01162024 BUSINESS

business@tribunemedia.net

TUESDAY, JANUARY 16, 2024

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Businesses urge: Put crime ‘on the run’ as security costs triple t (SPDFST DIJFG A%SBTUJD NFBTVSFT NVTU CF UBLFO t 4FDVSJUZ DPTUT ACJHHFTU FYQFOTF OFYU UP TBMBSJFT t "MM #BIBNJBOT QBZ QSJDF WJB IJHIFS DPTU PG MJWJOH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BUSINESSES yesterday urged The Bahamas to put criminals “on the run” as they revealed security-related costs have “tripled” over the past year to combat the threat posed to staff and patrons.

Philip Beneby, president of the Retail Grocers Association, which represents the likes of Super Value and AML Foods, told Tribune Business that “drastic measures are going to

have to be taken because this cannot continue the way it is” after 11 persons were murdered within the first two weeks of 2024.

Speaking after Prime Minister Philip Davis KC pledged there will be more intrusive policing, which could disrupt Bahamians’ daily lives, as part the authorities’ crime crackdown, he asserted that this nation must urgently reverse a trend that has resulted in criminals “having us on the run”.

Mr Beneby and other business owners told this newspaper

that all Bahamians and residents are literally paying the price for crime. The extra costs associated with hiring security firms/officers, installing surveillance systems, window/ door bars and other protection and preventative measures are ultimately passed on to consumers through higher prices for the goods and services they purchase.

This, private sector operators said, adds further to the cost of living crisis facing middle class and lower income Bahamians with one company yesterday

PHILIP DAVIS KC telling Tribune Business that security-related costs were “next to salaries our biggest expense” in 2023.

“That’s a topic we are all concerned about,” Mr Beneby said of crime, following Sunday night’s address by the Prime Minister.

“Drastic measures are going to have to be taken to bring the crime level under control and let

SEE PAGE B5

$131m deficit goal Loss-making Pizza Hut’s Gov’ts ‘already out the window’ close: 90% of jobs saved

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net

BRANVILLE MCCARTNEY

Bran: Cost of living the ‘biggest crime’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Democratic National Alliance’s (DNA) leader yesterday suggested that “the biggest crime in this country” is the cost of living crisis that is continually squeezing middle class and lower income Bahamians.

Branville McCartney told Tribune Business that “the quality of life is not what it should be or ought to be” as he asserted that the cost of crime is also worsening the impact of inflation for many.

Speaking after Prime Minister Philip Davis KC’s national address on crime on Sunday evening, he said that the cost of combating the potential threat to staff, patrons and the financial health of his family’s pharmacy, Wilmac’s, meant security-related expenses are the company’s second-highest expense after salaries.

“It’s been affecting the private sector for decades in terms of security systems that we have to put in place and hiring security guards,” Mr McCartney told this newspaper of crime-connected costs. “The security services we use are among the largest expenses of the pharmacy.

“Security services, next to salaries, that’s my biggest expense. Surveillance and security personnel.

That is an expense a lot of businesses have to deal with on a daily basis and, unfortunately, it’s passed

SEE PAGE B4

ALMOST 90 percent of impacted staff have retained jobs despite the lossmaking Pizza Hut franchise’s decision to shut its three New Providence locations with effect from Sunday.

Linda Myers, president of Bahamas QSR Ltd, told Tribune Business that only seven of the 60 affected employees have opted to accept voluntary severance packages as a result of the closure.

The remaining 53 will be redeployed to other fast-food restaurant brands operated by the ultimate Bahamian parent, the Myers Group.

She explained that the shutdown resulted from consistent losses that are thought to have occurred over a five to six-year period. “We weren’t making any profits; it just was not a sustainable business for us,” Ms Myers said.

The now-former Pizza Hut employees will be redeployed to the Myers Group’s other franchise brands,

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

t .ZFST (SPVQ SFEFQMPZT PG JNQBDUFE TUBGG t 0OMZ TFWFO BDDFQU TFWFSBODF PWFS TIVUEPXO t 'SBODIJTF AOPU TVTUBJOBCMF BT OPU QSPmUBCMF including Dunkin Donuts, Kentucky Fried Chicken (KFC) and Burger King.

The group also operates Quizno’s and Anthony’s Bar & Grill.

The Pizza Hut franchise, in a statement on its Facebook page, said: “We’ve made the difficult business decision to cease operations of our three Pizza Hut Nassau restaurants, as of January 14, 2024. We will miss serving you and the community. Thank you for your years of patronage....

“It is with heavy hearts that we inform you that all Pizza Hut locations are permanently closed.” The three outlets

SEE PAGE B4

‘We must know what the heck is happening over GB airport’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama’s Chamber of Commerce president says “it’s absolutely critical we know what the heck is happening” with the airport redevelopment if Freeport is to position itself as a “city on the move”.

