with royalties. However, Mr Cartwright challenged if these had been benchmarked against international comparatives.

Prime Minister Philip Davis KC, in his contribution to debate on the Bill, said: “This Bill will introduce a Mining Cadastre Register, so that Bahamians can see for themselves who is applying for mineral rights and mining licences, who has received rights and licences, and the relevant details of who, what, where, when and how these activities shall be conducted.

“This transparency is critical. The natural resources of this country belong to the people. Through this Bill, we are establishing –for the first time – the right of the Bahamian public to be made fully aware of any reconnaissance, prospecting or mining happening in our country. It is crucial, given our history, and given the exploitative model we see in so many places, where outsiders make profits while the people lose, that we prevent unscrupulous practices in our country. That kind of funny business is no business at all. It is economic thievery masquerading as

enterprise. It is the theft of sovereign wealth. And it will not happen here.”

Promising that Bahamians will no longer receive “pennies” for exploitation of their natural resources, Mr Davis said: “This Bill establishes that any mineral resources discovered in our country, whether on public or private land, belong to the Commonwealth of The Bahamas. It can never be the case that mining activities are able to circumvent the law by being solely carried out on private property.

“The Government is entitled to collect both royalties and fees on behalf of the Bahamian people. These funds will be collected by our National Investment Fund to go toward critical infrastructure, climate resilience, and other necessary investments to build up our nation.

“Under this Bill, in addition to obligations to train and employ Bahamians, Bahamian businesses must

“In other words, there will be no arrangements where the Bahamian people receive pennies on the dollar.”

Mr Davis said the bill also protects against fraud in mining activities and establish a Mining Cadastre Register, so locals can obtain information on who has applied and received mineral rights and mining licences and the relevant details of who, what, where, when and how these activities shall be conducted.

“In this Bill, we are also protecting the interests of

also be given first preference as suppliers of goods and services. As we continue to renew and reform the principles which guide our expectations for investors, the inclusion of Bahamian businesses will play a major role,” he added.

“We will make this requirement a part of National Investment Policy framework, so that all investors understand our expectations when it comes to including Bahamian businesses. Through royalties, fees and the inclusion of Bahamian businesses, we are maximising the economic impact of any mining activities in our nation.

“This includes the provision of a minimum 25 percent profit-sharing arrangement between the mining operation and the Government. The Government is also entitled to hold a 10 percent equity interest in the holder of a mineral right. In other words, there will be no arrangements where the Bahamian people receive pennies

the Bahamian people by aggressively going after any party that seeks to defraud or mislead the public when it comes to their mining activities, and anyone who contravenes the law, or seeks to assault or hinder officials in the execution of their duties,” said Mr Davis.

“These actions will be penalised with both fines and imprisonment. We require fair, honest, and transparent communication with the government and Bahamian people, so that we can make the decisions that align with our strategies for economic growth.”

on the dollar,” Mr Davis continued.

“In this Bill, we are also protecting the interests of the Bahamian people by aggressively going after any party that seeks to defraud or mislead the public when it comes to their mining activities, and anyone who contravenes the law or seeks to assault or hinder officials in the execution of their duties.

“These actions will be penalised with both fines and imprisonment. We require fair, honest and transparent communication with the Government and Bahamian people so that we can make the decisions that align with our strategies for economic growth.”

POLYMERS: TRUMP TARIFF ‘NOT GOING TO COME TO’ FREEPORT DEPARTURE

Initiative (CBI). That is the one-way trade preferences regime, offering duty-free and other concessions, under which Polymers and other Bahamas exports enter the US.

The 10 percent “reciprocal tariff” rate that will be imposed on Bahamian exports to the US appears to be based on, and designed to match, the 10 percent VAT placed at the border on all goods that enter The Bahamas. This nation received the “baseline”, or lowest, of the multiple tariff rates that Mr Trump imposed on numerous countries’ US exports yesterday, while its own higher duty rates were seemingly ignored.

The Bahamas exported some $669.949m worth of physical goods in 2024, many of which are now threatened with cost increases - which may challenge their competitiveness - by the imposition of Mr Trump’s so-called ‘liberation day’ tariffs. It is unclear, though, whether all these products were made in this nation or if some transited through The Bahamas on their way to the US.

Besides Polymers International, other Bahamian exports to the US include crawfish and other fisheries products; Morton Salt’s

approximately one million tonnes of salt per annum from Inagua; Kalik, Sands and other local brands brewed by Commonwealth Brewery and Bahamian Brewery and Beverage Company, and other niche products and producers. The White House said the tariffs will take effect at midnight on Friday.

Adrian LaRoda, the Bahamas Commercial Fishers Alliance’s president, told Tribune Business that this nation’s crawfish and other fisheries exports will face “a bumpy ride” if the 10 percent US tariff rate remains in place beyond August 2025. While most of this nation’s roughly $80m annual fisheries exports go to Europe, Canada, Asia and non-US markets, a significant quantity transits through US ports.

This means they will be caught by the US tariffs.

Mr LaRoda branded this “a bitter pill”, although he voiced relief that 2024-2025 crawfish exports will largely have missed the levy with the season having closed on March 31. However, with crawfish exports fetching $25 per pound - almost double the domestic market rate - he warned that The Bahamas cannot afford for this market to be disrupted by Mr Trump.

The Davis administration, in a statement last night, alluded to the 10 percent tariff representing a violation of the Caribbean’s existing trade agreement with the US. It pledged to work with regional nations, via CARICOM, and US officials to respond to Mr Trump’s measures.

“The Government of The Bahamas has taken note of the announcement by US president, Donald Trump, to impose a 10 percent reciprocal tariff on several Caribbean countries, including The Bahamas, that export duty-free to the US under the Caribbean Basin Initiative (CBI). It is important to note that The Bahamas currently maintains a trade deficit with the US,” the Government said.

“We will engage with our US counterparts, and work collectively with our CARICOM partners, in response to this development. The Government has approved a National Trade Policy aimed at diversifying trade.

“As part of our broader strategy to protect the Bahamian economy, we have already announced a number of measures, including the development of a trade diversification framework. We remain focused on minimising the impact of global trade decisions on

Bahamian businesses and consumers.”

The Bahamas’ trade deficit broke through the $4bn mark for the first time last year to hit $4.2bn This represents a 22.6 percent, or close to $750m year-over-year increase, on 2023’s trade deficit of around $3.487bn, which means this nation imports far more than it exports. And the US is The Bahamas’ largest trading partner and export market, accounting for 88 percent of total exports, and 74 percent of domestic exports.

The $4.274bn trade deficit for last year sets a new annual record, exceeding the six-year high of around $3.487bn in 2023 which was itself a 7 percent or $233m jump on the figures for 2022. The Bahamas in 2024 imported close to $5bn worth of goods, the actual number standing at $4.944bn, while exports in comparison stood at a relatively meagre $669.949m.

