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Shareholders Applaud Bank Execs, Directors at AGM for $53 Million Profit Commonwealth Bank ‘Most Profitable of All Banks’ Execs tell Shareholders

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Nassau, 22 Jun 2015 – For the second consecutive year, Commonwealth Bank reported it was ‘the most profitable of all (retail) banks’ with net earnings of $53.3 million, $16 million higher than its nearest competitor and up from $48.7 million over the year before.

That news of a 7% increase in profits topped a list of positive performance figures for fiscal 2014 reported by the bank at its annual general meeting at SuperClub Breezes May 27, a standing room only event with the crowd applauding and breaking out in cheers more than 30 times.

“Commonwealth Bank continues to be the leader in personal banking services and remains focused on personal banking,” Chairman William B. Sands, Jr., told the packed room, noting that other banks were now “placing more emphasis” on the personal banking platform that has been the core of Commonwealth Bank’s business model. Commonwealth Bank has built its reputation and its success on granting consumer loans for purchases, education, medical and special purpose applications, reducing the risk associated with hefty capital commercial lending and enhancing loyalty. Its average loan value is $17,155.

This was the third time in four years that Commonwealth Bank’s profits exceeded $50 million, profits it has shared with shareholders since it went public with an oversubscribed share offering in 2000. With more than 6,000 shareholders, Commonwealth Bank is the second largest publicly-held company (largest publicly held financial services company) in The Bahamas and accounts for 22% of all trading on the Bahamas International Securities Exchange (BISX). In 2014, the bank paid $.06 per share in quarterly dividends plus an extraordinary dividend for a total of $.30 per share. Equity earnings per share were $0.49.

In other performance figures, the bank reported gross revenues of $139.3 million and total assets of nearly $1.5 billion. The bank’s efficiency ratio, 48.4%, was the sole declining indicator, a result, said AVP & Group Financial Controller, Mrs. Gladys Fernander, of a $5 million increase in business license fees and an increase of 85% in fees overall.

Despite those increases, the bank maintained its commitment to community with contributions totaling $400,000, much of that going to education, including a long-standing partnership with the Ministries of Education and Social Services to provide school backpacks and supplies for thousands of students. The bank’s outreach stretches from the youngest child to the aged in a senior citizens’ home, from the teen mother who wants to earn her high school diploma and find employment to the college student benefitting from a scholarship for future leaders of The Bahamas.

Like other financial institutions, the bank’s internal focus was on managing lending and curtailing bad loans during an economy that continues to be challenging. That focus paid off. Tougher lending restrictions and more stringent collections resulted in a substantial reduction in loan loss impairment with total write-offs of $28.4 million, an 18.6% improvement over 2013 when the bank reported $34.9 million in write-offs. Both years placed Commonwealth Bank’s loan losses far below competitors’ and shareholders were reminded that while some banks in The Bahamas announced in 2014 that they were closing branches, Commonwealth Bank had expanded services and hours and now offers Saturday banking in six locations.

Non-interest income, mostly earned from its subsidiary Laurentide Insurance & Mortgage Co Ltd, stood at $14.5 million.

Total capital was reported at year-end at $294 million, exceeding regulatory requirements by 64% and contributing to share value. Market capitalization rested at $732.4 million and the bank paid out $30 million in dividends.
The domestic capital market responded to those positive performance indicators driving share value up 8.5% in 2014 to close at $7.50.

In looking toward the future, the chairman said Commonwealth Bank would maintain its interest in the consumer market, control loan growth, continue to improve its efficiency in operations as well as in collections and recovery, and devote resources to staff development and succession planning. He hinted at changes in the long-serving board of directors, some of whom have served for more than 30 years. Mr. Sands also said the bank would not be constructing or opening any new branches in the coming year, but would introduce a chip enabled VISA debit card and would also enhance its international MasterCard products with the high-security, chip- enabled card in 2016, to complete its array of MasterCard/SunCard offerings. This represented a significant investment for the Bank.
Given continuing high unemployment and slow growth, Mr. Sands said, cautious optimism will guide the economic outlook until BahaMar opens.

