Tourism wages just 38% of ‘median’ Nassau mortgage
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN tourism and food industry workers earn on average just 38 percent of the salary needed to service a “median” New Providence mortgage and meet bank debt demands, it has been revealed, with this nation’s house priceto-earnings ratio branded “remarkably high”. The Inter-American Development Bank (IDB), in a just-released March 2026 study on home affordability in The Bahamas, reaffirms that “formal housing solutions are increasingly out of reach of low and middle income households” with New Providence’s house price to income index - which measures affordability by comparing real estate costs
Bahamas ranked top with ‘remarkably high’ house price to earnings ratio
Housing ‘increasingly out of reach’ of middle and lower income families
IDB: Borrowers must have $67,000 upfront to obtain ‘median’ mortgage
to earnings - shown as being among the highest in the world at 141:1. The report revealed that this ratio, in 2024, was higher than all major developed countries such as the US, Canada, UK, and every major Organisation for Economic Co-Operation and Development (OECD) as it warned that home ownership prospects for many middle and lower class
Bahamians are becoming increasingly bleak without fundamental policy reforms that address declining new home builds and the ever-increasing number of existing properties that are falling into disrepair or becoming vacant.
And, further highlighting the growing gap between housing affordability and costs that has been previously exposed by the
Sir Milo grandson’s legal ban: ‘Penalty doesn’t fit the crime’
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A GRANDSON of Sir Milo Butler, the first Bahamian governor general, yesterday disclosed he is “extremely crushed and disappointed” but still “holding my head high” after the prohibition on him practicing as an attorney for “misappropriating” $862,287 from AML Foods was upheld.
Craig F. Butler, principal of the law firm that bears the same name, told Tribune Business he feels his offence was “not worthy of disbarment” as he had
“never run away” from the fact he owed this sum to the BISX-listed food retail and franchise group and needed to repay it. Speaking out after the Court of Appeal, in a verdict issued yesterday, unanimously maintained the decision by the Bahamas Bar Council’s disciplinary tribunal to ban Mr Butler from the legal profession and strike him “from the Roll” while noting that AML Foods, the owner and operator of the Solomon’s and Cost Right retail formats, has yet to recover “any part of this debt” owed to it.
Liquor merchants fret on Brewery’s June 1 rises
By ANNELIA NIXON Tribune Business
THE price of alcoholic beverages is set to increase from June 1, merchants warned yesterday, asserting that it will increase rising financial pressures caused by weaker cruise passenger spending, competition from their own distributors and tax concerns.
George Robinson Jr, owner of Base Road Wholesale Bar, said Commonwealth Brewery has already notified retailers that price increases are coming for several popular products.
“A lot of liquor is going up June 1,” Mr Robinson said. “They already sent out notices that a lot of spirits will be going up. And you get the popular brand like the Kalik, Guinness and Heineken; all of them are going up June 1.”
Mr Robinson said Commonwealth Brewery issued the notice. He expressed frustration that even locally-produced beer brands have become increasingly expensive. “Kalik is made here,” he said. “Guinness is made here. They are supposed to be the local beer. But it’s still getting very expensive.”
The increases come as Commonwealth Brewery
informed customers in the notice, dated May 19, that select products will see price adjustments effective June 1 due to “continued increases in global production, freight, importation and raw material costs”. Beer will rise by 2.1 percent, while spirits will increase by 1.1 percent. The BISX-listed vertically integrated brewer, distributor and retailers said it had absorbed “the vast majority” of cost increases internally before implementing what it described as a modest adjustment to maintain “quality, consistency and availability” of products.
For retailers, however, Mr Robinson said higher wholesale costs means retailers may also have to raise prices. “As a retailer, when they go up, we go up,” he said. “And we are facing a downward trend right now.”
Despite tourism numbers remaining strong, Mr Robinson said his business has seen cruise ship passengers contribute less to sales than in previous years. “One time ago, how they brag about how the tourist numbers are up, we find, especially from the cruise ship passengers, that they are not benefiting us
Noting that it has been nine years since the offence complained of occurred, when Mr Butler was representing AML Foods in a real estate deal and instead diverted the funds earmarked for the purchase to other unauthorised purposes, the Court of Appeal said: “The misappropriation of client funds constitutes one of the most serious forms of professional misconduct, as it strikes at the heart of the trust reposed in an attorney.
“Although disbarment is the most serious sanction that can be placed on an
International Monetary Fund (IMF) and others, the IDB study estimated that aspiring home buyers need to come up with $66,700 in cash upfront to cover bank and legal costs - not even including the VAT due on any sale - to qualify for a mortgage to purchase a New Providence property priced at the “median” $460,000 based on sales data.
And, utilising this price as a benchmark, the IDB researchers found there was a near-$3,400 gap between the average monthly salaries earned by tourism and food industry workers and what would be required to service the mortgage on a $460,000 New Providence property while also meeting bank lender demands that they
attorney, it is not reserved only for cases involving dishonesty. The respondent [Bar Council disciplinary tribunal] identified four material considerations justifying this sanction, namely, the seriousness of the breach by a senior attorney, the sacrosanct nature of client funds, the need for deterrence and
Realtors seek Budget stability and regulatory ‘burden’ ease
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHAMIAN realtors yesterday urged the Government to preserve stability and continuity on property taxes through zero to minimal changes in today’s Budget while voicing concern over the increasing compliance and regulatory “paperwork” burden,
David Morley, Morley Realty's broker/owner, told Tribune Business that several changes introduced by the Compliance Commission in the past year effectively amount to regulatory overkill and are unnecessary as he called on the Government “to ease the burden that exists” - and not just for realtors, but all Bahamian businesses.
“The Compliance Commission in the past year has made several changes that affect DNFBPs (designated non-financial businesses and professions),” he said, noting that real estate agents, lawyers and accountants are among the industries affected.
“One is their new e-mail message system does not ease business in
Carmichael Village’s contractor owned by drug suspect-tied firm
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE contractor developing the Government’s flagship Carmichael Village affordable housing project is owned by the company linked to the election-day plane crash drug accused, corporate records reveal. Documents filed with the Companies Registry, which is maintained by the Registrar General’s Department, reveal that 4,999 of Complete Construction’s 5,000 shares are held by Top Notch Builders, the Adelaide Road-based contractor that listed Jonathan Eric Gardiner as its president and a director in 2017.
The paperwork, which has been obtained by Tribune Business following a database search conducted on its behalf, also discloses that Complete Construction’s officers and directors are virtually the same as Top Notch’s. Samson Hield, the former’s president, held the post of vice-president at Top Notch when the latter signed the separate ‘public-private partnership’ deal with the Government for the Eight Mile Rock administrative complex.
Other Complete Construction directors are listed as Marc Robinson, a financial consultant and its treasurer; Alecia Bowe, an attorney and its secretary; and Michael Cooper, an insurance executive who is named as its vice-president. The trio are also all named as directors and officers of Top Notch in the latter’s corporate filings, suggesting that Complete Construction is an alias or front created by the former as a special purpose vehicle (SPV) specifically to perform the Carmichael Village project.
There is no suggestion that any of Top Notch or Complete Construction’s officers and directors have
appears to have added to the burden in the past year.”
The Bahamas, as [it has] changed a single e-mail task and now makes it a multiple step task. The question raised in BREA (the Bahamas Real Estate Association) is to ask the Compliance Commission if this new system has improved the open rate of the recipients, which we highly doubt because the new system is a nuisance.
“Second, the Compliance Commission now requires DNFBPs to more frequently ‘check-in’ and confirm that they are not dealing with persons of risk. There is another law in The Bahamas about fraudulent transactions that requires DNFBPs to report any suspicious transactions to the Financial Intelligence Unit,” Mr Morley added.
“If we have that legal obligation to adhere to, then why do we thenin addition to this law - now have to frequently check-in with the Compliance Commission to tell them that we are not dealing with persons of risk. For many years now businesses in The Bahamas have complained about the ease of doing business and are looking to government to ease the burden that exists, but yet the Compliance Commission
Mr Morley said maintaining the existing real property tax rates and structure, and employing the same with VAT on real estate sales, will foster continuity and potentially encourage increased investment by both Bahamians and foreigners.
