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Bank Provided Billions in Financing

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#Nassau, December 6, 2018 – Bahamas – Regional bank, CIBC First Caribbean has provided over USD$1.8 billion in funding for infrastructure projects over the past three years.

Of that amount USD$500 million have gone to support energy utility companies in the Bahamas, Aruba, Curacao and Jamaica said the bank’s Chief Executive Officer Colette Delaney as she delivered remarks at the opening of CARIF 2018 – 3rd Caribbean Infrastructure Forum at the Baha Mar Resort, Nassau.

“We believe that as a leading regional bank, we have an important role to play in this sector.  Each of the projects we funded was created in response to some specific opportunity or need that existed somewhere in our region,” Ms. Delaney said.

The decision to co-sponsor the conference along with KPMG underlines CIBC FirstCaribbean’s ongoing commitment to the region.  Ms. Delaney said the two-day Agenda zeroed in on some of the pivotal challenges and opportunities confronting the region in terms of infrastructure planning and development.

“These include climate change with its consequent rise in sea level and all that this portends for a region whose key earner is white sandy beaches; stronger storms in areas where building codes are weak or non-existent; rising landfills and shrinking land space as islands struggle to cope with solid waste disposal.  These are some of the real challenges facing this region, which the right partnerships can turn into opportunities.

“Last year’s devastating hurricanes taught us some critically important lessons – chief among them was the very vulnerable nature of key infrastructure in the Caribbean.  We all saw how storms can paralyse entire island-nations many of which have one or two major highways, a single air and seaport, a single power plant and key government and private sector buildings clustered in one location.

The CEO said Hurricanes Irma and Maria had a direct impact on CIBC FirstCaribbean operations in five territories – Anguilla, Antigua, British Virgin Islands, Dominica and St. Maarten.

Ms. Delaney said that if the region is to continue to grow and maximise its fullest potential then “regional bankers and builders, politicians and policy-makers must ensure that future projects – roads, bridges, ports, office buildings and hotels – are not only constructed to withstand the super storms of the future but are also situated in locations that give due consideration to storm surges, overflowing rivers and landslides”.

“In addition, we must also ensure that insurance coverage to mitigate these risks is adequately implemented, regulated and maintained.”

She added that even though this region is blessed with an almost infinite supply of sun, wind, water and thermal energy, with some exceptions, they remain largely untapped resources throughout the region.  Creative private public partnerships for the development and diversification of the energy sector, is need to bring about a more balanced use of green energy along with that derived from traditional fossil fuels.

“It is clear,” she said, “that both public and private investment in physical capital is crucial to driving Caribbean economic development and consequently the creation of wealth for its citizens.

“As an example, a quick look at a sample of 128 developed and developing countries suggests that the quality of a country’s seaport infrastructure and shipping logistics, coupled with widespread access to both telecommunications and electricity are all highly correlated with a country’s GDP per capita and thus, its overall level of development.

“Conversely, a lack of investment in critical infrastructure and essential services in a well planned and executed manner can cripple a country’s economic growth and stifle business development opportunities and foreign direct investment.”

Dr. The Most Honourable Hubert A. Minnis, Prime Minister of The Bahamas opened the conference at Baha Mar noting the timely nature and importance of the infrastructure and financing discussions for the entire region over the next two-days.  He thanked CIBC FirstCaribbean and other sponsors for hosting the important event.

 

Press Release: CIBC First Caribbean

Photo Captions:

Header: Prime Minister of the Bahamas Dr. The Most Honourable Hubert A. Minnis at the start of the CARIF 2018 conference with CIBC FirstCaribbean’s Managing Director, Bahamas and TCI, Marie Rodland-Allen (left) and CEO Colette Delaney.

Insert: Bahamas Prime Minister Dr. The Most Honourable Hubert A. Minnis shares a light moment with Chief Executive Officer of CIBC FirstCaribbean Colette Delaney (left) and the bank’s Managing Director, Bahamas and TCI, Marie Rodland-Allen.