And, according to Commonwealth Bank President Ian Jennings, in such a challenging and competitive environment, “it is critical for service-oriented businesses like Commonwealth Bank to focus on constantly upgrading how they interact with customers, how fast they respond, how well they develop products consumers need.
“We have no foreign parent, we have to protect ourselves, our staff and our shareholders,” said Mr. Jennings, “That is why we take a conservative approach. We never lose sight of the fact that we are a Bahamian bank for every Bahamian and we want you to know that your all-Bahamian bank was once again the first choice of Bahamians for personal banking services and the top performing bank in The Bahamas.”

Shareholders returned the Board of Directors unanimously. Those directors include William B. Sands, Jr., Ian A. Jennings, Rupert W. Roberts, Jr., Roland C. Symonette, Vaughn W.T. Higgs, George C. Culmer, Earla J. Bethel, Larry R. Gibson Marcus C.R. Bethel and Robert D.L. Sands.

Commonwealth Bank with more than 525 employees operates 11 branches in New Providence, Abaco and Grand Bahama. A record crowd of nearly 500 persons attended the annual general meeting for the year January 1 – December 31, 2014.

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CARICOM – A Regional Club With Benefits; Turks & Caicos Wants In

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Turks and Caicos, March 18, 2026 – Public reaction across the Turks and Caicos Islands was immediate and, in some cases, heated after the Government confirmed in the House of Assembly on Friday, March 13, that it is exploring a move from Associate Member to full member of the Caribbean Community (CARICOM).

The announcement, delivered by Acting Premier and Minister of Immigration and Border Services Jamell Robinson, sparked strong concern among residents, particularly over fears that full membership could require the territory to accept free movement of labour or weaken its immigration controls.

Social media commentary over the weekend questioned why there had been no public consultation and whether the move signaled a shift in the country’s political direction.

However, a review of the official statement and follow-up remarks made by Robinson this week shows the proposal is not sudden, is not final, and would require approval from all fifteen CARICOM member states before the Turks and Caicos Islands could become a full member.

NOT A NEW IDEA

In his ministerial statement to Parliament, Robinson confirmed that discussions about full membership have been taking place within regional forums for some time.

“As an Associate Member of CARICOM, the Turks and Caicos Islands also participated in caucus meetings and discussions among Overseas Territories and Associate Members regarding regional cooperation and the continued advancement toward full membership within the CARICOM Community,” he told the House.

He added that full membership would allow the territory to engage more directly in decisions affecting the region.

“Full membership in CARICOM would present meaningful opportunities for the Turks and Caicos Islands. It would strengthen our ability to engage more fully in regional decision-making… and ensure that the Turks and Caicos Islands is better positioned to benefit from collective advocacy and coordinated action on issues of common concern.”

The idea of deeper integration is not new. Since the return of elected government in 2012, successive administrations have promoted stronger ties with CARICOM.

Former Premier Dr. Rufus Ewing regularly attended Heads of Government meetings and spoke openly about the importance of regional cooperation, even suggesting that long-term political development for the territory would likely place it closer to the Caribbean than to Britain.

Premier Sharlene Cartwright-Robinson also maintained active participation in CARICOM during her term, focusing on security cooperation, economic recovery, and regional partnerships, though her administration did not pursue full membership.

Under the current administration, Premier Charles Washington Misick has repeatedly said stronger regional integration is necessary for economic stability, security cooperation, and food supply resilience.

FREE MOVEMENT FEARS ADDRESSED

Much of the public backlash centered on the belief that full membership would force the Turks and Caicos Islands to accept the CARICOM free movement of labour provisions.

Speaking Monday to Cheryl Forman, host of First Edition on Radio Turks and Caicos, Robinson said that is not the position being taken by the Government.

“We’re looking for full membership, and just to be clear right off the bat, the Turks and Caicos is not looking to sign on to the free movement of labour portion of the Revised Treaty of Chaguaramas,” he said.

He noted that other British Overseas Territories and even some CARICOM members have negotiated exemptions.

