business@tribunemedia.net
Friday, September 18, 2026
$ 6.95
$ 7.35
$ 6.95
$ 7.06
$ 6.89
Bahamian businesses face 230% cyber attacks surge BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net BAHAMIAN businesses have suffered a 230 percent increase in cyber attacks over the past five years, a technology principal disclosed yesterday, revealing that this nation becomes an immediate target “when we make the news”. Robert Albury, managing director at Abaco-based Waves IT, told a panel discussion at the Abaco Business Outlook that The Bahamas seemed to attract waves of hackers and digital-based attacks whenever it makes global headlines as he warned that preventative measures are often “overlooked” - especially that staff are usually “the first line of defence”. Noting that small businesses, especially, are likely to be the most vulnerable to such crimes and neglect defensive measures, he argued that staff training is “the biggest thing businesses can do for their cyber security” as opposed to
Recovering Abaco firms ‘bombarded’ digital scams post-Dorian
Alter ‘mindset’ so succession planning not perceived as ‘threat’
‘Open minds’ to alternative finance; escape ‘shoe box’ records
investments in software and programming. “[It’s[ getting your staff to understand they may be the first vector of attack,” Mr Albury said. “Phishing e-mails, ransomware, these are all things that cripple businesses and, in the past five years, we have seen about a 230 percent increase in attacks targeting businesses in The Bahamas and the Family Islands especially. “Post-Dorian, while we were all trying to recover, a lot of businesses trying to get up and running first, they were bombarded with Phishing scams where you get a call saying ‘Hi, I’m from Microsoft. I want to help you recover’. The second we make news or there’s anything
popular going on here, wee become an attractive vector. “People start sending e-mails and trying to get into your system, and your staff is the first line of defence… As simple as don’t open the e-mail, don’t click the link. ‘Hey, why is Microsoft telling me it is trying to share a file with me but I don’t use Microsoft?’ Things like that, those are the biggest threats we see in Abaco, especially with the staff aspect of it.” Besides building cyber security resilience among the Abaco business community, Mr Albury, a lead technology consultant, said he has also been working to improve the private sector’s ability to withstand Bahamas Power & Light’s (BPL) frequent
power outages and unreliable supply. He added that some clients now have UPS’s in place to ensure they remain operational until back-up generators kick-in. Citing Quality Star Auto as an example, the Waves IT chief said: “The forecourt goes down when the power cuts-off. We’re looking at a battery-based solution that’s going to operate as power for those pumps, and we’ve taken a lot of their sales systems and put them on batteries that run for eight to 12 hours because, in that business, your retail is your essential. “Every time a customer comes in and they have to walk out the door because the system is down, or you cannot
BAHAMASAIR is poised to embrace artificial intelligence (AI) with plans to launch ‘Sophie’, its “bot agent”, before year-end to handle the more than 80 percent of reservations department calls not seeking to purchase flight tickets. Tracy Cooper, the national flag carrier’s managing director, told the Abaco Business Outlook that the switch is not intended to replace staff but simply represents an effort to deal with non-revenue
business more efficiently and productively. He explained that 70 percent, or the majority, of calls to the airline’s reservations department are either seeking “quick information” such as flight times, or to change dates and tickets. Only 17-18 percent, Mr Cooper added, are income-generating inquiries involving the purchase of tickets. Explaining Bahamasair’s rationale, he said: “Internally, for Bahamasair we are using AI as it will be more efficient for information. Our reservations department, if you look at all the calls it gets, and we monitor what happens with
Bahamas in tax certificate, Investor Concierge launch BY NEIL HARTNELL and ANNELIA NIXON Tribune Business Reporters A CABINET minister yesterday sought to boost The Bahamas’ competitiveness as a domicile for wealthy investors to make their home by unveiling plans to launch a Tax Residency Certificate and one-stop-shop for approvals. Jerome Fitzgerald, minister of economic affairs, told the Society of Trust and Estate Practitioners (STEP) Latin America conference that draft legislation to give effect to The Bahamas’ long-awaited Tax Residency Certificate has been completed and will “swiftly” be
JEROME FITZGERALD brought to Parliament for passage into statute law. And he also disclosed that the Government plans to launch The Bahamas Invest Concierge Unit to give first-class treatment to high net worth investors seeking to domicile
LAWS - See Page B5
Boating fees blamed for Abaco’s 6.4% arrival fall BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A SENIOR tourism official yesterday attributed the 6.4 percent decline in yearover-year sea arrivals to Abaco through July to the impact of boating fee hikes as industry operators were urged to rapidly adapt to the evolving artificial intelligence (AI) environment. Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, told the Abaco Business Outlook that the
drop-off over the first seven months of 2026 was to “be expected” because the revised fee structure, which lowered many fees and created two new cruising permit fee categories, had yet to kick-in. “You have to provide the Government with facts. You cannot provide them with figures,” Mr Fountain said of the negotiations over the boating fee revisions. “It’s like going to then bank and asking for a loan. You have got to present the facts. You
DATA - See Page B5
Building permit red tape slash hailed as ‘massive win for all’ ‘Real feather in cap’ for Bahamas’ development sector Minister eyes 60-day turnaround in digital transformation Qualified architect, engineer sign-offs also eyed for 2027 BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
time and dates of flights and travel, added: “The majority, 70 percent, are calls asking for quick information: ‘What time is the flight?” Seventy percent of my people’s time is talking
LAUNCH - See Page B4
CONSTRUCT - See Page B4
BAHAMASAIR PLANE those calls, only around 17-18 percent of those calls result in the purchase of a ticket. “The question is: What are we doing with all those other calls?” Mr Cooper, noting that some calls involve changing tickets, or switching the
ROBERT MYERS
A BAHAMIAN developer yesterday hailed the Government’s bid to slash the turnaround time for building permits to just 60 days as early as 2027 as “a massive win for everyone”. Robert Myers, principal behind the Windsor Lakes project in south-western New Providence, and head of Capstone Construction, told Tribune Business that it will be “a huge feather in the cap for development in The Bahamas” if plans unveiled yesterday by Clay Sweeting, minister of works, to “cut red tape” by fully digitising the approvals process turn into reality. He spoke out after Mr Sweeting, addressing the Abaco Business Outlook conference, said he hopes that “a new, reimagined Ministry of Works” will be in place “by the next Budget cycle” so that construction-related activity - ranging from residential home owners to major developers - does not have to wait as long as nine months to a year to obtain the necessary permits once application is made. Conceding that time and delay represents extra cost for developers and contractors alike, Mr Sweeting added that the Ministry of Works plans to introduce two other initiatives which construction industry professionals
REBUILD - See Page B4
Bahamasair’s ‘Sophie’ AI bot to answer over 80% of calls BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
CLAY SWEETING
PAGE 2, Friday, September 18, 2026
THE TRIBUNE
How to develop staff when finances tight F
or many small businesses, employee development is viewed as a luxury reserved for larger companies with substantial training budgets. However, developing employees does not have to require significant financial resources. With creativity, strategic partnerships and a commitment to continuous learning, small businesses can establish robust staff development programmes that improve performance while remaining financially responsible. ONE of the most effective strategies is to partner with local educational institutions. The National Training Agency (NTA) can be a valuable resource for businesses seeking pre-trained interns or structured customer service and technical training for
IAN FERGUSON existing employees. These partnerships can help businesses reduce recruitment and training costs while giving young Bahamians opportunities to gain practical workplace experience.
Construction permit values surge almost $700m in ‘25 CONSTRUCTION starts and completions both increased in volume during 2025, surging by 24 percent and 11.2 percent respectively, although the former’s combined value declined by $17m compared to 2024. The Bahamas National Statistical Institute (BNSI), unveiling data on the construction industry’s 2025 performance, said: “The number of construction starts in 2025 climbed to 706 projects, up from 570 projects in 2024, with an increase of 136. However, the total value of starts fell by approximately $17m. “The private/residential sector starts increased by 114 projects, though the value declined by about $18m. In the commercial/ industrial sector, starts rose by 31 projects with the value increasing by around $5m. “Conversely, the public sector, recorded a decrease of nine projects, with a decrease in value of about $3m. This indicates strong activity in project numbers, but mixed results in overall value when comparing 2024 to 2025.” As for completions, the BNSI said in a statement: “The construction completions in 2025 totalled 817 projects, up from 735 projects in 2024 with an increase of 82 projects. The [statistics] demonstrated robust growth in permits and project starts, particularly in the private/ residential and commercial/ industrial sectors.