Mr Trump’s tariffs also likely mean increased costs, inflation and supply chain disruption for Bahamian consumers on the import side given that they will raise prices for all foreign-manufactured goods transiting through the US to these shores.

“We’re still evaluating that ourselves,” Mr Ebelhar replied, when asked what impact the 10 percent tariff on Bahamian exports will have for Polymers International. “Our exports go under the Caribbean Basin Initiative (CBI). I think our biggest thing right now, which is throwing us more than anything else, is what

they’re trying to put on shipping companies; the $1m per ship coming into the US.

“Tropical carries most of our container loads over there. For 100 containers, that’s a lot of money. That’s a bigger fish to fry for us right now. The rest of it with the tariffs, the way I look at it is whatever happens it’s going to be equal all the way around. It’s wait and see. That’s exactly where it is. The shipping side of it is causing us more concern right now.

“If we have 100 containers on there, and $1m is going to be taxed on the ships coming in, it’s very hard. There’s absolutely no way we can afford that.... We know what the rough sales price of EPS (expanded polystyrene) is in the US. You can she what we ship in research from the Bahamian government,” he added.

“If you add $10,000 a container on 40,000 products, come on. There’s no way we can, in any way, shape or form, justify that operation.” But, when asked if this threatens Polymers International’s very survival in Freeport, Mr Ebelhar replied: “I don’t think it’s going to come to that in the long run. Maybe there’s a little too much Chicken Little right now and not enough cooler heads trying to settle the issue.”

Mr Ebelhar said it was “unfortunate” that The Bahamas and wider Caribbean has been caught in Mr Trump’s tariff and ‘trade war’ policies, which he believes are primarily targeted at Europe, Canada, China and Mexico, and

FREE WI-FI ON PUBLIC TRANSPORT THANKS TO NEW BTC VENTURE

FROM PAGE B2

audit of just the bus routes on New Providence with a view to determining the need for new routes and the expansion of existing routes and the improvement of

our bus stops. Our work is being grounded in measurable data and research which indicates some demographic and population shifts on our islands,” said Mrs Coleby-Davis.

hinted he was optimistic that the region could negotiate a “carve out” or exemption given its trade deficit with the US.

Mr LaRoda, meanwhile, also voiced concern about the proposed up to $1.5m fee to be levied on Chinesemade ships for every US port call. “The unfortunate thing is we are hoping that this whole tariff thing, and situation with Chinese-made vessels and port stuff, we hope that gets resolved.

“It impacts no so much our exports but the cost to the customer. The tariffs are going to affect the cost for exports.” Explaining that much of The Bahamas’ Europe-bound fisheries exports will transit through US ports, and thus potentially be caught by the new 10 percent tariff, he added that such products fetched double domestic sales at $25 per pound compared to $13 during the past season.

“I’m optimistic it will not affect the season just gone because it’s closed,” Mr LaRoda said. “Next season, though, we will definitely be seeing some reduction in demand if these tariffs are attached and still there. It’s an issue. It’s a bitter pill, but we are hopeful there will be a resolution in time and I’m optimistic there will be a rethink.

“Most of our product has already been exported, so it will not have an impact so much this season just gone, but if it holds for next season, August, we’ll have a bit of a bumpy road I would expect. I’m hoping something does get worked out. It’s basically a wait and see game at the moment. We could be in for a bit of a bumpy ride if these tariffs remain in place. It could be a bit of a bumpy road.”

“While any decision made will involve all key and relevant stakeholders, the wi-fi service can also help us to form a prudent approach on the way forward as we can use these services to carry out polls with public transport users to make the service better and to make sure that we’re making the right decisions as we go forward.”

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.

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‘Never in a million years’: Resort, advisers deny link to DPM smear

by the Miami-based Yntegra Group, are addressed. However, in a statement he said that neither himself “nor anyone directly connected with Turtlegrass Resort & Island Club had any part in the creation, funding or distribution of the videos mentioned by the Deputy Prime Minister that contain misleading information and disinformation”.

“We took no part in formulating this misleading video about Yntegra or any government members,” said Mr Coughlin. “We do believe in preserving our country and developing responsibly. We have been open about keeping The Bahamas beautiful but also economic growth; sustainability plus development.”

Turtlegrass added: “Mr Coughlin finds the attempt to link his name and Turtlegrass Resort to the videos in question extremely disturbing. Links to professional colleagues connected to the development are being brought to the attention of law enforcement.”

Mr Cooper, addressing the House of Assembly yesterday, denied assertions made in the videos that a Singapore construction company has been hired to work on Yntegra’s project; that work permits for Chinese workers have been issued; that overwater bungalows have been approved by the Government; and that Crown Land has “secretly” been given to the developer.

“I know who the actors are. But, more importantly, I know who the benefactors are — the shadowy financiers behind this coordinated smear campaign, pouring foreign funds into efforts designed to disrupt our democracy and discredit the leadership of the Progressive Liberal Party (PLP),” Mr Cooper blasted. “In recent weeks there has been an active, growing local and international campaign driven by Bob Coughlin, an American businessman, the principal of Turtlegrass Resorts, a project approved for Sampson Cay.

“Mr Coughlin has protested the plans of the

WISCONSIN SUPREME COURT TO TACKLE ABORTION, UNIONS AND REDISTRICTING AFTER A LIBERAL'S WIN

By SCOTT BAUER Associated Press

SUSAN Crawford's Wisconsin Supreme Court election victory over a conservative candidate backed by President Donald Trump and billionaire Elon Musk cemented a liberal majority on the state's top court for at least three more years and dealt a devastating blow to Republicans who fear it paves the way for rulings

that will overturn or block the GOP's agenda in the swing state. Trump, Musk and other Republican leaders fear Crawford's win means the court controlled 4-3 by liberals will redraw Wisconsin's congressional lines in a way that could help Democrats to win at least two seats and regain the majority. Crawford's backers, including Democratic U.S. House Minority Leader Hakeem Jeffries,

adjacent development of the Rosewood Resort being developed by Yntegra Resorts that also has an approved heads of agreement by the Government of The Bahamas. The people of Exuma welcome both developments and are of the view that they can co-exist.”

Mr Cooper also appeared to take a swipe at Turtlegrass’s Bahamian environmental consultant, Eric Carey, the former Bahamas National Trust (BNT) executive director, stating: “There are some who feel that they can bully this government over who and what is approved in our own country.

“They seek to use highly paid local actors who present themselves as some moral authority on environmental matters who can dictate to the Government what is best for the Bahamian people. And when those attempts fail, they then seek to smear and denigrate people and projects that will help our economy. To be clear, they don’t care about Bahamians;

said electing Crawford was important so she and other liberal justices can order Wisconsin's congressional boundary lines to be redrawn. Last year, the court declined to take up a Democratic-backed challenge to the state's congressional lines. That decision drew criticism from one of Wisconsin's two House Democrats, Rep. Mark Pocan, who said Wednesday that he hopes a new lawsuit will be filed soon.

