Minnis: Entice Bahamians, not China, to fund $268m hospital
By NEIL HARTNELL Tribune Business Editor
AN EX-PRIME minister yesterday argued the Government should have exploited $3bn-plus in surplus banking system assets to entice Bahamian investors to fnance New Providence’s new hospital rather than the Chinese state, asserting: “The time has come to encourage our own”.
Dr Hubert Minnis, speaking in the wake of debate on the Parliamentary resolution authorising the Government to borrow $201.2m from the Beijing-owned China Export-Import Bank to fund the project, challenged why the Davis administration had decided not to seek the fnancing from local banks and institutional investors instead.
• Former PM: ‘We must encourage our own’
• Calls for $3bn surplus liquidity exploitation
• PMH’s extra 50% bed need known from ‘08
With $3.117bn in excess liquid assets, representing funding available for lending/ borrowing purposes, clogging the Bahamian commercial banking system at end-October 2025, the Killarney MP said there was more than suffcient capital available for banks - as well as the likes of pension funds, investment funds and insurance companies - to deploy in fnancing
‘Don’t permit the
By NEIL HARTNELL Tribune Business Editor
TWO Opposition MPs yesterday challenged the $1.6m purchase price for a land parcel that is vital to “unlock”
Baha Mar’s $350m expansion, with one asserting: “Don’t let the boys with the mega bucks rob us.”
Dr Hubert Minnis, the former prime minister, and Iram Lewis, the independent MP, both used the House of Assembly debate on the
the new 50-acre hospital to be located at Perpall Tract.
“I’m arguing that the time has come,” Dr Minnis told
this newspaper, while reiterating his fears that the new hospital will become “a white elephant”. He added: “We have got $3bn in liquidity. The time has come to encourage investment in our country by our own. Why can’t the Government utilise that?
“We have pension money, insurance money, investors who want to invest. Create opportunities for investors and our own to make investments.” Dr Minnis said Bahamian capital, via the Bahamas Investment Fund’s initial public ofering (IPO), had helped to fnance the Nassau Cruise Port redevelopment and argued that it could have played a similar role for New Providence’s second hospital. However, it is unclear whether Bahamian capital could have fnanced all, or much of, the new hospital’s total projected $267m cost let alone the equal of the China Export-Import Bank’s 70 percent contribution towards this. Both sums signifcantly exceed previous record raises
big boys with mega bucks to rob us’
resolution to approve the Treasurer and government’s sale of the 2.077-acre parcel to the Cable Beach mega resort developer to argue that public land was being disposed of for at least around 50 percent of its true value.
The Killarney MP asserted that the parcel’s worth was really in the $3m-$4m range, which would be at minimum around double what Baha Mar is paying for it, and he subsequently urged the Government to adopt a policy where Crown Land not be
Bahamians ‘being driven out of financial services’
By ANNELIA NIXON Tribune Business Reporter
THE Attorney General yesterday agreed that The Bahamas must fnd a “fair balance” between skilled expatriate labour and locals after Bahamian attendees at a Securities Commission seminar complained they “are being driven out of the fnancial services industry”.
Ryan Pinder KC addressed concerns over the number of work permits being issued during a question and answer sessio at the Securities Commission’s international priorities and initiatives 2025 conference.
He responded after one attendee asserted that many Bahamian professionals have either turned to diferent industries or taken their talents outside of the
sold to foreign developers and only leased to them if essential for job-creating expansion that boosts economic activity.
Mr Lewis, meanwhile, argued that per acre prices for “prime commercial land” in that high-end part of western New Providence were at least around $1m. “We need to know on behalf of the Bahamian people that we are getting fair market value,” he added.
He was followed by Dr Minnis, who urged the Government: “Do not give
our land away for $1.6m. It’s worth $3m-$4m.” The ex-prime minister argued that land and real estate prices, especially in western New Providence, have increased substantially since his administration agreed to sell the 2.077 acre parcel - located on the southern side of West Bay Street - to Baha Mar in 2019 as part of a revised Heads of Agreement.
“Let me give you an example: That land has gone up
• Minnis voices concerns on 2.077-acre usage
• Mega resort con dent ‘no issue’ on mitigation
• Parcel’s sale key to unlock $350m expansion
By NEIL HARTNELL Tribune Business Editor
A FORMER prime minister yesterday pledged he and nearby residents will hold Baha Mar and the Government’s “feet to the fre” over noise and health fears stemming from the mega resort’s likely use of two-plus acres that will “unlock” its $350m expansion project.
Dr Hubert Minnis, the area’s MP, told Tribune Business that Westward Villas residents harbour “serious concerns” over various types of pollution they believe will be caused by the Cable Beach mega resort locating back-up generation facilities and other electrical equipment on a 2.077-acre parcel it is acquiring from the Government for $1.6m.
However, Robert Sands, Baha Mar’s senior vice-president of government and external afairs, said the developer is “not concerned that will be an issue” and pointed out that its recently-issued planning approvals signalled the Town Planning Committee is satisfed there will be no noise or fume-related impacts. He reiterated the promises made by Baha Mar executives at the recent Town Planning
A SENIOR Baha Mar executive yesterday warned that attracting skilled workers to the Family Islands may require treating Bahamian employees like expatriates, ofering benefts and incentives traditionally reserved for foreign staf to lure them to high-demand tourism roles.
Robert Sands, the resort’s senior vice-president of government afairs, told the Bahama Out Islands
Promotion Board’s annual general meeting (AGM) that, as a result of the growing workforce development challenge post-COVID, many experienced hoteliers have chosen to become entrepreneurs or pursue year-round work elsewhere, leaving a gap in seasonal tourism positions. He said rising housing costs, limited services and logistical challenges make it difcult to draw talent back to the Family Islands, requiring creative solutions
ROBERT SANDS
RYAN PINDER KC
HOW BAHAMIAN COMPANIES OVERCOME LABOUR SHORTAGES
As The Bahamas continues to experience a persistent shortage of skilled labour, local businesses are being pushed to rethink how they recruit, retain and manage talent. While demographic pressures and the global competition for workers will not ease any time soon, there are practical strategies employers can adopt now to strengthen their workforce and remain competitive.
