46% regulatory costs jump
By NEIL HARTNELL Tribune Business Editor
COMMONWEALTH
Bank yesterday revealed it expects full-year “organic, sustainable profits” to exceed 2024’s outcome despite regulatory and insurance costs increasing by a combined $6m over the past two years.
Tangela Albury, the BISX-listed lender’s chief financial officer, told Tribune Business that the 46 percent and 27 percent increases in these two expense categories since 2024 represents an “elevated level of expenditure” that has “outpaced revenue growth over the same period” to impose continued pressure on operating efficiency.
Speaking after Commonwealth Bank generated a $3.131m, or 6.3 percent, year-over-year increase in total profits for the first nine months of 2025 to $52.567m, she explained that - while “core earnings” will likely finish the year higher than
• Joins with 27% insurance hike to add $6m expenses
• ‘Elevated expenditure outpaces revenue’ for 2 years
• But ‘organic’ profits to beat ‘24 with record dividend
2024 - on an “absolute” or total basis they will likely be down because of a smaller reversal in loan loss impairments.
But, with Commonwealth Bank poised to make its “single largest dividend payment” ever of five cents per share on November 27, Ms Albury told this newspaper that it expects to maintain the 6 percent loan portfolio expansion enjoyed for the first nine months through the 2025 year-end. She added that growth in the bank’s core business remains vital to generating sustainable profit growth
Rosewood Exuma opponents
hail
‘huge rule of law victory’
By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters
LEADING opponents of the $200m Rosewood Exuma project yesterday hailed “a huge victory for the rule of law” and asserted that its developer had “crumbled under pressure” by pledging to seek fresh approval for a revised site plan.
Turtlegrass Resort and Island Club, in a statement to Tribune Business after Miami-based Yntegra Group unveiled its decision
By NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
A CRUISE ship power provider’s bid to raise $100m in bond financing from Bahamian investors was “17 percent over-subscribed” ahead of its Friday close with a further “few million on the way” just prior to deadline.
Anthony Ferguson, president of CFAL, which acted as financial adviser and placement agent to Island Power Producers’ latest capital raise, told Tribune Business that the project to supply vessels docked at Nassau Cruise Port with liquefied natural gas (LNG) generated energy is a “100
to effectively restart the Town Planning Committee process all over again, asserted that a development - which would become its adjacent neighbour on East Sampson Cay - is “back to square one” in getting the necessary permits and approvals to move forward. Yntegra, in a statement, said that in response to concerns aired by Turtlegrass and others it plans to relocate its service dock - a move that will require it to file a revised site plan with
percent go ahead” following the bond offering’s completion. Voicing optimism that the company’s generation turbines and LNG storage tanks will be “hooked up”
driven by rising top-line interest income.
And, with “no material” adjustments for loan impairment reversals expected in 2026, the Commonwealth Bank chief financial officer said it anticipates “a full normalisation of our operations” in the coming year with loan book and other organic growth “firmly embedded in our business model” and able to support consistent dividend payments to shareholders. Detailing the ongoing cost pressures faced by the BISX-listed lender, which specialises in consumer lending, Ms Albury
told Tribune Business: “In the past four years, the bank has experienced a meaningful rise in regulatory fees and statutory costs of 46 percent, driven by increases in Business Licence fees and the Deposit Insurance Corporation (DIC) premium increases. Collectively, these items have added approximately $4.5m to our annual cost base in 2024 and 2025.
“Insurance costs, collectively NIB (the National
Pintard ‘stands by’ accusations over Foreign ministry’s $1.7m AC repairs
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Opposition’s leader yesterday said he “stands by” accusations that a $1.7m contract awarded for air conditioning repairs and upgrades at the Ministry of Foreign Affairs was up to six times’ over-priced and a waste of Bahamian taxpayers money. Michael Pintard also told Tribune Business that the contract for “mechanical rehabilitation” and
“environmental remediation” at the ministry’s Goodman’s Bay Corporate Centre offices, which was awarded to Sandyport-based Noontide Management Group, was never put out to competitive bidding - an assertion that has been supported by non-political sources. The Free National Movement (FNM) leader first drew attention to the air conditioning repair contract at the party’s Thursday
TANGELA ALBURY
ANTHONY FERGUSON
MICHAEL PINTARD FRED MITCHELL
EIGHT THOUSAND GET ACCESS TO 40 FREE ONLINE COURSES
By ANNELIA NIXON Tribune Business Reporter
EIGHT thousand Bahamians, aged 16 years and older, will gain access to more than 40 free internationally-accredited courses through the newly-launched Upskill Bahamas initiative.
Prime Minister Philip Davis KC, Glenys Hanna-Martin, minister of education, and other government officials - as well
as educators and students - gathered for the launch of a programme that will provide free access to online courses from leading international universities and partners such as Harvard University, Oxford
University and Columbia University.
The programme will host more than 40 courses, including over 15 in the technology sector; seven in the skills trade area, health and wellness courses; 13 courses in the hospitality and customer service sector; and programmes for those interested in entrepreneurship.
Students will receive a certificate upon completion. Courses begin on December 1 this year and, after signing-up and registration, students should receive confirmation within 24 hours. The online courses include captioning for those with hearing impairments, and some will be made available to persons with visual impairments.
“You say this may be a bit too good to be true, but I assure you it is not,” said Yienderia Martin, senior education officer at the Ministry of Education, Technical and Vocational Training. “The process is fast, it's simple and it is very flexible.
“Go to upscale bahamas.com. Simply find the course you like under the course tab and then, finally, you sign up. We want to ensure that you are eligible. Therefore you would be required to submit or upload your, possibly your driver's licence or NIB, just to ensure that you're of the right age.
“We want to make sure you're 16 and older. If you're not 16 just yet, give it a month or two, and then we'll have something there for you. If you are nearing 65, 70, you're still in the running. As long as there's life, there's hope, and we never stop learning.”
The free digital platform isn designed to connect 8,000 Bahamians, 16 years of age or older, to internationally accredited courses. Ms Martin said even those near or in retirement can benefit from the programme, and the online courses can be completed at the student’s pace.
Mrs Hanna-Martin said the Ministry of Education and Technical and Vocational Training signed a contract with Forte Global, which will manage the programme, platform and training providers, last week Tuesday.
PHILIP DAVIS KC GLENYS HANNA-MARTIN
She said the the initiative will provide opportunities for Bahamians across the archipelago and create and influence “an economy that develops skilled Bahamians and innovators and entrepreneurs and creatives, proudly Bahamian, proudly skilled”.
“That is why - and I just intervene here - I have to do a plug here. I'm so proud of the Bahamas accreditation and training, Polytechnic and Training hub on Wulff Road that is going to open wide, new windows and provide figurative oxygen to fuel the dreams and passions of young people, the apprenticeship programme that's underway, the National Training Agency, BTVI (Bahamas Technical & Vocational Institute) now expanded to several campuses across the nation. This is what we do to defy the researched narratives about the state of readiness of our people to seize opportunity in our economy,” Mrs Hanna-Martin said.
“And I just want to say I was in the United Kingdom last week, and they're having the same discussion that we're having here in revising their curriculum. So we are confidently and boldly charting a new course to revitalise our nation. Today, we are opening wide windows and doors for our people throughout this nation.”
Mr Davis said The Bahamas has “what economists call a skills gap”, and “the better we get at closing that gap, the more dreams will be realised”.
He added: “Our DigiLearn programme offers courses with BTVI and the University of The Bahamas in basic computing, in Microsoft Office, in e-commerce. “Our Wi-Fi in the
Parks programme expands access to high-speed Iinternet. Our JUMP programme with BTC (Bahamas Telecommunications Company) is designed to help families with connectivity and laptops.
“So Upskill is part of our larger efforts to bridge digital divides and to create new opportunities. We are starting with a substantial programme, one that can accommodate thousands of Bahamians, and we plan to continue updating and expanding the programme in response to the feedback we get from all of you, and in ongoing consultation with the private sector, so that the skills we’re offering are a good match for the skills they’re seeking.”
Praising Island Luck co-founder, Sebastian Bastian, who is now the PLP’s Fort Charlotte candidate in the upcoming general election, Mr Davis said Upskill Bahamas started as a conversation between the two about six years ago. Mr Davis said the discussion focused on what could be done to equip Bahamians with needed skills.
“We talked about what could we do to ensure that our people are ready for this new world that's emerging,” Mr Davis said. “How do we get them interested in doing those things that suit our economy, ensuring that skills match what is occurring in the economy?
“And he ran a pilot some years ago with some students and business persons. And from that we've been developing and talking about it. So today, it is with the greatest pleasure, that I announced the launch of Upskill Bahamas, a new online learning and upskilling resource for Bahamians.”