Corporate records show Top Notch Builders owns Complete Construction Directors and officers for both firms the same as Pintard demands answers
Gov’t SPV and contractor both formed by same attorney/Top Notch director
done anything wrong, and there is nothing linking them to Mr Gardiner’s alleged activities or the charges against him. However, the revelations are likely to provoke further scrutiny over the multi-million dollar construction contracts that the Government has entered into with Top Notch and its affiliates for both the Eight Mile Rock administrative complex, projected to cost Bahamian taxpayers more than $50m, and now the Carmichael Village housing subdivision for which an initial $20m loan financing was obtained from Jamaican sources.
The Tribune has previously revealed how Mr Gardiner, who is now in custody after being charged with involvement in a long-running conspiracy to smuggle cocaine into the US, confirmed in a sworn affidavit that he was Top Notch’s president and director on February 13, 2017 - although he denied owning shares, or having any beneficial interest, in the company.
Multiple sources, speaking on condition
“International investors like to invest in a jurisdiction that is tax stable. As that relates to real estate, it will mean keeping the current VAT transfer tax structure the same, which already benefits Bahamian buyers below $1m over international buyers who pay 10 percent regardless
CRAIG F. BUTLER
Minister pledges to strengthen Bahamian postal infrastructure
A CABINET minister has pledged the Government’s ongoing commitment to “strengthening” the Bahamian postal network as this nation hosted the 28th conference of the Caribbean Postal Union (CPU) in Nassau.
Leon Lundy, minister of transport, said The Bahamas was hosting the event at a critical moment in the transformation of postal services worldwide through technology. Digital tools and data-driven systems can improve tracking and visibility, strengthen operational planning, support better customer service and assist postal administrations in making more informed decisions.
Speaking at the conference, held under the theme 'Leading for resilienceTransforming Caribbean post for a connected future’ at the British Colonial, he said: "For Caribbean postal administrations, resilience is now a core requirement for continuity of service, institutional relevance and national development.
“Our countries must operate within the realities of small island economies, geographic fragmentation, climate vulnerability, transportation limitations, global competition and rapid digital disruption.
"Yet, throughout the region, the Post remains one of the most trusted and far-reaching public institutions. It connects families, supports businesses, reaches communities, facilitates trade and provides an important link between citizens and the wider world,” Mr Lundy added. "In The Bahamas, this responsibility has particular significance. As an archipelagic nation, connectivity is fundamental to economic participation, social inclusion and national development. An effective postal service helps to connect our islands, support commerce, reach underserved communities and provide Bahamians with access to opportunities beyond their immediate shores.”
Speaking to the Bahamian postal service specifically, Mr Lundy said: “The Bahamas Post is proud to have been a member of the union from its inception. Through the work of the CPU, in conjunction with the Universal Postal Union, the Bahamas Post has benefited from technical support, training workshops and opportunities for professional development. These initiatives have helped to strengthen the skills and knowledge of our officers,
Tourism minister sees staff, visitors at LPIA
Glenys Hanna Martin, the newly-appointed minister of tourism, visited staff at Lynden Pinding International Airport (LPIA) on Friday. She was accompanied by Lisa Adderly Anderson, the Ministry of
Tourism’s permanent secretary; Latia Duncombe, its director-general, and other tourism executives. Mrs Hanna Martin is pictured greeting industry partners, professionals and visitors.
because they’re not spending any money,” he said.
According to Mr Robinson, cruise passengers increasingly compare Bahamian prices with competing Caribbean destinations and cruise ship liquor stores.
“When they come off the cruise ship, they’re looking for a deal,” he said.
“Or they’ve already been to those other Caribbean islands where the products are much cheaper.
“They have liquor stores now on the cruise ship. So when the people come into port now, they’re not
really buying the liquor locally any more, because everybody is saying that the liquor is cheaper on the cruise ship.”
Taxi drivers often direct visitors seeking Bahamian rum to his business, Mr Robinson said. However, higher prices tend to drive those customers away, he added. “The minute they see the price, they say, ‘Oh, it’s cheaper on the ship’,” he said.
Mr Robinson estimated cruise ship passengers as accounting for between five and 10 percent of his business, but said that number has declined. Meanwhile, stopover visitors are
encourage innovation and support the delivery of postal services that are increasingly responsive to the needs of citizens, businesses and visitors.
"This co-operation is particularly important because the postal market is undergoing significant change.
Traditional letter mail volumes continue to decline as digital communication, e-billing, online government services and electronic payments become more prevalent. At the same time, e-commerce continues to expand, cross-border parcel volumes are increasing, and customers expect postal services that are faster, trackable, secure and digitally accessible.
"For Caribbean Posts, these changes present serious operational and strategic challenges. We must address high transportation and inter-island logistics costs, limited economies of scale, competition from private courier companies, the need to modernise infrastructure, cyber security and operational security concerns, and the continuing obligation to maintain inclusive and affordable services,” he added.
"They also present important opportunities for our region. The technical agenda of this conference
is therefore timely. Artificial intelligence, digitisation, PTC systems, regional delivery initiatives and postal payments all speak to the future capability of Caribbean postal services. Digital tools and data-driven systems can improve tracking and visibility, strengthen operational planning, support better customer service and assist postal administrations in making more informed decisions."
Mr Lundy continued:
"Our approach to technology must remain practical and people-centred. Innovation must improve access, reliability and efficiency, while ensuring that elderly citizens, rural communities and persons who depend upon traditional service channels are able to participate fully in the modern postal system.
"Security, Customs compliance and trade facilitation are also central to the future of postal operations. Postal operators now occupy an increasingly important position in the movement of goods, the exchange of data, border management, revenue protection and the facilitation of legitimate commerce.
"As a region, we must therefore give serious attention to $58 and $59 security standards, disaster risk management, improved
becoming increasingly important, driving around 10 percent of his sales.
“Now you have the stopover visitors, they don’t argue prices,” he said. “They come to enjoy themselves, and they’re here for a couple days. I’ll say another 10 percent of our business is from the stopover visitors that purchase their liquor to take to their Airbnb or take to the hotel rooms. Now that is on the increase. The stopover visitors, we have seen an increase in their business.”
Beyond pricing concerns, Mr Robinson said small businesses are pushing for legislation addressing what they describe as unfair competition from distributors that also operate retail stores.
transportation co-operation, modern Customs integration, and readiness for evolving tariff requirements, especially for de minimis or duties for lowvalue parcels. These matters affect the integrity of our systems, the confidence of our customers and the competitiveness of Caribbean trade,” he added.
“We are lobbying right now for a law for what they call unfair competition,” he said. “The small man, we are really at a disadvantage with our distributors.”
He pointed to a recent example involving coconut rum purchases. After promotional discounts and VAT, Mr Robinson said his effective cost came to roughly $137.50 per case. Days later, he said, the distributor’s retail store offered the same product directly to consumers for $120.
“Now you think that’s fair?” he said. “I just bought 40 cases because I have a licence, I’m a business. And the public can walk into your retail store and purchase it cheaper.” Mr Robinson argued such practices undermine
Mr Lundy continued:
"The Government of The Bahamas recognises the importance of this work. We remain committed to strengthening The Bahamas Post through improved physical infrastructure, expanded services, continued investment in training and capability, enhanced postal security and resilience, and the advancement of courier and express mail service delivery, both locally and internationally.
"Our objective is to support a modern, customer-focused postal service that better connects our islands, improves service to citizens and visitors, expands opportunity for businesses and contributes meaningfully to the development of our nation."
"A stronger postal network can also become a more powerful platform for Caribbean entrepreneurship. Micro, small and medium-sized enterprises need dependable and affordable ways to reach customers, fulfill orders and participate in digital trade. By strengthening logistics, delivery capability and cross-border connectivity, Caribbean Posts can help local businesses access international markets, support economic diversification and contribute to deeper regional trade integration."
smaller operators, and said business owners have been advocating for legislation regarding the matter for years. “In the states, they call that predatory behaviour,” he said. “That’s a law we’re really trying to get passed here to protect the small businesses.”
He added that concerns extend beyond liquor retailers. “I checked with the pharmaceutical businesses, they told me they’re having the same problem,” Mr Robinson said. “They have to purchase from the distributor, and you get the distributor competing with them.”
Mr Robinson also renewed calls for changes to how businesses are taxed by the Department of Inland Revenue, arguing that companies are being
assessed based on revenue rather than profitability.
“We are taxed on our turnover, not our profit,” he said of the Business Licence. “Your turnover is $500,000. That don’t mean that you made $500,000. By time you pay Business Licence and bills and everything, you left with nothing.”
