THE Bahamas must “make the most of the tailwinds” post-COVID and “generate a productivity boost” after the pandemic and $4.3bn in storm damage drove a 40 percentage point debt-to-GDP surge.
Simon Wilson, the Ministry of Finance’s financial secretary, in a July 4, 2025, letter to the Inter-American Development Bank’s (IDB) Bahamas representative asserted that this nation’s “above potential” economic growth since emerging from COVID-19 means it “is an advantageous position” to capitalise upon these trends and drive output to new heights via further policy reforms.
surge
FRIDAY, OCTOBER 3, 2025
IDB: Bahamas to top the Caribbean over disaster governance
The letter to Shirley Gayle, sent as part of the Government’s request for a second $160m “policy-based loan” from the IDB to finance the overhaul of The Bahamas’ disaster recovery management and governance regime, asserted that Hurricane Dorian and the three storms that immediately preceded it - as well as COVID-19 - drive a near-40 percentage point debt-to-GDP rise in just six years.
to countering such events, Mr Wilson argued that this nation is now well-placed to improve upon its projected annual GDP growth average of just 1.5 percent over the long-term.
Acknowledging that the post-COVID improvements have also coincided with “no major natural disasters” striking The Bahamas, thus helping the Government to rebuild some of the lost fiscal headroom that is vital
Noting that the latest $160m loan will finance implementation of the reforms laid out in the Disaster Recovery Management Act, which was enacted by Parliament in December 2022, Mr Wilson wrote: “Within Latin America and the Caribbean, The Bahamas is one of the most
vulnerable countries to natural hazards, especially those related to climate change.
“The Bahamas has experienced 14 major disasters, mainly hurricanes, in the last 20 years which have claimed more than 400 lives, affected about 50,000 people and caused direct damages to public infrastructure and housing amounting to over
Minister: IMF backed $25m ‘reclassification’
A CABINET minister yesterday said the bulk of the last-minute revisions to the Government’s 2024-2025 spending and deficit figures resulted from advice by the International Monetary Fund (IMF).
Michael Halkitis, minister of economic affairs, told the Office of the Prime Minister’s weekly media briefing that most of the $37.3m in spending and deficit adjustments for the five months between July and November 2024 resulted
from $25m being reclassified from an ‘expense’ to an ‘investment’. He added that the $25m allocated to finance The Bahamas’ bid to become a shareholder in the Development Bank of Latin America and the Caribbean (CAF) was initially recorded as an expense. However, following a review by the IMF, the Government was advised to classify the transaction “below the line” as an investment.
The minister added that this adjustment accounted for the bulk of a $37.3m revision to the Government’s fiscal figures, with the remaining
amount made up of smaller, miscellaneous changes.
“You might recall that The Bahamas joined the Development Bank of Latin America and the Caribbean (CAF) during the past year. Part of joining the CAF, we subscribe $25m to become a shareholder in the bank,” Mr Halkitis said.
“When we initially did it, we classified that as an expenditure. When the IMF came in and did their review, they sat with us and they said: ‘Listen, this is rightfully an investment. It doesn’t need to be
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas will have the best disaster risk management regime and governance in the Caribbean once it executes vital reforms aided by a $160m Inter-American Development Bank (IDB) loan.
The multilateral lender, in a report obtained by Tribune Business, said the latest financing - designed to help implement elements in the Disaster Risk Management Act passed by Parliament in 2022 - will take The Bahamas from a below-average performer in this area to regional leader within just five to six years. And, based on the scale of improvement anticipated from The Bahamas implementing these reforms, the report asserted that this nation will see a 21.9 percent reduction in disaster-related deaths and a 26.5 percent fall in economic losses associated with hurricanes and other climate change-related events.
Asserting that the $160m financing is “essential” for The Bahamas to “to implement the necessary governance reforms... that will allow it to smooth out the fluctuations generated by natural disasters”, the IDB added that among the changes demanded by the loan is the long-awaited release of an updated Bahamas Building Code to help reduce the disaster exposure faced by private and public assets.
The IDB report, though, identified “the heavy workload at the Ministry of Public Works” as being among the key risks to the success of the project and its reform agenda because this threatens to delay the new Bahamas Building Code’s submission to Parliament for enactment into law. This is critical because the release of at least some of the $160m funding is tied to this happening.
CONSTRUCTION of a “temporary” replacement for Freeport’s deteriorating Taino Beach Bridge is due to begin in early October, residents and businesses have been informed.
Charisse Brown, Lucaya Service Company’s (LUSCO) chief executive, and who also heads the Grand Bahama Development Company (DevCO), in a September 24, 2025, letter pledged that Bahamas Hot Mix has been hired
to construct a “temporary limestone causeway” that is expected to take around eight weeks to complete. This new structure, she added, will be constructed parallel to the existing bridge and “provide a 20-foot asphalt roadway” that can be used by both pedestrians and vehicles as an alternative to the crumbling crossing that will be adjacent to it. No timeline or start date, though, were provided for work on the Taino Beach Bridge. And it was unclear what plans have been made, because Mrs Brown’s letter
By ANNELIA NIXON Tribune Business Reporter
anixon@tribunemedia.net
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MICHAEL HALKITIS
SIMON WILSON
Canadian tourist arrivals rise 75%
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
AIR arrivals from Canada have surged by more than 75 percent year-over-year, the deputy prime minister has confirmed, helping to further boost the 10 percent rise in total tourism numbers for 2025 to-date.
Chester Cooper, also minister of tourism, investments and aviation, acknowledged the “slight decline” in air arrivals but said The Bahamas’ industry remains strong due to broader strategic efforts.
“Tourism for 2025 is up almost 10 percent. We are steady year-over-year in terms of stopover air arrivals. There’s a slight decline, but overall, we’re very positive. We don’t sit around and be arm chair quarterbacks. We focus on strategy,” said Mr Cooper.
He confirmed that a tourism delegation will travel to Canada next week to further expand airlift and build on the momentum from that market. “Next week we’re going to Canada. We see the growth in Canadian arrivals in excess of 75 percent yearover-year,” Mr Cooper said.
“We’re focused on strategy, and we’re bringing new airlift. We will continue to conduct these missions and tell the world that it’s still better in The Bahamas. We’re pressing forward. Whilst they sit and talk, we work.”
Canadian visitors to The Bahamas have likely increased because they are seeking alternative destinations to the US amid ongoing economic and trade tensions with the Trump administration. This has helped to combat some, but not all, of the decline in tourists from the US - which typically accounts for up to 90 percent of this nation’s
visitor - base due to uncertainties related to White House policy.
The Central Bank of The Bahamas, in its latest report on August’s monthly economic developments, said of visitor arrivals for the first seven months in 2025:
“On a year-to-date basis, total arrivals increased by 8.5 percent to 7.4m visitors as compared to the corresponding 2024 period. Underlying this outturn, sea passengers rose by 10.5 percent to 6.2m. Conversely, air arrivals reduced by 1.3 percent to 1.1m.
“More recent data from the Nassau Airport Development Company (NAD) revealed that total departures - net of domestic passengers - reduced by 3 percent to 150,366 in August relative to the same period last year,” the Central Bank said of Lynden Pindling International Airport’s (LPIA) performance.
“In particular, US departures declined by 5.1 percent to 130,911. In an offset, non-US departures rose by 14.5 percent to 19,455. On a year-to-date basis, total outbound traffic decreased by 2.4 percent to 1.2m. Specifically, US departures fell by 3.4 percent to one million. In contrast, non-US international departures grew by 4.3 percent to 200,000.”
