THE Government faces up to a half-a-billion dollar fscal blow if The Bahamas is struck by major or multiple hurricanes, the Ministry of Finance is forecasting, as it bids to address “capacity constraints” caused by a shortage of specialist skills among its 205-strong staf.
The projected $516m hurricane and tropical storm threat, which would impose a “strain” on the public fnances via “recovery expenditure” for disaster relief and rebuilding, was classifed as an issue where The Bahamas needs to take action to both reduce the risk and its impact in the ministry’s just-released 2026-2027 annual plan.
The report, dated May 27, 2026, also set out other fscal risks and their likely efect on the Government’s fnancial projections and Budget targets if they fully materialise over the short to medium-term.
An economic slowdown is forecast to both reduce tax revenues by an estimated $143.3m annually and, if it persists and leads to lower growth, higher unemployment and reduced consumer confdence, threatens a $271.1m annual fscal impact.
Further forecasts suggested that excessive spending above Budget
Gov’t
Finance eyes
maritime industry tax crackdown
Estimates just 60% of foreign charters compliant
Ministry’s ‘capacity constraints’ on specialist skills
limits, and defaults by state-owned enterprises (SOEs) on borrowings that the Government has guaranteed, could infict negative fscal impacts estimated at $127.8m and $637.7m.
Both developments, the Ministry of Finance’s 2026-2027 annual plan said, need to be monitored with action taken to reduce the risks and threats posed.
The ministry unveiled plans to increase both staf numbers and skills in response to new demands created by the Government’s increasing use of so-called public-private partnerships (PPPs), which the Opposition has criticised as ‘of-the-books loans’, the need for greater oversight of state-owned enterprises and stricter management of the Government’s
watchdog targets ‘28 for more ‘autonomy’
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s top fnancial watchdog is seeking to enact laws that will strengthen its independence by 2028 as it grapples with a lack of specialist skills and personnel that “remain below optimal capacity”.
The Auditor General’s Ofce, in a 20262027 annual plan that sets out the strategic road map for achieving its short and medium-term targets, revealed it is aiming to “restore full national reach” with the re-opening of its Abaco ofce plus substantially increase the annual briefngs it supplies to Parliament’s Public Accounts Committee.
The pledge, which came as Michael Pintard, the Opposition’s leader, publicly called on Patricia Deveaux, the House of Assembly speaker, to permit live television coverage of the Committee’s hearings, aims to increase briefngs by the Auditor General’s Ofce on its various investigations into government ministries, agencies and departments from zero last year to seven by 2029.
The increase is designed to boost transparency and accountability, and ensure Bahamian taxpayers receive value for money, by “strengthening collaboration” with Parliament and, in particular, a Public Accounts Committee that acts as the latter’s watchdog over government spending and is the only committee that the Opposition controls.
The annual plan for the Auditor General’s Ofce, which accompanies the 2026-2027 Budget, also calls for it to improve its delivery of audit reports “within statutory deadlines” set by law. Last year, 65 percent met this goal, and the annual plan sets a target of increasing this to 90 percent within three years - by 2029.
The Government’s internal fnancial investigator is also seeking to more than triple the number of performance audits it completes annually from three last year to ten by 2029, while also increasing the proportion of such reports “subject to quality assurance review”
debt. It is also seeking to increase the number of large taxpayers who will pay the 15 percent corporate income tax on profts.
“In response to expanding mandates, particularly in public-private partnerships (PPPs), sovereign debt management and oversight of state-owned enterprises (SOEs), the Ministry intends to strengthen stafng levels and skills in selected technical areas over the planning year,” the Ministry of Finance’s 20262027 annual plan afrmed.
“These increases will be subject to approved budget allocations, establishment controls and availability of suitably-qualifed candidates….
The approved establishment of the Ministry of Finance is 205 positions, distributed across executive management, technical, administrative and support functions. While core units are operational, capacity constraints remain in specialised and emerging areas that require advanced fnancial, analytical and advisory skills.”
Reafrming its “focus on strengthening fscal discipline”, the Ministry of Finance unveiled plans to increase maritime industry tax compliance rates to 90 percent “post-intervention” plus expand fnancial audits and joint enforcement operations in a bid to crack down on delinquent
$34m expansion spend plan from Foreign A airs
Ministry eyes $20m Nassau HQ, $14m London upgrades
Annual plan reveals $500,000 conference spend ‘overrun’
‘High levels of unreported absenteeism’ among some sta
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Ministry of Foreign Afairs has unveiled ambitious plans to spend a combined $34m on a new Nassau headquarters building and renovating the High Commission’s property in London with further investment to include two new “protocol houses”.
The ministry’s expansion goals are unveiled in its 2026-2027 annual plan, released alongside the Government’s Budget, in which it also discloses the proposed opening of a new consulate general ofce in Nova Scotia, Canada, plus an increase in passport ofce locations from 20 to 24 within the next 12 months through additional sites in communities such as Mangrove Cay and Mayaguana.
AG’s O ce eyes 20% sta churn cut amid ‘low morale’
BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Attorney General’s Ofce has conceded it is suffering from “low morale” among staf in certain areas as it bids to slash employee turnover by 20 percent within the next two years.
The Government’s legal chambers, which are in efect the largest law frm in The Bahamas, revealed in its just-released 2026-2027 annual
plan that it is encountering several human resource and personnel challenges that include a “moderate to high vacancy rate” in key posts that has resulted in increased workloads and service delays. Other issues identifed include “limited training opportunities” that are not correctly structured, plus resignations and the posting of staf to other positions in the Bahamian public service that has resulted in a shortage
Gas dealer renews calls for cap on VAT
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A GAS station operator yesterday renewed calls for the Government to cap the amount of VAT it earns on gasoline and diesel in a bid to provide some relief to hard-pressed motorists with prices as high as $7 per gallon.
Peter Roker, owner and operator of Roker's Gas Station, said the Davis administration should consider limiting the amount of VAT charged on fuel when global oil prices spike rather than collecting winfdall revenue generated by higher fuel costs.
"The other thing you must look at, too, is the cost of VAT on fuel now," Mr Roker said. "In most cases I know about, most countries decided to keep their VAT to a certain level. They'll say, 'We cannot use the higher cost of fuel as a windfall for ourselves’."
of “senior conveyancing, commercial, litigation and drafting” attorneys and staf within the Attorney General’s Ofce.
No specifc timeline was provided for the new Ministry of Foreign Afairs building or UK renovations, although the annual plan signalled these are “medium to long-term” projects that will not start construction in the 2026-2027 fscal year. Nevertheless, the report made clear that “plans are being developed” for both, with the multi-million dollar outlay of taxpayer funds justifed on the basis
However, the 2026-2027 annual plan also revealed:
“The Ministry is experiencing a moderate to high vacancy rate across key administrative and technical positions, resulting in increased workload for existing staf and delays in service delivery. Recruitment processes are often prolonged.” To address this, the Attorney General’s Ofce is seeking to “reduce the vacancy
“The Ministry is facing challenges such as staf turnover, low morale in some units and limited opportunities for career progression and succession planning,” the Attorney General’s Ofce’s annual plan revealed. It is now aiming to reduce staf turnover by 20 percent by employing a mixture of employee retention and engagement strategies, including “career development and succession planning frameworks” plus improved performance management systems.
His comments come as fuel prices remain elevated following the Middle East that sent costs skyrocketing. Prices at Rubis and Esso are currently $7.34 and $7.07 for a gallon of gasoline, respectively, while at Shell it is $6.89.
Mr Roker said that because VAT is calculated as a percentage, government revenues automatically increase when gasoline prices rise. Using a hypothetical example, he explained that a gallon of gasoline selling for $7 leads to 70 cents in VAT at the current 10 percent rate. However, if the Government were to cap the tax at a certain lower level, the fnal price paid by consumers would fall - albeit moderately.
"What would happen then is that the man on the street, the poor man, would then not be paying as much for the fuel as they're paying right now," he
FRED MITCHELL
Cruise port hails record
33,000-plus daily visitors
NASSAU Cruise Port (NCP) yesterday asserted it has set “an important benchmark” by welcoming a record 33,254 passengers on June 8, 2006.
The Prince George Wharf operator, in a statement, said this number beat the previous single-day record for visitor numbers, which stood at 30,538, by 2,716 or 8.9 percent. The new record was driven by six cruise ships in port - Oasis of the Seas, Allure of the Seas, Mardi Gras, Carnival Celebration, Caribbean Princess and Disney Fantasy.
