01222026 BUSINESS

Thursday, January 22, 2026

Gov’t plans $30m investment on 147-unit affordable homes

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government is planning to invest $30m in developing a new 147-home affordable housing subdivision called Premier Estates 1 in New Providence’s Perpall Tract district, it has been revealed.

A just-released Environmental Impact Assessment (EIA) for the proposed subdivision, which is part of the Government’s wider drive to narrow The Bahamas’ estimated “12,000 unit” strong housing shortage, asserts that the project will provide continuous employment for “up to 100 Bahamian construction workers” over a two to three-year period.

Premier Estates, according to the report by the Russell Craig & Associates environmental consultancy, will be located on a 30-acre site accessible via Ferguson Road, and be bordered on its northern and southern boundaries by the Bahamas Telecommunications Company’s (BTC) corporate headquarters and offices, and New Providence’s second hospital, respectively.

However, the subdivision’s proximity to the planned “specialist” hospital, combined with its location in Perpall Tract, is likely to spark the same concerns about flooding

• Premier Estates subdivision to create ‘up to 100’ construction jobs

• But EIA warns of ‘major environmental issues’ at Perpall Tract site

• Project likely to spark same flooding fears as proposed hospital

and storm surge vulnerability that greeted the Government’s healthcare expansion plans. The EIA itself acknowledges the need to implement a storm water management plan for drainage control, with deep wells and “preferably” the creation of retention ponds.

Keith Bell, minister of housing and urban renewal, could not be reached for comment before press time last night despite calls and text messages, as well as e-mails, being sent by Tribune Business. A public consultation and hearing on the Premier Estates project, as part of the process for obtaining its certificate of environmental clearance (CEC) approval, will be held on February 10, 2026, at the Albury Sayles Primary School at 6pm.

Governance reformer concern over Development Plan’s Bill

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GOVERNANCE

reformers yesterday asserted it is “critical” that legislation giving the National Development Plan (NDP) legal effect minimises political interference to the greatest possible extent while voicing concerns about lack of civil society representation. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that The Bahamas cannot afford to get the National Development Planning Institute Bill

2026 wrong given that it offers statutory legal footing for an initiative designed to provide a long-term road

‘Governing in the dark’ over food VAT removal

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s finance spokesman yesterday sparked a full-blown House of Assembly row when accused the Davis administration of “governing in the dark” by failing to publicly disclose the data justifying the elimination of VAT on unprepared foods.

Kwasi Thompson, the east Grand Bahama MP, asserted that the Government owed it to the Bahamian people to explain, and quantify, the

benefits they will enjoy as a result of all uncooked foods going from 5 percent VAT to zero. Arguing that

“The Ministry of Housing and Urban Renewal proposes to develop a subdivision, and build 147 affordable residential houses on 30 acres of government lands (Perpall Tract) vested in the Department of Housing situated in the Chippingham area,” the EIA asserted.

“The project construction timeline for Premier Estates I is anticipated to be some two years with a total projected investment of some $30m. This level of investment will have a far-reaching, long-term beneficial impact on the economy of New Providence in new construction jobs.

“This is particularly significant given the high demand for affordable homes will have a multiplier effect on the housing market in reducing the demand on New Providence.”

Realtors: 2026 ‘super promising’ amid tax residency, fee concern

• Broker eyes 25% increase on 2025’s 130 transactions

BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN realtors believe 2026 is “super promising”, with one predicting a 25 percent increase in business volumes for his firm despite concerns over a potential increase in legal fees and the continued wait for tax residency certificates to launch.

Matt Sweeting, REMAX Bahamas managing broker, told Tribune Business that “2025 was our best year in business” for the fivesix year-old firm with 130 closed transactions as it continues to set “sales records year after year”. However, while not anticipating “a drastic effect”, he warned that the Bahamas Bar Association’s plans to increase minimum legal fees for property deals could impact closing costs and affordability for Bahamians.

“Bahamian real estate in 2026 is showing even greater prospects with considerable interest coming in in the New Year with inquiries by people on both ends of the spectrum,” he said. “I do think it may be a little more challenging in 2026 for buyers to buy with the adjustment in legal fees.

“The legal fraternity has for quite some time had the number set at 2.5 percent of the purchase price. It’s about to go up

Signs of ‘favouritism’ affecting the workplace

Have you ever felt that some co-workers receive special treatment compared to others, and that this is often displayed in a manner that can easily be defined as favouritism? Simply put, favouritism occurs when managers give preferential treatment to certain employees without clear, objective reasons. This can be based on personal relationships, shared backgrounds or subjective biases. While some favouritism might seem harmless, it can erode trust, lower morale and even impact performance if left unchecked. It is not always about bias. It is often subtle, and may seem small in the moment but increases over time to create an uneven playing field. Here are some subtle signs of favouritism in the workplace.

By

Unequal access to opportunities

One of the first signs of favouritism can sometimes involve employees consistently receiving new projects, training or professional growth opportunities.

Disproportionate recognition

Everyone appreciates recognition, but favouritism can skew the way praise is distributed. If a few employees are constantly singled out even for minor achievements, while others rarely get acknowledged, this could be a red flag.

Uneven workload distribution

Pay attention to who is carrying the workload. Favouritism can show up when some team members are given easier tasks or fewer responsibilities, while others are overwhelmed with additional work.

Favouritism in meetings

Are certain employees offered opportunities to speak, receive more consideration or are their contributions regularly overlooked and dismissed?

Different standards for the same behaviour

A more subtle sign is how a manager reacts to minor indiscretions. For example, if ‘employee A’ is reprimanded for not adhering to the dress code, or leaving 10 minutes early each day, but ‘employee B’ has been getting away with the same infractions for months, it gives the impression that ‘employee B’ is a favourite and the boss is choosing to overlook their misdemeanours whether they admit it or not.

The family member

Imagine you are at a company, and you are overlooked for a promotion in favour of the boss’s son. Immediately, co-workers will suspect nepotism.

The free reign

One of the most telltale signs that favouritism could be in play is when an

employee is subject to less scrutiny for their performance or never criticised.

The friend Bosses and employees can sometimes develop friendships that extend outside of working relationships, or maybe they have bonded over a shared interest in a particular sport or hobby. There is nothing necessarily wrong with this but it can unintentionally affect the workplace.

Inconsistent performance evaluations

Performance reviews should be impartial and based on clear criteria.

Why favouritism is unfair

Favouritism in the workplace is not just unfair; it can have serious consequences. It erodes trust, damages team cohesion and can even lead to legal issues if discrimination is involved, while creating a toxic work environment that

undermines morale and productivity. By learning to identify these signs, you will be better equipped to navigate complex dynamics and advocate for justice.

It can sometimes be a fine line between a boss showing favouritism or simply choosing an employee because they have the skill sets required to deliver a sensitive project. In essence, a boss who keeps favourites is not a good boss and should remain professional at all times. Until we meet again, live life for memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail. com

About columnist: Deidre M. Bastian is a graphic designer/brand marketing analyst, international award-winning author and certified life coach.

PwC Bahamas chief warns: ‘Diversification a necessity’

PRICEWATERHOUSECOOPERS

(PwC)

top Bahamian executive says diversification is “an economic necessity” and the time to “act decisively is now” with global corporate confidence at a five-year low over 2026 revenue growth prospects.

Prince Rahming, the accounting firm’s Bahamas territory leader, spoke out after PwC’s 29th global chief executive survey found just 30 percent, or three out of every ten corporate chiefs, are confident about their 2026 top-line outlook as they struggle to turn artificial intelligence (AI) investment into tangible returns.

The survey found just 12 percent, or around one out of every eight chief executives, feel AI has delivered both cost and revenue benefits. However, companies that have scaled AI with strong foundations are pulling ahead, with rising concerns about tariffs and cyber security adding to these pressures.

PwC said chief executives are questioning whether they are transforming fast enough in a business climate marked by uneven returns from AI, rising geopolitical risks and intensifying cyber threats.

Assessing the implications for The Bahamas, Mr Rahming said: “In The Bahamas, diversification is no longer a strategic ambition; it is an economic necessity.

“Leaders are rethinking how technology, data and talent can strengthen tourism, financial services and emerging sectors at the same time. The opportunity lies in acting decisively now, while keeping trust and resilience at the centre of every investment.”

