Nassau, Bahamas, January 15, 2025 – CIBC Caribbean has warned about an ongoing ‘smishing scam’ targeting clients in The Bahamas and Turks and Caicos Islands.

It noted that fraudsters have been sending text messages to persons stating that their accounts were placed on hold or that their cards were locked and requesting them to click on a link and to enter their banking credentials in order to regain access to their accounts.

The bank has reiterated that it does not send out texts or SMS messages with links for clients to click on.

Clients who receive any communication with links should check that they are from a bona fide source prior to attempting to click on them.

The latest fraud attempt is a smishing scam and we are taking the necessary steps to report the fraudulent sites, the bank said.

Smishing occurs when fraudsters attempt to steal customers’ data or money through a text message that tries to trick them into following a link and revealing personal details or login information.

If you believe that you have encountered a suspicious message, just follow these simple tips.

Firstly, don’t click on any links or attachments and don’t reply to the message. Try and establish the legitimacy of the message by getting in contact with the organisation through alternative means, for example, calling the phone number on your printed statements.

If the sender claims to represent CIBC Caribbean, then forward the email as an attachment to our dedicated fraud team (fraud@cibcfcib.com) and delete the message from your system.

It is also a good idea to regularly review all your financial accounts and if you spot any irregularities, contact the bank immediately. Additionally, email security should be reviewed and consider changing your password to a stronger one, using a combination of characters, letters and numbers. Never share your internet banking log-in credentials or One-Time Verification Codes (OTVC) with anyone!

January 13th, 2025 – Nassau, Bahamas – The Bahamas National Trust (BNT) is excited to announce the appointment of new officers and members of the BNT Council 2024 -2025, elected at the organization’s Annual General Meeting (AGM) in October and later confirmed during a special meeting after the AGM.

Mrs. Joanne Smith has been elected as President of the Council. As President and Creative Director of Media Enterprises, she brings a wealth of experience to the role. A former President of the Rotary Club of East Nassau and a Lifetime Member of the BNT, Smith is a passionate advocate for environmental preservation. Her long-standing involvement in producing educational materials for the BNT and her expertise in public relations will be invaluable as the nonprofit strives to promote the national park system and expand its membership base.

Returning to the Council as Deputy President is Ms. Janet Johnson, a former BNT President. With more than 40 years of leadership experience in the tourism industry, both internationally and nationally, Johnson’s marketing expertise will be critical as the BNT implements its 2024-2029 Strategic Plan, targeting expanded infrastructure and visitation for 12 national parks.

Mr. Phillip Cumming has been appointed Honorary Treasurer. A chartered accountant and past President of the Rotary Club of East Nassau, Cumming is also an avid birder and nature photographer.

Elected members of the BNT Council include: Geoff Andrews (immediate past President); Marvin Arrington; Glenn Bannister; Kevin Cartwright; Hank Ferguson; Janet Johnson; Marcus Laing; Neil McKinney; Devin Peet; Naisha Roberts; Karin Sanchez; Gary Sands; Tanya Woodside; and Eddie Carter.

Appointed members are: Dr. Maria Woodside-Oriakhi, University of The Bahamas; Dr. Ana Luz Porzecanski, American Museum of Natural History; Dr. Karen Bjorndal, University of Florida; Christopher Hughes, US Parks Service; Meredith Ross, Leon Levy Foundation; Dr. Pamela Reid, University of Miami RSMAS; Dr. Barney Long, re:wild; and Aurelio Ramos, National Audubon Society.

Representing The Bahamas Government are: Christina Davis-Justin and Holly Peel, Governor General’s Representatives; Ashley Sturrup, Ministry of Education; Dr. Kenneth Romer, Ministry of Tourism; Dr. Rhianna Neeley-Murphy, Ministry of Environment and Natural Resources; and Gregory Bethel, Ministry of Agriculture and Marine Resources.

“We are thrilled to welcome such a talented and diverse group of leaders to our Executive Board,” said Lakeshia Anderson-Rolle, BNT’s Executive Director. “Their combined experience and dedication to The Bahamas’ national park system will be essential as we work to accomplish the goals outlined in our new five-year strategic plan.”

“It is indeed an honor to serve as the President of the BNT,” said Joanne Smith. “They have grown The Bahamas’ national park system to 33 national parks that protect marine resources, endangered species, and the habitats necessary for the survival of our island flora and fauna. I am looking forward to working with the BNT team and the Council to ensure we meet our strategic goals.

“One of my goals is to increase the membership of the organization and support sustainable finance mechanisms for the parks. I am especially grateful to past President Geoff Andrews, who has agreed to lead the Advancement Committee in successfully achieving our financial goals over the next five years. We hold our first full Council meeting at the end of January and look forward to working with the Council on initiatives that guide the BNT into its next chapter.”

To learn more about the BNT’s role in managing national parks, protecting wildlife, and informing environmental policy, please visit its website: www.bnt.bs, and follow its various social media channels: Facebook, Instagram, Twitter, and YouTube.