James Carey, speaking out amid growing uncertainty and anxiety over the timing and fate of Grand Bahama International Airport’s redevelopment, told Tribune Business that “nothing of record” has materialised despite repeated hints by Prime Minister Philip Davis KC and Chester Cooper, deputy prime minister, that an announcement/ signing or groundbreaking is imminent.

“I think it’s absolutely critical that we know what the heck is happening with the airport,” the GB Chamber chief said. “The originally-promised announcement was from March of last year. There’s been some back and forth with the Manchester Airport Group, so I don’t know where it’s at right now.

“It’s critically important for Freeport it gets going. We can survive with the airport as is. If you look at the airports throughout the islands, they’re in the same dismal condition. But if we are promoting ourselves as a city on the move we have to show we at least have

GRAND BAHAMA AIRPORT an improved gateway and airport of stature.”

Pointing to the lack of airlift into Grand Bahama, which makes growing stopover visitor numbers “incredibly difficult”, Mr Carey added: “We don’t get the available seats because the airlines are not coming. I personally had to travel recently, and to get to Florida I had to go through Nassau because no direct seats were available.”

“That’s what we’re dealing with right now. That also has something to do with the sale of the Grand Lucayan. If the Grand Lucayan gets going, and some of the other projects, it’s going to be even worse.”

Mr Cooper did not seek Tribune Business messages seeking comment. While Latrae Rahming, the Prime Minister’s

SEE PAGE B4

THE Government’s projected $131m deficit for the current fiscal year is “already out the window” given the performance for the first four months, a financial analyst asserted yesterday.

Hubert Edwards, principal of Next Level Solutions, told Tribune Business that sophisticated investors and the likes of the credit rating agencies will have already “baked into expectations” that The Bahamas’ fiscal deficit will likely come in higher than the equivalent of 0.9 percent of gross domestic product (GDP) set in the Budget forecast.

However, he added that the key question is how much higher the deficit will ultimately be compared to the original $131m forecast.

If the amount of ‘red ink’ for the full year comes in below the prior year’s $533m, Mr Edwards said The Bahamas can still retain investor and market confidence because the deficit will still be on a downward path.

Speaking after the Ministry of Finance’s October

HUBERT EDWARDS fiscal report revealed that the near-$120m deficit for the first four months of 2023-2024 is equivalent to 91 percent of the full-year target, Mr Edwards said it should come as no surprise to informed observers that this goal may be overshot given the much higher predictions by the International Monetary Fund (IMF) and Standard & Poor’s (S&P).

“If you look at that strictly on the basis of comparing it to what the Government has projected then certainly it may cause one to have some concern,” he added of the October deficit number.

“But I think for those persons paying attention to

SEE PAGE B6

PAGE 2, Tuesday, January 16, 2024

THE TRIBUNE

ABACO CHAMBER CHIEF’S ‘BURNING’ LANDFILL WORRIES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Abaco Chamber of Commerce president yesterday voiced concern over potential environmental damage from a landfill said to be “burning out of control”.

Daphne DegregoryMiaoulis told Tribune Business that the fall-out from failing to properly maintain the Snake Cay landfill ranks alongside “escalating” crime and shantytowns as the greatest problems facing Abaco post-Dorian.

“Friday morning, I received photographs from a concerned citizen who went to the dump and found it burning out of control,” she said. “The Prime Minister has been running around the world talking about climate change and all of these things; about raising carbon credits, and we know that he’s now got a big push towards solar, which is very encouraging and it’s about time.

“But, still, there are other areas that can be addressed more aggressively. Like the dump not burning all

night. Things like educating the community about not contaminating the environment with battery acids and things of that sort.”

Comparing parts of the Snake Cay landfill to “huge automobile graveyards”, which are visible from the highway, Mrs DegregoryMiaoulis called on the Government to manage revenues generated from its environmental levy in a more efficient way to ensure services are being rendered properly to residents of Abaco.

“I don’t see these automobiles being dealt with.

They may be dealt with somewhere, but not here,” she lamented. “I don’t see any management of the bush mechanic work space.

Then there is the issue of actually burning the dump, which is toxic to the environment especially for people with asthma and breathing issues.”

“My major concern is the health of our citizenry.

We inhale the toxins; the burning goes into the atmosphere. It’s not like it disappears. The toxins are seeped into the water table and everything’s being burned that gets to the dump if it’s car tires, if

it’s household debris, if it’s toxic stuff. Nobody’s sorting it out to say, well, this is carcinogenic.”

The Snake Cay landfill is different from the facility created in Hurricane Dorian’s aftermath to handle storm debris. That is still “sitting there” and acts as a “breeding ground for rodents and raccoons” because of the amount of garbage.

Mrs Degregory-Miaoulis said: “These things affect the water table, and one

PICTURED is the smoldering Snake Cay landfill that is raising concerns over potential environmental damage if allowed to continue to burn “out of control”. other concern that I have is that the drainage system in Marsh Harbour has never been cleared post-Dorian and there is no equipment available on this island to clear it.