Nassau Cruise Port said that beating the previous
single-day record, set on March 11, 2025, shows its ability to accommodate high-volume cruise days while supporting efcient operations and a positive guest experience.
“This is a proud and meaningful achievement for Nassau Cruise Port and for The Bahamas,” said Mike Maura, the Nassau Cruise Port’s chief executive and director. “The 33,000-passenger mark was an important benchmark for us, and reaching 33,254 guests in a single day refects the strength of Nassau as a cruise destination, the confdence of our
cruise line partners, and the dedication of the teams and stakeholders who support the visitor experience here.
“We share this accomplishment with the many tour operators, artisans, retailers, transportation providers, entertainers, downtown businesses and tourism partners who work tirelessly to welcome our guests and introduce them to what makes The Bahamas so special.”
The new daily record comes after Nassau Cruise Port was nominated for the Caribbean’s ‘Leading Cruise Port 2026’ honour in the World Travel Awards,
which is said further underscores the Bahamian capital’s growing recognition as a premier cruise destination. It previously won this award in 2008.
Nassau Cruise Port said the increased numbers refect both cruise tourism growth and the benefts of its ongoing investment in capacity, operational efciency, guest amenities and improved connectivity to downtown Nassau.
“This milestone is not only about volume,” Mr Maura added. “It represents economic opportunity across the destination. High-performing
Margaritaville names guest experience chief
MARGARITAVILLE
Beach Resort Nassau has appointed Tito Fritz as guest experience manager to oversee its activities programme, live entertainment oferings and Parakeets Kids Club.
A Nassau resident with a passion for hospitality, the resort said Mr Fritz brings extensive operational experience and a guestfrst mindset to the role. It added that, as guest experience manager, he will work closely with teams across the resort to anticipate
guest needs and create experiences that exceed their expectations.
"We are thrilled to welcome Tito to the team," said Shirlen Godet, marketing manager at Margaritaville Beach Resort Nassau. "His passion for people, strong hospitality background and dedication to exceptional service make him a natural ft for this role and our resort culture."
Mr Fritz, a former intern, earned a Bachelor's Degree in business administration from Bethune-Cookman
University and then returned home. He has held leadership positions with several resorts having started his career as a bellman in Nassau.
"My goal is simple: To create memorable experiences that leave guests feeling valued and excited to return," said Mr Fritz.
"Whether it's celebrating a special occasion, connecting families through shared experiences or adding a personal touch that makes someone feel recognised, hospitality is about creating
taxpayers and collect what is due to the Public Treasury.
“The Ministry will enhance compliance and enforcement within maritime operations by increasing the percentage of entities assessed annually, and improving post- intervention compliance rates to ninety percent over the medium-term,” its 20262027 annual plan asserted.
“The Ministry will increase the number of joint enforcement operations and audits conducted annually to support regulatory compliance and revenue collection. The Ministry will strengthen audit and monitoring functions by increasing the number of fnancial audits and monitoring exercises conducted each year.
“The Ministry will improve foreign charter compliance rates, and advance the digital transformation of manual processing systems, with medium-term targets of 80 percent for both indicators.”
According to the Ministry of Finance’s annual plan, just 60 percent of foreign charter vessels operating in Bahamian waters were fully compliant with their tax obligations during the current 2025-2026 fscal year, which included both the payment of VAT and the 4 percent yacht charter fee.
The Ministry of Finance’s ambition is to increase this compliance rate to 70 percent in the upcoming 2026-2027 fscal year, with a further improvement to 80 percent by 2029-2030. It also wants to double the number of anchorage zones created across The Bahamas
for visiting yachts from the present fve to ten by 20292030, with the number of moorings installed in New Providence rising by onethird - from 75 currently to 100.
As part of its waterbased tax compliance and enforcement crackdown, the Ministry of Finance’s 2026-2027 annual plan also contains ambitions to grow the percentage of “maritime entities assessed annually” from 16 percent to 20 percent by the end of the decade. And it is aiming to expand the amount of operators that come into full tax compliance following regulatory “intervention” from the present 75 percent to 90 percent by 2029-2030.
Joint operations and audits are forecast to rise by 50 percent, from 20 to 30, over the next four years, and the Ministry of
New Canada consulate general, passport locations are planned
CONSTRUCT - from page B1
that they will “improve the quality of service”.
The spending proposals have emerged despite the annual plan signalling that the Ministry of Foreign Afairs may need to cut back in some areas. One of the near-term targets, as detailed in its 2026-2027 annual plan, is to this year eliminate overruns on conference and event expenditure following a “more than $500,000 overspend” in this current fscal year. And Fred Mitchell, minister of foreign afairs, revealed that he and the Government have not given up on ambitions to construct a new Parliament building - a project for which a price tag and cost were not revealed.
“With the looming May 12, 2026, national elections government is also cognisant of the need to continue to deepen
our commitment to democracy,” the minister wrote in an annual plan dated April 30, 2026, as justifcation for the project.
“As such, plans are underway to construct a new, modern Parliament building providing greater access and efciency to the legislative arm of government.” However, questions are likely to arise over the extent of the Ministry of Foreign Afairs’ medium and long-term spending goals given The Bahamas’ $12.8bn national debt and the projected $75.5m Budget surplus for the 2025-2026 fscal period has yet to be confrmed.
“To improve the quality of the service of the ministry, plans are being developed to complete renovations of the Chancery in London (The Bahamas High Commission) estimated at $14m, and construct a new Ministry of Foreign Afairs building estimated at $20m and
two protocol houses constructed via public-private partnership (PPP) arrangements over the medium to long-term,” the Ministry of Foreign Afairs annual plan stated.
No mention was made as to the identity of the likely PPP partners or where the protocol houses and proposed Ministry of Foreign Afairs building will be located. The ministry is presently located in the Goodman’s Bay Corporate Centre on West Bay Street, where it is renting space from Goodman’s Bay Development Corporation, an entity owned by BISXlisted Colina Holdings (Bahamas).
Further upgrades to the Ministry of Foreign Afairs’ physical network involve additional passport locations and consulate general ofces. “To ensure citizens across The Bahamas have comparable levels of access to services of the Ministry of Foreign Afairs,
cruise days support retailers, restaurants, tour operators, transportation providers, attractions, artisans, entertainers and a wide range of other Bahamian businesses that beneft from cruise passenger activity.”
Nassau Cruise Port said it continues to work with
meaningful moments that guests will remember long after they leave."
Throughout his career, Mr Fritz has been recognised for his dedication to hospitality excellence, earning honours such as ‘manager of the quarter’ and ‘employee of the quarter’ at Grand Hyatt Baha Mar. Most recently, he was named manager of the year’ at Margaritaville Beach Resort Nassau.
Finance is projecting that vessel seizures due to their involvement in “illegal chartering, poaching and unlicensed operations will also increase from 15 per annum to 20. The proportion of arrests related to these activities, which result in convictions, is also forecast to rise from the present 80 percent to 90 percent.
“The Ministry of Finance will operationalise with the Bahamas Maritime Revenue Unit to strengthen the identifcation, collection and recovery of unpaid maritime revenues through co-ordinated enforcement eforts, compliance monitoring, information sharing and the reduction of non-compliant marine activities throughout The Bahamas,” the 2026-2027 annual plan pledges.
“The Ministry of Finance will improve the ease of doing business by promoting transparent and efcient public procurement processes, strengthening stakeholder engagement, reducing administrative barriers and
particularly passport services, a concerted efort has been made in recent years to ensure passport services are available within a few miles to every citizen to avoid placing an additional cost constraint on persons dwelling far from headquarters,” its annual report said. With 20 such sites now in existence, the Ministry of Foreign Afairs added: “The new, modern facility housing both the Passport Ofce and Consular Division is soon to open in New Providence. Customers can expect an enhanced visitor experience and improved operations. New passport ofce locations are planned for Mangrove Cay, Andros, and Mayaguana for launch over the medium-term.”
The ministry’s 2026-2027 annual plan also disclosed that it plans to expand The Bahamas’ global network of consulate generals to nine through the opening of such an ofce in Halifax, Nova Scotia, “in the short term”. It added that the Ministry of Foreign Afairs’ physical plant is currently impacted by “space constraints” at certain locations, the “uneven condition” of ofce
its partners to strengthen its position as one of the world’s leading cruise destinations, while ensuring that growth supports broader economic participation and a high-quality guest experience.
facilitating greater private sector participation in national economic development initiatives across The Bahamas.”