“While the overall value of starts declined, completions showed strong gains, driven by significant increases in the commercial/ industrial sector. The public sector, however, continued to contract in both project numbers and value. The overall value of completions rose by approximately $67m, with the commercial/ industrial sector completions increasing in number by 101 projects, and in value by $141m.” The BNSI said the starts and completions data only covers New Providence and Grand Bahama construction activity, but it obtained permit data for all The Bahamas. This showed that a total 1,801 construction permits were issued in 2025, representing an increase of 210 or 13.2 percent compared to 2024’s 1,591. The total value of these permits, the Institute said, jumped by almost $600m or 49.4 percent to $1.811bn in 2025 as opposed to $1.212bn the year before. “Overall, growth of 2025 over 2024 was driven primarily by the private/residential and commercial/industrial sectors,” the BNSI said. “The private/residential sector permits rose by 164 projects compared to 2024, with the total value increasing by approximately $103m. The commercial/ industrial sector also had an increase in permits of 61 projects, with a significant rise in value of $500m.”
$200m Exuma resort opponent fears fallout for own business A KEY opponent of the $200m Rosewood Exuma resort yesterday asserted it fears its own high-end business will be damaged if its competitor is allowed to locate a service dock “less than one fotball field” aware from its property. Michael DeAcetis, director of investment operations for Over Yonder Cay, and vice-president of Yonder Holdings Ltd, told the Subdivision and Development Appeal Board (SDAB) that Rosewood Exuma’s configuration could damage the secluded experience his property offers to its high-end guests. “We're very concerned about it hurting our business,” he said during testimony at a hearing where Yonder Holdings and Turtlegrass Resort & Island Club are challenging, and seeking to overturn, the preliminary site plan approval granted to Yntegra, the Miami-based developer, by the Town Planning Committee. Mr DeAcetis said his property features a 72-acre island of four guest villas, a staff village, a beach club and a nine-hole golf course built around the shoreline
to maximise ocean views. He testified that supply and staff vessels routed through the North Bay channel to service the Rosewood Exuma development would pass “less than one football field” from Over Yonder's beaches and in view of several guest villas, including East Cove. “People don't come to the Exumas for the casinos or the shopping,” Mr DeAcetis said. “They come for the beauty of the water.” He added that guests snorkel and scuba dive directly off the beach in the adjacent North Cut. “They come expecting paradise, and so we have to do our best to meet that,” he added, “on the view, on the condition of everything on the island.” Increased vessel traffic, Mr DeAcetis warned, would disturb that experience and disrupt day-to-day operations that rely on frequent small boats for supplies ranging from spare food to emergency medication. Mr DeAcetis testified that Over Yonder relies on smaller vessels, 70 to 110 feet in length, to deliver fuel
ROSEWOOD - See Page B5
Small businesses can also explore certificate programmes offered by the Bahamas Technical and Vocational Institute (BTVI). Rather than attempting to train every skill internally, employers can sponsor selected staff to pursue relevant qualifications in areas such as information technology (IT), automotive services, construction and hospitality. Even when a business cannot cover the entire cost, partial tuition assistance or flexible work schedules can make professional development more accessible. The University of The Bahamas (UB) provides another opportunity through internships. Small businesses can create internship pipelines that bring talented students
into the company while giving them practical experience and mentorship. This approach can become an effective recruitment strategy, allowing employers to evaluate potential employees before making permanent hiring decisions. Businesses should also make greater use of lowcost, high-impact training. Affordable online learning platforms allow employees to develop skills at their own pace. Employers do not necessarily have to purchase courses for everyone. Instead, they can identify priority skills and provide targeted access to relevant learning opportunities. Cross-training is another inexpensive strategy. Employees can be taught the basic functions of other positions, creating a more versatile
workforce and ensuring greater operational continuity when someone is absent. Similarly, mentorship programmes can pair experienced employees with newer team members, transferring institutional knowledge without the cost of an outside consultant. Finally, businesses should incentivise professional growth. Employees are more likely to invest in development when they can see where it may lead. Clear career pathways should identify the skills and performance milestones required for advancement. Where possible, employers can provide partial tuition reimbursement, flexible schedules, small bonuses or public recognition for employees who acquire new skills or complete training.
Opposition voices $311m ‘off books’ spend concern BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE OPPOSITION yesterday challenged if the $311m spent from the National Investment Fund represents “off-the-books capital expenditure” structured so as not to blow the Government’s Budget surplus in the election run-up as a Cabinet minister asserted it had followed the law. Michael Pintard, the Free National Movement (FNM) leader, told Tribune Business it was clear the Davis administration had used the Fund, the equivalent of a Bahamian sovereign wealth fund, as “a side account” that allowed it to spend the public’s money seemingly without any oversight “in an election year”. And he was backed by Dr Duane Sands, the Opposition’s chairman, who asserted that Michael Halkitis, minister of finance, in the Government’s long-awaited response to concerns over its management of the Fund, had made “a striking admission” that its monies had been used for what are typical capital expenditures “that largely could only come from the Consolidated Fund” that deals with most public revenues and spending. However, Mr Halkitis, speaking to Tribune and other reporters, rejected Opposition charges and concerns from others by reiterating the Government had stayed within “the exercise of the law” in relation to the Fund and how its monies and other assets have been managed over the past year-and-a-half. While acknowledging the governance deficiencies, the minister signalled that the Government had acted in accordance with legal advice from the Attorney General’s Office that - until the National Investment Funds Act 2022 becomes fully activated - the Fund is governed by the Public Finance Management Act, and thus comes under the oversight and control of the Ministry of Finance and Public Treasury. Mr Halkitis said the Government is now working to make the Fund fully operational by completing “all the administrative procedures”, including the regulations governing its workings and appointment of an investment committee, “definitely before the end of the year” as he pledged: “We are going to put this behind us.” Speaking earlier in the House of Assembly, he disclosed that $310.9m has been taken from the Fund to-date for investment in infrastructure projects, improving public services and upgrading court facilities throughout The Bahamas. Asserting that this outlay will only benefit the Bahamian people, Mr Halkitis said two-thirds of this sum - $210.6m - has been invested in road and building improvements, plus water system upgrades. The remaining $100.3m, he added, was allocated to airport development
MICHAEL PINTARD
MICHAEL HALKITIS
projects including in Cat Island, San Salvador, Exuma and Long Island. The Opposition yesterday said this explanation contradicted that by Senator Latrae Rahming, the Prime Minister’s communications director, who told this newspaper that “the primary use of the National Investment Fund was to support the Government’s airport infrastructure programme”. The date provided by Mr Halkitis thus represents a reversal of this position. However, the National Investment Funds (NIF) Act 2022 itself appears to contradict Opposition charges that the law does not permit investments of the nature outlined by Mr Halkitis as it seemingly allows for “the development of national infrastructure and public improvement projects” - not just those that deliver investment returns. But, while few could argue that the projects financed to-date will not benefit the Bahamian people, both Mr Pintard and Dr Sands argued that Mr Halkitis’ statement has raised more questions than it answered. The Opposition leader, echoing comments by Gowon Bowe, Fidelity Bank (Bahamas) chief executive, renewed calls for a “full accounting” and auditing of the Fund’s spending given the absence of a project-by-project breakdown. He added that the Public Accounts Committee (PAC), Parliament’s spending watchdog, plans to invite Barbara Zonicle, the treasurer, to appear before it next Tuesday in relation to the Fund controversy likely in a bid to discover if any of the $311m spending went to, and was approved by, the Public Treasury as is normal. Mr Pintard said it was also possible the Opposition may launch legal action this week once it receives its requested legal opinion. “Absolutely,” he replied, when asked if the situation calls for an independent audit of the Fund. “That is why we are seeking the legal advice from the attorney. The Government has to be compelled to share details on how all the funds were used, and whether they are compliant with all the laws…. There has to be a full accounting.” Concerns over the Fund intensified earlier this week after John Rolle, the Central Bank governor, confirmed that - despite receiving his instruments of appointment as one of its directors - the Board had never been properly convened or met. This triggered