 

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Caught in the Net, Not Accused of Wrongdoing

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What the Attorney General must do now to protect Bahamian exports

Deandrea Hamilton | Editor

NASSAU, Bahamas — The United States’ decision to impose a 12.5 percent tariff on Bahamian exports is about more than higher costs for seafood, rum and other goods entering the American market. It is a warning that The Bahamas must move quickly to strengthen or clarify its legal framework governing forced labour and supply-chain enforcement.

The tariff, which takes effect July 24, is part of a sweeping U.S. trade action affecting 60 economies following a review by the Office of the U.S. Trade Representative (USTR). The review concluded that the listed countries have not adequately prohibited or enforced measures against goods linked to forced labour in global supply chains.

The action follows a recent U.S. Supreme Court ruling that invalidated an earlier series of Trump-era tariffs imposed under emergency powers. In response, the Trump administration shifted to a different legal authority—Section 301 of the Trade Act of 1974—using findings from a U.S. Trade Representative investigation into forced-labour compliance to support a new round of tariffs affecting 60 economies, including The Bahamas.

Importantly, the action does not accuse Bahamian businesses of using forced labour. Instead, it reflects the U.S. view that The Bahamas’ legal or enforcement framework does not yet meet the standard Washington expects.

That distinction matters.

The Attorney General’s Office now has the responsibility to lead the country’s legal response. That begins with determining precisely what concerns the U.S. Trade Representative identified, reviewing whether Bahamian law adequately addresses those concerns and, where necessary, recommending legislative or regulatory changes. If deficiencies exist, legal amendments and stronger enforcement could help position The Bahamas for removal from the tariff list.

The government may also seek formal discussions with U.S. officials while those reforms are undertaken, outlining a clear timetable for compliance and demonstrating that the country is committed to meeting international labour standards.

A Nassau Guardian front-page report on July 24 drew attention to the tariff action, prompting broader questions about why The Bahamas was included among the 60 economies affected by the U.S. trade measure and what steps are now needed to restore full confidence in the country’s trade framework.

For many Bahamians, the immediate concern will be the fisheries sector, one of the country’s largest export industries. Commercial shipments of lobster, conch, fish, crawfish and other products entering the United States could become more expensive because of the additional tariff, potentially affecting exporters’ competitiveness.

The broader lesson is that international trade increasingly depends not only on quality products, but also on strong business relationships and confidence in the legal systems that govern them.

For The Bahamas, this is less a finding of wrongdoing than a reminder that international credibility is earned through modern laws, effective enforcement and trusted partnerships. The challenge now is for the Attorney General’s Office to lead a swift legal review, identify any deficiencies and chart a clear path toward compliance so Bahamian exporters are not burdened any longer than necessary.

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What 45 Shell Casings and New Murder Charges May Mean for Three Officers in the Azario Major Case  

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By Deandrea Hamilton | Editor

NASSAU, Bahamas (July 16, 2026) — The allegation is as shocking as it is consequential. Prosecutors now contend Azario Major was struck by additional gunfire after he was already dead.  That conclusion has prompted the Director of Public Prosecutions to upgrade the case against three police officers from manslaughter to murder ahead of a judge-only trial.

According to court filings and the DPP’s review of the forensic evidence, prosecutors allege that additional rounds entered Major’s body after death, a finding they say fundamentally changed their assessment of the case and justified the more serious charge of murder.

Investigators recovered 45 spent shell casings at the scene of the Boxing Day 2021 fatal shooting of Azario Major, a striking piece of forensic evidence that has remained central to the case from its earliest days.

Major, 31, was fatally shot by police outside Woody’s Bar on Fire Trail Road on December 26, 2021. While police initially maintained the shooting was justified, the circumstances surrounding the incident were heavily scrutinized during a Coroner’s Court inquest, where jurors ultimately returned a verdict of homicide by manslaughter.