"If you have two seats out of eight in a purple, 50-50 state, clearly there's gerrymandering going on," Pocan said. Waiting in the wings are cases that could solidify the right to abortion in Wisconsin and undo former Republican Gov. Scott Walker's signature law

they care about their own self-interest.”

Mr Carey, when contacted by this newspaper, declined to respond directly to Mr Cooper, but added: “We are absolutely interested in co-existence. We always have been. We wrote to Yntegra in November and gave them a whole letter that said ‘these are the three to four that need to happen for us to co-exist. They never responded to that.”

Mrs Phillips, meanwhile, told Tribune Business that she had written to Prime Minister Philip Davis KC to disassociate herself and her firm from the videos complained of by Mr Cooper as soon as she learnt of their existence.

“I can assure you that, from the point of view that these things are tracking back to Diane Phillips & Associates, we would never in a million years be part of that,” she said. “I would like to know how they did that. I am so upset that I cannot begin to tell you.

“Everything we have done has focused on the issues. We have never been

that stripped collective bargaining rights from teachers and most other public workers. Before the election, Walker said he worried the court would target the state's "right-to-work" law that he signed and look for ways to scale back the program that allows students to attend private schools with a taxpayer-funded voucher. Crawford pushed back against those allegations in an interview Wednesday.

engaged in politics. I don’t

do that. One of the reasons we’ve been so successful for 31 years is that we’ve steered clear of politics and worked with every party that has been in power.

“I wrote to the Prime Minister the minute I saw the videos. I wanted to also send this note to the Cabinet Office. I said: ‘Please share this with your Cabinet colleagues. Our firm has always focused on the issues, and we hope to land on the right side of those issues, whether it has to do with human rights, environmental rights or anything sensitive,” Mrs Phillips continued.

“It’s always about the issues. It’s never about politics and the people. I just hope someone gets to the bottom of this. We do plan to register a complaint with cyber crimes; we will definitely be making a complaint. Maybe they have a way to find out where that’s come from.”

Mrs Phillips said concerns over the Yntegra Group project are being voiced not only by Turtlegrass but the other nine Exuma businesses that are members of the Save Exuma Alliance. “This is a whole community that’s very concerned over the dredging and over-building with lack of sensitivity

"Any case that comes before the Wisconsin Supreme Court, I'm going to decide based on the law and not some partisan agenda," she told The Associated Press. "I'm not going to be making any decisions based on my policy views or any kind of political agenda. I'm going to be basing them on what the constitution requires and the law requires."

to the environment by a developer and how it could impact what is known as a jewel of The Bahamas,” she added.

“The central Exuma cays are where divers, environmentalists and researchers have gone and said it’s one of the last pristine areas of the region. It looks today like it did 25 years ago. There are very few places with hard and soft corals, conch hatcheries, where you can see hundreds and hundreds of baby conchs.”

Pointing to Yntegra’s plans to dredge 240,000 cubic yards of fill from the seabed in that area, so as to make way for its marina, Mrs Phillips said: “Bob Coughlin is very willing to meet with them and discuss a reasonable solution where two entities can co-exist, not just with each other but the environment they meet in place. They have to co-exist not just with each other but the environment they meet in place.

“Bob Coughlin’s resort does that now. If Yntegra scales back, and if you look at Rosewood, they have very strong environmental pillars. If Rosewood lives up to their pillars, and treats the environment with respect, both can co-exist and add to the economy, attraction and appeal of the Exuma cays.”

Jeff Mandell, general counsel of the liberal Madison law firm Law Forward, said he didn't think the strategy would be to "refight every past battle."

"Sometimes, when I hear that rhetoric it seems to me there's a fear or belief that we have this whole file of prewritten lawsuits on every issue they've won on the last set number of years," he said. "At least for me, that's not true."

COAL-FIRED POWER PLANT, NOW RETIRED, TO BECOME

MASSIVE GAS-POWERED

CAMPUS FOR AI, DATA CENTERS

By MARC LEVY Associated Press

THE owners of what was once Pennsylvania's biggest coal-fired power plant said Wednesday that they will turn it into a $10 billion natural gas-powered data center campus designed to capitalize on the fastgrowing energy demands of Big Tech companies to power artificial intelligence and cloud computing applications.

The former Homer City Generating Station, about 50 miles (80 kilometers) east of Pittsburgh, will host seven gas-fired turbines to power data centers on site with up to 4.5 gigawatts of electricity, according to the owners, an investor group named Homer City Development. That amount of electricity is enough to power about 3 million homes. It would be the nation's largest gas-fired power plant and the nation's thirdlargest power generation facility after the Grand Coulee hydroelectric dam in Washington and the new Plant Vogtle nuclear power plant in Georgia, according to federal data.

The project also would be the largest capital investment ever in Pennsylvania, said state Senate Majority Leader Joe Pittman,

R-Indiana, whose district is home to Homer City. Construction is expected to begin this year and power could start flowing by 2027, the group said in a statement. The cost to prepare the site and build the data centers could exceed the initial $10 billion investment by billions more, the group said.

Much of the critical infrastructure for the project is already in place from the shuttered Homer City power plant, including transmission lines connected to the midAtlantic and New York power grids, substations and water access, the group said.

It could also supply electricity to the wider power grid, the group said, although it did not give details about any confirmed data center clients or declined to say how much of its electricity could end up feeding the wider grid.

The developers were awarded a $5 million state grant to extend a gas line to the property, which sits atop the prolific Marcellus Shale natural gas reservoir and near major interstate gas pipelines. The turbines ordered for the proposed plant, meanwhile, can run on a hydrogen blend.

Last month, the group demolished the three cooling towers and four

NOTICE TO SHAREHOLDERS

smokestacks still standing from the former coal plant. It shut down in 2023 after 54 years in operation.

The owners, Homer City Development, blamed competition with cheaper natural gas, unseasonably warm winters that demanded less power, the rising cost of coal and increasingly expensive environmental regulations.

The late 2022 debut of OpenAI's ChatGPT — built with help from Microsoft's data centers — ignited worldwide demand for chatbots and other generative AI products that typically require large amounts of computing power to train and operate.

That has sent Big Tech companies in search of new power sources, spurred interest in a new wave of nuclear reactors, revived interest in building new gas-fired plants and stoked concerns among states and federal regulators about electricity shortages.

It's also prompted utilities to delay the retirements of aging power plants and to bring nuclear power plants out of retirement, including last year's announcement that the shuttered Three Mile Island nuclear power plant will reopen under a 20-year agreement to feed Microsoft's data centers.

