01192023 BUSINESS

Briland resort enjoys 33% revenue surge

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A NASSAU marina operator yesterday blamed increased taxation for a near-20 percent decline in Christmas yacht traffic, and warned: “We’re not competitive with anywhere else in the Caribbean.”

Peter Maury, who manages Bay Street Marina, told Tribune Business the holiday drop-off had reinforced his belief that the Government’s decision to impose 10 percent VAT on yacht charters was “100 percent” responsible for the decline in business impacting other operators as well as his own facility.

Confirming that the Christmas/New Year period had continued the downward spiral first observed at Thanksgiving last year, he revealed there were “three regular customers sitting in Florida right now” because they did not have sufficient charter contracts to make

a Bahamas trip financially viable.

Mr Maury, suggesting that many Family Island marinas will be especially hard-hit due to their dependence on yacht charters, added that the fall-out extends beyond his industry to reduced business for fuel suppliers, food stores and all entities responsible for providing provisions to these vessels while in-country.

Marques Williams, the recently-elected Association of Bahamas Marinas (ABM) president, yesterday

acknowledged the yacht charter business was “suffering” but described the industry’s overall performance as “a mixed bag”. He explained that marinas cater to other business besides charters, adding that “stopovers” and small boats were both segments that remained strong.

Suggesting that the bigger picture must be accounted for, Mr Williams said: “It’s a mixed bag. There are some aspects of the business that have suffered; obviously the charter industry. However,

there are areas such as stopovers and smaller boats that are still thriving. It’s not just clear cut.” Another source added of the tax hike: “That concerns just a sector; those that benefit from the yacht charters. That doesn’t apply to all the marinas and boating activities.”

However, the observations of other tourism operators appeared to validate Mr Maury’s concerns. Benjamin Simmons, proprietor of The Other Side and Ocean View properties on Harbour Island and Eleuthera, told Tribune Business that marina traffic at the tourism hotspot was “noticeably” down compared to previous years for much of the Christmas period and only ramped up in final days before New Year.

“The only thing that was noticeably different was the volume of pleasure yachts. In the lead-up to Christmas, there were noticeably not as many. It exploded briefly

Tighten ‘exit strategy’ on failed FDI projects

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT realtor yesterday argued that The Bahamas must craft a robust “exit strategy” for when major foreign direct investment (FDI) projects “go south”, adding: “Surely we’ve learned from our mistakes?”

Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, welcomed the numerous Heads of Agreement signed recently between the Davis administration and overseas investors but questioned whether these deals provide sufficient protection for the public’s interests such as Crown Land assets.

Citing Crown Land as an example, given that it is often leased or sold to investors to facilitate real estate-based projects, he told Tribune Business that the law may have to be reformed to enable the Government to quickly recover such assets should the development fail.

Bahamas must ‘bite demon in butt’ over food insecurity

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS must “bite the demon of food insecurity in the butt”, an agriculture entrepreneur urged yesterday, after it was revealed that close to one in five residents recently suffered from limited access to food.

Caron Shepherd, the Bahamas Agro Entrepreneurs Group’s president, told Tribune Business it was “mandatory” that this country “step it up” in the fight against hunger after a United Nations Food and Agriculture Organisation (FAO) study found that 17.2 percent of Bahamians suffered “moderate to severe

food insecurity” between 2019-2021 at COVID-19’s height.

While The Bahamas was far from the most food insecure nation in the Western Hemisphere, with just 3.4 percent (around 18,000) of the population found to have experienced “severe” problems during that period, she added that these concerns were worsened by the fact that this country has the region’s greatest level of obesity among its adult population.

The FAO report found that that 31.6 percent of Bahamian adults, close to one-third, were deemed obese. Ms Shepherd said The Bahamas was facing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A HARBOUR Island hotelier yesterday said the Christmas holidays were “bananas as usual” with December 2022’s revenues 33 percent ahead of pre-COVID comparisons for that month.

Benjamin Simmons, proprietor of The Other Side and Ocean View properties on Harbour Island and Eleuthera, told Tribune Business that the festive period was “insane” with continued strong demand enabling him to increase room rates by between 10-15 percent during the month.

This more than offset a slight drop in occupancy, and he described his properties’ December performance as being “as good as or better, for sure” than what they achieved during the same month immediately prior to the pandemic in 2018 and 2019.

“New Year and Christmas was bananas as usual,” Mr Simmons told this newspaper.

“Tourism was insane before and after. We’re still riding at about 75 percent occupancy right now. We were over full, sold several times over [for Christmas and New Year.