fresh controversy given that the Board plays the key role in the Fund’s governance, oversight and investment management strategy and decisions. The NIF Act stipulates that it is the Board’s responsibility alone to “open and maintain” the Fund’s bank and investment accounts, as well as enter into agreements with financial institutions to act as custodian of its assets. Given that the Board has never been convened, the Opposition and others are questioning how a bank account could have been opened in the Fund’s name and monies transferred/invested from it. Mr Halkitis yesterday confirmed that the net $265.5m proceeds remaining from the Government’s $1.067bn foreign currency international bond issue, which took place in the 2025 first half, were deposited into an account at the Central Bank in the name of “the National Investment Fund”. “The funds went to an account at the Central Bank in the name of the National Investment Fund,” he told a Tribune reporter. “The funds came out of the account at the Central Bank to find the various projects I mentioned in my statement.” However, given that the NIF Act states only the Board can open such an account, and it has not been convened, the Opposition is arguing that this facility was under the Fund’s control in name only. Asked whether Opposition believes the Government has been using this account for so-called “off-the-books capital expenditure”, Mr Pintard replied: “It’s exactly that. They used a side account, which they have visibility of and access to, and used it to move money outside the NIF Act for purposes none of us knew about, and did it in an election year.” The FNM publicly, and other observers privately, have voiced concern that the Government has used the Fund’s Central Bank account as, in effect, a second ‘Consolidated Fund’. By treating its spending as investments, and the borrowing proceeds injected into the Fund as “equity”, they argue that the Government has been able to keep the $311m from impacting its deficit and blowing the revised $32m Budget surplus projection for 2025-2026. This would also enable the Government to avoid missing the 2025-2026 surplus target by more than 0.5 percent of GDP, which would force the Davis
Ultimately, a strong staff development programme is less about how much money a business spends and more about how intentionally it invests in its people. Small businesses that make learning part of their culture can build more capable, adaptable and engaged teams, while creating opportunities for employees to grow alongside the business. • NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com. administration to submit a corrective action plan to Parliament. However, it could also disguise debt liabilities that Bahamian taxpayers may be required to repay in future years. #Total public and taxpayer money placed into the Fund could be higher than $900m. Mr Halkitis, in the 2026-2027 Budget communication, said the Government had transferred net or “excess borrowing receipts” worth $700m to the Fund during the 2025-2026 fiscal year. He signalled it has retained these proceeds as cash, and not used them to cover its bills and expenses, which would prevent them from impacting the deficit/surplus position. #This might explain how The Bahamas’ national debt increased by $1bn during the 2025-2026 Budget period but did not appear to show up in the deficit, which was just $121.2m for the ten months to end-April 2026. However, besides the $700m, the Davis administration had also previously placed the $265.5m net proceeds from the $1.067bn bond into the Fund during the prior fiscal period. #Tribune Business revelations that most of that $265.5m had been removed from the Fund, leaving just a balance of $200,000 at end-March 2026, sparked the increased scrutiny that ultimately led to Mr Rolle’s disclosures about the Board not being convened, and the governance and operational consequences of this. #Dr Sands yesterday called for clarification on the numbers, given that the $311m figure now cited by Mr Halkitis does not align with the $700m mentioned in the Budget communication or the $265m initially injected into it. And, noticing that the minister said Fund Board members were appointed on June 30, 2025, he suggested that this was made retroactive given that the Central Bank governor only received notice of his appointment in August last year. #The Opposition chairman also questioned why there was a gap of twoand-a-half to three years between the NIF Act’s passing in 2022, its gazzetting and enactment in December that year, and the move to finally appoint the Board. The latter action occurred with less than one year to the May 12, 2026, general election. #“We can only speculate as to why there was this hiatus between the passage of the Act, the date of enactment in December 2022, and what breatherd life into it, but it was probably not coincidental there was an expectation of an upcoming election and need to spend some money,” Dr Sands said. “What was it about these roads, these courts, that was so important that they had to come through this avenue?” #Mr Halkitis, though, in his House of Assembly statement pledged that he and the Government will fully co-operate with any probe by Mr Pintard and the Public Accounts Committee, which is the only parliamentary body the Opposition controls. #Acknowledging the differences over the Fund, told a Tribune reporter: “In our
OVERSIGHT - See Page B5
THE TRIBUNE
Friday, September 18, 2026, PAGE 3
Insurance regulator laments qualified actuaries shortage BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net INSURANCE regulators yesterday said a shortage of qualified actuaries remains a key constraint on the industry’s growth as The Bahamas seeks to align its supervisory framework with evolving international standards. Bionca Rolle, assistant manager of the Insurance Commission’s regulatory strategy and development office, said the shortage of qualified actuaries makes it harder for the regulator to ensure insurers are adequately measuring and capitalising against the risks they carry. “Almost no one talks about” the actuarial shortage, Ms Rolle said, describing it as the constraint that has concerned her most. “Everything I have described - risk-sensitive capital, climate
scenario analysis, catastrophe modelling, how books move in two directions at once - rests on a particular kind of person,” she added. An actuary is responsible for using mathematical and statistical analysis to assess risks ranging from hurricanes and mortality to long-term insurance liabilities. Ms Rolle said the shortage matters because “a regulator cannot supervise what it cannot model”, particularly as The Bahamas seeks to develop capital requirements that reflect the country’s exposure to catastrophic events such as Category Five hurricanes. The Commission is responding by building its own actuarial expertise while investing in Bahamian talent. Ms Rolle said two Bahamian actuaries who have been working in Canada have returned to The Bahamas and are now based at the Commission’s Freeport office.
One focuses on property and casualty insurance, covering areas including homes, businesses, vehicles, boats and hurricane risks, while the other focuses on life, health, annuities and pensions. The Commission is also sponsoring Bahamian students to study actuarial science at Drake University in Iowa, which Ms Rolle described as a designated centre of actuarial excellence. The Commission’s first scholarship recipient is a Grand Bahamian who interns at its Freeport office during university breaks and is paid for the work, she said. “We want more of them,” Ms Rolle said, adding that the scholarship programme is intended as long-term institutional infrastructure rather than a public relations initiative. The push comes as the Commission works more closely with the International Association of
Abaco needs co-ordinated workforce growth approach BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net ABACO’S labour market needs a more deliberate approach to work permits, housing and workforce training if businesses are to fill genuine skills gaps while progressively preparing Bahamians to take over those positions, a Department of Labour official said yesterday. Eleith Davis, office manager at the Department of Labour in Abaco, said businesses seeking foreign workers should be required to demonstrate how those employees will help train Bahamians to eventually assume their roles. She said employers must first apply to the Labour Department for a labour certificate through a notification of vacancy before a work permit can be issued, adding that training and succession planning should be incorporated into that process. “We have to be intentional about the training,” Ms Davis said. “We have to ensure that the company submits a training plan.” Under the approach she proposed, employers should be able to demonstrate
within two to three years that a Bahamian understudy has assumed between 25 and 50 percent of the responsibilities of the foreign worker, with the work permit holder serving as a mentor. Ms Davis said work permit renewals should also be tied to whether employers have actually followed through on their training commitments. She recalled a case involving a company on one of Abaco’s cays where she contacted a Bahamian employee identified as an understudy and asked whether she was prepared to take over the position. “Her response was, no, she is not prepared,” Ms Davis said. “So we have to be intentional with the training.” She argued that foreign workers brought in to address genuine skills shortages should not simply remain in positions through repeated work permit renewals without evidence that Bahamians are being prepared to succeed them. At the same time, Ms Davis identified housing as the biggest obstacle to attracting and retaining skilled workers in Abaco, warning that high rental costs can make it difficult
Road paving constrained by contractors shortage BY ANNELIA NIXON TRIBUNE Business Reporter anixon@tribunemedia.net ABACO’S infrastructure pipeline is expanding across roads, docks and airports, a Cabinet minister said yesterday, while warning that a shortage of road contractors is creating capacity constraints. Clay Sweeting, minister of works and Family Island affairs, speaking at the Abaco Business Outlook, said the Government is preparing to issue requests for proposals (RFPs) for major roadworks across central and south Abaco, followed by projects in North Abaco, as it seeks to strengthen the infrastructure needed to support the island’s continued economic growth. “We’re paving a lot in this country right now, which is a good thing,” Mr Sweeting said. “But by the same token, we don’t have enough road contractors.” He said the shortage represents an opportunity for Bahamians, particularly young people, to enter the road construction industry by acquiring paving equipment. “I think right now we have every road contractor
who paves in the Family Islands working,” he added. The comments came as Mr Sweeting outlined a substantial pipeline of road projects already underway or in preparation across Abaco. In Central Pines, a $6.1m road contract has resulted in four miles of road being paved, with the project expected to be completed by the end of September. In Sweeting’s Village, five-anda-half miles of roads are to be completely rebuilt using hot-mix asphalt, alongside new water infrastructure. Mr Sweeting said the water works will be completed before paving begins to prevent newly-constructed roads from being dug up later to install pipelines and household connections. “We have seen brand new roads dug up, and then they lay the pipe and money is wasted, and you have to go back and pave again,” he said. A contract has also been awarded for road repairs in Cherokee Sound, with the contractor expected to mobilise this month and the project targeted for completion by the end of December 2026. On Man-O-War Cay, the