As June price increases loom, Mr Robinson said merchants are confronting a difficult battle, balancing higher costs which will be passed on to consumers while navigating declining cruise passenger spending and mounting operational costs.
Photos:Kristaan Ingraham/ BIS
MINISTER OF TRANSPORT LEON LUNDY
Police warn on fake ‘speeding fine’ scam
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Royal Bahamas Police Force (RBPF) is warning citizens and residents not to fall victim to fraudulent scam text messages urging them to click on an Internet link to pay a fake speeding fine.
It is urging persons not to click suspicious links or provide personal or financial information to fraudulent online platforms claiming to process traffic citation payments.
In a scam alert issued this week, the RBPF said several fake websites and online platforms are falsely presenting themselves as official government payment channels for traffic
citations, fixed penalty tickets and related services.
“These platforms are fraudulent,” the RBPF said. It advised the public not to access the websites, engage with them or submit any sensitive information.
The alert comes over text messages claiming recipients have outstanding speeding violations allegedly detected by “smart radar” systems, and which threaten the imposition of penalties if payment is not made immediately.
One widely-shared fake message, appearing to come from the RBPF, claims a speeding case has reached the “final enforcement stage” and warns motorists that they have only seven days remaining to receive a 50 percent reduction in fines.
Cable Beach Straw vendors voice concern for livelihoods
BY ANNELIA NIXON Tribune Business Reporter
VENDORS at the Cable Beach Straw Market are urging that responsibility for the location be switched to the Ministry of Tourism from the Ministry of Works amid concerns that a lack of support, marketing and visitors are threatening their livelihoods.
Maxine Lightfoot, who said she has operated as a straw vendor in Cable Beach for more than four decades, described ongoing struggles attracting customers to the market. She said concerns about customer traffic, or the lack of it, date back years and intensified after vendors relocated from their previous parking lot location.
“Some of the challenges are we definitely need customers,” she said. “That was always our cry from we moved from the parking lot. We need tourists.”
Ms Lightfoot argued Cable Beach vendors have not received the same level of support as other straw markets.
“This, I think, basically is the only straw market that has not been catered to in terms of supporting the straw vendors,” she said.
Ms Lightfoot added that vendors continue to face operational costs despite inconsistent income.
“We still have to pay rent, we still have to maintain our business, our health and hardly anything is coming
in,” she said. Ms Lightfoot also argued the market lacks advocacy and transportation partnerships that could bring visitors to the area.
“We don’t have basically no taxi drivers that come here, or tour drivers that come here, to bring customers,” she said. “We don’t have anybody to advocate for us at Cable Beach Straw Market.”
According to Ms Lightfoot, slow business days have become increasingly common. “Yesterday was my first day back to work,” she said. “We had approximately six guests walked inside here until after 1.30pm.” She said she delayed closing for the day and eventually secured her first sale later that afternoon.
Another vendor echoed concerns about visitor traffic, suggesting partnerships with transportation providers. “We need more traffic in the Cable Beach Straw Market,” the vendor said. “They could come together and get some tour buses out here, so we could have more business.”
Lisa Williams, a straw vendor of 17 years, pointed to marketing limitations as one of the market’s biggest challenges. “Well, presently the lack of marketing,” she said. “We are presently relying on word of mouth, basically referrals.”
Ms Williams said cruise ship visitors are often transported to nearby attractions but bypass the market altogether. “We’ve seen where
‘Ease of business must be key Budget priority’
BY ANNELIA NIXON
BUSINESS owners yesterday urged the Government to improve the ease of doing business, airlift in the Family Islands and drive hotel investment in todaty’s 2026-2027 Budget, arguing that economic growth is being retarded by a lack of development.
Patricia Cleare, owner of Screws & Fasteners World, said improving the ease of doing business must be a priority, pointing to frustrations with government services and delays she believes create unnecessary burdens for entrepreneurs.
“Ease of doing business, that’s one big problem,” Ms Cleare said. “Ease of doing business, and not having to run here to do that, run there to do that.” She singled out the Department of Inland Revenue as one of her biggest challenges, describing difficulty in obtaining assistance and inconsistent information from staff.
“The issue there is you can call all you like, you wouldn’t get nobody to
The message also threatens that failure to pay could lead to bank account freezing and seizure procedures, vehicle registration restrictions and blocks on ownership transfers through the Road Transport Department system.
Recipients are also instructed to reply with “1” to access supposed electronic evidence images and administrative penalty decisions. Police said residents should treat these messages as scams.
“The RBPF will never send text messages with links requesting payment,” the notice stated. Authorities are encouraging Bahamians to verify the legitimacy of government-related websites before making any
cruise ship passengers are actually being brought to the [Baha Mar] water park, but they do not stop here,” she said, and called for stronger collaboration between tourism stakeholders to increase exposure.
“It would be good if someone can actually liaise with the hotel and the cruise ships to try and see if this can be one of their stopovers during their trip at the water park,” Ms Williams said.
She also questioned whether nearby hotels are sufficiently promoting the market, adding: “The feedback that we’re getting from the hotel guests is they didn’t know we were here.” She believes physical visibility also remains a problem.
“Proper signage would help,” Ms Williams said. “The way how the market is set up, there are a lot of trees and stuff that are obstructing the view.” Financial pressures are also mounting, she said.
“Some days we are lucky if we get 20 people that walk through the market,” Ms Williams said. “And then there are 100 vendors here, so it’s like a free for all when the guests comes and everyone’s trying to make a living.”
Ms Williams said stronger marketing initiatives, improved signage, landscaping adjustments and inclusion in tour packages could significantly improve business conditions. The vendors’ concerns also extend to government oversight. The Cable Beach Straw Market currently falls under the Ministry of Works. Several vendors said they believe responsibility should instead shift to the Ministry of Tourism.
I could not get in because Bahamasair does not have an extra flight going in there.”
payments or sharing information online.
Police also outlined steps residents can take to protect themselves, including avoiding suspicious links, refusing to share banking or personal information and contacting the RBPF directly when uncertain about a message’s legitimacy.
The RBPF is asking anyone who receives suspicious texts, or believes they may have been targeted by scammers, to report the activity immediately. The warning comes amid increasing global concerns over phishing scams and fraudulent government impersonation schemes designed to pressure victims into making payments or surrendering sensitive personal data.
“If we had tourism, I think the marketing would be totally different than what is being done now,” Ms Williams said. “Ministry of Works does not really have a marketing department per se.” She added that greater tourism involvement could provide increased exposure. Vendors were also asked about expectations following the reappointment of Clay Sweeting as minister of works.“I personally believe that the present government is capable of doing it,” Ms Williams said. “I know Mr Sweeting personally, myself, so I believe that he is passionate enough to get those things done.”
Ms Williams also welcomed the appointment of Glenys Hanna-Martin as minister of tourism. “Good choice from our Prime Minister,” she said. “Very good choice. First female ever, she has the passion of the country at heart.”
While expressing confidence in government leadership, vendors said they now want actionincluding a meeting with Ministry of Works officials to discuss long-standing concerns and possible solutions for strengthening business activity at Cable Beach.
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NHI doctors in renewed financial health warning
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
NATIONAL Health Insurance (NHI) doctors are again sounding the alarm over delayed payments and an alleged lack of engagement by health officials, warning that continued financial instability could threaten the sustainability of a programme that serves more than 200,000 Bahamians.
Dr Denotrah Archer-Cartwright, leader of a group of NHI providers seeking to become a registered union, said physicians remain frustrated by what they view as insufficient collaboration with Dr Michael Darville, newly reappointed as minister of health and wellness, and unresolved payment issues that have persisted for years.
“We’re a little bit disappointed and frustrated,” Dr Archer-Cartwright said.
“We’re hoping that it won’t be the same as before, because sadly Dr Darville hasn’t been very inclusive of the physicians, and so we hope that he will embrace a new method of involvement and engagement.”
She said providers had hoped the recent general election would have led to a new minister of health being appointed. “We’re a little disappointed that there wasn’t a shuffling, perhaps, of the Cabinet,” she said. “What we’ve had for the past five years, we’re disappointed in that. But we’re always open to engagement with the Government and with the minister in order to make this happen.”
Her comments come as providers once again raise concerns over delayed NHI payments, and seek answers about how allocated programme funds are being spent. Representatives say payments are currently two months behind, and that the most recent disbursement covered only half the amount owed - a pattern providers say has continued for nearly two years.