One of the most immediate steps companies can take is outsourcing noncore tasks. Many Bahamian businesses - especially small and medium-sized enterprises - spend a signifcant time on functions such as bookkeeping, human resources, marketing or customer service. Outsourcing these tasks to specialised frms allows companies to
FERGUSON
scale as needed without the cost of hiring full-time staf. It also frees existing teams to focus on higher-value responsibilities.
Alongside outsourcing, automation and artifcial intelligence (AI) can help fll critical gaps. While
AI adoption is only way for Bahamas to compete
By ANNELIA NIXON Tribune Business Reporter
ADOPTION and use of artifcial intelligence (AI) tools is the only way The Bahamas will be able to compete globally, a technology specialist argued yesterday.
Montino Roberts, founder and chief executive of Profcient Business Services (PBS), told Tribune Business he believes Bahamian businesses will fare well with the introduction of AI and succeed in incorporating it into their businesses despite ongoing trust concerns and lack of knowledge about its usage.
Noelle Russell, founder and chief AI ofcer at the AI Leadership Institute, encouraged attendees at the PBS AI and Innovation Forum 2025 to implement an ARC strategy - which represents awareness, readiness and competitive advantage - in the early stages of their AI journey.
“ARC, and it's literally in the order in which you will fnd success,” Ms Russell said. “A stands for awareness. So that's the frst step. Everyone needs to realise that AI is for everyone in the company. It is not a tech thing. It is not a business thing. It is an everyone thing.
“And when you ignite everyone with awareness, they are going to innovate on behalf of your customers… This is what Jef Bezos did in Amazon. He gave all of us the power to actually use the technology in the company to just make our own lives better, which then made our customers’ lives better. So awareness is key. If you do that right, and you get everyone educated on how to build an AI system...
“But if you know how to build an AI system, the next step is readiness, which is where you learn by doing. You put your fngers on the keyboard and you build something,” Ms Russell added.
“And then the last one is that if you do that right, if you get everyone educated, and then you give them the ability to put their fngers on a keyboard and build something, you will achieve a competitive advantage. That's what competitive advantage looks like.
“That's why Microsoft is winning. That's why Amazon is winning. It's because they unlock their workforce to innovate on behalf of the company. And that's, I think, why every company can do this.”
Mr Roberts said conferences like the one held yesterday “give actionable tasks that people can execute on. It's conferences like this that allow us to follow her whole method, awareness, readiness, and then that gives us a competitive edge. It's not as if AI is not being used. The question is: Is it being used to
technology is not a full replacement for skilled workers, it can reduce workloads by handling routine processes such as invoicing, document scanning and even basic content creation. As global industries adopt AI-assisted tools for lesson planning, proposal drafting and order processing, Bahamian employers can leverage the same technologies to stretch the capacity of their existing workforce. Addressing the labour shortage also requires investing in people already on the job. Local employers can signifcantly improve retention by supporting each worker’s career journey. This includes identifying employee goals early and ofering certifcations, short upskilling modules or on-demand training opportunities. Workers who see a future with their company
tend to remain longer and perform better. In addition, companies should provide clear advance pathways, even when promotions are not immediately available. Transparent conversations about long-term growth, combined with training for future roles, signal a commitment to employees and build loyalty. Pairing these eforts with consistent recognition of top performers - whether through ‘thank you’ notes, gift cards or employee-of-themonth programmes - can strengthen morale at a relatively low cost.
Recruitment practices must also evolve. Bahamian businesses can widen their applicant pools by streamlining job listings, removing unnecessary requirements and focusing on essential skills. A more
Family Island hotel chief urges sweeping cost cuts
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
the level of efciency that needs to be used so it could transform their business?”
Speaking to the distrust persons have about AI, Ms Russell encouraged the creation of communities of interest around AI.
“It's very similar to what I did at this big consulting frm, where I got a bunch of people together on their own,” she said. “These are things you can do in your company.
“One, create a community of interest around AI. I created a community of interest called ‘I Love AI’. It's a free community anyone can join. And every Friday, I open up a Zoom, anyone can get on it, and I just answer questions on AI. Create a community.
“Your ambassadors in your organisation, they will rise up all by themselves. You don't have to promote them. You don't pay them... they already are doing AI kind of as a side hustle. So welcome that in. Create a community of interest, not practice, because community of interest means you don't have to be technical. You have to be an engineer. You can be anyone. But then for those that want to go faster, further, you create a community of practice inside the company.”
Mr Roberts added: “The way you start is you have to try it frst. Noelle came back and mentioned it again. You want to be a producer before you become a consumer, because you know the proof is in the pudding, as we say at home. But if you could allow people to get the opportunity to see what it can do for themselves, and they understand the guard rails of what it cannot do, then trust automatically builds, because trust is relative, right?”
He added that Bahamian business leaders must partner with companies such as PBS to prepare for AI. Mr Roberts said The Bahamas is ready for AI and it will allow for a competitive edge.
“I do believe, from a business standpoint, one of the things that is necessary is to allow companies like PBS to be a trusted partner,” he said. “We're already a trusted ICT partner. So AI is only another vertical that we just stand up. And the reason for that is because before you start paying money, they will provide you with consultancy. So they give you an idea... All these models that exist, they're cookie cutters. That's not what you need.
