By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BISX-listed bank was last night said to have placed “all hands on deck” in a bid to recover lost ground and match 2024’s full-year profitability, with its top executive asserting: “We will certainly not be accepting less than $18m graciously.”
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business the commercial lender is seeking to catch up by maximising the opportunities presented by merchant demand and higher consumer spending in the Christmas run-up after net income for the nine months to end-September 2025 declined by just over 10 percent year-over-year.
• Bank: ‘We’ll not accept anything less graciously’
• BISX-listed lender’s net income off 10% to-date
• ‘Can’t be business as usual’ on spending value
Despite “all the revenue targets being achieved”, with fee and commission income ahead of 2024 comparatives by “almost 20 percent” for the first three quarters, the BISX-listed bank’s $1m-plus
growth in total income failed to keep pace with increased payroll and general and administrative expenses.
Total expenses for the nine months to end-September were some $2.5m or 7.3 percent ahead of 2024, standing at $36.701m compared to $34.202m in the prior year, and Mr Bowe told this newspaper that “it cannot be business as usual relative to value proposition and money spent”.
He added that Fidelity Bank (Bahamas) has to examine “how best to get value out of expenditure”, and its investments in extra staff and systems in a bid to generate “new lines of business” that are designed to lead to greater profitability and sustainable shareholder returns.
Asserting that “none of the expenditure has been wasteful;
Bahamas is Caribbean ‘innovation leader’ but challenged over skills
By NEIL HARTNELL Tribune Business Editor
THE Bahamas is “outperforming” and “leading the region” through the number of local companies deemed to be “innovative”, the Inter-American Development Bank (IDB) is asserting, although their growth is hindered by a lack of suitably-skilled workers, market size and financing challenges.
Dr Jose Luis Saboin, in an IDB presentation dated November 19, 2025, asserted that the presence of 1,381 firms considered “innovative” by a Compete Caribbean Partnership survey placed The Bahamas ahead of Caribbean rivals. This nation was also cited as outpacing the region for companies viewed as “potentially innovative” from an environmental or ‘green’
• IDB: Nation ‘outperforms’ on innovative firms
• But held back by qualification, labour issues
• Task Force gets similar concerns ‘like crazy’
standpoint with these entities numbering 1,434. “The Bahamas is outperforming the region in the presence of innovative firms,” the presentation asserted. “Bahamian firms are leading the region on innovation.” However, this nation was ranked slightly behind the rest of the Caribbean on “potentially innovative” firms and “digital innovation.” And “innovative” firms in The Bahamas are facing similar constraints to their growth and development as Caribbean counterparts.
‘Stay tuned for next move’ over salaries, teachers told
By FAY SIMMONS Tribune Business Reporter
A TRADE union leader yesterday warned her members to “stay tuned for the next move” as she asserted that the Government has yet to respond to concerns over this month’s planned salary and increment increases for line staff civil servants.
Belinda Wilson, the Bahamas Union of Teachers (BUT) president, said in a voice note that she is still awaiting the results of a survey recently issued to members regarding potential industrial action and a strike vote. Once the results are received, all will be informed and any next steps will be considered.
“I am still awaiting the results of the survey that was sent to our members regarding, first, taking industrial action and, second, a strike vote. Once we receive the results we will inform all members,” said Mrs Wilson.
She argued that the Davis administration has yet to respond to the letter herself and Kimsley Ferguson, the Bahamas Public Services Union (BPSU) president, delivered to the Office of the Prime Minister on October 15 outlining their grievances and concerns.
“Let me be clear, however, that neither I, Belinda Wilson, nor BPSU
For already-innovative firms in The Bahamas and the region, close to 80 percent cited small market sizes as their biggest challenge, while while more than 60 percent highlighted the problems posed by the “qualifications of employees” or lack of them.
More than 40 percent of “innovative” Bahamian companies complained they are held back by a labour force “that lacks the skills required for innovation”, while financing, the level of available financial
it’s all been purposeful, Mr Bowe acknowledged that - while there was likely to be “some concern” among investors over the ninemonth performance - these should be “allayed” by the fact there were no one-off or “irregular” drivers of the 2025 year-to-date results. And he asserted that the near$13m profits for the nine months to end-September 2025 are still more than sufficient to meet, and pay out, the dividends expected by shareholders without impacting the bank’s capital base and regulatory requirements set by the Central Bank.
Speaking after profits for the year’s first three quarters dropped by around $1.434m, from $14.158m during the same period in 2024 to $12.724m, Mr Bowe said of the bottom-line goals: “Our first upside for the year was
resources and perceived risks were lesser concerns.
As for “potentially innovative firms”, the impediments faced in The Bahamas were again similar to the wider Caribbean. Close to 90 percent of such companies in both The Bahamas and the Caribbean cited the “qualification of employees” as the greatest challenge, while 80 percent also mentioned a lack of financial resources.
A similar percentage also highlighted their national market size, or lack of it, while almost 60 percent of “potentially innovative” Bahamian firms fingered concerns that the “labour force lacks the skills required for innovation”.
Peter Goudie, the Bahamas Chamber of Commerce and Employers
DEVELOP - See Page B4
Statistical Institute constraints creating ‘credibility’ challenge
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ main economic data provider is facing challenges to maintain its “credibility and independence” due to resource constraints such as “significant” staffing issues, the Inter-American Development Bank (IDB) has warned. The multilateral lender, in unveiling a $150,000 project to strengthen the Bahamas National Statistical Institute (BNSI), said that the agency established by law in 2021 to oversee The Bahamas’ national statistical system faces numerous obstacles in its quest to consistently produce timely, accurate and high-quality data that government policymakers can rely
on for getting decisions and planning right. The IDB, in documents obtained by Tribune Business, describes these impediments as the failure to implement governance mechanisms such as the National Statistics Committee, which would oversee data gathering; the absence of a national statistical strategy; an “under-developed” technology infrastructure; and personnel constraints.
Carl Oliver, the Ministry of Finance’s deputy director of economic planning, wrote in a December 19, 2024, letter to the IDB that addressing these challenges and boosting the reliability of official statistics provided to policymakers “is a priority for the Government of The Bahamas”.
to hit the same $18m last year and then move to $20m.
“What we found in the third quarter were that all the positive elements… all the revenue targets were being achieved. We saw the actual fees and commissions, with the growth of value-added services - merchants services and cards - that increased almost 20 percent year-over-year for the first nine months.
“Then we also saw the stabilisation of net interest income because we replaced some of the loan interest income with
Andros lodge’s Xmas closure on ‘really scary slow’ bookings
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
AN Andros fishing lodge will close for Christmas due to a “scary” slow season that its operator yesterday blamed on global economic forces.
Cheryl Bastian, proprietor of Swain’s Cay Lodge, said business volumes for the property - which re-opened at the beginning of this month - have been “extremely slow” especially in comparison to previous years. She added that colleagues across The Bahamas have voiced similar complaints.
“It’s really, really scary slow,” Ms Bastian said. “Typically it starts October. People start to trickle in. But November is usually pretty much a medium month. Like you could do well, and do about 40, 45 percent or even more, [for] some hotels. But in the fishing industry, for November, it's very slow. And I'm finding the same feedback from my colleagues in the industry in Andros and other islands.”
Noting that a Christmas closure is not normal for her lodge, Ms Bastian said she
has made the decision to shut for the festive season.
“We would have some families that might want to stay,” Ms Bastian said. “But even that, I'm not getting that inquiry. I had one or two inquiries, but it didn’t pan out. So even for Christmas, it's slow - very slow.
“I think one room sold. It's very slow. And I regret that I had sold that because you have to take care of them and, by the time you service everything, you really just break even. But Thanksgiving is normally; a slow period for the fishing industry. Once it opens in November, it goes until just before Thanksgiving, because Americans tend to like to be at home for Thanksgiving and Christmas.
“So with the first part of November, usually the last part, early December, is usually a bit more vibrant. But I'm not finding that. So I've actually taken the decision to close for Christmas and give my staff and myself a break for a change.” Ms Bastian, explaining that her business his heavily reliant on US visitors, added that the downward turn in guests coming to her lodge
GOWON BOWE
BELINDA WILSON
PHILIP DAVIS KC
FIRST GB SHIPYARD DOCK ARRIVES IN $600M PROJECT
THE first of Grand Bahama Shipyard’s two new dry docks have arrived in Freeport Harbour as part of the company’s $600m “transformation”.
The 2XL floating dry dock, named ‘East End’, measuring 357.39 metres in length and 70 metres wide, arrived in Freeport on Saturday afternoon.