PwC added that the number of chief executives confident confident about revenue growth over the next 12 months has declined from 38 percent in 2025 and a recent peak of 56 percent in 2022. It said the findings suggest many companies have yet to translate investment into consistent financial gains.

The survey was based on responses from 4,454 chief

executives across 95 countries and territories. Frazer Lindsay, chief executive of the PwC member firms operating in the Caribbean, said: “Across the region, leaders are facing immediate pressures while shaping resilient, future-ready economies. Their growing commitment to invest in technology, trust and innovation, even in the absence of immediate returns, is remarkable.

“Chief executives leading the charge of transformative growth and disruption will be those who act boldly, with purpose and maintain a clear vision that drives their people, partners and communities towards a collective future.”

Forty-two percent of chief executives cited their ability to keep pace with AI and technological changes as their top concern, putting this ahead of worries about innovation or medium to long-term viability, which were mentioned by 29 percent. Some 33 percent of chief executives reported gains in either cost or revenue from AI use, while 56 percent said they have seen no significant financial benefit to-date.

PwC said the survey points to a growing divide between companies piloting AI and those deploying it at scale. It added that chief executives reporting both cost and revenue gains are two to three times’ more likely to say they have embedded AI extensively across products and services, demand generation and strategic decision-making.

BTC union makes offer to resolve terminations

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

THE union representing Bahamas Telecommunications Company (BTC) line staff yesterday said it has made an offer to resolve the dispute over five recently-terminated workers, three of whom are its members, and is waiting for the carrier to respond with a counter-offer.

Sherry Benjamin, the Bahamas Communications and Public Officers Union (BCPOU) president, said: “At this point we are still waiting on them to get back to us. We would have provided them with an offer to settle the matter, and we are waiting on their

counter-offer in the event that they're not prepared to bring staff back to work. I don't know what is the delay, why they haven't sent it to us yet. Or why we haven't met as yet.

“The meeting is actually to discuss the counter-offer to our offer. But I truly believe that, because there's such a delay, I think that it isn't something that they know we want, we would accept, and they're being hesitant not to to wait for the last minute to give us the offer.”

Ms Benjamin said the terminated workers and their families are suffering financially. She is hoping the Government will intervene as she insists “the termination was unjust”.

“But we're still patiently waiting, and we're still hoping that the Government of The Bahamas would step in and do the right thing by these persons who were terminated because I don't know how many times we need to prove to them that the termination was unjust, and it did not follow the laws of The Bahamas or our industrial agreement,” she argued.

“And so we are just hopeful that this thing comes to an end because these five persons, their lives are in the balance. Right now, they are unemployed, no income coming in, and they've eaten up all of their finances. So, really and truly, these people are hurting. They are hurting and, if

they're hurting, their families are hurting.”

Although she did not disclose details of the offer made to BTC, Ms Benjamin said they added to the carrier’s normal voluntary separation package to account for the “discomfort and embarrassment” the dismissed employees have experienced.

“Well, BTC has since 1999 been offering a separation package,” Ms Benjamin said. “So all we did was build on a separation package. We would have added the value of the separation package, and then added a little extra for the pain and suffering, the wrongful termination, that the persons would have gone through.

“We added to the voluntary separation package

for the discomfort and the embarrassment, really, that those persons would have experienced over the past five months. We're just hopeful that they would see the wisdom in taking care of their employees, either bringing them back on the job or settling with the employees, and settling with them in a decent way, because at this point right now, again, these people’s lives are in the balance.”

Ms Benjamin and the BCPOU are arguing that the terminations did not follow the procedures set out in the industrial agreement with BTC as the employees were not given an opportunity to defend themselves.

“They have just gone ahead and terminated

Food assistance demand ‘doubles’ for GB residents

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Opposition’s finance spokesman yesterday said food assistance demands on the Red Cross’s Grand Bahama operation have more than doubled year-over-year.

Kwasi Thompson, the east Grand Bahama MP, told the House of Assembly that the number of persons it is helping to feed has increased from 28 to 60 with the number of monthly food packages it distributes also having increased. He added that this signals food insecurity on Grand Bahama is growing despite assertions that the economy is improving.

“While the PLP government persists in telling Bahamians that the economy is doing well, living the reality on the ground with my constituents tells a very different story,” said Mr Thompson.

“I am advised that, as of a year ago, the [Grand Bahama Red Cross] fed 28 persons daily, providing 28 meals each day. As of today, that number has doubled to 60 persons fed daily. Additionally, they provide monthly packages. Previously, a year ago, they distributed 20 packages per month. Now they distribute 28 packages, which again is an increase and is limited only by the resources they have. They have reported that the needs have grown over these past years.”

Mr Thompson argued that there is a disconnect between the Government’s claims of a robust economy and the reality experienced by Bahamians.  He said non-governmental organisations (NGOs) are on the front lines feeding the hungry, while the Government has failed to address the root causes of food insecurity in The Bahamas.

“If, as the Prime Minister [Philip Davis KC] claims, our economy is robust and

households are better off, then why are thousands more families turning to NGOs like the Red Cross for basic subsistence? Why is charitable food assistance expanding when the Government insists that we have made meaningful progress?” he asked.

“This stark disparity between political rhetoric and social reality highlights not only the ongoing cost of living pressures Bahamians face, but also the growing necessity of supporting and resourcing the Red Cross and other NGOs on the front lines feeding the hungry, while unfortunately the Government’s policies continue to fall short in addressing the root causes of food insecurity.”

Mr Thompson also defended the work done by Bahamian NGOs during the COVID-19 pandemic. He said increasing demand for food assistance makes the partnership with NGOs and frontline charities crucial for addressing

immediate needs, and they should be “strengthened, not disparaged”.

“These NGOs rose to the challenge under extraordinary national hardship. Yet, unfortunately, the PLP stood in this place and declared that $10m of the Bahamian people’s money had simply vanished. They accused the programme of widespread lack of record-keeping and unexplained and undocumented expenditure, and even suggested that well-established organisations such as the Red Cross and major churches were not properly involved. Unfortunately, that narrative simply collapses under the weight of

the audit itself,” said Mr Thompson.

“The Auditor General does not indict the Red Cross. It does not condemn the NGOs. In fact, it does the opposite. It commends them. It says that they did a very good job under

employees without giving them an opportunity to defend themselves,” she said. “The employees did not even know that they were being accused of doing anything wrong. They got a letter of termination.”

Following a union protest, BTC’s human resources chief, Tamica Colebrook, said BTC not only followed labour laws but also the terms of the industrial agreement and company policies regarding both the employee on-boarding and separation processes.

While Ms Benjamin was supposed to meet with BTC to discuss the counter-offer yesterday, the meeting has been postponed to today.

difficult circumstances.

The Auditor General commended the NGOs and also commended the Red Cross Society, while the PLP government pointed fingers and cast suspicion. The Auditor General found that the Red Cross and the NGO partners fed the nation. They fed the nation, zone by zone, island by island, week after week.”

PETROCELLI EDWARDS

Bahamas’ first-ever land registrar named

THE Registrar General’s Department yesterday confirmed that Petrocelli Edwards has been appointed as The Bahamas’ first-ever registrar of lands with effect from January 19, 2026.

Mr Edwards has assumed this role following passage of the Land Adjudication Act 2025, and the Registered Land Act 2025, which have created the new land registry he will be responsible for administering and overseeing.

Mr Edwards has 15 years of experience in the Office of the Attorney General and Ministry of Legal Affairs. He directed the land section in that office for at eight years up until November 2024.

His career includes serving as a committee member of the Land Acquisition Steering Committee – Corridor 41 and member of the Land Registration Stakeholder Group in the Prime Minister’s Delivery Unit.

Mr Edwards was also a member of the Land Reform Committee, which was responsible for bringing the two Bills to Parliament. For the past 14 months. he has served as a stipendiary and circuit magistrate.

CONSTRUCT - from page B1

However, while addressing the shortage of affordable housing impacting hundreds of Bahamian families and the economic benefits are policy priorities, the EIA acknowledged there are “some major issues” surrounding the subdivision’s environmental impact.

“The Premier Estates I project site, situated in the Chippingham area, offers an excellent opportunity for sustainable development of a residential housing investment. The project, with its investment of some $30m, is expected to generate much-needed economic stimulus for New Providence -construction jobs, and much-needed affordable housing for Bahamians - but has some major issues regarding its environmental impact,” the EIA warned.