“I think we've been ready for it because I think that's the only thing that's really going to allow us to have the competitive edge to compete at a global market. Everyone else is using it, and they're using it as a competitive edge. So AI is not replacing people, but I guarantee it will replace those who don't use it.”
THE Bahama Out Island Promotion Board’s president yesterday called for a co-ordinated national strategy to lower costs and improve efciency so that the tourism industry remains competitive as he warned the sector cannot remain viable without sweeping expense reductions.
Emanuel “Manny” Alexiou, speaking at the Bahama Out Islands Promotion Board’s annual general meeting (AGM), highlighted the increasing cost of operating tourism businesses on the Family Islands. He added that while some are making money, they can only continue to thrive if they can
control expenses and operate efciently.
He added that the sector faces a wide range of costs, and to remain competitive, businesses and government need to reduce expense, cut bureaucratic red tape, and fnd ways to systematically lower these multiple expenditures.
“Our costs are equally increasing with our revenue, and that's the main point. Some places are making money. If we weren't, we wouldn't be in business. So the businesses will thrive if they can make a proft. We have to reduce costs and red tape… tourism is everybody's business, and we can communicate, but we have a lot of costs,” said Mr Alexiou.
“We have not just electricity. We have insurance, we have housing, work productivity, workforce
REALTOR TEAMS WITH
A BAHAMIAN realtor has teamed with Lyford Hills to ofcially launch the second phase of the western New Providence community’s development with a mixture of single family and multi-family lots.
HG Christie said the partnership with developer, Tennyson Wells II, comes as New Providence continues to experience signifcant buyer demand and limited real estate inventory available for sale, especially for large multi-family properties.
“We have been really pleased to see the success of Lyford Hills, and are proud of our strong involvement in the second phase roll-out with Daren Seymour and other HG Christie agents,” said John Christie, HG Christie’s president. “With phase two now ofcially underway, HG Christie remains committed to guiding clients through every step of securing their ideal homesite within one of New Providence’s fastest-growing residential enclaves.”
During the second phase launch, HG Christie helped showcase more than 60 available properties, with additional inventory set to be released in the New Year. Guests explored elevated home sites, toured the nature trail, and experienced the blend of single family residences, multi-family oferings, water features and preserved green spaces.
Phase two home sites range in size from 7,000 square feet to more than 21,000 square feet, all equipped with underground utilities. Lyford Hills is located of West Bay Street, neighbouring Lyford Cay and Old Fort Bay, with access through the Waterloo Cut and a 24-hour manned gatehouse.
“HG Christie has represented a number of properties in this area since the inception of phase one,” said Daren Seymour, an HG Christie real estate agent, broker and Lyford Hills open house co-ordinator. “We look forward to continuing to help individuals and families, from the ground up, get into the home of their dreams.”
fexible mindset helps as well. Employers willing to adjust schedules or ofer remote or hybrid options can attract talent such as parents or caregivers, who might otherwise be unable to participate in the workforce.
Creativity in job structuring presents additional opportunities. By fractionalising jobs, meaning breaking roles into smaller tasks, companies can assign low-skill duties to lower-cost workers or outsource them altogether, allowing highly skilled staf to focus on specialised functions. Stretch assignments also help employees grow while providing companies with a low-cost development tool proven to drive performance in fast-growth industries.
Finally, while not always feasible, competitive
development. A lot of costs, and you have to fnd a way to chip away at all of these costs, water, security…”
Mr Alexiou said that charging high prices alone will not guarantee proftability. To remain sustainable, operators must control costs, improve services and ensure government policies support long-term tourism growth.
“Why would somebody pay a high fee to stay in a hotel room and have no air conditioning? Why would they stay in a boat when they can't have the boat plugged in and pay a high dockage fee? We’re going to reduce our rates and encourage those who can't aford it, but we won't make a proft,” said Mr Alexiou.
“So, at the end of the day, in order to make a proft, we have to increase occupancy and decrease costs, or charge higher and higher rates, which at some point is not sustainable. We have to look at the big picture, cut
compensation remains a powerful draw in a tight labour market, especially for key roles tied to innovation or leadership. The skilled labour shortage is not a temporary challenge for The Bahamas, but by combining technology, thoughtful talent development and creative job design, businesses can strengthen their workforce and position themselves for sustainable growth.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
costs, change government policies.”
Mr Alexiou emphasised that efective results require proper follow-through, maintenance and skilled, motivated personnel within a comprehensive long-term strategy to address systemic issues.
“You have to throw money to solve a problem, but money by itself does not solve a problem if it can't be followed through. I could buy the best generators to produce the best electricity, but if they're not maintained properly or the workforce is not educated enough, or doesn’t have the attitude or the ethics of work, these machines that normally somewhere else may last 10 years — in our case here, they have problems in one or two or three years,” said Mr Alexiou.
“It's part of the overall policy. And I'm going to come back to the master plan of how do we develop this country to be able to fx all these silos?”
DAREN SEYMOUR, an HG Christie real estate agent, broker and Lyford Hills open house co-ordinator (second from left), is pictured with Scotiabank representatives at the launch of Lyford Hills’ second phase.
PICTURED L to R are Toni Taylor and Maranique McKenzie, HG Christie real estate agents.
DAREN SEYMOUR, HG Christie real estate agent, broker and Lyford Hills open house co-ordinator, grabbed a quick selfie as he and Tennyson Wells II, the community’s developer, joined Steve McKinney on his show to promote the second phase launch.
PICTURED at the Lyford Hills phase two launch were HG
Christie real estate agents Philip Williams, Daren Seymour and JC Percentie, along with Tennyson Wells II, the project’s developer, and Sara Appleton, another HG Christie real estate agent.