US embassy visit concern sparks secure storage idea
A MOTHER’S frustration over how to store her belongings securely when visiting Nassau’s US Embassy has turned into a new business.
Gejonte Miller, managing director at Embassy Lockers, officially launched her new venture on Shirley Street on Friday alongside Cred Mitchell, minister of foreign affairs, Jobeth Coleby-Davis, minister of transport and housing. She explained how her own visit to the US embassy for a visa appointment proved to be the inspiration for the business.
Visitors to the US Embassy – at both its old and new locations – have restrictions on what can be brought into the premises. Mobile phones, tablets, other electronic devices, large bags, car keys and more are banned - a protocol that has left hundreds scrambling over the years to identify someone they
know to hold their personal items while they are inside or even take someone with them just to hold their belongings.
“The idea was born in December 2021 when I visited the US Embassy with my then five-year-old daughter and paid for parking at the Pointe hotel and left my car in the lot. All of my personal items – my phone, my personal wallet – I was basically forced to leave my entire life in the car,” said Mrs Miller.
“I remember walking back to the car at least three times trying to figure out where to hide my key. I put it under the tyre, I put it in the trunk, I put it under a rock and I thought Lord, if any criminal is watching me, today would be their payday. They would have the key, the phone, the wallet, all in one spot.
VISA - See Page
GEJONTE Miller showing off one of the lockers at Embassy Lockers.
ARAWAK CAY FIRE
CAUSES $1.5M DAMAGE, THREATENS LIVELIHOODS
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A MASSIVE ear-
ly-morning blaze yesterday destroyed seven businesses at the Arawak Cay Fish Fry’s western end, caus-
ing an estimated $1.5m in damages to threaten the livelihoods of both owners and employees.
The fire, which began in the vicinity of Goldie’s Enterprises, quickly spread through neighbouring wooden structures, leaving a corridor of destruction and affecting power and water service to nearby establishments.
Rodney Russell, president of the Arawak Cay Conch, Fish, Vegetable and Food Vendors Association, told Tribune Business that all assets, equipment and structures belonging to several well-known businesses - including Goldie’s, On the Edge and Rake and Scrape - were completely lost.
“Material wise, we have lost some $1.5m in all the establishments. Everything was lost: Equipment, products and the structure. So now, this whole place now has to be rebuilt,” said Mr Russell.
“And we have to also remember the amount of
staff members who work in Arawak Cay. All of these persons also are being impacted. So, I don't know how long this reconstruction will take before we are able to bounce back.”
Mr Russell said the destruction extends beyond the buildings themselves as the entire electrical and water systems on the western side of Arawak Cay will remain offline until government agencies can assess the damage.
“It’s not only the seven businesses that were caught with the fire that was impacted by this destruction. Now the whole electrical and water system on this side is being affected,” said Mr Russell. “All 12 establishments along this corridor are being affected by the fire because there'll be no electricity and there'll be no water until the Government agencies can assess the damages before they turn back on the services.”
Adding to the hardship, none of the vendors at Arawak Cay are insured, leaving business owners with no financial safety net to help them recover from the devastation.
Mr Russell said the Association has for years tried to secure coverage for its members, but insurers
repeatedly rejected them because of the physical layout of the Fish Fry. The tightly-clustered wooden structures, built close to one another and operating with open flames, fryers and gas tanks, was deemed too highrisk to insure because of the potential fire hazard.
“No business in Arawak Cay has insurance,” Mr Russell explained. “We were told that because of the close proximity, and these buildings are made out of wood, this was a drastic risk for the insurance company… But somehow, the fire prevailed this morning, and seven businesses have suffered.”
Prime Minister Philip Davis KC described the blaze at Arawak Cay as a significant blow to The Bahamas’ cultural and economic landscape, calling it “another tragedy that strikes at the heart of what I call our economy”.
During his visit to the fire site yesterday, he highlighted the importance of the area to both residents and visitors and confirmed that clean-up efforts are expected to start immediately.
“Arawak Cay has become a tourist attraction serving Bahamian food. Our culture is displayed here very often, and so it is important
SUPER VALUE: MEAT IMPORT GOAL WON’T BE HIT OVERNIGHT
By NEIL HARTNELL Tribune Business Editor
SUPER Value’s president has voiced optimism that meat prices for Bahamian consumers could “eventually” be slashed by 20 percent through direct importing from Latin America although they are unlikely to “totally replace” the US.
Debra Symonette, responding to the Bahamas Trade Commission’s goal of lowering meat prices by one-fifth through directly importing 100 percent of produce from Brazil and other meat producers, and cutting out US ‘middlemen’, told Tribune Business that the 13-store supermarket chain is already sourcing
from Latin America and other markets. Voicing willingness to work with the Trade Commission where it makes sense for both Super Value and consumers, she said: “I don’t think we would totally replace the US imports, but we are definitely going to utilise other avenues, the Brazil avenue, because there are some good offers that they are making, so we plan on taking advantage of them. We’ve taken advantage of them for some time now.”
Pointing to beef and corn beef products already sourced from Brazil, Ms Symonette added: “Where there’s a good opportunity to get better prices we take advantage so we can pass the savings on to customers.
We’re trying to get the best savings.
“I know our buyer did meet with a group of people from there [Brazil], and we have a meeting with the Trade Commission, so these were both opportunities to get a better idea of what we can do to cut down on prices. Once it is the same quality we are quite willing to get what we can get.”
The Super Value president added that, while she did not have precise figures, the supermarket chain is now importing “a good percentage” of its meat offerings from Brazil and other markets although “the majority still comes from the US”.
“We have increased the whole portion of the shipments significantly,” she said
for us to come out of this as quickly as possible. And we'll be meeting with the owners affected by the fire some time early tomorrow morning. We’ll try to start cleaning up right away. We'll bring some assistance to ensure that normalcy is returned to this side,” said Mr Davis. He added that the tragedy also presents an opportunity to rethink the long-term development of the site. “This gives us the opportunity… for quite some time you're thinking about how we could redevelop Arawak Cay to ensure proper sanitation, minimise fire hazards and to ensure that this place is healthy. And so this gives us that opportunity,” said Mr Davis.
of non-US meat imports, while warning that both the 100 percent volume and savings targeted by the Bahamas Trade Commission will not be achieved overnight.
“I think we can get there,” Ms Symonette said of the 20 percent consumer price cut ambition, “even if we don’t get there like right away. After working with regulators and working out certain logistics, I’m sure we can get there.
“But I wouldn’t say 100 percent. I don’t know if that’s going to happen right
Despite the devastation, Mr Russell, who is also the owner of Red Snapper, which was also partially lost due to the fire, stressed the resilience of the vendors and their determination to rebuild.
“We are extremely resilient. If it means that tomorrow morning, I would put a table out here on the sidewalk with umbrella and start my business all over again, we’ll do that,” he said. “We’ve built this from the ground up, and we are willing to stand here and continue to serve the Bahamian public.”
Mr Russell voiced confidence that the Government will provide support to help the affected businesses at Arawak Cay recover from the fire so that they can
now, but if they are offering something that will save us a lot and allow us to pass on a good portion we’ll certainly take advantage and build up the amount we are getting from them (non-US producers).
“What’s happening in the US and world at large gives us a good example of why we shouldn’t depend on one source. We have learned from that - not that we weren’t looking before - but this has definitely shown us that we need to diversify and we need to have a variety of options so that when
restart and regain some normalcy and income during the holiday season.
“I feel confident, and I feel good, that Arawak Cay Fish Fry belongs to the people of this country, and I believe that the Government will do everything possible to try and get the businesses that suffered in this fire up as soon as possible to be able to participate in the upcoming season,” said Mr Russell.
“We will be able to bounce back, I hope before Christmas. I hope that when I speak to the Government, we will find favour just to get us started, not to replace what we have lost, but just to get us started. And that’s all I require from my government.”
things happen we’ll be able to instead go to the best source,” she added.
“We’re always looking, always scouting for the best prices, better ways to handle what we’re doing.
The supply chain, anything that offers and gets the product here at prices we can offer to consumers, all that is important to us.”
Senator Barry Griffin, the Trade Commission’s chairman, told the Bahamas Association of Compliance Officers’ (BACO) 25th
TRADE - See Page B5
RBC TOP ECONOMIST GIVES BAHAMAS
GLOBAL INSIGHTS
ROYAL Bank of Canada’s (RBC) top global economist recently shared her insights on the forces shaping Caribbean and world commerce with a Bahamian audience.
Frances Donald, RBC’s senior vice-president and chief economist, spoke at a recent Economic Forum hosted by the Canadian-headquartered bank’s Bahamian arm.