“Employment of best management practices, having regard to national environmental legislation and international conventions and standards, will ensure the project is developed and becomes operational in a sustainable manner. Utilising the mitigation measures will guarantee that any negative impacts identified are reduced/or are mitigated and are sustained.”

The 147 units are to be built on 5,000 square lots, measuring 50 feet by 100 feet, in one single phase. Two home model options will be offered to potential purchasers, with the subdivision located in the north-east section of Perpall Tract. The EIA, though,

noted that the site has a lower elevation and is less than 10 feet above mean sea level (MSL) while also in close proximity to the former Water & Sewerage Corporation wellfields.

And the report reveals that the Premier Estates location was originally zoned as ‘green space’ before the Department of Physical Planning re-zoned it to residential. And it conceded that “historically, flooding was and shall continue to be a concern toward the north” in the Perpall Tract area, with the location viewed as “a potential flood hazard” for the portion that has a low elevation.

As a result, the EIA referenced previous reports which argued “that, wherever possible, the placement of critical infrastructure be located” at least 10 feet above mean sea level. And a hydrological assessment of the site by Adarie Engineering and Environmental Services (AEES), said: “Present concerns exist regarding the proposed plan to construct a new hospital facility in the south- western quadrant, utilising 50-acres of the Perpall’s Tract wellfield area.

“Environmental advocates have claimed that this plan would destroy the existing ecosystem, including the forest and the plants within it…. The proposed subdivision should expect similar concerns of ecosystem, biodiversity, flood mitigation, water resources. Wide public consultation is encouraged, particularly with those special interest groups who were the

drivers behind the protec-

tion process of the Perpall Tract wellfield area.”

The EIA also conceded that protected species and biodiversity currently inhabiting the site will be significantly impacted because 80 percent of the location “will be subject to land clearance for infrastructure and home development. Eighty percent of existing vegetation will be lost during construction works”.

Still, the report concluded that - provided the necessary mitigation measures were implemented - the subdivision’s development will be an asset for The Bahamas in its bid to tackle the chronic shortage of affordable, available housing for New Providence residents. A wastewater treatment plant will also be constructed as part of infrastructure that will provide Premier Estates 1 with its own central sewerage disposal system.

Confirming that the development is being funded by Bahamian taxpayers, the EIA said: “The residential developments will represent a further investment in The Bahamas of more than $30m by the Ministry of Housing and Urban Renewal, and will further contribute to the economic vibrancy of New Providence.

“New construction jobs for semi and skilled labourers in the construction industry are a prime benefit of the project. This brings more revenue to families, and hence economic stimulation, in addition to new first-time affordable home ownership for Bahamian families…

“The overall economic impact in the Chippingham area and, by extension, New Providence will be significantly positive and

will contribute to a positive turn around in the first-time home ownership market for Bahamians.”

However, given the size of the 12,000-unit housing shortage, or ‘gap’, identified by Mr Bell it is likely that Premier Estates 1 will only make a dent in Bahamian demand for affordable homes. A 1984 housing study, released as part of consultations on the Government’s land reforms, forecast that to meet population expansion and housing demand

The Bahamas would have to construct 1,965 residential units per year in the six years to 1990.

“We know that the last big report has not been updated for the last two or three decades,” Mr Bell said in late 2024. “Again, the study back then indicated we should be building around 2,800 homes per year, and so far we are 12,000-plus short in terms of housing units. Each year has added, and in some years we didn’t build homes, so we have our work cut out for us.”

And, late last year, the minister added: “For decades, every serious assessment has concluded that The Bahamas has not been building enough homes to meet the needs of our people. A 1984 national study found that New Providence required more than 1,700 new homes each year.

“By 2016, the Inter-American Development Bank (IDB) in its report, “The state of social housing in six Caribbean countries’, indicated that 3,600 new homes or housing repairs would be needed annually in The Bahamas. Yet between 2012 and 2020, construction levels consistently fell short by more than 2,000 homes each year.”

Franon Wilson, Arawak Homes’ president, yesterday told Tribune Business that the Government will “not directly” be able to make-up the 12,000-unit shortfall by constructing more homes by itself. While it “can influence it a lot” via its policy choices, he hinted that the Government needs to partner with the private sector - the likes of banks and other lenders, developers and contractors - to develop a comprehensive housing approach.

“It’s a significant gap in what’s needed,” Mr Wilson said of the 12,000 homes shortage. “It is something we have to continue to work at. It will take a lot. Owning a home is truly a team effort. You need the financing and so many different things, and everything has to go 100 percent right for someone to own a home.” Home buyers also have their part to play by building up sufficient savings, so that they can qualify for a mortgage and afford to cover closing costs such as taxes, attorney and realtor fees, while not over-borrowing on consumer debt.

Meanwhile, the Premier Estates EIA concluded:

“With a projected capital investment of $30m it is anticipated that the economic impact for the Chippingham area and, by extension, New Providence, will be boosted significantly. This boost will include new construction jobs, new affordable home ownership for low to medium income persons, new entrepreneurial opportunities to provide goods and services.

“The long-term economic effect will be a positive impact for the local economy. From an environmental perspective, mitigation measures if adhered to will greatly reduce the negative impacts identified.

“It is anticipated that with proper planning, application of best management practices and mitigation measures outlined in the EIA, incorporated within a comprehensive Environmental Management Plan (EMP), if conscientiously implemented, will minimise in the long-term any negative impacts identified from project development through to home occupation.”

Union executive challenges BAIC over written warning

BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

A TRADE union executive yesterday challenged whether the Bahamas Agricultural and Industrial Corporation (BAIC) had breached the Industrial Relations Act over a final written warning she was issued over alleged confidentiality breaches.

Natania Johnson, the Bahamas General Workers Union (BGWU)’s secretary-general, together with union president, Linda Sands, and Obie Ferguson KC, president of the Trades Union Congress (TUC), defended comments she made on Eyewitness News’ ‘Beyond The Headlines’ programme on October 30, 2025.

In a January 2, 2026, letter obtained by Tribune Business, BAIC gave Ms Johnson a “final written warning” over her appearance on the show on the basis that she allegedly disclosed internal Corporation matters deemed by the executive management and Board of Directors to be confidential.

“While the Corporation does indeed acknowledge

your capacity as secretary-general of the BGWU, you are also to be reminded of your obligations as an employee of BAIC,” the letter read. “The statements made publicly were provided by you, a BAIC employee and constituted commentary on internal operations of the Corporation. As such, you remain bound by the obligations, standards of conduct and signed confidentiality agreement expectations.

“In accordance with BAIC/BGWU I.A- Article 43.5 (c) of the industrial agreement, a breach of confidentiality is classified as a major disciplinary offence which may warrant suspension without pay or dismissal.”

During their TV appearance, Ms Johnson and Ms Sands spoke to outstanding grievances including monies allegedly owed, “preferential treatment” and “cronyism”, poor communication, and a lack of consultation. They alleged mould was present in some BAIC buildings on the Family Islands, as well as other issues.

Ms Johnson said several attempts were made to meet with Darron Pickstock, the Golden Isles MP

who is BAIC’s chairman, but they were unsuccessful and he “was not visible”. She added: “That was kind of our last resort in terms of sending a strong message” for outstanding matters to be addressed.

Mr Pickstock yesterday said confidentiality breaches should be addressed, but BAIC was in no way seeking to “stifle free speech”. He added that he has not been fully briefed on the matter, but said “if you do sign a confidentiality agreement, you have to abide by it”.

“I haven't had time to be fully briefed about it as yet, and so I'm sure I'm going to be briefed in a moment about it, so I can't fully speak on it, but I mean, just generally speaking, if I'm hearing you correctly, we have confidentiality agreements in place. And so, you know, to the extent that somebody breaches a confidentiality agreement that they signed, then we have to take action,” Mr Pickstock said.

“And you know, beyond that, I will obviously get into the issue more when I go back to the office, but to the extent that that was done, then that is perhaps the reason for what

has happened. And so it's not a matter of, you know, trying to stifle free speech, but you have to be responsible in your commentary, especially when you sign something like the confidentiality agreement. And, again, no one has come to me. And if there is an issue that needs to be escalated to myself as the chairman of BAIC, then that should also be.”