The Annual General Meeting of Finance Corporation of Bahamas Limited (FINCO) will be held on Thursday 10th April, 2025 at 6:30 p.m. in the Compass Rose Ballroom, Margaritaville Beach Resort, 2 Bay Street, Nassau, N. P., The Bahamas.

Parking vouchers will be provided to the first 65 Shareholders.

Corporate Secretary

STOCK MARKET TODAY

Wall Street rises in another jittery day ahead of Trump's tariff announcement

By STAN CHOE AP Business Writer

U.S. stocks whipped through another dizzying day Wednesday in the final hours before President Donald Trump's unveiling of the tariffs promised as part of his " Liberation Day," which could drastically remake the global economy.

The S&P 500 rose 0.7%, but only after careening between an earlier loss of 1.1% and a later gain of 1.1%. It's had a pattern this week of opening with sharp drops only to finish the day higher.

The Dow Jones Industrial Average added 235 points, or 0.6%, and the Nasdaq composite climbed 0.9%. Both also veered from sharply lower in the morning to sharply higher in the afternoon before doubling back.

Elon Musk's Tesla helped knock the market around after initially falling more than 6% following a report that it delivered fewer electric vehicles in the first three months of the year than it did in last year's first quarter.

Tesla is one of Wall Street's most influential stocks because of its immense size, and it's faced backlash due to anger about CEO Elon Musk's leading the U.S. government's efforts to cut spending. But

its stock erased its loss from the morning and ended with a gain of 5.3% following a report from Politico that Trump has told others that Musk will step back from his government role in coming weeks.

Financial markets around the world have broadly been shaky lately because of uncertainty about Trump's trade war. He has said he wants tariffs to make the global system more fair and to bring manufacturing jobs back to the United States from other countries. But tariffs also threaten to grind down growth for the U.S. and other economies, while worsening inflation when it may be stuck above the Federal Reserve's 2% target.

One of the hopes that's helped push upward on the U.S. stock market recently is the possibility that at least the worst of the uncertainty around tariffs may be passing.

After the market closed, Trump declared a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States. The president held up a chart while speaking at the White House, showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan.

Among the companies whose shares fell in afterhours trading were Deckers Outdoor, the maker of Uggs, down 9.3%; Lululemon was down 8.8%; and home products retailer Williams-Sonoma was down 8.4%. Before Liberation Day, Trump had already announced 25% tariffs on auto imports; levies against China, Canada and Mexico; and expanded tariffs on steel and aluminum. Trump has also put tariffs against countries that import oil from Venezuela and plans separate import taxes on pharmaceutical drugs, lumber, copper and computer chips.

"We do not know how long the previously enacted tariffs and any future tariffs will remain in force, but we believe peak tariff uncertainty may soon be behind us," according to Kurt Reiman, head of fixed income Americas, and other strategists at UBS Global Wealth Management. "Much of the work the administration set out to achieve will have been put in place, and there are numerous potential offramps available."

But even if Trump's tariffs ultimately end up being less harsh than feared, a worry hitting the market is that their herky-jerky rollout may by itself create enough nervousness to get U.S. households and businesses to freeze their spending, which would damage the economy.

Surveys have shown deepening pessimism, but economists are waiting to see if that translates into actual damage for the economy. A report on Wednesday suggested the U.S. job market may still be running stronger than expected.

THE SMOKESTACKS of the former coal-fired Homer City Generating Station crumble in a planned demolition to make way for a new natural gas-fired power plant in Homer City, Pa., Saturday, March 22, 2025.

Photo:Gene J. Puskar/AP

Tesla sales tumble 13% as Musk backlash, competition and aging lineup turn off buyers

By BERNARD CONDON AP Business Writer

TESLA sales fell 13% in the first three months of the year, another sign that Elon Musk's once high-flying car company is struggling to attract buyers.

The leading electric vehicle maker has faced a growing backlash from Musk's embrace of rightwing politics and his role in the Trump administration. Opponents have staged protests at Tesla showrooms in the U.S. and in Europe, where the sales declines have been steeper.

Tesla's line-up is aging, and some consumers may have held off from buying its bestselling Model Y while waiting for an updated version. The Austin, Texas, company also faces fierce competition from other EV makers offering vastly improved models, including those of China's BYD.

Tesla reported deliveries of 336,681 globally in the January to March quarter. The figure was down from sales of 387,000 in the same period a year ago. The decline came despite deep discounts, zero financing and other incentives and could be a warning that the company's first-quarter earnings report later this month could disappoint investors.

Dan Ives of Wedbush said Wall Street financial analysts knew the first quarter was likely bad, but turned out even worse than expected. He called the sales results a "disaster on every metric."

"The brand crisis issues are clearly having a negative impact on Tesla...there is no debate," he said.

Musk has been President Donald Trump's point man in his effort to cut government spending. As criticism of Musk mounted and Tesla's sales and stock price slumped, Trump last month held an extraordinary press conference outside the White House in which he praised Tesla, blasted boycotts against the company and bought a Tesla himself while TV cameras rolled.

Tesla investors have complained Musk's work at the Department of Government Efficiency has diverted his focus from running Tesla.

On Tuesday, New York City's comptroller overseeing pension funds holding Tesla stock called for a lawsuit accusing a distracted Musk of "driving Tesla off a financial cliff."

After falling as much as 6% in early Wednesday, Tesla stock shot up more than 5% on indications that Musk may soon return his attention to Tesla. Politico, citing anonymous sources, reported Trump has told

NOTICE

INILIUS LTD.

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 209880 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 1st day of April A.D. 2025.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Ms. Ana Lucia Fortini Duvelius, whose address is SQS 116 BL E AP 602, Brasilia, DF, CEP: 70.386-050, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 1st day of May A.D. 2025 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneft of any distribution made before such claim is proved.

Dated this 1st day of April A.D. 2025.

ANA LUCIA FORTINI DUVELIUS LIQUIDATOR

Notice

RHYNE STONES INC.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RHYNE STONES INC. is in dissolution as of March 25, 2025

International Liquidator Services Ltd. situated at 3rd Floor Whitfeld Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

“This is a very expensive job. My Tesla stock and the stock of everyone who holds Tesla has gone roughly in half.”

Elon Musk

Cabinet members that Musk will step back from his role at DOGE in coming weeks. Tesla's stock has plunged by roughly half since hitting a mid-December record as expectations of a lighter regulatory touch and big profits with Donald Trump as president were replaced by fear that the boycott of Musk's cars and other problems could hit the company hard. Analysts are still not sure exactly how much the fall in sales is due to the protests or other factors.

Still, even bullish financial analysts who earlier downplayed the backlash to Musk's polarizing political stances are saying it is hurting the company, something that Musk also recently acknowledged. "This is a very expensive job," Musk said at a Wisconsin rally on Sunday, referring to his DOGE role. "My Tesla stock and the stock of everyone who holds Tesla has gone roughly in half." Tesla cars have been smashed and set on fire in

recent weeks, and protests have been staged at hundreds of Tesla dealerships. Owners have put bumper stickers on their cars saying, "I bought this before Elon went crazy."