“It’s been consistently since we’ve had the complaint that they will drop a
half payment each month, perhaps just to say that they’ve made a payment,” Dr Archer-Cartwright said. “They’re kind of disingenuous when they say they’ve paid us. They’re actually providing partial payments.”
Doctors participating in NHI are paid through a capitation system rather than individual billing claims, while laboratory providers invoice separately. Providers have argued that the model only functions when payments are made consistently and transparently.
Dr Archer-Cartwright said delayed payments are creating mounting financial pressure for physicians. “We have some of our doctors who are behind on their taxes,” she said. “The way that their taxes are structured, it requires that the Government pays on time. If not, they’re defaulting on their Inland Revenue taxes, which is very problematic. People are going into debt. People are borrowing money. The situation is quite dire.”
Providers have previously questioned why NHI continues expanding while struggling with cash flow challenges. Some doctors and laboratory providers have quietly exited the programme, according to physicians involved.
Dr Ian Kelly, another NHI provider, previously said physicians are paid approximately $12.50 per patient in their care groups, while Dr Archer-Cartwright noted some payment rates begin as low as $6 per patient. Providers also say reimbursement levels have remained unchanged since 2017 despite rising operating costs and inflation. However, providers remain concerned about the programme’s long-term stability.“What they seem to be doing is just cycling out doctors as doctors leave and bringing in other doctors to replace them,” Dr Archer-Cartwright said. “But how long is that going to be sustainable? Over 200,000 Bahamians are involved in NHI.”
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help you,” she said. “You’d have to go down there. And when you go down there to see people, you might see this person. This person will tell you, ‘Oh no, you have to do this.’ Then when you go to see another person, it’s a completely different thing.” She argued that inconsistent guidance creates costly delays and inefficiencies for businesses trying to remain compliant. Ms Cleare said Business Licence processing has also been problematic.
“Inland Revenue was having issues with people’s Business Licencde,” she said. “I got my Business Licence about three weeks ago, when I paid for it from February.”
Ahead of the Budget, Ms Cleare said she wants to see greater relief measures for Bahamian businesses and stronger commitments to Family Island development, particularly for Acklins. She said air access to the island is a major obstacle, noting limited flight availability is preventing travel for residents, second home owners and business travellers.
“I was trying for four weeks to get into the island of Acklins,” she said. “Three weeks before election, and
Ms Cleare said the island currently shares flights with Crooked Island, and argued that existing seat allocations do not reflect growing demand. “The Government now have seen that the island of Acklins has picked up with in-and-out business people, second home owners, Bahamians owning second homes, and it’s a very busy island,” she said.
Ms Cleare also pointed to infrastructure deficiencies, including airport conditions, runway upgrades and the lack of a port of entry, arguing these issues are preventing the island from attracting greater international traffic and investment. “Airlift is a problem,” she said. “The runway is a problem. I want to be able to have a port of entry there. These are things that is holding back this island.”
Ms Cleare said she listened to the sSpeech from the Throne hoping to hear commitments on airport improvements but was disappointed. “I hear all the other islands… getting the upgrade and new airport and renovating the old airport,” she said. “But there’s nothing said about Acklins.”
- See Page B6
More than $3,000 monthly gap on tourism wages and debt servicing
maintain the 45 percent debt-service ratio set by the Central Bank.
The report, by researchers Robin Rajack, Jose Luis Saboin, Charlene Small, Timyka Davis and Angelo Mazzocca, found that the average $2,176 monthly wage earned by hospitality and food industry staff would be insufficient to cover the $2,550 mortgage payment demanded on a $460,000 home even with a “conservative interest rate” of 4.5 percent with payments amortised, or spread out, over 25 years.
The IDB study said The Bahamas’ affordable housing woes have developed even though the increase in New Providence real estate prices over the past decade has not exceeded international norms, while financing costs have actually dropped due to declining mortgage rates.
“Despite real estate price appreciation in New Providence not being out of line with international benchmarks and a decline in mortgage interest rates during the last decade, housing affordability remains limited for low and middle income households, evidenced by a remarkably high House Price to Income Index,” the IDB study said. Taking $460,000 as the “median” sales price for New Providence in 2024, and comparing this to nominal disposable income per
capita at $39,455 or $3,288 per month, the report added: “Based on these data, the index for New Providence and Paradise Island in 2024 was 141:1. This is remarkably high by international standards. By comparison, the index was 116 for the OECD, 105 for the European Union (EU), and 131 for the US.” The closest to The Bahamas was shown to be Canada at 137.1,. The IDB then translated this into the implications for Bahamian middle and lower income home buyers aspiring to own their ‘piece of the rock’. Ignoring the VAT payment on completed real estate transactions, it said mortgage borrowers are typically required by the banks to come up with a down payment equal to between 10-20 percent of the purchase price; legal fees of around 1.5-2 percent; a 2 percent bank commitment fee and Stamp Tax at 1 percent. Realtor commissions, as well as the VAT, was excluded from the report’s calculations, but the study said: “The cash reserve requirements for a person to be pre-qualified for a home in New Providence… the cash on hand that would be required for mortgage applicants would be $66,700 for the median price in New Providence. These cash on hand requirements represent a significant hurdle for borrowers.
“The average deposit held in local accounts is less
than $10,000. Bahamian dollar balances of $10,000 or less comprised the bulk of accounts at 87.1 percent, although only 5.3 percent of the total value…. A financial plan with a goal to save $50,000 would be required for the average person seeking pre-qualification for a residential mortgage in New Providence.
“Lenders often play a role in coaching prospective applicants to develop aggressive savings plans to secure the equity requirements. Several lenders noted that the time for readying a prospective client to apply may span five to six years.” The mortgage affordability problem, which is typically compounded by a lack of borrower savings, is often further worsened by high consumer debt levels and the Central Bank standard that debt service ratios do not exceed 45 percent.
This means that a Bahamian household’s total debt - mortgage, credit cards, consumer and car loans, and other repayment obligations - do not exceed 45-50 percent of their monthly gross earnings or incomes.
“Assuming a 25-year mortgage, at a conservative interest rate of 4.5 percent for a B-class applicant, and assuming no consumer debt, a monthly mortgage commitment of $2,550 would be needed to service the loan” on a $460,000 Nassau residential home,” the IDB study found.
“A monthly income of $5,667 would be required to maintain a debt service ratio of 45 percent to purchase a home at the median sales price of $460,000 for New Providence and Paradise Island in 2024. The average weekly wage of a worker in the accommodation and food service industry in New Providence is $544, representing a monthly wage of approximately $2,176.
”The gap is anticipated to be much larger as lenders consistently note elevated levels of consumer debt, which counts against the total debt to income ceiling of 45 percent. For such persons, their affordability is typically more in line with the requirements for the purchase of vacant land rather than a house and land.”
Detailing The Bahamas’ affordable housing and home ownership challenges, the IDB study asserted: “The analysis finds that formal housing solutions are increasingly out of reach of low and middle income households in The Bahamas….
“First, while real estate price growth in the last decade in New Providence has been in line with international experience, it was higher in the Family Islands. Second, land use intensity in the Greater Nassau area has declined, likely driving house prices upwards….
“Also contributing to the affordability problem, housing needs are growing not
just because of population growth and disaster-related displacement, but also due to diminishing production, stock attrition associated with the ageing and condition of existing units, and stubborn vacancy.”
The IDB report added that, amid the challenges created by “low formal supply growth” in the Bahamian housing stock and “affordability challenges”, Bahamians are increasingly turning to multi-family solutions that may not comply with housing and zoning regulations.
“Owner-driven construction, without full permitting and completion certificates, appears to be playing a significant role. Finally, such owner-driven construction seems to be associated with an increase in multi-family households, possibly as the main coping mechanism for the affordability problem,” it added. “The findings… have significant adverse implications for low or middle income households looking to access housing.
“These include less stock to choose from because production is declining, existing stock is subject to attrition, and vacant units are not meaningfully making their way back into the active stock. Longer commutes are now a feature because development is becoming more dispersed in New Providence. And access to mortgage financing is becoming harder because of fewer mortgages, higher
deposits and greater selectivity by banks.
“These findings suggest that policy and public programming changes are needed to augment housing production, stem stock attrition and improve affordability. Reforming the legal framework to better facilitate mixed-use development, multi-family housing and urban regeneration could encourage well-planned densification of existing built-up areas through in-fill development, harnessing the capacity of existing infrastructure and the concentration of economic activity in Nassau,” the IDB continued.
