AGP Executive Report
Last update: a day agoBanking Deal: Butterfield has agreed to buy CIBC’s controlling stake in CIBC Caribbean for about US$1.79b, creating a regional banking and wealth platform with roughly US$29b in assets; the deal is set to close in H1 2027, pending approvals, with Butterfield planning a mandatory takeover of remaining minority shares. Tourism Diplomacy: Tourism Minister Glenys Hanna-Martin led The Bahamas’ delegation to UN Tourism meetings in Paraguay, focusing on sustainability, innovation, investment, resilience, and women’s leadership. Budget & Cost of Living: Finance Minister Michael Halkitis outlined a 2026/27 budget projecting $223.1m surplus on $4.4b revenue and $4.1b expenditure, while analysts questioned whether affordability measures will translate into real consumer savings. Construction & Taxes: The Bahamas Contractors Association says 30% of construction activity is in the black market, costing government VAT revenue and undermining formal contracting. Workforce Development: Grand Bahama Shipyard expanded its Apprenticeship Programme, sending a new cohort to the UK for trade training before returning for hands-on qualification. Youth Sports: The Bahamas will host the 2026 PONY Baseball 14U Caribbean & Latin America championships in Nassau, June 4–9.
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