for Bahamians and other workers to relocate or remain on the island. “Persons wanting to come back and live in Abaco, the challenge is housing,” she said. Ms Davis suggested that companies with the capacity should consider offering rental assistance, while businesses could also lobby Government for greater housing development and rent control measures. She added that salaries in many Abaco industries are comparable to those in New Providence, giving employers another potential advantage in recruitment, but argued that businesses must also provide opportunities for workers to assume greater responsibility and progress within their organisations. “Once a person is able to grow in a company, they’ll tend to make Abaco their home where they purchase a home, and they grow and make it stable for them,” Ms Davis said. Anne Lightbourn, Baker’s Bay’s director of human resources, said the workforce challenge extends beyond recruiting workers, arguing that young Bahamians entering the labour market often have potential but are not adequately Government is preparing a road project valued at approximately $2.6m to repair ageing concrete roads and address drainage problems. Mr Sweeting said his ministry has completed the scope of works for additional roads across Abaco and will shortly issue RFPs for paving projects in Central and South Abaco. “Make sure the budgets make sense, because in short order we’ll put out the RFP, which should be a massive undertaking to ensure that from the deep south to central will be paved,” he told contractors. He said the Government will subsequently begin scoping road projects for North Abaco. Mr Sweeting said the road investment is not simply about improving transportation, but also reducing the cost of doing business on the island. “Bad roads mean worn tires and more trips to the shop, and slower deliveries, and these costs end up at the checkout counter,” he said. During the question-and-answer session, Central Pines resident Jeremy Saunders raised concerns about remaining sections of road in the community, including Curly Tail Way, which he described as being in extremely poor condition despite substantial paving already completed. He added that
UPGRADES - See Page B6
Insurance Supervisors (IAIS), the global standard-setting body for insurance regulators, of which The Bahamas is a member. The IAIS has more than 200 jurisdictions among its membership and has recently advanced international standards around risk-based capital, natural catastrophe protection gaps and risks arising from increasingly complex insurance and reinsurance structures. Ms Rolle said those developments have direct implications for The Bahamas, where a single major storm can generate losses that far exceed the combined equity of the domestic general insurance industry. The IAIS adopted the Insurance Capital Standard as a globally comparable, risk-based measure of capital adequacy for internationally active insurance groups, following years
of development, consultation and field testing, she said. For The Bahamas, the principle is that insurers’ capital requirements should increasingly reflect the risks they actually carry rather than rely solely on fixed requirements established years earlier. The Commission is now working to incorporate that approach into Bahamian legislation. Ms Rolle said it is leading the harmonisation of the Insurance Act 2005 and External Insurance Act 2009 into what she described as a more modern regulatory framework, including simplified licensing categories, clearer obligations, stronger group supervision and greater cross-border co-operation. The proposed framework is also intended to introduce capital requirements that respond more closely to the risks carried by individual insurers. The focus on capital and actuarial capacity is rooted partly in the lessons
prepared for workplace realities. “It’s not just an educational issue; it’s not a business issue,” she said. “We find that a lot of the young people coming out of school, they have the talent. They are excited to get into the workforce, they have potential. But they get into the workforce and they’re not properly prepared for the realities of the workforce.” Ms Lightbourn also highlighted the need to train managers and supervisors to develop employees rather than simply placing young workers under managers who may themselves lack the skills required to lead, coach and mentor. She said supervisory training
should become a standard component of promotion, particularly if businesses expect existing employees to develop the next generation of leaders. “If we want to ensure that our young people are productive, if we want to ensure that we are creating the next generation of leaders, then government, educational institutions, and private sector must work together,” she said. Ms Lightbourn also called for government-supported short-term retraining programmes for workers whose existing skills do not match current labour-market demand, arguing that retraining could allow those workers to move into
of previous insurance failures and disasters. Ms Rolle pointed to the collapse of CLICO Bahamas, for which the Supreme Court granted a winding-up order in February 2009. About 23,000 Bahamians held policies with the company, she said, while its failure involved approximately $73m advanced through a subsidiary into a Florida real estate development. The liquidation remains unfinished 17 years later, she added. The Commission itself opened in July 2009, months after the CLICO incident. Ms Rolle said the experience reinforced the importance of understanding where insurers’ assets are located, how related-party transactions are structured and the financial strength of foreign groups backing Bahamian insurers. Hurricane Dorian provided another test of the country’s insurance system. Bahamian insurers settled more than $2bn in claims following the 2019 storm, Ms Rolle said, attributing the industry’s ability to absorb the losses in part to required capital and reinsurance arrangements.
COVERAGE - See Page B6
sectors where businesses have immediate shortages. Deborah Pratt, of DAPS Corporate Training & Business Services, said the education system must also be reworked to better connect students with the practical requirements of the workplace. She argued that Grades 10 through 12 should provide students with greater opportunities to develop skills in areas in which they have demonstrated an interest, while internships and workplace experience should become an ongoing part of the curriculum rather than being limited to a short placement immediately before graduation.
SKILLS - See Page B6
PAGE 4, Friday, September 18, 2026
THE TRIBUNE
Minister: Building Code revisions ‘almost finished’ CONSTRUCT - from page B1 have also long called for. These involve allowing licensed, qualified private sector engineers to sign-off on and approve plans/drawings for new buildings, and also carry out inspections on the Ministry’s behalf during actual construction. Mr Sweeting, also the central and south Eleuthera MP, told Outlook attendees that these two moves are designed to reduce the Ministry of Works’ workload and speed-up construction but without sacrificing regulation, safety or quality oversight. He added that the Ministry will retain “audit” powers when it comes to drawing sign-offs and inspections, and “act where standards are not met”. Also confirming that revisions to the Bahamas Building Code are close to being finalised, Mr Sweeting said: ‘I believe that when you are given a task, whether it’s in government or the private sector, you find ways to make the job easier for a person who’s having to utilise the services you are in charge of. “So the Ministry of Works is finding ways to cut the red tape with building plan applications and processes. I want to turn and say something to every developer and conrtractor in this room that has an opinion about getting a building plan approved. You submit your plans. You wait. You call. You wait some more, and if you want to build anything over 3,000 square feet in the Family
Islands, or Abaco, your plans have to be sent to New Providence. “Sometimes this means weeks of silence. That has to end. So, first, we are taking the process online so you can submit your plans. Whether you live in Marsh Harbour, Green Turtle Cay, Hope Town or Parrot Cay, anywhere in the Commonwealth, you can submit your plans online and track them at every stage and get a decision in a clear, published timeline.” Mr Sweeting, though, conceded that legislative reform and “restructuring a portion of the Ministry of Works” before this efficient, business ease-friendly future can be achieved. While he gave no specific timeline or details on the required legislation, he added: “I would hope, I would hope, that by the next Budget cycle that we will see a new, reimagined Ministry of Works that has streamlined this process. “We have already travelled to the Cayman Islands and we’ve seen how they have a full digital system there, and we would look to incorporate that in a way that developers and contractors streamline their process. “I could go on about how that increases GDP by $400m-$500m, and puts more money into the public purse, but in reality we only want to make sure the people affected by it benefit to get the process down to 60 days from application.” Mr Sweeting then confirmed that the Ministry of Works is “moving” to allow
qualified private sector engineers and architects to perform “third party” sign-offs and approvals of drawings and plans submitted for building permits. This, he added, is designed to ease the bottlenecks and delays caused by the application overload at the Ministry of Works, plus having to wait for one of the latter’s own qualified employees to do the work. “We are also allowing inspections by third-party professionals on the approved list during construction,” Mr Sweeting added. “This does not lower the bar; it just reduces the queue, and the ministry will audit and act where standards are not met. “So for developers, that means you can predict when your plans will be accepted, because every month a project sits waiting you are paying interest. For contractors, it means crews are working instead of waiting. And for architects and engineers, it means more work because, in developments, teams should be building, not waiting.” Construction industry professionals, and all their trade associations and bodies, have been crying for the reforms unveiled yesterday by Mr Sweeting for the better part of two decades. While it appears there is now some momentum to actually make them happen, many are likely to take a ‘wait and see’ and ‘believe it when we see it’ approach. Mr Myers, though, said he understood “that should
Firms warned: ‘If don’t service customer you will be replaced’ REBUILD - from page B1 service someone coming in to buy a water or something quick, that’s lost sales. That’s the big thing there. Identifying where your system falls down because of lack of
power and creating a solution to keep them active.” Victoria Albury, Leno Corporate Services’ group assistant vice-president of business development for the Northern Bahamas, told the same panel
that businesses who fail to give risk management and business continuity plans the same priority as their rivals will be outshone by the competition and, potentially, forced out of business.