Ms Johnson said no specifics on the breach of confidentiality, but added that during her four years with BAIC she has never been given a written or verbal warning before. The letter, signed by general manager, Troy Sampson, and assistant general manager of human resources, Deidre LaRoda, and copied to Mr Pickstock and Ms Sands, said the industrial agreement allows a penalty for dismissal or suspension “in instances of this nature” but the Board decided on a final written warning instead.

“This decision reflects the Corporation’s commitment to fairness and to providing the opportunity for corrective conduct,” it read. “Accordingly, you are hereby strongly cautioned that any further breach

PM defends Gov’t on travel spending

BY FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

THE Prime Minister yesterday defended his administration’s spending on travel as positioning The Bahamas on the world stage and permitting the country to influence key international initiatives, including climate change and financial reform.

Responding to Opposition MP’s calls for the administration to be more “fiscally responsible” about travel spending, Philip Davis KC argued that a strong presence on the global stage is essential for the country’s economic and political well-being.

“The Bahamas will not be in the position that they're in on the global stage. The Bahamas will not be in the position it is in, from a domestic point of view, for the amount of investment flows that come through, in the amount of tourist arrivals, if we didn't have a presence on the world stage,” said Mr Davis.

“As I speak, we are at the table in a number of key initiatives - global initiatives. For example, the most existential threat to the world is climate change, and because of travel and

because of our advocacy, we are around the table on the loss and damage initiative, which in fact was put on the agenda in Egypt when the global north were not willing to have it on the agenda. It was our advocacy that got it done, and it's our advocacy that set up the loss and damage fund, and it's our advocacy that is operationalising it, and it's our advocacy that has us at the table.”

Mr Davis said influence and participation in global affairs have real, tangible benefits at home. He explained that The Bahamas has taken its case of unfair treatment in international financial systems - particularly in situations where the country has been blacklisted or penalised - to international forums and is now helping to craft fairer rules for the future.

“It is accepted by yourselves and us that the blacklisting of our country has always been unfairly done because they continue to move the goalposts. We agree on that, right?

Because of our advocacy at the UN, at CELAC, in Brussels, and elsewhere - the world, the world, the world - the UN has now adopted. We are now around the table,” said Mr Davis.

ENTRANCE EXAMINATION 2026-2027

On Saturday, January 24, 2026, Temple Christian School will hold its Entrance Examination for students entering grades 7,8,9 and 10.

TIME: 9:00 a.m. to 12:00 noon

LOCATION:

High School Campus, Shirley Street

Application forms are available at the High School Office and should be completed and returned to the school by Friday, January 23, 2026. The application fee is twenty-five dollars ($25).

For further information, please call telephone number: 394-4481/394-4484.

“Our Attorney General is out there advocating and crafting a new architecture to ensure that there will be fairness and equity when it comes down to that. So, that is what we are doing.”

Mr Davis maintained his administration has been fiscally responsible and willing

to make independent decisions even when advised otherwise by international institutions such as the IMF.

“Our spending was responsible. Let us agree on one or two things, right? Governing is about choices. Governing is about priorities. Our choices and

of confidentiality, or any conduct that constitutes violation of the industrial agreement or workplace standards, may result in disciplinary action up to and including suspension or dismissal.”

Ms Johnson said she sees the letter as a warning that she is no longer to speak publicly about issues impacting BAIC employees because they are considered confidential.

“So I think, in other words, they want me to determine if I'm going to operate in the capacity of just a regular employee, or if I'm going to carry out my duties as a secretary-general of the union and speak as a unified body on behalf of the people, the members of the BAIC, and that's where the issue is,” she said.

Mr Ferguson and Ms Johnson said “the directives came from the board of directors” and “the chairman [Mr Pickstock] is definitely the one who would have authorised for the letter to be issued”.

In response, Ms Johnson, in a letter obtained by Tribune Business referenced the Industrial Relations Act 45. (1). “An employer shall not intimidate or dismiss an employee, or adversely

priorities - if we were irresponsible in our choices and our priorities, I don't think that you'll have the IMF... You indicated that the same people advise us and make recommendations. IMF advises us too,” said Mr Davis.

“They were telling me, just like they always say to you, that if I cut VAT, it will destabilise the country, and that's where you probably

affect his employment (whether by imposition of new terms and conditions of employments; or otherwise), or alter the position of an employee to his prejudice, by reason of circumstance that the employee is (a) is an officer, delegate of member  of a trade union,” she wrote. Ms Johnson said Mr Sampson and Ms LaRoda “have taken a previous position that the industrial agreement is not registered”, but referenced Article 43.5 (c).

She added: “This cannot be considered fairness in dealing with a principal officer of the union, and to suggest violation for carrying out her most sacred responsibility to the members of the bargaining unit. This can only be considered discrimination, statutory breach and the rule of natural justice has been fundamentally breached. It is my intention to bring this matter to the attention of the (TUC) Trade Union Congress, the body that our union is associated with, with the view of resolving it immediately.”

got the thought from. That's what they told me. I said no. In fact, they were suggesting, as they were suggesting to you all, that it should be raised to reach the regional average. That's what they're telling you, right? I told them, no. Y'all want me to go that way; I'm going this way. I did. I didn't follow their advice.”

PT Valbury Asia Futures Launches US Stock Trading with Alpaca, Increasing Access for Investors

NEW YORK & JAKARTA, Indonesia

Associated Press

HISTORICALLY, Indonesian retail investors have faced limited access to global investing due to high fees, complex regulations, and other barriers.

However, with the number of retail investors reaching 17 million in 2025, a significant rise in financial literacy and market participation is evident. Valbury is capitalizing on this momentum by making US equities more accessible to a broader audience.

This offering allows Valbury's clients to trade shares of major US companies for as little as $1 USD while staying compliant with Indonesian regulatory requirements. This helps significantly lower the

barrier to entry for local investors, enabling them to diversify their portfolios in the world's largest capital market.

"The US stock market is highly attractive to Indonesian investors, yet they have often needed multiple accounts across a variety of platforms to access both domestic and international assets," said Caroline Haryono, CMO of PT Valbury Asia Futures. "With our launch, Valbury clients can consolidate all of their assets on a single platform, eliminating fragmentation, enhancing the customer experience, and making global investing accessible to more than just the wealthy."

Valbury uses Alpaca's Broker API to power its US stock trading service.

N O T I C E

IN THE ESTATE OF MABEL LOUISE

ELDON late of High Point Drive of Great Harbour Cay, one of the Berry Islands, in the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before 27 February 2026, after which date the Sole Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice.

AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

DELANEY PARTNERS

Attorneys for the Sole Executrix Chambers P. O. Box CB-13007

5th Floor Lyford Cay House Western Road, Lyford Cay New Providence, The Bahamas

This includes utilizing Alpaca's OmniSub technology ✝, a sub-accounting ledger model designed to streamline back office operations. OmniSub helps Valbury maintain compliance with Indonesian regulations while simplifying complex bookkeeping, including position management, reconciliation, corporate actions, and trade matching.

"We are excited to support Valbury as it brings global investing opportunities to investors in Indonesia," said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. "With our Broker API and OmniSub technology, we enable brokers to deliver increased access to the world's largest capital markets at a faster pace."

About Alpaca

Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, and fixed income. Alpaca delivers embeddable finance solutions for fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing and more. Today, Alpaca

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Asia

powers over 9 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $320M in funding. For more information, visit: alpaca.markets

About Valbury

With more than 30 years of experience helping the Indonesian investors navigate the futures market and a reputation for excellent service, Valbury Asia Futures has built a solid reputation as Indonesia's most trusted broker and trading partner of choice. Valbury is fully licensed and regulated by Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI). They are also members of

“The

Jakarta Futures Exchange and PT Kliring Berjangka Indonesia (KBI). For more information, visit: valbury.

co.id/en/ The OmniSub product is offered by AlpacaDB, Inc. as a technology service for sub-accounting related to omnibus clearing services. Approval for this technology service is subject to Alpaca Securities LLC due diligence review.

Alpaca and PT Valbury Asia Futures are not affiliated and are not responsible for the liabilities of others.

Securities brokerage services are provided by Alpaca Securities LLC, memberFINRA/SIPC, a wholly owned subsidiary of AlpacaDB, Inc.

US stock market is highly attractive to Indonesian investors, yet they have often needed multiple accounts across a variety of platforms to access both domestic and international assets.”

Caroline Haryono

All investments involve risk; for more information, please see ourDisclosure Library.