Outlining other priorities for the upcoming 2026-2027 fscal year, the Ministry of Finance added: “The Ministry will produce mandated fscal and budgetary reports in accordance with statutory and policy requirements, with a target of achieving 90 percent compliance in fscal year 2026-2027 and full compliance over the medium-term.
“The Ministry will improve the timeliness of fscal reporting by ensuring that at least 80 percent of reports are published within three months of the review period, increasing to full compliance over the medium-term…. The Ministry will advance public fnancial management systems by completing the implementation of core Oracle fnancial modules and ensuring their efective operation.” Michael Halkitis, minister of fnance, added: “The
furniture and a “backlog of requests for laptops and other devices”.
Unveiling a set of benchmarks by which to measure the Ministry of Foreign Afairs’ performance, the annual plan pledged immediate “100 percent” compliance with conference and event budgets following this year’s $500,000 overspend. It is also seeking to improve “satisfaction” with its services from 80 percent to 90 percent among Bahamians “in distress around the world” over the medium-term.
Another goal is to increase the number of Bahamas honorary consuls by ten, from 40 to 50, during the upcoming fscal year, and then grow them by 50 percent to 75 over the medium-term. The Ministry of Foreign Afairs is also seeking to reduce the time for verifying Bahamians wishing to return home from up to one month to 48 hours or two days, and improve the ease of travel for Bahamians from 18th to 10th out of 179 visa free destinations based on the Henley & Partners index.
annual plan for 2026-2027 outlines the Ministry’s focus on key policies, programmes and initiatives aimed at enhancing revenue performance, improving expenditure control, supporting debt sustainability and modernising fnancial management practices across government.
“These eforts are complemented by continued collaboration with the private sector and other stakeholders to foster an enabling environment for investment and economic expansion. The year ahead will also present challenges, including global economic uncertainty, fscal constraints and increasing demands on public services.
“At the same time, opportunities exist to deepen reforms, improve efciency and strengthen institutions. We are confdent that, through careful prioritisation, strong governance and efective leadership, these challenges can be managed and opportunities realised.”
Melvin Seymour, the Ministry of Foreign Afairs permanent secretary, promised improved expenditure controls. He wrote in the 2026-2027 annual plan: “While risks to travel expenditure cannot always be controlled amidst more frequent global conficts, greater use of staf posted abroad may aid in reducing the risk of cost overruns.
“Similarly, greater efort will be made during the year to control costs in the area of conference/ event hosting to ensure spend aligns with Cabinet approved limits by ensuring greater budget/cost oversight.” The Ministry of Foreign Afairs currently has 464 total staf spread between The Bahamas and this nation’s diplomatic missions abroad. Its 2026-2027 annual plan unveiled ambitions to slash “vacancy rates” among staf at home and abroad to less than 5 percent by the end of the upcoming fscal year, and noted concerns with “limited formal training” and “high levels of unreported absenteeism in certain areas”.
NASSAU CRUISE PORT (NCP)
TITO FRITZ
Jitney drivers: More pressing concerns than viral video ght
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
JITNEY drivers yesterday pushed back against government concerns over the sector’s governance after a viral video showed two operators in a physical altercation, arguing that the incident should be dealt with solely by the police.
The video, which circulated widely on social media, appeared to show two bus drivers fghting in front of a police station, prompting a response from Leon Lundy, minister of transport, who said disciplinary action is likely and pledged to ensure transportation regulations are being enforced.
“Yes, to the short answer,” Mr Lundy said, when asked whether there would be repercussions.
“And I’m meeting with the Road Trafc Department now so we could make sure that the regulations and
rules that we have in place are adhered to. And that’s what it is, because at the end of the day, they have to understand that they’re ambassadors of the brand that we carry.” Mr Lundy stressed that maintaining public confdence in transportation services is critical. “I think it’s more about the safety for everyone using any type or aspect of transportation,” he said.
“At the end of the day, defnitely we want everyone to feel safe when they’re using these diferent operators, and make sure that they know at the end of the day they’re adhering to a particular brand and standard that should be kept no matter what.”
But jitney drivers argued that The Bahamas’ public transportation system faces far more pressing challenges, including inadequate infrastructure, soaring fuel costs and long-standing demands for higher fares.
Corvell Colebrooke, secretary-general of the Bahamas Unifed Bus Drivers Union (BUDU), dismissed the incident as an isolated matter and urged the new minister to focus on broader issues afecting both operators and commuters.
“If the new minister is worrying about a fght that happens on every job site and every company, whether it’s the Police Force, the Defence Force, Customs, Immigration, McDonald’s or whatever, he needs to really look at the real problems and pressing issues the bus system has,” Mr Colebrooke said.
He argued that the lack of proper bus stops and shelters poses a greater threat to the travelling public than the altercation itself. “The main thing is proper bus stops and shelter for the traveling public,” Mr Colebrooke added.
“We are in the height of summer, 90 to 92 degree heat. Tell him (Mr Lundy)
please worry about that. Two bus drivers are fghting. OK. That’s a police issue.” Mr Colebrooke said commuters continue to endure long waits in extreme weather conditions because of inadequate infrastructure.
“There has never been a budget that they place anything for the jitney transportation,” he said. “All they do is take. All they do is collect the tax and don’t put a dollar back in. We need proper bus stops with the shelters where the bus will be out the road, the people will be able to sit down on a decent bench and out of this hot sun.
“What are they going to do? Wait for somebody else to die in the sun waiting on the bus again? Because, you know, it done happen before.”
Mr Colebrooke’s comments come after growing tensions between bus operators and the Government over the economics of running the country’s public
transportation network. The BUDU has repeatedly warned that rising fuel prices, escalating maintenance costs and stagnant fares are placing operators under severe fnancial pressure. Drivers have been lobbying for another fare increase after receiving only a 25-cent adjustment in 2024, which brought the adult fare to $1.50. The union argued that costs have increased dramatically while fare adjustments have lagged far behind infation. The union has also called for government intervention to ease fuel costs, including removing VAT on fuel purchased by bus operators, while warning that continued inaction could lead to industrial action. At the same time, operators have consistently complained about the lack of investment in jitney infrastructure, noting that - unlike taxi drivers - they have few designated facilities, limited passenger
Bahamas needs spaces for wealth creation talk
BY FAY SIMMONS Tribune Business
jsimmons@tribunemedia.net
A BAHAMIAN entrepreneur behind a growing monthly investment and technology meet-up says this nation needs more spaces where people can discuss wealth-building, business ownership and emerging technologies rather than limiting conversations to traditional social activities.
amenities and insufcient bus stops.
Despite criticicing the minister’s focus on the viral fght, Mr Colebrooke said he hopes the new administration will engage directly with the union to address unresolved issues. “What he needs to do is meet with the union and fx these issues that the former minister, JoBeth Coleby-Davis, did not handle,” he said. Meanwhile, Mr Lundy hinted that broader reforms could be imminent for the country’s public transportation system. Asked whether the Government is considering introducing a bus pass or electronic payment system, he replied: “We’re looking at a full modernisation of the system, and that’s all I’ll say for now.”
help research it before you put your money into it."
"We bring together investment enthusiasts, business owners, people interested in cryptocurrency and digital assets, people interested in AI and technology, and even those interested in traditional fnance and investing," said Mr Strachan. "We simply have conversations around those topics in an open environment."
The free monthly events are held in partnership with Cafe Amore, which provides the venue, while attendees are only responsible for purchasing food and drinks. Mr Strachan said the idea grew out of a desire to create a space that was largely missing from the local landscape.
"We have spaces where we can go and party. We
Nelson Ricardo Strachan, founder of Crypto Noobs, said he and business partner, Lamont Astwood, launched their monthly ‘Crypto and Cofee’ gatherings to bring together investors, entrepreneurs, technology enthusiasts and people interested in crypto currency, artifcial intelligence (AI) and personal fnance.
Minister: Maritime can be Bahamas’ top opportunity
BY FAY SIMMONS Tribune Business Reporter
jsimmons@tribunemedia.net
A CABINET minister yesterday said the sustainable development of The Bahamas’ marine resources could become its greatest long-term economic opportunity, positioning the maritime sector as a central pillar of future growth and diversifcation.
Speaking during debate on the 2026-2027 Budget in the Senate, Jerome Fitzgerald, minister of economic afairs, said the country must look beyond traditional industries and capitalise on opportunities emerging from its vast ocean territory.
"The greatest opportunity before our nation may well be in the sustainable development of our natural assets," he said. Mr Fitzgerald argued that leadership requires governments to prepare not only for today's challenges but also for tomorrow's opportunities.