Photo:HGC/Barefoot Marketing
Bahamas’ perfect anti- nancial crime score can ‘all be undone very quickly’
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A CABINET minister yesterday warned that The Bahamas’ perfect compliance with the 40 recommendations set by the world’s anti-money laundering standard setter can “all be undone very quickly” as this nation prepares for its ffth round of assessments.
Senator Michael Halkitis, minister of economic afairs, told a Securities Commission conference: “In this moment, The Bahamas can speak proudly of our international accomplishments in this regard, such as our current compliance rating with the Financial Action Task Force’s (FATF) 40 recommendations, having attained a compliant or largely compliant rating with all 40 of the recommendations.
“However, we understand the temporal nature of this success and that it could all be undone very quickly. The Financial Action Task Force assessment process, like the assessment of so many other international standard setters, is ever evolving. My colleague likes to say the goalposts keep moving, and they are designed to be progressively challenging.
“And so, therefore, we must assume that evaluators will not hesitate to revise ratings downward if they can show cause, or
if we as a jurisdiction fail to prove that they have no cause to do so,” Mr Halkitis added.
“History suggests that powerful competitors would not hesitate to sentence The Bahamas to a ‘blacklist’ or a ‘grey list’ at the frst opportunity without regard to the potential disruption to our nation's economy and development prospects. These blacklists have impacts beyond bringing new business, but can impact correspondent banking relationships and make it difcult or impractical for international entities to conduct business in The Bahamas.”
As The Bahamas prepares for its ffth round of mutual evaluations by the Caribbean Financial Action Task Force (CFATF), the FATF’s regional afliate the Attorney General’s Ofce will engage an industry consultant and host training amid concern for mid-size and smaller fnancial services providers and licensees who may not have adequate resources to invest in compliance. With the CFATF evaluations scheduled for October 2026, Ryan Pinder KC, the attorney general, said large licensees “are actually pretty good”. He added that he hopes to speak with smaller licensees to ensure they have an understanding of what is needed.
“I think that, all in all, when you look at the implementation preparedness of our industry, I think
that we are actually pretty good,” Mr Pinder said. “I think we see our systems in place throughout the licensees. We see how the compliance teams and the MLRO (money laundering reporting ofcer) ofcers are working, and I think we have a rather good understanding as licensees.
“I think where you see - I wouldn't even call it concern - but where you see areas that you want to to assist in and help facilitate, it is certainly the large licensees with large compliance teams and the resources to build that out, they're doing very well. What we want to see is the mid-size and the smaller licensees, who may not have the resources because of their size, to have a deeper bench in the compliance area, in the AML (anti-money laundering) area.
“And that's what they're doing within the scope of their services. They are adequately stafng and implementing and reviewing, and we realise that that is a compliance burden on you. It's a compliance burden on us, and it's a compliance burden on the regulator as well. And we are a small jurisdiction,” Mr Pinder added.
“We hope to be able to have open conversations and open dialogue, especially with the smaller and mid-size licensees, to make sure that's there's a complete understanding on what's expected of them, that they're operating
within that understanding, and that to a certain extent, that we can kind of help along in the implementation of that. Now remember, everything is on a riskbased approach as well.”
An attendee noted that he is associated with medium and smaller fnancial services licensees, and inquired how the Government will assist those who are not adequately stafed or need help in other areas. Mr Pinder said the Attorney General’s Ofce will engage a consultant and then conduct trainings.
“Part of our our preparation plan for the ffth round of mutual evaluation is the Attorney General's Ofce intends on engaging kind of an industry interface consultant… to be able to kind of bridge that gap between what we're doing to prepare from a technical point of view for the mutual evaluation,” Mr Pinder said. “And then how does that translate to industry efectiveness and industry implementation, especially given the diferent scales, like you said, of small to large licensees, and to kind of provide that interface.
“And then once we get some feedback, we will help with some training and some symposiums and different types of areas where we can identify that we may have gaps heading into the ffth round, to help you fll those gaps. And so you can expect that in the early New Year, from at least my ofce, to be able to put that
New construction permits exceed $1bn value mark
THE Bahamas last year breached the $1bn mark in the value of new construction permits issued, it was revealed yesterday, as their collective value increased by $305m compared to 2023.
The Bahamas National Statistical Institute (BNSI), drawing on data from the Ministry of Works, Grand Bahama Port Authority (GBPA), Family Island administrators and local government revealed that the value of new construction permits issued increased by around onethird - from $915.566m to $1.22bn in 2024.
“The total number of construction permits issued for the whole Bahamas was 1,600 for the period 2024, an increase of 81 permits in total when compared to 1,519 permits issued in 2023,” the Institute’s report said. “There were increases
in the number of projects in all the categories with the total value also increasing by approximately $305m.
“The main highlights were in the private/residential sector, where the number of permits increased by 41 projects, while the value decreased by $23m. The commercial/ industrial sector permits increased by 29 projects, and the value also increased by approximately $313m. The public dector also had an increase in both the number of projects and value, of 11 and $16m, respectively.”
As for construction starts, the Institute added: “The total number of construction starts in 2024 showed an increase of 79 projects when compared to 2023, moving from 491 to 570 projects started. There was also an increase in the total value of construction starts
of approximately $121m.”
These increased in value from $212.105m in 2023 to a collective $332.688m for last year.
“These increases were led by the private/residential sector, which increased in the number and value by 38 projects and $62m respectively,” the Institute’s report added. “The commercial/ industrial sector increased in the number and value by 38 projects and approximately $83m, respectively, while the public sector increased in number by three projects but decreased in value by $24m.”
Turning, fnally, to construction completions, the Institute’s report added: “The total number of construction completions showed a decrease of eight projects when compared to 743 projects completed in 2023 versus 735 in 2024. There was an increase
in place, to have a more seamless interface between industry concerns and the hard work that my team is doing within the Ofce of Attorney General to prepare for the ffth round.”