Mr Cooper, meanwhile, said the Ministry of Tourism is working on increasing the conversion rate of cruise visitors to stopover tourists
by developing new experiences and attractions aimed at encouraging longer stays.
“We have a steady strategy to consistently grow stopovers. That strategy includes increasing airlift, it includes improving our product,” said Mr Cooper
“The number of things there is to see and do, we’re working with the Antiquities, Monuments and Museums Corporation to bolster heritage tourism, regattas, festivals. It works together, all as a whole. And that’s why we say tourism is everybody’s business. We all have a role to play.” He added: “Quarter one of 2026 is looking strong. Fourth quarter is looking good relative to last year. We’ve seen some dips in stopover business, driven mainly by the fall-off in consumer confidence in our major source market, USA, as well as other geopolitical issues.
“We’re tracking slightly behind last year, which was a record-setting year in terms of stopovers, but suffice to say we are 10 percent ahead roughly in overall arrivals. We anticipate that this is going to hold towards the year-end.
“We expect that cruise arrivals will continue to be extremely strong, notwithstanding the armchair pundits talking about cruise arrivals. I want to point out that Standard & Poor’s (S&P), in its decision to upgrade The Bahamas, cited cruise, cruise tourism and the economic benefit, as one of the primary reasons for the upgrade, as well as the overall fiscal management of the economy. So let’s not sneeze at the significant growth that we’re seeing in cruise tourism.”
CHESTER COOPER
FOX’S CABLE BEACH PROJECT BIDS TO GIVE RESIDENTS REASSURANCE
By FAY
Professionals working on the Cable Beach office complex proposed by Adrian Fox’s Fox Group of Companies office last night sought to reassure nearby residents that any concerns will be addressed.
Alex Haley, principal of Haley and Associates, the project’s architect, told a Town Planning Committee public consultation that dedicated construction-phase parking will be provided on-site using a parcel of land earmarked for future development.
Two dedicated entrances will be built off West Bay Street to allow access to this temporary lot and prevent congestion on public roads.
“During the development, we will use the parcel that’s labelled future development for construction parking to keep the workers off the streets and sidewalks,” said Mr Haley.
“We’re creating two entrances off of West Bay Street in order to access the parking. So there will be a slip lane that allows cars to merge, when heading east on West Bay Street, to enter the site and to leave the site from West Bay Street.”
Mr Haley confirmed the project, which includes a three-storey office and restaurant complex on a 3.672-acre parcel of land
west of Sandals Royal Bahamian, will be developed in phases. This phased approach, he said, will allow the developers to meet required parking ratios set by the Ministry of Works, while also using the future development parcel for spillover parking needs. “I think we do have rather good parking at the moment. The project is being developed in phases primarily for a reason. The first phase we’re going to use, the ministry required parking amounts, and we also have the future development lot that we’re going to use for spillover parking,” said Mr Haley. “In the future development, there will be some sort of parking structure to accommodate more cars for whatever goes back there. So there will be some sort of level two parking to accommodate parking there.”
Addressing concerns over potential noise from the proposed ground floor restaurant, Mr Haley assured residents its operations will be limited to ensure minimal disturbance to the surrounding community. “The ground floor restaurant tenant has not been selected as yet, but when leased, the operations will be restricted to a latest closing time at 10:30pm,” he added. However, not all concerns were alleviated during the meeting. Bennet Atkinson, president of the Towers of
Cable Beach Association, raised the issue of possible structural impacts to their 1959 high-rise building due to construction activity, particularly during future development phases.
He put the developers “on notice” that their building will be surveyed prior to construction commencing on the site. “Our primary concern is our 1959-built high rise building, and this might not really concern phase one, but when we start building really big buildings, we’re concerned about the structural integrity of our building,” said Mr Atkinson “So I would like to state that we’re going to have a complete survey done of our building, but if anything goes wrong in our building, we will have a survey before you start. So I just wanted to put you on notice.”
The restaurant had “raised some concern” with planning authorities due to the proximity of residential areas. Jehan Wallace, assistant director at the Department of Physical Planning, in a September 2025 paper prepared for the Town Planning Committee recommended that the proposal by the Island Luck co-founder’s Fox Wide Ltd be deferred for a public hearing and consultation on the plans. Documents filed with the Department of Physical Planning on behalf of the Fox Group of Companies
show the complex’s design includes the same logo found on its corporate website. The proposed development includes a 13,000 square foot, threestorey office and restaurant complex on a 3.672-acre parcel of land just to the west of the Sandals Royal Bahamian resort.
If constructed, following the issuance of all necessary permits and approvals, the complex would appear to be in either the same location - or immediately adjacent to - the former Cable Beach Manor site for which Mr Fox signed a Heads of Agreement with the Government in February. He is promising to develop a $300m tourism and resort investment there that will create up to 1,000 permanent jobs.
“The applicant proposes a 13,000 square foot, threestorey building on the site,” Ms Wallace wrote in her note to the Town Planning Committee. “The building includes a restaurant and office foyer on the ground floor and executive offices on the second and third floor. There is also an outdoor recreation space on the third floor.
“A total of 56 parking spaces is also proposed on the site. All building setbacks also meet Department standards. The proposed is in the middle of two residential communities with the Sandals resort
approximately 400 feet east of the property. “While the Department recognises the mix of uses in the vicinity of the property, the proposed restaurant raises some concern due to the proximity of the residential uses. As a result, the Department recommends a deferral for a public hearing to allow the residents an opportunity to voice their concerns for the Committee to consider before a decision is made.”
Meanwhile, the Ministry of Works and Family Island Affairs, in a September 3, 2025, memorandum to the Department of Physical Planning also said its approval of the project is conditioned on the Fox Group of Companies hiring a qualified engineer to conduct a ‘Focused Traffic Impact Analysis’ for the development.
Robert Mouzas, acting director of public works, wrote: “The Ministry of Works and Family Island Affairs wishes to formally express its support in principle for the proposed land use. However, given the site’s location along a highvolume tourist corridor and its proximity to the Cable Beach roundabout, approval should be subject to the following.
“The developer shall engage a qualified traffic engineer and submit a Focused Traffic Impact Analysis (not a full Traffic Impact Analysis) together
Minister: Jobless rise is ‘temporary uptick’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE recent 52 percent increase in the number of jobless Bahamians is not evidence that the economy is struggling, a Cabinet minister asserted yesterday.
Michael Halkitis, minister of economic affairs, speaking at the Office of the Prime Minister’s weekly media briefing instead blamed the increase in the unemployment numbers and rate over the seven months to the 2025 first
quarter on temporary factors such as survey timing and skills mismatch.
He added that the Government has reviewed the unemployment report released by the Bahamas National Statistical Institute (BNSI), and said: “We saw the release. We did a bit of a deep dive into it to see what contributed to it.
“And there was some mention of certain factors acting together;, not one particular thing, but several factors, including timing and including some closures on some islands of some businesses, and the
PM NOT ‘DOWNPLAYING’ UNEMPLOYMENT GROWTH
By FAY SIMMONS Tribune Business Reporter
THE Prime Minister says he is not “downplaying” the recent 52 percent increase in the number of jobless Bahamians as he attributed the increase to more persons entering the workforce.
Philip Davis KC maintained that the rise in the 2025 first quarter unemployment figures reflects greater confidence among Bahamians in the economy’s prospects, which has prompted more persons to enter the labour market and, consequently, increasing the jobless numbers until they find work.
“I’m not downplaying any figures. The Statistical Institute is an independent body. They came out with the numbers, and when I read their report,
I understood why they came to the numbers that are there. It’s not alarming to me, because what the report speaks to is that more Bahamians are confident about our economy, and therefore more Bahamians are looking for jobs,” said Mr Davis.