The event brought together clients, community partners and senior government officials, offering them direct access to specialists on key economic issues.
During a discussion with Chris Duggan, RBC’s chief executive of Caribbean banking, Ms Donald discussed inflation and tariffs plus the global tourism outlook.
Among those in attendance were Prime Minister Philip Davis KC; Chester Cooper, deputy prime minister and minister of tourism, aviation and
investments; and Senator Michael Halkitis, minister of economic affairs.
Mr Halkitis delivered remarks emphasising the strong partnership between RBC and the Government of The Bahamas, while also highlighting the role of private sector collaboration in advancing national economic goals.
“At RBC, our purpose is to help our clients thrive and communities prosper. We were honoured to have Frances Donald share her expertise with our clients and partners,” said Ericka Rolle, managing director and vice-president of personal banking, The Bahamas and Turks & Caicos.
“She delivered complex economic insights in such a clear and practical way, offering real world context that resonated deeply with our audience.
“This level of access to top industry experts reflects our ongoing commitment to empowering our clients with the knowledge and perspective they need to make informed decisions in a rapidly-changing economy.”
chats with Chris Duggan, RBC’s
RBC Financial (Caribbean) Limited.
CHRIS DUGGAN, chief executive of RBC Caribbean banking and RBC Financial (Caribbean); Chester Cooper, deputy prime minister and minister of tourism, investments and aviation; Frances Donald, RBC’s chief economist; Philip Davis KC, Prime Minister and minister of finance; Ericka Rolle, managing director and vice-president, personal banking, The Bahamas and Turks and Caicos Islands, RBC Royal Bank (Bahamas); and Senator Michael Halkitis, minister of economic affairs.
FRANCES DONALD, RBC’s Senior Vice President & Chief Economist
CEO Caribbean Banking and
FRANCES DONALD, RBC’s Senior Vice President & Chief Economist.
BAHAMAS TARGETS CHINA, EUROPE FOR TRUMP TARIFF-HIT SEAFOOD SALES
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Bahamas is targeting markets in Europe and China for multi-million dollar seafood exports that have been “severely impacted” by the10 percent tariffs imposed by Donald Trump on this country’s trade with the US.
Senator Barry Griffin, the Bahamas Trade Commission’s chairman, told the Bahamas Association of Compliance Officers’ (BACO) 25th anniversary celebration that - while this nation is not a major goods exporter - the fisheries industry has taken a blow due to the tariff imposed on goods exported to the US.
Explaining that alternative markets are are being sought out for Bahamian crawfish (lobster) and other fisheries products while negotiations with the US continue, he added: “In
terms of real sort of fiscal impact, there's a 10 percent tariff on Bahamian exports into the United States.
“We don't export many physical goods to the United States. So it's had minimal impact. One industry that has been severely impacted is fisheries. So we do export a lot of fisheries, lobster, for example, to the United States. And so now many in that industry are looking for alternative markets.
“And so we're working very closely with that industry to look at Europe, for example. So Europe is a big market for our spiny lobster, and so guiding them toward that, while we're still trying to negotiate with the United States behind the scenes.
“We're also looking toward China as a potential market for our fisheries. So that's one industry that has been impacted by the numbers. But largely speaking, because we're not exporters
of physical goods, it hasn't had a lot of financial impact other than we're bracing and trying to work behind the scenes so that if there are any other movements we're able to kind of assist the private sector a little bit more quickly.”
Tribune Business previously reported that The Bahamas exports around $60m worth of spiny lobster to the US annually. Noting that trade diversification strategies were being devised before Mr Trump’s trade war began, Mr Griffin added that The Bahamas is on the right track as it seeks to broaden its trading partners. Despite initial pushback, Mr Griffin is positive these new policies will ensure food security.
“First and foremost, one of the impacts is that it's rattled us as a country,” Mr Griffin said. “It rattled us as a region. Something we thought that was very stable, which is our trade with the United States, has
BAHAMIAN REALTORS EXPOSE NATION TO GLOBAL PURCHASERS
A BAHAMIAN real estate firm says it exposed this country’s property market to international investors, brokers and developers at the 2025 Canada International Property Show.
Shamon Campbell and Aaron Davis, HG Christie real estate agents, attended the show that was held in Toronto from October 31 to November 1.
“It was an honour representing HG Christie and The Bahamas at the show,” said Mr Davis. “Our product truly stood out in both style and value. The Bahamas is easily recognised as one of the most luxurious investment destinations in the world. Visitors to the booth were drawn to the beauty and quality of the properties we showcased, and the response was incredibly positive.”
Shamon Campbell, Christie’s luxury specialist, added: “It was great connecting with fellow realtors from the Christie’s International Real Estate network and meeting avid investors from Canada. A key takeaway was the strong interest in lifestyle-driven, turnkey investments that allow short-term rentals — buyers want the opportunity to
enjoy island living while generating a return on their investment.”
During the show, HG Christie highlighted a selection of its most sought-after listings - from exclusive estates at Albany and Eastern Road in Nassau to private islands in the Exuma Cays and new developments such as Still Lake Townhomes, a collection of 18 residences just five minutes from Baha Mar.
John Christie, president and managing broker of HG Christie, praised his team’s participation and the firm’s continued international outreach. “It’s vital for our agents to engage globally and showcase The Bahamas on the world stage,” he said.
“Events like this allow us to connect directly with investors and partners abroad, creating opportunities that benefit both our Bahamian and international clients. I’m proud of Shamon and Aaron’s initiative and the outstanding way they represented our brand.”
The Canada International Property Show is one of North America’s leading real estate exhibitions, attracting developers, brokers and investors from more than 15 countries.
Supermarket chain can’t depend on single source
TRADE - from page B3
anniversary celebration that in targeting Latin America as both a source and hub for direct trade on construction supplies, it is also seeking to do the same for food.
He added that much of the food consumed in The Bahamas originates from Latin America, but goes through US-based third party intermediaries such as distributors and importers before it reaches this nation, thus adding to the cost. As a result, the Commission has been working with large producers such as Brazil to import 100 percent of The Bahamas’ meat directly - thus cutting out the middlemen.
Ms Symonette confirmed that Super Value executives have met with the Bahamas Trade Commission and “told them whatever they have to offer we are willing to listen to and see if we can work with them to make things as good as possible shipping wise and price wise, because with all that’s going on in the US it’s good to have other avenues to work with”.
“We’re also looking at Latin America for food,” Mr Griffin said. “So a lot of people don’t know that a lot of food in this country already comes from Latin American countries, but it currently comes through American third party intermediaries.
been found to be not as stable as we thought, which actually kind of reassured us that the path that we're on in terms of our national trade diversification policies is the right path.
“So we started these about three or four years ago, before the new administration in the US, and when we started, a lot of Bahamians actually gave a lot of pushback. 'Why are we trying to get stuff from outside the US? The US is our partner. The US got the best this and all of that kind of stuff.' But we saw the data, and we saw how trade was moving and how products were moving, and we saw the opportunities.
“And so one of the things that it has ensured is that for national security purposes, for food security purposes, for economic purposes, we know that we have to diversify our trade. We have to have bases outside of our existing trade arrangements in order for us to survive
and grow as a jurisdiction. And so it's rattled us, but it reassured us that we're going on the right path, and that economic diversification is the future that we need to go towards.”
Mr Griffin said of the Davis administration’s trade policies: “About three years ago, we launched the National Trade Policy, which is the first-of-its-kind document in The Bahamas that outlines the Government's vision on trade - something for international investors, the private sector, Bahamian professionals, entrepreneurs alike, to see what The Bahamas' grand vision on trade is.
“We are currently working with the IDB (Inter-American Development Bank) to create a national export strategy. The Bahamas, we always talk about how we want to be a hub for shipping and logistics. And Bahamians always talk about how we need to export more, but
“For example, most of the meat we currently consume in The Bahamas right now comes from Brazil, but it’s sold through American third parties, and it results in the meat that we consume in this country being about 20 percent more expensive simply because it goes through the United States.
“And so we’ve been working very closely with Brazil, for example, for us to import meat, in particular, directly from Brazil so that we can get it 100 percent from them. But also the idea is that it will be 20 percent cheaper for Bahamians to consume.
“And so we’re also working closely with countries such as Ecuador and Panama, which is another shipping gateway to Latin America, to get goods. And so Latin America represents one of our most natural
commercial corridors, and we are making sure Bahamians are positioned to access it.”
Mr Griffin said the Commission is working with a Bahamian shipping company to provide direct shipments from Panama
SENATOR BARRY GRIFFIN
we've never had an export strategy as a country to determine what areas of industries that we would have competitiveness in, and how the Government will assist and help businesses to export. So we're creating that.