Fractional share trading allows a customer to buy and sell fractional share quantities and dollar amounts of certain securities. Fractional share trading presents unique risks and is subject to particular limitations that you should be aware of before engaging in such activity. SeeAlpaca Customer Agreementfor more details.

AlpacaDB, Inc., the parent company of Alpaca Securities LLC, provides services and technology, including the brokerage infrastructure API supporting Alpaca's financial services.

This is not an offer, solicitation of an offer, or advice to buy or sell securities or open a brokerage account in any jurisdiction where Alpaca Securities is not registered or licensed, as applicable.

it was “about being transparent in governance”, he also challenged the Davis administration to confirm if this is “temporary cost of living relief” or a change intended to be long-lasting, His comments sparked push back from Wayne Munroe, minister of national security, who branded them as “disingenuous” while asserting that his Cabinet colleague, Michael Halkitis, minister of economic affairs, had explained the rationale for the unprepared foods VAT elimination come April 1, 2026. He also accused Mr Thompson of “denigrating” Ministry of Finance officials by implying the move was not supported by empirical evidence.

And Dr Michael Darville, minister of health and wellness, hit back over the former Minnis administration’s decision - of which Mr Thompson was partto hike the general VAT rate from 7.5 percent to 12 percent in 2018 while eliminating the tax on what Mr Munroe said was just “22” bread basket” food items.

Arguing that these ‘bread basket’ foods, such as white sugar and butter, have “poor nutritional value”, Dr Darville asserted that the Minnis administration’s VAT policy “pushed” Bahamians away from purchasing

more “wholesome” foods and instead towards some of the very products causing this nation’s high rate of chronic non-communicable diseases (NCDs) such as diabetes, heart disease and hypertension.

The exchange occurred after Mr Thompson attacked the Government’s failure to disclose the data, studies and empirical evidence justifying the decision to eliminate VAT on unprepared food. In the absence of such disclosure, he argued that it did not appear to be part of any coherent tax and revenue strategy and, as a result, it threatens to “shrink fiscal space today and create pressure for higher taxes tomorrow”.

“What is most concerning is not merely that this relief has come late, but that it appears to have come without transparency, without analysis and without accountability,” the Opposition’s finance spokesman asserted. “The Government has provided no clear assessment of what the average Bahamian household will actually save, no explanation of the assumptions used, and insufficient indication of the impact on the country’s fiscal position. “These are not academic questions; they are fundamental to public trust. Time and again, this administration announces tax changes through headlines

rather than evidence, leav-

ing Bahamians in the dark about both the benefits and the consequences.

“Without clear answers, these VAT exemptions risk becoming politically popular gestures that shrink fiscal space today and create pressure for higher taxes tomorrow. Sound tax policy demands foresight, data and openness - not retroactive corrections after years of public pressure.”

This prompted Mr Munroe’s first intervention. Noting that Mr Thompson was suggesting the unprepared food VAT elimination was “done without proper explanation, without proper thinking”, he also countered that the east Grand Bahama MP was being “disingenuous” since he was questioning an action that he and the Free National Movement (FNM) had long demanded the Government take.

The Opposition has called for the removal of VAT on food and medicines since the Davis administration reimposed the levy at 10 percent following the September 2021 general election. However, Mr Munroe argued that Mr Thompson and his FNM colleagues had only called for the reinstatement of VAT relief on the 22 ‘bread basket’ items and not all unprepared foods as the Davis administration has now expanded it to.

“We did call for all,” Mr Thompson asserted in reply. “The point is the people you are making a decision for have a right to understand

ESTATE OF PAULA MARIA WARD a.k.a. PAULA JONES-WARD a.k.a. PAULA MARIA JONES late of Winton Meadows, Nassau, Bahamas

TAKE NOTICE that anyone having a claim against the Estate of PAULA MARIA WARD a.k.a PAULA JONES-WARD a.k.a PAULA MARIA JONES late of Winton Meadows, Nassau, Bahamas, who died on the 6th day of May, 2020, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

ESTATE OF MICKY DARRIN PINDER

TAKE NOTICE that anyone having a claim against the Estate of MICKY DARRIN PINDER late of Leo Pinder Main Street, Spanish Wells, St. George’s Cay, Bahamas, who died on the 14th day of February, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

ESTATE OF KEITH ALEXANDER BISHOP

TAKE NOTICE that anyone having a claim against the Estate of KEITH ALEXANDER BISHOP late of Palmetto Point, Eleuthera, Bahamas, who died on the 30th day of June, 2025, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 13th February, A.D., 2026.

how you came to make that decision. It’s about being transparent in governance. The people should understand the process you went through, the data you went through, to make the decision you made.

“We have a right to understand that. They unfortunately do not get it. They do not get it; do not get that. If you make a decision for people, we have a right to understand the process you went through, the data you went through to make that decision. We are not faulting you for making that decision; we are saying show the evidence, show the data, have the Ministry of Finance explain what they went through to make the decision.”

The Government previously said it will forego around $15m in annual VAT revenues by eliminating the tax on unprepared food, and Mr Munroe said Mr Halkitis had explained the Government’s rationale for doing so as part of further efforts to ease cost of living pressures on hardpressed Bahamian families.

Arguing that the Opposition challenges everything the Government “does economically”, Mr Munroe suggested that criticism was part of “silly season” with a general election approaching but warned against “denigrating” Ministry of Finance officials

- something Mr Thompson denied doing. “The policymakers are obliged to explain to the public,” the east Grand Bahama MP added. “What I am saying, madame speaker, is what the public is saying, what we on this side have said.. that this government is operating in the dark, policymakers are not explaining about what is happening.”

Dr Darville then intervened by pointing to the former Minnis administration’s decision to hike the VAT rate from 7.5 percent to 12 percent - an increase that included “wholesome foods”. He added: “You turned around and zerorated VAT on bread basket items - white sugar, butter and white flour.

“That’s what you didn’t realise. They are not good for you. You obviously didn’t understand nutrition. You don’t understand nutrition…. By reducing VAT on those food items that are poor nutritional items, and increasing VAT on wholesome foods, you pushed the Bahamian people to purchase those poor nutritional quality foods.”

Dr Darville said the Davis administration is now tackling the diet and nutrition issues that he alleged was “brought on by the poor policies” of its Minns predecessor, and argued that eliminating VAT on

all foods - wholesome and bread basket - will give Bahamians the “opportunity to choose wisely”.

Mr Thompson, though, found a new attack angle by calling for the removal of VAT on all medicines as well as foods. Dr Darville countered that transferring the National Prescription Drug Plan from the National Insurance Board (NIB) to the National Health Insurance (NHI) scheme would expand access to free medicines from 44,000 persons to 161,000 persons. The Opposition’s finance spokesman, though, closed by challenging whether the VAT elimination on uncooked foods is intended to be a “temporary cost of living” relief or if it is part of a wider, long-term strategy. “The VAT off of food that has been announced, the question I wish to raise is if this is intended as temporary cost of living relief or is this part of long-term structural tax reform?” he asked.

Mr Thompson also queried what measures the Government is taking to offset the $15m revenue loss, and asserted that it should have maintained the 12 percent VAT rate that the Minnis administration imposed on real estate sales worth above $2m. The Davis administration reduced this to 10 percent.

ORG: Balance election fear with ‘getting legislation right’

CONSULT - from page B1

map and guide for the country’s development.

Bahamians have only until January 31, 2026, to provide consultation and feedback on the draft legislation, and he voiced concern that such a short window could result in “more marginalised voices” being unable to participate while those voices with greater time and weight could have greater influence on the Bill.

And Mr Aubry and ORG both voiced concern over the level of civil society involvement and participation provided for by the Bill. While it gives one seat on the Planning Institute’s 19-strong Board to “a representative of the umbrella organisation of civil society”, they pointed out that no such body exists to represent the interests of an estimated 1,200 non-profit and non-governmental organisations (NGOs) operating in The Bahamas.

“It’s so critical,” Mr Aubry told this newspaper of the Bill. “It’s the mechanism that will continue and push forward the NDP. It’s really important to get as wide a consultation about that and have input to build that ownership and for the NDP not to be politicised. We want to encourage people to pay attention and give feedback. Having more opportunity for consultation gets us into a broader spectrum of views.”