“And once you’re looking for a job, then you’re factored into the unemployment numbers. We didn’t have that many persons looking for a job before, and they all are now, so I’m encouraged by that.”
Mr Davis also highlighted the impact of seasonal employment patterns on the figures, pointing to industries such as fishing where workers are only employed during certain times of the year.
“There’s also another factor about part-time workers. When they’re not working during the season, they’re considered
timing of when the report was done.
“We studied it, and we try to get a better appreciation of what caused the increase. And so that way, we are able to direct our policy response. One comment that came out of it was a mismatch in skills training and what the demands are in the job market.”
Mr Halkitis pointed to government initiatives aimed at upskilling the workforce, such as the Digi Learn programme and the National Apprenticeship Programme, which are designed to increase employability and address
unemployed, but when the season opens again, they’re employed. So there were influencing factors to the numbers, and so I’m not discouraged by those things, and I’m not downplaying anything,” said Mr Davis.
Michael Pintard, the Opposition’s leader, sharply criticised the Davis administration’s response to the rising unemployment figures, accusing the Government of “gaslighting” the public over the true state of the jobs market.
He argued that attributing the increase in unemployment to seasonal factors was misleading given that the period surveyed typically represents peak employment opportunities in the tourism sector during its winter season.
“First he blamed the stats on the season we’re in. In reality, the related report covered surveys done in January to March of this year, the high season for tourism, when demand for labour is arguably at its highest,” said Mr Pintard.
“Then he claimed the massive jump in the unemployment rate was caused by the fact that more people entered the job market. Does he read his own reports, or is he just gaslighting us again?”
Mr Pintard stressed that the number of employed Bahamians had fallen by more than 5,500 during the period between the 2024 third quarter and 2025 first quarter, signalling a net loss of jobs despite an expanding labour force.
“The labour survey report by the BNSI indicated that the number of employed Bahamians fell by more than 5,500 workers from the third quarter of last year to the first quarter of this year. In other words, the economy lost approximately 5,500 jobs during that period. Even as the labour force increased, there were simply fewer jobs available according to
the skills gaps shown in the BNSI’s findings.
“Two days after [the BNSI report] came out, we were launching a Digi Learn programme, which is designed to help people improve their skills, where the Government of The Bahamas is providing for its citizens to be able to go and do free courses and things like Excel, Word, just an example, a whole slew of other courses to improve their marketability and their skill level,” said Mr Halkitis.
“You see the continued investment in the National Training Agency and the
the official government statistics,” he added. The Bahamas National Statistical Institute’s latest report revealed that the official unemployment rate rose from 7.2 percent in the third quarter of 2024 to 9 percent by year-end, before reaching 10.8 percent in the first quarter of 2025. The number of unemployed increased by 8,885 during this period, while 65,225 workers—about 30 percent
National Apprenticeship Programme.” He maintained that the labour market continues to show positive momentum and job creation, adding that the increase in unemployment reflects a “temporary uptick” rather than structural economic weakness.
“You look at the figure, go and try and get a deep dive, look behind it, to see what the elements are that have caused this, what we think is a temporary uptick. That way you can drive your policy response. In no way is it any indication, in my mind, that the economy
of those employed—were under-employed, working part-time but seeking additional hours. In January 2025, there were 25,925 unemployed individuals, with females representing 51.3 percent. Youth unemployment was notably high at 20.9 percent. Women aged 20 to 54 were more likely to be unemployed than men in the same age groups, though men aged 25 to 44
with detailed access and circulation design drawings for review and approval by the Ministry of Works.
“Subject to satisfactory submission of the above and incorporation of any mitigation arising from the Focused Traffic Impact Analysis, we would have no objection to the site plan approval.”
Alfred Saunders, the project’s architect, in an August 5, 2025, letter to the Department of Physical Planning applying for site plan approval acknowledged that the location is adjacent to the Towers of Cable Beach apartment complex. A road reservation that is 56-feet wide also runs through the 3.672-acre project site.
“In addition to the current proposal, the site has been strategically designed to accommodate potential future expansion, supporting the continued growth of Fox Wide Ltd as their operational needs evolve,” Mr Saunders said, in a seeming nod to Mr Fox’s resort plans. Fox Wide Ltd appears to be a subsidiary of the Fox Group of Companies.
The application by Fox Wide Ltd outlines plans for 56 parking spaces, with 28 allocated for the restaurant and 24 designated for office use. Developers said the site layout was designed with future growth in mind.
is in trouble,” said Mr Halkitis.
He highlighted over 400 jobs listed on the Ministry of Labour’s online portal, and referenced a recent job fair by a hospitality developer seeking to fill a similar number of positions as evidence of continued demand for labour.
“The Minister of Labour said, on their portal alone, are about 400 jobs that are waiting to be filled. One hospitality company had, about three weeks ago, a job fair where they were looking for 400 spaces. And so, the economy is generating demand for jobs. We have to make sure that our people are equipped to be able to fill them,” Mr Halkitis said.
faced slightly higher unemployment than women in that range. Approximately 106,480 people were outside the labour force, including 3,720 discouraged workers who had stopped job searching due to lack of opportunities or other barriers. Among young people aged 15 to 24, 23.9 percent were outside the labour force.
CONSTRUCTION PROJECT MANAGERS
• Responsibilities include: overall project execution, scheduling, materials ordering, and producing weekly site reports.
• Must have at least 10 years of experience and a relevant Bachelor’s Degree.
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• Valid references required
PHILIP DAVIS KC
Distillery targets growth in partnership approach
The developers behind the John Watling’s Distillery that has transformed the historic Buena Vista Estate into one of Nassau’s most celebrated cultural landmarks say partnerships are key to growth.
“Through collaboration, you can expand your reach,” says Pepin Argamasilla, a marketing executive and one of the partners behind John Watling’s. “We looked around and saw companies trying to out-sell each other and keep visitors to themselves.
“And it dawned on us: The number one advertising you can’t buy is word of mouth. So instead of competing, what if we partnered? What if we became part of what other experts in the industry were already doing?” More than 75 tour operators bring visitors to John Watling’s, including Islandz Tours, Pirate Jeep Tours, Snappa Tours
and Cheryl’s Taxi and Tour Service. This approach has guided the distillery since the new founders purchased the long-abandoned 1789 Buena Vista Estate. Once neglected, the property is now home to a working distillery, tavern and the We B Learnin’ Rum Academy. “The days of out-competing are over if you want to continue to grow,” Mr Argamasilla said. “Let’s show visitors how to truly enjoy The Bahamas. How dull would it be for a tourist to come to Nassau and only experience one venue? With over nine million visitors each year, there are plenty of guests to share and so much more for them to discover.”
That spirit of partnership extends to cultural preservation. After witnessing damage to historic cannons at the Water Battery on West Bay Street, John
PASSENGERS from Royal Caribbean’s president’s cruise enjoy John Watling’s Distillery’s ‘pop up’ rum tasting and ‘bottle your own rum’ experiences at the Nassau Cruise Port’s gallery and wine bar.
Watling’s joined forces with the Antiquities, Monuments and Museums Corporation (AMMC) to restore the site, with completion expected by Thanksgiving. From October 15, the AMMC will also provide
Borrowing costs soared by 200 basis pts. over 6 years
REFORMS - from page B1
$6.7bn. These include hurricanes Joaquin (2015), Matthew (2016) and Irma (2017) with total damages of $104.8m, $438.6m and $200m, respectively.”
These, Mr Wilson added, were followed in 2019 by Hurricane Dorian, the Category Five storm that devastated Abaco and Grand Bahama, and which he described as the most powerful to ever hit The Bahamas and the “second most powerful everrecorded in the Atlantic”.
