09082025 BUSINESS

Atlantis’s $10m PI school set to boost ‘renaissance’

By NEIL HARTNELL Tribune Business Editor

ATLANTIS’S bid to construct a $10m school on Paradise Island has been hailed by other developers and realtors alike for “feeding into the renaissance” of the destination and boosting its competitiveness.

The mega resort’s plans to invest an eight-figure sum in developing a 61,000 square foot school at the 23-acre site Flamingo Lake site, located on Paradise Island Drive between Compass Suites and the Four Seasons Ocean Club, were unveiled on Friday ahead of the September 24, 2025, public consultation that is part of the process for obtaining the necessary environmental approvals.

Atlantis, responding to Tribune Business inquiries, said there would be “no further comments” beyond what is detailed in the now-public Environmental Impact Assessment

AML Foods holds

(EIA), which said the project will create construction and full-time jobs “estimated at 50-100 people” and take two years to build. The school would cater to 150 students who are Paradise Island residents.

The project, provided it obtains its certificate of environmental clearance (CEC) and other approvals and proceeds, would give Paradise Island one of the few remaining amenities

to $250m sales target despite blaze

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TOP AML Foods executives have pledged that the mid-April 2025 blaze which destroyed two stores “will not define us” with the company holding to its target of hitting $250m in annual sales by 2030.

Both Franklyn Butler, the BISX-listed food retail and franchise group’s chairman, and Gavin Watchorn, its president and chief executive, struck an upbeat tone in its just-released 2025 annual report with the former branding the loss

of its Solomon’s Old Trail and Cost Right stores “a temporary setback” and the latter revealing it plans to re-open at the same fire

Developer eyes second $500m project approval in 6-7 months

By FAY SIMMONS Tribune Business Reporter

jsimmons@tribunemedia.net

THE developer behind the $200m Rosewood Exuma project is hoping to receive environmental approvals for its second $500m project within six to seven months.

that it now lacks. And, in so doing, realtors and developers forecast it will improve the destination’s attractiveness for investors and real estate purchasers - especially those who have children and want to live in The Bahamas full-time.

Given that the quality and location of schools is a key consideration for most families, the Atlantis school project is likely to improve Paradise Island’s competitiveness when set against the likes of Albany, Lyford Cay and Old Fort Bay - all of which are located in close proximity to what are considered New Providence’s top private, fee-paying schools.

Several realtors pointed out that, once completed and operational, the Atlantis-developed project would ensure Paradise Island residents no longer have to brave New Providence’s “brutal” morning and afternoon rush-hour traffic to take their children to school in the island’s west or east. It would, in effect, be

‘It

was a complete slam dunk case’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CHARTER operator branded a judge’s refusal to halt the release of a foreign vessel, which he helped apprehend for alleged fisheries violations, “unfortunate” and blasted: “This was a complete slam dunk case.”

Jeremy Wong, a 20-year industry veteran who operates Spanish Wells-based Black in Blue Charters, told Tribune Business it was “refreshing” that the Government had mounted an ultimately unsuccessful last-ditch appeal to prevent the release of Highly Migratory, a boat seized in an undercover operation, as

it showed it was taking the protection of The Bahamas’ resources and businesses seriously.

However, he voiced fears that Justice Andrew Forbes’ decision not to halt the vessel’s release and return to its US owner will “send a message” to other potential violators of this country’s fisheries laws and regulations” that you can come to The Bahamas, blatantly break the laws and if you have a lawyer you’ll be fine”.

Asserting that “we need to send a message once and for all to make people think twice”, Mr Wong revealed that since his involvement in Highly

“Cave Cay is in the process of getting the certificate of environmental clearance. It’s run its process, and those processes take time, and hopefully that process could be ready, I would say, in the next six to seven months,” said Mr MacLean.

“I will say that probably the Bvlgari project, it’s about 12 months behind, this project, but it’s moving forward and we’re very

Felipe MacLean, principal of Miami-based Yntegra Group, conceded that its $500m Bvlgari Resort & Mansions development on Cave Cay is now running about 12 months behind its original schedule as it works to obtain a certificate of environmental clearance from the Department of Environmental Planning and Protection (DEPP).

ETHICAL LEADERSHIP CRITICAL TO SUSTAINING TOP PERFORMANCE

The leadership conversation is shifting, especially here in The Bahamas. For ethics and leadership are not separate disciplines. Leadership decisions either reinforce an ethical culture or erode it. When ethics is treated as a secondary consideration or, worse, an afterthought, companies expose themselves to damaged integrity and reputation, internal risk and a long-term decline in trust.

In high-pressure environments, leaders often prioritise outcomes such as performance targets, profitability and stakeholder demands. These are important, but how those outcomes are achieved is equally so. When short-cuts are rewarded or poor conduct is tolerated because the results are favourable, the long-term costs begin to compound.

A Harvard Business Review writer, Esther Han argues that when a company’s culture is grounded

DEREK

SMITH BY

in ethics and accountability, it drives employee satisfaction, improves performance and strengthens customer loyalty. She notes that accountability is reinforced through clear policies and procedures that align actions with the company’s stated values.

This article briefly defines the risks created by unethical leadership and provides

suggested actions to counter this.

Defining the risk

The gap between stated values and lived experience creates risk. Employees recognise it quickly. According to the 2023 Ethics & Compliance Initiative (ECI) report, 51 percent of employees in weak ethical cultures reported witnessing misconduct. In stronger cultures, that number fell to 33 percent. That is a meaningful difference, and one that reflects the tone set from the top.

Further, 40 percent of employees who observe misconduct choose not to report it. Fear of retaliation, lack of confidence in outcomes, and distrust of leadership all contribute to silence. When people stop speaking up, issues escalate unchecked.

Where power is concentrated, these risks grow. Ethical blind spots are more common when leaders operate without

Strong Bahamian presence at top wealth planning event

planning conference held from September 3-5 in Mexico City.

The annual Society of Trust and Estate Practitioners (STEP) Latin America

conference, staged at the Hotel Presidente InterContinental Polanco under the theme ‘Building knowledge across borders: Advising families today and tomorrow’, brought together more than 500 wealth advisors, attorneys, bankers,

trust professionals and accountants, including 42 sponsors.

Delegates attended from more than 40 countries, with 27 hailing from The Bahamas including representatives from the Ministry of Economic Affairs. The

challenge or input. And while positional authority may produce short-term control, it rarely sustains long-term legitimacy.

What leading ethically looks like Ethical leadership is not theoretical. It involves deliberate actions and clear expectations. Four practices, consistently applied, create a stronger ethical environment:

* Clarify expectations early: A code of conduct must be more than a policy document. It should be reinforced in how decisions are made, how managers experience learning sessions, and how success is defined. Employees need clarity on what behaviour is expected, and what will not be tolerated.

* Share influence, not just responsibility: Leaders should involve others in key decisions, especially those that carry ethical weight. Cross-functional discussions, pre-decision reviews

and regular culture audits help surface concerns before they turn into issues.

* Make reporting safe and consistent: Confidential reporting channels are standard. But without consistent and fair follow-through, trust is lost. Employees are more likely to speak up when they see credible action taken, and when those actions apply equally across all levels of the company.

just outcomes: Most compliance reporting focuses on what went wrong. Ethical leadership includes reviewing what went right, who made the right call under pressure, who flagged a potential issue early, and who paused a process for the right reason. These moments reinforce culture more than any memorandum.

In short, ethical leadership does not slow the company down. It protects it from drift. It creates a working culture where

decisions are sound, people feel respected and results are achieved with integrity. In power-driven environments, the absence of ethical grounding is not neutral; it is a liability. The companies that perform well over time are those that keep ethics aligned with authority, and principle aligned with performance

Smith Jr a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record.

Smith is a certified antigovernance credentials. He @tancy.com

strong Bahamian presence was designed to highlight this nation’s status as an international financial centre (IFC) offering trust, estate and wealth structuring solutions for global families.

Besides its status as a presenting sponsor, The Bahamas also hosted the Gala Dinner on September 5 at the El Paplote Museum. Several Bahamasbased companies provided speakers for the panel discussions.