“We're creating a national trade diversification strategy, and we're also creating a national shipping and logistics strategy. We often talk about the deep sea harbour in Grand Bahama, but there's never been a real national plan of how we intend to turn The Bahamas into a shipping hub. And so these are the first of its kind documents that we're creating.”
that would occur every 14 days, creating a link between The Bahamas and Latin America that Bahamian businesses and citizens can use.
In terms of food quality, Mr Griffin said he has assisted many Bahamian
retailers and distributors with trade missions to Latin America where they had the opportunity to meet manufacturers, suppliers and developers and get a feel of the quality for themselves.
SHAMON CAMPBELL, HG Christie’s luxury specialist, added that the event reinforced the value of in-person global networking. He is pictured with fellow agent Aaron Davis, who is standing at the desk.
HG CHRISTIE’S sales and social media team were on hand for the 2025 Canada International Property Show. Pictured left to right are Aaron Davis and Shamon Campbell, HG Christie estate agents, along with Demetriee Campbell from the HG Christie social media team.
AARON DAVIS is pictured with Shamon Campbell (left), also an HG Christie agent. Photos:HGC/Barefoot Marketing
Bank enjoys 6% loan book growth for 2025
LENDER - from page B1
Insurance Board), private health coverage and corporate insurance, have also increased by approximately 27 percent over the same period, and added about $1.5m in recurring annual costs to our base operating expenditure.
“While there were no new substantial increases in 2025, this elevated level of expenditure is now recurring and forms part of our ongoing cost of doing business. The challenge we face is that these mandatory cost increases have outpaced revenue growth over the same period, creating continued pressure on our operational efficiency,” she added.
“Further, to keep pace with the rapidly developing Fintech (financial technology) space, the bank has to continually spend on its technology and digital security infrastructure. This cost is necessary to provide firstclass, secure and resilient digital services.
“As a result, we remain focused on disciplined cost management, productivity improvements and strategic investments that enhance efficiency without compromising service quality. Managing this dynamic responsibly is essential to
sustaining long-term value for our customers and shareholders.” Commonwealth Bank’s total non-interest expense for the nine months to end-September 2025 hit $73.209m, a $5.45m or 8 percent rise compared to the prior year’s $67.761m. General and administrative expenses, which would include the regulatory and insurance fees referred to by Ms Albury, rose by $3.369m or 5.3 percent yearover-year to hit $72.569m as opposed to $68.93m in the year prior. The 8 percent growth in total non-interest expenses outpaced both the rise in interest income and total income, which grew by 4.4 percent and 7.3 percent, respectively.
However, despite the ongoing cost pressures, Commonwealth Bank generated year-over-year total profit and comprehensive income increases for both the first nine months and 2025 third quarter with the former aided by $2.466m reversal of loan loss impairment provisions - representing a 44.7 percent decline from the prior year’s $4.459m. While Commonwealth Bank’s post-COVID profits have been boosted by the reversal of provisions taken when the pandemic was
Business gives one-stop for US embassy visit needs
VISA - from page B2
at its peak, and borrowers were unable to service their loans due to loss of income stemming from lockdowns and business closures, Ms Albury said such one-time impacts are forecast to now come to an end.
“We expect to finish 2025 stronger than 2024 when we look purely at our organic, sustainable profits,” she told this newspaper. “That is, our core earnings excluding any impact from ECL (expected credit loss) reversals. Our underlying business continues to perform well, driven by disciplined lending, strong asset quality and prudent cost management.
“That said, when compared to 2024 on an absolute basis, our total profit for 2025 will naturally be lower because 2024 included a significant extraordinary ECL reversal. We have been clear that these reversals are not part of our long-term earnings strategy, and we do not build them into our forward-looking expectations.
“With respect to dividends, we recently advised shareholders that an extraordinary dividend of five cents per share will be paid on November 27, 2025. This represents the single largest dividend payment in the bank’s history, and it reflects the confidence we have in our capital position and the strength of our core business,” Ms Albury continued.
“Looking ahead to 2026, we expect a full
normalisation of our operations, with no material ECL adjustments. The organic growth we have built over the last three years is now firmly embedded in our business model, and we anticipate sustainable revenue expansion supported by disciplined risk management. This positions the bank to maintain a stable and consistent pattern of dividend growth going forward. These dividends will directly impact the Bahamian economy, given that we do not send dividends abroad to foreign investors.”
Ms Albury maintained that it was vital for Commonwealth Bank to generate consistent profits from its core lending business as loan loss impairment reversals are one-off boosts that do not last for ever. During the first nine months of 2025, the bank’s net loans and advances grew by $33.154m to hit $908.365m at end-September compared to $875.211m at the 2024 year-end.
“In terms of loan portfolio expansion in 2025, the bank is currently around 6 percent in the gross loans portfolio, and we would expect this to continue through to the end of the year,” the Commonwealth Bank chief financial officer said.
“The loan growth for 2026, at its core, will correlate to the expected growth of the Bahamian economy, and we see this as the minimum level of achievement
if actual economic results outpace expectations, with the bank sustaining its current strategy….
“It is very important for the bank to be generating increased interest income from lending rather than relying on ECL reversals. The increased contribution from interest income tells of our efforts to generate sustainable organic growth; it demonstrates that we are growing our loan portfolio responsibly and generating recurring value, rather than depending on the timing or movements of credit-loss provisions,” Ms Albury continued.
“Interest income is the core of what we do as a retail bank; it reflects healthy loan demand, prudent pricing and responsible credit growth. That is the foundation of sustainable banking performance. While ECL reversals are certainly welcome, as they signal improvements in the credit quality of our loan book, they are not something we rely on to drive profitability.
“Reversals indicate that borrowers are performing better and that our underwriting and collections strategies are working, which is exactly what we want to see. But, ultimately, our preference is always to originate loans with strong credit quality from the outset where customers are well-positioned to service their obligations throughout the life of the loan.”
Turning to Commonwealth Bank’s results for 2025 to-date, Ms Albury said: “Our performance has aligned very closely with our budget expectations for the period. The bank did not encounter any significant unexpected cost movements, and our operating expenses remained well-controlled throughout the year. This allowed us to maintain the integrity of our 2025 financial plan and execute with discipline.
“On the revenue side, the bank continued to see steady performance in line with our projections. Importantly, the strong momentum the bank built during the fourth quarter of 2024 has carried fully into 2025, and the bank is now seeing the full benefit of that exceptional quarter reflected in its results. This, paired with continued revenue growth across 2025, has strengthened the bank’s top-line trajectory and reinforced the soundness of our organic growth strategy.” Interest income for the nine months to end-September rose by more than $4.6m, or 4.4 percent, yearover-year to $109.49m compared to $104.879m for the same period in 2024. And, aided by a more than $3m jump in fee and other income to $27.955m, Commonwealth Bank’s total income surged by $8.58m, or 7.3 percent, to $125.776m compared to $117.197m for the same period in 2024.
“I then looked around and it wasn’t just me. People were leaving phones and wallets with the security guard at a nearby establishment and he probably didn’t realise he was probably unintentionally creating a solution for a very real problem. That’s when it hit. It was a problem that needed a solution, and the solution needed some structure.”
the Wi-Fi Copy Centre and The Visa Place for 15 years. Now located on the site of the new Embassy Lockers, it provides visa support and assistance to residents and visitors. Because the businesses are cashless, a Sun Cash kiosk provides access for mobile top-up, utility bill payment and Western Union transfers.
As she worked on that solution, she found a partner in a complementary business, Tanya Kemp-Sawyer, who has been operating
Though she found the solution and the partners, Mrs Miller said she waited for the perfect timing
– the opening of the new US Embassy on Shirley Street almost directly across from her site at 107 Shirley Street East.
In addition to offering personal lockers for safe and secure storage, customers can also store large luggage or print or photocopy items, scan or e-mail documents, take passport photographs or get help on forms and applications through the Wi-Fi Copy Centre and make payments or wire funds through the Sun Cash kiosk. Mrs Miller said the start-up process was
daunting, but added: “If your dreams don’t scare you, they aren’t big enough. And this dream scared me.”
Speaking at the opening, Mr Mitchell said: “It is important for your documents to be secure. The whole process of visa applications is another thing where the Government is trying to encourage our international partners that it should be a humanising process or humane process, not a dehumanising process.
“I think this will, to some extent, improve the facilitation of that process, which is often very stressful and very
embarrassing for people. This is one step to try to improve that level of service.” The security protocols that visitors worry about also apply to US Embassy workers.
For Mrs Miller, it is a business dream come true. For her customers, it eliminates the worry of how to keep documents, car keys, phones and more safely stored. Prices for storage start from $14. The business is open from 7am to 5pm, Monday to Friday.