“This hurricane caused 67 deaths, 282 people missing and more than 2,000 people evacuated,” the top Ministry of Finance official said, adding that Dorianin costing The Bahamas a combined $3.4bn in housing and infrastructure damage, and losses - nearly destroyed Marsh Harbour and the East End of Grand Bahama”.
Outlining the challenges this has caused the Government, Mr Wilson said hurricanes are the biggest threat to The Bahamas’ debt dynamics with Joaquin, Matthew, Irma and Dorian causing “a cumulative impact on the primary deficit of 1.5 percent of GDP”. Increased government spending to mitigate COVID and their impact, plus the provision of tax credits to firms and individuals, drove higher primary deficits.
“Overall, our primary fiscal balance went from -1.1 percent of GDP in fiscal year 2014-2015 to -8.1 percent in the fiscal year before the pandemic recovery, 2020-2021,” Mr Wilson added, “while the central government debt-to-GDP ratio increased from 49 percent to 88.7 percent.
“Another important driver of this rise was the increase in borrowing costs, increasing over 200 basis
points (two full percentage points), on average over the period, as access to concessional financing and to capital markets in general was severely restricted for small island developing nations like The Bahamas.”
While some observers will argue that The Bahamas cannot blame all its fiscal ills and challenges on COVID and past hurricanes, and are likely to cite mismanagement, overspending and poorly-judged forecasts as other factors, there is little doubt that the pandemic and prior storms have played a major part in the Government’s financial challenges.
Mr Wilson said the blows dealt by COVID-19 and the multiple hurricanes also impacted The Bahamas’ ability to comply with the so-called ‘fiscal rules’ in the Fiscal Responsibility Act which were designed to limit both the size of fiscal deficits, and how much the
Focus Cay Photography
the West Indian Guard for ceremonial cannon firings daily at noon at the Buena Vista Estate. Each day, one guest will pull the trigger. In the US, John Watling’s has offered its products at Total Wine & More across
Government’s spending exceeded its tax revenues, plus growth of the debt-toGDP ratio.
He pointed out that, while the first-year deficit was in line with these ‘rules’ for 2018-2019, Hurricane Dorian’s impact “activated the escape clause” that enabled the Government to temporarily deviate from these restrictions and it was not until the latest 20242025 Budget year that the 0.5 percent-of-GDP target was attained.
“The COVID-19 pandemic prompted continued use of the escape clause, and consequently delayed achievement of the overall deficit and debt-to-GDP targets until fiscal year 2024-2025 and fiscal year 2030-2031,” Mr Wilson added. “Notwithstanding, the economic and fiscal recovery after the pandemic has been remarkable...
“In this context, Bahamian GDP growth performed above its potential rate - 9.9 percent in 2023 versus 8 percent estimated potential... Fuelled by the tourism and construction sectors during 2024, the economy also
15 states - including Florida, New York, Texas and California - bringing Bahamian rum to American consumers. On the cruise front, the distillery recently partnered with Royal Caribbean for the President’s Cruise 2025, which docked in Nassau on September 23. John Watling’s Distillery created a pop-up version of its Rum Academy inside the Nassau Cruise Port’s art gallery. Guests bottled their own rum, sealing it with molten wax and custom labels, and enjoyed guided tastings that showcased Bahamian rummaking heritage. “We welcome hundreds of thousands of cruise, stopover and local guests to the Buena Vista Estate every year,” said Mr Argamasilla. “But this was a unique chance to bring the Rum Academy to them right at the port. It showed the power of partnership,
showed strong positive growth of around 3.2 percent year-over-year.
“Since this means that economic growth is above potential (1.5 percent), The Bahamas is in an advantageous position to make the most of the tailwinds and advance in a series of interventions to try not only to keep the economy growing at potential but to generate a productivity boost to raise it.”
Explaining that the $160m financing for improved disaster governance is included in the Government’s mediumterm fiscal and debt management strategies, which cover the period through the 2027-2028 fiscal year, Mr Wilson added: “Our debt strategy was developed in the context of expected Budget surpluses of 1.7 percent GDP on average to accomplish the strategic goal of reduce the debt-to-GDP ratio to 50 percent by 2030-2031.
“This implies that the borrowing operations of the country are intended to roll over the expiring debt on the basis of a reducing refinancing risk by leveraging
how collaboration amplifies reach, and what The Bahamas can offer.
“Up here on the hill we collaborate with the Graycliff Group of Companies, The National Art Gallery, Educulture Junkanoo Museum, Tasty Teas, the D’Aguilar Art Gallery, artist Antonius Roberts and nearby churches and historic sites, helping to continue to restore and position our neighbourhood as the cultural heart of The Bahamas.
“At the end of the day, we all have one product, and that product is The Bahamas. The more goodwill we extend, the more goodwill comes back. Partnerships make the pie bigger for everyone. And for those who wish to join us, you know where to find us, but every partnership must be built on mutual respect and benefit.”
multilateral sources of financing and minimising short-term domestic debt issuances, and lowering interest rate risk through increased use of semi-concessional financing.”
This, the financial secretary added, is key to “achieving the Government of The Bahamas’ objectives of lowering the debt burden at the lowest possible cost at a prudent level of risk. The amount [$160m] corresponds to 14 percent of the country’s preliminary borrowing needs for fiscal year 2025-2026 of $1.123bn”.
Pledging the Government’s commitment to implement the reforms mandated by the $160m IDB loan, Mr Wilson said the facility will help “smooth out fluctuations generated by natural disasters, which are the external shocks that have most affected the country’s macroeconomic stability since its Independence in 1973.
“This will contribute to a stable and resilient economic environment that serves as fertile ground to promote the prosperity of Bahamian society,” he added.
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Fear Works’ ‘heavy workload’ will delay new Building Code
RESILIENCE - from page B1
Referring to its iGOPP index, which benchmarks governance and government policies that facilitate effective disaster risk management, the IDB said:
“According to an IDB study based on empirical evidence from 26 Latin American and Caribbean countries, higher iGOPP scores are associated with lower fatality rates caused by disasters and contribute to a significant reduction of their economic losses.
“Particularly in countries like The Bahamas that are more vulnerable to catastrophic events like major hurricanes. In other words, having a robust governance framework is key to an effective use of human, technical, financial and material resources to address the risk and consequences of natural disasters.
“According to the most recent update of the index by the bank in 2020, The Bahamas had an iGOPP score of 21 percent, below the Latin American and Caribbean average of 35 percent. As a result of the policy reform implemented through this policy-based loan series, The Bahamas
is expected to improve its iGOPP score to 39 percent, achieving the best iGOPP score in the Caribbean region.”
Detailing the policy and reform commitments made by the Davis administration to secure this latest financing, the IDB document said that as part of the “risk reduction” focus these include “publication of an update of The Bahamas Building Code to avoid the increase of vulnerability of public and private infrastructure to natural hazards, in accordance with best international building practices”.
However, this was also identified as a potentially major obstacle to releasing the $160m financing. “ Setting out the “main risks”, the IDB warned that “the heavy workload at the Ministry of Public Works might delay the submission of the update of the National Building Code to Parliament for enactment, thus delaying the operation’s disbursement.
“This risk was assessed as medium-to-low. To mitigate this risk, the Ministry of Finance will engage in May through July with the Ministry of Public Works
to prioritise the approval process and submission to Parliament,” the report added.
Similarly, another key “risk” to the project’s success was that “the heavy workload of the technical staff in the Disaster Risk Management Authority might delay the review of the technical deliverables of several consultancies, which might lead to a delay in the approval of policy instruments, thus delaying the operation’s disbursement.