“It’s always the way it works out. And it’s already booked for next year. The families who checked out are booking for next year’s Christmas period already. That’s the sequence. That’s how it goes. It’s great. I just wish it was spread throughout the year, but it is what it is.”

Mr Simmons, who has 24 rooms spread between his two properties, said he expects to close, if not eliminate, the present booking gap that exists between 2023 and prior years for the upcoming months that form peak winter season. “We are at 82 percent for bookings in January to February versus 84 percent last year, and for March we are currently at 72 percent versus 83 percent last year,” he revealed.

MARIO CAREY

Minister leads Bahamas team at energy summit

By FAY SIMMONS jsimmons@tribunemedia.net

A BAHAMIAN delegation headed by Cabinet minister, Vaughn Miller, travelled to Abu Dhabi to promote this nation’s renewable energy ambitions.

The group travelled to the 13th session of the International Renewable Energy Agency (IRENA) in the United Arab Emirates, and was led by Mr Miller in his capacity as minister of the environment and natural resources.

Mr Miller voiced appreciation for IRENA’s help with infrastructure and technical support. The conference, held on January 14 and 15, encouraged the transition to renewable energy sources.

The minister also held several meetings on areas

of interest to The Bahamas. He was accompanied by Tony Joudi, the Bahamas ambassador to the United Arab Emirates and Qatar, and other government officials.

Prime Minister Philip Davis KC earlier this week called for more climate change-specific funding following a meeting in Washington DC with US officials, including vicepresident Kamala Harris.

Mr Davis said: “We must work closely with US and international lending agencies to generate the necessary capital investments to make a future powered by renewable energy possible.”

The Bahamas has set a goal of generating 30 percent of its energy needs from renewable sources by 2030.

Law firm expands its private client practice

HIGGS & Johnson yesterday said it has expanded its private client practice with the addition of Dinesh Menon.

The law firm, in a statement, described its latest recruit as a trust and private client specialist with more than 20 years’ experience in wealth structuring, succession planning and estate matters. Me Menon has practiced in Singapore, New Zealand, Guernsey, the Netherlands Antilles and the Cook Islands.

“The con-

of outstanding talent

just one of the ways in which Higgs & Johnson

strates

commitment to remaining a world-class

Oscar N. Johnson, Higgs & Johnson’s co-managing partner, said:

tinuing recruitment

is

demon-

its

provider of legal services. Dinesh will be joining a cadre of seasoned trust attorneys that make up our private client team, and we are confident our clients will immediately benefit from this expansion.’

TONY JOUDI, Bahamas ambassador to the United Arab Emirates, greets Sheikh Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates (UAE), at the IRENA 13 sustainability gala dinner

Photo:Ministry of the Environment and Natural Resources

Camera, director-general of the International Renewable Energy Agency (IRENA),

Tony Joudi, ambassador, United Arab Emirates and the state of Qatar, at IRENA 13.

TONY JOUDI, Ambassador of The Bahamas to the United Arab Emirates and the state of Qatar (left), and Vaughn Miller, minister of the environment and natural resources, pictured at IRENA 13 Assembly.

Construction ‘collapse’ if all undocumented workers lost

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamian Contractors Association’s (BCA) president yesterday said the construction industry would “collapse” if the Government deports every single undocumented worker in its latest threatened Immigration crackdown.

Leonard Sands told Tribune Business that the industry’s dependence on such labour has forced The Bahamas to incorporate them in its workforce in order to complete construction projects.

Mr Sands was responding after Keith Bell, minister of labour and Immigration, warned in Parliament that work permit holders cannot “freelance”. Besides reiterating that work permit holders cannot live in irregular living conditions or “shanty towns”, the minister reinforced that they can only work for the job and employer stipulated in the approval.

“If a permit is obtained for a gardener, the person must be a gardener for the employer who obtained the permit,” Mr Bell said, adding that working for other companies - or in jobs other than those stated on the permit - will not be tolerated.

“Immigration has stepped up its investigations department, and if the persons are found violating the terms of their permit, the permit will be revoked and the permit holder will be prosecuted and deported. Employers who obtained permits under false pretences will be prosecuted, and no further applications for permits will be approved for that employer,” he warned.

Calling on Bahamian employers to cease hiring illegal immigrants, and abide by the country’s laws, Mr Bell said expatriate workers hired as live-in staff such as maids and nannies must stay with their employer. Should such conditions not be complied with, the work permit will be revoked.

The minister, urging that work permit fees and renewals be submitted on time, said of Immigration: “The Department is presently reviewing our policies to strengthen our investigation and confirmation of the living conditions of all work permit holders.