Chris Earl, the Grand Bahama Shipyard’s chief executive, said the dry dock’s arrival greatly improves the company’s cruise ship docking and retrofit capability while also expanding commercial docking capacity.
The new dry dock will start operations in early 2026. The second, larger dock, Lucayan, is expected later in the year. Mr Earl said: “The transformation of Grand Bahama Shipyard
MINISTER:
represents a huge opportunity to create a world class ship repair ecosystem here in The Bahamas, and we look forward to working with the community to make this significant investment a success.”
The ‘East End’ dry dock will be capable of lifting 93,500 tons, and is set to feature four modern cranes and advanced control systems. The dock’s arrival follows significant on-site upgrades, including the extension of the Shipyard’s pier, which has already been completed.
Grand Bahama Shipyard said in a statement that, once both ‘East End’ and Lucayan are operational, it is expected to be the largest and most capable cruise ship repair facility in the world.
SKILLS
TRAINING DENTING UNEMPLOYMENT
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday asserted that government training and skills initiatives are helping to close the ‘skills gap’ in the workforce and reduce unemployment across The Bahamas.
Pia Glover-Rolle, minister of labour and the public service, told Tribune Business that - while a lack of employable skills is preventing some Bahamians from securing meaningful work - the Government’s focus on training and productivity is seeking to remove these barriers and open doors to long-term careers.
Highlighting the direct connection between workforce development and job creation, she said that by
improving skills the Government aims to reduce unemployment while increasing productivity, creating benefits for both workers and the private sector.
“It's well documented that there is a skills gap preventing certain groupings from being gainfully employed. Our emphasis on training and productivity removes that barrier, allowing Bahamians to learn new skills and not just contribute meaningfully on their jobs, but also launch lifelong careers,” said Mrs Glover-Rolle.
“That is the goal. To expand opportunities at every level for every citizen. And as we upskill our citizens and connect them to opportunities, unemployment naturally goes down and productivity goes up, which is great for employees and employers.”
Mrs Glover-Rolle pointed to a series of government programmes designed to expand skills and create opportunities, including the National Apprenticeship Programme and Upskill Bahamas. She said these initiatives are crucial for driving national development and economic growth.
“From year one, we have expanded access to training opportunities. Beginning with the revamped PS-PEP 52-week programme all the way to the expansion of BTVI, the launch of the first-ever National Apprenticeship Programme, the first ever Creative and Performing Arts School, and Digilearn and Upskill, which both cover the full range of requisite digital skills that employers are looking for,” said Mrs Glover-Rolle.
“These initiatives, along with the National Productivity Task Force, are absolutely necessary for national development and economic growth.”
The Davis administration said yesterday that Upskill Bahamas, the
Government’s new online learning initiative, has already attracted more than 5,000 participants just ten days after its launch.
The programme provides free access to courses and certifications aimed at equipping citizens with skills that match employer needs - from digital marketing and artificial intelligence (AI) to business finance.
“Upskill Bahamas is an innovative online initiative designed to provide Bahamians with valuable opportunities for skill development. Upskill offers a range of courses aimed at enhancing employability, supporting career advancement and assisting entrepreneurs in starting or expanding their businesses,” the Government said.
“With free access to top-notch online courses, Bahamians can now earn certifications in the skills valued most by our local employers.”
The number of jobless Bahamians fell by almost 3,500 during the 2025 second quarter, producing a 1.5 percentage point fall in the national
PM hails jobless fall as sign economy growing
By FAY SIMMONS
Tribune Business Reporter jsimmons@tribunemedia.net
THE Government yesterday said the reduction in The Bahamas’ unemployment rate for the 2025 second quarter is a sign the country’s economy is moving in a “positive direction”.
Prime Minister Philip Davis KC, in a statement, said the drop in the unemployment rate to to 9.3 percent from 10.8 percent in the 2025 first quarter shows more Bahamians are finding work in construction, retail, hospitality and community services.
“The numbers show that more Bahamians are finding work and that the economy is continuing to move in a positive direction,” said Mr Davis. “This is the kind of growth people see every day when new buildings go up, hotels expand and businesses get busier.”
unemployment rate to 9.3 percent for the three months to end-June 2025, as opposed to 10.8 percent during the previous quarter.
The Bahamas National Statistical Institute (BNSI), in the preliminary results for its 2025 second quarter labour force survey, wrote:
“Unemployment declined in the second quarter of 2025, with the number of unemployed persons falling to 22,470, a reduction of 3,455 persons relative to the previous quarter
“The number of unemployed males declined to 10,690 from 12,630 in the previous quarter, while female unemployment also decreased, falling to 11,780 in the second quarter from 13,295 in the first quarter. The unemployment rate for the second quarter of 2025 was 9.3 percent, representing a decline of 1.5 percentage points from 10.8 percent in the first quarter of 2025. The unemployment rate for males and females each declined by 1.6 and 1.3 percentage points, respectively. Among youths, the unemployment rate stood at 20.3 percent, a decrease
of 0.6 percentage points compared to the first quarter of 2025.”
The BNSI, in its 2025 second quarter labour force report, said discouraged workers - representing persons who have given up looking for work because they believe they are unable to find it - had fallen by 64 percent quarter-on-quarter to 2,270. The report added: “In the second quarter 2025, April to June, there were 218,620 employed persons, representing an increase of 3,895 persons compared to the first quarter 2025.”
As for the employed labour force, the report said: “The employed labour force for the second quarter of 2025 was 218,620 persons, representing an increase compared to the first quarter of 2025. The largest increase by an occupational group was recorded in the ‘elementary occupations, where 6,980 persons were employed, a 25 percent increase over the previous quarter, driven primarily by male employment.“
female unemployment fell from 13,295 to 11,780, a reduction of 1.3 percentage points.
“The report also shows something very important: The number of people who had given up looking for work has fallen by 64 percent. More Bahamians feel hopeful again and are confident enough to start job searching,” said Mr Davis. He said the recent positive employment news is part of a bigger trend of economic improvement in The Bahamas, with international credit rating agencies upgrading The Bahamas’ outlook, investments across the islands, and major infrastructure projects creating more job opportunities.
“Across the country, the Government is pushing ahead with programmes focused on training, upskilling, small business support, and improvements to Family Island infrastructure. These efforts are
Mr Davis added that the Bahamas National Statistical Institute’s (BNSI) labour force survey showed fewer Bahamians are giving up on looking for work, asserting that this a sign that confidence in the job market is increasing.
helping people find work and creating pathways for Bahamians to build a better future,” said Mr Davis.
“While today’s numbers are encouraging, the Government understands that many families are still facing challenges. The Davis administration remains committed to helping Bahamians through cost-ofliving pressures and making sure opportunity reaches every island and every community.”
The Bahamas National Statistical Institute (BNSI) labour force survey revealed that in the second quarter of 2025, the unemployment rate was 9.3 percent, down 1.5 percentage points from 10.8 percent in the first quarter. Both male and female unemployment contributed to this decline.
The total number of unemployed persons fell to 22,470, a decrease of 3,455 from the first quarter. The
reduction in the number of unemployed was observed across multiple occupational and industry groups, including elementary occupations, craft and related workers/plant and machine operators and assemblers, and skilled agriculture and fishery workers.
At the industry level, declines in unemployment were seen in construction, wholesale and retail, community, social and personal services, and hotels and restaurants.
Male unemployment decreased from 12,630 to 10,690, a decline of 1.6 percentage points, while
Among youths, the unemployment rate was 20.3 percent, down 0.6 percentage points from the first quarter.
The number of discouraged workers, meaning persons who are without work and available to work but are not actively seeking employment because they are not optimistic about their chances of finding a job, was 2,270 in the second quarter - a decrease of 64 percent from the previous quarter.
Photos: Alfred Anderson/Barefoot Marketing
Fidelity pledges ‘meaningful’ dividends for shareholders
INCREASE - from page B1
investment interest income, although that’s not where we want to be long-term.”
Fidelity Bank (Bahamas) net loan book declined by almost $9m during the nine months to end-September 2025, narrowing from $358.01m at year-end 2024 to $349.121m. However, during the same period, its holdings of investment securities increased by close to $34.8m, rising by 22.7 percent from $153.441m to $188.221m. These changes had minimal top-line impact as, for the nine months to end-September 2025, Fidelity Bank (Bahamas) gross interest and net interest income were down by less than $1m each against prior year comparisons.
However, fee and commission income grew by
almost $1.5m, or 19.3 percent, year-over-year to hit $9.182m - as opposed to $7.697m in the prior year - for the nine months to end-September 2025. As a result, the BISX-listed lender’s total income grew by just over $1m for the period to $49.42m. However, this was insufficient to offset the $1.1m and near-$1.8m year-overyear increases in general and administrative, and salaries and benefits, costs for the first three quarters in 2025. The former expense category hit $18.632m, representing a 6.3 percent increase, while employee compensation jumped by 16.2 percent to $12.878m.