“This approach would also work with the grain of the initiative already being shown by some homeowners and businesses, and government authorities like the Ministry of Housing and Urban Renewal, which has started acquiring and repurposing individual vacant and derelict innercity properties…
“The Urban Renewal Authority could feasibly get involved in acquiring multiple properties in the same residential blocks, including some from the commercial bank delinquent stock, creating a scale that is attractive to private developer partners. Together, over time these measures could help to reverse the trend of decreasing land use intensity in Greater Nassau.”
the adverse impact on [AML Foods].
“Considering these factors, the tribunal being a specialist body was entitled to conclude that the appellant was to be struck from the Roll. The sanction imposed was neither disproportionate nor wrong in principle.” Mr Butler, though, is continuing to argue that the penalty is unduly severe and disproportionate, and yesterday pledged to this newspaper he will “continue the fight” after filing a constitutional motion with the Supreme Court last November in a bid to overturn the Tribunal’s verdict.
“I’m extremely crushed and disappointed,” he said
of the Court of Appeal verdict. “I never walked away from saying I owed this.” Mr Butler asserted to Tribune Business that AML Foods had already succeeded on appeal in appointing a receiver, Ed Rahming, the accountant and founder of Intelisys Ltd, to take control and possession of his 25 percent interest in his family’s trust as a means to secure repayment of the $862,287.
“They have a receiver, they have guaranteed money against my share of the trust, and my trust has more than enough,” Mr Butler asserted. “The trust is a discretionary trust, and does not mature until 2033, but there is a distribution of $250,000 that they are going to get. The total bill is
$1.3m, approaching $1.4m. The assets are there.” A discretionary trust means that beneficiaries, such as Mr Butler, have no control over the assets or when distributions are going to be made. As a result, and implying that the debt owed to AML Foods is more than covered, Mr Butler argued: “I do not feel this was worthy of disbarment.. I’m not going to say this was personal or anything like that. I don’t want to sound bitter. I have a constitutional motion challenging this. I’m not as depressed as you may think. I’m not giving up the fight.
“I’m not running away. I’m never run away from owing AML the money. I don’t think the penalty fits the crime. I’m extremely disappointed but I will
continue the fight. There is a path I can take, and I’m holding my head high. I’m holding my head high. I am paralysed from the weight down, have six children to support and they have taken away my livelihood. That’s what hurts the most.”
The Court of Appeal, in the verdict written by justice Gregory Smith, said AML Foods had accused Mr Butler “of professional misconduct in respect of his misappropriation of the sum of $862,287. This money was part of the funds transferred to the appellant, who was acting on behalf of the complainant in respect of the purchase of property and accompanying expenses.
“The complainant [AML Foods] had obtained a judgment against the appellant for the sum of $862,287, but to date, the complainant has not recovered any part of this debt.” At the hearing before the Bar Council’s disciplinary tribunal, Mr
Butler “acknowledged that he had been guilty of professional misconduct in respect of the misappropriation of the sum of $862,287.
“His counsel indicated that the appellant only wanted to be heard in respect of the sanction to be imposed for his professional misconduct,” the Court of Appeal added. “The [tribunal] duly entertained his counsel’s submissions and also those of the respondent. Pursuant to its powers under section 38(1) of the Legal Profession Act, chapter 64, the respondent decided that the appellant be struck off the Roll of the court as counsel and attorney.”
Mr Butler appealed against the strike-off decision, which bars him from practicing as an attorney. The Court of Appeal noted Mr Butler’s plea to the tribunal, made by his then-attorney, that he had “sufficient assets available to cover the debt, and he has fully co-operated with the tribunal and attended all hearings despite health challenges”.’
However, the tribunal determined that “the client’s monies are sacrosanct and should not be used by the attorney for any purpose other than what they were provided for. The client’s monies are certainly not to be used for the attorney’s purposes no matter the ‘dire needs’ or circumstances in which the attorney may find himself.
“The punishment for such conduct must be such that it will deter others from engaging in such conduct. The conduct of [Mr Butler] is not conduct befitting of counsel and attorney,
in particular as a senior member of The Bahamas Bar… A clear message must be conveyed that such conduct is intolerable.”
The Court of Appeal, in its rejection of Mr Butler’s appeal, said it found “no fault” with the disbarment punishment and ruled it was not disproportional. Mr Butler argued that his health and “capacity”, as well as the intent to make AML Foods whole, were mitigating factors that should have weighed against such sanctions, but the appeal court said only a “bare and fleeting” reference was made to his health woes when he told the tribunal “I was sick in many ways, physically and mentally”.
As a result, the Court of Appeal said the tribunal was entitled to ignore this, while adding that the passing of Mr Butler’s nephew was also not a factor for consideration. “I also need to mention that, in his over-expansive submissions, the appellant brazenly purported to refer to e-mails and letters in support of his allegations of ill health and incapacity,” appeal justice Smith wrote.
“This was wholly unacceptable. This was, in effect, an attempt to put documents before the court via the back door when they could not be considered via the front door. Even worse, the appellant was well aware that the respondent objected to the admissibility of any fresh evidence that was not before the tribunal, and the attempt by a senior attorney to do so in submissions was simply wrong.”
The Court of Appeal also dismissed examples of infractions by other Bahamian attorneys, cited by Mr Butler as showing the punishment meted out to him was excessive. And it rejected his complaints that that the tribunal was unfair in its procedures and discretion in coming to the decision it took.
Realtor: More paperwork means less productivity
of the price,” the Morley Realty chief asserted.
“From a property tax perspective, this also means keeping the cap amount the same and not continuing to increase year after year as that gives the perception of continuing to squeeze the wealthy international property owners.”
John Christie, HG Christie’s president, echoed Mr Morley’s sentiments with a call for “no new taxes”. He added: “I think stability
is very important. Let’s keep it going as it is without any legislative changes. We don’t need any more taxes or regulations because we’re beginning to drown in regulations. “Drown is probably too strong a word. It’s just that every day there’s more and more things we have to do than before. It’s one thing after another. Instead of spending more time doing things that generate economic activity, income and taxes, we’re spending more time doing paperwork,
FNM leader raises
questions over flagship housing project
CONNECTION - from page B1
of anonymity, have confirmed that the ‘Jonathan Gardiner’ named in the document is the same Jonathan Eric Gardiner now in US custody, which some even describing Top Notch Builders as “his company” - meaning Mr Gardiner’salthough the extent of his involvement post-2017 is not reflected in corporate records.
However, Michael Coleman, the US Drug Enforcement Administration (DEA) special agent who swore the affidavit detailing the US government’s case against Mr Gardiner, alleged that the latter’s co-conspirators as recently as September 2024 said he “was currently building government buildings” and “reportedly trying to keep his involvement below the radar of law enforcement”.
“Based on my participation in this investigation, I understand that comment to be a reference to Gardiner’s company, which has bid on and secured Bahamian government-issued construction projects,” Mr Coleman claimed. “Gardiner owns a business that Gardiner uses to, among other things, bid on Bahamian government-issued construction contracts and launder his narcotics trafficking proceeds.”
The document sworn under oath by Mr Gardiner on February 13, 2017, appears to be an attempt to distance himself from any ownership involvement in Top Notch Builders by denying he has any beneficial interest in the company. He testifies under oath that Top Notch Builders is instead owned 100 percent by Paradise Productions Inc Company, an entity fully-owned by Mr Hield, who has been listed in previous Tribune Business reports as the “lead contractor” for the Eight Mile Rock PPP deal.
Keith Bell, minister of housing and land reform, could not be reached for comment by phone call, message or e-mail before press time last night. However, he identified Complete Construction as the Carmichael Village contractor in a November 8, 2025, interview with the Nassau Guardian.
“There’s a tripartite arrangement,” Mr Bell said of the Carmichael Village project’s structure, featuring a financier, contractor and government oversight. “There’s Approved Lenders. There’s Complete Construction. Complete Construction is the contractor for the subdivision... and then there is the Carmichael Development Board, which is responsible for overseeing and acting for and on behalf of the minister of housing and the Government,” he said.
Allegations surrounding the involvement of Top Notch in Carmichael Village’s development have been swirling for some time, but have started to circulate with greater intensity following the May 12 election day plane crash that ultimately resulted in the US federal authorities detaining and charging Mr Gardiner - a passenger on the flight.