Brandace Duncanson, director of financial services of the Ministry of Economic

Affairs, said: “For The Bahamas, STEP holds particular importance. Despite our small size, our country has one of the largest STEP memberships in the world, which reflects the depth of expertise among Bahamian professionals and the centrality of financial services to our national development.

“STEP Latin America provides an important bridge connecting the various elements of this sector.” Aliya Allen, partner at Graham Thompson and one of the speakers during WEALTH - See Page B6

American to launch early 2026 services to Bimini

By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net

AMERICAN Air-

lines is set to launch three weekly flights to Bimini from its Miami hub in mid-February, marking a significant boost for direct connectivity during the peak winter tourism season.

The airline is expected to launch a route that will operate on Monday, Wednesday and Saturday, thus helping to drive airlift

amid the $70m upgrade for Bimini’s airport and provide connectivity at a time when boating and private aviation traffic to the island has been reduced.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, confirmed that some Family Island airports included in the Government’s airport renaissance programme are nearing completion with visible progress at several sites.

“We have work going on at the moment in Georgetown, Exuma. The walls are up, it’s vertical construction. Bimini, you’ll be pleased with the vertical construction you’ll see there. Mayaguana is almost complete,” said Mr Cooper.

“We have, on the drawing board, Rock Sound, Eleuthera, and we see significant work having already been done in Governor’s Harbour, Eleuthera. Cat Island is for

two airports, and is looking pretty good and pretty strong.”

The $260m airport renaissance programme aims to transform 14 Family Island airports, expanding access and driving local economic growth. Mr Cooper also confirmed that work has recently started on airport upgrades in Black Point, Exuma, and Long Island.

“Black Point today, the technical team visited, and we have begun the work there, as we have

PM AND OPPOSITION SPAR OVER ECONOMY

By NEIL HARTNELL Tribune Business Editor

THE Prime Minister yesterday hailed the second phase of VAR cuts as “easing pressure on households who need it most” while the Opposition blasted the Government’s silence on two key fiscal issues.

Philip Davis KC, in a statement, said the 50 percent VAT rate cut on medicines, pharmaceutical supplies, baby diapers and feminine hygiene products - which reduced the levy from the standard 10 percent to 5 percent with effect from September 1 - will

“make life more affordable for Bahamian families” by tackling the high cost of living.]

“Medicines will now cost less at the pharmacy. Parents are now paying less for baby supplies. Women are now paying less for feminine care products.

Families caring for elderly loved ones are now paying less for adult diapers.

Reducing VAT to 5 per cent on these essential items is about easing the pressure on households who need it most,” he said.

begun in Long Island. And never before have I been so excited to see tractors moving and pushing things, and that’s happening in Black Point and Long Island as we speak,” he added. The deputy prime minister said the airport renaissance programme is essential for unlocking the full economic potential of the Family Islands. “When we launched this programme, we didn’t do it because it was easy; we

did it because it was necessary. And we are pressing forward with the development of these airports all across the islands,” said Mr Cooper.

“These airports are not just as air landing strips. These are gateways to the economies of these islands. And you’ve heard the Prime Minister [Philip Davis KC] talk about expanding opportunities island by island. That’s what we’re doing, and that’s what these airports are doing.”

“This progress is the result of choices we made to rescue the country from crisis and to drive a strong recovery. But our goal has never been recovery alone.

Our mission is to build a bigger, more inclusive economy where economic gains are broadly shared,” Mr Davis reiterated.

“That is why we are expanding opportunities island by island, creating more jobs, supporting entrepreneurs, investing in roads, docks, and airports, modernising our electricity grid, and preparing

“This relief is possible because the economy is stronger and government finances are on a sounder footing. As revenues grow and debt comes down, we are making life more affordable for Bahamian families.

Bahamas ‘not sitting on our hands’ over air arrivals fall

By FAY SIMMONS Tribune Business Reporter

THE Bahamas is “not sitting on our hands” over the 1.3 percent first-half decline in air arrivals, the deputy prime minister is asserting, as he voiced “cautious optimism” for the 2025 fourth quarter.

Chester Cooper, also minister of tourism, investments and aviation, said forecasts the final months of 2025 and heading into early 2026 remain positive despite September being predictably soft as it remains the slowest period in the annual tourism calendar.

Acknowledging that September, which coincides with ‘back to school’ in the US and peak hurricane season, will follow the usual trend of reduced arrivals, Mr Cooper said: “We have clarity on what the fourth quarter looks like, and we are cautiously optimistic about it.

“The fourth quarter we anticipate will be reasonably strong. We expect that September is going to be reasonably soft, as we usually have but, you know, we’re positive about the fourth quarter and early 2026.”

Mr Cooper said The Bahamas is outperforming previous years in cruise tourism, but conceded that it has seen a dip in air arrivals largely due to a decline in travel by American

visitors - traditionally the country’s largest tourism market.

He added that Ministry of Tourism officials are actively working to offset the US visitor decline by expanding airlift from Canada and deploying other market-specific strategies.

“The reality about tourism is that it’s cyclical. We have had a phenomenal 2023 and 2024, and this year we are beating those records, albeit by a significant margin, on cruise, falling behind slightly as it relates to air arrivals, but we are deploying strategies.

We’re not sitting on our hands,” said Mr Cooper. “The confidence levels for travel by Americans, our key source market, at the moment are shaky due to geopolitical issues, and we are pivoting - as we’re required to do - and we are extending airlift out of Canada. We used to have 26 flights. We now have 36 flights, and we are doing missions to reacquaint our stakeholders with what we’re doing in the islands of The Bahamas.”

The Central Bank’s report on July’s economic developments revealed higher-spending stopover tourism arrivals declined by 1.3 percent during the 2025 first-half as The Bahamas’ most important industry generated “healthy but moderated activity”.

The regulator blamed the modest slowdown in land-based visitors on

“constrained capacity”, meaning a lack of hotel and other room inventory able to accommodate visitor demand for the destination.

“Preliminary indications are that the domestic economy’s tempered pace of growth persisted during July, converging closer to its expected mediumterm potential. Tourism registered healthy but moderated activity as the high value-added stopover segment remained capacity constrained, although the cruise sector continued to record robust growth,” the Central Bank said.

“Monthly data suggests that, during the review period, tourism sector earnings growth tapered, reflective of the constrained activity in the stopover segment. However, the cruise category remained buoyant and continued to attract significant foreign investments in the development of onshore private destinations.

“Official data from the Ministry of Tourism indicated that total arrivals grew by 10.7 percent to one million visitors in June 2025 relative to the comparative period in 2024. Underlying this development, sea arrivals rose by 13.8 percent to 0.9m. However, air arrivals declined by 3.1 percent to 200,000.” The June monthly decline was three times’ that for the six-month period.

“An analysis by major ports of entry showed that total visitors to New

Bahamians with education, training and upskilling so they can succeed in today’s economy.

“Our continued efforts and focus are to build on this progress, widening the circle of opportunity, lowering costs for families and ensuring growth reaches every island and every community.” However, his political opponents were quick to remind Mr Davis of issues they assert he and the Government have yet to address as the two sides spar over the economy in the general election run-up.

Kwasi Thompson, the Free National Movement (FNM) finance spokesman, accused the Government of

Providence increased by 18.7 percent to 500,000 compared to the same period last year,” the Central Bank said of June.

“Specifically, sea passengers advanced by 28 percent to 400,000, outstripping the 3.3 percent fall-off in air passengers to 100,000.

“Further, overall visitors to the Family Islands rose by 7.2 percent to 500,000 relative to the previous year. This included an 8.4 percent rise in sea traffic to 400,000, which overshadowed the 6 percent reduction in air arrivals to 35,815. Conversely, arrivals to Grand Bahama contracted by 31.1 percent to 30,257, explained by a 37.8 percent decline in sea traffic to 24,441, eclisping the 25.7 percent growth in air arrivals to 5,816.”

failing to answer questions over the $7m overspend and extra borrowing at the Bahamas Public Parks and Beaches Authority despite no visible improvements to the facilities it is supposed to maintain plus the $10m loan to Carmichael Village Development Project.

Referring to the 20242025 fiscal year’s fourth quarter debt report, he said in a statement: “The same bulletin confirms a

troubling pattern at the Parks and Beaches Authority. Parliament approved a $24m budget, yet in nine months spending exceeded that figure by roughly $7m. We have also seen an $11m loan from the Treasury.