“The greatest challenge we ran into was on the expense side,” Mr Bowe told Tribune Business. “We know where the additional expenditure is coming from.
Chamber labour chief calls for end to social promotion
DEVELOP - from page B1
Commerce and Employers
Confederation’s (BCCEC) labour division chief, told Tribune Business that the workforce-related concerns referenced in the IDB presentation match the feedback the newly-formed National Productivity Task Force has been receiving “like crazy” from the ongoing survey it is conducting of private sector and public sector employers.
Disclosing that the survey results are presently being
compiled, and likely to be published in mid-December 2025, he added that nothing in the responses to-date has proved surprising as they merely highlight the decades-long concern of employers that they are simply unable to locate the skills they require in sufficient quantity in the Bahamian workforce.
“That’s no surprise,” Mr Goudie told this newspaper of the impediments identified by “innovative” Bahamian firms in the IDB presentation. “We need to
Swain’s Cay chief blames US economic conditions
SHUT - from page B1
may be due to the state of the US economy and uncertainty over policies such as Donald Trump’s tariffs.
“I think it’s the global temperature, meaning the economic challenges in the United States that they’re experiencing,” Ms Bastian said. “We are highly dependent upon them. And so if the regular fisherman is saving his money, and is uncertain about the economy, which is diving…. you know, I watched the television and saw reports about the economy down and unemployment is very high.
“They’re saving their money, but they’re going to save it because they’re not certain of where everything is going. So I think that’s impacting - the economic downturn in the US - that’s one of the main reasons for us.” Ms Bastian praised the Government for its efforts to build the fishing industry, especially the fly fishing industry, through education
initiatives as well as grant funding. However, she said more work and consistency is needed for the industry to thrive.
Denny Rankine, the Bahamas Fly Fishing Industry Association’s (BFFIA) vice-president, said business is starting to pick up for everyone in the industry. However, he added that while some fisherman and lodge owners may be busy right now, others are not “but that is normally the way it is”.
“I think if you look at the guys individually, some of them are pretty busy right now. Some are not, but that is normally the way it is. But I think things are starting to pick up for everyone,” he added. “I’ve spoken with a couple of the guys in the north right now, and they don’t seem to be able to have enough hands to contribute.
“It all depends on who you speak with at any given time. Opinions would differ, but I think it’s the same as it was last year... In general, I think as it is this year, things normally pick up around the week prior to Thanksgiving and into Thanksgiving. I think this is pretty normal.”
Some of those elements have not turned into revenue producers.
“We’ve seen payroll increase, but it’s a little bit of a chicken and egg there as first you have to have appropriate personnel to run those lines of business and take on some of the costs ahead of revenue, but we believe that will set us up for the future in terms of sustainability.”
As for the rise in general and administrative expenses, the Fidelity Bank (Bahamas) chief suggested the bank was eyeing a different approach. Attributing the increase to system upgrades and modifications, he added: “These are more project costs. We refer to them as non-recurring, but every year we have new projects. We are looking at spending on systems to avoid projects.
“When we look at what we saw for the first nine months, it’s about controlling costs with a viewpoint not to be penny wise and pound foolish. We
fix our education system. That’s why we brought in the Apprenticeship Programme. We really need to fix our education system and get rid of social progression.
“I know why it came in. But we’ve gotten way beyond that. Way beyond it. I get push back by some people who say you cannot leave somebody in Grade Two until they are 15 yearsold. I say: ‘Really?’ Maybe we need an alternative route for them, because to allow that 15 year-old to move up the education system will disrupt the education of those getting an education.
“I don’t agree that we should leave somebody not
believe none of the expend-
iture was wasteful; it’s all been purposeful, but we have to look at how best to get value out of expenditure and hold people accountable - employees, service providers and system providers.
“It can’t be business as usual relative to the value proposition and money spent.” Fidelity Bank (Bahamas) is thus seeking to extract value and returns from the investments it is making far more quickly than in recent months and years.
“I know there will be some level of concern with profitability for the first nine months,” Mr Bowe conceded. “I allay that by saying that when you look at consistency or sustainability in profitability, we are not having one-off or irregular contributions driving profitability. Sometimes you run into situations where you have increased costs before you get revenue.
“To get to $20m will require a super quarter
moving up in Grade Two. But they have got to pass, and if they cannot pass we need to do something about it. I know why we did it, but we cannot do it any more.”
Reiterating that the number of high school graduates who are ill-prepared for the workforce is a “huge, huge, huge” problem for both the Bahamian private sector and society, Mr Goudie said: “We’re getting that feedback now on the Productivity Task Force.
“I sit on the National Productivity Task Force and we’ve done a survey. It’s not finished yet, but it’s close. The feedback coming from people is just thatlack of skills and education. We’re getting that feedback.
Korea exchange to boost data governance upgrade
OBSTACLES - from page B1
As a result, he requested the bank’s assistance in establishing the National Statistics Committee; strengthen the “technical knowledge and capacity” of its staff and those at the Institute; and expand the statistics generated from the Family Islands including private destinations owned by the likes of the cruise lines and individual billionaire and millionaire investors.
“The creation of the BNSI represented a major institutional milestone, providing the country with a strengthened legal and organisational framework for the production of statistics. However, the NSS (national statistical system) continues to face challenges that constrain its ability to consistently generate timely, accessible and high-quality data for policymaking and development planning,” the IDB warned.
“Currently, the BNSI faces a range of challenges, including growing demand for timely and disaggregated data, the integration of non-traditional data sources, and the need to maintain credibility
[four]. There are some things in the pipeline that can achieve that. There are some very large merchants and holiday spending, but that’s more for the longterm. There will be some upside in the fourth quarter as the focus is on making up the stagger we lost in the third quarter and achieving consistent profitability with the prior year.
“We will certainly not be accepting less than $18m graciously. All hands are on deck to make sure that all the levers showing positive signs of impacting the performance of the bank in terms of revenue generation that we are maximising those opportunities in the fourth quarter, which is the biggest period for consumer spending,” Mr Bowe added, “It’s having that opportunity with a view to maintaining consistent profitability and the sustainability of future profitability. We are investing - there’s nothing untoward, nothing exciting on the expenditure side to say there’s radical,
Nobody is surprised with the feedback we’re getting, but it just keeps sending the message that we have a problem.
“We’re getting the message like crazy. You have got to sit there and say to yourself: ‘If every Tom, Dick and Harry in this country is saying the same thing, we have a problem and need to do something about it. We’re trying to get as much feedback as we can. We already have hundreds of answers and want more, especially from the youth, and are not getting it but we’re going to keep trying,” Mr Goudie added.
“We’re trying to get as much feedback as possible to our survey so we can
unplanned expenditure. Revenue pace has not picked up at the pace of expenditure, and you incur costs upfront that you earn back over a period of time.” Fidelity Bank (Bahamas) will have to generate a near$5.3m fourth quarter profit for full-year net income to match 2024’s. The bank generated just $3.813m in net income during last year’s final three months, while 2025 third quarter profits this year stood at $3.511m. Still, Mr Bowe argued that “everything is trending in that direction” to match 2025’s $18m full-year profit. He added: “From a shareholder perspective, we have managed our capital to put us in a position to distribute dividends consistent with the expectations of shareholder without causing harm to our capital position. The present profit of $13m is consistent with giving returns back to our shareholders that are actually meaningful.”
publish what the private and public sectors say about all these questions we are asking. I can tell you right now none of it’s surprising. It’s not as if it’s ‘really?’. That’s not happening. It’s ‘OK, we have a problem’. We went to all parts of society, everybody we could reach, and asked them to complete this survey - schools, hospitals, healthcare, everybody.
“The feedback is just overwhelming, and so it drives the message home that we need to fix the system. We have a really difficult problem because we are not getting the attention we need to deal with the problem.”
and independence while operating under resource constraints.
“Additionally, the Institute must adapt to technological advancements, develop integrated data infrastructure and address data gaps in critical areas such as economic, social and environmental dynamics. The Institute also faces significant human capital challenges, including the need for training programmes and career development paths to ensure renewal of staff and attract new generations.”
Accurate, correct and timely evidence-based decisions are difficult, if not impossible, to make without access to numbers and data that are true and right.
The BNSI is now producing quarterly updates on The Bahamas’ gross domestic product (GDP) or economic output; the labour force and unemployment numbers; this nation’s physical goods trade with its partners; and construction industry production.