THE EMBASSY Lockers team with Gejonte Miller; Fred Mitchell, minister of foreign affairs; and JoBeth Coleby-Davis, minister of energy and transport.
night rally in support of Brian Brown, its Golden Isles by-election candidate, by alleging that the work necessary to fix leaks, and remediate mould and condensation in the Ministry of Foreign Affairs offices, could have been completed for between $260,000 to $300,000 - a fraction of the $1.5m being paid to Noontide.
“They can sign contracts with many people; people that you and I know cannot do the work,” Mr Pintard told FNM supporters. “We know the contracts are much larger than it ought to be. I don’t want to call any names.” However, he then disclosed that, earlier on Thursday, he had visited an unnamed ministry to check whether allegations he had received were true.
“I walked through a particular ministry today. I walked in because I wanted to see whether the documents that have been released are accurate,” he added. “The air conditioning in this particular ministry is problematic. There’s condensation, water on the ground. Sometimes it’s too cold.
“We want our people to work in good conditions, but then when I heard what it is costing to fix the air conditioning, where there is a cheaper solution, I was amazed. So let’s just say, imagine for a moment there is a simple air conditioning (AC) fix. Maybe in a worst case scenario you are charged.. all the parts and the equipment cost you $260,000. Let’s be generous; $300,000.
“But this government, this government, manages to sign a $1.7m contract to fix what we are told is a $260,000 project.” Mr Pintard sought to tease Fred Mitchell, minister of
foreign affairs, asking him to “explain to us whether the figures make sense” but then stating that he “maybe shouldn’t put it on” the also-PLP chairman because “that’s not entirely fair” and “he’s under enough stress”. Mr Pintard then sought to turn his fire on the Prime Minister and Ministry of Finance. “Instead, let me talk to the minister of finance (Philip Davis KC) who thought the contract to be so important that he sent no less than his financial secretary to sign the contract,” he added.
“We have a single question, which is: Is the scope of works valued at the figure it is? Inquiring minds want to know.” While the Government mounted strenuous and vigorous denials over Mr Pintard’s “bag of Bahamian passports” to Haiti allegations, which were aired at the same rally, it noticeably did not say a word about the air conditioning contract assertions. The same silence prevailed yesterday. Mr Mitchell declined to comment when contacted by Tribune Business, while Latrae Rahming, the Prime Minister’s director of communications, did not respond to this newspaper’s calls and messages seeking comment. The only response came from a website long closely associated with Mr Mitchell, which alleged that Mr Pintard had to be “escorted” out of the Ministry of Foreign Affairs offices and that the Opposition leader is “fishing where there are no fish”.
In other words, nothing to see here. However, Mr Pintard told Tribune Business it was “an absolute untruth” to assert he had been escorted off the ministry’s premises. “There was no issue, no issue at all,” he blasted. “I went to take a look and everybody was most accommodating. I was
Cruise power provider in Q2 '26 test hook-up
VESSELS - from page B1
and in the testing phase by the end of the 2026 second quarter, he added that Island Power Producers’ Board will have to decide whether to accept investor subscriptions beyond the targeted $100m given that - with an 8 percent interest coupon - the bonds represent “expensive money”.
Mr Ferguson previously told this newspaper that he and the shore power provider would have been happy with raising “above $50m” from the nine-day bond offering that opened on November 6, given that it had already lined up a bank credit facility at interest rates some three percentage points cheaper, but he said of the issue: “It went very well.
“We are over-subscribed.
The final numbers will probably come in on Monday [today]. As of Friday we were 17 percent over-subscribed, but know that some people were still sending in. We know that some monies, a few more millions, were on their way. That will further increase the over-subscription. We’re pretty pleased with how things went. It definitely exceeded expectations, and if we’d run it another week we’d have a lot more.”
A “17 percent over-subscription” would translate into a total $117m investment in the bond issue - a figure that Mr Ferguson did
allowed in and escorted to view the area, and spoke to Ministry of Foreign Affairs staff and officials from the company executing the repairs and mould remediation.”
Documents obtained by Tribune Business include a September 19, 2025, memorandum from Jerome Gomez, chairman of the Government’s Public Procurement Board, to Melvin Seymour, permanent secretary in the Ministry of Foreign Affairs, confirming that the air conditioning repair and remediation contract had been awarded to Noontide.
Mr Gomez, too, did not return Tribune Business calls and messages before press time last night. He wrote in the memorandum: “In accordance with the August 21, 2025, decisions on the Public Procurement Board, this is to convey the approval of the minister of finance [Mr Davis] for award of the following contract.”
The contract between the Ministry of Finance and Noontide on October 2, 2025. Simon Wilson, the financial secretary, signed for the Ministry of Finance, while Noontide’s signatory was its president, Mildred Murphy. Noontide’s website says it has “20 years’ experience in construction and environmental solutions”, though the only project featured is repairs to the Sir Cecil Wallace-Whitfield Centre, which houses the Office of the Prime Minister.
It states its areas of expertise include facilities maintenance and repair, with 90 percent of it business coming from ‘repeat’ clients. The company’s LinkedIn page provides a few more details, stating it was founded in 2007 and its first project was the plumbing and fire sprinklers for the Atlantis phase three casino expansion. It also touts the “ongoing restoration” of the Meeting Street complex for the National Insurance Board (NIB).
not dispute. However, he signalled that the Island Power Producers Board may elect not to accept some or even all of the over-subscription above the targeted $100m given that 8 percent interest is a relatively expensive price/cost of capital.
“We’ll have to speak to the Board,” the CFAL president explained. “It’s expensive money. The Board will have to make that decision. They may keep a couple of million dollars to accommodate some people. I believe, if they ask, my recommendation would probably be to accept $5m-$10m, but that’s not my decision.”
With the bond offering representing the last phase of Island Power Producers’ successful bid to raise a total $180m in financing, the shore power provider - which will supply docked cruise ships with energy via an underwater cable linking its Arawak Cay plant with Nassau Cruise Port - can focus on implementation and execution of its plans.
“It’s a 100 percent go-ahead,” Mr Ferguson, who sits on Island Power Producers’ advisory Board, told Tribune Business.
“Things are going well. Five [LNG storage] tanks just got completed. Engine testing is going to go on in December. A team is going over for that, and a team is going to India to test the tanks so things are progressing quite nicely.”
NOTICE is hereby given that
JOSEPH of Fox Hill, New Providence, The 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 17th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Well-placed sources, speaking on condition of anonymity, described Ms Murphy as “well connected” within the governing Progressive Liberal Party (PLP). However, that could not be confirmed as all efforts to reach out to her and Noontide via e-mail and phone proved fruitless prior to press time.
The documents seen by Tribune Business show that, while the Noontide contract is dated October 2, it was only received by Mr Wilson’s office at the Ministry of Finance one day later as shown by the October 3 time stamp. The ‘minute paper’, from Patricia Dean-Johnson in the Ministry of Finance and government procurement department, states that the contract is “submitted for signature” by Mr Wilson “in accordance with the approval granted by the Procurement Board”.
It adds that an October 2, 2025, invoice for $858,557, “representing 50 percent mobilisation due to the Noontide Management Group to facilitate the commencement of the approved works under the aforementioned contract” is also included for Mr Wilson’s review and signature. However, a hand-written note on the same document said Noontide’s Ms Murphy was willing to reduce the mobilisation fee payment by 50 percent. “Ms Mildred Murphy, Noontide, has indicated that she is willing to accept a 25 percent mobilisation notwithstanding the contract is asking for 50 percent,” it said. Mr Pintard’s assertion yesterday that the contract was not put out to competitive tender was backed by other, non-political sources who asserted that Noontide was the only entity to submit an offer. It is unclear whether this was justified, given that the Public Procurement Act 2023 only permits the “direct award” of contracts when the circumstances are urgent and/ or involve an emergency,
The engine testing will likely take place in Germany with Siemens, which will supply the generation equipment for Island Power Producer and manage/operate the Arawak Cay plant.
“Engineering drawings are complete,” Mr Ferguson added of the generation plant, which will be located south of - and just across the road from - the Nassau Container Port.
“Environmental studies are complete. It’s just doing the civil works. That’s going very well, and we’re working for the first delivery of tanks in February and engines in May, and hopefully hook-up and testing at the end of the 2026 second quarter. My work is done, and it’s on to the next project and to see what’s available.”
The Island Power Producers bond offering is understood to have attracted strong, broadbased support in the Bahamian capital markets with investment houses, their institutional and high net worth clients, all attracted by the prospect of relatively high 8 percent interest returns. Mr Ferguson said it will be the last major capital raise conducted by CFAL for 2025.