Europeans have also balked at buying Tesla, especially Germans upset after Musk publicly supported a far-right party in national elections and gave what many say was a Nazi-like salute at a Trump inauguration rally in January.

Tesla is expected to report earnings of 48 cents per share for the first quarter later this month, up 7% from a year earlier, according to a survey of financial analysts by research firm FactSet.

Nearly all of Tesla's sales in the quarter came from the smaller and less-expensive Models 3 and Y, with the company selling less than 13,000 more expensive models, which include X and S as well as the Cybertruck.

OFFICERS from Ottawa Police Service (OPS) are seen at a Tesla Service and Showroom centre after it was damaged with pink spray paint in Ottawa, on Monday, March 31, 2025. Photo:Spencer Colby/AP

Nintendo Switch 2 launches in June with new Mario Kart World game

By RYAN KRYSKA Associated Press

NINTENDO has announced a June 5 launch date and $449.99 price tag for its latest gaming console, the Switch 2, which will introduce interactive chat and screenshare functions to connect gamers.

In its 60-minute Nintendo

Direct presentation on Wednesday, the company revealed a more vibrant display on the Switch 2, a larger screen and several games that will launch with the console.

Central to its updated system is a new "C" button on its Joy-Con controller, which will launch a "GameChat" feature that requires a subscription to Nintendo's Switch online service. It allows players to "communicate with friends and family while playing a game," and lets them share their game screen with others. A built-in microphone will also allow chatting with other gamers.

"When you think about some of the biggest titles

on (the Nintendo Switch), it's like Mario Kart, Super Mario Jamboree, even though that's quite a new title, has cracked the top 10 of most played games on the console. So, it does make a lot of sense that the sort of headline feature is geared primarily towards that sort of use," said Hannah Cowton-Barnes, a London-based video game industry expert for Tech Advisor.

Perhaps the most contemporary function yet for the Switch 2 is the ability to use the Joy-Con controllers like a computer mouse. The developer displayed multiple ways to use the new function, such as angling a club in a golf game.

The new portable console features a 7.9 inch LCD screen that displays in 1080p. Nintendo also revealed in the live stream that, when docked, the system will be able to support 4K resolution for compatible games.

The presentation started with an extended look at Mario Kart World — the

console's launch bundle game — which adds a bit of flair to the series with a knockout game mode and the ability to grind on rails skateboard-style while racing.

The developer also unveiled a new James Bond game, dubbed Project 007, again revisiting the classic Nintendo 64 console hit revered by many first-person shooter fans.

Nintendo also announced two more Switch 2 exclusives featuring its marquee characters. Donkey Kong Bananza, a 3D adventure with the big ape punching his way through a huge underground world, arrives July 17. Kirby Air Riders, a racing game from the director of the Super Smash Bros. series, is due later in the year.

Third-party exclusives likely to create some buzz include Koei-Tecmo's Hyrule Warriors: Age of Imprisonment, a hackand-slash prequel to The Legend of Zelda: Tears of the Kingdom, coming this winter. From Software's

The Duskbloods, a baroque multiplayer title from the creators of Elden Ring, is scheduled for 2026.

Miss the GameCube?

Nintendo said Switch Online subscribers will be able to access a limited selection of GameCube titles such as The Legend of Zelda: Wind Waker and F-Zero GX.

The new console will be backwards compatible — able to play physical and digital Switch games — but users will need to purchase a microSD express memory card for the Switch 2. The presentation revealed that normal microSD cards will not be compatible with the system. However, data from the original Switch can be transferred to the new console.

The Switch 2's launch price is significantly higher than the original Switch's $299 price tag. A separate bundle that includes the new Mario Kart game will also be available for $499.99.

The Trump administration's tariffs have hit the

video game console industry at a fragile moment, said Joost van Dreunen, author of "One Up: Creativity, Competition, and the Global Business of Video Games."

"At the beginning of a new hardware cycle, all of a sudden we're looking at this price hike," said van Dreunen, a games industry researcher. "I had originally predicted that the Switch 2 would be $400. Now it's announced that it's $450. That $50 difference is a Trump tax."

The tariffs, he said, impact games hardware because console devices are manufactured and shipped from China and that region at large.

The early stages of a hardware life cycle are already very low margin,

China conducts military drills focusing on Taiwan Strait

By CHRISTOPHER BODEEN and JOHNSON LAI Associated Press

CHINA conducted military drills around Taiwan for a second day Wednesday, focusing on the Taiwan Strait — a crucial conduit for international trade separating the self-governing island democracy from China.

The Strait Thunder2025A drills were held in the middle and southern areas of the strait, a People's Liberation Army spokesperson said.

Taiwan's military said that it was closely monitoring the drills, but there was nothing unusual on the island of 23 million people that China claims as its own territory.

The latest exercises "focus on subjects of identification and verification, warning and expulsion, and interception and detention so as to test the troops' capabilities of area regulation and control, joint blockade and control, and precision strikes on key targets," Eastern Theater Command spokesperson Shi Yi was quoted as saying on the Chinese Defense Ministry's Weibo social media account. Shi later announced on the same account that the exercises had ended with the completion of all objectives, but that "troops of the theater command remain on high alert at all times, and will continue to strengthen combat readiness with intensive training, resolutely thwarting any separatist activities seeking 'Taiwan independence.'"

NOTICE

NOTICE is hereby given that ANTHONY LYONS of Old Fort Bay, 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 3rd day of April, 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.

Taiwan reported that 76 military aircraft and 19 naval or government ships had entered waters and airspace near the island, with 37 of the planes crossing the center line in the 160-kilometer (110-mille) wide Taiwan Strait that forms an unofficial border, but which China refuses to acknowledge.

China's Shandong aircraft carrier group also entered into Taiwan's air defense identification zone, a selfdefined area tracked by the military.

Shi said the Shandong joined in on Wednesday's drills in coordination with naval and air units in the Pacific Ocean east of Taiwan. The exercises focused on seizing air superiority in the area and evaluating forces' ability to integrate operations "inside

and outside the island chain," Shi said, in a reference to the arc of islands closest to China including the Philippines, Taiwan, Okinawa and southern Japan.

Beijing sends warplanes and naval vessels toward the island on a daily basis, and it has stepped up the scope and scale of these exercises in recent years. Taiwanese officials have recently warned that China could launch a sneak attack under the guise of military exercises.

Chinese coast guard ships are are also operating around Taiwanese-held island groups just off the East China coast, where they are being shadowed by their Taiwanese counterparts at a rate of two or three to one Chinese ship,

NOTICE

NOTICE is hereby given that TAMERA NICOLE HOYTE of #14 Berrine Close, Sandilands Allotment, Prince Charles Drive, 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 3rd day of April, 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 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

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.

or usually a loss for hardware manufacturers, van Dreunen said. Those manufacturers typically eat the margin in order to get the devices out to stores.