happen” in 2027 in terms of digital implementation. Praising Mr Sweeting for pushing to make it reality, he told Tribune Business: “It will be a massive feather in the cap for development in the country and home owners that want to build. It’s a massive win for everyone. That means more revenue for the Government” and eases the burden for Bahamians with “capital tied-up” this area. The former Bahamas Chamber of Commerce chairman compared the “60 day” application turnaround time announced yesterday by Mr Sweeting with the present “three to six months” required to obtain a permit for a two-storey home. “It’s unconscionable that it takes that long,” Mr Myers said, while branding the changes “well past due”. Suggesting that building permit turnaround time should be “30 to 60 days max”, he added: “It just means that there will be that much more GDP development and growth. The transparency it will create - we will know what documents are signed-off on or not signed-off online. We will know our electrical is outstanding, we will know our structural needs more information, or know there are concerns about mechanical. “Because it’s an integrated system, not only will we know that. The point I made to the Ministry of Works, more importantly, is that they need to know what is outstanding. That impacts
government decisions in terms of employment, foreign direct investment, GDP growth and the economy.” Mr Myers said the building reforms, if they come to fruition, will also provide a major boost for jobs and incomes in an industry that supports many middle and lower income Bahamians and their families. “Construction and development is the number two or three industry in the country,” he added. “It’s certainly the industry that impacts Bahamians more than anything else, more than banking. Lower and middle income Bahamians are the ones that benefit more from construction than anyone else, and that’s where we should be trying to create the jobs based on the educational level…. It’s all very positive, and the sooner the better.” Mr Sweeting, addressing audience questions at the Abaco Business Outlook yesterday, reiterated that - under the current process - only architects and engineers employed by the Ministry of Works can signoff and approve building permit plans. The changes, he added, will expand this ability to their private sector counterparts. “It’ll be a limitation, so there will be a tiered structure, but they will be able to do that. It won’t have to go to the Ministry itself. It will be a streamlined process. I just wanted to touch on it today. It’ll take around a year to fully develop.”
Mr Sweeting said The Bahamas is eyeing both the Cayman Islands and Barbados building permit systems for the model it will ultimately adopt as they appear “to be the most fluid to what we need”. He added that, while the Cayman Islands requires “a third party” engineer or architect to be approved by the Ministry of Works equivalent before the final plans are signed-off, in Barbados they simply give the go-ahead and final plans then sent in. The minister, when it was pointed out that the Bahamas Building Code was last revised in 2003, said current updates are “almost finished”. He added: “We could just plug it into the new system, right. It isn’t that we need to start over. The Building Code, the new code, is almost complete and we have been working with the IDB on that.” Mr Sweeting said this was separate and apart from the building process reforms, where he reiterated: “Currently, if you apply even for a house to a big developer, it could take nine months to a year to get approved. “So we are trying to streamline that process. We will streamline that process; we ain’t going to try. We will streamline that process so that we can allow persons who want to build homes, contractors, developers to ensure that the economy grows as quickly as it should be able to.”
“You need to have resilience,” she warned. “If you don’t have the resilience, and don’t have those things in place, you will not be operational and, quite frankly, the store front down the road that has those plans in place will still be operational so it really is a necessity at this point in time that you make sure you have these things in place and protect yourself so that you are protecting all your stakeholders. Business plan is the key.” Mr Albury echoed this by warning that Abaco consumers are very unforgiving of businesses that fail to meet their needs and deliver the required service. “After Dorian, all our clients that had continuity plans in place were able to rebuild and just snap up quickly, and were operational in relatively quick time after the tragedy of Dorian. “We had other clients who, at the time, did not want to put these plans in place, did not want to spend $200-$300 now, and they didn’t bounce back. They recovered slowly. Here in Abaco, if you don’t service the customer, they will replace you. New businesses pop up that target” the very same client base with better, more reliable service. Leno’s Ms Albury, meanwhile, urged Bahamians and companies alike to change their “mindset: when it comes to succession
planning and not view this as a threat. She also called on the private sector to “open our minds” to the multiple forms of financing available for business expansion outside the Bahamian commercial banking sector, while adding that small Family Island-based firms, in particular, need to abandon “shoe box” record-keeping. “Succession planning is a big thing in my mind because I feel like Bahamian companies do not focus enough on succession planning because we are all nervous about somebody taking my job,” Ms Albury said. “We should be training our people to take our jobs, and just as our boss should be training us to take his job, and so on and so forth. “We need to get out of the mindset that succession planning is a threat to us because it really is a benefit to the business. And I also think as far as finance is concerned, people have traditionally gone to the bank for their improvements, their growth, their business expansion, whatever it may be as far as business loans are concerned. “We need to encourage people to be a little bit more creative about how they want to garner their funds for capital growth… I think that, as companies, we need to open our minds as to what financial options are
available to businesses,” Ms Albury added. “I also like to encourage young people to borrow while your business is in good standing. Get that credit going. When you need it, you’re not necessarily in good standing, and then you are going to be in a jam. So I encourage people - ‘Ms Albury, why do I need to borrow now?’ - to just do it. Even if it’s a small loan. Finance to your advantage.” As for book-keeping, the Leno executive said many businesses do not know how they are performing financially because of the poor state of their financial records. “A lot of the smaller businesses are just ‘shoe box’ record-keeping,” Ms Albury asserted. “They are not really using any proper protocol for their finances, and you don’t know how your company is doing until you measure and quantify it. “If you are just keeping receipts and saying ‘that account looked pretty good today’, that’s not a good reflection on how you are going to improve your business.” Ms Albury said she urged entrepreneurs and businesses to seek professional help, such as from qualified accountants, if it was needed and to “run receipts and see where your business is; whether it’s progressing or regressing” using computer accounting software.
National flag carrier needs ‘owner help’ over Abaco to Fort Lauderdale launch LAUNCH - from page B1 to someone and answering questions. “I wouldn’t say it’s not productive. We are sharing information, but it’s not bringing in additional revenues. Before the end of the year, we will use a Bot agent called Sophie. Sophie, it will take the calls. As you give the information as to what you are looking for, and it’s purchasing a ticket, she will send you to a [person] agent. Other than that, it will go into the system, grab the information wherever it is in the system, and give you the information. “It’s not that people are replaced. It’s just simply that aspect of it. We can do that better with an AI component. We are looking at it [AI] for both internal and external” use. Mr Cooper, meanwhile, said Bahamasair’s ambitions to partially fill the airlift void created by Silver Airways’ 2025 collapse, and to launch service between Abaco and Fort Lauderdale next year, depend on the Government and Bahamian
taxpayer providing extra finance to complete maintenance and repairs for hangar-bound aircraft. “I know everybody wants to know about Abaco to Fort Lauderdale,” he conceded. “Bahamasair wants to do Abaco to Fort Lauderdale. We’ve wanted to do it since Silver stepped down from the arena. The only issue at this particular point is we just don’t have the equipment to expand to do that at this time….. “We do have the equipment, I take that back, but it’s sitting in a hangar waiting for some help from the owners of the airline. I can say that we are in conversation with the Ministry of Finance. It was brought up in a meeting around two weeks ago, and they told us to come back with an expanded plan to see how to get those monies to get these planes out of the hangar. “We’re hoping some time in 2027 to start that route from Marsh Harbour to Fort Lauderdale.” Kerry Fountain, the Bahama Out Island Promotion Board’s executive director,
revealed that Western Air is exploring launching a route between Freeport and Abaco, and assessing possible days, times and flight durations. Mr Cooper, meanwhile, said AI is “spreading its wings into all arenas”, and not just the aviation industry, with the ticketing segment and its “offering/order market” set to be among the first areas targeted. “You have to be able to have your establishment AI-enabled, so that search engines start to pick you up,” he added. “If you are not AI enabled, that means search engines will simply step over you. AI, as it is now, searches out as many places and platforms, grabs the data and gives the answer to the person asking the question.” Mr Cooper said Bahamasair plans to upgrade its website for AI so that persons searching on it can access information about the entire Bahamas, including all its islands and the various experiences, attractions and amenities each offers.