Breaking down The Bahamas’ challenges, the IDB said: “First, the governance arrangements of the NSS require consolidation. The Statistics Act 2021 envisaged the establishment of a National Statistics Committee (NSC) as a mechanism to co-ordinate across ministries and agencies such as the Ministry of Finance, the Central Bank, the Ministry of Education and the Ministry of Health.
“While this committee has been foreseen in the legal framework, it has not yet been fully operationalised, and its rules of engagement and mandate remain to be defined. This situation limits the ability of the NSS to prioritise statistical needs and to align with the implementation of the National Strategy for the Development of Statistics (NSDS).
“Second, although a draft NSDS was developed with the support of the IDB, it has not yet been formally adopted as the main policy instrument guiding investment, programming and operations in the statistical
sector. As a result, data production remains fragmented, the co-ordination between data producers and users is limited, and the use of administrative records for statistical purposes is still incipient.”
Detailing two other obstacles encountered by The Bahamas, the IDB report said: “Third, the BNSI faces institutional capacity constraints, particularly in relation to human resources. The Institute requires a structured programme to strengthen leadership and management skills, provide training in modern statistical methods, and to attract and retain new generations of professionals.
“This would ensure continuity and renewal of expertise, while equipping staff with the competencies necessary to apply innovative tools such as data mining, machine learning and advanced statistical techniques.
“Fourth, the technological infrastructure of the NSS remains under-developed.
The absence of integrated IT systems and interoperability protocols between the BNSI and other government entities constrains the harmonisation of data, reduces efficiency in statistical operations, and delays the dissemination of official information,” the IDB added.
“Expanding the use of administrative records and modernising IT systems are necessary steps to improve the quality and timeliness of statistics, and to enhance co-ordination across government agencies.
“These institutional, technological and human resource challenges are not unique to The Bahamas, but are common among small island developing states, where limited scale and resource constraints create additional pressure on national statistical systems.
“Strengthening the BNSI and the NSS is therefore essential to ensure that The Bahamas can generate the statistical information needed to guide public policy, monitor progress toward national development goals and measure the impact of IDB-financed operations in the country.”
To address these issues, the IDB report said learning and technical exchanges will take place between the BNSI and South Korea’s Korea Statistical Information Institute (KOSII) and Statistics Korea (KOSTAT) to enable The Bahamas to benefit from the Asian nation’s “practical experience in modernising statistical governance and IT infrastructure”.
The multilateral lender added: “It is expected that the National Statistics Committee will be established, the NSDS will be updated and approved in alignment with the National Development Plan, the BNSI’s institutional capacity will be reinforced through training and academic partnerships, and a proposal for an integrated IT system will be developed to improve co-ordination and data integration.
“As a result, the Government of The Bahamas will have access to better data to design and monitor programmes, and the IDB will be able to measure the impact of its operations in the country. In addition, the [project] is expected to strengthen BNSI’s institutional leadership within the NSS, enhance stakeholder confidence in the quality and reliability of official data, and increase co-ordination among government entities producing and using statistics, thereby improving the Government’s capacity to design, monitor and evaluate public policies and development programmes based on evidence…
“The final beneficiaries are government agencies, the private sector, academia, civil society and the citizens of The Bahamas, who will benefit from more timely, accessible and high-quality official statistics to support evidence-based policymaking and improved public policies.”
Mr Oliver, in his letter to the IDB, asserted: “The production of relevant, reliable and timely official statistics that provide policy makers with the data necessary to effectively monitor the progress of government programmes, and generate the empirical evidence that informs the efficient allocation of public resources for the development of the country, is a priority for the Government of The Bahamas.” Among the objectives, he added, is to “expand the generation of official statistics in the Family Islands - including the private islands - with the aim to better capture their economic and social activities, and thus improve local and national policies”.
GB PAINT SUPPLIER HOLDS 45TH BIRTHDAY CELEBRATION
A GRAND Baha-
ma-based paint supplier has celebrated its 45th anniversary with its annual ‘Colour Show’ that showcases the latest trends in home décor and design.
Paint Fair, which was founded in 1980 by Joan and Colin Davies, began as a family-run business born out of necessity. “My dad was a general contractor at the time,” said Lesley Davies-Baptista, the vendor’s president, “and he wanted to be able to get paint reliably. That’s how it was born.
“My parents worked through so much with the team here at Paint Fair, good times and bad, as we all know in Grand Bahama. And it’s truly a feat to achieve 45 years.”
This year’s Colour Show continued a tradition started decades ago by Mrs Davies and Anne Woodman. “What was amazing about my mom,” Ms Davies-Baptista recalled, “was that, despite the times, she and the team always looked for ways to do something new; to bring something better, to find inspiration…
“That is where the Colour Shows came from.
So, on a personal level and for our team, it’s a blessing to continue that legacy, one grounded in customer service and deep gratitude for the Grand Bahama community.” Representatives from Pittsburgh Paints Company, Paint Fair’s long-standing partner, travelled to Grand Bahama for the celebration.
Carrie Erath, director of dealer marketing and operations at Pittsburgh Paints’ corporate office, said, “Eric and Lesley have been wonderful partners for
several years now and we are excited to be back for another Colour Show.
“It’s a great event; there’s always an amazing turnout and incredible support from the community. There’s so much interest in what’s trending and new ideas for paint and colour. To see a community come together for this kind of event is just wonderful.”
Ms Erath also congratulated Paint Fair for its enduring legacy, calling the partnership “a reflection of mutual dedication to quality, creativity and customer service that stands the test of time”.
Attendees Abriel Ingram and Oral Turnquest, of Maximize Construction Company, said: “Tonight was a very interesting night. The presenters explained the different colour schemes and accents really well. We came in thinking paint was simple, but this show got our minds going, thinking about how to use new styles and finishes in our upcoming projects. All in all, it was a great night.”
As part of the 45th anniversary celebration, Paint Fair also announced a series of sales planned in the coming weeks through Christmas.
“There’s nothing easier or more affordable than changing the look of a space with paint,” said Ms Davies-Baptista. “And when it’s on sale, it’s even easier. We’re kicking things up a notch this year, because it’s 45 years and we want to thank our customers for their loyalty. We love helping Bahamians bring colour into their homes for the holidays. This is our home, and it’s a privilege to serve it with colour, inspiration and heart.”
BAMSI manager: Turn farming into businesses
By ANNELIA NIXON Tribune Business Reporter
THE Bahamas Agriculture and Marine Science Institute’s (BAMSI) general manager is calling on Chambers of Commerce to help turn Long Island farmers’ operations into businesses and grow the economy.
Deon Gibson, speaking at the Long Island Business Outlook, said farmers miss money-generating opportunities because they do not view their operations as a business.
“I was a little disappointed this morning at breakfast,” Mr Gibson said.
“I buy hot sauce everywhere I go in the world. I bought hot sauce here before many times. And, at breakfast, I had to use some cheap, watered down foreign product.
“It's a personal goal or dream of mine that every time we walk into a Bahamian restaurant, we should see a Bahamian pepper sauce on the table. And Long Islanders have long been in the value-added products and processing of food. I buy jams. I got some star fruit jam when I was at Mutton Fest last year. It's a delight. I have it home. I use it on my toaster regularly,” he added.
“But I would encourage the Long Island Chamber of Commerce, and I guess
by extension, the Bahamas Chamber of Commerce, to reach out to some of the farmers that you know. See how we can help them to develop their farming operation into a business that can not only bring revenue, but build up this economy, as we know that it was very much one time ago heavily based on agriculture and fisheries.
“Now, marine resources is the number one economic driver here in Long Island. And with the increase in tourists that we know are coming once the airport is finished and, as Mr Burrows would have stated, you have an extra 1,200 - I think it's more than that, maybe about 2,000 people who come every year for regatta - that's an extra 2,000 people that need to be fed.” Mr Gibson pointed to other agricultural business opportunities including the export of wild hogs to other islands. He noted that Long Island has an issue with the amount of wild hogs, and has gotten hog traps specifically for the island. Unable
to disclose an exact date, he said two hog traps will be sent to Long Island before the end of the year. Once captured, the hogs can be sent to New Providence for sale, he added.
“A lady told me earlier that people are tired eating it [wild hogs],” Mr Gibson said. “Send it to Nassau. There's a market for it.
That's a product you can export to New Providence that persons will buy. A lot of the jerk people, our Haitian community like it because it's lean, but it also has a good amount of fat. We'll look at how the management of those traps will go, but that is something that someone can manage it, and the funds can be utilised or sent right back here to Long Island.