"But with an increased tariff, that means that margin is probably even worse than it historically is. But their hands are kind of tied. They can't not progress. They can't not launch a new hardware generation. So for the consumer base, people are just going to pay more."

Nintendo plans to host "Switch 2 Experience" events in several countries, where gamers can get a hands-on experience with the new system. Those events are planned for cities such as Los Angeles, New York, London and Paris beginning this month.

legally bound to respond to threats to the island.

Taiwanese coast guard Deputy Director-General Hsieh Ching-Chin told reporters.

"Regarding this military drill, I think that China is adopting a threat and intimidation approach. They unilaterally altered the peace and stability," Hsieh said. "This not only violates international law, but also threatens the safety of ships cruising on the sea."

The Taiwan Strait is in international waters, but China monitors it heavily and objects strongly to the presence of U.S. and other foreign naval vessels in the area.

Any conflict could draw in the U.S., which maintains a series of alliances in the region, provides Taiwan with high-tech arms and is

"Once again, China's aggressive military activities and rhetoric toward Taiwan only serve to exacerbate tensions and put the region's security and the world's prosperity at risk," U.S. State Department spokesperson Tammy Bruce said.

"In the face of China's intimidation tactics and destabilizing behavior, the United States' enduring commitment to our allies and partners, including Taiwan, continues," Bruce said in a statement.

Taiwan has set up a central response group to monitor the latest exercises, according to Taiwanese Defense Minister Wellington Koo. China's Taiwan Affairs Office said that the exercises were directed at Lai Ching-te, Taiwan's strongly pro-independence president.

NOTICE

NOTICE is hereby given that ADESH SHARMA of #3 West View, Atlantic Drive, 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 3rd day of April, 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 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 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.

A MAN walks by a Nintendo Switch display at an electronics retail chain store in Tokyo, on Oct. 13, 2021.

Photo:Koji Sasahara/AP

MUSK COULD BE HEADED FOR A WASHINGTON

EXIT AFTER TURBULENT TIMES AT TRUMP’S DOGE

By CHRIS MEGERIAN Associated Press

DOGE's days appear to be numbered.

Elon Musk recently suggested that he will be done with his work in the near future. President Donald Trump told reporters this week that "at some point, he's going to be going back" to running his companies. As far as the Department of Government Efficiency, Trump said "it will end."

All of that talk was before Musk faced a setback Tuesday in Wisconsin, where voters rejected his choice for a state Supreme Court candidate despite more than $21 million in personal donations and his campaign appearance over the weekend. There are more problems for the billionaire entrepreneur at Tesla, his electric automaker, which saw a 13% drop in sales in the first three months of the year. The White House has not disclosed any clear timeline for closing down DOGE, and the government costcutting organization was never supposed to become a permanent fixture in Washington. But it could be reaching a conclusion faster than anticipated. DOGE was originally intended to operate until July 4, 2026.

Now there are signs that it already is winding down. DOGE employees have been shifted to various federal agencies, which are supposed to take the lead on cutting costs. Government-wide layoffs are underway to accomplish some of the goals laid out by Musk and Trump.

"We think probably over the next two or three months, we'll be pretty much satisfied with the people that are working hard and want to be members of the administration," Trump said last week.

The potential end of DOGE does not mean Trump will stop shaking up Washington. But it appears the administration's efforts will be entering a new phase that is less focused on Musk, whose chain saw-wielding work as a presidential adviser made him a political lightning rod.

DOGE was initially envisioned as an independent advisory panel, with Musk sharing leadership with Vivek Ramaswamy, a biotech entrepreneur. Ramaswamy dropped out and is running for Ohio governor, and DOGE became part of the government. It was stocked with Musk's allies, who were dispatched throughout the bureaucracy to cancel contracts, access sensitive data and push for cuts.

Musk presumably has a ticking clock on his tenure. He was hired as a special government employee, which means he can only work 130 days in a 365-day time period.

"I think we will have accomplished most of the work required to reduce the deficit by a trillion dollars within that time frame," Musk told Bret Baier of Fox News on March 27. So far DOGE is well short of that target, according to its own calculations, which have been criticized as inflated and inaccurate.

Musk did not commit to leaving the administration by any particular date, and it is unclear how the administration is tracking Musk's time. On May 30, it will be 130 days since Trump's inauguration on Jan. 20.

Trump told reporters on Monday in the Oval Office that "I'd keep him as long as I could keep him" and "he's a very talented guy."

The Republican president was known for

NOTICE

NOTICE is hereby given that MATERLOT SAINT NATUS of Faith Garden, Rosena Drive, 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 3rd day of April, 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 GUERDA NORDIN of #109 Washington Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LISANNYA TRACYANN DAVIS ROLLE of P.O.Box CR-54784 Allan Drive, Carmichael 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 3rd day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

explosive breakups with top advisers during his first term, but anyone hoping for such a split with Musk has been disappointed.

"I think he's amazing, but I also think he's got a big company to run," Trump said. "And so, at some point, he's going to be going back."

Asked if DOGE would continue without Musk, Trump demurred. He said Cabinet officials have worked closely with Musk and may keep some of the

DOGE people at their agencies.

"But at a certain point I think it will end," Trump said.

Musk's poll numbers lag behind Trump's, which Democrats believe they

were able to use to their advantage in Wisconsin.

Susan Crawford defeated Brad Schimel, who Musk supported, and ensured the state Supreme Court's liberal majority.

In the closing days of that campaign, Musk described

the race as "important for the future of civilization." He struck a different tone afterward.

"I expected to lose, but there is value to losing a piece for a positional gain," Musk wrote on X at 3:13 a.m.

territory

Danish prime minister heads to Greenland as Trump seeks control of the Arctic

NUUK, Greenland

Associated Press

DANISH Prime Minister Mette Frederiksen is traveling to Greenland on Wednesday for a threeday trip aimed at building trust and cooperation with Greenlandic officials at a time when the Trump administration is seeking control of the vast Arctic territory.

Frederiksen announced plans for her visit after U.S. Vice President JD Vance visited a U.S. air base in Greenland last week and accused Denmark of underinvesting in the territory. Greenland is a mineral-rich, strategically critical island that is becoming more accessible because of climate change. Trump has said that the landmass is critical to U.S. security. It's geographically part of North America, but is a

semiautonomous territory belonging to the Kingdom of Denmark.

Frederiksen is due to meet the incoming Greenlandic leader, Jens-Frederik Nielsen, after an election last month that produced a new government. She is also to meet with the future Naalakkersuisut, the Cabinet, in a visit due to last through Friday.

"It has my deepest respect how the Greenlandic people and the Greenlandic politicians handle the great pressure that is on Greenland," she said in government statement announcing the visit.