THE TRIBUNE
Friday, September 18, 2026, PAGE 5
Gov’t seeks to attract wealthy investors to live in Bahamas LAWS - from page B1
entire process - from the first inquiry to the final approval. Applications and approvals will be managed via a single point of contact. “This concierge service will create an improved experience for investors making a genuine commitment to The Bahamas. This includes those investing in government bonds, which will grant economic permanent residency, as well as those who invest into real estate.” Mr Fizgerald signalled investments in Family Island resort and other development projects may also qualify for permanent residency. “One area of focus in my mandate is to create the certainty and attractiveness for family offices to come to The Bahamas and experience the opportunities that exist,” he added. “We want global family offices to better understand the advantages of the Bahamian experience. We will incorporate the family office experience into our Concierge Unit. But we know that to be the jurisdiction of choice, we need to ensure there is certainty for the family to establish their governance framework in The Bahamas. “We want to treat the establishment of a substantial family office in The
Bahamas as a high-value foreign direct investment project, not another business,” he added. “We will establish a framework where a family office will have a transparent and certain agreement, where expectations of the family office and the Government are agreed. A single government-facing agreement where the process of approvals is transparent, expedited and a framework that can be relied upon. “Bring the decision-making centre of your family wealth to The Bahamas. Establish real substance here. Employ people here. Use Bahamian professional and financial services. In return, The Bahamas will give you a clear Iimmigration position, a known tax and Bbusiness Licence treatment, a defined regulatory perimeter, exchange control certainty, co-ordinated government approvals and a single point of contact.” The announcements were part of a broader package of financial services reforms aimed particularly at meeting the evolving wealth-planning needs of Brazilian and other Latin American families. Mr Fitzgerald highlighted the expanded Bahamian products and tools available to
international private clients, particularly Brazilian families navigating succession and wealth structuring. The minister highlighted amendments to the International Business Companies Act at the end of 2023 that created a statutory mechanism allowing an IBC to demerge into two or more IBCs. He said the reform gives families and investment firms greater flexibility to separate assets or business activities where ownership structures, investment strategies, transactions or succession plans change. The Government also introduced the Segregated Accounts Company Act last year, expanding the use of such structures beyond regulated investment funds to areas including family wealth structuring and succession planning. A key feature of the new regime is the ability to establish incorporated segregated accounts as separate legal entities, allowing greater flexibility for transactions and governance between different family investment portfolios. Mr Fitzgerald also pointed to the Usufruct Interest Act, which was passed earlier this year and is designed to provide a legal framework for separating ownership of an
asset from rights to use, benefit from or exercise governance over it. He said regulations have been completed, and the Government expects the Bahamian usufruct regime to be fully implemented within the next month. The reforms, Mr Fitzgerald said, can be combined to provide families with multiple succession-planning options, including the use of demergers, segregated accounts, usufructs and trusts. “We haven’t stopped there,” the minister added, describing the reforms as part of an ongoing effort to adapt The Bahamas’ financial services offering to changes in the Brazilian market. Mr Fitzgerald said the jurisdiction’s proximity to major markets, political and economic stability, common law framework and concentration of financial services professionals remain key strengths, but argued that continued innovation is necessary to maintain its position in international wealth management. “Our stability comes from our willingness to innovate,” the minister said. “We change our laws and our services as conditions change, and that is precisely what has kept the industry steady for so long.”
Tourism operators told: ‘Optimise’ websites for AI searches trend
be falling short because the competition is stiff and it is becoming even stiffer now with the advancement of AI and technology,” Mr Miller said. He added that Google searches for information are set to increasingly be replaced by Chat GPT and other AI-related search engines. “The short answer is that you have to refit your website so that it answers the question,” Mr Miller added. “If you are familiar with Chat GPT or AI-related bots, and you are not coming up on their searches, you are missing out on opportunities.”
Mr Miller said the Ministry of Tourism is presently developing its own data colllation platform to give industry stakeholders access to the latest data and analysis. “We need to be in a better position to know exactly where our hardearned dollars can be spend more efficiently to generate hard-earned business in this fierce and more competitive landscape as it relates to tourism marketing,” he added. The Ministry of Tourism is developing “a new state-of-the-art” platform as a resource that will allow Bahamian tourism
operators to data that will “make your business much smarter”. But Mr Miller added: “I would impress on everyone to take a step and look internally at what you collecting as primary data.” Explaining that he was referring to guest e-mail addresses and contact information, as well as website data, Mr Miller reiterated: “If your website is not optimised for AI, and you are not working to optimise it for AI as it is now, you will be missing out on considerable opportunities when persons are searching for knowledge.”
in The Bahamas, and help shepherd them through the approvals and permitting process, as part of a drive to encourage more of these individuals - as well as the family offices that manage their affairs - to relocate to this nation. “Our reforms for the private client extend beyond corporate structures and solutions. We are looking to plan for the family unit itself. We understand that many of our clients are global, and many require certainty in tax status. We are implementing a tax residency programme to ensure that we meet this demand,” Mr Fitzgerald said. “We have completed the draft legislation required to implement the Bahamas Tax Residency Certificate. It will soon go before Parliament, as we move swiftly to bring this new law into effect. “Ninety days in the country during a calendar year will make a person eligible to apply, and those 90 days do not have to be concurrent. A globally mobile family, or retirees, can live the way such families actually live, moving through the year across several countries, and still have the
DATA - from page B1 have to be patient, and you have to sell it.” The Government created two new classes of cruising permit fees - one for shortterm stays of 30 days or less, and the other covering six months or less. The 30-day fees for vessels less than 50 feet in length are between 50-70 percent lower than those associated with the pre-existing one-year permit. Besides the two new cruising permit categories, the Government also sought to clear-up confusion over whether the anchorage fees implemented with the 2025-2026 Budget apply to both vessels docked in marinas or those anchored out. Materials issued to
certainty for tax residency in The Bahamas.” Under the proposed regime, individuals who spend at least 90 days in The Bahamas during a calendar year would be eligible to apply for tax residency, with the days not required to be consecutive. The tax residency certificate initiative has been mulled under successive administrations for more than a decade, but never been brought into effect. It would certify a resident’s genuine and legitimate physical presence in The Bahamas, confirming that they pay taxes in their nation, and thus affirming compliance with the tax laws of their birth country and others where they may have homes. Pledging to, in effect, roll out the ‘red carpet’ for its targeted wealthy investor market, Mr Fitzgerald added: “We want to ensure that those who want to come to The Bahamas, to invest in The Bahamas, are given the attention and certainty that they deserve. Looking ahead, we are also preparing to launch the Bahamas Invest Concierge Unit. “When your client decides to invest in The Bahamas, the Bahamas Invest Concierge Unit will guide them through the
Customs officers plainly state that these fees must only be paid by the latter, adding: “Only pleasure vessels entering that are not docking at a marina are subject to anchorage fees.” The Government in June revised the anchorage fees to incorporate the two new cruising permit categories, with the charges based on length of vessel and stay. For example, foreign pleasure vessels less than 30 feet in length - and cleared into The Bahamas on a 30-day cruising permit - will pay a $50 anchorage fee. That is just 25 percent, or one-quarter, of the $200 that boats with a 12-month permit, and less than 50 feet in length, will pay. The reductions are even greater the larger the vessel is, with boats 100 feet or more
Opposition probes National Investment Fund spending OVERSIGHT - from page B2 view we were authorised by the resolution of Parliament on March 10, 2025, which allowed us to raise some money and, if you read the resolution, it said specifically for infrastructure and development,” Mr Halkitis said. “And so, it means that we were within the law, the exercise of the law. They have a different opinion.” #Mr Pintard and the Opposition have charged, though, that the resolution referred to by Mr Halkitis only gave the Government permission to borrow to raise monies for the Fund.
They argue it does not give authority to place the $265m in the Fund, as all borrowings have to be deposited in the Consolidated Fund according to the constitution, nor spend it unless there is a parliamentary appropriation. However, Mr Halkitis yesterday said the Attorney General’s Office and government advisers are now working to finalise the Fund’s regulations and bodies such as its investment committee. “We recognise that there are some administrative things that need to be completed and we are going to
Over Yonder warns of vessel disruption ROSEWOOD - from page B2 by ISO tank, and alleged that larger fuel barges of the kind proposed to service Rosewood Exuma cannot safely navigate the area’s tides, winds and narrow channels. “It’s too dangerous. It just doesn’t work,” he said. The resort, which employs 24 full-time staff, 22 of them Bahamian, has won multiple World Travel Awards, including
Share your news
Best Caribbean Island, Best American Island and Best Boutique Villa, and is nominated for Best Private Caribbean Island in 2026. Mr DeAcetis said guests typically charter the island for a minimum of four nights, often a week and sometimes as long as a month, in visits that support local hiring, local fishermen and vendors, and significant VAT payments. Increased noise and vessel traffic, he said, “is going to diminish
in length paying a $200 anchorage fee on a 30-day permit - a sum that is less than one-seventh of the $1,500 paid for a 12-month stay. Meanwhile, Andre Miller, the Ministry of Tourism’s executive director of global communications, warned the same conference that Bahamian resorts, attraction and excursion providers and other tourism operators will increasingly lose business and get left behind if they fail to configure their websites such that they are not easily picked up by AI-related searches. “If your website is not optimal for persons to find what it is you are trying to export in terms of sales, experiences, and so on and so forth, you are going to complete them,” he added, “so we look forward to answering all the questions so the public have all the benefits of it. #“We did say in the statement that, in the absence of completion of all the administrative procedures, the Ministry of Finance within its powers under the Public Finance Management Act was acting.” Asked when the process of operationalising the Fund will be completed, Mr Halkitis replied: “We are looking to do it as soon as possible; definitely before the end of the year. #“I don’t want to give you an exact time, but we are meeting now and working quickly. We are going to put this behind us.” their experience and could mean that we’ll lose business, because it won’t be the best experience that they were expecting”. Mr DeAcetis argued an alternative would be to relocate Rosewood Exuma’s supply dock through one of two existing marinas on the south side of Sampson Cay. Under cross-examination, Mr DeAcetis acknowledged that Over Yonder had itself dredged a small basin on its own property to create a loading area, and confirmed the resort disposes of sewage through septic systems and garbage by barge to Nassau.