Other attractions will likely be that Island Power Producers will effectively have a deep-pocketed, captive customer base - the cruise lines - which have all committed to reducing their carbon footprint while in port. Thus the prospect of strong, consistent returns from a project that has largely been de-risked provided it can be executed efficiently and correctly.
while ‘restricted bidding’ is to be used in cases when goods and services are only available from a small number of suppliers. Neither of these situations appear to apply here. Contacts also confirmed that the work, which started last Thursday on the same day Mr Pintard visited, and was supposed to end today, was only for repairs to the existing air conditioning system although the Noontide contract - seen by Tribune Business - calls for “mechanical system replacement” with the furnishing and installation of new HVAC terminal units, ductwork and digital control systems. It also called for the construction of “new office partitions, ceilings, flooring and cabinetry”. This, too, appears to back the Opposition leader’s suggestions that the actual work being done does not align with the contract’s value, of which Noontide was to be paid $1.561m with the balance to $1.7m consisting of 10 percent VAT. “The bottom line is the Government signed the contract,” Mr Pintard said yesterday.
“Did they go to competitive bidding? The answer is no. It was not in the [GoBonfire public procurement online] portal. I’ve been saying for four years that the Government is not attempting to consistently go to competitive bidding so that they get the best product, price and services. This is a continuation of that.”
Tribune Business sources, speaking on condition of anonymity, said there were questions of whether any Bahamian taxpayer or government money should have been committed to fund the air conditioning repairs at the Ministry of Foreign Affairs offices. This is because it is a tenant, with the property owned by Goodman’s Bay Development Corporation, an entity part-owned by Colina Insurance Company and its BISX-listed parent.
Interest will be paid on the bonds at half-yearly intervals beginning on May 31, 2027, which means investors will be locked in for around 18 months before they start to receive their first returns. The Island Power Producers bonds carry a 20-year maturity, meaning that principal is due to be fully redeemed by November 30, 2045, with these payments set to occur in ten annual installments starting in 2036.
“Phase one of the project, which involves the installation and operation of the LNG turbine, is expected to be complete by the end of the 2026 third quarter. The company expects to be able to begin the distribution and sale of LNG by the end of the 2026 third quarter, with the shore power facility operational by the end of 2026,” Island Power Producers said in its bond offering memorandum.
“The second phase of the project – the installation of the steam turbine - is expected to be completed a year later at the end of the 2027 second quarter, subject to demand which will complete the combined cycle.” The bulk of Island Power Producers’ capital investment, some $114m of the total $179m, will be devoted to LNG infrastructure and the combined cycle power plant, which will cost $48.21m and $69.69m, respectively.
The remaining budget is then split into $23.92m for shore power infrastructure; $20.5m for civil works; $11.135m for transmission and distribution; and $9.57m for a substation. However,
NOTICE is hereby given that KOTA JHANCY RANI of Vanga Way, St. Andrews Drive, Village Road, New Providence, The 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 10th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
This newspaper understands that the 20-chiller air conditioning system, which has been leaking in the ministry’s protocol offices on the ground floor’s east wing, came with the building. As a result, there has been confusion over whether the landlord or the tenant (government) should take responsibility for repairs, with no clarity obtained on the issue from Goodman’s Bay Development Corporation.
The leaks have caused the build-up of mould and water/condensation in some work space areas. Another issue have been complaints by Ministry of Foreign Affairs staff, both on the ground and second floor, that the air conditioning is making the building too cold - an issue that can be solved by the installation of digital thermostats.
Tribune Business sources said air conditioning contractors, as well as the Government’s own technical staff, had estimated the cost of repairs and mould remediation to be between $260,000 on the low-end to around $450,000 on the high side - the latter number amounting to less than one-third, and just over one-quarter, of the $1.7m VAT-inclusive sum being paid to Noontide.
“The scope of works does not match $1.5m,” one source said. “The scope of works is so flimsy for that amount. The cost is what baffles everyone. That’s astronomical. What are you doing?” Mr Pintard confirmed that during his Thursday visit he only witnesses Noontide workers conducting repairs and mould remediation - not replacement of an entire system as the contract appeared to call for.
“I stand by what I said,” the Opposition leader added. “There’s a massive difference between what I understand to be the range of bids at the high end and what the contract came in at.”
the bond documents reveal that Island Power Producers has yet to pay the full deposit for critical equipment to be supplied by its partners.
“To date, the company has paid a 90 percent deposit to Siemens for the generators,” it said. “The company has also paid 50 percent of the contract for the supply of the natural gas infrastructure to Inox India.” The project is also billed as reducing The Bahamas’ carbon dioxide emissions by 139,649 tonnes per year; improving grid stability and reliability; and making natural gas available to commercial vehicles as well as lowering energy prices.
“The project will require $180m in initial financing, which will be sourced via debt and equity in tranches,” the Island Power Producers offering memorandum disclosed. “Sixty-nine million dollars in equity was raised via two tranches, one for accredited investors and one for retail investors.
“Debt will be raised via a mix of bank and bond financing. Island Power Producers has also secured a $25m loan facility at a rate
of 5.5 percent, which will be paid off via this bond offering.” Thus the shore power provider will be partially paying off and refinancing existing debt, albeit at a higher cost via the 8 percent interest coupon.
“To sustain itself, the company will bill cruise ships for power consumption while in port. Power will be routed via submarine cable. The average cruise ship stays in port for eight hours per day and, on average, there are 4.7 cruise ships per day drawing 7 mega watts (MW) of power.
“The rate charged to cruise ships would be $0.25$0.30 per kilowatt hour (kW/h), which will allow the company to service its debt and maintain operations. The company will also sell natural gas to various Family Island projects.” Island Power Producers’ combined cycle LNG plant will be capable of generating a maximum 70 MW. It is also eyeing selling any surplus power generated to Bahamas Power & Light (BPL) via a power purchase agreement (PPA).
NOTICE is hereby given that WISLER GUERRIER of Lincoln Green, Caneby Avenu Lot #7 Apt A Grand bahama , Bahamasis 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
Developer moves to avoid further delays
the Department of Physical Planning and start the planning approvals process all over again.
Tribune Business understands the site plan revision, which was officially confirmed yesterday, was communicated at around 3.30pm on Friday to all interested parties. It is being interpreted by the Rosewood Exuma’s opponents as a last-ditch, 11th hour move that came ahead of today’s site visit to East Sampson Cay by the Subdivision and Development Appeals Board. The Board, and its members, were due to imminently hear the challenges by Turtlegrass and another nearby resort, Yonder Holdings, the Over Yonder Cay developer, to the Town Planning Committee’s previous preliminary site plan approval granted for Rosewood Exuma. The late adjustment by Yntegra Group is being interpreted as a tacit admission that it believed the appeal challenge would be successful.
Felipe MacLean, Yntegra’s chief executive, in a statement said the move and planned site plan revision reflects the company’s commitment to responsible development and transparency. He added that the Miami-based developer is taking feedback from local stakeholders seriously, noting that the revised plan is intended to address
concerns about environmental impact and the placement of key infrastructure such as the service dock.
“Yntegra wishes to peacefully co-exist with its neighbouring resorts for the benefit of the community in the Exuma Cays, and we are committed to transparency and responsible development. In light of recent claims that have contributed to delays in the project’s progress, we have chosen to submit this revised plan to bring clarity and resolution to the concerns raised,” said Mr MacLean.
“Yntegra remains eager to resume progress as soon as possible, and to fulfill its commitments to create local employment and meaningful, long-term benefits for Exuma and the cays, and opportunities for Bahamians across the country,”
Yntegra has revised the location of its service dock, moving it further away from the Turtlegrass property. It told Tribune Business it will submit the updated site plan to the Town Planning Committee, allowing stakeholders another opportunity to review and provide feedback.
Turtlegrass and its principal, Bob Coughlin, celebrated its neighbour’s decision. “Yntegra’s decision to abandon the deeply flawed site plan approval for its Rosewood-branded resort is a huge victory for
the rule of law,” they said in a statement.
“It is an important win for grassroots community efforts to protect the environment from over-development, and a clear vindication of Turtlegrass’ effort to protect our own small, eco-friendly retreat from massive encroachment.
“The abandoned approval was already subject to active appeal by Turtlegrass and another neighbour. We are confident that it would have been overturned in any event, given the lack of proper public consultation and other serious procedural flaws. Yntegra’s retreat demonstrates that the project could not withstand scrutiny and collapsed before a ruling was issued,” Turtlegrass added.