“The volunteer Fire Department used to try to keep the drains flowing through the major roadways, but they can’t do anything about it now because it’s beyond their

capacity.” Much of the debris carried by the flooding from Hurricane Dorian was sucked into Marsh Harbour’s drains, so when there is “spring tide” or any type of bad weather system, the streets can become flooded with storm residue.

This can include shingles and other constructionrelated material, skeletal remains and rotting wood.

“When Commonwealth

Bank were doing their renovations they engaged someone from a company to come and clear the drains around their bank and, according to people who were there working on site, it was so bad that you couldn’t stand in the area and you couldn’t breathe from the stench from what came out of those drains,” the Abaco Chamber president said.

GB Shipyard on-boards first apprentice recruits GRAND Bahama Shipyard has welcomed 16 Bahamian recruits to a new apprenticeship scheme designed to equip participants with skills in areas such as ship repair, ship building and associated industries.

Dave Skentelbery, the Shipyard’s chief executive, welcomed the Grand Bahama residents as they began their training at the Bahamas Technical and Vocational Institute’s (BTVI) Freeport campus.

“The Grand Bahama Shipyard is committed to training Bahamians to take advantage of the opportunities of the future,” he said, adding that a further 20 apprentices will be recruited towards the end of 2024.

BTVI will administer the first part of the course, which has been designed in collaboration with The Engineering College, a top-tier institution in the UK that provides training programmes for more than 1,000 apprentices per year.

After the initial threemonth course at BTVI, the apprentices will go to the UK for workshop training.

The Shipyard has long-term aspirations to develop such a facility in Freeport. In the

GRAND Bahama Shipyard’s chief executive, Dave Skentelbery, addressing the apprentices at BTVI in Freeport. second year of training, the apprentices will divide their time between on-site work at the Shipyard and more classroom experience.

The training will last for four years in total, after which the apprentices will become fully qualified tradesmen able to work at the Shipyard, other maritime facilities across The Bahamas and even globally

with what will be an internationally-recognised qualification.

Grand Bahama Shipyard, the largest ship repair facility in the Caribbean, recently announced a $600m project that will expand its operations and create a significant number of opportunities for Bahamians at the company itself or in associated industries.

THE TRIBUNE

Tuesday, January 16, 2024, PAGE 3

OPPOSITION CHIEF URGES ‘ONE STOP’ APPROVALS IN FREEPORT

By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Opposition’s Leader yesterday called for a ‘one-stop’ approval process for all potential investors in Freeport as a means to revive the city’s fragile economy.

Michael Pintard also urged the Government and the Grand Bahama Port Authority (GBPA) to hold more meaningful stakeholder consultation.

Speaking at a Free National Movement (FNM) press conference, he said successive administrations have not done a “good enough job” on this.

And he added that investors often complain of not having sufficient dialogue with the GBPA to address

their concerns, which often leads to them being deterred from investing in Freeport.

“This government has not done a good enough job in terms of stakeholder consultation and, when we were in, we could have done a better job, in my view, in terms of all stakeholders, identifying what the top challenges are in Grand Bahama and looking at a collective solution,” Mr Pintard said.

“We met with the leaders of the industrials in Grand Bahama. They said they are not having sufficient discussions with the Grand Bahama Port Authority. Not only are they not having sufficient discussions with the Government, the things they are asking for, like environmental by-laws, that are slowing down the

expansion of their business or even getting their business started.

“They tend not engage with the real decisionmakers to move the process along. We take so long in addressing the concerns that they have that they are not inclined to invest additional money” Mr Pintard said major projects in Grand Bahama must be approved by the GBPA and Cabinet, which leads to a delay in decision-making that also discourages investors.

“We have a two-step process for approving projects in Grand Bahama.

The Grand Bahama Port Authority makes decisions, and then a lot of those big decisions still have to go to the Cabinet of the Bahamas in order for a final decision,” he added.

GB entrepreneur to crowd fund entertainment centre

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama entrepreneur will formally announce his bid to crowdfund the development of an entertainment centre on February 3.

Brinard Sweeting, CayPlex Entertainment’s chief executive, told Tribune Business that any sums raised from crowd-funding will add to the capital already obtained from private investors. All proceeds will be invested in the entertainment centre’s first phase.

“We are planning on opening up a theatre later on in the year, and so we’re having an event on February 3. It’s a pop-up cinema event that we will be hosting,” he explained. The

crowd-funding announcement, which will see CayPlex seek to raise small sums from a large number of investors, will be made at the latter event.

The project’s first phase will be an outdoor, 60-foot single screen 3D experience. Concessions will be served as well. “Phase two, which will be a couple of years after phase one, is where we will have the two screen movie theatres indoor, a six-lane bowling alley and then we’re going to have a roof deck restaurant as well,” Mr Sweeting added.

“So our first phase is going to be open more towards the end part of this year, and what we’re doing is we’re having just sort of a ‘testing the waters’ event on Saturday, February 3.

That’s also where we plan on announcing our equity crowd-funding campaign

that people have been asking about.”