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.
PAGE 6, Friday, September 18, 2026
THE TRIBUNE
Regulators focus on Adequacy of capital COVERAGE - from page B3 However, the storm also exposed a significant protection gap. Industry estimates at the time indicated that 40 to 50 percent of property owners in affected areas had no insurance coverage, while around 75 percent of insured property owners were under-insured. That gap remains a focus of the Commission’s regulatory strategy alongside climate risk and risk-sensitive capital. Ms Rolle said the IAIS has also identified natural
catastrophe protection gaps as a financial stability concern because uninsured losses can ultimately affect banks, governments and other parts of the economy. “The risk does not vanish; it migrates,” she said. The Commission has also begun treating climate risk explicitly as a financial risk, Ms Rolle said, following a market survey and climate-related risk management guidance issued last year. The guidance places climate risk within insurers’ Board oversight, enterprise risk management, scenario analysis and
reinsurance planning, while Commission examiners are checking whether insurers are actually applying those measures. The Commission’s expanded presence in the north is intended to strengthen that regulatory capacity closer to the communities most exposed to catastrophic risk. It opened its Freeport office at Pajaro House on West Mall Drive in May 2025, creating a northern base for Abaco, Grand Bahama and other Family Island policyholders. Ms Rolle said the office gives residents a place to
raise questions about policies, claims and licensed insurance professionals without having to rely solely on Nassau. Looking ahead, affordability remains another major concern as catastrophe reinsurance costs have increased following major losses globally, including Hurricane Dorian. Ms Rolle said the regulator cannot control reinsurance prices in international markets but can ensure that the capital supporting Bahamian policies is genuine and that risks are being properly measured.
Housing and skills impact labour market
Abaco potholes ‘bunker busters’
SKILLS - from page B3
potholes are the equivalent of “bunker busters”. Another resident, Glenda Knowles, also appealed for attention to deteriorated sections of the Treasure Cay SC Bootle Highway, particularly areas near Joe’s Creek and Rubis. Mr Sweeting acknowledged the pressure being placed on the limited number of contractors currently handling Family Island roadworks. The infrastructure programme extends beyond roads, with the Government also advancing several dock projects intended to improve transportation, fishing and cargo connections between Abaco and its surrounding cays. On Moore’s Island, more than $8m is being invested in a new vehicle-rated mailboat dock, improvements to fishermen’s docks at Hard Bargain and The
“If we can incorporate something in the education system where the internship is ongoing, it’s a part of the curriculum where they can get work experience while they are in school, when students graduate, them going on a job that should not be their first time gaining some work experience,” Ms Pratt said. She said employers should have a direct role in shaping job-readiness programmes so that training reflects actual vacancies and skills shortages within businesses. Ms Pratt also pointed to soft skills, including communication, teamwork, customer service and resume preparation, as areas where some young workers require greater preparation. She said job readiness programmes must also evolve alongside technology, particularly as artificial intelligence (AI) becomes increasingly relevant to the workplace. They all ultimately called for a more co-ordinated approach to workforce
development in Abaco, rather than isolated efforts by individual employers, educators or Government agencies. Ms Davis said Abaco should develop a dedicated workforce development plan bringing together government, educational institutions, employers and other stakeholders to identify the skills the island needs and establish how those workers will be trained. Ms Lightbourn likewise stressed that collaboration must be intentional and continuous, while Ms Pratt warned against allowing the same workforce development concerns to remain unresolved for years. “Five years from now, I don’t want us to be coming back here and talking about these same things again, and nothing is started,” Ms Pratt said. She called for an overhaul of education and for training to begin immediately, while offering corporate training programmes to Abaco businesses in areas such as customer service and workforce development.
NOTICE OF APPLICATION (pursuant to section 23 of the Natural Gas Act, 10 of 2024, Statute Laws of The Bahamas) NOTICE is hereby given that RenugenPro Ltd. has made applications to the Utilities Regulation and Competition Authority (“URCA”) for licenses to: import liquefied natural gas (“LNG”) (commercial) and operate LNG terminals. The applications are made with the object of licensing and regulation of the Applicant’s activities for the import of LNG and the operation of LNG Regasification Terminals at (1) Cat Island (2) San Salvador and (3) Long Island. The applications can be inspected by appointment at the Applicant’s office at No. 138 Robinson Road, New Providence, The Bahamas. Any objections to the applications must be made on or before the 16th October, 2026 and shall be made by Affidavit and solemn declaration to be submitted exclusively to URCA’s office located at Frederick Street, Nassau, New Providence, The Bahamas. Dated the 14th day of September, 2026 Italia C. Chambers Attorney for the Applicant No. 36 Nassau Street New Providence, The Bahamas
UPGRADES - from page B3
Bight, seawalls and solar lighting. The project is approximately 65 percent complete. At Green Turtle Cay, more than $3.3m is being spent to rebuild the Government mailboat dock, including a new ramp allowing vehicles and cargo to roll directly on and off vessels. Construction has started, with completion expected during the fourth quarter. The Government is also moving ahead with repairs to Dorian-damaged ferry docks at Treasure Cay, White Sound and Hope Town. Mr Sweeting said strengthening those connections is essential to ensuring economic activity reaches the wider Abaco district. “If we want the cays to grow, we have to strengthen the connections between them,” he added. Airport infrastructure is also receiving attention, with Mr Sweeting pointing
She also argued that stronger building standards and resilience could eventually be reflected more precisely in insurance pricing, potentially creating financial incentives for property owners to reduce their exposure. For policyholders, Ms Rolle urged them to obtain updated valuations, review their policy schedules and exclusions, assess coverage for contents and equipment, understand business interruption triggers and indemnity periods, document their possessions and verify that agents, brokers
and adjusters are licensed by the Commission. The broader objective, she said, is to ensure the insurance sector has the technical capacity to withstand the next major shock. “Insurance works by spreading risks across people who will not suffer all at once. A pandemic breaks that,” Ms Rolle said. For The Bahamas, she added, a major hurricane can create a similar concentration of risk, making actuarial expertise, climate modelling, capital adequacy and reinsurance increasingly central to the country’s financial resilience.
to recent and planned improvements at Treasure Cay Airport and increased activity at Marsh Harbour Airport. Safety upgrades at Treasure Cay Airport were completed last year, while plans are underway for a new Treasure Cay Airport. The minister also said more movements are coming to Marsh Harbour airport as Abaco prepares for increased visitor and investment activity. “Our airports are Abaco’s front door,” Mr Sweeting said. “If we want more visitors and more investment, the front door has to be in good shape.” The Government is also continuing work on drainage and resilience measures across the island, particularly in low-lying communities. Mr Sweeting said the Ministry, working with local government, stepped up drain clearing across Abaco last September, with particular attention paid to areas including Marsh Harbour. He said the infrastructure programme must ultimately ensure that Abaco’s development does not outpace the roads, ports, water systems and other
infrastructure required to sustain it. “The question now is how do we make sure development doesn’t run ahead of the roads, the ports, the water, and the power needed to sustain it,” Mr Sweeting said. He also stressed the importance of ensuring Abaco businesses and contractors benefit directly from the Government’s infrastructure spending through jobs, equipment purchases and opportunities to develop local skills. “Ultimately it helps to build an economy that is more capable of building for itself,” he said. Mr Sweeting said the Government’s focus has shifted from planning for Abaco’s recovery to strengthening the infrastructure required for its next phase of growth. “In 2024, we talked about a plan, and today I can point to work you can see with your own eyes: roads being paved, docks being built, and water lines going in,” he said. “We planned for success, and now we are strengthening the foundation that success will stand on.”