"Leadership requires more than managing the present. Leadership requires anticipating the future," he said. Mr Fitzgerald added that The Bahamas possesses unique natural advantages as an archipelagic nation of more than 700 islands and cays, with marine resources that support tourism, fsheries, transportation, conservation and scientifc research.
"Few nations possess the natural advantages enjoyed by the Bahamas," he said. Mr Fitzgerald stressed that the so-called ‘blue economy’ should not be viewed solely through an environmental lens.
"The blue economy is not simply an environmental initiative. It is not simply a conservation strategy, and it is not simply a development programme," he said.
Instead, the minister described it as "a comprehensive economic development strategy
designed to create jobs, generate investment, support communities, encourage entrepreneurship and build long-term prosperity”.
Mr Fitzgerald highlighted the ‘Programme for local sustainable development in the blue economy’, supported by the Inter-American Development Bank, describing it as one of the Davis administration's most important strategic investments.
Mr Fritzgerald said the initiative is intended to support sustainable growth while creating opportunities for communities throughout The Bahamas, strengthening local economies, encouraging innovation and improving resilience.
He pointed to a range of sectors that could beneft from ‘blue economy’ development, including marine tourism, eco-tourism, marine technology, sustainable aquaculture, blue carbon initiatives, research and innovation, environmental consulting and specialised training.
For Mr Fitzgerald, however, the central objective is ensuring Bahamians are the primary benefciaries of emerging opportunities. "We want Bahamians to lead the next generation of blue economy enterprises," he said. "We want Bahamians to own them. We want Bahamians to operate them, and we want Bahamians to beneft from them."
He said the government's broader goal is to transform the country's natural advantages into economic opportunities while ensuring development remains sustainable.
"The future of the Bahamas will not be determined by chance," said Mr Fitzgerald. "It will be determined by the choices we make today, the investments we make today, the reforms we implement today and the opportunities we create today."
have spaces for brunch and many other activities, but where are the spaces where people can come together and talk about investment opportunities, investment strategies and new technology?" he asked. "We simply don't have many of those spaces in The Bahamas, so we decided to create one."
According to Mr Strachan, the initiative is aimed at improving both fnancial and digital literacy among Bahamians. "Most countries have hubs where these conversations take place, often supported by government or private sector initiatives," he said. "We realised there weren't many places where people could openly discuss investing, technology or digital assets." The group's most recent event focused on helping
people understand how to begin investing with limited resources. Mr Astwood, who leads much of the investment-focused discussions, spoke about common investing mistakes and strategies available to Bahamians looking to grow their savings.
Mr Strachan said one of the challenges facing the country is a lack of awareness about investment opportunities both locally and abroad.
"There are opportunities in The Bahamas, but many of the best opportunities are not widely discussed. They're often kept quiet and you have to be part of a certain circle before you hear about them," he said.
Mr Strachan also suggested many Bahamians remain hesitant about investing despite being
Greater competition cited as key to lower living cost
BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday said proposed competition and antitrust legislation could become one of the second Davis administration’s most signifcant economic reforms if it helps reduce the cost of living, increases consumer choice and supports economic growth.
Jerome Firzgerald, minister of economic afairs, contributing to the 2026/2027 Budget debate, said the cost of living remains one of the issues most frequently raised by Bahamians and warned that tax reductions alone cannot solve afordability challenges.
"If there's one issue that consistently arises in conversations, it is the cost of living and the importance of creating a more afordable and competitive Bahamas," he said.
Mr Fitzgerald said the Government has already pursued a number of measures aimed at easing costs for households, including reducing VAT from 12 percent to 10 percent; eliminating VAT on unprepared food; increasing exemptions for frst-time homeowners and expanding real property tax relief. However, he said lasting afordability requires broader reforms. "Afordability cannot be addressed through tax policy alone," he said. "Long-term afordability requires structural reforms. It requires stronger competition, improved market efciency, more diversifed supply chains, better consumer
information and institutions dedicated to protecting consumers."
Mr Fitzgerald highlighted the Government's commitment, outlined in the Speech from the Throne, to introduce competition legislation. "One of the most signifcant economic reforms announced in the Speech from the Throne is the Government's commitment to introducing competition legislation," he said.
Calling the reform "long overdue", he argued that increased competition would help improve outcomes for both consumers and businesses.
"Competition is one of the most powerful tools available to improve
willing to take risks elsewhere. "A lot of Bahamians don't realise they can invest outside the country, and many remain sceptical about investing," he said.
"Ironically, we're often more comfortable gambling or playing the numbers than we are investing in assets that can build longterm wealth." Mr Strachan said part of the group's mission is helping people avoid scams by encouraging members to ask questions and seek guidance before committing money to unfamiliar opportunities.
"A lot of Bahamians have been scammed," he said. "We encourage people to ask the hard questions. If someone presents an investment opportunity and you're unsure about it, we'll
market outcomes," said Mr Fitzgerald.
"Competition encourages efciency and promotes innovation. Competition rewards productivity and expands consumer choices. Consumers beneft through better prices and improved services."
Mr Fitzgerald rejected the notion that competition legislation would be harmful to businesses, saying it would instead create a fairer marketplace.
"Competition is not anti-business. To the contrary, it supports business development and creates a level playing feld where success is determined by performance rather than unfair market practices," he said.
Mr Fitzgerald said the objective is to promote fair and transparent markets, discourage anti-competitive conduct, strengthen consumer confdence and
While the group discusses cryptocurrency and digital assets, Mr Strachan said education remains the primary goal. "There is defnitely a cryptocurrency community in The Bahamas, but it remains very niche," he said. "Many people are still sceptical because of what happened with FTX."
He added that greater fnancial and digital literacy would help more Bahamians understand both the opportunities and risks associated with emerging technologies.
"The whole goal is awareness, but not just awareness - education," said Mr Strachan. "We want people to have more options and more information so they can make better decisions about their fnancial future.”
support long-term economic growth.
He also linked the proposed legislation to a broader agenda aimed at modernising the economy, improving opportunities for entrepreneurs and making it easier to conduct business in The Bahamas.
Among the initiatives the minister highlighted was the automation of the Companies Registry, which he said will improve the ease of doing business.
Mr Fitzgerald said the Ministry of Economic Afairs is also focused on expanding trade opportunities, supporting entrepreneurship, strengthening export development and increasing opportunities for Bahamian ownership and participation in the economy.
"We intend for Bahamians to be owners, exporters, innovators and global competitors," he said.
LEON LUNDY
Auditor General ‘below optimal capacity’ over specialist skills
from 40 percent to 100 percent over the same time period.
However, Brenda Neeley, the Auditor General, conceded in the annual plan that her ofce faces “challenges” in the upcoming fscal year from “resource limitations” and “capacity gaps” - especially in areas where specialist audit skills are required. To address these issues, the Auditor General’s Ofce is seeking to recruit fve additional staf in the areas of information technology (IT) and performance audit in 2025, plus ensure all staf receive continuing professional education (CPE) of 20 hours. Its priorities also include the release of a so-called ‘white paper’ detailing proposed legislative reforms that will give the Auditor General’s Ofce “secure legislative, administrative and fnancial autonomy” from the Government and the very public sector entities that it investigates and audits to uncover potential fraud, waste, malfeasance
and waste of the Bahamian people’s money. “The strategic priorities for the medium term focus on strengthening the independence, credibility and impact of the Ofce of the Auditor General,” its 20262027 annual plan states. “The plan emphasises securing legislative and fnancial autonomy, professionalising and expanding human capital, modernising audit tools and methodologies, and deepening stakeholder engagement.
“These priorities are designed to ensure that the supreme audit institution operates with resilience and stability regardless of political transitions, while building a future-ready workforce equipped with the skills and certifcations needed to meet modern audit challenges. At the same time, the strategy highlights the importance of timely, high-quality audits, stronger quality assurance and greater visibility of audit fndings.
“By investing in technology, expanding coverage to government business enterprises and SDGs (sustainable development goals), and enhancing
Some 1,000 parcels targeted on Land Registry by mid-’28
rate to approximately 15 percent and fll priority positions”.
To achieve this, it is promising to implement “a structured workforce planning framework” plus “streamline recruitment and selection processes” and “introduce targeted recruitment strategies to fll critical positions”. The annual plan also admitted that “training opportunities are limited and not consistently structured” for Attorney General’s Ofce staf, with
“staf development largely ad hoc” and no programme aligned with its human resources needs.
To correct this, the plan is for “at least 75 percent of staf to participate in structured training annually” with programmes “aligned with competency gaps” and mandatory training for key roles. Both this, and cutting staf vacancy rates, are targeted for attainment within the next 12 months or by the end of the 2026-2027 fscal year.