“I know that the hogs are a first step. The traps only cost $500. The Government is providing two to the island, but I think that others can step in and maybe get some as well, so that you can try to mitigate the problem. It's a huge problem; not just
here. Andros doesn't have as much issues because their hogs are way off from where people are, and they don't tend to bother with the farms too much.
“But Inagua has a serious issue as well as they're eating the... flamingos and sometimes eating the eggs. And so these invasive species have to be controlled, but the only way we can control it is with the collective support of everyone.”
Mr Gibson is also working to encourage the Government to invest in a kill-floor in Long Island. He said once farmers are at a level where they are slaughtering sufficient animals and producing enough meat, a vet can visit Long Island to examine and verify that the meat is safe to be distributed commercially.
He said Long Island has the hair sheep, which no other island in The Bahamas and few in the region have. Mr Gibson said he has spoken to representatives
from New Zealand while serving as director of agriculture about genetics and making the sheep a globally-recognised breed.
“But now it's time to make it intentional and preserve the genetics of this hardy breed, which could probably go around the world as a top meat sheep, and it's ideal for our climate.”
Mr Gibson said he has seen many photos of flooded banana farms on Long Island in Hurricane Melissa’s aftermath. He encouraged farmers to register with the Department of Agriculture, which grants access to benefits and subsidies that come through the Government.
“And so that would put us, along with St Croix, which has a breed of sheep, a few breeds of sheep, the Barbados black belly and Jamaica, who are several breeds of cattle,” Mr Gibson said. “And I think that's something that we need to work on, to hone and to own, because it's not an easy thing to come up with a breed, and I think it's kind of happened by accident.
CARRIE ERATH, director of dealer marketing and operations at Pittsburgh Paints’ corporate office, is pictured presenting at the Colour Show event.
THE PAINT Fair Colour Show was booked out as it showcased the latest trends and innovations in colour and design. Pictured are two customers at the event, which was held late last week.
PICTURED before the Colour Show started are L to R, front row: Treyvon Fox, Debbie Mills, Christine Whyley, Charlene Harding, Eric Baptista, Lesley Davies-Baptista of Paint Fair, and Lynsey Hankins and Carrie Erath of Pittsburgh Paints Company (PPC), along with Lori Bethel and Danielle Moxey of Paint Fair. Pictured on the back row L to R: Gavin Reese (PPC), Jim Smith (PPC), AJ Higgs, Taneko Rolle, and Gavin Stretton of Paint Fair.
REPRESENTATIVES from Pittsburgh Paints Company (PPC), Paint Fair’s long-standing partner, travelled to Grand Bahama for the celebration. Pictured left to right are: Gavin Reese (PPC); Jim Smith (PPC); Eric Baptista (Paint Fair); Lesley Davies-Baptista, president (Paint Fair); Lynsey Hankins (PPC); and Carrie Erath (PPC).
Photos:Barbara Walkin/Barefoot Marketing
Teachers
RESPONSE - from page B1
president, Kimsley Ferguson, have received any response from the Prime Minister or anyone in the Office of the Prime Minister,” said Mrs Wilson.
“We have not received any written reply, and we still have not been provided with the list or the details of how much the salary increase will be based on the salary review. Of the concerns and grievances outlined in our letter, only one has been half-way addressed.”
During his 2025-2026 Budget communication, Mr Davis announced middle management public servants would receive salary increases at the end of June and there would be broader pay rises of between 2 to 8 percent for the rest of the public service coming in September, along with expanded health insurance coverage for all government employees.
However, it was announced in September that public servants who missed earlier pay rises would now receive them in December, not in
September as previously planned. The Government advised increases will be retroactive to September, with each employee receiving at least two salary increments, though the size of the increases will vary by civil service worker category.
Members of the BUT and BPSU subsequently marched to Parliament demanding clarity on the delayed salary increases that were initially promised in September, expressing frustration over what they described as a lack of follow-through by the Government.
Mr Davis, meanwhile, confirmed that the salary reviewbwas initiated to “make life better” for
government employees.
“This review was not done at the request of any union; it was done because my government believes Bahamian workers deserve better,” he added.
“We wanted to look carefully and independently at how salaries across the
public service can be made fairer and more reflective of the value of the work you do.” Mr Davis has also reaffirmed his commitment to making payments to public workers “before Christmas”.
“If the question is one of payment, let me say again: Every public servant will be paid before Christmas. The Ministry of Finance and the Treasury have been working to ensure this, and I am satisfied that they are on course to deliver,” he added.
BRITAIN’S UNPOPULAR GOVERNMENT PREPARES A HIGH-STAKES BUDGET AND HOPES FOR GROWTH
By JILL LAWLESS and PAN PYLAS Associated Press
AFTER being elected in a landslide last year, Britain's Labour Party government delivered a budget it billed as a one-off dose of tax hikes to fix the public finances, get debt down, ease the cost of living and spur economic growth.
A year on, inflation remains stubbornly high, government borrowing is up and the economy is turgid. The annual budget, due on Wednesday, is expected to bring more tax hikes in pursuit of the same elusive economic boom.
Rain Newton-Smith, head of business group the Confederation of British Industry, said Monday that "it feels less like we're on the move, and more like we're stuck in 'Groundhog Day.'"
It's not just businesses who are concerned.
Alarmed by the government's consistently dire poll ratings, some Labour lawmakers are mulling the once-unthinkable idea of ousting Prime Minister Keir Starmer, who led them to victory less than 18 months ago.
Luke Tryl, director of pollster More in Common, said voters "don't understand why there has not been positive change.
"This could be a lastchance saloon moment for the government."
Not much room for maneuver
The government says Treasury chief Rachel Reeves will make "tough but right decisions" in her budget to ease the cost of living, safeguard public services and keep debt under control.
She has limited room for maneuver. Britain's economy, the world's sixth-largest, has underperformed its long-run average since the global financial crisis of 2008-2009, and the center-left Labour government elected in July 2024 has struggled to deliver promised economic growth.
Like other Western economies, Britain's public finances have been squeezed by the costs of the COVID-19 pandemic, the Russia-Ukraine war and U.S. President Donald Trump's global tariffs. The U.K. bears the extra burden of Brexit, which has knocked billions off the economy since the country left the European Union in 2020.
The government currently spends more than 100 billion pounds ($130
billion) a year servicing the U.K.'s debt, which stands at around 95% of annual national income.
Adding to pressure is the fact that Labour governments historically have had to work harder than Conservative administrations to convince businesses and the financial markets that they are economically sound.
Reeves is mindful of how financial markets can react when the government's numbers don't add up. The short-lived premiership of Liz Truss ended in October 2022 after her package of unfunded tax cuts roiled financial markets, drove down the value of the pound and sent borrowing costs soaring.
Luke Hickmore, an investment director at Aberdeen Investments, said the bond market is the "ultimate reality check" for budget policy.
"If investors lose faith, the cost of borrowing rises sharply, and political leaders have little choice but to change course," he said.
Mixed pre-budget signals
The government has ruled out public spending cuts of the kind seen during 14 years of Conservative government, and its attempts to cut Britain's huge welfare bill have been stymied by Labour lawmakers.
That leaves tax increases as the government's main revenue-raising option.
"We're very much not in the position that Rachel Reeves hoped to be in," said Jill Rutter, a senior fellow at the Institute for Government think tank.
Instead of an economy that has "sparked into life," enabling higher spending and lower taxes, Rutter said Reeves must decide whether "to fill a big fiscal black hole with tax increases or spending cuts."
The budget comes after weeks of messy mixed messaging that saw Reeves signal she would raise income tax rates – breaking a key election promise – before hastily reversing course.
In a Nov. 4 speech, Reeves laid the groundwork for income tax hikes by arguing that the economy is sicker and the global outlook worse than the government knew when it took office.
After an outcry among Labour lawmakers, and a better-than-expected update on the public finances, the government signaled it preferred a smorgasbord of smaller revenue-raising measures such as a "mansion tax"
on expensive homes and a pay-per-mile tax for electric vehicle drivers.
The government will try to ease the sting with sweeteners including an above-inflation boost to pension payments for millions of retirees and a freeze on train fares.
Critics say more taxes on employees and businesses, following tax hikes on businesses in last year's budget, will push the economy further into a low-growth doom loop.
Patrick Diamond, professor in public policy at Queen Mary University of London, said satisfying both markets and voters is difficult.
"You can give markets confidence, but that probably means raising taxes, which is very unpopular with voters," he said. "On the other hand, you can give voters confidence by trying to minimize the impact of tax rises, but that makes markets nervous because they feel that the government doesn't have a clear fiscal plan."
High stakes for Reeves and Starmer
The budget comes as Starmer is facing mounting concern from Labour lawmakers over his dire poll ratings. Opinion polls consistently put Labour well behind the hard-right Reform UK party led by Nigel Farage.