“This risk was assessed as high. To mitigate this risk, the Disaster Risk Management Authority will prioritise the review through scheduling and engage additional sectoral support during May.” Meanwhile, other policy commitments include developing a “comprehensive financial management strategy for disaster risk management” in The Bahamas.
This will include “financial instruments that finance disaster risk management actions after a disaster has occurred - response, rehabilitation and recovery - but also those that are carried out before the occurrence of a natural hazard, aimed
Opposition and Gov’t trade blows over fiscal revisions
FISCAL - from page B1
expenditure. So we removed that $25m from expenditure and put it below the line; it’s an investment.
“I think the entire figure was about $37m. Twentyfive million dollars of that was for CAF, and then the rest was just a combination of other minor revisions. Revisions are not unusual, and that is why a lot of times when we release figures, we say preliminary figures, meaning not final. And I would just encourage all to bear that in mind.”
The Bahamas’ total subscription for CAF shares is just shy of $50m, and is split into two tranches of around $25m - one that was to be paid by end-September 2024, and another by endSeptember 2025. Tribune Business research showed that both appeared to be included in the Ministry of Finance’s capital budgets for both 2024-2025 and 2025-2026 as “capital subscriptions to international agencies”.
Mr Halkitis emphasised that fluctuations in the Budget figures are a normal part of fiscal management, and warned against drawing definitive conclusions based solely on monthly fiscal reports. He added that the Government’s finances are dynamic, and figures often undergo changes as more accurate data becomes available and reclassifications are made in consultation with external agencies such as the IMF.
“We release monthly reports, we release quarterly reports, and then we release the annual report. And, unfortunately, sometimes there tends to be an over-reaction. When you see a monthly report, you see something, ‘oh, the deficit has gone up’. And we have to come out and say, ‘it’s just one month, we got this’,” said Mr Halkitis.
He warned that monthly reports, while important for tracking short-term trends, do not provide a complete picture of the country’s fiscal position. He argued that these reports should be viewed within the broader context of quarterly and annual reporting, which capture the cumulative effect of revenue collection, spending adjustments and investment decisions over time.
The Opposition’s chairman, though, was yesterday far from convinced by Mr Halkitis’ explanation as he accused the Government of achieving “an orchestrated or choreographed outcome” for its 20242025 full-year deficit, and asserted: “They’ve cooked the books.”
Dr Duane Sands told Tribune Business that there
is “no question” that the Davis administration produced a contrived outcome, with the $78.9m deficit for the full-year to end-June 2026 only overshooting its Budget target by $9.1m or 13 percent, due to lastminute revisions that cut a combined $37.3m from spending and deficit figures given for months earlier in the period.
“I think this is an orchestrated or choreographed outcome,” he blasted. “If you look at the predicted, or anticipated, revenue, other than duties they were off pretty much on all counts. When you look at how they got close to the predicted outcome, they said they would meet it because of superior revenue performance etc, etc. “Now, the only way they could do that is by reducing spending, which they did. They have cooked the books. The reality on the ground reflects that. Nobody should be impressed. The [fiscal] numbers are certainly inconsistent with the jobs report, the palpable sense of despair on the street, and just the state of affairs that exists.”
Key revenue streams such as VAT and real property tax under-shot projections for the 20242025 fiscal year by 5 percent and 9 percent, respectively.
The Ministry of Finance disclosed that VAT collections missed their target by $77.6m as they closed at $1.438bn - a sum representing 94.9 percent of the $1.516bn full-year target. However, the $1.438bn received was some $85m higher than the prior Budget year’s collections. Meanwhile, real property tax revenues came in some $20m below the $230m forecast to account for 91.3 percent of Budget estimates. The $210m collected, though, was slightly higher than the prior year’s $203.4m when property tax revenues beat the 20232024 Budget’s target. For the 2024-2025 fiscal year, the only revenue source to exceed target was “taxes on international trade and transactions” - largely meaning Customs duties imposed at the border which totalled $871.7m - a sum 5 percent higher than the forecast $830.5m Total revenues missed Budget forecasts by $147.3m, totalling $3.396bn compared to the projected $3.543bn, to stand at 95.8 percent of target. Total tax revenues were off from target by $116.2m, standing at $3.026bn or 96.3 percent of projected collections which were $3.143bn. The revenue misses, though, were balanced by the Government’s spending coming in 3.8 percent
at dimensioning, reducing, preparing and financially protecting against disaster risk”.
The Government has also promised to ensure the “disaster prevention fund has received resources to finance [pre-disaster] risk management activities such as risk analysis, risk reduction and disaster preparedness, aimed at dimensioning and reducing disaster risk and preparing to respond to disasters”.
And that a ‘Non-Governmental Consultation Council, featuring “individuals who possess qualifications, skills or experience in the management of disaster risks, community-based organisations, non-profit organisations, corporations and other private organisations” is convened at least once per year following its creation.
“The programme will benefit the population of The Bahamas that is exposed to disasters, which amounts to 344,279 people in the case of hurricane extreme winds. This overwhelmingly comprises the affected population that is exposed to the impacts of coastal flooding in The Bahamas, which amounts to 36,502 people,” the IDB report said.
“Empirical evidence suggests that a disaster risk management governance improvement equivalent to an increase of one point
in the iGOPP reduces, on average, by 3 percent the human fatalities caused by disasters and human economic losses by 4 percent.
“Applying this evidence, The Bahamas’ expected iGOPP gain of 18 points yields substantial reductions in future disaster impacts, both in human and economic terms.... For The Bahamas, which is expected to improve its iGOPP score from 21 to 39, the model implies a 21.9 percent additional reduction in disaster-related fatalities, relative to the baseline at iGOPP,” the report added.
“For economic losses, regression shows that a one-point increase in the Resilience to Economic Loss (REL) index subset of the iGOPP leads to a 4.3 percent reduction in expected economic losses. The Bahamas’ REL improvement from 6.17 to 13.3 corresponds to an estimated 26.5 percent decline in disaster-related economic losses.”
The IDB report added: “The programme directly contributes to closing development gaps in The Bahamas by enhancing institutional capacity to manage disaster risk across the disaster risk management cycle: Prevention, preparedness, response and recovery.
“This has a particularly strong redistributive effect by improving the resilience
of the most vulnerable segments of society - those exposed to hurricanes and coastal flooding, including low income and geographically-isolated communities - as well as women and people with disabilities who are disproportionately affected by disasters.
“The commitment by the Government of The Bahamas to allocate resources to public sectors such as the Ministry of Public Works and Family Island Affairs, in addition to the allocation of resources to the Disaster Prevention Fund provides incentives for the sectoral implementation of ex-ante disaster risk reduction activities such as to support the enforcement of the updated building code for The Bahamas and increased regulatory standards,” it continued.
“Even though the results achieved under the current policy-based loan by 2025 put The Bahamas as a leader in the Caribbean region in terms of disaster risk management governance, these should not be considered the final target. Building on the reforms supported through this operation, The Bahamas has the opportunity to further strengthen its disaster risk management governance and improve its iGOPP score over the medium-long term.”
below forecast at $3.475bn compared to $3.613bn projected. Recurrent spending, which covers the Government’s fixed costs such as civil service salaries and rents, was almost $80m less than forecast at $3.189bn compared to Budget forecasts of $3.269bn.
Dr Sands, meanwhile, pointed to the Central Bank’s report on monthly economic developments for August which, while showing that total visitor arrivals are up for the seven months to end-July 2025, also acknowledged that higherspending stopover visitors are off year-over-year by 1.3 percent for the same period.