Deandrea Hamilton

Editor

The Bahamas, January 10, 2025 – Imported and store bought food will, by April 1, be less expensive in The Bahamas due to a hefty cut in Value Added Tax (VAT) announced by Philip Davis, Bahamas Prime Minister in a New Year’s national address on January 8.

“I am pleased to announce a 50% reduction in the VAT rate on all food sold in food stores.  Beginning April 1st, the rate will be cut in half from 10% to 5%.  This new 5% rate will apply to all food in the food stores, including fresh fruits and vegetables, baby food, lunch snacks and frozen foods.  However, it will not apply to prepared foods in the deli.

This rate reduction will also apply to the importation of all items previously mentioned.   The effective date is April 1st in order to give merchants and foodstores time to make the necessary adjustments.”

For many families, the cost of food has been nothing short of shocking and the issue became a game-changing factor in deciding the recent US elections.

Bahamians have hinted at the same concerns at home.

In November 2023, former Prime Minister, Hubert Minnis and Anglican Archbishop Laish Boyd were among those calling for a decrease in VAT on bread basket items.

“The cuts in certain food duties in the budget for this fiscal year are not enough.  We in the Opposition have also called numerous times for the government to remove its 10 percent VAT on bread basket items and medicines that it imposed unnecessarily,” said Minnis.

Davis says that and more is on the way.

“VAT is not the cause of the high price of food, but for those with the tightest disposable income, reducing VAT by 50% will make a difference.

This reduction will not impact our fiscal targets for this year.”

Last year, the US government estimated that U.S. food prices would increase 2.3 percent and by year end, the Food and Agriculture Organization, FAO explained that just about all food prices hit staggering levels, though some decreases were forecast.

Rice, Vegetable Oil, Meat and Dairy all increased in 2024, said the FAO, which also informed in a December 2024 report that its FFPI (FAO Food Price Index) spiked at the end of the year to 6.7% above 2023.

Additionally, the reports explained: “FAO All Rice Price Index: Rose 0.8% from the 2023 average, which is a 16-year high. FAO Vegetable Oil Price Index: Averaged 9.4% higher than 2023 due to tightening global supplies. FAO Meat Price Index: Was 2.7% above the 2023 average, with higher prices for bovine, ovine, and poultry meats. FAO Dairy Price Index: Averaged 4.7% higher than 2023, due mainly to surging butter prices.”

Bahamians felt it too and many rejected information from The Bahamas National Statistical Institute (BNSI) which conveyed the consumer price index (CPI) was down in the first quarter of last year, that The Bahamas saw an increase during summer months after which it held relatively steady, due to the slight bump, in September.

“This September 2024 remained constant with August, and followed a 0.1% increase between the months of July 2024 and August 2024.  On a month to month basis, the major increases, by Group, included Furnishing and Household Equipment and routine household maintenance 3.7%, Restaurant & Hotels 0.6% along with Miscellaneous Goods and Services 0.5%. Meanwhile, the major decreases by group consisted of Food and Non-alcoholic 1.6 %, Health 0.9%, along with Education 0.4%,” informed a report from BNSI published in September 2024.

The Prime Minister acknowledged the high cost of living, which goes well beyond how expensive groceries have become.  A housing crisis compounded by surging electricity bills become significant factors in the quality of life Bahamians were able to afford in 2024.

“The high cost of energy runs right throughout the economy.  Important parts of our outdated electricity grid date back to before Independence.  Some of them are so old that no one makes the parts to fix them anymore.  But we can’t build a successful economy – and Bahamians can’t build their own success stories — if we continue to be burdened by an old, outdated, system, dependent on heavy and diesel fuels.

An unreliable system, and above all, an expensive system. You simply can’t build a 21st Century economy with 20th century infrastructure. So, we’re reforming, upgrading, modernizing.  Solar panels are going to go up, and prices are going to come down. We are partnering with Bahamian companies across our Family Islands, to meet the unique needs of each. We are going to have New Providence’s first utility-scale solar field.

We’re integrating LNG.” he said.

A special initiative was launched by Bahamas Power and Light, BPL over the holiday season.  An attempt to get consumers to pay their overdue bills and see their electricity restored, when they made that effort.

Residents though are still forced to make tough choices as apartment units and real estate buys are priced too high and rent is chomping away at a large portion of salaries.

“The huge increase in costs of housing has also helped to drive up the cost of living.  We’re building affordable housing, and we are piloting a Rent-to-Own programme.  But while these are important, they aren’t reaching enough Bahamians yet.  So even as we work to expand those efforts, we’re exploring ways to incentivize the private sector to build more. Increasing the supply of housing is the best way to see reductions in the cost of housing. We have also expanded concessions to first-time homeowners, because it’s so hard to make that big leap,” said Prime Minister Davis.

Reaction to the reduction in VAT from 10% to 5% in The Bahamas is healthy and that break will be important this year.  It is forecast by the USDA’s Economic Research Service that despite a Donald Trump presidency, food prices in the United States are still expected to jump by nearly 2% in 2025.