As for industry concerns including the cost of AML compliance, competitiveness and the overall ease of doing business in The Bahamas, Mr Pinder said it must be thought of as “creating our distinct value proposition over our peers in the marketplace”.
“From a cost point of view, it always seems like it's a sunk cost, but it really isn't, because you have to think about it as creating our distinct value proposition over our peers in the marketplace,” Mr Pinder said.
“And so that is what the ultimate achievement is, especially in this era of ‘name and shame’ and trying to dismantle achievements by small countries like The Bahamas.
“Now, on the ease of doing business side, certainly, we've been making every efort, as I said, to create digital engagement through our licensees and our service providers, whether that be the Government centrally or managing FATF matters or ancillary business matters such as the registrar and marching towards a fully digital interface with you. And so we've been kind of upgrading and scaling some of our oferings to try to meet industry demands.”
overall in the total value of completions of $73m.”
The latter fgure jumped from $391.53m in 2023 to $464.588m last year. “This
was led by the private/ residential sector, which increased by approximately $145m, and the number of projects in this sector also grew by two,” the report added.
“The commercial/industrial sector completions
Mr Pinder explained that while prior rounds of the mutual evaluations dealt with technical compliance, the ffth round is based on enforcement. He said the Securities Commission will conduct on-site reviews throughout the next six to nine months, and is expected to take action if non-compliance is found.
Justice K. Neville Adderley, the Securities Commission’s chairman, noted the “possibility of The Bahamas being placed on a blacklist is entirely plausible” and urged industry participants to prioritise their responsibilities.
“Neglecting to fulfll them could signifcantly increase the likelihood of facing blacklisting in 2026,” he said. “The evaluation will scrutinise the robustness of our regulatory framework and examine the enforcement mechanisms to facilitate stronger compliance. Furthermore, it will assist our national co-operation to determine how holistically we address money laundering and related risk, spotlighting areas for improvement and evaluating our overall readiness to meet global expectations in combating illicit fnancial fows. The Commission is actively preparing for the CFATF evaluation by conducting thorough reviews of all aspects of registrants and licenses regulatory compliance.”
decreased in number (15 projects) and value ($48m). The public sector projects, however, had an increase of fve completed projects but the value decreased by approximately $24m when compared to 2023.”
AG agrees with ‘fair balance’ calls on work permit issuance
MEETING - from page B1
country due to the number of work permits being issued to non-Bahamians in the fnancial services industry.
Asking what Mr Pinder is doing to address the issue, they said: “More of us, Mr AG, are being driven out of fnancial services. And when I say us, Bahamians, Bahamian professionals. We do have the expertise, went of to school...
“But somehow there are record numbers of work permits being issued in our business, and then we are forced to, I guess, fnd work in other industries. This is evident…
“How would you, or what are you doing, to help to
balance this outfow, I mean exodus, of Bahamian fnancial services professionals - either to other countries or to other industries. Because what we’re seeing is not the healthiest when it comes to sustainability of Bahamian fnancial professionals.”
Mr Pinder, in response, said there needs to be a “fair balance”, adding that cross-border institutions in The Bahamas must be promoted as well and that some smaller Bahamian frms sometimes beneft from it.
“That issue requires also a fair balance, right,” Mr Pinder said. “Because, to your point, you know, we want to foster Bahamian participation and Bahamian ownership within the
fnancial services industry. That’s important, and that’s vital. We also want to foster and grow cross-border institutions in the country as well.
“And, frankly, if you have a healthy constituency of cross-border fnancial services institutions, they look for support services from smaller institutions like yours... and, frankly, we all know that you are a benefactor of that. Right now... And so you need that healthy balance to be an international fnancial centre, because the frst word in IFC (international fnancial centre) is International. That’s important.
“I think when you look at at the the approach of the regulators in this fashion, because ultimately, the regulators also have to approve senior executives in regulated entities, and certainly in a lot of entities - certainly, I think, in most,
explained. “They don’t want the responsibility of moving from a line position to a management position.
if not all, certainly most of the medium and smaller size entities that may have an international element to it,” Mr Pinder said.
“I know the regulators… insist on opportunities for Bahamian CEOs, and certainly, I think the compliance sector of the industry, which we have probably mastered as a jurisdiction, from a domestic expertise point of view, better than any other jurisdiction that I could think of, is almost entirely a Bahamian component within the industry. And so I hear you... and I hear your concern on that. But I also understand that you do need a balanced approach, and you can’t just shut the spigot of.”
Mr Pinder added that a meeting was held on Wednesday night with discussions focused on fostering Bahamian growth especially within non-Bahamian entities.
“Can we be a little bit more, you know, pay attention to the issue, and a little bit more scrutinising? Sure,” Mr Pinder said. “I’m sure we can be, right, and I’m sure we should be. But I also think that there’s a balance element in there that you don’t want to completely dissuade international participation within the industry domestically.
“In The Bahamas, there’s a lot of spillover efects, both within the industry and without. And do we always get the balance correct? No. I mean, I don’t think any administration can claim that they get the balance correct. But we certainly work hard, and we work in conjunction with the regulators.
“In fact, there was a rather high-level meeting that occurred just last night where an element of what you were speaking about was ventilated at the
highest levels in the country, with respect to the fnancial services industry and how can we as policymakers, as well as regulators, take an approach that fosters more Bahamian growth and Bahamian opportunities at the highest levels of these institutions,” Mr Pinder added.
“And how do we convince these institutions that, when you do this, when you’re changing executive leadership or you’re bringing on new executive leadership, that there is a legitimate, fair shake for Bahamian executives to participate in that, especially when it’s a non-Bahamian entity. And so I can assure you that, at the very, very highest levels in the Government and on the regulatory side of it, that conversation was had really no earlier than last night.”
to ensure the sector remains competitive.