“What you have to ask is are those numbers consistent with the numbers on the ground?” he added. “Clearly, they are not. The component in tourism that makes a difference in the lives of ordinary Bahamians continues to drop. Certainly, the far more plausible explanation... is that Finance has contrived the numbers to achieve an outcome that would be palatable to the Bahamian public.
“If they think we are going to be impressed by that then carry on smartly. I am certainly not impressed. This is all about smoke and mirrors, this is all about public relations, this is all about spin.” The Opposition’s chairman also renewed his previous call for the Government to complete the long-promised transition to accrual-based accounting across the public sector.
“It’s certainly legal,” he argued of the Government’s current cash-based accounting system, “but there are limitations and the public needs to understand these limitations. Advocates for accrual-based accounting have argued that such a switch will give a true and accurate picture of the Government’s financial position.
This compares to the current “modified cash basis of accounting” that is guided by International Public Sector Accounting Standards (IPSAS). This makes clear “revenue is recognised when received and not when earned”, and that “expenditure is recorded in the period in which it is paid”.
While there is nothing wrong with this, such a form of accounting does not recognise spending commitments made, or bills that are owing such as those due to the Government’s vendors. Accrual-based accounting would record, and expose, such commitments and payables, but under the present system these do not show up in the revenue and expenditure figures.
Mr Halkitis, though, hit back at what he described as politically-motivated misrepresentations of The Bahamas’ fiscal performance. He argued that isolated data points from preliminary reports are sometimes used out of context to create an exaggerated sense of economic instability.
“It’s unfortunate that, politically, some seek to take advantage of it to paint a worse picture of the finances of the country than they are. And. unfortunately, it takes external people to come and do the analysis and say ‘this is the true picture’,” said Mr Halkitis
Addressing his political opponents directly, Mr Halkitis criticised what
he described as “hysterical” commentary made for political gain, warning that such statements are monitored internationally and could damage the country’s financial credibility.
He suggested that such actions not only mislead the public but may also undermine confidence among international financial institutions, who rely on accurate and balanced assessments when evaluating The Bahamas’ fiscal credibility.
“And just one last shot to the politicians out there, because I imagine you know this might ramp up, is that when you take these shots and get a little hysterical, when you see these things and put out these hysterical statements, it’s
not only consumed here in The Bahamas; it’s consumed internationally, and so then we have to go out and sit with financial institutions and explain to them what the true picture is, doing damage control, so to speak,” said Mr Halkitis.
“I’ll leave with this. We’re in a democracy, so anybody’s free to say what they want, but particularly when it comes to the financial well-being of the country, of course, ask, of course demand accountability, but particularly aimed at the politicians out there who seek to score points. Let’s be a little more measured in our statement.”
Chamber warns against further business burden
SECURITY - from page B1
“Reward the businesses that strive to do right, and put the oversight where it belongs. Each time a new tax is considered - let’s call a thing, ‘a thing’ - ask yourselves: ‘Am I clipping the wings of the flamingos just to hold a few pesky pigeons to task?’”
Molly McIntosh, the Bluff House Beach Resort and Marina’s top executive, warned that requiring companies to pay a “bond” or finance some form of “redundancy insurance” for their workers threatens to deter them from hiring and would lead to both higher unemployment and higher costs passed on to consumers.
“I am afraid if we continue adding on cost after cost to businesses, unemployment will go up, as well as our prices to the consumers which, in turn, may decrease the amount of business to the resorts and trickle down business to smaller local businesses,” Ms McIntosh said. “It just seems like the Government
is taxing and requiring more and more wasted time and money from businesses to stay in operation.”
While supporting financial security and “fair treatment” for employees, the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC), voiced its concerns over “the potential economic impact, lack of clarity and absence of stakeholder consultation on this proposal”, and has called for a full consultation document or ‘White Paper’ to be published on the topic.
“At present, no detailed framework or policy paper has been released outlining how this system would operate, how contributions would be calculated, or what safeguards would be in place for employers — especially small and medium-sized enterprises (SMEs),” the Chamber said.
“Moreover, we caution the Government against adding additional cost burdens on businesses already facing high operational costs and inflationary
pressures, coupled with a paradoxical unease of doing business.
“There is also uncertainty around calculation and enforcement mechanisms, lack of differentiation between high and low-risk employers or industries, disproportionate impact on MSMEs (micro, small and medium-sized enterprises) and the potential deterrence to local and foreign investment. These can be detrimental to the business community and stifle continuity.
“In light of these concerns, the Chamber is calling on the Government to publish a full consultation document or ‘white paper’ outlining the proposed bond scheme; its structure and intended implementation timeline; engage in open dialogue with the private sector, including formal consultations and technical working groups, commission a full economic impact assessment to evaluate potential unintended consequences, including effects on employment, cost of doing business
Hot Mix to construct new crossing in 8 weeks
initially referred to its full “removal and replacement” only to speak to “bridge repairs” just three paragraphs later.
“We are writing to inform you about an upcoming traffic diversion that will affect residents residing on Alan Circle and Tennents Road.
This diversion is part of the work to construct a temporary limestone causeway at the Taino Beach Bridge, which is necessary to safely reroute traffic while we undertake the bridge’s removal and replacement,” the LUSCO and DevCO chief wrote.
“This causeway will serve as a safe diversion route for residents, businesses and visitors until the existing bridge can be fully removed and replaced. Construction is scheduled to commence in early October, with Bahamas Hot Mix engaged as the contractor, and an anticipated completion timeframe of approximately eight weeks.
“The causeway will provide a 20-foot asphalt roadway with shoulders for barriers and pedestrian access, and has been designed at a raised elevation to ensure both durability and stability,” she added. “During this period, traffic will be redirected
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MARMADUKE HOLDINGS
(In Voluntary Liquidation)
NOTICE is hereby given in pursuance of Section 222(2) of the Companies (Winding Up Amendment) Act, 2011, that all contributories of the above-named Company are requested to attend an Extraordinary General Meeting of the Members of the above-named company on Thursday the 30th day of October 2025 at 11:00 o’clock in the forenoon in the ffces of onald t inson o. Chartered Accountants, Marron House, Virginia and Augusta Streets, Nassau, Bahamas, for the purpose of having an account laid before the Members showing the manner in which the winding-up has been conducted, the property of the Company disposed of, hearing any explanations that may be given by the Liquidator and determinin by traordinary esolution the manner in which the books, accounts and documents of both the ompany and the i uidator shall be disposed of. ated the th day of eptember
Tanya P. Simmons Liquidator
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 210066 B
and competitiveness; and consider alternative or risk-adjusted approaches that achieve worker protection goals without introducing one-size-fits-all obligations.”
Robert Farquharson, head of the Ministry of Labour’s special projects unit, declined to comment on the proposed redundancy bond that is designed to be a safety net for employees in case a business shuts down or falls into insolvency. He added that with town meetings on this and other proposed legal amendments scheduled in the near future, he does not want to pre-empt any discussions on labour reforms.
“You’ll have an opportunity to express concerns, the recommendation, and then I’m sure we’ll be able to answer any questions regarding that at that time,” Mr Farquharson said. “I would not want to speak outside of that town meeting on any of the recommendations.”
The Ministry of Labour and the Public Service will hold legislative reform town hall meetings. They will be at 6pm on October 7 at the National Training Agency in New Providence, and on October 8 at the Ministry of Labour and the Public Service Winn Building in
conducted to track turbidity levels, with immediate mitigation measures taken if readings exceed acceptable thresholds.
through Alan Circle and Tennents Road to allow vehicles to bypass the existing bridge and access the causeway.