The prime minister's office sparked a flurry of speculation earlier this month by preemptively telling news outlets that Starmer would fight any challenge to his leadership. What looked like an attempt to strengthen Starmer's authority backfired. The reports set off jitters verging on panic among Labour lawmakers, who fear the party is heading for a big defeat at the next election.
That election does not have to be held until 2029, and the government continues to hope that its economic measures will spur higher growth and ease financial pressures.
But analysts say a misfiring budget could be another nail in the coffin of Starmer's government.
"Both Starmer and Reeves are really unpopular," Rutter said. "They may be hanging on for now, but I don't think people will be giving you great odds that they'll necessarily last the course of the Parliament," which runs until the next election.
BRITAIN’S Chancellor of the Exchequer, Rachel Reeves, holds up the traditional red ministerial box containing her budget speech, as she poses for the media outside No 11 Downing Street, before departing to the House of Commons to deliver the budget in London, Wednesday, Oct. 30, 2024. Photo:Kirsty Wigglesworth/AP
Trump EPA moves to abandon rule that sets tough standards for deadly soot pollution
By MATTHEW DALY Associated Press
THE Trump administration is seeking to abandon a rule that sets tough standards for deadly soot pollution, arguing that the Biden administration did not have authority to set the tighter standard on pollution from tailpipes, smokestacks and other industrial sources.
The action follows moves by the administration last week to weaken federal rules protecting millions of acres of wetlands and streams and roll back protections for imperiled species and the places they live. In a separate action, the Interior Department proposed new oil drilling off the California and Florida coasts for the first time in decades, advancing a project that critics say could harm coastal communities and ecosystems.
The Environmental Protection Agency finalized a rule last year that imposed strict standards for soot pollution, saying that reducing fine particle matter from motor vehicles and industrial sources could prevent thousands of premature deaths a year.
Twenty-five Republican-led states and a host of business groups filed lawsuits seeking to block the rule in court. A suit led by attorneys general from Kentucky and West Virginia argued that the EPA rule would raise costs for manufacturers, utilities and families and could block new manufacturing plants.
In a court filing this week, the EPA essentially took the side of the challengers, saying the Biden-era rule was done “without the rigorous, stepwise process that Congress required” and was therefore unlawful.
“EPA now confesses error and urges this Court to vacate the Rule” before
Feb. 7, the agency said in a brief filed with the U.S. District Court of Appeals for the District of Columbia Circuit. Vacating the Biden-era rule would revert the soot standard to a level established a dozen years ago under the Obama administration. The Trump EPA is set to propose its own rule early next year.
Environmental groups said the agency’s action — which follows a pledge by EPA Administrator Lee Zeldin to roll back the soot rule and dozens of other environmental regulations — threatens public health and undermines its obligations under the Clean Air Act.
“EPA’s motion is a blatant attempt to avoid legal requirements for a rollback, in this case for one of the most impactful actions the agency has taken in recent years to protect public health,” said Hayden Hashimoto, an attorney at the nonprofit Clean Air Task Force.
EPA press secretary Carolyn Holran said the 2024 rule would cost “hundreds of millions, if not billions of dollars to American citizens if allowed to be implemented.” The rule “was not based on the full analysis of available science that the statute requires,” she said, adding that EPA will conduct a thorough review as required by the Clean Air Act. The Biden rule set maximum levels of 9 micrograms of fine particle pollution per cubic meter of air, down from 12 micrograms established under former President Barack Obama. The rule sets an air quality level that states and counties must achieve in the coming years to reduce pollution from power plants, vehicles, industrial sites and wildfires.
“An abundance of scientific evidence shows that going back to the previous standard would fail to provide the level of protection for public health required under the Clean Air Act,” Hashimoto said.
EPA said in creating the rule that the new standard would avoid 800,000 cases of asthma symptoms, 2,000 hospital visits and 4,500
premature deaths, adding up to about $46 billion in health benefits in 2032.
Then-EPA head Michael Regan said the rule would especially benefit children, older adults and those with heart and lung conditions, as well as those living near highways, factories and power plants.
“Walking away from these clean-air standards doesn’t power anything but disease,” said Patrice Simms, vice president of healthy communities at Earthjustice, a nonprofit law firm that represents environmental groups in the legal case. President Donald Trump “has made it clear that his agenda is all about saving corporations money,” Simms said, adding under Zeldin, the EPA “has
nothing to do with protecting people’s health, saving lives or serving children, families or communities.”
Soot, made up of tiny toxic particles that lodge deep in the lungs, can result in severe health harms, including premature death, and comes from sources such as vehicle exhaust pipes, power plants, and factories.
Bolivia’s new president plans to scrap taxes and borrow money to confront economic crisis
By PAOLA FLORES Associated Press
PRESIDENT Rodrigo
Paz of Bolivia said Tuesday he planned to scrap a ream of taxes, in one of his first moves since becoming the nation's first conservative leader in nearly two decades in a bid to rescue a crisis-stricken economy.
Just over two weeks since taking office, Paz also announced his government would slash 30% of total federal spending from Bolivia's 2026 budget to reverse years of populist economic measures taken under the long-ruling Movement Toward Socialism, or MAS, party. He did not give further details on
how his government would make such deep cuts.
Speaking to reporters on Tuesday, Paz said he was proposing to repeal Bolivia's national wealth tax, arguing that it had crippled growth and discouraged billions of dollars in investments since being imposed by his left-wing predecessor, former President Luis Arce. Another levy on the chopping block is Bolivia's 0.3% tax on everyday financial transactions, Paz said, something that long motivated Bolivians to keep
clear of the formal banking system and instead stash their savings under mattresses and floorboards.
"We are giving the first signs of security that the country requires," Paz said. "We are paving the way for economic activity."
The bills to remove the taxes must be sent to Congress for approval before taking effect. Business leaders were already thrilled.
"The persecution of the private sector is ending," said Klaus Freking from the country's main agricultural
chamber. "It is the beginning of legal certainty."
But Paz and his Economy Minister José Gabriel Espinoza said Tuesday that, for now, their government wouldn't touch the pillars of Bolivia's economic model under the MAS party — specifically, the country's fuel subsidies that keep its retail price of gasoline among the world's cheapest, as well as its fixed exchange rate that became distorted as the country's central bank ran out of U.S. dollars.
The European Union votes to deepen defense industry ties with Ukraine
By SAM McNEIL Associated Press
EUROPEAN Union lawmakers voted on Tuesday to deepen integration of the bloc's defense industry with Ukraine as a U.S. peace plan remains in flux and Russia's unconventional warfare operations rattle the 27-nation bloc.
European Parliament legislators voted 457-148, with 33 abstentions, to approve a 1.5-billion euro ($1.7 billion) program, with 300 million euros ($345 million) slated for the Ukraine Support Instrument.
Raphaël Glucksmann, an EU lawmaker from France's S&D party, said that the defense program "will enable us to build a more resilient and sovereign Europe" through partnering with Ukraine to build a cutting-edge military industrial complex.
"This is key to making sure we can protect our democracies effectively and autonomously," he said. Ukraine's defense industry "needs us," EU Defense Commissioner Andrius Kubilius told EU lawmakers before the vote in Strasbourg, France, without mentioning the ongoing peace negotiations to end the war. "But
we need Ukraine's defense innovations even more."
He said that allowing Ukrainian access to the EU's Defence Investment Program "makes it possible to procure defense equipment in, with and for Ukraine."
EU defense spending is expected to total around 392 billion euros (more than $450 billion) this year, almost double the amount of four years ago, before
Alibaba’s cloud business revenue soars 34% driven by AI boom
By CHAN HO-HIM AP Business Writer
CHINA'S Alibaba Group posted a 34% jump in revenue from its cloud business in its most recent quarter, buoyed by the boom in artificial intelligence.
But overall revenue at the Chinese tech group for the July-September quarter increased by just 5% yearon-year to 247.8 billion yuan ($35 billion), and profit fell 52% from last year, as a fierce price war in China's e-commerce landscape -- including in the food delivery segment -- eroded into short-term profitability. JD.com, its e-commerce rival, reported a 55% net profit drop in the same quarter.
Alibaba started out in e-commerce and later turned its focus to cloud and AI technologies. Earlier this year, it pledged to invest at least 380 billion yuan ($53 billion) in three years in advancing its cloud computing and AI infrastructure.
CEO Eddie Wu said in prepared remarks Tuesday that the group's "significant" investments in AI had helped its revenue growth.
The 34% cloud revenue growth was faster than the 26% increase in the AprilJune quarter.