On the agenda are talks with Nielsen about cooperation between Greenland and Denmark. Nielsen has said in recent days that he welcomes the visit, and that Greenland would resist any U.S. attempt to annex the territory.

"We must listen when others talk about us. But we must not be shaken. President Trump says the United States is 'getting Greenland.' Let me make this clear: The U.S. is not getting that. We don't belong to anyone else. We decide our own future," he wrote Sunday on Facebook.

"We must not act out of fear. We must respond with peace, dignity and unity. And it is through these values that we must clearly, clearly and calmly show the American president that Greenland is ours."

For years, the people of Greenland, with a population of about 57,000, have been working toward eventual independence from Denmark. The Trump administration's threats to take control of the island one way or the other, possibly even with military force, have angered many in Greenland and Denmark. The incoming government wants to take a slower approach on the question of eventual independence.

The political group in Greenland most sympathetic to the U.S. president, the Naleraq party that advocates a swift path toward independence, was excluded from coalition talks to form the next government.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ALLISON PAULETTE NORTJE, of The Western District. intend to change my name to ALLISON PAULETTE CHRISTIE If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

ELON Musk speaks at a town hall Sunday, March 30, 2025, in Green Bay, Wis.

Photo:Jeffrey Phelps/AP

Law firms fear Trump orders could affect security clearances of lawyers who are military reservists

By ERIC TUCKER Associated Press

PRESIDENT Donald Trump says his executive orders targeting law firms are being issued in the name of national security, with the White House asserting that the firms don't deserve access to sensitive U.S. government information.

But the firms fear the orders are being written so broadly as to potentially weaken national security by calling into question the status of security clearances of lawyers who, in addition to their legal practice, serve as military reservists and require their clearances to report to duty.

It's an example of the sweeping and sometimes unintended consequences of White House efforts to reshape civil society, with those affected in some instances not necessarily being the ones who were top of mind when the Trump administration announced the actions in the first place. Military veterans, for instance, have not been spared from Trump's ongoing slashing of the federal government.

Trump's law firm executive orders have generally targeted firms that have associations with prosecutors who previously investigated him or employ, or have employed, attorneys he perceives as political adversaries. The orders have consistently imposed the same consequences, including threatening the suspension of all active security clearances held by

employees at the singledout firms.

Security clearances are issued for government workers and contractors who require access to classified national security information as part of their job. The federal government has broad discretion over who does and who does not obtain a clearance.

It's unclear how many lawyers at the four firms who remain subject to executive orders — several others have averted them through settlements with the White House — hold security clearances either through their jobs or other work, or whether the Trump administration would move forward with plans to revoke the clearances of military reservists.

A White House spokesman, asked for comment,

NEW YORK’S CASINO SWEEPSTAKES COULD PUT $115M IN DONALD TRUMP’S POCKET

By ANTHONY IZAGUIRRE Associated Press

A high-stakes contest to decide who gets to build a casino in New York City could potentially result in a $115 million jackpot for President Donald Trump.

The Republican stands to win big if state officials award one of three available gaming licenses to Bally's Corp., which wants to open a casino at a cityowned golf course that used to be run by Trump's company.

In 2023, Bally's paid Trump $60 million for the rights to operate the public 18-hole course on the Bronx shoreline, near where the East River meets the Long Island Sound.

The gaming company promptly took down the massive "Trump Links" sign that was, at one time, all but impossible to miss for drivers going the across Whitestone Bridge, and renamed the course Bally's Golf Links at Ferry Point.

But under a little-noticed side deal, Bally's promised to pay Trump another $115 million if Bally's were to get a license to open a casino on site.

The letter disclosing that deal was included as an evidence exhibit in a trial over New York state's allegation that Trump habitually lied about the worth of his assets in financial statements given to banks. The letter describes the nonrefundable $115 million payment as a "gaming event fee."

Bally's did not return requests for comment.

Trump's interest in Bally's project could be a wild card in New York's casino sweepstakes. At least 11 bidders have said they are competing for the right to build what would be the first, full-service casino in the city and its nearest suburbs.

The race has drawn in big players: Caesars Palace has a plan to build a casino in Times Square; the company that owns Saks Fifth Avenue wants to put a casino atop their luxury department store in Manhattan; and Steve Cohen, the owner of the New York Mets, is proposing a casino right outside the baseball team's home stadium in Queens. Other proposals would put casinos near the

boardwalk in Coney Island, out at the Long Island arena that was formerly home to the New York Islanders, or in skyscrapers to be built in Manhattan. Another two bidders are hoping to expand on existing operations. MGM Resorts wants to do a major upgrade of its existing Empire City "racino," located at a horse track in the suburb of Yonkers. The gaming company Genting wants to do a multibillion dollar expansion of its Resorts World racino adjacent to the Aqueduct horse track in Queens. Those two gambling venues are now limited by law to slot machines and certain other machine-run games. The Trump Organization didn't immediately respond to an emailed request for comment. It is unclear how Trump's link to one of the bidders might affect the selection process.

Applications are supposed to be submitted to a state board by late June. First, they will be considered by community advisory committees made up of appointees of the governor, mayor and state and local officials. Their job will be to weigh any local support or opposition. The proposals then go back to the state's gaming board, which expects to award the licenses by the end of the year. Applicants also have to get various zoning or land-use approvals depending on the location and scope of their projects. Bally's project is also expected to require the state Legislature to pass a bill allowing the company to build their casino on public parkland. The federal government does not play any role in the state's casino license selection process.

Trump remains highly unpopular among many public officials in New York who will be in a position to influence the process, and it is possible that antipathy could wind up being a handicap for Bally's bid. There's also a chance someone might try to use Trump's financial interest as a bargaining chip.

New York Gov. Kathy Hochul has clashed with the Trump administration over immigration policy, federal funding for the city's subway system and a tolling program in Manhattan.

pointed to the provision of the order that says the clearances are to be suspended "pending a review of whether such clearances are consistent with the national interest." The response seemed to suggest that clearances of reservists could potentially be spared.

In the meantime, though, the issue was raised during a court hearing Friday in

which a lawyer representing WilmerHale, one of the targeted firms, noted that the firm has within its ranks military reservists who have security clearances. Another firm that's been subject to an executive order, Perkins Coie, also has said that it employs military reservists. "I don't think for a minute the government

PRESIDENT Donald Trump speaks to reporters before signing an executive order in the Oval Office of the White

Monday, March 31, 2025.

lawyer is going to come up here and tell you that they actually intended to suspend the reservists' security clearances," Paul Clement, a prominent Washington appellate lawyer who is representing WilmerHale, told the judge. "But they're painting with such a broad brush with this thing, they aren't distinguishing sheep from goats at all."

He said Friday that "two of those lawyers have to report for their reserve duty next week. Now, I can't tell you for sure that they're going to show up and they're not going to be able to do their job because their security clearance has been suspended."