Felix Stubbs, who heads the National Development Plan’s steering committee, told Tribune Business recently that the goal is to push the Bill “very rapidly” through the consultation process with the aim of tabling it in the House of Assembly next month. That will occur after a tight twoweek consultation, enabling Bahamians to submit feedback, concerns and potential changes to the Bill, which will drive any

adjustments made by the Attorney General’s Office. That consultation ends on January 31, with Mr Stubbs indicating that the tight timeline and rapid progress are designed to ensure the Bill is passed before the 2026 general election to keep it free of political interference and challenges over whether it will be a priority for a new administration.

Mr Aubry, while agreeing that this was a “practical necessity”, argued that “at the same time we need to balance that with making sure we get this right”. He pointed out that greater understanding, involvement and input from the Bahamian people are key to the NDP and Planning Institute “hold up in the long run and are as independent a structure as possible”.

Maximising public involvement, the ORG chief added, will also build greater trust and civic ownership of the NDP, thus helping to act as a safeguard and check against future attempts to impose greater political control.

“I think the NDP, if done right, could really bring so much in terms of redefining our direction as a country in ways that don’t go in five year bursts, that are not potentially or are affected by politicised agendas or perceived to be affected by political agendas,” Mr Aubry told Tribune Business. “I think there’s always a structural challenge in these things reporting up to the minister.”

He added that broadbased participation by civil society groups, which operate in numerous areas ranging from the environment to gender-based issues, will also help ensure the Institute and NDP remain on course. ORG, in a document setting out what it described as “key considerations” for evaluating the legislation, also queried whether the Family Islands and their interests

are properly represented on the Institute’s Board.

“One of the potentially problematic elements of the draft Bill is its reference to a single Board seat held by an ‘umbrella organisation of civil society’. The Bahamas does not currently have an entity that represents the full spectrum of civil society. Civil society representation must be inclusive, legitimate and transparent,” ORG said, questioning who would sit in such a seat and how this would be determined.

“The draft Bill outlines a Board of up to 19 members with representation from government, political parties, University of the Bahamas, business associations, unions, civil society and others. Representation must be carefully designed so that it is inclusive and credible in practice.

“Does representation reflect the full diversity of The Bahamas, including the Family Islands? Are youth, persons with disabilities and community development stakeholders included meaningfully? Does the structure risk over-representing politically connected or Nassau-centred institutions?”

Proposing that this section of the Bill be altered, ORG said: “ORG believes the Bill should strengthen civil society representation to reflect the real diversity of registered nonprofit organisations across The Bahamas, including churches and faith-based service groups.

“ORG recommends that the Bill be amended to allocate multiple civil society seats that reflect key sub-sectors” such as environmental, faith-based and Family Island groups.

ORG also raised concerns over whether there should be stronger parliamentary oversight and safeguards over the Institute. “The Bill defines the ‘minister’” as the Prime Minister, provides that they may issue directions of a general nature as to the policy to be followed by the Board, and that the Board

must give effect to those

directions,” it added.

“Is the Institute independent enough to survive changes in government? Are ministerial direction powers appropriately limited and transparent? Are there safeguards to ensure the Institute cannot be used to advance a political agenda?”

The Bahamas National Development Planning Institute will “initiate and co-ordinate” all national planning, and have oversight responsibility for its governance and implementation, while being held accountable by its own Board of Directors.

The proposed legislation, besides creating the Planning Institute, makes it responsible for advising the Government “on major issues relating to governance, the economy, social policy and the environment of The Bahamas”.

And, if passed in its current form, the Planning Institute will also develop a plan “for the most effective use of The Bahamas’ resources by assessing existing and projected social, economic and manpower resources” plus “prepare governance, economic, social policy and environmental models for the guidance of policymakers, investors and other planners”.

The National Development Plan, which was conceived and put together during the last Christie administration, was intended to be a crossparty, non-partisan and

non-political effort to develop a ‘road map’ that would guide the country’s direction and progress The Bahamas towards the kind of nation its citizens desire. However, despite seeking to be non-partisan, the National Development Plan appeared to be shelved under the Minnis administration, with little to no progress made as first Hurricane Dorian, and then the COVID-19 pandemic, dominated its four-and-a-half tenure in office. The National Development Plan represented the first ever co-ordinated effort to plan the Bahamas’ development in a systematic manner using empirical data and analyses, and input was sought and obtained from multiple stakeholders including the private sector, civil society groups, non-profits and the general public.

Labelled ‘Vision 2040’, it aimed to break with The Bahamas’ past ad hoc approach to national growth by setting a clear

path towards a more sustainable future. Its ‘road map’ was designed to feature measurable goals and objectives for the Bahamas to attain, so that its progress towards achieving its development targets can be judged according to set timelines. Vision 2040 focused on four main policy pillarsthe economy, governance, social policy and the environment, both natural and built - in its first 400-page draft. The Bill, in its ‘objects and reasons’ section, states: “The Government wishes to establish the National Planning Institute to provide for the Government’s goals and strategy for the long-term development of The Bahamas. “The work of creation and implementation of the National Development Plan shall be that of the body corporate, the Institute. The Institute will carry out the necessary functions and be possessed of the requisite powers.”

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

potentially 1 percentage point. That’s obviously just another layer of cost to the transaction process. It has an effect all around. I think it will have a greater effect on the local market, as international buyers are typically buying at a higher price point.

“That one percentage point arguably has less of an effect to their bottom line than locals. It will be interesting to see how this plays out in 2026, but I don’t think it will have a drastic effect on the numbers and outcome for real estate sales in 2026.”

Tribune Business previously revealed proposals from the Bahamas Bar Association setting out new minimum recommended rates for services such as real estate conveyances, wills, trusts, Immigration work permits and company incorporations to take effect from New Year’s Day 2026. However, this newspaper was told that the Bar has yet to vote on the issue,

and when these will be implemented. While attorney fees on residential real estate transactions are typically equal to 2.5 percent of the purchase price, the Bar Association memorandum set out significant increases. For property conveyances of “unregistered land”, the fee is doubled to 5 percent of the purchase price, while for “registered land” it is being raised to 3.5 percent - the references to “registered” land likely linking to the Government’s recent land reforms.

Similarly, George Damianos, president and chief executive of Bahamas Sotheby’s International Realty, told Tribune Business that while he expects 2026 to be another strong year for real estate activity the high-end market will enjoy a further “leg up” if plans to launch a tax residency certificate finally come to fruition after a decade in the making. Warning that The Bahamas is at a competitive disadvantage against other jurisdictions without this

another attraction for high net worth investors eyeing this nation for economic reasons, Mr Damianos said: “I think 2026 looks well. There’s nothing on the horizon that’s going to interfere with what’s going to happen. I think The Bahamas is still very attractive.

“It would be good if we could issue tax certificates to foreign investors and go through with the plans that the Bahamas Financial Services Board (BFSB) has been working on for the last ten years. It would be wonderful, definitely a leg up for The Bahamas. I don’t know why it’s been dragging on for so long.

“I don’t see anything on the horizon at the moment to interfere with the real estate market in The Bahamas. 2025 was a good year and we’re very optimistic that things are going well,” Mr Damianos added. “With a general election coming some investors may sit on the sidelines to see how that goes but, other than that, we’re doing well. I’m quite positive about it, and there’s a lot of activity. Things are happening.

“We could add a little boost to that by ensuring a little movement through allowing the BFSB to complete their plan and put into

effect the tax residency certificate. It will help us keep up with our competitors. Definitely, if we don’t we will fall behind our competitors because, more and more, it’s needed by people to come here for economic reasons.

“That’s a market we are missing at this time because of it. It’s an additional feature we could be providing. Our competitors are doing it, and we’re not doing it. It would be wonderful if we can see the light. Let’s keep our fingers crossed that we continue to do well.”

The tax residency certificate initiative was developed as a means for expatriate residents and investors to prove they are domiciled here and complying with both local tax laws and those of their home country.

Under the initial plans, each certificate was to have its own Taxpayer Identification Number (TIN) in a bid to address concerns expressed by the likes of the OECD, which has in the past claimed The  Bahamas’ permanent residency product is in danger of being abused by tax evaders. It will confirm that the holder is a permanent resident of The Bahamas, and

not liable to pay tax in their home countries. To qualify for a tax residency certificate, which would have given successful applicants the right to reside in The Bahamas for up to three years, persons must stay in this nation for a minimum 90 days per year and not spend more than 183 days in any other country annually. A “substantial presence test” will be conducted if there are suspicions that persons are abusing this criteria.