The company added that demand for AI was "accelerating" and its "conviction in future AI demand growth
is strong." It also will probably end up investing more than the planned 380 billion yuan in AI to meet surging demand, Alibaba said Tuesday.
On Monday, Alibaba announced that its upgraded AI chatbot Qwen -- which aims to rival OpenAI's ChatGPT -- recorded 10 million downloads in the first week after its public launch.
The company's Hong Kong shares gained 2% Tuesday and just before the opening bell on the New York Stock Exchange, shares rose 2.4%. Shares have gained more than 90% so far this year, fueled by optimism over its progress in AI.
Chinese companies have been gaining ground in AI since tech startup DeepSeek upended the industry, raising doubts over the dominance in the sector of its U.S. rivals.
Recent earnings reports by other Chinese tech giants have been mixed.
Tencent, which rivals Alibaba in AI, this month reported a strong 15% year-on-year gain in its revenue for the July-September quarter. But Baidu, which also competes with Alibaba in AI development, recorded a 7% drop in revenue in the same quarter compared to last year.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, TAMARA SAUNDERS of #14 Woodside Terrace, New Providence, The Bahamas, Mother of ALEX TAMARE SAUNDERS a minor intend to change my child’s name to ALEX TAMARE NEWBOLD. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that DWAYNE RICORDO FORBES of Sandilands Village Road, Nassau, 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 26th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Russia launched its fullscale invasion of Ukraine on Feb. 24, 2022.
The Trump administration has signaled that it's prioritizing U.S. security on its own domestic borders and in Asia. It has told Europeans that they must fend for themselves and Ukraine in the future.
Born out of the carnage of the two world wars, the EU started as a trading bloc designed to avert
conflict. But Russia's war in Ukraine has spurred a shift in the Brussels-based bloc, heightening its defense and security posture.
The European Commission, the EU's executive branch, believes that about 3.4 trillion euros ($4 trillion) will probably be spent on defense over the next decade. To help, it intends to propose boosting the EU's long-term budget for
after the
defense and space to 131 billion euros ($153 billion). "We shall be powerful geopolitically if we shall be strong in our defense, and we shall be strong in defense if we shall be strong in our defense industry, and if we shall be strong in our defense industry, we shall be industrially independent, autonomous and much less fragmented," Kubilius said.
EU member countries are being urged to buy much of their military equipment within the bloc, working mostly with European suppliers — in some cases with EU help to cut prices and speed up orders. Under the road map, EU nations should only purchase equipment from abroad when costs, performance or supply delays make it preferable.
Kubilius said that EU-based defense companies can apply for tax breaks and other financial incentives to fund so-called European defense projects of common interest that "no member state can ever build alone, but that will protect the whole of Europe," like Eastern Flank
ByHeart baby formula from all lots may be contaminated with botulism bacteria, tests show
By JONEL ALECCIA AP Health Writer
TESTS of ByHeart infant formula tied to a botulism outbreak that has sickened dozens of babies showed that all of the company's products may have been contaminated.
Laboratory tests of 36 samples of formula from three different lots showed that five samples contained the type of bacteria that can lead to the rare and potentially deadly illness, the company said Monday on its website.
"Based on these results, we cannot rule out the risk that all ByHeart formula
across all product lots may have been contaminated," the company wrote.
At least 31 babies in 15 states who consumed ByHeart formula have been sickened in the outbreak that began in August, according to federal and state health officials. In addition, other infants who drank ByHeart formula were treated for botulism in earlier months, as far back as November 2024, although they are not counted in the outbreak, officials said.
Clostridium botulinum type A, the type of bacteria detected, can be unevenly distributed in powdered
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, TAMARA SAUNDERS of #14 Woodside Terrace, New Providence, The Bahamas, Mother of TINAJ ALEXANDER SAUNDERS a minor intend to change my child’s name to TINAJ ALEXANDER NEWBOLD. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that FEDILIN JEANVILLE of George Town, Exuma, 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 26th day of November, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that DECAENEL PIERRE of Colony Village, Nassau, 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 19th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Watch, Drone Defense Initiative or Space Shield.
Permitting Ukrainian companies to participate in these projects "allows us to inject Ukrainian military innovation in the European defense industry," he said.
Last week, the European Commission rolled out a new defense package to allow tanks and troops to deploy more rapidly across Europe as well as the EU Defense Industry Transformation Roadmap, which aims to simplify and unify regulations on the EU's defense industry, and corral investment into domestic production of weapons, vehicles, satellites, shells and bullets.
Before the vote, Kubilius said that the defense program is meant to make sure big nations cannot seize territories of weaker nations.
"My country Lithuania was really a victim of such previous policies prevailing in the European continent," he said, referring to the Soviet occupation of Lithuania for 50 years. "That is why I am for a strong Europe and a strong European defense industry."
formula. Not all babies who ingest it will become ill, though all infants under age 1 are at risk, medical experts said. ByHeart recalled all of its formula nationwide on Nov. 11. However, some product has remained on store shelves despite the recall, according to state officials and the U.S. Food and Drug Administration.
Parents and caregivers should stop feeding the formula to babies immediately and monitor the children for symptoms, which can take up to 30 days to appear. Infant botulism occurs when babies ingest spores
that germinate in their intestine and produce a toxin. Symptoms include constipation, difficulty sucking or feeding, drooping eyelids, flat facial expression and weakness in the arms, legs and head. The illness is a medical emergency and requires immediate treatment.
At least 107 babies nationwide have been treated for botulism with an IV medication known as BabyBIG since Aug. 1, health officials said. In a typical year, less than 200 infants are treated for the illness.
To report an illness tied to the outbreak, contact an FDA consumer complaint coordinator or fill out an online MedWatch form.
Consumers who bought ByHeart on the company's website on or after Aug. 1 can receive a full refund, an expansion of its previous policy, the company said.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ARISA DORETT WOODSIDE of Mars End, Eastern Estate New Providence, The Bahamas, intend to change my name to ARISSIA DORETH VICTORIA THOMPSON If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that KASIAN MARIE CAMPBELL of P. O. Box N-8739, St. Albans Drive and Laird Street off Market Street and Blue Hill Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of November, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that PEEDRO WHITE of Fresh Creek, Andros, 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 19th day of November 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
EUROPEAN Union foreign policy chief Kaja Kallas speaks during a media conference
EU Indo-Pacific Ministerial Forum meeting at the European Council building in Brussels, Friday, Nov. 21, 2025 Photo:Omar Havana/AP
US retail sales rose slightly in September, adding to months of big gains
By CHRISTOPHER RUGABER AP Economics Writer
SALES at U.S. retailers and restaurants increased modestly in September as resilient consumers moderated their spending after splurging over the summer.
Sales rose 0.2% in September from the previous month, the Commerce Department said Tuesday, in a report delayed more than a month because of the government shutdown.
Sales jumped 0.6% in July and August and 1% in June. Numerous reports on inflation, employment, spending, and growth remain delayed and the government won't likely be caught up until late December.
The retail sales figures, which aren't adjusted for inflation, suggest that Americans pulled back on spending in September as many households struggled with high prices for groceries, rent, and many imported goods hit by tariffs. The retail sales report covers about one-third of consumer spending, with the rest going to services such as travel, haircuts, and entertainment. Still, higher spending should lift the economy's growth to a solid 3% annual rate in the July-September quarter,
economists forecast, after a sluggish 1.6% expansion in the first half of the year.
Much of the spending, however, was driven by rising prices at gas stations and grocery stores. Still, sales rose 0.7% in September at restaurants and bars, a healthy gain in discretionary spending. Sales at clothing, electronics, and sporting goods stores fell.
Consumer spending could slow in the final
three months of the year, economists warned. The government shutdown, weak hiring, and elevated inflation will likely cause more Americans to cut back.
"The moribund labor market and ongoing drag on real incomes from tariff-induced price increases suggest that this slowdown is likely to be maintained," Oliver Allen, an economist at Panthenon
NEW LIMITS FOR A RENT ALGORITHM THAT
By R.J. RICO Associated Press
LANDLORDS could no longer rely on rent-pricing software to quietly track each other’s moves and push rents higher using confidential data, under a settlement between RealPage Inc. and federal prosecutors to end what critics said was illegal “algorithmic collusion.”
The deal announced Monday by the Department of Justice follows a yearlong federal antitrust lawsuit, launched during the Biden administration, against the Texas-based software company. RealPage would not have to pay any damages or admit any wrongdoing. The settlement must still be approved by a judge.
RealPage software provides daily recommendations to help landlords and their employees nationwide price their available apartments. The landlords do not have to follow the suggestions, but critics argue that because the software has access to a vast trove of confidential data, it helps RealPage’s clients charge the highest possible rent.