LEONARD SANDS

“All persons holding work permits in this country must comply with our laws and regulations, including all of our building codes, health and sanitation requirements. Where it is shown that the holder of a work permit is living in an irregular community, or in other conditions which do not comply with our building or public health guidelines, such permits will be revoked and the holders deported,” he added.

The Immigration Act does not link the granting of a work permit, and its continuation, to a worker’s living conditions. It does, however, give power to the Board of Immigration to impose any conditions or restrictions on a work permit holder that it sees fit.

Mr Sands, in response, said: “When they make application for their work permit, why doesn’t the Department of Immigration just go and check where these people live? Let’s stop this foolishness. There are about 10,000 people living on Cowpen Road in irregular communities, all with work permits. So Mr Bell shouldn’t grand stand in Parliament. His ministry should go and check and all of them should have their work permits revoked.

“Tell them the BCA chief says construction in the country cannot exist without large numbers of undocumented workers who work every single day. The system would collapse if we move them on. We’re just grandstanding. We’re just pretending that this doesn’t exist.

“If they have to remove every single undocumented worker from the construction sector, some companies won’t be able to perform contracts. If they have to remove every single undocumented worker who is living in an unregulated community, many contracts won’t be fulfilled.”

GLADSTONE ROAD FIRMS AIM TO AVOID VILLAGE ROAD’S FATE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

GLADSTONE Road businesses yesterday voiced optimism they will avoid the same fate as their Village Road counterparts when their own roadworks start as a similar outcome could cut commerce by 50 percent.

Tremmie Thompson, Caribbean Gas’ general manager, told Tribune Business that the initial Gladstone Road paving project - which is said to be almost 50 percent complete - has not affected the company yet.

“We don’t have any fears of ending up like Village Road yet because I don’t see any holes being dug or anything, and they’re basically just paving the road, but there isn’t any disruption to us,” she said. “I

thought they were putting islands in the middle of the road, so that doesn’t seem to be happening. So we haven’t had any disruption in services.”

The Gladstone Road Improvement Project (GRIP) started earlier this month with a paving exercise that began at the Rubis gas station, located on its the northern end, and extends south all the way to Carmichael Road. Overall, the roadworks are expected to last until 2024 once they move into high gear, with new roundabouts constructed at the same Rubis gas station and another near Aquinas College high school.

There will also be changes to the roundabout at the JFK Drive and Gladstone Road intersection. It will be expanded to three lanes in some areas, but will be dual lane for the most part, in anticipation

this will create better traffic flow and allow vehicles exiting Gladstone Road on its north end better access to join the traffic.

Ms Thompson said that, if Gladstone Road suffered a similar worst-case scenario to Village Road, “we would lose about 50 percent of our business because of the inconvenience to a lot of persons. But we do have a lot of customers that are really reliable to us”.

Village Road business owners earlier this week met Michael Halkitis, minister of economic affairs, to press their case for tax relief and compensation to offset financial losses stemming from the roadworks. They have proposed multiple ideas, including VAT credits, Business Licence and real property tax waivers, Bahamas Power & Light (BPL) bill discounts, “refurbishment grants” and “full sponsorship” of

a collaborative marketing campaign to entice consumers back to Village Road. Their Gladstone Road have not shown similar unity yet, but Ms Thompson said it was too early for this to happen and “people won’t come together until something happens”.

Millie Wong, owner of Wong’s Building Supplies, added: “They are only doing the roadworks in the evening time, so it doesn’t really affect us now. I don’t know about further on, but so far its OK.”

While the works have not reached Wong’s Building Supplies yet, it is anticipated that Gladstone Road in its entirety will be affected in some way before end-2023. “I don’t think these may be necessary at the moment. But there is a lot of traffic in the morning because out here has such a larger population,” Ms Wong said.

TIGHTEN ‘EXIT STRATEGY’ ON FAILED FDI PROJECTS

Otherwise land that belongs to the Bahamian people could be lost for years, becoming tied up in litigation or creditor/ lender proceedings as investors seek to recover loans extended to a developer. And Mr Carey said there needed to be greater transparency and disclosure around these Heads of Agreement so that Bahamians can understand what these deals mean to them.

While developers frequently commit to creating a specific number of construction jobs, as well as hotel industry posts if it is a resort, the Better Homes chief suggested there should be obligations requiring them to “elevate Bahamians into higher roles” on the project and commitments to empower locals through professional development.

Mr Carey added that this would help ease the “brain drain”, where The Bahamas loses too many of its talented, university and college-educated graduates to jobs abroad. And he also called on the Government to stop approving work permits for foreign real estate salespersons brought in by developers to specifically work on their projects, arguing that there were more than enough qualified Bahamians to perform this role.