A person familiar with the matter, who insisted on anonymity to describe non-public information, said about a half-dozen WilmerHale employees are reservists.

Several firms, including WilmerHale and Perkins Coie, have succeeded in winning court orders temporarily blocking

enforcement of certain sections of the executive orders. The security clearance provisions, though, have remained in effect, a reflection of a president's expansive powers when ordering the suspension or revocation of clearances.

Dan Meyer, a lawyer who specializes in security clearances at the Tully Rinckey law firm — which is not among those targeted by the executive orders — said that he assumed the number of attorneys at major law firms is small and that it was possible military reservists might be able to keep their clearances, but it could conceivably require a lengthy adjudication.

"It may be that word will go quietly from the White House, 'Don't screw with any of these reservists at these law firms,'" Meyer said.

But, he added, "If the cat wants to claw the mouse, there's an opportunity to do it."

House in Washington,

Photo:File/AP

FEDERAL JUDGE QUESTIONS WHETHER EPA MOVE TO RAPIDLY CANCEL ‘GREEN BANK’ GRANTS WAS LEGAL

By MICHAEL PHILLIS Associated Press

A FEDERAL judge on Wednesday pressed an attorney for the Environmental Protection Agency about whether the agency broke the law when it swiftly terminated $20 billion worth of grants awarded to nonprofits for a green bank by allegedly bulldozing past proper rules and raising flimsy accusations of waste and fraud.

In a nearly three-hour hearing, U.S. District Judge Tanya Chutkan said the government had provided no substantial new evidence of wrongdoing by the nonprofits and considered technical arguments that could decide whether she is even the right person to hear the case.

Climate United Fund and other groups had sued the EPA, its Administrator Lee Zeldin and Citibank, which held the grant money, saying they had illegally denied the groups access to funds awarded last year to help finance clean energy and climate-friendly projects. They want Chutkan to give them access to those funds again, saying the freeze had paralyzed their work and jeopardized their basic operations.

"What plaintiffs are saying is if you wanted to stop that money from going out, you should have gone through the procedures under the" law, Chutkan said, adding that instead of doing that, the EPA appears to have demanded the bank simply freeze the funds and then quickly terminated the grants.

The Greenhouse Gas Reduction Fund, commonly referred to as a "green bank," was authorized by the 2022 Inflation Reduction Act. However, its goals run counter to the Trump

administration's opposition to climate-friendly policies and its embrace of fossil fuels. Zeldin quickly made the bank a target, characterizing the grants as a "gold bar" scheme marred by conflicts of interest and potential fraud.

"Twenty billion of your tax dollars were parked at an outside financial institution, in a deliberate effort to limit government oversight — doling out your money through just eight pass-through, politically connected, unqualified and in some cases brandnew" nonprofit institutions, Zeldin said in a previously posted video.

The nonprofits say Zeldin and the EPA led an evidence-free scheme to end the grants, in violation of the law and their contracts, which only allowed termination in limited circumstances like fraud or major performance failures – not ideological opposition.

Chutkan noted that EPA allegedly demanded Citibank stop providing funds that had already been awarded without letting the nonprofits know or responding to their questions.

"Is that lawful?" she asked.

"It certainly is lawful, your honor. I don't know if it is the best course of action or the one that in retrospect that we all wish the agency would have followed," responded Department of Justice Attorney Marcus Sacks for the EPA.

The EPA said it does not comment on pending litigation.

In March, Chutkan pressed pause on the EPA's move to terminate the grant program, saying the government's reasoning for doing so was based on "vague and unsubstantiated assertions

of fraud." But she declined to immediately unfreeze the accounts.

The Trump administration says that it was allowed to terminate the contracts based on oversight concerns and shifting priorities. The nonprofits are trying to make grand constitutional and statutory arguments that simply don't apply, the government said.

"At bottom, this is just a run-of-the-mill (albeit large) contract dispute," federal officials said in a court filing. That argument is important. If the government successfully argues the case is a contract dispute, then they say it should be heard by a different court that can only award a lump sum –not force the government to keep the grants in place. Federal officials argue there is no law or provision in the Constitution that compels EPA to make these grants to these groups.

The nonprofits, which also include the Coalition for Green Capital and Power Forward Communities, argue the EPA was focused on ending the grants quickly, even if their methods violated the law. They said the agency appeared to have pressured a high-ranking prosecutor in the U.S. Attorney's Washington office to pressure Citibank to freeze the funds. That prosecutor resigned rather than follow through. Then the Trump administration pushed Citibank to freeze the money, which the bank did, according to the nonprofits.

"The purported terminations are the fruit of EPA's clandestine, weekslong effort to freeze plaintiffs' money without ever giving plaintiff notice of what was happening or an opportunity to correct it," according to the nonprofits.

Amazon’s last-minute bid for TikTok comes as a US ban on the platform is set to take effect Saturday

By AAMER MADHANI and SARAH PARVINI Associated Press

AMAZON has put in a bid to purchase TikTok, a Trump administration official said Wednesday, in an eleventh-hour pitch as a U.S. ban on the platform is set to go into effect Saturday.

The official, who was not authorized to comment publicly and spoke on the condition of anonymity, said the Amazon offer was made in a letter to Vice President JD Vance and Commerce Secretary Howard Lutnick.

The New York Times first reported on the bid.

President Donald Trump on Inauguration Day gave the platform a reprieve, barreling past a law that had been upheld unanimously by the Supreme Court, which said the ban was necessary for national security. Under the law,

TikTok's Chinese-owned parent company ByteDance is required to sell the platform to an approved buyer or take it offline in the United States. Trump has suggested he could further extend the pause on the ban, but he has also said he expects a deal to be forged by Saturday.

Amazon declined to comment. TikTok did not immediately respond to a request for comment.

The existence of an Amazon bid surfaced as Trump was scheduled on Wednesday to meet with senior officials to discuss the coming deadline for a TikTok sale.

Although it's unclear if ByteDance plans to sell TikTok, several possible bidders have come forward in the past few months.

Among the possible investors are the software company Oracle and the investment firm Blackstone.

Oracle announced in 2020 that it had a 12.5% stake in TikTok Global after securing its business as the app's cloud technology provider.

In January, the artificial intelligence startup Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity's business with TikTok's U.S. operation. Last month, the company outlined its approach to rebuilding TikTok in a blog post, arguing that it is "singularly positioned to rebuild the TikTok algorithm without creating a monopoly."

"Any acquisition by a consortium of investors could in effect keep ByteDance in control of the algorithm, while any acquisition by a competitor would likely create a monopoly in the short form video and information space," Perplexity said in its post.

THE ENVIRONMENTAL Protection Agency (EPA) building is seen in Washington on Sept. 21, 2017. Photo:Pablo Martinez Monsivais/AP