“It is also very difcult because of climate change issues, “ Mr Sands added.
“Persons left the islands to come to New Providence, to fnd meaningful work, to support their families. To attract those persons back to the Family Islands, I hate to admit it, but we maybe have to treat those individuals like expatriates, and give them the type of benefts that we give expatriates to come to New Providence to our hotels. So that they can live.
“Because housing is expensive, moving to those destinations is expensive. There are limited services, so we may have to think out of the box for a certain category of employees.”
Mr Sands said housing is a double-edged sword for the tourism sector as it makes it harder for businesses to attract workers while, on the other hand, it creates opportunities for Airbnb rentals and entrepreneurial ventures, which beneft the broader economy.
“You know, this afordable housing thing hurts us on one side, but benefts the country on another side, because it’s created
Airbnb business and entrepreneurial opportunities. So we have to fnd the balance going forward. Some of these problems are good problems to have. We just have to fnd a way to work our way through them,” said Mr Sands.
“One, the rate of pay is not attractive to them, because in their current category, they’re making much more than their manager. We’ve created the problem. I don’t know how we address it, but we’ve certainly created the problem.”
younger employees prioritise work-life balance in ways previous generations did not.
“Today’s generation is looking for quality-of-life considerations when they come to work. They’re not like me, working 365 days a year, 15 hours a day. Those days are gone,” Mr Sands said. He explained that employers now need to factor in expectations such as three-day weekends, fexible schedules and dedicated family time. “When we hire people now, you have to consider these priorities. Not that these are bad issues, but they are realities that properties must come to grips with,” Mr Sands added. Managerial
“Going forward, I have not given up on the fact that I think we have a potentially large pool of qualifed individuals, but sometimes we just can’t sit down and expect them to come to us. We have to do our work and go out and fnd and create the channel for them, and then attract them to us.”
Mr Sands said the biggest challenge for large tourism properties such as Baha Mar and Atlantis is not attracting entry-level employees but flling middle and senior management positions.
He explained that while qualifed individuals exist, many are reluctant to move into management due to three main factors - pay is often lower than what they earn in their current roles; they do not want the added responsibility and stress; and the managers currently in place are not always ideal, requiring ongoing training and development.
“It’s not that we don’t have those persons within our existing pool,” Mr Sands
Vinson Investments Inc.
NOTICE IS HEREBY GIVEN as follows:
(a) Vinson Investments Inc. is in dissolution under the provisions of the International Business Companies Act, 2000.
(b) The dissolution of the said Company commenced on the 3 December 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Brian Selvadurai.
Dated the 3rd day of December 2025.
H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
Mr Sands said opportunities for ofshore exposure and training are frequently declined, with 80–85 percent of staf unwilling to leave their comfort zones.
“We also have to work on providing opportunities
for ofshore exposure and training. I regret to say that 80–85 percent of individuals turn these down. They don’t want to leave their comfort zone. It’s not that we don’t have the hardware or the pool of potential employees — we do — but we have to fnd ways for them to matriculate up and compensate them accordingly. That’s some of the work we are doing in creating a more hierarchical pathway for career development,” said Mr Sands. He also acknowledged the tension created by generational changes in workforce expectations, noting that
NOTICE
NOTICE is hereby given that BERNISE THOMAS of Marsh Harbour, Abaco, 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 5th day of December 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Pursuant to the provisions of SECTION 138 (8) of The International Business Companies Act, notice is hereby given that HOGAR LIMITED has been dissolved and struck off the Register as of the 22nd day of September, 2025.
Erica M. Ferreira t/a Ferreira & Company - Liquidator for the above-named Company
JUDGE PARKER
CARPE DIEM
BLONDIE
MARVIN
TIGER
HAGAR THE HORRIBLE
CALVIN & HOBBES
DENNIS THE MENACE
in the Bahamian capital markets, but Dr Minnis reiterated that the Government should “lead the charge” in creating investment opportunities in their own country for local investors.
Asserting that Bahamians should fund “whatever portion can be fnanced locally”, he added: “Don’t take all from the Chinese. There are many Bahamians who want to invest and are anxiously looking for investment opportunities. If the Government is interested, it can lead the charge.”
However, Dr Minnis conceded that a portion of the new hospital’s fnancing would have to be sourced in US dollars “because we have to purchase some things from away. We would not want to use up all our reserves” by converting local investors’ Bahamian dollars into foreign currency.
Dr Michael Darville, minister of health and wellness, told the House of Assembly on Wednesday that around $70m, or 30 percent, of the required fnancing for the new New Providence hospital will be sourced either locally or internationally, or via a combination of
both. However, he gave no details on how this will be structured. Suggesting that securing the China Export-Import Bank fnancing is “in the closing stages”, with parliamentary approval of the borrowing resolution a key step in the process, Dr Darville disclosed that the Beijing-owned lender - which also fnanced the $4.25bn Baha Mar resort project - has selected China Railway Construction Corporation as the hospital’s primary contractor. China Railway Construction Corporation, which is listed on both the Shanghai and Hong Kong stock exchanges, is nevertheless described ad a Chinese state-owned entity that was the world’s second largest construction and engineering company by revenue in 2014. However, research by Tribune Business found suggestions that it may have been caught in the 2020 net cast by US president, Donald Trump’s executive order forbidding US companies and individuals investing in entities that have links - past or present - to China’s People’s Liberation Army (PLA).
Dr Darville reiterated that China Export-Import Bank is ofering a
“favourable interest rate” with the loan’s repayment spread over a 20-year period. He added that it was also providing “a rider of an additional fve-year grace period”, although he did not distinguish between whether this involves interest as well as principal repayments.