“We understand that this change will take some getting used to, and that it may cause inconvenience for those living along these roads. Please be assured that this measure is temporary and is essential to ensure that both light and heavy vehicles can move safely and efficiently through the area while repairs are being completed.”
Ms Brown continued: “During the construction phase, we recognise that there will be some temporary muddying of the water in the Fortune Bay and Bell Channels. To minimise this impact, we have developed and will implement a series of protective measures. Silt curtains will be deployed around the active work areas to contain suspended sediments and prevent dispersion into the wider channel.
“Construction will be carefully sequenced so that lime rock is placed and compacted in smaller, controlled sections, reducing the amount of exposed material at any given time. In addition, regular water quality monitoring will be
“We kindly ask for your patience and co-operation during this time. The construction period for the causeway is expected to last approximately eight weeks, and we will make every effort to minimise disruptions to your daily routines. The diversion will remain until the bridge repairs are complete. We remain committed to restoring safe and reliable infrastructure for the community.”
LUSCO later issued a joint statement with Tamarind (Grand Bahama) Development to confirm the temporary causeway will restore safe access for both light and heavy vehicles, easing long-standing weight restrictions and supporting local economic activity.
“The Lucaya Service Company Limited (LUSCO) and Tamarind (Grand Bahama) Development are pleased to announce that construction of a temporary causeway at the Taino Beach Bridge will soon commence, marking an important step toward removing the current weight limits so residents, businesses and visitors can move freely again,” said LUSCO
“This initiative ensures that both light and heavy vehicles can once again move safely and efficiently through the area, supporting residents engaged in
NOTICE is hereby given that SYLVEUS JOSEPH of Malcolm Road, Nassau, The Bahamas,
Grand Bahama at the same time. Proposals for a “redundancy” bond or insurance are nothing new, however. Obie Ferguson, the Trades Union Congress (TUC) president, has called for the creation of a National Redundancy Fund to be established ever since the Royal Oasis’s last owner shuttered the resort in 2004 and exited the country leaving behind some $22m in liabilities - including unpaid staff termination pay and other benefits.
Mr Ferguson has argued that The Bahamas mandate that foreign investors coming to do business here set aside what would effectively be a performance bond - held in escrow - that could be used to compensate employees and other creditors should they ultimately flee this nation and take all assets and funds with them. The latest proposal is strikingly similar to this.
Reforms such as extending maternity leave to 14 weeks have also made it through from the ‘White Paper’ to the upcoming October public consultation. Accommodations have also been made for adopting and breastfeeding mothers, while it is proposed that fathers will be able to take two weeks’
ongoing construction and enabling businesses to more quickly resume normal activities and services.”
The Grand Bahama Port Authority (GBPA) has approved the construction of the temporary limestone causeway across the canal. It aims to resolve the immediate need for safe, unrestricted passage, particularly for heavy-duty vehicles that have been unable to cross due to a 10-ton weight limit imposed on the aging bridge.
“The causeway will be built by progressively placing and compacting lime rock across the canal. It will provide a 20-foot asphalt roadway for vehicles, with 10-foot shoulders on each side for barriers and pedestrian access,” said LUSCO’s statement
“The roadway surface will be raised to an elevation of approximately five feet - about 1.5 feet above the existing canal seawalls - ensuring durability and stability. An environmental statement, inclusive of an environmental management plan, has been completed and reviewed by the Grand Bahama Port Authority’s Building and Development Department, and permission has been granted to proceed with the causeway.”
LUSCO confirmed that the current 10-ton weight restriction on the Taino Bridge will remain in effect until the temporary causeway is fully constructed and operational. Security personnel will be stationed on
paternity leave “once every three years”.
Other changes to the Employment Act propose introducing “mental health wellness leave” of three unpaid days per annum, while a paid daily work “break” will also be mandated. And, while an employer and employee can agree to the latter working up to 10 hours per day, overtime has to be paid for two hours as this exceeds the standard eighthour day.
A requirement for a minimum eight-hour break between shifts is also included in the proposed reforms. The Employment Act revisions also “eliminate” the current distinction in section ten concerning overtime for workers who receive the majority of their pay in tips, while managers and supervisors will now “be given time off for overtime hours worked”.
As for the Industrial Relations Act, the proposals include strengthening the “conciliation process” involving employer/employee disputes by giving the Department of Labour “more power to address those matters that really have no merit proper to being referred to the minister and, subsequently, to the Industrial Tribunal.
site to monitor traffic and prevent further breaches.
“For the continued safety of the public, strict adherence to the current bridge weight limits prohibiting vehicles in excess of 10 tons remains in effect until the causeway is in service. To support enforcement, a security booth and guard will be stationed on the northern side of the bridge to monitor compliance, as repeated breaches have placed undue strain on the structure,” said LUSCO.
“While the installation of the causeway will temporarily interrupt water flow at the bridge, this will not impede canal-front residents from navigating freely within the Fortune Bay and Bell Channel inlets. As boating access beneath the bridge has already been restricted, no additional impacts are anticipated.”
The bridge represents the only transport link to attractions and businesses such as Smith’s Point Fish Fry, Pirate Cove Zip Line and Water Park, the Dolphin Experience, Stoned Crab Restaurant and Tony Macaroni’s Conch Experience. Residents and business owners have repeatedly voiced frustration over the deteriorating condition of the bridge, calling for urgent repairs to protect access and ensure safety. The construction of the temporary causeway marks the first visible step toward long-awaited infrastructure improvements in the area.
any distribution made before such claim is proved. Dated this 1st day of October A.D. 2025.
WALL STREET TICKS TO MORE RECORDS, LED BY TECHNOLOGY STOCKS
By STAN CHOE AP Business Writer
U.S. stocks edged up to more records on Thursday as technology stocks kept rising and as Wall Street kept ignoring the shutdown of the U.S. government.
The S&P 500 added 0.1% to its all-time high set the day before. The Dow Jones Industrial Average rose 79 points, or 0.2%, and the Nasdaq composite climbed 0.4%. Both also hit records.
Thursdays on Wall Street typically have investors reacting to the latest weekly tally of U.S. workers applying for unemployment benefits. But D.C.'s shutdown meant this week's report on jobless claims has been delayed. An even more consequential report, Friday's monthly tally of jobs created and destroyed across the economy, will likely also not arrive on schedule.
That increases uncertainty when much on Wall Street is riding on investors' expectation that the job market is slowing by enough to convince the Federal Reserve to keep cutting interest rates, but not by so much that it leads to a recession.
"The Fed has been on record that they are very data dependent, and the lack of data from public sources is likely to be problematic," said Brian Rehling, head of global fixed-income strategy at Wells Fargo Investment Institute.
So far, the U.S. stock market has looked past the delays of such data. Shutdowns of the U.S. government have tended not to hurt the economy or stock market much, and the thinking is that this one could be similar, even if President Donald Trump has threatened large-scale
TRUMP ADMINISTRATION
CUTS NEARLY $8B IN CLEAN ENERGY PROJECTS IN STATES THAT BACKED HARRIS
By MATTHEW DALY and MICHAEL PHILLIS Associated Press
THE Trump administration is cancelling $7.6 billion in grants that supported hundreds of clean energy projects in 16 states, all of which voted for Democrat Kamala Harris in last year's presidential election.
The move comes as President Donald Trump threatens deep cuts in his fight with congressional Democrats over the government shutdown.
The Energy Department said in a statement Thursday that 223 projects were terminated after a review determined they did not adequately advance the nation's energy needs or were not economically viable. Officials did not provide details about which projects are being cut, but said funding came from the Office of Clean Energy Demonstrations, Office of Energy Efficiency and Renewable Energy, and other DOE bureaus.