US stocks rally to their best day in 6 weeks after oil prices and bond yields ease By STAN CHOE AP Business Writer THE U.S. stock market rallied to its best day in six weeks Thursday after falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its moves from the prior day. The S&P 500 jumped 1.1% for just its second rise in the last nine days. The Dow Jones Industrial Average added 316 points, or 0.6%, and the Nasdaq composite climbed 1.7%. Stocks got a boost after the price for a barrel of Brent crude oil slid 1% to settle at $104.82. That’s down from the nearly $110 it reached earlier in the week on worries that the war with Iran will keep oil bottled up in the Middle East instead of going to customers worldwide. Brent is of course still much more expensive than the $72 per barrel that it cost earlier this summer, but Thursday’s drop helped pull yields lower in the bond market and removed some pressure on stocks. The yield on the 10-year Treasury fell to 4.93% from 5.01% late Wednesday. Higher yields make it more expensive for everyone to borrow money,
TRADERS work on the floor at the New York Stock Exchange in New York, Wednesday, Sept. 16, 2026. Photo:Seth Wenig/AP from the U.S. government to people looking to buy houses to businesses wanting to build data centers. That in turn slows the economy. The Federal Reserve on Wednesday raised the short-term interest rate that it controls, the federal funds rate, by a quarter of a percentage point for its first hike in more than three years. Officials also signaled they may raise the federal
funds rate one more time this year as they try to get the nation’s high inflation under control. The signals sent Wall Street on a roller coaster. Stocks initially remained higher for the day after the Fed made its announcement Wednesday. They then slid sharply before recovering a chunk of the losses before trading ended. On the upside for markets, the shift to higher interest rates built confidence that the Fed is committed to getting inflation back to its target of 2%. Questions had begun to bubble earlier about whether it would feel pressure from President Donald Trump, who is calling for lower interest rates. And the short-term cost of pain for the economy could be worth it if it gets inflation under control following years of its staying too high. On the downside for markets, higher rates undercut prices for stocks and other investments. When investors earn more in interest from bonds, which are considered safer investments, they’re less willing to pay high prices for other investments. That’s beyond the slowing effect that higher rates have on the economy in hopes of removing fuel for inflation.
Some reports on Thursday signaled the U.S. economy may be strong enough to withstand higher interest rates. One said fewer U.S. workers applied for unemployment benefits last week. Another said that manufacturing growth in the mid-Atlantic region was stronger than economists expected. Fed Chairman Kevin Warsh said Wednesday that a strengthening economy is one of the reasons Fed officials moved to raise interest rates after keeping them on hold earlier this year. He also cited “geopolitics,” along with the threat that the increases in prices it’s causing could filter out and push up inflation elsewhere. That’s likely a nod to the war with Iran and its effect on oil prices. On Wall Street, stocks in the artificial-intelligence industry continued to rebound following their worldwide slide on Monday. Nvidia climbed 2.5%, and Advanced Micro Devices rose 6.4%. That was even though OpenAI disclosed six more reports of “unexpected or concerning” behavior in AI models. Leaders of the AI industry over the weekend called for a slowdown in development to address safety issues for humanity
THE TRIBUNE
Friday, September 18, 2026, PAGE 7
A global AI safety strategy depends on US-China cooperation. They each see the other as the problem A VISITOR stands near a display about AI during the World AI Conference in Shanghai, China on July 17, 2026. Photos:Ng Han Guan/AP
By CHAN HO-HIM AP Business Writer AS concern rises over the risks of artificial intelligence, hopes for any kind of global approach depend on cooperation between the U.S. and China — superpowers that seem only to be more skeptical of each other’s AI strategy. AI governance is expected to be on the agenda in a meeting planned for next week in Washington between President Donald Trump and Chinese leader Xi Jinping. The topic has gained urgency in both countries, with American tech leaders saying that averting worstcase scenarios for rogue AI depends on a degree of cooperation with China. But both countries are vying for a decisive advantage on AI, with Trump warning that any efforts to regulate the technology would help China. That sets up a meeting in which any agreements might be superficial but a possible start to something larger. “A formal agreement or consensus may be near impossible, but they do not need to go that far,” said Samm Sacks, a senior fellow at the Johns Hopkins School of Advanced International Studies’ Institute for America, China, and the Future of Global Affairs. “Trump and Xi just need to create political space by acknowledging AI poses risks to both countries.”
China and the US are increasingly at odds on AI Trump has pushed back on calls to strengthen regulation of the technology, claiming that doing so could cause China to eclipse America on AI. He has repeatedly declared that the nation that leads on the technology “wins.” “We are leading China, and all others,” Trump said Monday on social media. The two countries are moving the technology forward in different ways. U.S. companies are chasing AI frontiers with computing power supported by cutting-edge chips and the
WORKERS station at the booth for Chinese Ai company Minimax during the World AI Conference in Shanghai, China on July 17, 2026.
NOTICE NOTICE is hereby given that I ANGELA MARIA CHAVES VEGA of Love Beach Walk Apartment #3 West Bay Street, New Providence, 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 18th day of September, 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 I ROLF FRANCOIS of East Street, South, New Providence, 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 twentyeight days from the 18th day of September, 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 I ISLANDE JESPERE of Crooked Island Street, New Providence, 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 11th day of September, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
country’s rapidly expanding data center infrastructure. China is pursuing wide global adoption of its opensource, more affordable models. Chinese AI models have made major advances and gained traction with American companies even as U.S.-led restrictions bar China from getting the world’s most advanced AI chips. While most American frontier models are closedsource, with their design elements kept secret, U.S. Treasury Secretary Scott Bessent said Tuesday the U.S. needs to develop more open-source models to counter China. The U.S. has accused China of “aggressive, malicious” efforts to extract capabilities from American AI systems. China has hit back, accusing the U.S. of trying to suppress Chinese companies so it can build a “monopoly of the AI industry.”
David Sacks, a top AI adviser to Trump, said that China has “already rejected” slowing down the pace of developing the most advanced forms of AI. He said on Fox News’ “The Ingraham Angle” that unlike the nuclear tensions with the Soviet Union during the Cold War it would be impossible to verify whether China honored any AI commitments. “In this case, we don’t have trust and we can’t verify,” Sacks said. “So let’s not be foolish about this and just hand the whole ball game to China.” Still, those with ties to the Chinese government see coordination on AI as helpful. At an annual security and defense conference in Beijing, Cui Tiankai, a former Chinese ambassador to the U.S., said Tuesday that AI is an area where “we should go ahead and build up” dialogue between Beijing
and Washington. “Because there is a need, a growing need, for cooperation,” he told the Xiangshan Forum. “So how can we manage the balance?” American AI leaders call for keeping China in check — and cooperating with China Two leading American AI companies, Anthropic and OpenAI, each restrict access in China and have said the U.S. has a national security imperative to protect its lead on AI technology. But they also have called for cooperation with China to manage safety. In his essay last weekend calling for a slowdown of AI development for safety reasons, Anthropic CEO Dario Amodei said the U.S. should slow China’s progress, including keeping up U.S. restrictions on China’s purchases of the world’s most advanced AI chips. He also added, however, that “global pacing will require cooperation with China, the autocratic country with by far the most advanced AI capabilities.” His essay quickly drew criticism from Beijing, with China’s Ministry of Foreign Affairs saying on Monday that “fearmongering, confrontation and vicious competition will only disrupt the process of global AI governance which serves no one’s interest.” China’s state-run Global Times newspaper went further, calling his remarks “packed with containment provisions targeting China and is, in essence, a ‘Cold War playbook’ for the AI sector.” Trump has consulted with Nvidia CEO Jensen Huang,
even calling the maker of the world’s most advanced computer chips in the middle of a Monday podcast interview. Nvidia has generally favored some chip exports to China as a way to create an American ecosystem for the technology and a more open relationship on AI given the number of researchers in China. Both countries have been alarmed by emerging AI capabilities In both the U.S. and China, AI’s increasingly powerful capabilities have alarmed top officials and policymakers. The head of China’s Ministry of State Security, its spy agency, warned in an article Sunday that AI poses many threats to the country, from political and ideological security to cyberattacks. In the article, Chen Yixin argued that AI could threaten China’s political and ideological security if used by those “with ulterior motives,” while singling out Anthropic’s and OpenAI’s powerful AI models. It said they could be used to “weaponize” cybersecurity vulnerabilities and threaten China’s critical information infrastructure. Several other recent AI-related events were also causing concern in China when it comes to AI governance. That includes a U.S. security firm’s recent discovery of AI vulnerabilities in WeChat, China’s key messaging app that also offers payment services among other functions, said Paul Triolo, a partner at DGA-Albright Stonebridge Group.