Mr Sweeting, meanwhile, said ongoing economic turbulence and political uncertainty could make The Bahamas “more of a destination” for wealthy investors and real estate

buyers attracted to its relative stability.

“I think 2026 is looking super promising,” he told Tribune Business. “I think we’ll do 25 percent more. When we look at days on the market, bidding wars we’ve been involved with, we’re seeing less than 30 days on the market for properties that are priced well. My team and I were in 13 bidding wars last year for properties priced under $500,000.

“When we look at just the framework of the market, there’s all indications there’s more business to be had. We’re very optimistic about the local market, both ends of the market, and I think we will do much better than we did in 2025.”

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Global corporate chiefs grapple with switch to AI

The survey also showed confidence has further softened amid rising exposure to external risks. PwC said 20 percent of chief executives say their company is highly - or extremely - exposed to the risk of significant financial loss from tariffs over the next 12

months, though exposure varies widely by regionfrom 6 percent across the Middle East to 28 percent on the Chinese mainland and 35 percent in Mexico.

PwC said concern about cyber risk has risen sharply, with 31 percent of chief executives now citing it as a major threat - up from 24 percent last year, and 21

percent two years ago. In response, 84 percent said they plan to strengthen cyber security as part of their response to geopolitical risk. The survey showed concerns about macroeconomic volatility (31 percent), technology disruption (24 percent) and geopolitics (23 percent) have also edged higher, while concern about inflation is marginally down - from 27 percent last year to 25 percent.

PwC added that, despite the challenging outlook,

Trump backs down on Greenland and cancels tariff threat after NATO agrees to future Arctic deal

By JOSH BOAK, WILL WEISSERT and AAMER MADHANI Associated Press

PRESIDENT Donald Trump on Wednesday scrapped the tariffs that he threatened to impose on eight European nations to press for U.S. control over Greenland, pulling a dramatic reversal shortly after insisting he wanted to get the island "including right, title and ownership."

In a post on his social media site, Trump said he had agreed with the head of NATO on a "framework of a future deal" on Arctic security, potentially defusing tension that had far-reaching geopolitical implications. He said "additional discussions" on Greenland were being held concerning the Golden Dome missile defense program, a multilayered, $175 billion system that for the first time will put U.S. weapons in space.

Trump offered few details, saying they were still being worked out. But one idea NATO members have discussed as part of a compromise with Trump was that Denmark and the alliance would work with the U.S. to build more U.S. military bases on Greenland. That's according to a European official familiar with the matter but not authorized to comment publicly. The official,

who spoke on condition of anonymity, said it was not immediately clear if that idea was included in the framework Trump announced.

Trump has backed off tariffs before

The president has threatened tariffs before only to back away. In April, after first saying he would slap massive import levies on nations from around the world, which prompted a sharp negative market reaction, Trump eased off.

But his change of heart this time came only after he used his speech at the World Economic Forum in the Swiss Alps to focus on Greenland and threatened to upend NATO, an alliance that has been among the globe's most unshakable since the early days of the Cold War.

In his address, Trump said he was asking for territory that was "cold and poorly located" and that the U.S. had effectively saved Europe during World War II while declaring of NATO: "It's a very small ask compared to what we have given them for many, many decades."

"We probably won't get anything unless I decide to use excessive strength and force, where we would be frankly unstoppable. But I won't do that, OK?" Trump said.

But Trump has also said repeatedly that, while the U.S. will defend NATO, he wasn't convinced the alliance will backup Washington, if needed, and suggested that was at least part of the reason for his aggressive stance toward Greenland. That prompted NATO Secretary General Mark Rutte, in a post-speech event with Trump, to say that the alliance would stand with the U.S. if it is attacked.

"You can be assured, absolutely," Rutte said. A short time later came Trump's post canceling the tariffs.

Danish Foreign Minister Lars Løkke Rasmussen said he welcomed Trump ruling out taking "Greenland by force" and pausing "the trade war with Europe."

"Now, let's sit down and find out how we can address the American security concerns in the Arctic while respecting the red lines of the Kingdom of Denmark," he said in a statement.

President cites national security Trump argues that the U.S. needs Greenland for national security and to counter threats from Russia and China in the Arctic region, despite America already having a large military base there. He threatened to impose steep U.S. import taxes on Denmark and seven other allies

chief executives increasingly see reinvention as essential to growth. More than four in ten (42 percent) said their company has begun competing in new sectors over the past five years. Among those planning major acquisitions, 44% percent expect to invest outside their current industry, with technology the most attractive new sector.

More than half of chief executives (51 percent) said they plan to make international investments in the

unless they negotiate a transfer of the semi-autonomous territory.

The tariffs were to have started at 10% next month and climb to 25% in June.

Trump often tries to increase pressure on the other side when he believes it can lead to a favorable agreement. His threats at Davos appeared on the verge of rupturing NATO, which was founded by leading European nations, the U.S. and Canada to counter the Soviet Union.

The alliance's other members were steadfast in saying

year ahead. The US remains the top destination, with 35 percent ranking it among their top three markets. The UK and Germany (both 13 percent), and the Chinese mainland (11 percent), also feature prominently.

Interest in India has nearly doubled year-on-year, with 13 percent of chief executives planning international investment placing it among their top three destinations. Just one in four chief executives told the PwC survey that their company

Greenland is not for sale and cannot be wrested from Denmark, while angrily rejecting Trump's promised tariffs.

A Danish government official told The Associated Press after Trump's speech that Copenhagen was ready to discuss U.S. security concerns. But the official, who was not authorized to comment publicly and spoke on condition of anonymity, underscored the government's position that "red lines"— namely Denmark's sovereignty — must be respected.

NOTICE

tolerates high risk in innovation projects, has disciplined processes to stop under-performing initiatives or operates a defined innovation centre or corporate venturing function. PwC said chief executives report spending 47 percent of their time focused on issues with a horizon of less than one year, compared with just 16 percent on decisions looking more than five years ahead.

It was not immediately clear how Trump's canceling of tariffs might change such calculations.

Greenland tells citizens to prepare In the meantime, Greenland's government responded by telling its citizens to be prepared. It has published a handbook in English and Greenlandic on what to do in a crisis that urges residents to ensure they have sufficient food, water, fuel and supplies at home to survive for five days.

IN THE ESTATE OF QUEENIE CORNEV A WILLIAMSON-ROSE

late of Mount Pleasant Village of the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 20th February, A. D. 2026, after which date the Attorney appointed by Deed of Power of Attorney will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorney for the Attorney appointed by Deed of Power of Attorney of the Estate of the late Queenie Corneva Williamson-Rose

Mexico’s president says it was ‘sovereign decision’ to send cartel members to US

By MEGAN JANETSKY Associated Press

MEXICO sent 37 cartel members to the United States at the request of the U.S. Justice Department, with President Claudia Sheinbaum saying Wednesday that it was a "sovereign decision" by her government.

Sheinbaum responded to criticism from analysts and opponents who said that the transfers on Tuesday were the result of mounting pressure from Washington. U.S. President Donald Trump has threatened to take military action on cartels.

Sheinbaum said that although the transfers were made at the request of the U.S. government, the decision was taken by the National Security Council after analyzing what was "convenient for Mexico" and in terms of its "national security."

"Mexico is put first above all else, even if they ask for whatever they have to ask for. It is a sovereign decision," she said at her regular morning news briefing.

Sheinbaum, who has been praised for her level-headed management of relations with Trump, has been forced to walk a fine line between making concessions to the Trump administration and projecting strength both domestically and internationally.

Observers say that the Mexican government has used the transfers as a sort of pressure valve to offset demands by Trump and show authorities are cracking down on criminal groups. Tension has only mounted since the U.S. carried out a military operation in Venezuela to capture then President Nicolás Maduro to face charges in the United States in an extraordinary use of force that set leaders across Latin America on edge. Those sent to the U.S. on Tuesday were alleged members of the powerful Jalisco New Generation Cartel, known by its Spanish acronym CJNG, and the Sinaloa Cartel, which Washington has designated as terrorist organizations, and a number of other groups. It's the third such transfer

PUBLIC NOTICE

INTENT

TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, HENRIETTA HADASSAH CLEOPATRA BRAYNEN of Cowpen Road West, New Providence, Bahamas, intend to change my name to HADASSAH CLEOPATRA BRAYNEN. If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, ROLAND THEODORE SYLVESTER FERGUSON of East Street, Nassau, The Bahamas, intend to change my name to ROLAND THEODORE SYLVESTER SANDS. 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 the publication of this notice.