The cuts are likely to affect battery plants, hydrogen technology projects, upgrades to the electric grid and carbon-capture efforts, among many others, according to the
Russell Vought, the White House budget director, highlighted the cutbacks in a social media post late Wednesday, saying money "to fuel the Left's climate agenda is being cancelled."
He said projects are on the chopping block in: California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Vermont and Washington state.
Vought and the Energy Department did not explain how they came up with their list of targeted states, considering that dozens of states have clean energy projects. But all 16 targeted states supported Harris, and in each of those states, both U.S. senators voted against the Republican's short-term funding bill to keep the government working.
The cuts include up to $1.2 billion for California's hydrogen hub that is aimed at accelerating hydrogen technology and production, and up to $1 billion for a hydrogen project in the Pacific Northwest. A Texas hydrogen project and a three-state project
NOTICE
NOTICE is hereby given that ROBERT WAYNE HENRY of #72 Bahama Avenue, 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 26th day of September, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ADLY DAVERT of #47C Podoleo Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of September, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
firings of federal workers this time around.
That left corporate announcements as the main drivers of trading Thursday.
Stocks in the chip and artificial-intelligence industries climbed after OpenAI announced partnerships with South Korean companies for Stargate, a $500 billion project aimed at building AI infrastructure.
Samsung Electronics rose 3.5% in Seoul, and SK Hynix jumped 9.9%.
The announcement also sent ripples around the world. On Wall Street, Advanced Micro Devices climbed 3.5%, and Broadcom gained 1.4%. Nvidia's 0.9% rise was the strongest single force pushing the S&P 500 upward.
Excitement around AI and the massive spending underway because of it has been a major reason the U.S. stock market has hit record after record, along with hopes for easier
interest rates. But AI stocks have become so dominant, and so much money has poured into the industry that worries are rising about a potential bubble that could eventually lead to disappointment for investors. Occidental Petroleum fell 7.3% after it agreed to sell its chemical business, OxyChem, to Berkshire Hathaway for $9.7 billion in cash. It could be the final big purchase for Berkshire Hathaway with famed investor Warren Buffett as its CEO.
in West Virginia, Ohio and Pennsylvania were spared, according to clean-energy supporters who obtained a list of the DOE targets.
Trump said in an interview taped Wednesday with One America News,
a conservative outlet, that his administration could cut projects Democrats want — "favorite projects, and they'd be permanently cut."
"I'm allowed to cut things that never should have been approved in the first place
Fair Isaac jumped 18% to its best day in nearly three years after announcing a program that will streamline access to its FICO credit scores, potentially cutting out such big credit bureaus as TransUnion, Equifax and Experian.
TransUnion's stock tumbled 10.6%, while Equifax slid 8.5%.
All told, the S&P 500 rose 4.15 points to 6,715.35.
The Dow Jones Industrial Average added 78.62 to 46,519.72, and the Nasdaq composite gained 88.89 to 22,844.05.
and I will probably do that,"
Trump said. A clip from the interview was released ahead of the full interview set to air Thursday night.
Trump's comments show that he and Vought are treating American "families and their livelihoods like pawns in some sort of sick political game," said Sen. Patty Murray, D-Wash.
"This administration has had plans in the works for months to cancel critical energy projects, and now they are illegally taking action to kill jobs and raise people's energy bills," she said in a statement. "This is
The stock of a third credit bureau, the United Kingdom's Experian, fell 4.2% in London. It helped drag London's FTSE 100 down by 0.2%, but indexes were much stronger across Europe and Asia.
South Korea's Kospi leaped 2.7% for one of the world's largest gains following the big jumps for Samsung Electronics and SK Hynix. In the bond market, the yield on the 10-year Treasury eased to 4.08% from 4.12% late Wednesday.
a blatant attempt to punish the political opposition."
California Gov. Gavin Newsom said the private sector has committed $10 billion for the state's hydrogen project, known as the Alliance for Renewable Clean Hydrogen Energy Systems, or ARCHES. The cut threatens over 200,000 jobs, Newsom said. California Democratic Sen. Alex Padilla called cancelation of the project "vindictive, shortsighted and proof this administration is not serious about American energy dominance."
THE NEW York Stock Exchange, Tuesday, Jan. 28, 2025, in New York.
Photo:Julia Demaree Nikhinson/AP
RUSSELL VOUGHT, Office of Management and Budget director, listens as he addresses members of the media outside the West Wing at the White House in Washington, Monday, Sept. 29, 2025, in Washington.
Photo:Evan Vucci/AP
Cockpit recorders studied in ‘low-speed collision’ of Delta jets on LaGuardia taxiway
By JOSH FUNK AP Transportation Writer
TWO Delta Air Lines regional jets collided on the taxiway at LaGuardia Airport in New York, injuring a flight attendant, damaging a cockpit and tearing off part of a wing in what the airline described as a "lowspeed collision."
An aircraft carrying 32 people was preparing for takeoff Wednesday night to Roanoke, Virginia, when its wing made contact with the fuselage of an aircraft arriving from Charlotte, North Carolina, with 61 people aboard, according to a statement from Delta.
The National Transportation Safety Board said the collision happened at the intersection of two taxiways. The NTSB said it sent a team of 10 investigators to the airport, and flight recorders have already been recovered from both airplanes and sent to its headquarters for analysis.
It wasn't immediately clear who was at fault, but air traffic control had instructed the Virginiabound plane "to hold short and yield to the other aircraft" before the collision, the Federal Aviation Administration said in a statement. A flight attendant was taken to a hospital, according to a statement from the Port Authority of New York and New Jersey. One of the pilots told the tower that the flight attendant told him she hit her knee
when the planes collided, according to audio that www.LiveATC.net posted. There were no reports of passengers injured, the airline said.
"Their right wing clipped our nose and the cockpit. We have damage to our windscreen and ... some of our screens in here," a pilot said, according to the air traffic control audio.
Images of the damage showed the broken wing on one plane while the other plane's cockpit window was shattered and its nose was deeply gouged in several places. The plane that had landed "stopped, jerked, and jumped to the right," passenger William Lusk told ABC. "Everyone went dead silent. And as everyone went dead silent, the
A MAN waits for a Delta Airlines flight at Hartsfield-Jackson International Airport in
pilot calmly came on and said, 'Hey, we've been in a crash, everyone remain calm.'" Close calls like this could add to worries about aviation safety in the wake of recent crashes and near misses including the deadliest plane crash in the United States in decades, when an Army helicopter collided with an airliner preparing to land at Ronald Reagan Washington National Airport.
Former NTSB and FAA crash investigator Jeff Guzzetti said that the ground controller lines up planes on taxiways and directs them where to go, but the pilots are expected to avoid other planes as they move at slow speeds while controllers focus on keeping the runways clear.
"You're supposed to have situational awareness about where your wings are poking out at and what they could hit as you're taxiing," said Guzzetti, who is now an aviation safety
consultant. "They (controllers) expect the flight crews to see each other since they're taxiing at a slow speed. And the controller's main function is to make sure the runway is clear for takeoff and landings." Because this happened at night and planes typically turn off their nose lights while taxiing, it may have been more difficult for the pilots to see exactly where the other plane was, Guzzetti said. A plane's taxi lights are on the wings. The landing lights are used to improve visibility and help make sure other pilots can see the plane, but the FAA encourages pilots to be careful not to blind other pilots because landing lights can also impair night vision. "Delta will work with all relevant authorities to review what occurred as safety of our customers and people comes before all else," the statement from Delta said. "We apologize to our customers for the experience."
