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Economy ‘rebounding’ after years of weak/negligible growth

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#Bahamas, April 4, 2018 – Nassau – The Bahamian economy continues to rebound after many years of weak if not negligible growth, Prime Minister, Dr. the Hon. Hubert A. Minnis told Parliament Tuesday (March 20).  The economy grew by 1.8 per cent in 2017.  This year, a 2.5 per cent growth is expected.

Wrapping up debate on the Mid-Year Budget in the House of Assembly, Prime Minister Minnis said the Bahamian economy shrank from $10.7 billion to $10.2 billion during the years 2012-2016, a decline of $500 million or 4.7 per cent.  Prime Minister Minnis said the key driver of that decline was a sharp reduction in fixed capital formation, or investment, which over the same period fell by more than $600 million.

“That comprised a decline in spending on buildings and infrastructure of over $400 million and a fall in spending on machinery and equipment of some $200 million,” Prime Minister Minnis said.

In contrast, total consumption expenditure grew by almost $140 million and exports rose on the order of $175 million.  Imports rose by $250 million.

Prime Minister Minnis said these developments “are especially worrisome for it is generally acknowledged that buoyant investment is critical to stronger, sustained, long-term growth.”  The Prime Minister said Administration officials have been working hard since being elected to office ten months ago to tackle the country’s economic and fiscal challenges.

“In the ten months since coming to office, we have begun to implement our vision for the future, with concrete action plans underpinning this vision.  The key messages that were presented in the Mid-Year Budget Statement reflect both the work that we have undertaken to date, and our approach to tackling the economic and fiscal challenges going forward.

“It is evident for all to see, that our domestic economy, while rebounding gradually from many years of weak if not negligible growth, is still performing well below its potential,” Prime Minister Minnis added.

Prime Minister Minnis said if one was to take a look at the Bahamian economy over the past five years – both in absolute terms and relative to other economies – the economy has been poor.  The Bahamian economy “shrank in real terms” in 2013 by 0.6 per cent. It contracted again in 2014, by 1.2 per cent.

“The year 2015, was even worse with a further decline in economic activity of 3.1 per cent,” Prime Minister Minnis continued, “finally, in 2016, our economy stopped shrinking, but posted only negligible growth of 0.2 per cent.”

Prime Minister Minnis said over the years, there was “little surprise” with the relatively close correlation between the rate of growth of the U.S. economy and The Bahamas’ rate of economic growth as the USA “is by far our most significant trading partner.”

“However, following the great recession of 2008-2009, that correlation has broken down and the performance of The Bahamas’ economy has been much weaker than that of the U.S. As well, as was documented in the last IMF Article IV Staff report, our economic performance has also lagged significantly behind that of both the other Caribbean tourism intensive countries and non-Caribbean Small States.”

Prime Minister Minnis said “based on experience and looking ahead” Administration officials must focus the country’s policy interventions on influencing the key factors that underpin the rate of potential growth, including the quantity and quality of capital, “if we wish to successfully and meaningfully, enhance the potential growth rate of our economy.”

“On the capital front, it is vital that we achieve higher rates of saving and investment domestically as well as promote The Bahamas as an attractive locale fort strategic foreign direct investment.

“To those ends, we are striving to enhance the business and investment environment, primarily by moving to ease the burden and cost of doing business in The Bahamas,” Prime Minister Minnis added.

By: Matt Maura (BIS)

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Bahamas News

Inspired Abroad, Proudly Bahamian

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DEAR EDITOR,

Sometimes the best ideas come from experiences far away from home.

It was while I was living in Europe that I saw how excited people were about England’s iconic double-decker buses. It was a symbol of culture – and visitors looked forward to the ride as an experience in itself rather than just a method of transportation.

That sparked a thought: What if we brought that same excitement to The Bahamas, but made it uniquely Bahamian?

In November 2024, that thought became 2 Storeys Tours. I wanted visitors to see Nassau in a way they had not been able to before. That meant they could come straight off a cruise ship and onto a double-decker to see what makes our country what it is – to see our beautiful waters and to discover what makes us Bahamian.

We wanted to create something memorable, something visitors would associate with their Bahamian vacation, just as people associate double-decker buses with England.

The bus may catch your attention, but The Bahamas is what makes the experience unforgettable.

We also believe tourism should create opportunities for Bahamians.

We started less than five years ago with one very used double decker bus.

Now thanks to cruise ship business, we have quadrupled the size of our little fleet. We now have four shiny new red and blue buses, so we can say Welcome Ashore in style.

Depending on the season, between 70 and 80 percent of our business is cruise-passenger driven. Even during the slower season for hotels, the cruise ships arrive filled with people looking to explore historic Nassau and we are giving them the closest to a bird’s eye view as they can get. And they love it.

Turning an idea into a functioning business has been an exciting journey, but certainly not without challenges. From planning and preparation to finally seeing our buses on the road, the experience has taught us patience, perseverance, and the importance of believing in a vision.

We are proud of how far we’ve come, and even more excited about what lies ahead.

Building partnerships helped us to get to where we are today – building them further will take us to where we can reach tomorrow.

Our ambition is to make 2 Storeys Tours a recognised and trusted name in Bahamian tourism. We want to continue improving our tours, developing new experiences, embracing environmentally responsible tourism, and building meaningful relationships – and eventually take the 2 Storeys Tours experience beyond Nassau to other islands.

Above all, we want to build something that lasts.

Looking back, it’s incredible to think that an observation while living in Europe could lead to a business right here at home.

What began as an idea became a business with a purpose, and we’re only getting started.

Our inspiration came from abroad. Our passion comes from home. And our future is proudly Bahamian.

 

By: KEEVON MAYNARD

President, 2 Storeys Tours

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Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

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NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

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Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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