And, noting that the decision to use reinforced concrete instead of “more expensive steel coating” has produced “signifcant construction savings of $22m”, cutting the total cost from an initially projected $290m to $268m, the minister added: “Sixty-seven million dollars is to be sourced locally, or locally and internationally, by foreign lenders.
“The fnal fnancing structure provides approximately 70 percent of the project being fnanced directly by China Export-Import Bank, and the remaining 30 percent to be fnanced locally and/or in the international market.”
Aside from the fnancing, Dr Minnis told Tribune Business that the Princess Margaret Hospital (PMH), New Providence’s legacy public tertiary care facility, has gone backwards on bed capacity despite studies from 17 years ago - when he was minister of health under the last Ingraham administrationprojecting that this needed to be expanded by at least
50 percent to keep pace with population growth.
“In 2007, when I was a doctor in the hospital, we had 425 beds. We were a 425-bed hospital,” the ex-prime minister asserted.
“In 2008, a survey done by the Public Hospitals Authority found that to cope with the rate of population growth and disease spread we would need 600650 beds by 2020.
“In 2007, we had 425. Today, we have less than 300. So, obviously, you see where the problem is: The lack of beds.” And building a new hospital, Dr Minnis said, will not solve the medications, supplies, staf and equipment shortages plaguing the Bahamian public heath system.
“The hospital is not the problem,” he said. “The problem is we don’t have supplies, we don’t have the staf, we don’t have the equipment. We’re not correcting the problems that we have. There are three examples that exist today.
“The mini-hospital in Abaco, we cannot staf if. There’s some equipment purchased years ago that is still in the plastic. Abaco, Exuma and Inagua - we don’t have the supplies, staf and equipment to run them properly. We have three perfect examples today, and now you want to create another ‘white elephant’ where you know we don’t have the staf.”
Dr Darville on Wednesday asserted that New Providence’s population and, by extension, The Bahamas, has “outgrown” PMH for decades and pointed to such conclusions reached in the “Dawson Report” dating from 1999. He added that the public health system’s tertiary care challenges stemmed from an “outdated facility we have outgrown”, while other studies had suggested existing “congestion” at PMH means the location cannot support expansion or upgrades without disrupting patient care.
Hence the case for the second New Providence hospital. However, Dr Minnis yesterday asserted that he was surprised that Dr Darville was unable to reveal the likely ratio of Bahamian workers to Chinese in the construction workforce given that this would be a key part of the loan terms.
If they were not known, he suggested that loan negotiations are not concluded or as far advanced as the minister suggested, adding that the normal ratio for any Beijing government-funded project is 80 percent Chinese and 20 percent local (Bahamian). Dr Darville, though, pledged that this information and all documents related to the new New Providence hospital project will be tabled in
THE WEATHER REPORT
the House of Assembly at the “appropriate time”. The Minnis administration has secured $115m in fnancing, provided by Banco Santander and underwritten by the World Bank’s Multilateral Investment Guarantee Agency (MIGA), with around $85m of this sum dedicated to construction of a four-storey tower at the existing PMH site similar to the Critical Care Block. This would have included an accident and emergency (A&E) unit on the ground foor, with additional beds on the third and fourth levels to address the hospital’s capacity challenges. The World Bank-guaranteed loan also had an interest rate of just 1.879 percent - similar to the 2 percent rate obtained from the China Export-Import Bank for the hew hospital. However, following the 2021 general election, the Davis administration elected not to proceed with the PMH plans and returned the funding back to the lender. Dr Michael Darville, minister of health and wellness, explained that the Government was uncomfortable that $20m of the fnancing had been allocated to funding the start-up and expansion of micro, small and medium-sized enterprises (MSMEs).
MARINE FORECAST
Young entrepreneur grant award winners announced
THE Small Business Development Centre (SBDC) held its Young Entrepreneurs Academy grant awards ceremony at its headquarters on December 3, 2025. Winners were given certifcates and grant letters. Among the speakers were Rashard Ritchie, assistant director of youth, Ministry of Youth, Sports and Culure; Dr Leo Rolle, chief executive at the Bahamas Chamber of Commerce and Employers Confederation (BCCEC); and Samantha Rolle, executive director, SBDC Bahamas. Former grant winners were able to exhibit and sell their products at the award ceremony.
Photos:Anthon Thompson/BIS
WALL STREET INCHES CLOSER TO ITS ALL-TIME HIGH
By STAN CHOE AP Business Writer
THE U.S. stock market held near its records in a quiet day of trading on Thursday, continuing its relatively calm run following weeks of sharp and scary swings.
The S&P 500 inched up by 0.1% and is just 0.5% below its all-time high. The Dow Jones Industrial Average dipped 31 points, or 0.1%, and the Nasdaq composite rose 0.2%.
Dollar General helped lead the market and rallied 14% after reporting a stronger proft for the latest quarter than analysts expected. More customers shopped at its stores, and it also squeezed more proft out of each $1 in sales that it made.
Hormel rose 3.8% after likewise reporting a better proft than expected, thanks in part to strength for its Planters nuts and Jennie-O turkey oferings. It also gave a forecasted range for proft in the upcoming year whose midpoint was above analysts' forecasts.
Salesforce, meanwhile, climbed 3.7% after swinging between gains and losses earlier in the morning. It delivered a better proft for the latest quarter than analysts expected, though its revenue fell just short.
CEO Marc Beniof extolled how Salesforce is "uniquely positioned for this new era" of artifcial-intelligence technology, even if worries continue that all the world's spending on AI may not end up worth it. Besides such worries about potential overinvestment in AI, concerns about what the Federal Reserve will do with interest rates had sent U.S. stocks on sharp swings since it set its all-time high in late October.