Phase two is targeted for completion by 2030, Mr Sweeting said. But the open air cinema will remain open up until that time. He added that numerous investors have shown interest in partnering with him to develop an entertainment centre.

“It’s also going to be a mix of local and foreign investors because we already have some investors interested in the project as well,” Mr Sweeting said. “They are more of the high net worth individuals, and so by the time we’re putting out an offering to the crowd, it’s going to be a mixture of high net worth individuals, institutional players and also the average retail investor.”

Mr Sweeting and CayPlex did not divulge the dollar amount they are seeking

“That slows down the process. When companies realise that they are unable to get reasonable timelines for approval for their projects, money goes elsewhere. So, we keep hearing about projects in Turks and Caicos, projects in Cayman or Bermuda or elsewhere that were earmarked for Grand Bahama.”

Mr Pintard added that the FNM is still opposed to the Government taking control of the GBPA, and assuming its regulatory and quasi-governmental responsibilities, as they are “ill suited” for the task. However, he maintained that the GBPA’s ownership should be expanded to include its licensees and other Bahamians that would like to invest in Grand Bahama.

He said: “Our fear is that if the Davis administration from the crowd-fund raise, but it could be well into six figures if all approvals are obtained. The February 3 open cinema event will be when they announce the opportunity for investors to participate in the opening round of equity crowd-funding.

were to take over both the regulatory functions and ownership, even if it’s for a brief time, of the Grand Bahama Port Authority we will be screwed in Grand Bahama. They are ill-suited both on the regulatory side, as well as in terms of ownership.

“Do we believe we need new shareholders? Yes, we do. We believe that the

shareholders of the Grand Bahama Port Authority should be dramatically expanded to include licensees and other Bahamians who are minded to buy in.

We do not believe that the Government should be one of those groups that buy the Port.”

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), ARAM PLAINES LTD. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is January 11th, 2024. Delio José De León Mela is the Liquidator and can be contacted at Bloc Office Hub, Fifth Floor, Santa Maria Business District, Panama, Republic of Panama. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before February 10th, 2024.

Delio José De León Mela Liquidator

PAGE 4, Tuesday, January 16, 2024

THE TRIBUNE

Loss-making Pizza Hut’s close: 90% of jobs saved He added that the staff were part of the company’s restructuring efforts from inception, which resulted in a smooth transition to other restaurants within the group. “The minister of labour and I were made to understand that the decision to close the Pizza Hut locations was due principally to continuous business losses incurred over the past five to six years,” Mr Thompson said.

Last month, the Myers Group revealed that it aims to create 25 jobs through constructing a new Dunkin Donuts restaurant location on West Bay Street at the eastern end of Saunders Beach. The combined walkin/drive through restaurant will cost about $1.5m to construct and is currently awaiting approvals from

the Department of Physical Planning.

Social media was ripe with speculation about Pizza Hut’s closure, with some customers voicing their disapproval with the sudden announcement.

One user speculated that the franchise encountered financial difficulties due to the high costs associated with doing business in the Bahamas.

“Probably the ease of doing business here had something to do with it”, they said. Another suggested that the number of pizza restaurants in the market had created an oversaturation. They said: “Was bound to happen at some point with the over saturation of the same product.

The only way to survive was to continually lower prices,

which was already at it’s max or cannibalise.

“Bahamians are not traditionally pizza people, so with the number of different franchises it was only a matter of time. We’ve seen Swanks and Papa John’s come and go twice.”

Some questioned why the franchise did not give advance notice to loyal consumers that would have flocked to get one last slice of their favourite treat.

They said: “With no notice.

Wow. Had the public knew I’m sure y’all would have had a big uptick in sales.

Folks would have loved a chance to get a meal before you closed permanently.”

Pizza Hut’s immediate parent, Swanks Pizza Restaurants, said in a statement that it had “made the difficult business decision to cease operations of its three

restaurants as of January 14, 2024. This decision comes after careful consideration of various factors.

“As part of the closure process, Pizza Hut Nassau has been working closely with both the Ministry of Labour and Pizza Hut employees to provide the best support during this transition. Efforts have been made to minimise the impact on the workforce, including providing resources for job placement assistance, severance packages and other support services.

“We are happy that the majority of our employees have decided to stay within the Myers Group of Companies.” The statement said Freeport’s Pizza Hut restaurant remains open.

‘We must know what the heck is happening over GB airport’

it comes to airlift. That’s the sad situation in Freeport.

We don’t have the product that drives the airlift at the moment.

“It’s all for the future should the Grand Lucayan get sold or get redeveloped.

Then we have a problem with the airlift that’s needed to keep that place going. A lot of people think having a nice airport gets you the airlift. That’s not how it works. We need the airport to accommodate the demand. It’s the hotel and tourism product that drives the airlift.

“We need the airport to accommodate that airlift.

Absolutely we need the infrastructure to be able to cope or be able to handle the airlift and, of course, be able to accommodate US pre-clearance. That’s just a fantastic asset to Grand Bahama.”