The officers later challenged that finding, but the Supreme Court upheld the Coroner’s Court ruling, paving the way for criminal proceedings. They were subsequently arraigned on manslaughter charges and pleaded not guilty.

The DPP’s decision to elevate the charges to murder significantly raises the legal stakes. Unlike manslaughter, which does not necessarily require proof of an intent to kill, a murder conviction requires prosecutors to establish the legal elements of the more serious offence beyond a reasonable doubt. The prosecution’s case is now expected to focus heavily on forensic evidence, ballistic analysis and the sequence of gunfire during the fatal encounter.

The case is also notable because it will proceed without a jury. Barring further delays, the trial is expected to open on September 14 before Justice Guillimina Archer-Minns in a judge-alone trial, where a single judge—not a jury—will decide the fate of the three accused officers.

The proceedings will determine not only whether the three officers are guilty or innocent of murder, but whether prosecutors’ extraordinary allegation—that Azario Major was struck by additional gunfire after he was already dead—can be proven in court.

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CARICOM Targets Affordability as Bahamas, TCI Continue to Feel the Pinch  

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By Deandrea Hamilton

 

Cheaper shipping. Lower energy costs. Better access to healthcare. Stronger consumer protections.

Those are among the measures CARICOM Heads of Government believe could finally begin reducing the stubbornly high cost of living for millions of people across the Caribbean.

Meeting in Saint Lucia, regional leaders agreed that making life more affordable must become one of the Community’s highest priorities. Their emerging strategy includes reducing freight costs through a regional ferry service, accelerating renewable energy projects to lessen dependence on imported fuel, expanding regional healthcare partnerships, strengthening consumer protection, and encouraging governments to adopt successful cost-of-living measures already being implemented across the Caribbean.

“Our discussions over the past four days were guided by one central objective – ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” CARICOM Chairman and Saint Lucia Prime Minister Philip J. Pierre said.

Few places may welcome that relief more than The Bahamas and the Turks and Caicos Islands.

Although inflation has moderated in both countries from the sharp increases experienced following the pandemic, the cost of living remains stubbornly high. Families continue to complain about grocery bills that stretch household budgets, rising housing costs, expensive electricity, healthcare expenses and fuel prices that remain among the highest in the region.

Governments have responded.

In The Bahamas, successive reductions in Value Added Tax on selected goods and other targeted tax measures have sought to ease pressure on consumers. In the Turks and Caicos Islands, the Government this weekend opens applications for its $500 Cost of Living Relief Programme, acknowledging that many households continue to struggle despite the country’s economic success.

Yet affordability remains elusive.

The contradiction is difficult to ignore.

The Turks and Caicos Islands continues to post one of the region’s strongest tourism-driven economies, with robust investment, record visitor spending and sustained construction activity. The Bahamas has also strengthened its economic position, earning improved sovereign credit ratings as tourism, government revenues and fiscal performance continue to recover.

Yet those encouraging economic indicators have not translated into noticeably lower household expenses.

The reason is largely structural.

Both The Bahamas and the Turks and Caicos Islands produce relatively little of what they consume. Food, fuel, medicines, vehicles, building materials and countless household essentials are imported. Both countries also record significant trade deficits, illustrating their dependence on overseas suppliers. Every increase in global shipping costs, fuel prices or supply chain disruptions is eventually reflected in supermarket prices, utility bills and the cost of everyday living.

That is why CARICOM’s agenda matters.

If regional leaders succeed in lowering freight costs through an inter-island ferry network, expanding renewable energy, improving regional cargo movement, strengthening consumer protections and making healthcare more accessible through cooperation, the benefits could extend far beyond government balance sheets.

For Bahamians and Turks and Caicos Islanders, success will not be measured by another tourism record or another credit rating upgrade. It will be measured at the supermarket checkout, on the monthly electricity bill, at the gas pump and in the simple ability to afford a better quality of life.

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