“RealPage was replacing competition with coordination, and renters paid the price,” said DOJ antitrust chief Gail Slater, who emphasized that the settlement avoided a costly, time-consuming trial. Under the terms of the proposed settlement, RealPage can no longer use that real-time data to determine price recommendations. Instead, the only nonpublic data that can be used to train the software’s algorithm must be at least one year old.
“What does this mean for you and your family?” Slater said in a video statement. “It means more real competition in local housing markets. It means rents set by the market, not by a secret algorithm.”
RealPage attorney Stephen Weissman said the company is pleased the DOJ worked with them to settle the matter.
“There has been a great deal of misinformation about how RealPage’s software works and the value it provides for both housing providers and renters,” Weissman said in a statement. “We believe that RealPage’s historical use of aggregated and anonymized
nonpublic data, which include rents that are typically lower than advertised rents, has led to lower rents, less vacancies, and more procompetitive effects.”
However, the deal was slammed by some observers as a missed opportunity
Macroeconomics, a consulting firm, said.
Also on Tuesday, payroll processor ADP released its weekly measure of hiring, which found that companies cut an average of 13,500 jobs a week in the four weeks ending Nov. 8. The report is a sign hiring may have slowed since September, when the government said a solid 119,000 jobs were added.
to clamp down on alleged algorithmic price-fixing throughout the economy.
“This case really was the tip of the spear,” said Lee Hepner, senior legal counsel for the American Economic Liberties Project, whose group advocates for government action against business concentration.
He said the settlement is rife with loopholes and he believes RealPages can keep influencing the rental market even if they can only use public, rather than private, data. He also decried how RealPages does not
The disparity found in economic data shows how the economy remains in an uncertain state despite the solid growth in the third quarter. Hiring has generally been weak and the unemployment rate has ticked higher, which could drag down consumer spending and the broader economy if it worsens.
Unemployment rose to 4.4% in September, the highest in nearly four years, from 4.3%, according to the delayed monthly jobs report released last week.
Higher-income Americans are driving much of the gains, according to data from Bank of America and reports from retailers such as Walmart, as lower-income shoppers seek bargains and are more likely to spend more on necessities.
Still, some retailers issued positive reports Tuesday, including electronics chair Best Buy and Dick's Sporting Goods. Best Buy lifted its sales and profit forecasts for the year.
Tuesday's report comes before the crucial winter holiday season kicks off this weekend, when
have to pay any damages, unlike many companies that have paid millions in penalties over their use of the software.
Over the past few months, more than two dozen property management companies have reached various settlements over their use of RealPage, including Greystar, the nation’s largest landlord, which agreed to pay $50 million to settle a class action lawsuit, and $7 million to settle a separate lawsuit filed by nine states. The governors of California and New York signed
retailers earn as much as a fifth of their revenues. The National Retail Federation and other forecasters expect modest sales gains this year, compared with last year's holiday, with the NRF projecting that sales will top $1 trillion for the first time.
Separate figures from the Labor Department suggest that inflation remains elevated but isn't accelerating, which could make it more likely that a closely-divided Federal Reserve cuts rates next month.
Wholesale prices rose 0.3% in September from August, the Labor Department said Tuesday, and 2.7% compared with a year ago. The monthly gain in the producer price index was pushed higher by a sharp increase in gasoline costs. The yearly figure was unchanged from the previous month.
Core prices, which exclude the volatile food and energy prices, rose just 0.1% in September and 2.6% from a year earlier. Those figures are less than expected and suggest inflation pressures are cooling, economists said.
laws last month to crack down on rent-setting software, and a growing list of cities, including Philadelphia and Seattle, have passed ordinances against the practice. Ten states — California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington — had joined the DOJ’s antitrust lawsuit. Those states were not part of Monday’s settlement, meaning they can continue to pursue the case in court.
A BEST Buy employee hauls early Black Friday sale items at Best Buy Thursday, Nov. 20, 2025, in San Diego. Photo:Gregory Bull/AP
Best Buy ups sales outlook heading into holiday shopping ramp-up
By ANNE D'INNOCENZIO AP Retail Writer
BEST Buy raised its profit and sales expectations ahead of the holiday shopping ramp-up on Black Friday after a strong third quarter.
Comparable-store sales at the nation's largest consumer electronics chain rose 2.7%, fueled by computing, gaming and mobile phones. It was the biggest gain in four years for the Minnesota retailer.
Shares rose nearly 6% in early afternoon trading.
Best Buy's CEO Corie Barry told reporters on a call Tuesday that the chain is making sure that it has a broad range of products across all price points. That breadth of assortment has helped the chain pick up more lower income shoppers, she said.
"The consumer is not a monolith," Barry told reporters. "Generally, what we are seeing (is) a generally resilient consumer. They are deal-focused, so definitely looking for those predictable sales events."
increases. They have also diversified supply networks to dodge tariffs. And so price increases have only been applied to a small amount of products, Best Buy executives said.
Barry told reporters that many shoppers are buying gadgets like computers to replace their older ones, or they're looking for innovative products like getting their hands on new gaming consoles.
the three-month period ended Nov. 1, or $1.40 when adjusted for one-time charges and benefits.
That was 9 cents better than Wall Street had expected, according to a survey by FactSet, though far below last year's $273 million, or $1.26 per share. Sales rose to $9.67 billion from $9.45 billion, also beating expectations.
The company raised its earnings per share forecast for the current year to between $6.25 and $6.35 per share. That's up from the previous range of between $6.15 and $6.30 per share.
Federal
"And they're willing to spend when they need to or when there's innovation," she said.
But Barry said that doesn't mean shoppers are looking for the lowest prices but rather ones that offer the best value.
The strong quarter is an encouraging sign for Best Buy, which like almost all U.S. companies, has spent months navigating an uncertain economic environment as President Donald Trump imposes wide-ranging tariffs on imports. The electronics industry can be particularly hard hit by tariffs because so many good are imported. Consumer sentiment has sagged and the just ended 43-day federal shutdown did not help.
Shoppers seemingly continue to spend, though there are broad signs that they have grown more cautious and often are lured only by discounts.
Inflation is still stubborn, yet the consumer impact is not as bad as originally feared because Best Buy and other retailers have absorbed some of those
agency boosts size of most single-family loans the government can guarantee to $832,750
By ALEX VEIGA AP Business Writer
THE Federal Housing Finance Agency is increasing the size of home loans that the government can guarantee against default as it takes into account rising housing prices.
Beginning next year,
Barry estimates that the top 40% of all U.S. consumers are driving two-thirds of all consumption, but while the remaining 60% of U.S. consumers are spending less freely, it's not "dire" because the job market has held up. This group is focusing on need or getting the best deals, she said.
"One of the things we're watching closely is how does employment continue to evolve for particularly that cohort of people who are living more paycheck to paycheck," she added.
Best Buy reported net income of $140 million, or 66 cents per share, for
It also now expects sales of $41.65 billion to $41.95 billion for the year, up from its original forecast of $41.1 billion to $41.9 billion.
Best Buy also forecasts that comparable sales will be up anywhere from 0.5% to 1.2% for the year. Its earlier forecast called for a 1% decline to an increase of 1%.
But FHFA sets limits to the size of the loans that Fannie and Freddie can buy. Such loans are known as conforming loans, while mortgages above the conforming loan limit are known as jumbo loans.
FHFA adjusts the limits of a confirming loan
mortgage buyers Fannie Mae and Freddie Mac will be able to acquire loans of up to $832,750 on single-family homes in most of the country, the agency said Tuesday. The new conforming loan limit is a 3.3% increase from its 2025 level. FHFA oversees Fannie Mae and Freddie Mac, which buy home loans from banks and other lenders, guaranteeing them against default. The loans are then bundled into securities sold to investors.
annually to reflect changes in U.S. home values, which have been rising this year, albeit more slowly.
The U.S. housing market has been in a slump since 2022, when mortgage rates began climbing from historic lows. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly 30 years.
Sales have remained sluggish this year, running essentially flat compared to last year through the first 10 months of 2025, even after getting a boost this fall as the average rate on a 30-year mortgage declined to its lowest level in more than a year.
The FHFA's House Price Index showed that, on average, U.S. home prices climbed 3.3% in the July-September quarter compared to a year earlier.
The 2026 single-family home conforming loan limit
will apply to most of the country, though the FHFA allows higher loan limits for certain states, such as Alaska and Hawaii, and in counties where the local median home value is more than double the conforming loan limit.
For example, the conforming loan limit for single-family homes in Los Angeles and New York counties will be $1,249,125 starting next year.