After some back and forth, the general expectation on Wall Street is now
that the Fed will indeed cut its main interest rate next week in hopes of shoring up the slowing job market. If it does, that would be the third such cut this year. Investors love lower interest rates because they boost prices for investments and can juice the economy. The downside is that they can worsen infation, which is stubbornly remaining above the Fed's 2% target. But Treasury yields ticked higher Thursday following another rise for Japanese government bonds. Expectations for a coming Fed cut to rates also took a very slight hit after reports suggested the U.S. job market may be a bit better than expected.
One report said fewer U.S. workers fled for unemployment last week. The number was the lowest in more than three years.
A separate report said that the number of layofs announced last month fell by more than half from October's surge. It still was above year-ago levels, though, according to outplacement and executive coaching frm Challenger, Gray & Christmas. While better-than-expected data on layofs is of course good news for U.S. workers, it could also indicate the job market doesn't need as much help from lower interest rates.
The yield on the 10-year Treasury rose to 4.10% from 4.06% late Wednesday. While the move was relatively modest, increases in yields can discourage some buyers from buying stocks and other investments instead of bonds.
Among the stocks falling on Wall Street was Kroger, which dropped 4.6%. The grocer reported weaker revenue for the latest quarter than analysts expected, though its proft beat forecasts. It also lowered the top end of its forecasted range for an important measure
the renewed focus on fber, since GLP-1s naturally slow digestion and fber can prevent constipation. She said fber has seen similar spikes in interest when people wanted to alleviate symptoms from high-fat diets like Atkins or keto.
How much fber do we need?
of revenue this year, while raising the bottom end by less. Snowfake sank 11.4% despite topping analysts' expectations for proft and revenue in the latest quarter. Analysts at UBS said the company's stock may be feeling a letdown after excitement grew so much after it blew past expectations in the quarter just before. Growth in product revenue also decelerated a bit in the latest quarter. All told, the S&P 500 rose 7.40 points to 6,857.12. The Dow Jones Industrial Average dipped 31.96 to 47,850.94, and the Nasdaq composite gained 51.04 to 23,505.14.
foods and not packaged products with added fber.
By DEE-ANN DURBIN AP Business Writer
U.S. consumers who have had their fll of fnding protein added to everything from cereal to ice cream are about to meet the next big food fad: fber.
Americans have been boosting their protein intake for years; even PopTarts and Starbucks are selling protein-enhanced products. But the number of new products promoted with high or added fber saw a big uptick in the U.S. this year, according to market research frm Mintel. Hundreds of videos on social media celebrate the benefts of dietary fber and share recipes to help viewers get more of it.
There's even a term for trying to meet or exceed the recommended daily fber intake: fbermaxxing.
"I think fber will be the next protein," PepsiCo CEO Ramon Laguarta said during a recent conference call with investors. "Consumers are starting to understand that fber is the beneft that they need."
Fiber's benefts
Unlike muscle-building protein, fber isn't sexy. It's a carbohydrate found
in plants that your body can't break down. It helps feed gut bacteria and move food through the digestive system.
"Folks don't want to talk about it at a dinner party," said Debbie Petitpain, a registered dietitian nutritionist and a spokeswoman for the Academy of Nutrition and Dietetics.
There are two main types of fber. Soluble fber dissolves in water and forms a gel-like material that feeds gut bacteria. It's found in foods like oats, peas, beans, apples and carrots. Insoluble fber doesn't dissolve in water and moves food through the digestive system. It's found in whole wheat four, popcorn, wheat bran, nuts, green beans and potatoes.
Studies have shown that fber lowers cholesterol levels, regulates blood sugar and promotes weight loss, since high-fber foods tend to make eaters feel more full. It may also protect against heart disease, diabetes, diverticulitis and colon cancer, according to the American Heart Association.
Petitpain said rising use of GLP-1 weight loss drugs could be one reason for
Most people in Western countries could use more fber because their diets are low in vegetables, fruits and whole grains, said Sander Kersten, director of the Division of Nutritional Sciences at Cornell University.
Under the U.S. Department of Agriculture's guidelines, adults should aim for 14 grams of fber for every 1,000 calories they consume. That's about 25 grams of fber for women and 38 grams for men each day. Petitpain said Americans generally only get about two-thirds of that amount.
For reference, 1 cup of raspberries contains 8 grams of fber, while a banana contains 3.2 grams, according to the USDA. One-half cup of avocado contains 5 grams of fber and 1 cup of lima beans contains 13.2 grams. Fiber One, a bran cereal, packs 18 grams of fber into a 2/3-cup serving.
What are good ways to increase fber?
Kersten said long-term studies about the benefts of fber have looked at the consumption of whole
"The way it is consumed as an additive and part of a diet that doesn't contain a lot of fber may be diferent than a naturally fber-rich diet," Kersten said. "You can eat a very processed, Western diet and consume foods that are enriched, but we don't know if it confers the same beneft."
Whole foods also help the body in other ways, Petitpain said. An apple contains 4.8 grams of fber as well as water, vitamins and minerals, for example.
Here are some recommendations from the Mayo Clinic for adding fber to your diet:
— Choose a breakfast cereal with 5 grams or more of fber a serving. Top it with a sliced banana or berries.
— Choose breads with at least 2 grams of fber per serving and try other grains like brown rice, wholewheat pasta and quinoa.
— When baking, substitute whole-grain four for white four. Add wheat bran to mufns and cookies.
— Try to eat fve or more servings of fruit and vegetables daily. If you eat canned fruit, make sure it's canned in fruit juice and not syrup, and make sure canned vegetables are low in sodium. Think twice about fbermaxxing
There is no defned upper limit for fber intake, Kersten said. But increasing fber can cause painful gas and bloating, especially if it's done quicky.
TRADERS MICHAEL URKONIS, left, and Fred Demarco work on the floor of the New York Stock Exchange, Tuesday, Dec. 2, 2025.