“The project is now back to square one and must restart the entire Town Planning approvals process once again. We hope that this time the developer will adhere rigorously to both the detail and spirit of the law. We further hope that this time, any new site plan reflects the true scope of the intended development and embraces low-density, environmentally responsible principles worthy of this pristine and ecologically sensitive area of The Bahamas.”
It is unclear whether the site plan revision will have any implications for the certificate of environmental clearance (CEC) and other approvals already obtained by Yntegra for the project. It is understood that Turtlegrass believes Rosewood Exuma will have no choice but to collaborate with it
A slowing wartime economy pushes the Kremlin to tap consumers for revenue
By DAVID McHUGH Associated Press
AFTER two years of robust growth fueled by military spending on the war in Ukraine, Russia's economy is slowing. Oil revenues are down, the budget deficit is up and defense spending has leveled off. The Kremlin needs money to keep its finances steady — and it's clear where President Vladimir Putin intends to get it: at the cash register, from
ordinary people and small businesses.
An increase in value-added tax to 22% from 20% is expected to add as much as 1 trillion rubles, or about $12.3 billion, to the state budget. The increase is contained in legislation already making its way through Russia's compliant parliament and would take effect from Jan. 1.
More tax and fee increases are on the way
On top of the rate increase, the legislation lowers the threshold for requiring businesses to collect VAT to a mere 10 million rubles (about $123,000) in annual sales revenue, in stages by 2028. That's down from 60 million rubles, or $739,000. That change is aimed in part at tax avoidance schemes in which companies split their operations to skirt the threshold.
and address its concerns, otherwise it will face opposition at every step of the approval process, with the developer and resort brand losing both time and money.
Joe Darville, chair of Waterkeepers Bahamas and Save the Bays, yesterday voiced cautious optimism about the dock relocation but stressed the need for careful review.
“I would have to actually see the plan for that replacement or placement of that dock, because that whole area is extremely delicate. If it would be out of the main flow of the ocean; if that particular stream of ocean is not going to be impacted, then it might be a little bit more satisfactory,” said Mr Darville.
“But where it was originally planned for big service vessels and boats and yachts to come in, it would have completely destroyed that whole area between those two cays. And so, I’d actually have to see the physical plan to see whether or not that’s going to make much difference.”
The Save Exuma Alliance (SEA), which includes Turtlegrass Resort, has rallied international and local support against the project, citing environmental risks. A petition calling for a halt and further review has surpassed 7,000 signatures.
An Organisation for Responsible Governance (ORG) survey conducted alongside the petition found that 96 percent of Exumians want the environment protected, while 75 percent were concerned about the impact of the planned 390 foot seawall.
SEA said in a statement that the concerns
But it also will hit previously exempt businesses like corner convenience stores and beauty salons.
The government also has proposed increasing taxes on spirits, wine, beer, cigarettes and vapes. For instance, the tax on stronger spirits such as vodka would go up by 84 rubles per liter of pure alcohol, which works out to 17 rubles or about 20 U.S. cents for a half-liter bottle, or about 5% of the minimum price of 349 rubles ($4.31). Fees for renewing driver's licenses or getting an international license also are going up, and a key tax break on imported cars is being axed. The government is weighing a tech tax on digital equipment including smartphones and notebooks of up to 5,000 rubles ($61.50) for the highest priced items, the Kommersant news site reported.
The economic slowdown and tax increases are signs that Putin and ordinary Russians will face harder choices in the months ahead between guns and butter — that is, between military spending and consumer welfare after 3 1/2 years of war against Ukraine.
Tax increases bring dismay and shrugs
Muscovites interviewed on a main street in the Russian capital by The Associated Press expressed dismay mingled with resignation, saying the higher food prices would be widely felt, especially in poorer regions and among those with low incomes.
Pensioner Svetlana Martynova said making small businesses collect VAT would backfire.
"I think that small and medium businesses will fold," she said. "The budget will get less, not more."
On top of VAT, registering a car will cost more
The VAT increase comes on top of changes in the recycling fee paid for registering cars, a step that mostly hits high-priced imports. From Dec. 1 individuals can no longer get a concessionary rate of 3,400 rubles ($42) on cars with more than 160 horsepower, but must pay the commercial rate, which can be hundreds of thousands of rubles, or thousands of dollars, per car.
The step, however, was unlikely to boost investment in domestic manufacturing, given high central bank interest rates and the smaller size of the Russian market compared with neighboring China, now the source of
of residents have been ongoing and consistent, reflecting deep unease about the environmental impact of the proposed development. The group highlighted that opposition to the plan, particularly the seawall, is widespread and strongly felt across the community.
“The strength of opposition to the plan is not a surprise to us – time and time again, people have told us their concerns, and when it comes to a seawall, that becomes a hard ‘no’. That seawall will change the tidal flows in the area, and reshape the marine landscape. For everyone who signed the petition, this shows you are far from alone, and you are in fact in the majority. Most people do not want this – and want officials to listen to people’s concerns,” said SEA.
“What we would urge anyone with concerns to do is to keep speaking up –sign and share the petition, write to the newspapers, speak to your MP. The time to raise your voice is now.”
Turtlegrass has already threatened to halt development of its $75m project once the latest phase is completed - after already investing $17m - unless its concerns are addressed.
Mr Coughlin has consistently argued that the Yntegra Group project is too large for East Sampson Cay, and also asserted that its development plans, especially the proposed dredging for its marinas, will damage the environment on which his property relies.
The Rosewood Exuma developer has previously said its project will generate
an average $41.7m GDP impact, and $16.8m in extra income, over a 20-year span. The increase in government taxes is forecast at $176m over two decades, with Yntegra Group also projecting it will help create “533 full-time equivalent jobs annually” in construction, tourism and other industries.
It previously announced a series of entrepreneurial opportunities tied to the resort’s “heart of house”, where staff will live and work. The company is inviting Bahamian entrepreneurs to express interest in operating amenities that will serve the 150 resort employees, including a staff restaurant, a bakery and coffee shop, a hair salon and a Captain’s Lounge.
The developer added that it is already working with about a dozen local vendors, and nearly 20 Bahamian businesses have already signed on to support various aspects of the project, including food service, logistics and construction. Close to 200 individuals have reportedly expressed interest in job opportunities related to both the construction and operational phases.
The announcement followed an update from Bahamas Industries & Construction Company (BICCo), which said it had identified 146 prospective employees from the Exuma Cays and surrounding areas. The controversy has exposed a divide between Exuma residents, who are largely in favour of the project, and environmental advocates and other nearby developers/businesses who are opposed.
most imported cars. That's according to Andrei Olkhovsky, general director of Avtodom, a major auto dealer group.
As for customers, sales "will decline in the short term, but will recover to current levels within six months," he said in an answer to emailed questions.
"Increased taxes and fees will influence prices for the end consumer," he said.
"Consumers in turn will factor this into their lifestyle and demand higher wages from their employers. This will increase the cost of everything around us."
Slower economic growth pushes up the budget deficit
Russia's economy shrank at the start of 2025 and is on course for growth this year of only around 1%, according to government estimates, after growing more than 4% in 2023 and 2024. Growth has suffered from high central bank interest rates, currently at 16.5%, aimed at controlling inflation of 8% fueled by massive military spending. Oil revenues are down about 20% this year mainly due to lower global prices, according to the Kyiv School of Economics Institute. Western sanctions imposed over the war against Ukraine have been an ongoing drag on growth by increasing costs and deterring investment that could expand the economy's productive capacity.
As a result, this year's budget deficit has been revised upward from 0.5% to 2.6%, up from 1.7% last year. That doesn't seem huge in comparison with other countries — but unlike them, Russia can't borrow on international bond markets and must rely on domestic banks for credit.
Finance Minister Anton Siluanov said raising revenue was preferable to increasing borrowing,
saying excessive borrowing "would lead to a speeding up of inflation, and as a result, to an increase in the key rate" from the central bank that would hurt investment and growth.
The VAT increase could boost inflation at first as merchants change their price lists. But over the longer term, it could lower price pressures by dampening demand for goods — and help the central bank in its battle to keep inflation in check.
The Kremlin won't run out of money but faces hard choices
The tax and fee increases are a step back from Russia's wartime economy of the two previous years that put more money in people's pockets. Thenhigher prices for oil exports filled state coffers, while vast increases in military spending boosted hiring, and paychecks for factory workers kept pace with inflation. Along with that, military recruitment and death bonuses pumped cash into poorer regions.
Putin won't run out of money in the short term, said Alexandra Prokopenko, fellow at the Carnegie Russia Eurasia Center in Berlin.
"Growth is slowing down, but corporates are paying taxes, people are consuming and getting salaries, and paying taxes from this," she said. "For the coming 12 or 14 months, Putin has enough money to maintain the current war effort and the current level of expenditures." After that, she said, "he will need to make tough choices, trade-offs between maintaining military effort or, for example, maintaining consumer abundance so people won't feel 100% that the war is going on."