While an update from the Government on the GB airport project’s status would doubtless make potential investors “feel more

comfortable”, Mr Alnebeck said Grand Bahama has effectively been reduced to “an Out Island” due to the lack of direct airlift.

“A lot of us are connecting through Nassau most of the time because we don’t have the airlift we used to have any more,” he said.

“It’s become, when we look at Grand Bahama and airlift, it has become an Out Island.

“For most years we were the second destination in The Bahamas and had the second best airlift. Now we are an Out Island in terms of airlift. That has an effect on the corporate sector and the Shipyard because it is more difficult to get people in and out.

“It’s not just tourists. It’s the destination in every respect. It would be fantastic if we could get the airport renovated quickly to a level where we get US pre-clearance back. Preclearance has been closed since Dorian some threeand-a-half years ago.”

Tony Myers, Bahamas Hot Mix’s (BHM) chairman, the company itself and CFAL president, Anthony Ferguson, are all members of the Bahamian investor group that will spearhead what has been billed as a complete overhaul of Grand Bahama International Airport. They are joined in Aerodrome Ltd by two fellow Bahamians - Anthony Farrington, an engineer; and Greg Stuart, a businessman.

BHM’s involvement in the project is through its UK-based international arm, BHM Construction International. The group teamed with Manchester Airport Group as its operating partner, with financing for the project to be provided by UK Export Finance, a British government body that provides credit guarantees and helps to arrange funding for that nation’s exporters.

FROM PAGE B1 that have now shut are based on Carmichael Road, Prince Charles Drive and at Saunders Beach.

The Myers Group has, by closing Pizza Hut, consolidated its brand portfolio to focus on the more profitable brands. Pizza Hut was in an intensely competitive segment of the fast-food market, going head-tohead with Domino’s (AML Foods); Marco’s (Aetos Holdings, the Wendy’s and Popeye’s Chicken franchise holder); and Little Caesar’s Howard Thompson, the Government’s director of labour, said Pizza Hut and Myers Group executives had initially explored terminating more staff but ultimately settled on redeploying most of those impacted. He added that

FROM PAGE B1 communications director, confirmed that this newspaper’s inquiry had been received and hinted that a response may be forthcoming, none was received before press time.

Tribune Business reported yesterday that the Government may be poised to approve the $200m Grand Bahama International Airport transformation project possibly as early as this week. It was suggested that the project may be on the Cabinet’s agenda for discussion and approval today, having been “ready to go” since fall 2023, only to suffer a series of delays and adjustments since.

Magnus Alnebeck, Pelican Bay’s general manager, said proceeding with the

the company had been communicating with himself and Pia Glover-Rolle, minister of labour, about the planned closure since early December.

Pizza Hut and its parent first told the Department of Labour that they may have to terminate more than 20 employees before settling on transferring the majority of staff to other restaurant brands at equal or greater salaries.

“In December they would have given us notice of the possibility of restructuring Pizza Hut employees, but new information has come to us now that they’ve found a way to redeploy those staff to some of their other brand restaurants and seven of them have taken the redundancy package.

So, I’m relieved to hear that,” Mr Thompson said.

airport overhaul will likely “make it easier” for the Government to find the right purchaser for the Grand Lucayan given that any investor would want to see progress on constructing an airport gateway able to efficiently handle the number of guests the resort hopes to attract.

Reiterating that a quality tourism product, rather than a nice airport, drives airlift, he nevertheless added that it was vital for Grand Bahama’s main stopover gateway to be transformed now given that an improved facility will be needed to handle future increases in passenger numbers.

“It’s obviously a chicken and egg situation, and it would be easier for the Government to finalise whatever’s going to happen

with the Grand Lucayan if they get something going at the airport,” Mr Alnebeck said. “I think that will show to a potential buyer that there are things happening and it will definitely make it easier if the airport is started.”

He added that the airport project is “all for the future”, and the revival of the Grand Lucayan and Grand Bahama’s wider tourism product through projects such as Weller Development’s $250m Six Senses-branded resort, as the present facility is sufficient to accommodate existing demand.

“The reality is that we don’t have the most airlift,” the Pelican Bay chief told Tribune Business. “I think we are number five or six in The Bahamas now when

BRAN: COST OF LIVING THE ‘BIGGEST CRIME’ FROM PAGE B1 on to the consumer. Crime is expensive, very expensive and everybody pays for it.

Everybody.

“It adds to the cost of living which, in itself, I think is a crime in this country. That’s the biggest crime we have in this country. The cost of living. It’s unsustainable, and what the Government is doing and not doing is causing businesses and the every-day man to just be in a position where the quality of life is not what it should be or ought to have been in this country.”

As for crime, Mr McCartney said nothing has changed for at least two decades. “When I was in

charge of the crime prevention committee for the Chamber of Commerce 21 years ago it was the same issue. The same issue.

Nothing has changed since then. This isn’t anything new,” he said of the present situation. “This shouldn’t have come as a surprise to the Prime Minister. It’s been going on for decades.”