The annual plan for the Attorney General’s Ofce, dated April 30, 2026, was
Gov’t enjoying revenue ‘windfall’ via price spike
HIKE - from page B1
said. Mr Roker described the additional VAT revenue generated by higher fuel prices as a "windfall" for the Government.
"All of a sudden, you're making a much higher proft on a product that you wouldn't normally get much higher proft on," he said.
"From what I understand, it's not costing the Government any more money for the gas to be higher. But they have the opportunity of making more money."
His proposal comes as transportation operators increasingly warn that higher fuel costs are threatening their livelihoods. Jitney operators have repeatedly complained that rising fuel prices and maintenance costs are eroding alreadythin margins. The Bahamas
Unifed Bus Drivers Union recently warned that
operators are struggling to absorb increased diesel costs while remaining bound by government-controlled fares. Union leaders have argued that, unlike many private businesses, bus operators cannot simply raise prices to ofset higher expenses and must instead wait for government approval before any fare adjustment can occur. Recent calls for either a fare increase or direct relief measures have intensifed as fuel costs climbed. The situation is similar for taxi drivers, whose rates are also regulated by the Government. The Bahamas Taxi Cab Union (BTCU), before the May 12 general election, requested a fare increase to help drivers cope with rising fuel costs but the matter was not dealt with, prompting some to raise their fares anyway. Michael Halkitis, minister of fnance, acknowledged
communication with Parliament and citizens, the Ofce aims to reinforce public trust, improve governance outcomes and contribute to a more transparent and accountable Bahamas.”
The annual plan details a timetable whereby the Auditor General’s Ofce is hoping to have a draft Bill on the autonomy reforms ready by the 2027 second half, with the legislation then “enacted by 2028”.
Ms Neeley said her ofce’s plans were being developed “at a signifcant moment in the development of public sector accountability in the Commonwealth of The Bahamas” and noted its responsibility “to provide independent assurance on the stewardship of public resources, and to support improved transparency, accountability and good governance across the public sector”.
But she added: “The year ahead also presents challenges. Resource limitations, capacity gaps in specialised audit areas and the increasing complexity of public administration require us to be deliberate, disciplined
signed of by Ryan Pinder KC, the former attorney general, and it will be the responsibility of his successor, Senator Wayne Munroe KC, to address the human resources defciencies.
Mr Pinder, in his message, had pledged: “The Government remains frmly committed to strengthening the rule of law, improving access to justice, modernising legal services, civil and companies registries and intellectual property services, and advancing national land reform initiatives.
“In addition to the introduction of the Corporate Administrative Registry Services (CARS) and CAR Business platforms and the Civil Registry Operating System (CROS) for the
the Government is closely monitoring the situation and examining possible relief measures should elevated prices persist. "We are very, very concerned about it,” Mr Halkitis said. “It's something that we are watching. We are monitoring it very closely.
"The situation remains very, very fuid. As you know, the recent spikes are related to the activities in the Gulf, the war. Thankfully, there appears to be a memorandum of understanding for a ceasefre to stop the hostilities."
Mr Halkitis said fuel costs have implications far beyond the gas station forecourt. "We understand, with the spike and the nature of our economy, things like transportation, shipping, all of that is afected, and we are looking at ways that we can potentially bring some relief if the situation persists," he said.
The Minister also pointed to recent declines in international oil prices and voiced hope that those reductions would eventually be refected at the pumps.
and innovative in how we deploy our eforts.
“At the same time, these challenges create opportunities to strengthen our systems, invest in our people and reinforce the value of independent public audit as a cornerstone of democratic accountability.”
The annual plan, providing more details on these constraints, asserted: “At present, the Ofce of the Auditor General maintains a core team of auditors supported by a small cadre of administrative staf who provide essential clerical, human resources and operational support.
“While these levels have enabled the Ofce to fulfll its constitutional mandate, they remain below optimal capacity, particularly in specialised areas such as IT auditing, performance auditing and data analytics.
“Looking ahead, the Ofce intends to expand both its professional audit workforce and administrative staf, ensuring adequate coverage for technical audits while strengthening internal systems for human resources, payroll, training co-ordination and
Registry of Records, our goal is to provide easier access to all civil records and companies’ transactions from the comfort of one’s home or business. Particular emphasis will be placed on digital transformation, service efciency, workforce strengthening, transparency and accountability across all functions.”
Land reform is set to receive a particular focus. The Land Adjudication Bill, passed into law by Parliament during the frst Davis administration, provides an adjudicator - who must be an attorney with at least seven years’ conveyancing experience - and two other persons with the authority to form an adjudication tribunal. This tribunal will then assess and determine claims to land ownership in a particular area designated by the responsible minister.
stakeholder engagement. This balanced growth will build a sustainable, futureready workforce capable of delivering high-quality audits and supporting the long-term institutional resilience of the Ofce of the Auditor General.”
However, the Auditor General’s Ofce’s spending allocation in the 2026-2027 Budget is fat when compared to the current fscal year, and is projected to remain so for both the 2027-2028 and 2028-2029 fscal periods. It will receive $2.773m in the upcoming fscal period as opposed to $2.772m currently, with this sum set to rise only slightly to $2.828m and $2.833m in the near-term.
The minimal Budget spending increases will likely create some doubt as to whether the Ofce of the Auditor General will be able to execute on its plans, but its promise of greater collaboration with Parliament’s Public Accounts Committee will be keyespecially since the latter is restricted to investigating only audit reports that have been tabled in the House of
Once these claims are adjudicated, they will be entered into a Land Registry, whose creation is backed by statute law as opposed to the present system of lodging and recording conveyancing deeds in the registry of records at the Registrar General’s Department. The two Bills passed into law will thus work hand-in-hand, complementing each other to bring Bahamian land administration into the 21st century. The Attorney General’s Ofce, in its 2026-2027 annual plan, is targeting the “adjudication” of 500 land parcels in the 2026-2027 fscal year as the processlikely to take decades before completion - begins to transition to a registered land system as opposed to the existing paper-based deeds and documents (title) operation. It is aiming to double
Assembly following previous speaker rulings.
“The Ofce of the Auditor General will continue to strengthen collaboration with Parliament through regular briefngs to the Public Accounts Committee, ensuring that audit fndings are clearly communicated and acted upon,” its annual plan asserted.
“To enhance transparency and public understanding, citizens’ summaries of audit reports will be published alongside full reports. In addition, the Ofce will implement a Public Accountability Dashboard to provide real-time reporting on audit outcomes and follow-up actions….
“Over the medium term, the Ofce of the Auditor General intends to strengthen and sustain its critical resources and capabilities to deliver on its strategic outcomes. On the physical side, this includes reopening the Abaco ofce to restore full national reach, modernising infrastructure through the rollout of digital audit platforms, and implementing structured maintenance schedules to ensure asset readiness.”
this number to 1,000 land parcels by the end of the 2027-2028 fscal year. And the Attorney General’s Ofce is also aiming to have 500 land parcels registered in the Land Registry by the end of the upcoming 2026-2027 fscal year, with this number again targeted for doubling to 1,000 during the following Budget period. It is also aiming to reduce reliance on paper-based legal documents in general to “less than 10 percent” by the end of the 20272028 fscal year, and have all “active matter fles” scanned into the Integrated Case Management System (ICMS) by the same timeline as compared to zero currently. All Attorney General’s Ofce staf are expected to be registered and actively using the ICMS by 2027-2028 as opposed to just 45 in 2024-2025.
China hits back at US sanctions on tech giants, restricting its exports to American defense rms
BEIJING Associated Press
CHINA on Monday announced sanctions on 10 American military-related companies in response to a recent U.S. move that bars some leading Chinese tech companies from defense contracts.
The Commerce Ministry said that Chinese companies would be blocked from exporting “dual-use” items to the 10 companies, which include military drone makers and some involved in rare earth mining. Dual use refers to goods that can have military as well as non-military applications.
The ministry said the export ban was both to safeguard China’s national security and in response to what it called the U.S. government’s “wrongful expansion of its so-called List of Chinese Military Companies.”
George Chen, partner for Greater China at the advisory frm The Asia Group, said the ban was an
unsurprising and proportionate response to the U.S. restrictions.