“Just like Bermuda, just like the BVI… The Bahamas did not sign off on that portion. Free movement across the region does not even exist in the way people think. It applies only to certain skills and professions.”

Robinson stressed that any agreement would be negotiated and would not remove the territory’s ability to control immigration.

“The full membership process isn’t going to be a case where we lose our ability to determine our immigration and labour policies. Those are things that will form part of our negotiated position.”

WHY GOVERNMENT WANTS FULL MEMBERSHIP

Robinson outlined several reasons the administration believes deeper integration could benefit the territory.

One argument is that Associate Members can participate in discussions but do not have voting power.

“You can think of it as being part of a club. As an associate member, you don’t get all the benefits. You can sit in the room, but you don’t always have a final say in decisions that may impact you.”

He also said regional partnerships have already proven critical in national security.

“If it were not for the ability of our Premier to pick up the phone and speak to Prime Minister Davis in The Bahamas and Prime Minister Holness in Jamaica, our crime situation would be completely different,” Robinson said, referring to the deployment of tactical officers from both countries to assist local police operations.

He added that closer ties could also help reduce the cost of living through regional trade.

“In some cases, the very same products we import from the United States originate in the Caribbean, go to the US to be repackaged, and then come back to us. If we can trade more directly within the region, that could help bring down prices.”

Robinson also pointed to discussions within CARICOM about improving regional shipping, food production, and transportation links, including plans for Guyana to become a major agricultural supplier for the region.

NOT A GUARANTEE

Despite the public debate, Robinson emphasized that full membership is not automatic.

Any application must be negotiated and approved by all CARICOM member states, meaning the Turks and Caicos Islands cannot simply decide to join on its own terms.

That reality, he said, is why the Government is still developing its negotiating position, including work on population policy, immigration strategy, and labour planning before any final step is taken.

The debate now unfolding across the territory reflects more than a policy proposal.

It highlights a deeper question that has existed for more than a decade — whether the future of the Turks and Caicos Islands lies primarily with the United Kingdom, or increasingly with the Caribbean region to which it is geographically, economically, and culturally connected.

For now, full CARICOM membership remains only a possibility — but one that has clearly stirred strong emotions in a country still deciding how far regional integration should go.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Gut Health Linked to Lower Colorectal Cancer Risk According to Cleveland Clinic Dietitian

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March 19, 2026 – March is Colorectal Cancer Awareness Month, a time dedicated to highlighting the importance of prevention and early detection of one of the most common cancers affecting both men and women, according to the CDC.

March is Colorectal Cancer Awareness Month and according to the CDC, colorectal cancer is the third most common cancer for both men and women.

The good news is there are ways to help prevent it, like improving your gut health.

“A healthy gut and a diverse microbiome help decrease inflammation, and chronic inflammation we know can lead to increased risk of cancer, specifically colorectal cancer,” explained Julia Zumpano, RD, registered dietitian at Cleveland Clinic.

Zumpano said we can help improve our gut health by improving our diet.

She recommends eating foods that are high in fiber, such as whole grains, fruits, vegetables, legumes, nuts and seeds.

She also suggests adding fermented and probiotic foods into your diet. Some ideas include yogurt, kefir, kimchi and sauerkraut.

Zumpano notes that it can be overwhelming to eat a bunch of new foods at once, which is why it’s best to make a gradual transition.

“I would first begin by reducing processed foods and incorporating more fiber rich foods. And you’ll see your gut symptoms improve. So, if you have any symptoms like constipation or diarrhea, those things should improve. Now if you’re finding that you’re having gastrointestinal symptoms that aren’t going away despite making positive health changes, that’s when you should seek medical attention,” she advised.

Besides keeping a healthy diet, Zumpano said it’s also important to make sure you’re getting enough physical activity as exercise has been shown to help reduce a person’s risk for colorectal cancer.

By focusing on small sustainable lifestyle changes such as eating a fiber-rich diet, supporting gut health and staying physically active, people can take meaningful steps toward lowering the risk of colorectal cancer and improving their overall health.

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Caribbean News

Fighting the fungus foe of the beloved banana

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How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

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