“Yet across New Providence and the Family Islands, many parks remain in disrepair and serious neglect. Where did the BATTLE - See Page B11

INSURANCE PRODUCES ALMOST $1BN REVENUE

By NEIL HARTNELL Tribune Business Editor

A CABINET minister says the Bahamian insurance industry remains critical to the economy’s overall success after generating almost $1bn in total premium revenue during 2024.

Michael Halkitis, minister of economic affairs, told attendees at the opening of the Insurance Commission’s new Silk Cotton House headquarters that the industry generated more than $563m in general insurance revenue and $412m in long-term (life and health) revenue in 2024, reflecting both strong performance and public confidence.

“Whether in the face of natural disasters, economic shocks or climate change, our insurance industry helps families rebuild and enables businesses and institutions to recover and thrive,” he said.

Also attending the opening was Governor General, Dame Cynthia A. Pratt; chairman of the Insurance Commission, Dr Keith Major; superintendent of insurance, Dana MunningsGray; commissioners, industry leaders and other stakeholders.

“This occasion is more than the unveiling of a building; it is a powerful symbol of institutional growth, national progress

and our collective commitment to excellence in financial regulation,” Mr Halkitis said. “On behalf of the Prime Minister, I extend warm greetings to all distinguished guests, industry leaders and registrants who have joined us for this milestone.

“I especially commend the visionary leadership of chairman Dr Keith Major and superintendent Dana Munnings-Gray, who have guided the Commission through a period of transformation and innovation.”

Dr Major praised Mrs Munnings-Gray for her leadership, noting the Insurance Commission’s expanded mandate to address resilience, financial crime, customer needs and climate change.

“We must ensure that our industry remains resilient, competitive, and securemuch like the silk cotton tree after which this new home is named,” he added.

Mrs Munnings-Gray reflected on the Commission’s journey to its new headquarters, thanking staff and family for their support. Sharing a personal story, she highlighted the value of insurance, recalling how coverage supported her during a recent health crisis.

“I know first-hand the importance of insurance,” she said. “It is not just a financial product; it can be life-saving.”

BRIDAL ASSOCIATION PARTNERS ON WEDDING PLANNER COURSE

THE Bahamas Bridal Association has teamed with the Ministry of Tourism, Investments and Aviation and its Canadian counterparts to hold a wedding planner certification course in Nassau.

The initiative, which has seen the Association partner also with the Wedding Planners Institute of Canada (WPIC), will see the launch of an exclusive

Wedding Planner Certification course to be held at the Warwick Paradise Island Bahamas resort from October 16-18.

Lesley Pinder, the Bahamas Bridal Association president, said: “This collaboration highlights our commitment to raising standards and creating opportunities for Bahamian and international professionals. With the support

from Ministry of Tourism, Investments and Aviation, Warwick and WPIC, we are empowering wedding planners to thrive on the global stage.”

The three-day certification course will include comprehensive wedding planning training; marketing and branding guidance; practical business tools and templates; and a final exam for certification eligibility.

Graduates will become WPIC certified wedding planners, joining a network of more than 10,000 alumni in 37 countries, along with one-year membership in the Bahamas Bridal Association.

“This ground-breaking partnership marks a significant milestone in professional development for Bahamian and regional event professionals,

offering globally recognised certification from WPIC, a leading authority in wedding planning education and standards,” the Association added.

“The course is open to aspiring and established planners who are looking to elevate their expertise, build international networks, and contribute to

The Bahamas’ growing luxury destination wedding market.”

MINISTER: GOV’T ‘MOST CONCERNED’ ON ADEQUATE INSURANCE CAPACITY

By ANNELIA NIXON Tribune Business

A CABINET minister says the government is “most concerned” that The Bahamas retains enough insurance capacity to provide homeowners and businesses with hurricane protection that is affordable and accessible.

Michael Halkitis, minister of economic affairs, noting trends elsewhere, said: “I think one of the things that most concerns us is the fact that you might have heard that, in certain areas of the US, Florida, the eastern sea boards, North Carolina, for example, you have insurers that are actually removing themselves and not having coverage.

“And that is something that’s concerning to us here, because if that trend expands - as we

have more and more frequent and more violent hurricanes - the lack of availability of insurance not only affects people who are already here, our citizens, it has impacts for investment and people, if they can’t get insured, they might be less likely to invest their money. That has implications for the economy. “So that is something that we’re watching. It was very, very important for us a few years ago to be able to get off that European Union (EU) blacklist because that had implications for insurance. And so you see, a lot of these things are intertwined. And so it’s one cog in our economy, a very, very important cog, and we just have to make sure that we do the best to protect it.”

Mr Halkitis said the Government will continue to back the Insurance Commission of The Bahamas (ICB) in its regulation of the industry, and

its goal to better educate the public. “One of the main things that is on the agenda of the Government, and has been for quite a long time, is the amalgamation of the domestic and the foreign insurance legislation,” he added.

“That’s ongoing work, but for the immediate future, we continue to support the work of the Insurance Commission, making sure that they have the resources to regulate the industry, educate the public, particularly about not only insurance as it is, but the prospects of the future of insurance with us living in the hurricane zone, being very, very susceptible to climate change.

“There is a very, very real possibility of even more lack of access to insurance, particularly property insurance, for this region through no fault of our own, but just because of the financial models of

insurance companies,” Mr Halkitis continued.

“So a big part of what they do is education,” he added, speaking after the Insurance Commission’s opening of Silk Cotton House, its new headquarters. “You heard this evening, the superintendent speak about the fact that they have expandedand they have really made a thrust towards - consumer education and understanding insurance, what the importance of it is.

“And not only health insurance or life insurance, but property insurance or the other types of insurance. So, over the long-term, we continually look to refine the legislation as it stands now. We continue to make sure that the Insurance Commission is properly resourced with individuals, proper training, exposure etc so that they can serve the public.”

Mr Halkitis, praising the Insurance Commission, said the regulator has become a member of the United Nations Development Programme (UNDP) sustainable insurance forum; a member of the International Association of Insurance Supervisors, the IAIS; and established working agreements with the Bermuda Monetary Authority and Organisation for Economic Co-Operation and Development (OECD).

“In 2024, when six out of eight Eastern Caribbean countries deferred implementation, the Commission advanced its implementation of the International Financial Reporting Standard, the IFRS 17, and it conducted its final quantitative impact study and approved key functions and products with precision and prudence,” he added.

“These efforts have fortified the sector’s financial

Insurance regulator teams with UB to finalise course

By ANNELIA NIXON Tribune Business Reporter

anixon@tribunemedia.net

THE Insurance Commission is working with the University of The Bahamas to finalise a course that “will strengthen the university’s curriculum in financial services education”.

Administered by the insurance regulator through its licence with the Cambridge Centre for Alternative Finance, University of Cambridge, and with the support of the Bahamas Institute of Financial Services (BIFS), the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) course has already graduated 60 students in January 2025.

A second group of students is expected to sign-on by October 4, 2025, as registration is currently open. And, although not yet part of ICIRP, officials at the Insurance Commission said “discussions with UB (University of The Bahamas) are forward-looking and are being explored for the 2026 cohort”.

Rodney D. Bain, the regulator’s manager of communications,

business intelligence and consumer awareness, said the Commission is “actively exploring opportunities” with UB to make the ICIRP course available as part of the latter’s curriculum. While the online course runs for six weeks, “the longer-term partnership with UB is intended to be ongoing, with each cohort building on the success of the previous one”. “The aim is to institutionalise this knowledge locally and expand access for students and professionals alike,” Mr Bain said. “Once finalised, the partnership with UB will bring the course into UB’s academic environment, either as a

credit-bearing programme or a professional development module.

“This will strengthen the university’s curriculum in financial services education, provide local students with access to world class resources, and further position The Bahamas as a hub for innovation and insurance regulation.

“The intent is for UB to integrate the ICIRP course within its offerings, either as a specialised elective for students or as part of continuing education for professionals. This will extend the reach of the programme beyond the industry to those preparing to enter it.”

According to Mr Bain, the course created for insurance professionals, regulators and legal and compliance experts has a cost of $1,000. This grants a student access to Cambridge-led materials, online sessions and support from facilitators.