The saga has also been seized on by the Free National Movement (FNM), with Michael Pintard, the Opposition’s leader, demanding that the Government confirm whether any Cabinet ministers have previously served on Top Notch’s Board in the capacity of president and director - in effect, replacing Mr Gardiner.
The Tribune has seen purported Top Notch corporate documents naming a minister in that post in 2020 but, since the authenticity of the document could not be verified before press time, has received legal advice not to publish the name. The named minister also appears to have
which is not productive for anyway.
“I’d accept keeping things the same. Things are working, people are coming here from all over the world because of our tax structure. Let’s not mess with that. We’re making money because of our tax structure. Let’s keep it the way it is.”
Gavin Christie, broker and appraiser with Corcoran C. A. Christie Bahamas, told Tribune Business that today’s 2026-2027 Budget needs to focus on improving housing and property affordability and access for
swiftly come and gone, as they were no longer listed among Top Notch’s officers and directors in subsequent filings.
Mr Pintard, meanwhile, questioned how much of the Carmichael Village project’s multi-million dollar financing went to Top Notch for construction. He asserted that a total $40.2m has been invested in the development to-date, including the $20m initial injection from Jamaican financing sources and the $20.2m in taxpayer monies shown as being paid into Carmichael Village Project Development Company, the Government-controlled SPV that oversees the housing build-out.
However, the Government will likely dispute the $40.2m figure as Mr Bell previously said the $20.2m provided to Carmichael Village Project Development Company was intended to repay the original loan, with almost half that sum - some $10m - generated by the proceeds of real estate sales.
“The Government has multiple questions to answer in terms of how much of that $40.2m went to that individual and his company. The question is how much of that went to that individual or his company over the life of that project, and how far along and how much was expended on the project?
“What is the value of what is there in the ground that accrued under two ministers. They ought to answer how that money was disbursed. Was the individual in question, or Top Notch Builders or any subsidiary that they may have a beneficial interest in, or interest in any form, involved? They may try to hide behind the corporate veil.
“And to what extent is the Government prepared to comment on any minister who has served as a president or director of Top Notch?” Mr Pintard also referred to his comments during the 2024 House of Assembly debate on the Anti-Gang Bill, where he urged the Government and all politicians - including
Bahamians, as well as drive greater local ownership.
“From my point of view, two of the biggest challenges we have in The Bahamas when it comes to real estate is affordability and access,” he argued. “I’d like to see that, hopefully, the Budget would focus on initiatives that increase the housing supply and also creative ways of improving financing access and creating policies that improve Bahamian ownership. Those are some of the key things, but I’m interested and looking forward to see what they
his and other parties - to set an example by not doing business or handing government contracts to alleged criminals and money launderers.
“The Government continues to do business with people of interest to the police locally and internationally, as if those persons are legitimate business persons,” the FNM leader asserted to Tribune Business. “They have done so in terms of multiple projects. They are helping to facilitate individuals who are believed to be engaged in nefarious issues that could bring reputational damage to the country.”
Documents obtained from the Companies Registry show that the Government’s Carmichael Village Project Development Company SPV and Complete Construction Investment & Development Company were incorporated within five months of each other on March 18, 2022, and August 8, 2022, respectively at a time when Jobeth Coleby-Davis - not Mr Bell - was minister of housing.
Both entities were incorporated by Bowe Partners, the law firm where Mrs Bowe, a director of both Top Notch and Complete Construction, is managing partner. Complete Construction’s registered office is given as Bowe Partners’
present that taps into those three areas of need.”
Mr Morley, meanwhile, said the move to a system of registered land, and the creation of a Land Registry, will produce increasing benefits as the years advance. However, until a sufficiently critical mass of properties is added to the Land Registry, he warned that attorneys will have to perform “double title searches” using the new system as well as the still-existing, paperbased deeds and documents recorded in the registry.
Caves Village address, while that of Carmichael Village Project Development Company is listed as Don Mackay Boulevard in Abaco.
And the initial subscribers for both entities are named as Adia Benita Roberts and Kenya Armbrister, whose address is also listed as Bowe Partners and who appear to be employees of the law firm. It is unclear why Bowe Partners incorporated both the Government’s SPV as well as Complete Construction given that the former task would likely have been a job for lawyers at the Attorney General’s Office.
Mrs Bowe, who also drew up the Government’s Eight Mile Rock PPP contract rather than the Government’s attorneys, could not be reached for comment before press time last night. The two office numbers listed for Bowe Partners were either not working or appeared to be permanently engaged, and Mrs Bowe did not reply to an e-mail sent to her work address asking for confirmation of Top Notch/Complete Construction’s involvement at Carmichael Village. Tribune Business records show that, in summer 2022, some $20m was secured from Jamaican finance house, Proven Wealth Ltd, to finance the 365-lot Renaissance at Carmichael
COMMONWEALTH OF THE BAHAMAS
“The new Land Registry laws should prove to be a benefit over time as more and more properties are added to the Land Registry, but unfortunately until the Land Registry is fully in effect it will require an attorney to do double title searches and, unfortunately, increasing the legal cost for a conveyance,” he explained. “We don’t see this as a major hurdle but the public does need to be made aware of it so they can budget for this additional expense.”
subdivision with the transactions arranged through Bahamas-based alternative financing provider, Simplified Lending. The sum involved is the same as what the Government later provided to Carmichael Village Project Development Company.
However, the financing was dogged by controversy more than three years ago, after then-housing minister, Mrs Coleby-Davis, told the House of Assembly “there is no agreement with Simplified Lending and Proven Wealth Management” from the Government’s perspective. This was just weeks after the deal was hailed with great fanfare at a press conference featuring both the Prime Minister and Mrs Coleby-Davis, who said it will set “a new standard” for housing public-private partnerships (PPPs). At the time, Mrs Coleby-Davis said in written House of Assembly answers that the $20m loan proceeds had yet to be received and disbursed, with the monies set to finance the development and build-out of a 70-acre site set to feature 200 homes in its first phase at Renaissance at Carmichael. The reliance on Jamaican financing is another similarity between the Carmichael Village and Eight Mile Rock administrative complex.
2019/No. 01238 IN THE SUPREME COURT Equity Side
IN THE MATTER of the Petition of GILGAN COMPANY LIMITED AND IN THE MATTER OF THE Quieting Titles Ac,t 1959 AND
IN THE MATTER OF ALL THAT piece parcel or part of a larger Tract of land situate on the Northern side of Prince Charles Drive in the Eastern District of the Island of New Providence, The Bahamas. NOTICE
The Petition of GILGAN COMPANY LIMITED acompany incorporated under the laws of The Commonwealth of The Bahamas and carrying on business within the said Commonwealth in respect of:-
ALL THAT piece parcel or part of atract o and formerly a portion ofa four (4) acre tract originally owned by the late Josiah Rahming and situate in the Eastern District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas containing Sixty-one Thousand One Hundred Twelve (61,112) square feet and being bounded on the NORTH by vacant land formerly the property ofJosiah Rahming and running thereon One Hundred and Twenty-four (124) feet on the EAST by land formerly the property ofJohn Rahming and now said to be the property of one Antonio Bullard running thereon Three Hundred and Eighty-two and Sixty-one Hundredth (382.61) feet and on the SOUTH by a Public Road formerly known as the Pine Barren Road now known as Prince Charles Drive and running thereon One Thousand Three Hundred and Ninety-nine and Sixty-nine Hundredths (1,399.69) feet on the WEST by land formerly the property of Thomas A. Rahming now said to be the property of one Rolle and running thereon Four Hundred and Five and Forty-three Hundredth (405.43) feet which said piece parcel or part of a tract of land has such position boundaries shape marks and dimension as are shown on an Amended Plan of the said property and is delineated on that part which is coloured Pink on the said Amended Plan.
GILGAN COMPANY LIMITED claims to be the owner of the unencumbered fee simple estate in possession of the said piece parcel or lot of land and made application to the Supreme Court of The Bahamas under Section Three (3) of The Quieting Titles Act, 1959 to have its title to the said piece parcel or tract of land investigated and the nature or extent of ti determined and declared ni a Certi cate of Title to eb granted by the Court in accordance with the provisions of the said Act.
Copies of the led Amended Plan may be inspected during the normal o ce hours at the following places:
(a) The Registry of the Supreme Court, Ansbacher House, East Street in the City of Nassau, The Bahamas; and (b) The Chambers ofMalcolm E. Adderley & Co., Yoruba House, Elizabeth Avenue, Nassau, The Bahamas.