NOTICE

NOTICE is hereby given that KENCY LOUIS Golden Isles, Carmichael Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KERINE PEARLETA WILLIAMS-MILLER of Farrington 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 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that OMAWATTIE RAMKISSOONKNOWLES of P.O. Box AP59223 Slot #669 Post Boxes Etc., #3 Pine Avenue, Gleniston Garden, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

of capos over the past year. Mexico's government said it has sent 92 people in total to the U.S. in total.

U.S. Attorney General Pam Bondi on Wednesday said that the transfer was a "landmark achievement in the Trump administration's mission to destroy the cartels."

The U.S. Justice Department said that the move was an "important step" by Mexico's government and that collaboration was in both countries' shared interest.

NOTICE

NOTICE is hereby given that HANCY DORVIL of Quintine Alley, Wulff Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MICHEL AUGUSTIN of Carmichael Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FLORENCE METELUS of Summer Street, Nassau Village, Nassau, 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 15th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DAMARIO DAVIDSON of East Park Estates, Oak Court, Nassau, 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 15th day of January, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Trump pushes for lower rates and ban on investor home purchases in bid to

By ALEX VEIGA AP Business Writer

make homes more affordable

PRESIDENT Donald Trump's plans for bringing homeownership within reach of more Americans involve pushing for lower interest rates on home loans and credit cards, and banning large institutional investors from buying single-family homes.

In his address Wednesday at the World Economic Forum in Davos, Switzerland, Trump outlined four policies his administration is pursuing in a bid to make homeownership more affordable. Each had been previously mentioned by him or his administration in recent weeks, part of a broader push to address affordability generally, a hot-button issue with voters heading into the midterms.

The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. The combination of higher mortgage rates, years of skyrocketing home prices

and a chronic shortage of homes nationally following more than a decade of below-average home construction have left many aspiring homeowners priced out of the market. Sales of previously occupied U.S. homes remained stuck last year at 30-year lows.

In his remarks, Trump stressed the need to lower interest rates on home loans and credit cards in order to give aspiring homebuyers more financial flexibility to save up for a down payment on a home and more purchasing power when it comes time to buy.

"We can drop interest rates to a level, and that's one thing we do want to do," said Trump. "That's natural. That's good for everybody. You know, the dropping of the interest rate, we should be paying a much lower interest than we are."

Trump noted that he has directed the federal government to buy $200 billion in mortgage bonds, a move he said would help reduce

mortgage rates. Trump said earlier this month that Fannie Mae and Freddie Mac have $200 billion in cash that would be used to buy mortgage bonds. However, some economists have said such a move would likely have only a minimal impact on mortgage rates.

Trump, who spent much of last year demanding that the Federal Reserve lower interest rates, also reiterated that he will be announcing a new Fed chair soon to replace Jerome Powell, whose term as chair is due to end in May.

"I think they'll do a very good job," he said.

Still, Fed rate cuts don't always translate into lower mortgage rates. That's what happened in the fall of 2024 after the central bank cut its main rate for the first time in more than four years. Instead of falling, mortgage rates marched higher, eventually cresting above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%.

More recently, the average rate on a 30-year mortgage was at 6.06% last week, its lowest level in more than three years, according to mortgage buyer Freddie Mac. While lower mortgage rates help boost homebuyers' purchasing power, the biggest hurdle many aspiring homeowners face is being able to save up for a down payment.

To that end, Trump said he is asking Congress for legislation that would mandate credit card issuers cap interest rates at 10% for one year — after the industry ignored his demand earlier this month that they implement the cap by Jan. 20. The average rate on credit cards is around 21%, according to the Federal Reserve Bank of New York.

Trump also reiterated that he wants to block large institutional investors f rom buying single-family homes, so that Americans don't have to compete with such well-funded rivals when they shop for a home.

"Homes are built for people, not for corporations, and America will not become a nation of renters," he said.

While touting his plans to open up the housing market to more Americans, Trump stressed that he didn't want to take any actions that would tip the housing market too far in favor of buyers at the expense of millions of homeowners who have benefited from strong home equity gains.

Trump didn't specify which policies would cause that to happen.

Trump issued an executive order late Tuesday directing his administration to review the laws that govern how big institutional investors make large purchases of single-family homes and determine whether such investors are engaging in anti-competitive practices.

"Every time you make it more and more and more affordable for somebody to buy a house cheaply, you're actually hurting the value of those houses, obviously, because the one thing works in tandem with the other," he said, adding: "Now, if I want to really crush the housing market, I could do that so fast that people could buy houses, but you would destroy a lot of people that already have houses."

MARINE FORECAST

Second fatal train crash shocks Spain as death toll in the first collision rises to 43

By HERNÁN MUÑOZ and SUMAN NAISHADHAM Associated Press

COMMUTER rail ser-

vice in Spain's northeastern Catalonia region was suspended Wednesday after a Barcelona commuter train crashed the night before, killing one person and injuring 37 others, authorities said.

The crash came two days after Spain's worst railway disaster since 2013, which left many Spaniards in disbelief. The death toll in that crash, in southern Spain, rose to 43.

The commuter train on Tuesday night hit a retaining wall that fell onto the tracks near the Catalan town of Gelida, about 37 kilometers (23 miles) outside Barcelona, officials said.

"It's very strange, all of this. It doesn't make sense," said Antonella Miranda, a barista in Madrid. "Let's see what explanations they provide after the second one."

The man who died from Tuesday's crash was a conductor in training, regional authorities said. Most of the injured rode in the first train carriage.

Rail disruptions on Wednesday caused significant traffic jams on roads leading into Barcelona. Catalonia's regional authorities asked people to reduce unnecessary travel and companies to allow remote work until service was resumed.

"This is very bad. If (the infrastructure) was already faulty and there were complaints, they should have done something earlier," Dolores Sogas said in a commuter town where hundreds of people were delayed or stranded on Wednesday.

Spanish Prime Minister Pedro Sánchez offered his condolences on X, writing: "All my affection and

solidarity with the victims and their families."

While Spain's high-speed rail network generally runs smoothly, and at least until Sunday had been a source of confidence, commuter rail networks are plagued by reliability issues. However, crashes causing injury or death aren't common.

Spain's railway operator Adif said the containment wall likely collapsed because of heavy rainfall that swept across the northeastern Spanish region this week.

Sunday evening's crash happened when the tail end of a train carrying 289 passengers on the route from Malaga to the capital, Madrid, derailed and crashed into an incoming train traveling from Madrid to Huelva, another southern city, according to Adif. The collision took place near Adamuz, a town about 370 kilometers (roughly 230 miles) from Madrid. The front of the second train, which was carrying 184 people, took the brunt of the impact, which knocked its first two carriages off the track and down a 4-meter (13-foot) slope. Bodies were found hundreds of meters from the crash site, according to Andalusia regional President Juanma Moreno.

Authorities continued their search Wednesday, finding a 43rd victim. Another 37 people remained hospitalized while 86 people were treated and discharged, regional officials said.

Authorities on Wednesday said they had identified almost all the victims from Sunday's high-speed crash, but said they could still find more bodies. Among the injured was Santiago Tavares, a Portuguese traveler who broke his leg.

"Minutes before the train crash I had a feeling that an accident would happen because the carriage was

moving a lot," Tavares told Portuguese broadcaster TVI. "Ten minutes later the accident happens, I started to fly ... Then, I woke up and I realized I was alive."

'All hypotheses are open'

Officials are investigating what caused both train crashes. Transport Minister Óscar Puente called Sunday's collision "truly strange" since it occurred on a straight section of track and neither train was speeding.

Puente said that officials had found a broken section of track that could be related to the origin of the

crash, but insisted that it's just a hypothesis, and that it would take weeks to reach any conclusions.

Rail operator Adif said Wednesday the tracks in Adamuz passed the "usual inspections."

"No fault has been detected that, a priori, shows a relationship with the accident," said Ángel García de la Bandera, Adif's director of traffic.

In August, the Spanish Union of Railway Drivers sent a letter asking Spain's rail operator to investigate flaws on high-speed train lines across the country due to increased traffic. It warned of potholes, bumps and imbalances in overhead power lines as well as frequent breakdowns and damage to trains, according to a copy of the letter seen by The Associated Press.