“The course explores key areas shaping the future of the insurance sector, including the insurance value chain and digitisation, emerging InsurTech technologies, innovative business models and critical

regulatory and compliance considerations,” Mr Bain said.

“Participants will also gain insight into future trends and applications, equipping them with the tools to stay ahead in an evolving global insurance landscape. With expert instructors, a flexible learning format and valuable networking opportunities, the ICIRP course provides a unique platform for professional growth and sector-wide advancement.”

Referring to the course as “a landmark achievement”, Michael Halkitis, economic affairs minister, said: “This is the kind of leadership that builds resilience, attracts global investment and secures our place in the next chapter of financial services.”

“The launch of the InsurTech Compliance, Innovation and

Regulatory Practices course in partnership with the Cambridge Centre for Alternative Finance from the University of Cambridge, and supported by the Bahamas Institute of Financial Services, is a landmark achievement.

soundness, with capital adequacy ratios ranging from 134 percent to over 3,500 percent, underscoring the resilience and solvency of our insurers. Even in this space, I am told, countries are now reaching out to the Commission for assistance with the implementation of the standard.

“And so, ladies and gentlemen, this is not merely regulation. It is strategic stewardship. It is the assurance that our regulatory institutions are well governed, our risks are well managed, and our policyholders are well protected. The Commission’s work strengthens public trust, attracts international investment, and reinforces The Bahamas reputation’ as a secure and sophisticated financial jurisdiction in insurance.”

“It positions The Bahamas as a thought leader in digital regulation, and equips our professionals with the tools to navigate a rapidly evolving financial ecosystem. The first cohort of this course saw over 60 registrants, with one registrant based in Turks and Caicos. So the reach is extending.”

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.

Two graduates named to supervisory roles at BTC

TWO Bahamians have been appointed to supervisory roles at the Bahamas Telecommunications Company (BTC) after completing two years of training through its graduate programme.

Nicolas Hudson and Kaneisha Johnson joined BTC through the graduate programme of its ultimate parent, Liberty Latin America (LLA), alongside other recent college graduates from across the Caribbean, Panama and Puerto Rico.

The initiative seeks to attract and develop young professionals, preparing them to assume leadership roles in a market of their choice. Both Mr Hudson and Ms Johnson joined BTC and completed the graduate programme locally.

“We’re proud to see Nicholas and Kaneisha transition from the graduate programme to full-time members of our BTC team,” said Patrice Thompson, BTC’s director of people.

“Their journey is a testament to our commitment to investing in, and developing, local talent and ensuring

KANEISHA JOHNSON NICHOLAS HUDSON

we have a bench of future leaders.

“Nicholas and Kaneisha brought fresh perspectives, embraced every challenge, and contributed meaningfully across several teams. We’re happy to have them onboard and look forward to seeing the impact they’ll make in their new roles.”

Mr Hudson was BTC’s first graduate, joining the programme in August 2022. A 2020 graduate of Oakwood University in Huntsville, Alabama, he holds a BBA

Bahamians speak at multiple panel talks

the panel discussion on public registers of beneficial ownership, compared and contrasted which entities

are in and out of the scope of such a register, what information is made available, who is entitled to it, and the checks and balances related to privacy and confidentiality.

in marketing. Now serving as a senior associate on the business analytics team, Mr Hudson said: “I love to analyse data and trends and, as nerdy as it sounds, I even enjoy doing it as a past time.

“In my current role I contribute to the efficiency of processes, and I find this role to be satisfying because it just makes me feel good to see things move smoothly. It feels fulfilling to officially join BTC, and I essentially feel right at home in my role with the company.”

“STEP Latin America is one of the premier gatherings for the private wealth and fiduciary sector, and it gives The Bahamas a vital opportunity to contribute to global conversations that directly impact our industry,” Ms Allen said. “The panel on public registers of beneficial ownership was especially important, as it goes to the

One of his most memorable moments on the graduate programme was when he was given the opportunity to sit on a panel to speak about Internet safety and cyber bullying to high school students throughout The Bahamas.

Ms Johnson joined BTC’s graduate programme in August 2023 after earning a bachelor’s degree in computer information systems from the University of The Bahamas in 2022. She now serves as a senior associate on the B2B (business-tobusiness) pre-sales team.

“I am so excited to be bleeding BLUE,” Ms Johnson said. “I have worked hard over the past two years, and I am super grateful to have landed on a team that not only values me but gives me an opportunity to grow tremendously. The role ties in with my technical background, so I’m very happy that I’m able to use my degree and was very blessed to find a technical role in the B2B space.”

Ms Johnson said her twoyear experience in the

heart of how we balance transparency with privacy, security and the competitiveness of international financial centres. I was honoured to highlight how our legislative framework delivers meaningful access for competent authorities, in line with FATF standards, while safeguarding clients from unnecessary risks.”

programme was a transformative one, and added: “It truly pushed me to put myself out there. I had to get accustomed to working with new people very quickly. I have met so many amazing co-workers due to the different projects I’ve had to work on, and being in the BTC graduate programme has allowed me to grow tremendously.”

Ms Johnson said one of the most valuable lessons she has learnt during her rotation across different departments was teamwork and realising that the overall goal was getting the job done. “I hope with practice I can become just as knowledgeable as my colleagues working in the same space. There is a lot to learn and I’m willing and excited to learn it,” she added.

Both graduates shared advice for those considering the programme. “Do not be afraid to share your thoughts and ideas, and be confident in yourself because you made it as a graduate for a reason,” said Mr Hudson.

Paul Winder, senior vicepresident for trust and business development at The Winterbotham Trust Company (Bahamas), spoke on the panel ‘Deep dive audits. Where in the world are the ultimate beneficiaries?’

He discussed the benefits of carrying out regular and extensive reviews of trust and foundation structures, including evaluating whether the structures comply with current requirements for a beneficiaries’ place of tax residency; whether they are in line with current family businesses; if there any US beneficiaries; and whether the necessary tax filings have been made.

Other Bahamians financial services companies in attendance included the

“Go for it,” said Ms Johnson. “It is a great opportunity to not only learn the business but learn yourself. You can’t get an experience like this from anywhere else. This was an opportunity to meet new people, gain experience in many different fields without having to change jobs and immerse yourself in a culture.”

BTC’s graduate programme complements other talent-building initiatives, such as the carrier’s scholarship programme, which supports students at the tertiary level. In 2023, the BTC scholarship programme was introduced, and six first-year university students were awarded four-year scholarships valued at $120,000. The programme was extended in 2024 and included valedictorians from six schools, awarding scholarships also totalling $120,000. BTC heavily invests in Junior Achievement and has been a proud champion and supporter since its inception more than four decades ago.

Windermere Group led by director John Lawrence, who is also a current board member of the STEP Latin America conference, and chief operating officer Thomas Knowles, both of whom have attended the event for many years.

“STEP Latin America is about collaboration and forward thinking,” Mr Lawrence said. “As this year’s theme suggests, we are stronger when we work together. The Bahamas is proud to stand shoulder to shoulder with our Latin American neighbours, sharing insights that ensure families can protect, grow and transfer wealth for generations to come.” STEP Latin America conference is an annual event organised by The Society of Trust and Estate Practitioners (STEP) to discuss the complexities of wealth management and estate planning in Latin America.

NOTICE

RODGERS HOLDING COMPANY LIMITED (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of Rodgers Holding Company Limited is hereby called to be held at the offce of the Liquidator, East Hill Street, Nassau, Bahamas on the 3rd day of October, 2025 at 10:00 o’clock in the forenoon. The object and purpose of the said meeting is to have the liquidator, BF Company Limited, give an account of the manner in which the winding-up of Rodgers Holding Company Limited has been conducted and to hear any explanation that may be given by the said Liquidator.

Dated the 27th day of August, 2025 BF COMPANY LIMITED Liquidator

RODGERS HOLDING COMPANY LIMITED (In Voluntary Liquidation)

NOTICE

RODGERS HOLDING COMPANY LIMITED (In Voluntary Liquidation)

Pursuant to the appointment of the undersigned as a Liquidator of the abovementioned Company, NOTICE IS HEREBY GIVEN that all persons having any outstanding claims against RODGERS HOLDING COMPANY LIMITED should send particulars thereof to the undersigned at P.O. Box N-4853, East Hill Street, Nassau on or before the 22nd day of September, 2025.