Asserting that The Bahamas is still “a third world country,” Mr Carey said there also needed to be more robust obligations imposed on developers to financially support in social infrastructure and other projects that benefit the communities which support them.

“It’s good to see all these Heads of Agreement signed, but what does it mean?” he queried to Tribune Business. “These Heads of Agreement bring jobs, construction jobs, but where are the high level jobs and obligation to elevate Bahamians into a higher role or become entrepreneurs in this space?

“I still don’t know how it is we have developers

come into this country, and hire foreigners to sell and market their projects. We have over 1,000 licensed and qualified agents. Hiring expatriates doesn’t make sense to me. We approve the development, but how is it they get work permits to sell real estate when we have Bahamians who can do those jobs? Work permits are supposed to be for the jobs Bahamians can’t do. It’s a question that needs to be asked.”

Sticking with this theme, Mr Carey added: “How many of these projects empower Bahamians to get to the next level of professionalism, and how does that impact our brain drain and allow educated Bahamians to come back home?... The Government always seem to negotiate from a position of weakness.”

The Davis administration has signed multiple Heads of Agreement since taking office in September 2021, including the most recent deal last week with Penske Media Real Estate (PMR Bahamas) for the $170m Torch Cay development on southern Exuma. Other signings have involved a $250m cruise port for Long Island, the revival of the Cotton Bay project by Colombian billionaire, Luis Carlos Sarmiento, and the multi-million dollar Kakona project for south Abaco.

None of these investment deals, though, have been disclosed to the Bahamian public through being tabled in the House of Assembly. As a result, the terms are unknown, including what the Government will have foregone in duty, VAT, real property tax and other taxes and fees as part of the incentives package granted to investors.

“When the Government signs these Heads of Agreement, what is the exit strategy if they don’t perform, tie up land, Crown Land, and make promises that they don’t keep. What recourse does the Government have?” asked Mr Carey. “What we’ve seen

over and over from foreign developers is the come in, get these deals, get these contracts and things go south.

“There’s no fast track for solving it. If the Government gives them all these concessions, if they don’t perform they can be taken back by the Government.” However, when it came to Crown Land and more immobile public assets granted to developers, he argued that legal amendments may be necessary to give the Government “fast track” powers to take possession or impose a lien over the property.

Noting that major Family Island projects often altered the character of those location through having to import a workforce from Nassau and elsewhere, Mr Carey said: “What happens if the development goes sideways and we’ve sacrificed all that? “

Calling on the Government to tighten requirements for developers to help finance school and hospital construction, and other public assets, he added: “We’re giving away duty, real property and other taxes. We’re giving developers the right to bring in foreigners, taking away jobs from Bahamians who are qualified, and not making them obligated to invest in social needs.

“We never get a full read of these Heads of Agreement and understand them. What do they mean? We want jobs. A $300m investment and 50 construction jobs, then what? What happens? When are we going to stop? Surely we’ve learned from our mistakes.

“It’s good that The Bahamas continues to attract the world. We have so many things going in our favour - location, weather, legislation. Behind all that are always the social problems and the need for a third world country to grow. We are a third world country. How are those being addressed?”

Who are We Bahamas Air Navigation Services Authority is the premier Air Navigation Service provider in the Bahamas. We provide reliable and quality air navigation services through a proficient workforce, servicing the global community. We are dedicated to being the regional leader in air navigation services.

Position Overview

The Legal Counsel will provide a wide range of legal services connected to the operations and administration of the Bahamas Air Navigation Services Authority (“the BANSA”). Among the primary functions are providing legal advice and counsel to management, the Director, and the Board of Directors; conducting legal research; drafting legal documents; reviewing authority action for legal sufficiency; and representing BANSA in civil litigation and administrative hearings.

Civil Aviation Organization (ICAO) Standards and Recommended Practices (SARPs).

3. Performs or supports due diligence, negotiations, requests for proposals and contract development for proposed commercial transactions and manages associated documents.

4. Implements, tracks, and monitors legal aspects of strategic organizational initiatives.

5. Defines budget and other resources necessary for the optimal provision of legal services.

6. Collaborates with management in respect of labor relations matters, including assisting with industrial agreement negotiations.

7. Supports the HR function by managing high-risk, complex employee matters, including overseeing judicial and administrative proceedings.

8. Drafts new and amended legislation, regulations, notices, etc., as required by BANSA.

9. Maintains currency on all relevant laws and contributes to the enhancement of the knowledge base of the BANSA management through training programmes.