PEOPLE wait at a bus stop with an advertisement showing a soldier with the slogan, “Pride of Russia,” in Moscow, Russia, Feb. 11, 2025. Photo:Alexander Zemlianichenko/AP
JUDGE PARKER
CARPE DIEM
BLONDIE
MARVIN
TIGER
HAGAR THE HORRIBLE
CALVIN & HOBBES
DENNIS THE MENACE
Czech Republic plans $19 billion nuclear expansion to double output and end fossil fuel reliance
By KAREL JANICEK Associated Press
THE eight huge cooling towers of the Dukovany power plant overlook a construction site for two more reactors as the Czech Republic pushes ahead with plans to expand its reliance on nuclear energy.
Mobile drilling rigs have been extracting samples 140 meters below ground for a geological survey to make sure the site is suitable for a $19 billion project as part of the expansion that should eventually at least double the country's nuclear output and cement its place among Europe's most nuclear-dependent nations.
South Korea's KHNP beat France's EDF in a tender to construct a new plant whose two reactors will have an output of over 1,000 megawatts each. After becoming operational in the second half 2030s, they will complement Dukovany's four 512-MW reactors that date from the 1980s.
The KHNP deal gives the Czechs an option to have two more units built
at the other nuclear plant in Temelín, which currently has two 1,000-megawatt reactors. Then, they are set to follow up with small modular nuclear reactors.
"Nuclear will generate between 50% and 60%
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around 2050 in the Czech Republic, or maybe slightly more," Petr Závodský, chief executive of the Dukovany project, told The Associated Press in an interview.
The nuclear expansion is needed to help the country wean itself off fossil fuels,
secure steady and reliable supplies at a reasonable price, meet low emission requirements and enable robust demand for electricity expected in the coming years to power data centers and electric cars, Závodský said.
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WORKERS conduct a geological survey to make sure the site is suitable for an expansion of the Dukovany nuclear power plant in Dukovany, Czech Republic, Oct. 21, 2025.
Europe's nuclear revival
The Czech expansion comes at a time when surging energy demand and looming deadlines by countries and companies to sharply cut carbon pollution are helping to revive interest in nuclear technology. While nuclear power does produce waste, it does not produce greenhouse gas emissions, like carbon dioxide, the main driver of climate change.
The European Union has accepted nuclear by including it in the classification system for environmentally sustainable economic activities, opening the door to financing. That has been a boost for the Czech Republic, Slovakia, Hungary and France — the continent's nuclear leader — that have heavily relied on nuclear.
Belgium and Sweden recently scrapped plans to phase out nuclear power.
Denmark and Italy are reconsidering its use, while Poland is set to join a club of 12 nuclear-friendly nations in the European Union after signing a deal with U.S.-based Westinghouse to build three nuclear units.
The EU generated 24% of nuclear electricity in 2024.
Britain signed a cooperation deal with the United States in September that Energy Secretary Ed Miliband said would lead to "a golden age of nuclear in this country." It will also invest 14.2 billion pounds ($19 billion) to build the Sizewell C nuclear power plant, the first in the U.K. since 1995.
CEZ, the dominant Czech power company in which the government holds a 70% stake, and Britain's Rolls-Royce SMR have agreed on a strategic partnership to develop and deploy small modular nuclear reactors.
Money matters
The cost of the Dukovany project is estimated at over $19 billion, with the government agreeing to acquire an 80% majority in the new plant. The government will
secure a loan for the new units that CEZ will repay over 30 years. The state will also guarantee a stable income from the electricity production for CEZ for 40 years. Approval is expected to be granted by the EU, which aims to become "climate-neutral" by 2050.
"We're in a good position to argue that we won't be able to do without new nuclear units," Závodský said. "Today, we get some 40% electricity from nuclear, but we also currently get another 40% from coal. It's clear we have to replace the coal."
Uncertainty over financing has caused a significant delay in the nuclear expansion. In 2014, CEZ canceled a tender to build two reactors at the existing Temelin nuclear plant after the government refused to provide financial guarantees.
Russia's energy giant Rosatom and China's CNG were excluded from the Dukovany tender on security grounds following the Kremlin's invasion of Ukraine.
CEZ signed a deal wit h Westinghouse and France's Framatome to supply nuclear fuel for its two nuclear plants, eliminating the country's dependence on Russia. The contract with KHNP secures fuel supplies for 10 years.
Opposition
While atomic energy enjoys public support, skeptical voices can be heard at home and abroad.
The Friends of the Earth say it is too costly and the money could be better used for improving the industry. The country also still does not have a permanent storage for spent fuel.
The Dukovany and Temelín plants are located near the border with Austria, which abandoned nuclear energy after the 1986 Chernobyl nuclear explosion. In 2000, a dispute over the Temelín plant resulted in a political crisis and blocked border crossings for weeks.
Photo:Petr David Josek/AP
HUNDREDS OF THOUSANDS RALLY IN MANILA AGAINST FLOOD-CONTROL CORRUPTION SCANDAL
By JIM GOMEZ and JOEAL CALUPITAN Associated Press
HUNDREDS of thousands of Filipinos gathered Sunday in the capital in the largest rally so far to demand accountability for a flood-control corruption scandal that has implicated powerful members of Congress and top government officials.
Various groups have protested in recent months following the discovery that thousands of flood defense projects across one of the world’s most typhoonprone countries were substandard, incomplete or simply did not exist.
Government engineers, public works officials and construction company executives have testified under oath in hearings by the Senate and a fact-finding commission that members of Congress and officials at the Department of Public Works and Highways took kickbacks from construction companies to help them win lucrative contracts
and avoid accountability. Most denied the allegations.
About 650,000 members of the Iglesia Ni Cristo, or Church of Christ, joined the start of the three-day rally Sunday in Manila’s Rizal Park despite intermittent rains, police said. Many wore white shirts and carried anti-corruption placards. About 2,000 people, including retired generals, held a separate anti-corruption protest late Sunday at the “People Power” monument in suburban Quezon city.
“These thieves have made us very outraged because we pay our taxes and these officials just plunder the treasury and rob us of our future,” said Rachel Morte, a 41-year-old resident from northern Pampanga province who joined the huge Manila rally. “We hope we’ll get justice and the stolen money will be returned to the people.”
Iglesia is an influential group that votes as a bloc and is courted by political candidates during elections.
MEMBERS of the religious sect Iglesia Ni Cristo (Church of Christ) shout slogans during a three-day anti-corruption rally at Manila’s Rizal Park, Philippines on Sunday, Nov. 16, 2025. Photo:Mark Cristino/AP
The police, backed by the military, went on full alert and deployed thousands of personnel to secure the weekend rallies, which were peaceful, Interior Secretary Jonvic Remulla said.
During a Sept. 21 anti-corruption demonstration, a few hundred black-clad protesters
threw rocks, bottles and firebombs at police near the presidential palace in Manila, injuring more than 100 officers. Criminal complaints have been filed against 97 protesters.
The presidential palace went on security lockdown over the weekend, with major access roads
barricaded by anti-riot police, cargo containers and barbed wires.
National police chief Lt. Gen. Jose Melencio Nartatez Jr. ordered law enforcement to exercise “maximum tolerance” in Sunday’s rallies.
Marcos promises action Flood control is an especially sensitive issue in the Philippines, one of the Asian countries most prone to deadly typhoons, flooding and extreme weather.
Two typhoons left at least 259 dead this month, mostly from flash floods and landslides, and affected millions of others.
President Ferdinand Marcos Jr. has been trying to quell public outrage and street protests sparked by the scandal, saying on Thursday that many of the powerful senators, members of Congress and wealthy businesspeople who were implicated would be in jail by Christmas.
Marcos said an independent fact-finding commission he created has already filed criminal complaints for
graft , corruption and plunder against 37 suspects. Criminal complaints have also been filed against 86 construction company executives and nine government officials for allegedly evading nearly 9 billion pesos ($152 million) in taxes.
Among those accused are lawmakers opposed to and allied with Marcos, including former House of Representatives Speaker Martin Romualdez, the president’s cousin and a key ally; and former Senate President Chiz Escudero. Both have denied any wrongdoing.
Sen. Bong Go, a key ally of former President Rodrigo Duterte, has also been accused of involvement in corruption in flood control and other infrastructure projects. He has denied the allegations.
Duterte, a harsh Marcos critic, was detained by the International Criminal Court in the Netherlands in March on charges of crimes against humanity over his brutal anti-drugs crackdowns.
MARINE FORECAST