BF COMPANY LIMITED Liquidator

RODGERS HOLDING COMPANY LIMITED (In Voluntary Liquidation)

DATED the 27th day of August, 2025

‘I’ll still be obstacle for illegal charters’

Migratory’s apprehension became public he has received “silly threats” from other persons in Florida asserting that what he had done was “horrible” and that he will have to “watch your back”.

But, undeterred, he told this newspaper that he is “not going to lose any sleep” over either Highly Migratory’s release or the threats and plans to “be an obstacle for people doing illegal charters in The Bahamas as much as possible”.

Mr Wong spoke out after Justice Forbes, in a September 3, 2025, verdict, rejected the Attorney General’s Office’s bid to persuade him to stay, or halt, his previous ruling that the Highly Migratory be released provided certain conditions were met - in particular, the payment of a $100,000 bond or security by its owner, self-described Florida businessman Mark Tsurkis.

The bond was equal to the maximum $100,000 fine that can be imposed if the vessel and its occupants are ultimately found guilty of the claimed breaches. And, given the boat is purportedly valued at $750,000, and it was costing the Government $3,000 per month to store it at Grand Bahama’s Bradford Marine, Justice Forbes signalled its release

from detention made commercial and financial sense. However, David Whyms, who described himself as the “principal legal advisor” to the Government on legal proceedings “for and against” the Bahamian state, asserted in an affidavit that Justice Forbes had “erred” in permitting the Highly Migratory’s release subject to the conditions he had set.

Mr Whyms argued that the “seriousness of the charges” involving Highly Migratory and its crew meant the Government parties, namely the Attorney General and minister of agriculture and marine resources, had “a duty to appeal” the vessel’s release. And he asserted that the Government had a good chance of winning both the appeal and the merits of the case.

Yet Mr Tsurkis, who was not on board when his boat was seized, nor is a party or named defendant in the Bahamian court proceedings, countered in his own evidence that “the vessel poses no threat to The Bahamas; it was permitted to be in The Bahamas”.

He added that the firearm found by the Bahamian authorities was discovered on the person of Matthew Logman, one of the crew members, and “there was no agreement that the vessel would be detained

BISX-listed food group in $25m blaze payout

- from page B1

“devastated” location by year-end 2026.

Mr Watchorn, noting that both stores were written-off less than a year after AML Foods had invested $22m in their remodelling, told shareholders: “Our sales growth was aided by the remodelled Solomon’s Old Trail and Cost Right Nassau locations, which opened in August and November of 2024.

“Unfortunately, these locations were destroyed by a fire in April 2025. As devastating as this fire was, it will not define us, nor will it disrupt our vision or longterm strategy. We expect to re-open our Old Trail facility by year-end 2026. “We have a very defined strategy for growth over the coming years – a mixture of continued focus on our current operations, targeted acquisitions like our acquisition of Eleuthera Markets

as a result of the plea”. Mr Logman had also paid the necessary fines associated with the plea deal with prosecutors.

Mr Tsurkis further added “that without the vessel his business would suffer great hardship”, asserting that “he has a right to his property nor is he a party to any criminal proceeding”. Justice Forbes agreed with these arguments, finding that to halt or “stay” his earlier verdict - and the boat’s release - would deprive the US businessman of “the fruits of his labour; in this instance, the vessel”.

“The intended appellant has not satisfied the court that it would be in such ruin nor hardship as a result of this judgment,” the judge said of the Government. “The court does note the seriousness of the matter. However, the seriousness of the alleged crime is not a consideration for a stay of execution.”

Justice Forbes also determined “there is no evidence that the appeal would be rendered nugatory in the absence of a stay” as the Highly Migratory could either be returned to The Bahamas “or damages can reasonably be recovered upon a successful appeal” even though Ms Tsurkis is a US citizen and not resident in this nation. He conceded that extra steps may need to

in late 2024, and expansion of our B2B (business-tobusiness) operations. We remain confident in our goal to record improved revenues and earnings.”

Noting that AML Foods had achieved “a milestone” by breaking through a $200m top-line for the 12 months to end-April 2025, with $203m in sales for the year, the AML Foods president and chief executive added that this was “a new record for our company and an important step along our path to becoming a $250m company by April 2030”.

This was reaffirmed later in the annual report, which asserted: “Our commitment to reaching annualised revenues of $250m remains. Despite the loss of two locations, we are committed to meet or exceed this goal by 2030.

“We are confident in our business model and the processes we have worked to put in place over the past few years to support sustained growth in the foreseeable future. As we look ahead to next year, we are keen to quickly recover the lost revenues from the fire that destroyed both Cost Right Nassau and Solomon’s Old Trail.

“While the event was both devastating and unexpected, our established brand loyalty has supported the transfer of some business to Solomon’s Yamacraw. We are

be taken to collect on any damages”.

Mr Wong, though, took issue with several aspects of the evidence placed before the Supreme Court. While agreeing with Mr Tsurkis that the Highly Migratory had permission to be in Bahamian waters, he argued that this was not the problem but, rather, the fact that the vessel was operating as a commercial fishing and charter boat without the necessary permits and approvals.

And the Bahamian charter operator asserted that the US businessman, despite not being named as a defendant or party in the Bahamian court proceedings, had to have been involved in and known what was happening based on postings he had taken screen shots of from his website and social media pages.

Praising the Government for taking a stand, Mr Wong said of the failed bid to obtain a stay to the vessel’s release: “It was refreshing to see the Bahamian government is taking this seriously and wants there to be some sort of protection for Bahamian businesses and resources but it’s unfortunate, on the other hand, that our magistrates and judges, they just cannot see beyond their opinions.”

Suggesting that Justice Forbes’ decision seemed to be based on “opinion”, rather than law, he argued that the Highly Migratory case should have been brought before the court much quicker for a full hearing on the merits of the

looking forward in 2025-26 to improved sales from our Eleuthera Markets location. Preliminary results following its opening in May 2025 already indicate that our investment will provide positive returns.

“Additionally, as all stores earmarked for e-commerce are now fully equipped and functioning using e-commerce, we are looking at ways to bring greater awareness to our e-commerce platform and have customers take advantage of ordering online,” AML Foods added.

“We have seen through our Domino’s online business that an increase in the percentage of online shoppers has a direct and positive correlation to increased average basket size.” But, noting the challenges and risks posed by economic conditions, the BISX-listed group added: “Consumer spending was stable in 2024, backed by tourism-led growth.

“However, certain markets were negatively impacted in 2024-2025 and may remain stagnant in the short term. Our Exuma Markets store was impacted due to the closure of Sandals, a major resort on the island, which left many without a job on the island and negatively impacted comparative average ticket performance in that location.

“In Grand Bahama, we have seen tremendous growth in market share. However, with new investment opportunities on the island, staff retention has been impacted. The development, training and retention of our associates remains a top priority for our organisation, and our engagement scores have shown an improvement over prior years.”

Mr Watchorn’s positive outlook was backed by

case following the vessel’s seizure on January 27, 2025.

“I would say at least let’s have the full case heard on its merits and come back with a ruling that can lead to recourse against the offender,” Mr Wong argued. “This has been going on long enough. They had a chance to have this case heard in court...

“I think at the very least in this situation they should have had some way to expedite a final hearing on this matter. Let’s lay the facts on the table, address the infractions that were charged. If you cannot get grounds on that, give the man his boat back. We’re never going to see the man again now he’s got his boat back.

“This was a complete slam dunk case. He [Mr Tsurkis] was involved, his company was involved. His postings on his website and social media, I had screen shots of them. There’s no way he was not complicit in this. It was his operation and his employees,” Mr Wong continued.

“In the meantime, I’m getting silly threats from people in Florida.. ‘it’s a horrible thing what you did, you’ve got to watch your back’. It’s the type of people involved in this that makes me sick. It’s why we need to send the right message. We need to send the right message once and for all to make people think twice.”