“Most of them are U.S. defense industry players or they have close connections
Former Federal Reserve
Chairman Alan Greenspan dies at 100
By PAUL WISEMAN and CHRISTOPHER RUGABER AP Economics Writers
ALAN Greenspan, the jazz-playing U.S. Federal Reserve chair who was celebrated for engineering a decade of prosperity but later shared the blame for a devastating fnancial crisis, died Monday. He was 100. Greenspan died from complications of Parkinson’s disease, said his wife of 29 years, NBC News correspondent Andrea Mitchell.
“To me he was my husband, who shaped my life from our very frst date in 1984,” Mitchell wrote. “He had ‘irrational exuberance’ for baseball, the Washington Commanders, tennis, golf, and music, especially jazz. He will be remembered for his brilliance and his kindness. Being his life partner was the joy of my life.”
The Fed said Greenspan helped to cement trust in the Fed during a time of economic uncertainty.
“Under his leadership, the Federal Reserve achieved a sustained era of price stability that supported economic growth and helped anchor the public’s confdence in the institution,” the central bank said in a statement Monday.
Greenspan was hailed as “Maestro’’ — before crisis hit
In 18 1/2 years at the Fed, Greenspan presided over a breathtaking surge in stock
prices and a 10-year economic boom that started in March 1991. He was celebrated as “Maestro’’ and “Oracle’’ — an economic virtuoso whose every utterance was dissected for clues on where interest rates and the economy were headed.
The intense scrutiny of Greenspan’s intentions gave birth to new Fed folklore: the “Briefcase Indicator.”
A stufed briefcase carried into Fed meetings implied changes might be afoot because Greenspan carried with him charts and research to make his point. But his reputation began to sufer almost as soon as he left the Fed in 2006.
American housing prices tumbled rapidly, causing huge losses for banks that had repackaged mortgage loans into a dizzying array of complex securities. The growing fnancial crisis pushed the U.S. economy into the Great Recession of 2007-2009 — the deepest downturn since the 1930s.
Critics blamed the devastation on Greenspan’s easy money policies and his support for deregulated fnancial markets.
Greenspan himself later acknowledged “I made a mistake’’ in assuming that banks could essentially regulate themselves.
Greenspan became the authoritative voice on the US economy
For almost two decades, it seemed that Greenspan could do no wrong. Not
NOTICE
NOTICE is hereby given that I KETIA FLEUR of Market Street, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that I JEANNINE BELIAS of #27 Finlayson Street, Bain Town, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 16th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
with the U.S. government for contracts and other reasons,” he said. “Those companies are not going to do business in China,
so the impact will be quite symbolic.”
Separately, the Finance Ministry said that government entities would be prohibited from buying
only in the United States but across the world, he was regarded with a mixture of reverence and awe. Many openly dreaded the day when he would leave the Fed. Investors hung on his sometimes inscrutable observations. In the most well-known such remark, Greenspan sent fnancial markets reeling on Dec. 5, 1996, when he suggested with just two words — “irrational exuberance” — that stock prices were too high. Mindful of his power to move markets, Greenspan typically resorted to obfuscation. At times, he even joked about his habit of doing so. “I know you believe you understand what you think I said, but I am not sure you realize that what you heard is not what I meant,” Greenspan once told a befuddled congressional committee.
Greenspan was one of the few Fed chairs that Kevin Warsh, chosen by Trump to lead the Fed, praised at
his swearing-in last month. Warsh has said one of his goals is to dial back the Fed’s communications, particularly the guidance it gives fnancial markets, an approach closer to Greenspan’s than to Warsh’s immediate predecessors as chair.
Yet for all his circumspect comments, Greenspan did make the Fed more transparent. He was the frst chair to issue a statement explaining the Fed’s interest-rate decisions. Before Greenspan, investors had to divine the Fed’s intentions from market changes. Greenspan also began to release minutes and even full transcripts of meetings, though those changes were in response to pressure from Congress.
A protégé is born
Born in the Washington Heights neighborhood of Manhattan, the young Greenspan was a math whiz who was trotted out by
NOTICE
NOTICE is hereby given that I, LAKESHA GUSTAVE of Central Line Road, Elbow Cay, Abaco, 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 16th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that I, JOHNNY TANIS of P. O. Box N-9426, Gun Point, Eleuthera, 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 16th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
products from 46 American companies including multiple units of Lockheed Martin, Raytheon and General Dynamics. A brief statement did not give any reason for the prohibition.
Earlier this month, the U.S. Defense Department added several tech companies including Alibaba and Baidu to its list of frms that it says have links to the Chinese military. Baidu said the suggestion that it is a military company is “totally baseless.”
The designation prevents them from getting U.S. military contracts. The Commerce Ministry said at the time that the American sanctions run counter to the consensus that Chinese leader Xi Jinping and U.S. President Donald Trump reached during Trump’s visit to China in May.
his mother to show of for visitors.
“I was a prop at parties,’’ he said in a 2007 interview with PBS NewsHour. A Julliard School dropout, he worked as a professional musician in his teens, playing clarinet and saxophone alongside the future jazz great Stan Getz. It was a humbling experience that persuaded the young Greenspan to seek another line of work. He pursued undergraduate and graduate study in economics at New York University, eventually earning a doctorate there. For most of three decades, he ran an economic consulting frm. During the 1950s, he became a disciple of the libertarian philosopher Ayn Rand, who stuck him with the nickname the “Undertaker’’ for his dark clothes and quiet bearing. When Greenspan was sworn in as President Gerald Ford’s chief economic adviser in 1974, Rand stood beside him.
An early trial for a new Fed chair
President Ronald Reagan tapped Greenspan to run the Fed in 1987. He was tested almost immediately. On Oct. 19, 1987, which came to be known as “Black Monday,” the stock market sufered the worst one-day percentage loss in American history just two months into his term. The Dow Jones Industrial Average plunged 22.6% for
In Monday’s announcement, the ministry said that companies or individuals in third countries are prohibited from transferring dual-use items from China to the sanctioned American frms. It also said that Chinese companies could apply for export approval for goods that are “genuinely necessary.”
The 10 companies are AVEOX in Simi Valley, California; Red Cat Holdings and Teal Drones, both in South Salt Lake, Utah; IMSAR in Springville, Utah; Jaia Robotics in Bristol, Rhode Island; Ball Aerospace & Technologies in Broomfeld, Colorado; Oshkosh Defense in Oshkosh, Wisconsin; L3Harris Maritime Services in Norfolk, Virginia; MP Materials in Las Vegas; and USA Rare Earth in Stillwater, Oklahoma.
reasons that remain opaque to this day.
Greenspan was credited for helping restore stability. He assured Wall Street that the Fed would supply as much money to the fnancial system as was needed to restore calm. Stocks recovered, and the American economy emerged unscathed by the market crash.
During his tenure at the Fed, Greenspan drew praise for presiding over what was at the time the longest economic expansion in American history. (It was later surpassed by a 128month expansion that ran from June 2009 through February 2020.) During Greenspan’s tenure at the Fed, the nation’s unemployment rate briefy dropped below 4% for the frst time since 1970.
And infation, which had bedeviled the United States and much of the global economy during the 1970s, was remarkably dormant during Greenspan’s chairmanship, something many economists thought impossible for so long a period.
During the long boom, Greenspan argued that improvements in technology had made the economy so efcient that it could run faster and at lower rates of unemployment, without unleashing infation. As a consequence, the theory went, the Fed could keep interest rates low even when the economy was roaring.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, GARY JOSEPH of All Saint Way, New Providence, Bahamas, intend to change my name to GARY MERILIEN. If there are any objections to challenge the 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 the publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The public is hereby advised that I, GARFIELD JUNIOR NEELY of Zinna Street, Kennedy Sub, New Providence, Bahamas, intend to change my name to CAIRO LEE. If there are any objections to challenge the name by deed poll, you may write such ob ections to the hief Passport Offcer, 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, HENEL MICHEL of P.O. Box SB-51877, #10 Carmichael 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 16th day of June, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE U.S. and Chinese flag at the Great Hall of the People prior to the state dinner of President Donald Trump and Chinese President Xi Jinping on May 14, 2026, in Beijing. Photo:Mark Schiefelbein/AP
ECONOMIST ALAN GREENSPAN, chairman of the Federal Reserve from 1987 to 2006, is seen in his office in Washington, Friday, Oct. 18, 2013. Photo:J. Scott Applewhite/AP
Senate passes a bipartisan housing bill aimed at increasing supply and lowering prices
By MICHAEL CASEY and MARY CLARE JALONICK Associated Press
THE Senate passed a bipartisan housing bill on Monday that aims to reduce federal regulations and expand local control, one of the most sweeping eforts in recent decades to increase supply and bring down prices.