The Halsbury Chambers law firm principal told this newspaper that the crime-fighting measures unveiled by Mr Davis are “the same old, the same old”, and are effectively repackaged and rebranded strategies employed by previous administrations.

“It’s the same thing that Perry Christie came out with. That’s all it is,” Mr

McCartney said. “What happened? Nothing has happened since in terms of reducing crime in this country. The question after the Prime Minister’s speech is whether the country is still in fear of crime. I think it still is.

“It didn’t give us much comfort in terms of suggested solutions. They’ve been suggested before. The real test is whether they will be acted upon. I don’t think so. It’s not going to happen.

There has to be some drastic measures taken. It’s enforcing the law - from the smallest to the most heinous crime. Enforce the penalties. As simple as littering. Sweat the small stuff to show we are serious.

“Talking won’t work. It sounded like the same old, same old to me. I do hope there is action based on what the Prime Minister said. I’m not encouraged by previous circumstances.

We’re good at talking, but putting things into action is totally different. We’ll have to wait and see what happens, but it’s the same old, same old, same old. That’s the bottom line.”

The Prime Minister, in his speech, warned that more intrusive policing will form part of the response to the present murder rate and this “may make you late for your appointments, or delay plans you have, but this is a small price to pay for the collective benefit of having our streets made safer, and our lives less blighted by murder and other violent crimes”.

CALL 502-2394 TO ADVERTISE TODAY! PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENGHUA CHANG, of Lot 113 Ocean Club Estates, c/o P.O. Box SP-60063, Paradise Island, Nassau, The Bahamas, intend to change my name to ADAM DAVIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

CAPE Horizon Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 211332 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of January A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Rodrigo Rodrigues Celoto whose address is R Alabastro 428 Ap 72, CEP: 01531010, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 9th day of February A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be e c uded from the benefit of any distribution made before such claim is proved.

Dated this 15th day of January A.D. 2024.

Rodrigo Rodrigues Celoto Liquidator

NOTICE

Lahor Ltd. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas.

Registration Number 209697 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of January A.D. 2024.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Roberto Jorge Haddock Lobo Filho, whose address is R Sao Sebastiao 785, ETN Marambaia, Vinhedo, Sao Paulo, SP, CEP: 13287-186, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 9th day of February A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Dated this 15th day of January A.D. 2024.

Roberto Jorge Haddock Lobo Filho Liquidator

THE TRIBUNE

Tuesday, January 16, 2024, PAGE 5

BUSINESSES URGE: PUT CRIME ‘ON THE RUN’ AS SECURITY COSTS TRIPLE FROM PAGE B1 the criminals know that criminality will not be tolerated.

“They cannot be soft on criminals. They’ve [successive administrations] been talking about this for a very long time. It’s something the business community is very concerned about, and the business community has had to put security measures in place to try and protect themselves, protect their staff and protect their patrons.

“Something has to be done. Something drastic is going to have to be done because this cannot continue the way it is. It shouldn’t be business as usual. Instead of the criminals having us on the run, we should have them on the run. I know the police are doing their job as best they can. It’s a work in progress but we’re going to have to get real serious about it.”

Crime and related violence has blighted Bahamian society for decades with the issue regaining prominence following the bloody start to 2024. The murder rate for the year’s first two weeks represented a 150 percent year-overyear increase, and a decade high, amid a spate of what

are believed to be retaliatory killings, gang-related violence, personal feuds and the settling of scores, and an inability to resolve conflict.

Mr Beneby said Bahamian companies have had to implement “all the works” when it comes to security measures, including CCTV and other electronic surveillance systems, the hiring of security guards and door buzzers in a bid to counter the criminal threat.

One retail merchant, speaking on condition of anonymity, told Tribune Business of crime’s economic consequences: “It’s becoming very expensive to operate. Our security costs have tripled in the past year and I’m sure other merchants’ security costs have seen similar.

“It’s very expensive and it’s peaked. I wouldn’t like to see it go any higher. We have security inside the store, security outside the store. We’re going to hook up direct TV right into the police station. That’s another direct cost but we stand to benefit from it.

“The whole country is consumed and gripped with fear. There’s been two or three innocent people who have been shot lately

because they were in the wrong place at the wrong time.” Apart from murders, the retail merchant told this newspaper that theft and stealing is “skyrocketing” while warning that crimerelated publicity threatens to “kill the goose that lays the golden eggs” that it tourism.

“The stealing has become more prevalent and more acceptable,” they said.

“Given the prevalence, it’s very difficult to control. It’s really skyrocketing. I think it’s more external with some internal collusion. It all contributes to the high cost of living, and the publicity doesn’t do any good. People only travel where they feel they are going to be safe.

We’d best be careful not to kill the goose that lays the golden eggs.”

Mark A. Turnquest, the 242 Small Business Association and Resource Centre’s (SBARC) founder, told Tribune Business that the costs imposed on the private sector by the crime threat “at the end of the day go straight to the customer; that’s how it is”.