Suggesting that this has not been achieved, Mr Wong told Tribune Business: “It’s unfortunate, but I’m somewhat encouraged by the fact the Bahamas

Mr Butler, who told AML Foods investors and the wider Bahamian capital markets: “During the year we faced one of the most difficult events in our company’s history - the loss of our Solomon’s Old Trail and Cost Right Nassau locations due to a devastating fire.

“While this incident had short-term impacts on our operations, it does not alter our long-term objectives or growth trajectory. It is, and will remain, a temporary setback. What stands out most is the resilience and unity of our team. We are exceptionally proud of how our people responded - with strength, professionalism and compassion. Importantly, we retained all team members from the impacted locations, reflecting our commitment to our people and our values.”

The AML Foods annual report for the year to endApril 2025 disclosed that the group has found “a temporary location” for its Cost Right brand at a property owned by a company affiliated with its chairman, Mr Butler, with a monthly rental rate of $36,000 exclusive of VAT.

“On June 30, 2025, the company entered into a new lease agreement for a temporary location for its Cost Right Nassau business. The lease terms are for 18 months with an option to renew for a further 12 months,” AML Foods audited financial statements disclosed.

And the annual report confirmed elsewhere:

“Subsequent to year end, on June 30, 2025, the company entered into a new lease agreement with Milo Butler Corporation for a temporary location for its Cost Right Nassau business.... The lessor is with a company in which Franklyn Butler is a related party.”

government is taking it seriously enough itself to try and stay the ruling.

“I’m not going to lose any sleep over it. I know we made this man’s [Mr Tsurkis] life miserable for a period of time. I don’t think it will be enough to deter people from doing this, but it’s a step in the right direction. I’ll stay the course and try and be an obstacle for other people doing illegal charters in The Bahamas as much as possible.”

The Highly Migratory was seized on January 27, 2025, following an operation that was heavily publicised by Bahamian law enforcement authorities just days later at a press conference featuring Jomo Campbell, minister of agriculture and marine resources, and Gregory Bethel, director of marine resources.

The operation, which involved the Customs Department, the Royal Bahamas Defence Force, the Royal Bahamas Police Force, the Department of Marine Resources and WildAid, a marine enforcement organisation, was held up as an example of this country’s renewed intent to crack down on vessels who violate Bahamian fisheries laws.

Mr Logman, 25, of Sunny Isles Beach, along with Reel Sheikh, 42, of Hollywood, and Evan Bacallao, 42, of Cutler Bay, were accused of engaging in commercial fishing without a licence, using a fishing vessel without a licence, and possessing an unlicensed firearm and ammunition.

Mr Watchorn, meanwhile, said AML Foods had slashed shrinkage - internal theft, lost or damaged inventory, and food spoilage before it is sold - by almost 50 percent with the resulting savings and reduced expenses boosting net margins.

“Our investments in technology and data analytics, operational efficiencies and customer engagement are allowing us to continuously improve how we serve our customers and our communities, resulting in higher transaction counts, basket sizes and customer satisfaction ratings,” he said.

“Our targeted sales growth, along with our near 50 percent reduction in shrink, has allowed us to improve our net margins and record improved operational performance.” Mr Butler struck a similar tone, adding: “We have continued to invest in technology and automation to enhance operational efficiency and grow customer engagement. These efforts are yielding measurable results.

“By leveraging datadriven insights, we have significantly improved our ability to serve customers more effectively. Notably, we have made strong progress in improving in-stock levels through the implementation of optimised store planograms and have advanced our efforts in personalising our offerings to better align with individual customer needs.

“These enhancements are enabling us to build stronger customer relationships and operate with increased efficiency across our business.” Following its 2025 year-end, AML Foods said it had received a total $25.094m from its insurers as payouts relating to the Old Trail Road fire.

Atlantis also plans nature reserve, public parking lot

another step towards Paradise Island becoming self-contained and residents not having to leave.

The EIA, produced by Bahamian consultants, Russell Craig and Associates, also discloses that the proposed school will only cover four of the site’s 23 acres. A further 16.73 acres, or more than two-thirds of the property, has been earmarked for use as a nature reserve and walking trails, with the suggested name of ‘Paradise Wild’. The remaining two acres will be assigned to a public parking lot.

The project’s progress may also depend on the property’s rezoning by the Town Planning Committee and Department of Physical Planning. The EIA reveals the 23-acre site, which is already owned by Atlantis and its affiliates, is presently zoned as green space, although altering this may not be too difficult as adjacent properties are already zoned commercial or “low to medium density residential”.

“The school project, along with the development of the natural reserve (nature trail system, interpretive centre, etc) public car park and associated infrastructures will represent an investment in The Bahamas of more than $10m by Atlantis

Holdings, and will further contribute to the economic vibrancy of Paradise Island,” the EIA asserted.

“By creating between 50-100 construction jobs and permanent jobs for Bahamians and related service providers, this project will provide an economic stimulus and will further contribute to significant inflows/ remittances to the Government from Customs duties, Value Added Tax (VAT), National Insurance Board contributions (NIB) and real property tax.”

Should the Flamingo Lake property remain undeveloped, the EIA argued that “any economic activity, employment opportunities on Paradise Island gained through construction jobs, permanent jobs, investment injections, would be missed and lost”.

It added: “The land has been zoned as green space, with designated low to medium density residential and commercial zoning adjacent to the property by the Department of Physical Planning. Island Hotel Company [an Atlantis subsidiary] intends to develop the property by constructing a single story 61,000 square foot school to cater to 150 school students to residents of Paradise Island.”

The EIA conceded that the greatest environmental impact from the proposed project will be “the removal

NOTICE

NOTICE is hereby given that SHERLINE DAINA MERIUS of Soldier Road, 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 8th day of September 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KAYLA TISHEMA ELLIS of 749 North Broad Street, Elizabeth, New Jersey 07208, 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 1st day of September, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

of 40 percent to 50 percent of the natural vegetation” at the respective sites for the school and parking lot sites. However, it intends to offset this with a re-landscaping initiative and enhancing the Flamingo Lake wetlands that will form the nature reserve and walking trails to appeal to eco-tourism.

“The projected school building footprint of some 61,000 square feet represents approximately 40 percent of the total area of the site (total of 1.6 acres) to be removed from its natural vegetation,” the EIA added. “When combined with associated infrastructural worksroads, footpaths, water and sewerage system - the total footprint could reach up to 50 percent of total area of land.

“Additionally, the natural habitat for birds and other wildlife will be impacted..... The most direct impact of the development will be the removal of 40 percent to 50 percent of the natural vegetation - school site and car park - and any existing wildlife associated.

“To mitigate this loss, Atlantis intends to relandscape the school site with native flowering plants and protected trees to re-attract avian and wildlife back to the area. Additionally, to enhance and beautify the natural wetland to be used as a nature trail for ecotourism, and to retain the botanical and avian species.”

The EIA did not confirm whether the planned school will be private and fee-paying, and if it will be targeted solely at the children of Paradise Island residents, although both seem likely. However, the move by Atlantis was praised by realtors and other developers for adding a much-needed amenity that “completes the community”.

Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business of the proposal: “I think it just adds to, and feeds into, the renaissance that is happening with Paradise Island.”

Recalling the Michael Jordan Celebrity Invitational golf tournament, and appearances by the likes of the late Michael Jackson and Whitney Houston, he said “Paradise Island was the place to go” for wealthy real estate buyers and celebrities in the late 1990s and early 2000s. However, since then, the destination had lost some of its sparkle compared to other high-end New Providence destinations.

“In the last 10-15 years, western New Providence has got more of the attention with the development of Albany and improvements to places like Old Fort Bay,” Mr Knowles added. “A lot of that demand shifted west. Recently, we’ve seen Paradise Island coming back.

“The Four Seasons Ocean Club Residences have begun construction, and Hurricane Hole has been completely redeveloped by Sterling Global Financial with facilities like their fantastic super yacht marina, which has been full throughout the season and been doing quite well.

“They have a food store, and a pharmacy and medical facilities.... quality of life things that make living on Paradise Island that much more comfortable and convenient. As a resident myself, not having to go over the bridge any more to do grocery shopping is just a huge value add for me as a home owner; not having to go back and forth between Paradise Island,” he added.