The bill, which passed 85-5 and now heads to the House, has been the focus of intense negotiations in recent weeks as lawmakers in both parties try to address housing costs in an election year. The fnal version of the legislation bans corporate investors from buying single-family homes but doesn’t include a Senate provision that would have required investors to sell newly constructed homes within seven years.
The measure was the result of years of work to “lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership,” said Senate Banking Committee Chairman Tim Scott, R-S.C., who worked
with Democrats to get the bill passed.
Massachusetts Sen. Elizabeth Warren, the top Democrat on the banking panel, said it is the most signifcant housing bill to pass Congress since 1990, when the average home in America was sold for $150,000. Now it costs more than $500,000, she said.
The bill “acknowledges that the federal government has a role to play in lowering housing prices,” Warren told The Associated Press. “For the frst time ever, private equity will be blocked from buying up single-family homes and trying to turn housing into one more Wall Street investment.”
Senate passage of the bill shapes up as a rare bipartisan legislative achievement when much of Republicans’ agenda has stalled.
The House is expected to give fnal approval later this week and send the bill to President Donald Trump, who has signaled his support.
Democratic Rep. Maxine Waters of California, who helped negotiate the legislation, said it was a “huge step toward fnally addressing the afordable housing
and homelessness crises in this country.”
Housing costs are a concern for both parties
Republicans and Democrats have embraced the bill as a way to show they are addressing the nation’s afordability crisis, driven in part by rising home prices due to a shortage of afordable housing. The U.S. housing market has been in a slump dating back to 2022, when mortgage rates began
US stocks drift after oil prices ease and Big Tech stocks fall
By STAN CHOE AP Business Writer
U.S. stocks drifted through a mixed day of trading on Monday after oil prices eased and falling Big Tech stocks weighed on Wall Street.
The S&P 500 slipped 0.4%, coming of its 11th
winning week in the last 12, and pulled 1.8% below its all-time high set early this month. The Dow Jones Industrial Average added 148 points, or 0.3%, and the Nasdaq composite slumped 1.3%.
In the oil market, prices fell following talks over the weekend between the
United States and Iran on their war. U.S. Vice President JD Vance said they created a “good foundation for a successful fnal deal.”
An end to the war could clear the Strait of Hormuz for oil tankers and allow for the undisputed resumption of deliveries from the Persian Gulf. Iran’s military
to climb from pandemic-era lows.
Sales of previously occupied U.S. homes have been hovering close to a 4-million annual pace going back to 2023 — well short of the 5.2-million annual pace that’s historically been the norm. Sales slowed last year to a 30-year low and have remained sluggish so far this year, declining in January and February versus a year earlier.
had said Saturday that it closed the Strait of Hormuz again, though U.S. Central Command has disputed that.
The price for a barrel of Brent crude oil fell 3.2% to $77.52, closer to its roughly $70 price from before the war. Benchmark U.S. crude oil fell 2.6% to $73.86 per barrel.
The lower oil prices, though, did not pull down Treasury yields in the bond market. Yields have been climbing because of
The Economic Report of the President in April found a shortage of 10 million homes, while a report this month from the Joint Center For Housing Studies at Harvard University found sales of existing homes were at three-decade lows and inventories were rising due to high home buying costs. “Cost burdens for both renters and owners continue to climb, while assistance remains profoundly underfunded,” the report said.
While the median U.S. monthly rent has been declining for nearly three years, it was still 17.2% higher in May than it was before the pandemic, according to data from Realtor.com.
Changes for grants, Section 8 and manufactured housing
To increase the supply of housing, the bill would streamline environmental reviews and speed up the construction process. It would ofer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding
speculation the Federal Reserve may hike interest rates this year to keep a lid on infation, which has been accelerating because of expensive oil caused by the Iran war. Economists expect a report on Thursday to show a measure of infation for U.S. consumers sped up to 4.1% in May from 3.8% in April.
The yield on the 10-year Treasury climbed to 4.50% from 4.46% late Thursday and from just 3.97% before the war.
Traders are betting on a nearly 90% chance the Fed will raise its federal funds rate at least once by the end of the year, with a small minority calling for four increases. That’s up from the 57% chance seen just a week ago, according to data from CME Group.
High yields in bond markets worldwide caused by worries about infation are threatening to slow economies, and they have already sent rates higher for mortgages and other kinds of loans. High yields also hurt prices for investments, particularly those seen as the most expensive. That raises the pressure on companies whose stock prices have soared in the mania around artifcial-intelligence technology.
the median rate of homebuilding. It would also provide new dollars for communities to turn abandoned infrastructure into housing, and ofers a framework for communities that want to reform outdated zoning regulations, which often limit larger housing developments.
The legislation would allow banks to invest more in afordable housing and raise limits on the number of public housing units that can receive private fnancing through Section 8 funding to rehabilitate properties. And it would remove outdated requirements and expand federal fnancing to make manufactured homes more afordable.
“Manufactured housing produces some of the most cost-efective housing in America, but access to fnancing has been tightly restricted,” Warren said. “This creates the opportunity for more manufactured housing and, at the same time, creates a structure for people living in manufactured housing communities to organize and protect their investment in their homes.”
SpaceX fell 16.4% to $154.60. It’s the third straight drop for the company behind xAI since a big three-day run following its ballyhooed debut on the U.S. stock market, when it initially sold its stock at $135 per share.
The day’s heaviest weights on the S&P 500 included drops of 5% for Alphabet, 4.7% for Amazon and 4.5% for Broadcom.
Elsewhere on Wall Street, AbbVie climbed 6.2% after saying it agreed to buy Apogee Therapeutics and its potential treatments for patients with dermatologic, respiratory and other related infammatory and immunological diseases. Apogee Therapeutics soared 46.7% following the announcement of the deal, valued at roughly $10.9 billion.
All told, the S&P 500 fell 27.79 points to 7,472.79. The Dow Jones Industrial Average added 148.01 to 51,712.71, and the Nasdaq composite fell 351.33 to 26,166.60. In stock markets abroad, the United Kingdom’s FTSE 100 rose 0.7% after Keir Starmer said he was stepping down as leader of the governing Labour Party and will leave ofce within weeks.
THE U.S. Capitol is seen in the background of the ferris wheel as preparation continues for the Great American State Fair on the National Mall, Sunday, June 21, 2026, in Washington. Photo:Jon Elswick/AP
Richard Drew/AP
Dr Wesley Francis • Consultant Surgical Oncologist
Understanding Liver Cancer: Know the risks,
symptoms, and importance of early detection
THE LIVER is one of the body's most important organs, performing vital functions such as fltering blood, processing nutrients, and removing harmful substances. Liver cancer develops when abnormal cells in the liver grow uncontrollably, forming tumors that can spread to other parts of the body.
According to Dr Wesley Francis, liver cancer is the sixth most common cancer worldwide and the third leading cause of cancer-related deaths.
TYPES OF LIVER CANCER
Primary liver cancer begins in the liver itself, while secondary liver cancer spreads to the liver from another part of the body. The most common forms of primary liver cancer include:
· Hepatocellular Carcinoma (HCC) – the most common type, often linked to chronic liver disease and cirrhosis.
· Cholangiocarcinoma (Bile Duct Cancer) – develops in the small tube that carry bile to the gallbladder and small intestine.
· Fibrolamellar Carcinoma
– a rare, slower-growing form often found in younger adults with no history of liver disease.
· Angiosarcoma – a rare and aggressive cancer that begins in the liver's blood vessels.
· Hepatoblastoma – an extremely rare type of liver cancer that primarily afects young children.
SYMPTOMS Liver cancer often causes no symptoms in its early stages. As the disease progresses, symptoms may include:
· Unexplained weight loss
· Loss of appetite
· Upper abdominal pain
· Nausea and vomiting
· Fatigue and weakness
· Abdominal swelling
· Jaundice (yellowing of the skin and eyes)
RISK FACTORS
Dr Francis stated that several factors can increase a person's risk of developing liver cancer, which include:
· Chronic Hepatitis B or Hepatitis C infection
· Cirrhosis (scarring of the liver)
· Nonalcoholic fatty liver disease
· Diabetes
· Certain inherited liver disorders
· Excessive alcohol consumption
· Smoking and exposure to harmful toxins
DIAGNOSIS
Dr Francis explains that doctors use a combination of blood tests and imaging studies, including ultrasounds, CT scans, MRIs, angiograms, and specialised procedures such as ERCP, to evaluate the liver. A liver biopsy may be performed to confrm a diagnosis.