Besides the tangible costs, represented by dollars and cents, he added that crime - and the fear of crime - also levy intangible costs on business such

as lost productivity due to staff being unable to attend work because their homes have been broken into or some other impact.

Also a small business consultant, Mr Turnquest said the “disproportionate expense” of crime-fighting measures prevents Bahamian companies from investing in additional inventory or job-creating expansion. He also recalled how one of his clients, which he described as “a major clothing retailer”, was last year able to prevent the theft of its $7,500 generator by constantly checking its surroundings.

“What he [the Prime Minister] said last night is basically what we have been saying for years - not just our members, but the general public,” Mr Turnquest told this newspaper.

“When we have talks, we have discussions about crime and the fear of crime.

My members for years, and clients, have spoken about crime and the effect it has on small businesses.

“Crime has a social aspect and an economic aspect. Socially, it’s on staff.

A lot of staff in our businesses, our employees, are fighting crime at home and we have to keep on making adjustments to our rosters.

NOTICE TANZA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TANZA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE RICH SKY HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) RICH SKY HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 11th January, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of January, A. D. 2024. ________________________ Bukit Merah Limited Liquidator

NOTICE ASIMONT ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ASIMONT ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 11th January, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of January, A. D. 2024. ________________________ Bukit Merah Limited Liquidator

NOTICE ASMARA VENTURES INC. N O T I C E IS HEREBY GIVEN as follows: (a) ASMARA VENTURES INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 11th January, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of January, A. D. 2024. ________________________ Bukit Merah Limited Liquidator

(b) The dissolution of the said company commenced on the 11th January, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of January, A. D. 2024. ________________________ Bukit Merah Limited Liquidator

Productivity may go down.”

He said this even extended to female staff having to cope with abusive boyfriends and husbands, who sometimes appeared at their workplace and caused further disruption.

Describing investments in the likes of CCTV and security officers as “part of a normal budgeting process” for Bahamian companies, Mr Turnquest said: “I encourage all my business members to pay for contents insurance every year...

“Crime is always a disproportionate expense in relation to revenue. If we didn’t have it, we could buy more inventory and invest in more capacity building.

Security officers ain’t cheap.

It’s not a new problem; it’s an old problem. For small business, crime is a continuance monitoring. You don’t wait for it to go up and come down. Every financial year you have to budget serious money.

“You have to inspect your premises, and make sure there are no internal weaknesses in your windows or bars,” he added.

“Last year, one of the major retail clothing businesses, on Thursday started cutting one piece of the generator. They cut one piece the

following night, another the next night, and were getting ready to put it on the back of a truck.

“Because of our walk around we detected it on the third night. That was a $7,500 generator that took of three stores.. three separate locations in the same plaza, three boutique stores. We had to double chain it, double bolt it. We put extra lighting there also....

“The criminals are just like the business owners, thinking and planning.

That’s the business there are in; robbing, stealing and murdering. Security and crime is a continuous planning effort for small businesses. It’s not one day, one week. It’s a whole year of planning.”

Mr Turnquest said small businesses are spending hundreds, if not thousands, of dollars per month to cover security-related costs.

Confirming that all Bahamians pay the price, he added: “You have a built-in budget for security. You put that into your mark-up, and the customer has to pay for that eventually. The higher the cost of crime, the more the customer has to pay.”

NOTICE WISDOM ORIGIN LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) WISDOM ORIGIN LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 11th January, 2024 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 16th day of January, A. D. 2024. ________________________ Bukit Merah Limited Liquidator

PAGE 6, Tuesday, January 16, 2024

THE TRIBUNE

Gov’ts $131m deficit goal ‘already out the window’ FROM PAGE B1 developments, starting with the pronouncements of the IMF, that type of outcome is baked into expectations.: The IMF, in unveiling its statement on the annual Article IV consultation with The Bahamas in late November 2023, estimated that the current fiscal year’s deficit will be “considerably larger than that expected in the Budget” at a sum equal to 2.6 percent of gross domestic product (GDP).

This is almost triple the Davis administration’s forecast of a deficit equivalent to 0.9 percent of GDP or total Bahamian economic output. The IMF’s prediction, if accurate, would mean that the deficit - which measures by how much government spending

exceeds its revenue income - would balloon to around $378.73m compared to the Government’s $131.1m forecast.

Mr Edwards said that while the IMF has yet to fully explain how it arrived at this forecast, “it’s clear from the information filtering out that there’s a lot of volatility baked into the IMFs statement”. As a result, he added: “We should not expect to see numbers that are going to maintain any semblance of consistency with the 0.9 percent of GDP projection.

“That, for persons paying attention, that’s already out the window. The question, based on what we’re fielding, is how deeply is it [the final deficit] going to be removed from that projection. I’ve said before that

NOTICE International Business Companies Act (No. 45 of 2000)

TAVISTOCK LIFE SCIENCES INC.

the 0.9 percent was too aggressive and did not need to be set at that level.”

Mr Edwards, though, said the key is “what’s happening now and what are the revised projections looking like” as the Ministry of Finance runs its economic models to determine where the 2023-2024 deficit will likely end up.