“Now, with a school component and a son who has just turned three, I will soon have an option to send him to school on Paradise Island. It’s another ingredient in the model that makes it more attractive as an area. When thinking about where to send their children to school, they don’t have to think about going west to Lyford Cay or King’s College. They have an option on Paradise Island.

“It just elevates Ocean Club Estates and Paradise Island as a whole, and puts it back where it should be on the same level as Lyford Cay and Albany where there’s that important ingredient for families with school age children. They have a place to send their kids close by. It’s a big thing.”

Explaining why Atlantis’s school move could be

a potential Paradise Island game changer, Mr Knowles cited a nearby example.

“Even if you look at places like Miami, which recently had a boom in their luxury market, we saw it with the challenge they ran up against,” he told this newspaper.

“They had so many new people, wealthy individuals and families relocating to Miami, the best schools ended up at over-capacity with no more space. It was causing an issue. You had wealthy New Yorkers and Californians wanting to move there, and that’s what had stopped Miami because they had nowhere to send their children to school.

“That’s been one of the challenges, one of the draw backs, for Ocean Club Estates in having to compete with that because all the best private schools are out west. The three premier schools are considered to be out west, and Ocean Club Estates has suffered because of that because property values haven’t kept pace with Lyford Cay, Albany and Old Fort Bay.”

Mr Knowles said the proposed school will be “a great boost” for Paradise Island, as it will help “ease the transition” to living permanently in The Bahamas for wealthy families and real estate buyers with school age children, and for whom education - and having such a facility close by - is among the top priorities.

“It’s fantastic,” Mr Knowles said. “We’ve been talking about this for many, many years, and now it’s happening it’s great news for anyone living on Paradise Island or looking to buy there. It’s a huge factor in our competitiveness to be able to have a great school on the island, and it’s really becoming self-sufficient now.

“We have great security on Paradise Island - private security and Atlantis security - all the restaurants all-around at Atlantis and Hurricane Hole, we have got several medical facilities. It’s [the school] another step to making it one of the most attractive places to live, not only in New Providence but The Bahamas.”

Others were equally enthused. Khaalis Rolle, president at Sterling Global Advisory Services, the

Hurricane Hole developer, said of the Atlantis proposal: “I think it completes the community to be honest with you. A lot of people that live on Paradise Island, or are looking for residential property on Paradise Island, some of them are concerned about the lack of schools in the immediate area.

“I think it’s a great addition to Paradise Island. Definitely. That would be an amazing amenity. If you look at everything on Paradise Island now, and things that are missing, that completes the ‘live, work and play’ concept we first talked about when we started our development. The school completes what’s missing. I think it adds significant value.”

The nearest private school to Paradise Island is Queen’s College on Village Road. Others in eastern New Providence include St Augustine’s College, St Andrew’s and Kingsway Academy, but Mario Carey, president and chief executive of Better Homes & Gardens Real Estate MCR Bahamas, said: “Most of the schools are a drive and not easy to get to.

“The choices tend to be, if you are living on Paradise Island, St Andrew’s but now you have Windsor and King’s College. To make that drive, if you live on Paradise Island, to go out west is brutal. It’s a full day.” Mr Carey said a school is “a very important component” to completing Paradise Island’s amenity line-up, with only a gas station now missing from such critical infrastructure.

“It’s coming together piece by piece,” the realtor, himself a Paradise Island resident, added. “If you can pick your children up in a golf cart, or they can ride a bike to school, that’s huge. Huge. Sandyport benefited by having Tambearly there.

“As a resident of Paradise Island I’m excited to have it. I have a buyer now looking and saying where he needs schools. He said he cannot drive all the way to Lyford Cay. It’s all positive. It should have a very positive effect on property values and should help the island to grow by attracting more families.”

Cave Cay project 12 months behind

to ensure they meet the highest environmental and construction standards.

excited at the partnership with Bvlgari. I think that that’s going to be another amazing project.”

Yntegra Group announced its partnership with Bvlgari earlier this year to develop Bvlgari Resort & Mansions Cave Cay, which will feature 48 Bvlgari-branded private mansions and estates for sale. Bvlgari Hotels and Resorts already lists Cave Cay on its website as one of its upcoming destinations, with an expected opening date in 2029.

Mr MacLean said Yntegra is introducing two of the world’s top five luxury resort brands to Exuma, and that each project must be planned “meticulously”

“Cave Cay will sign with one of the top brands of the world. We’re bringing two out of the five best brands in the world. When you’re doing these types of projects, you have to understand that they command the highest standards, and these projects are planned meticulously. It’s not something that any brand takes it lightly, so they take time,” said Mr MacLean

Highlighting the $260m Amancaya development slated for Children’s Bay Cay and Williams Cay, Mr MacLean said Exuma is poised to become a new global destination for luxury travel. “What we’re doing also with what Aman

is doing further south, you have three out of the five best brands of the world,” said Mr MacLean.

“Bahamians can be very proud of it. This is going to become the new global destination of the world, and with three brands that are responsible, three brands that are going to do things right, and we all look to collaborate together and make this the best destination in the world.”

Mr MacLean last week said he is not concerned by efforts to overturn the Rosewood Exuma’s planning and environmental approvals and branded this “part of the process”. He added that he was not aware of a Judicial Review challenge to its certificate of environmental clearance (CEC) being filed with the Supreme Court, and has remained focused on executing its vision for the project and creating jobs.

“I’ve heard about it, but I haven’t seen anything about

AI shakes up the call center industry, but some tasks are still better left to the humans

By KEN SWEET

AP Business Writer

ARMEN Kirakosian remembers the frustrations of his first job as a call center agent nearly 10 years ago: the aggravated customers, the constant searching through menus for information and the notes he had to physically write for each call he handled.

Thanks to artificial intelligence, the 29-year-old from Athens, Greece, is no longer writing notes or clicking on countless menus. He often has full customer profiles in front of him when a person calls in and may already know what problem the customer has before even saying "hello." He can spend more time actually serving the customer.

"A.I. has taken (the) robot out of us," Kirakosian said.

Roughly 3 million Americans work in call center jobs, and millions more work in call centers around the world, answering billions of inquiries a year about everything from broken iPhones to orders for shoes. Kirakosian works for TTEC, a company that provides third party customer service lines in 22 countries to companies in industries such as autos and banking that need extra capacity or have outsourced their call center operations. Answering these calls can be thankless work. Roughly half of all customer service agents leave the job after a year, according to McKinsey, with stress and monotonous work being among the reasons employees quit.

Much of what these agents deal with is referred to in the industry as "break/ fix," which means something is broken — or wrong or confusing — and the customer expects the person on the phone to fix the problem. Now, it's a question of who will be tasked with the fix: a human, a computer, or a human augmented by a computer. Already, AI agents have taken over more routine call center tasks. Some jobs have been lost and there have been dire forecasts about the future job market for these individuals, ranging from modest singlepercentage point losses, to as many as half of all call center jobs going away in

the next decade. The drop likely won't match the more dire predictions, however, because it's become evident that the industry will still need humans, perhaps with even higher levels of learning and training, as some customer service issues become increasingly harder to solve.

Some finance companies have already experimented with going all in on AI for their customer service issues only to run into AI's limitations. Klarna, the Swedish buy now, pay later company, replaced its 700person customer service department with chatbots and AI in 2023. The results were mixed. While the company did save money, overall customer satisfaction rates dropped as well. Earlier this year, Klarna hired a handful of customer service employees back to the firm, acknowledging there were certain issues that AI couldn't handle as well as a real person, like identity theft.

"Our vision of an AI-first contact center, where AI agents handle the majority of conversations and fewer, better trained and better paid human agents support only the most complex tasks, is quickly becoming a reality," said Gadi Shamia of Replicant, an AI-software company that trains chatbots to sound more human, in an interview with consultants at McKinsey. The call center customer's experience, while improved, is still far from perfect.

The initial customer service call has long been handled through interactive voice response systems, known in the industry as IVR. Customers interact with IVR when they're told "press one for sales, press two for support, press five for billing." These crude systems got an update in the 2010s, when customers could prompt the system by saying "sales" or "support" or simple phrases like "I'd like to pay a bill" instead of navigating through a labyrinthian set of menu options.