· Angiogram: A minimally invasive imaging procedure that uses contrast dye and X-rays to map the blood vessels supplying blood to a tumor.
· Liver function tests: Blood panels that measure enzymes, proteins, and substances produced or processed by the liver.
· CT scan: A noninvasive medical imaging test that uses a combination of X-rays and computers to create detailed, cross-sectional pictures of the bones, organs, and soft tissues
· ERCP test: A specialised medical procedure used to diagnose and treat problems in the liver, gallbladder, bile ducts, and pancreas.
· Liver ultrasound: A painless, non-invasive imaging test that uses high-frequency sound waves to visualise the liver, gallbladder, and nearby blood vessels.
· MRI (Magnetic Resonance Imaging): A noninvasive medical test that creates highly detailed, cross-sectional images of
organs, soft tissues, and bones.
Treatment depends on the size and stage of the tumor as well as the patient's overall liver function. Options may include:
MANAGEMENT AND TREATMENT
According to Dr Francis, although liver cancer can be conquered when detected at an early stage, surgery can be used to remove the cancerous part of the liver or all the liver. The most common surgeries for liver cancer, he explains, are:
· Hepatectomy (removes part or all the liver)
· Multivisceral resection (removes the tumor along with nearby organs or structures that the cancer has grown into)
· Liver transplantation (replaces a diseased or failing liver with a healthy
· Immunotherapy: A medical treatment that enhances your immune system’s ability to fght disease.
· Radiation therapy - A cancer treatment that uses high-energy beams, such as X-rays or gamma rays, to damage the DNA of cancer cells.
· Radioembolisation: A minimally invasive treatment for primary and metastatic liver cancer. It works by injecting millions of microscopic radioactive beads (microspheres) directly into the arteries feeding the tumor.
· Targeted therapy: A cancer treatment that uses drugs to identify and attack specifc genes, proteins, or the tissue environment that cancer cells rely on to grow and spread
PREVENTION
While liver cancer cannot always be prevented, Dr Francis states that the risk
avoid Hepatitis C infection (avoiding contact with infected blood and not sharing needles or syringes).
· Limiting alcohol consumption
· Not smoking
· Maintaining a healthy weight
· Managing diabetes and liver disease
· Undergoing regular screenings if you are at increased risk (diabetes, obesity or large consumption of alcohol
When detected early, liver cancer is often more treatable and may even be curable.
HOW
THE CANCER SOCIETY OF THE BAHAMAS HELPS
The Cancer Society of The Bahamas works to reduce the impact of cancer through advocacy, education, screening, and patient support services. Programs and services include:
· Cancer Caring Centre
accommodations for Family Island patients receiving treatment in Nassau.
· Adult Support Group –ofering emotional and mental health support.
· Freedom Kids Club –helping children diagnosed with cancer enjoy meaningful childhood experiences through special activities and events.
· Port-a-Cath and Port Needle Assistance – helping patients access essential treatment equipment.
· Financial Assistance Programs – assist uninsured persons Through these programs, the Society helps Bahamians prevent cancer, detect it early, access treatment, and improve their quality of life.
For more information, visit cancersocietybahamas.org/newsletter, call (242) 323-4441 or (242) 323-4482, or email info@
Pickleball injuries: The fastest growing sports problem
IF YOU’VE been to community courts, recreation centres, or local parks lately, you might have noticed a surge in pickleball’s popularity. This once-niche activity has quickly evolved into one of the fastest-growing sports. Its appeal lies in its social nature, ease of learning, afordability, and suitability for all ages and ftness levels. However, with the increase in participation, there’s a concerning trend: a rise in pickleball-related injuries.
As a physiotherapist, I’ve seen a growing number of patients sufering from various aches and injuries linked directly to pickleball.
While the game might seem less demanding than tennis or squash, it puts signifcant stress on muscles, joints, and tendons, especially when players jump in without proper preparation. Pickleball can be tougher on the body than it appears. It often attracts individuals who may not have engaged in regular sports for years. The smaller court and slower ball speed create the false impression that the game is gentle and low-risk. However, once play begins, participants engage in rapid starts and stops, lunging for shots, twisting, reaching overhead, and constantly changing direction. These
dynamic movements place considerable demands on the body.
The most common pickleball injuries include: Shoulder Pain: Repeated overhead shots and serves can strain shoulder muscles and tendons. Players lacking shoulder strength may develop issues like rotator cuf irritation or tendonitis, often only realising the need for shoulder conditioning once pain afects their game.
Tennis Elbow and Golfer’s Elbow: Despite its name, tennis elbow is prevalent among pickleball players.
Repetitive paddle gripping can irritate tendons around the elbow, causing mild soreness that could escalate to pain afecting daily activities.
Knee Pain: Sudden movements like squatting and lunging can aggravate knee problems or lead to overuse injuries, especially in players with existing arthritis.
Achilles and Calf Injuries: Calf strains and Achilles injuries are common due to the quick accelerations required. Many describe a sensation similar to being kicked in the back of the leg.
Falls and Fractures: One of the most severe injuries occurs when players lose balance, particularly among older adults, leading to fractures. The “weekend warrior syndrome” is a signifcant risk factor. Enthusiastic players might begin playing several times a week without allowing their bodies to adapt to these new demands. Gradual increases in activity levels are essential for preventing injuries. Prevention is critical. A proper warm-up—a brisk walk followed by stretching and dynamic movements— can signifcantly reduce injury risk. Strength training for legs, shoulders, and core enhances stability and reduces stress on joints. Balance exercises can also be benefcial, especially for older players. Finally, pay attention to your body. While some soreness is normal, persistent pain or discomfort shouldn’t be ignored. Pushing through pain often leads to more severe injuries.
THE WEATHER REPORT
• For questions and comments, call Hannah Foster-Middleton at 356 4806, e-mail genesisphysiotherapy@gmail.com, or visit www.physiotherapybahamas.com.
By CARA HUNT Tribune Features Writer cbrennen@tribunemedia.net
The Miss Universe Bahamas organisation is set to ‘evolve’ this year, providing its contestants with new opportunities to develop personally and professionally.
The pageant’s National Director Anthony Smith, explained that “EVOLVE" represents the journey of transformation undertaken by each contestant and the platform through which the organisation empowers them to grow.
“The organisation has developed two key pillars within its annual empowerment program,” he told The Tribune.
“The frst is Personal Development, which focuses on modelling, communication, etiquette, and protocol training. The second is Professional Development, which centres on the Fourth Annual Business Symposium, designed to equip contestants with practical knowledge, networking opportunities, and entrepreneurial resources.”
“This year's symposium will be divided into two segments. The frst will feature a distinguished panel of CEOs, entrepreneurs, and working professionals who will share their personal journeys to success within their respective industries and felds of expertise. The second segment will focus on resource support, entrepreneurial development, and business building.”
Mr Smith said that a key component of the symposium is networking. During the interactive question and answer session, contestants are given the opportunity to present ideas, discuss their goals, and engage directly with industry leaders. These conversations often lead to mentorship opportunities, business partnerships, professional guidance, and access to valuable resources that may otherwise be difcult to obtain.
And while this year’s competition had a slight delay due to the country’s general election, Mr Smith says that all activities are now back on track.
Throughout this period, the contestants have remained actively engaged in rehearsals and training as they prepare for the public events leading up to the competition.
Mr Smith also announced an exciting addition to this year’s prize package- a talent management contract with a United States based talent agency.
“Through this opportunity, the winner will receive professional training in brand development, participate in red carpet appearances in the United States, and have opportunities to appear in fashion shows featuring three international designers, and the talent agency will provide brand ambassadorship opportunities with select companies, giving the winner further exposure and professional development opportunities,” he said.
The Miss Universe Bahamas Organisation continues to provide contestants with access to its extensive network of professionals throughout the entertainment, media, and communications industries.
This access is intended to help contestants leverage relationships and opportunities available through participation in the national pageant.
Nine exceptional young women will ofcially begin their journey to the crown at the Ofcial Sashing Ceremony and Meet the Contestants Event on Sunday, July 5, at 7pm in the Grand Ballroom of host partner, the British Colonial Hotel.
Miss Universe Bahamas ‘evolving’ with new opportunities for contestants
Alexandria Pinder, Miss Abaco Alexis Sawyer, Miss Grand Bahama
Cher Dacon, Miss Bimini
Dashae Clarke, Miss Eleuthera Davonya Siffrin, Miss New Providence Mia Gordon, Miss Abaco
Quaniesha Fernander, Miss San Salvador Shawndra Henfield, Miss Exuma