“That’s the question that we need to be focused on and what the answer is,” he reiterated, adding that the Government will still retain its fiscal credibility with investors and the markets if it can bring the deficit in lower than the prior year’s $533m.

This would maintain the downward trend seen since COVID, and still keep The Bahamas on track to eliminate the fiscal deficit and

generate a balanced Budget - albeit at a slower pace than forecast. However, were the deficit to exceed last year’s outturn, it would “undermine all the projections the Government has indicated up to now”.

Mr Edwards, though, said he personally did not believe The Bahamas needs to generate a consistent annual surplus and, instead, suggested a balanced Budget or minimal deficit would suffice. “The question is how best to manage our resources to minimise the deficit and make good on our obligations to creditors. That’s where we need to focus on to keep the credit markets as comfortable as possible,” he added.

Meanwhile, Kwasi Thompson, the Opposition’s finance spokesman,

NOTICE International Business Companies Act (No. 45 of 2000)

WEST MIDLANDS CORP. Registration Number: 151184 B

Registration Number: 50870 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that TAVISTOCK LIFE SCIENCES INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that WEST MIDLANDS CORP., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

NOTICE International Business Companies Act (No. 45 of 2000)

NOTICE International Business Companies Act (No. 45 of 2000)

CHANEY GROUP INC.

TAVISTOCK BIO XXV INC.

Registration Number: 91047 B

called for the Government to provide greater “transparency and clarity” on the interest rate and other terms involving in the Government’s $500m loan that was partially guaranteed by the Inter-American Development Bank (IDB).

“The Ministry of Finance’s statement on the matter, however, fails any reasonable measure of transparency and clarity,” the east Grand Bahama MP said in a statement. “The Government only has budgetary approval from Parliament to take on $131m in net new borrowing.

“So what is the planned use of the $500m loan? Is the majority of it - some $369m - just to be used to roll over existing debts?

The Government must provide specific details on the use and drawdown schedule of this loan facility.

“If this loan is going to be used principally to pay off an old loan with a new loan, how is that consistent with the claim in the ministry’s statement that the proceeds “will fund eligible budgetary expenses such as infrastructure, education and social welfare projects”,” Mr Thompson added.

“The Government presently has authority only to borrow up to $131m in new funding for any budgetary expenses. So clearly the majority of the proceeds cannot be used for approved budgetary projects. The government must provide clarity on the matter. Why would the Government not provide the interest terms and fees related to this facility in

their statement? How are we to evaluate any savings without it.”

The Ministry of Finance, in a statement, said the IDB’s policy-based guarantee “will initially cover up to 40 percent” of the scheduled principal ($200m) and interest that Bahamian taxpayers will have to repay to lenders.

And, by exploiting the IDB’s top-notch ‘AAA’ credit rating with a stable outlook, The Bahamas has been able to secure “considerably more advantageous” interest rates on the ten-year loan than it would otherwise have been able to get on the private international bond markets.

No details were provided on the interest rate(s) secured, or the potential cost savings, that will result from the partially guaranteed loan that was arranged

by Banco Santander’s New York branch in the role of global coordinator and mandated lead arranger.

Mr Thompson added: “Finally, the Government’s statement notes that this is a ‘policy-based guarantee’ by the IDB. As the term implies, a policybased facility from any of the multilateral financial entities would require the Bahamian government to commit to one or more policy measures.

“The Government must provide the full details of any policy commitments and conditions it has agreed to with the IDB as part of this arrangement. This information ought to have been forthcoming to accompany the Government’s announcement of the loan.”

NOTICE International Business Companies Act (No. 45 of 2000)

SHALLOW CREEK LTD. Registration Number: 151189 B

Registration Number: 84193 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that CHANEY GROUP INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that TAVISTOCK BIO XXV INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that SHALLOW CREEK., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

NOTICE International Business Companies Act (No. 45 of 2000)

NOTICE International Business Companies Act (No. 45 of 2000)

NOTICE International Business Companies Act (No. 45 of 2000)

BOXER TRADING INC.

OAK PARK LTD

KENMORE EUROPE LTD

Registration Number: 14088 B

Registration Number: 144747 B

Registration Number: 157900 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that BOXER TRADING INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that OAK PARK LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that KENMORE EUROPE LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

NOTICE International Business Companies Act (No. 45 of 2000)

NOTICE International Business Companies Act (No. 45 of 2000)

NOTICE International Business Companies Act (No. 45 of 2000)

TAVISTOCK BIO XX INC.

EMORY COVE LTD.

Registration Number: 75290 B

Registration Number: 32734 B

CYPRESS GROUP LTD. Registration Number: 153396 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that TAVISTOCK BIO XX INC., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that EMORY COVE LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that CYPRESS GROUP LTD., has been dissolved and has been struck off the Register of Companies with effect from the 11th day of December, 2023.

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator

________________________________ GSO Corporate Services Ltd. Liquidator