But customers have little patience for these menus, leading them to "zero out," which is call center slang for when a customer hits the zero button on their their keypad in hopes of reaching a human. It's also not uncommon that after a

a Judicial Review and our lawyers have not received anything. So there’s very little I can comment on because I just heard something about it, but we haven’t received anything,” said Mr MacLean.

“We’ve been focusing on the facts, focusing on the vision and execution, creating jobs, making this vision a reality, and today it turned into reality. So I know they have the right to do that Judicial Review, and if that’s the case, it will be part of the process, but I’m not concerned.”

Bob Coughlin, principal of the neighbouring Turtlegrass resort project on East Sampson Cay, last week said he planned to seek Supreme Court permission to bring a Judicial Review challenge to Yntegra’s environmental approvals. He and his attorneys have already filed an appeal against Rosewood Exuma’s planning approvals

obtained from the Town Planning Committee.

Meanwhile, the Bahamas National Trust (BNT) has warned that the $200m Rosewood Exuma project “sets a concerning precedent for unsustainable development” because it is too large for the area to support.

Lakeshia AndersonRolle, the Trust’s executive director, responding to the development’s Environmental Impact Assessment (EIA), warned: “The scale of the proposed development far exceeds what is appropriate for Sampson Cay and its surrounding Exuma Cays.

“The EIA reveals that the habitats on the island, and within the marine footprint of the development, are predominantly healthy, native and intact. Consequently, the planned construction of two marinas, a service dock (classified as a marina), over 50 residences and

PM touts VAT cuts as opponents query loans

BATTLE - from page B3

money go? Who authorised the overspend? What was borrowed against the future and on what terms? The public has a right to know.”

As for the Carmichael Village Development Project entity, Mr Thompson added: “The FNM is again asking the Davis administration to come clean. The public debt statistical bulletin for fiscal year 2024-2025 records again a $10m loan to an entity identified as Carmichael Village Development Project Inc.

And the Opposition finance spokesman continued: ““Fiscal responsibility and accountability are not complicated. Table the paperwork. Produce the contracts, the loan agreements, the vendor lists, and the payment schedules. Identify the decision makers and certify compliance with the Public Procurement Act and the Financial Administration

extensive amenities will lead to significant habitat destruction and biodiversity loss in both marine and terrestrial environments.

“The appeal of these islands lies in their low levels of development and access to unspoiled and generally undisturbed environments. As currently proposed, this project threatens to fundamentally alter the unique character of the area and sets a concerning precedent for unsustainable development.”

Ms Anderson-Rolle’s warning, contained in a November 4, 2024, letter sent to Dr Rhianna NeelyMurphy, the Department of Environmental Planning and Protection’s (DEPP) director, only emerged with the July 21, 2025, publication of the Rosewood Exuma’s environmental management plan (EMP).

and Audit Act. If everything is in order, prove it.

“The FNM is clear about our standard for transparency. We oppose off-book borrowing, shell entities with no public trail, and budget breaches without accountability. Every dollar belongs to Bahamian families. They should never have to beg for the truth about how their money is used. Bahamian taxpayers have earned straight answers. Provide the documents. Explain the decisions. Stop hiding the ball.”

customer "zeros out" they will be put on hold and transferred because they did not end up in the right place for their request.

Aware of Americans' collective impatience with IVR, Democratic Sen. Ruben Gallego of Arizona and Republican Jim Justice of West Virginia have introduced the "Keep Call Centers in America Act," which would require clear ways to reach a human agent, and provide incentives to companies that keep call center jobs in the U.S.

Companies are trying to roll out telephone systems that broadly understand customer service requests and predict where to send a customer without navigating a menu. OpenAI, the maker of ChatGPT, is coming out with its "ChatGPT Agent" service for users that's able to understand phrases like "I need to find a hotel for a wedding next year, please give me options for clothing and gifts."

Bank of America says it has had increasing success in integrating such features into "Erica," its chatbot that debuted in 2018. When Erica cannot handle a request, the agent transfers the customer directly to the right department. Erica is now also predictive and analytical, and knows for instance that a customer may repeatedly have a low balance and may need better help budgeting or may have multiple subscriptions to the same service.

Bank of America said this month that Erica has been used 3 billion times since its creation and is increasingly taking on a higher case load of customer service requests. The chatbot's moniker comes from the last five letters of the company's name.

James Bednar, vice president of product and innovation at TTEC, has spent much of his career trying to make customer service calls less painful for the caller as well as the company. He said these tools could eventually kill off IVR for good, ending the need for anyone to "zero out."

"We're getting to the point where AI will get you to the right person for your problem without you having to route through those menus," Bednar said.

“The Government has not tabled the loan agreement. It has not identified the beneficial owners. It has not published the due diligence, the procurement process, or the terms and security for the public’s money. We asked for these documents months ago. We are still waiting.”

STOCKS WOBBLE AS WALL STREET

WRANGLES WITH WHETHER THE JOB MARKET IS TOO WEAK

By STAN CHOE AP Business Writer

U.S. stocks wobbled lower on Friday as Wall Street questioned whether the U.S. job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way.

After rising to an early gain, the S&P 500 erased it and fell 0.3% below the all-time high it set the day before. The Dow Jones Industrial Average dropped 220 points, or 0.5%, after swinging between an early gain of nearly 150 points and a loss of 400. The Nasdaq composite edged down by less than 0.1%.

The action was more decisive in the bond market, where Treasury yields tumbled after a report from the Labor Department said U.S. employers hired fewer

workers in August than economists expected. The government also said that earlier estimates for June and July overstated hiring by 21,000 jobs.

The disappointing numbers follow last month's discouraging jobs update, along with other lackluster reports in intervening weeks, and traders are now betting on a 100% probability that the Fed will cut its main interest rate at its next meeting on Sept. 17, according to data from CME Group. Investors love such cuts because they can give a kickstart to the economy, but the Fed has held off on them because they can also give inflation more fuel.

So far this year, the Fed has been more worried about the potential of inflation worsening because of President Donald Trump's tariffs than about the job market. But Friday's job

numbers could push the Fed to consider cutting rates in two weeks by a steeper amount than usual, said Brian Jacobsen, chief economist at Annex Wealth Management.

"This week has been a story of a slowing labor market, and today's data was the exclamation point," according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

Strong hiring for health care jobs had been helping to support the overall market, "but with it now showing some tangible signs of decline, the foundation underneath the labor market seems to be cracking," said Rick Rieder, chief investment officer of global fixed income at BlackRock.

While the data on the job market is disappointing, it's still not so weak that it's screaming a recession is here, and the U.S. economy

is continuing to grow. A big question for investors is whether the job market can remain in a balance where it's not so strong that it prevents cuts to interest rates but also not so weak that the economy falls off.

Uncertainty about that helped lead to Friday's swings in the stock market. Wall Street needs things to go as hoped because it already sent stock prices to records amid expectations for a Goldilocks scenario where interest rates ease, and the economy keeps chugging along.

On Wall Street, Friday's heaviest weight was Nvidia, the chip company that's become the face of the artificial-intelligence boom. It's been contending with criticism that its stock price charged too high, too fast and became too expensive following Wall Street's rush into AI, and it fell 2.7%.

Lululemon dropped 18.6% after the yoga and athletic gear maker's revenue for the latest quarter fell short of analysts' expectations. CEO Calvin McDonald pointed to disappointing results from its U.S. operation, while Chief Financial Officer Meghan Frank said Lululemon is facing "industrywide challenges, including higher tariff rates."

Still, more stocks rose on Wall Street than fell. Leading the way was Broadcom, which climbed 9.4% after reporting better profit and revenue for the latest quarter than analysts expected.

CEO Hock Tan said customers are continuing to invest strongly in AI chips.

Tesla rose 3.6% after proposing a payout package that could reach $1 trillion for its CEO, Elon Musk, if the electric vehicle company meets a series of extremely aggressive targets over the next 10 years. Smith & Wesson Brands jumped 6.5% after the gun maker delivered better results for the latest quarter than analysts expected. CEO Mark Smith said it saw good demand for new products in what's traditionally a slow season for sales of firearms. All told, the S&P 500 fell 20.58 points to 6,481.50. The Dow Jones Industrial Average dipped 220.43 to 45,400.86, and the Nasdaq composite slipped 7.31 to 21,700.39..

MARINE FORECAST