Notice is hereby given that any person having dower or right of dower or an adverse claim or a claim not recognized ni the said Petition shal on or before hte 16 day of June, A.D., 2026 le in the Supreme Court and serve on the Petitioner or the undersigned a Statement ofhis Claim in the prescribed form veri ed by an A davit to be led therewith. Failure of any such person to le and serve a Statement of his Claim on or before the 16th day of June, A.D., 2026 will operate as a bar to such claim.
Dated this 21" day of May, AD. ,. 2026
MALCOLM E. ADDERLEY &CO., Chambers. Yoruba House, Elizabeth Avenue, Nassau. The Bahamas.
Attorneys for the Petitioner.
GB operators seeks increased stopovers
She said targeted infrastructure investments could help stimulate business activity, encourage Bahamians to return and create opportunities for international travel growth.
Dr Kenneth Romer, deputy director-general of tourism and director of aviation, in a Facebook post
revealed Acklins as having an upgraded terminal in the pipeline.
Meanwhile, tour operator David Wallace said hotel development remains critical to strengthening Grand Bahama’s economy.
Mr Wallace, who operates Pirate’s Cove Zipline and Water Park, said overnight visitors provides greater economic benefits than cruise passengers because
their spending reaches more sectors.
“One of the major things that we would like to see in Grand Bahama is we just need more hotels where people are overnighting,” Mr Wallace said.
“When they are here and staying for five nights or seven nights, it impacts the economy much greater in terms of straw vendors benefiting, taxi drivers
Another surge for Micron, Wall Street’s latest $1 trillion company, sends US stocks to records
By STAN CHOE AP Business Writer
THE U.S. stock market rose to records Tuesday as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war.
The S&P 500 climbed 0.6% after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 118 points, or 0.2%, from its alltime high.
Stock markets in much of the rest of the world pulled back from their gains the day before, as fighting continued in the region and the U.S. military said it carried out “self-defense” strikes in southern Iran, including on missile launch sites and boats placing mines. Markets have rallied in the past on hopes for a coming end to the war with Iran, only to see the conflict drag on.
The price for a barrel of Brent crude, the international standard, rose 3.5% to $96.67, but that reclaimed only some of its plunge
from Monday. The price for a barrel of U.S crude oil, meanwhile, fell 2.8% to settle at $93.89.
Oil prices have been at the center of financial markets’ action since the United States and Israel attacked Iran in late February. The ensuing war has closed the Strait of Hormuz and kept oil tankers pent up in the Persian Gulf instead of delivering crude to customers worldwide. That in turn has driven up oil’s price and sent a wave of painful inflation around the world.
Hopes for a deal to improve the flow of oil helped lift stocks of companies with big fuel bills.
United Airlines rose 6%, and Norwegian Cruise Line Holdings steamed 4.9% higher.
Big technology stocks also continued their big runs. Micron Technology’s stock leaped 19.3% to top $895.88 and was the strongest force lifting the S&P 500 after analysts at UBS led by Timothy Arcuri raised their 12-month price target for the stock to $1,625 from $535.
The analysts are forecasting continued strength in demand for computer
memory, and Micron’s stock has already more than tripled so far this year. It’s the latest Big Tech company to top an overall value of $1 trillion and joined such behemoths as Nvidia, Apple and Microsoft, which have each blown past $3 trillion.
On the losing side of Wall Street was AutoZone, which dropped 9% after reporting slightly weaker revenue for the latest quarter than analysts expected. CEO Phil Daniele said performance for the retailer’s stores in Brazil and Mexico was below its plan, though its overall profit topped analysts’ expectations.
All told, the S&P 500 rose 45.65 points to 7,519.12. The Dow Jones Industrial Average dipped 118.02 to 50,461.68, and the Nasdaq composite climbed 312.21 to 26,656.18.
Lower oil prices helped pull yields down in the U.S. bond market, which eased the pressure on Wall Street. The yield on the 10-year Treasury fell to 4.49% from 4.56% late Friday. It’s a respite following recent gains for yields in bond markets worldwide, which threatened to slow economies and undercut prices for stocks and all
benefiting and restaurants benefiting.”
Mr Wallace said Grand Bahama also requires infrastructure capable of supporting future expansion, including improvements to airport facilities. “Just like Nassau has a state-of-the-art modern airport facility as the capital, I think the second city should have one,” he said.
While acknowledging the cruise sector is performing well in Grand Bahama, Mr Wallace argued that broader economic gains will depend on attracting investors willing to build higher-end hotels.
“I don’t expect the Government to run the hotel or operate it,” Mr Wallace said. “But I think we’ve got to find some investors who have the confidence that they could operate a hotel in Grand Bahama.” He argued that travellers are willing to pay premium prices when destinations offer quality accommodations and experiences.
“People ain’t going to pay quality money for a rundown property,” Mr Wallace said.
kinds of other investments. High yields have already forced the average longterm U.S. mortgage rate to its most expensive level since last summer, and they could curtail companies’ borrowing to build the artificial-intelligence data centers that have supported the U.S. economy’s growth recently.
Most big U.S. companies have been reporting both profit and revenue for the start of 2026 above what analysts expected. The strong performances have helped vault U.S. stocks
America’s tech-filled classrooms are facing a backlash against
By JOCELYN GECKER
AP Education Writer
JUST a few years ago, America’s public schools were rushing to get every child a laptop. Los Angeles middle school teacher Anna Soffer remembers it well:
“The idea was that technology is the future, so we need
school-assigned devices
to put tech in every child’s hands.”
Now, the conversation has flipped. After pouring billions of dollars into laptops, tablets and learning apps, many schools are facing a digital reckoning. Classrooms have become saturated with screens, and a growing number of
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, KAYDEN JUSTIN HALKITIS DEAN of #21 Star Estates, Yamacraw P.O.Box EE-16323, New Providence, Bahamas intend to change my name to KAYDEN JUSTIN HALKITISDEAN. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that I, KERBY JEAN of Lazeretta Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that I SHANEL TIA ETIENNE of, Hamster Road, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
parents, teachers and school districts are saying it is time to scale back.
“The Chromebook is just a world of distraction,” says Soffer, who teaches sixthgrade English and history. She favors pen-and-paper assignments but is required to use laptops and online apps for certain activities.
“Every day, I’m battling, ‘Who would you rather listen to, Ms. Soffer or Minecraft?’”
The Los Angeles Unified School District, where Soffer teaches, recently became the first major school district to say it will stop giving devices to its youngest students. It is part of a new screen time policy taking effect in the fall across the country’s second-largest school system.
A sweeping resolution passed last month by the Los Angeles school board requires the district to eliminate devices until second grade; set daily and weekly screen limits for all higher
grades; block YouTube on school devices; and ban the use of devices at lunch and recess in elementary and middle school. The district will also audit its education technology contracts, which the teachers union says amount to $1.6 billion.
The Los Angeles crackdown is adding momentum to calls for reform emerging around the country. In many cases, parents lobbied a few years ago for school cellphone bans, which have now become the norm. Realizing phones weren’t the only classroom distraction, they pivoted to a new target: school-issued devices.
The campaign for change is becoming a public policy issue. At least 14 states have proposed laws to limit screen time in schools, according to Ballotpedia. The federal government issued an advisory last week warning that excessive screen use among youth is
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that we, DE’ANGELO CHURCHILL WHYMS and QUITEL GIANA CHARLTON of the Western District of the Island of New Providence, Bahamas parent of DRAYDEN CAI CHARLTON intend to change our child’s name to DRAYDEN CAI CHARLTONWHYMS. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Officer, P. O. Box N-3746, Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that I SOPHIA LORRAINE SHAW of, Baillou Hill Road, Nassau, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
to records, even with all the uncertainty around oil prices and the war with Iran.
U.S. households have been feeling discouraged about the economy because of accelerating inflation, and a report on Tuesday said consumer confidence edged downward in May, though the number was not as bad as economists expected. It followed a report on Friday that said sentiment among U.S. consumers hit its lowest level on record.
In stock markets abroad, many indexes slipped, including a 0.2% dip for Japan’s Nikkei 225 from its all-time high set the day before.
South Korea’s Kospi jumped 2.5% as it caught up with other markets following its closure on Monday for a holiday. London’s FTSE 100 added 0.2% even though British petroleum giant BP fell 4% there. BP ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.”
becoming a growing public health concern.
Parents say schoolissued devices undermine screen limits at home
In Los Angeles, concerned parents last year formed a group, Schools Beyond Screens, and pressured the district by speaking out at school board meetings, on social media and in private talks with administrators. Many are frustrated by trying to curb screen time at home, only to have screens mandated by school. As a mother of three, Katie Pace does everything in her power to limit screens. There is one family iPad and one television at home, no screen time during the week and no screens allowed in bedrooms.
PUBLIC NOTICE
The public is hereby advised that I, DEVON MELBA KALVENETTA FORBES also known as DEVON MELBA KALVERTHA FORBES of #5 Devon House #23 Chenile Avenue, Garden Hills #2 in the Western District of the Island of New Providence, The Bahamas intend to change my name to VICTORIANA ADAH KAREEM. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE is hereby given that I, SHERWIN GARDNER of #40 Westridge Drive, Cable Beach, 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 27th day of May, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
SPECIALIST GLENN CARELL left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Friday, May 22, 2026.
Photo:Richard Drew/AP
LUANN Oliver’s son demonstrates how he uses an iPad for his classes during a meeting where a group of school parents discussed ways to push back against screen time at the children’s school, Saturday, May 9, 2026 in Arlington, Va.
Photo:Kevin Wolf/AP
Ferrari’s first electric vehicle met with market skepticism
By ALEXA ST. JOHN Associated Press
FERRARI on Tuesday presented its first-ever fully electric car to Italy’s President and Pope Leo XIV. Yet it’s still waiting for the ultimate approval from someone less high-profile: the consumer.
The Italian automaker unveiled the all-new Luce EV on Monday — even as other luxury competitors dial back ambitious electrification plans amid waning demand in some markets around the world. The rollout has been met with skepticism by the markets and auto critics.
John Elkann, president of the iconic brand, showed off the new model to Leo at the pope’s summer residence in Castel Gandolfo, just south of Rome.
“Is this the first fourdoor Ferrari?” Leo asked Elkann.
“The first five-seater,” Elkann replied.
The Pope sat in the driver’s seat of the Luce, which means “light” in Italian, with Ferrari test driver Raffaele De Simone kneeling beside him and explaining the steering wheel’s controls in English. Elkann sat in the passenger seat.
The Luce offers 1,000 horsepower, can hit 100 kilometers per hour (60 miles per hour) in 2.5 seconds and has a range of more than 530 kilometers (329 miles). It also has four electric motors — one for each wheel.
Media reports put the Luce’s sticker price in Italy at a whopping 500,000 euros. U.S. pricing has not been announced.
“We are not simply unveiling a new car, we are inaugurating a chapter that turns our vision into reality, strengthening Ferrari’s tradition of anticipating and shaping the future,” Elkann said in a statement.
The company, which also sells hybrid electric vehicles, has invested billions of euros in electrification, but dropped its goal for 40% of its lineup to be fully electric by 2030 down to 20%.
Luce met with skepticism by some
But despite Europe’s most valuable automaker’s high hopes for its inaugural electric product, markets did not respond well to the vehicle.
Ferrari stock plunged 8.4% on Tuesday in Milan trading. U.S.-listed shares fell 5.3%.
Internet commenters and auto critics responded
Massachusetts Uber, Lyft drivers certify first statewide ride-hailing union amid automation fears
BY LEAH WILLINGHAM Associated Press
DRIVERS for ride-hail-
ing apps such as Uber and Lyft celebrated Tuesday after Massachusetts became the first state to recognize their union, a milestone in the growing effort to organize gig-economy workers classified as independent contractors under federal labor law.
The victory could provide a model for similar campaigns gaining traction in states including California and Illinois, where labor organizers are increasingly targeting app-based industries as drivers also grapple with the rapid expansion of self-driving technology.
As drivers waved signs and chanted with the gold dome of the Massachusetts State House providing a backdrop, labor leaders described Friday’s certification as the largest private-sector organizing win since Ford autoworkers unionized in 1941.
Jean Fredo, who has driven for Uber for more than seven years, said he hopes the union will bring better pay, stronger protections against sudden deactivations and more stability for drivers.
“With the union, it will not feel like we’re working for nothing,” he said in French through a translator. “Now the money will not only stay in the billionaire’s pockets. The money will
actually come to the workers who work very hard.”
Uber and Lyft said they planned to work with the new bargaining framework as negotiations move forward. Uber said it would work with the union and regulators while preserving “driver flexibility and hard-won benefits,” while Lyft said it was committed to “engaging in good faith” and “helping drivers succeed while keeping rideshare affordable and dependable for everyone who counts on it.”
The certification became possible after the state’s voters approved a 2024 ballot measure creating a first-in-the-nation framework allowing ride-hailing drivers to unionize and bargain collectively while remaining independent contractors. Organizers say the union will ultimately represent nearly 70,000 drivers statewide.
Drivers hope for relief on wages, deactivations
“Without the support of the drivers, we wouldn’t be here,” Victoria Acosta, a mother who drives for both Uber and Lyft, said in Spanish through a translator. She said she hopes the victory inspires drivers in other states.
Uber and Lyft drivers are generally classified as independent contractors rather than employees, meaning they are not covered by many traditional labor
negatively, saying the Luce strays from the brand’s usual aesthetic. And as automakers look to appeal to mainstream buyers with less expensive EVs, another luxury offering seems particularly challenging.
“The internet has made up its mind, hasn’t it, if you’ve seen any of the comments on it. And it’s not universally loved from the outside,” said Matt Prior, editor-at-large of United Kingdom-based auto review site Autocar.
Prior said the Luce’s interior is well done, but that the vehicle doesn’t “shout Ferrari.”
“The big thing here is there is no obvious place where the engine goes because there isn’t one, the battery goes under the floor which makes the car higher naturally and loads of manufacturers have got to come
to terms with how they do that,” Prior said.
“That makes them look taller. That makes the look less sleek,” he added. “For a company whose entire history is based on making dynamic-looking sleek cars, it’s maybe harder for Ferrari to get around than it is for other manufacturers.”
Robby DeGraff, manager of product and consumer insights at firm AutoPacific, called the Luce “perhaps the most controversial model to bear the stallion on its fenders” and questioned whether the brand needs a vehicle so pricey. But he added that Ferrari may want to remain competitive in markets with strict emissions requirements.
Global market outlook is challenging for EVs
The company is launching the EV amid a volatile and uncertain global market for the powertrain.
Even with policies around the world encouraging EV adoption — including in the European Union, which mandates 90% tailpipe emissions reduction by 2035 — several global
automakers have dialed back their plans to electrify and many have lost billions on the technology.
Electric car sales hit 20 million globally last year — marking one in four new cars sold worldwide as electric, according to the International Energy Agency.
Sales increased by more than 30% in Europe in 2025, the IEA says. But the European car market is becoming increasingly competitive due to an influx of Chinese auto brands, which are attracting consumers with their advanced technology at lower prices.
EV adoption remains uncertain particularly in the U.S., where policy changes by the current administration have impacted the market.
EV interest has increased since the onset of the U.S.Iran war, but experts say that interest doesn’t always translate to actual sales.
“The whole electric car market is not really where it could be,” Prior said. “And so much of it is legislation driven rather than natural demand driven.”
protections under federal law. Drivers typically use their own vehicles, pay for expenses such as gas and maintenance themselves and can choose when and how long they work through the apps.
Fredo said when he started driving for Uber he appreciated the flexibility and the ability to make his own schedule while still being present for his family. But over time, he said, he found himself working longer hours while earning less as gas and maintenance costs climbed.
Drivers can also lose access to the apps with little warning, he said.
“I live with stress — always scared to lose my app. This is not a way to live,” said Fredo, who helped sign up hundreds of other drivers at airports and
gathering spots around the Boston area.
“This is my family,” he said, holding up a photo of his four children. “I’m fighting for a better life for them — just like everyone else is fighting for their families. My dream is to save and
MEMBERS of the App Drivers Union hold a rally outside the Massachusetts State House after the announcement that it had become the first certified union of rideshare drivers in the nation, on Tuesday, May 26, 2026, in Boston.
send my kids to college, and I believe we will get there.”
A labor fight shadowed by automation fears
Supporters say rising vehicle costs, fluctuating pay and opaque app algorithms have fueled frustration among drivers who pay many work expenses themselves. Uber and Lyft have argued that drivers value the flexibility of app-based work and have opposed efforts that could reclassify workers or alter the industry’s business model.