10. Coordinates with outside counsel on outsourced matters.

11. Serves as Board Secretary.

12. Performs other job-related duties, as assigned.

Qualification Requirements:

• Degree from an accredited law school.

• At least 3 years of responsible experience in the practice of law—preferable in a government or aeronautical setting.

• In good standing with the Bahamas Bar Association

Knowledge Requirements:

Sound knowledge of national laws and regulations covering civil aviation, the provision of air navigation services and labour laws.

• Sound knowledge of the ICAO Convention and Standards and Recommended Practices. In-depth knowledge of administrative law and procedures

Ability to:

• Assimilate complex problems and identify solutions.

• Provide effective representation in negotiations and dealings with industrial agreements, governmental agreements, and international agreements.

• Develop and communicate proposals and recommendations clearly, logically, and persuasively in public, internal and international settings.

• Prepare clear, concise, and comprehensive correspondence, reports, studies, and other legal written materials.

• Exercise sound, expert independent judgment within policy and legal guidelines.

• Exercise tact and diplomacy in dealing with sensitive, complex, and confidential issues and situations.

Competence Requirements:

• Capable of maintaining quality while working under pressure and adhering to deadlines.

• Demonstrate ability to work independently and largely unsupervised.

• Methodical and organized with a high level of attention to details.

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• Results and performance driven.

• Team player.

Interested, qualified candidates should submit their Curriculum Vitae and all relevant supporting documents to the attention of the Human Resources Department at Hrd@bansabahamas.com , on or before Friday, January 27th, 2023.

ASIAN SHARES MIXED AFTER BIGGEST WALL ST RETREAT OF THE YEAR

By YURI KAGEYAMA AP Business Writer

ASIAN shares were trading mixed Thursday, as investors grew cautious after Wall Street’s biggest pullback of the year.

Shares dipped in Tokyo, but rose in Seoul and Sydney, where they recouped earlier losses by late morning. Hong Kong shares were slightly lower, while Shanghai shares were little changed.

Japan’s benchmark Nikkei 225 slipped 1.5% to 26,380.26. Australia’s S&P/ASX 200 gained 0.6% to 7,437.10. South Korea’s Kospi added 0.3% to 2,376.08. Hong Kong’s Hang Seng was nearly unchanged at 21,672.07, while the Shanghai Composite rose 0.1% to 3,228.60.

In a bit of positive news, data from the Japan National Tourism Organization showed that tourist and other kinds of travel to Japan from Asia outside China had recovered last month.

Visitors totaled 1.37 million people in December, about the same level as December in 2020, according to the data. But more time is needed before such numbers return to preCOVID-19 levels, a report from SMBC Nikko said.

“On the macro front, there remains lingering uncertainties about the outlook for the global economy. A slew of disappointing U.S. data releases and hawkish Fed rhetoric are also adding to the risk-off mood across markets,” said Anderson Alves, trader at ActivTrades.

The S&P 500 fell 1.6% to 3,928.86 after having been up as much as 0.6% in the early going. The Dow Jones Industrial Average lost 1.8% to 33,296.96 and the Nasdaq composite slid 1.2%, ending a sevenday winning streak, to 10,957.86. The losses are reversal for the market,

which kicked off the year with a two-week rally.

The Russell 2000 index fell 1.6% to 1,854.36.

The selling came as new economic data showed that as inflation cools, the economy is slowing, heightening worries about the possibility of a recession.

Meanwhile, a key Federal Reserve policymaker said interest rates need to go higher than the central bank signaled earlier.

The government reported Americans cut back on their spending at retailers more than anticipated last month, the second straight decline.

Separately, the Federal Reserve said U.S. industrial production, which covers manufacturing, mining and utilities, fell in December much more than economists had expected.

The government also reported more encouraging inflation data. Wholesale prices rose 6.2% in December from a year earlier, a sixth straight slowdown for the measure of prices before they are passed along to consumers.

Investors have been hoping that easing inflation and a slowdown in economic growth might influence the Federal Reserve’s position on interest rates. The central bank aggressively raised rates throughout 2022 in an effort to cool hot inflation, but that has hurt prices of stocks and bonds, and risks going too far and bringing on a recession.

While there’s growing evidence that high inflation is finally easing, further rate hikes are still needed, according to Loretta Mester, president of the Federal Reserve Bank of Cleveland.

“I still see the larger risk coming from tightening too little,” Mester said in an interview Tuesday with The Associated Press.

Mester stressed her belief that the Fed’s key rate should rise a “little bit” above the 5% to 5.25% range that policymakers

have collectively projected for the end of this year. It has raised its key overnight rate to a range of 4.25% to 4.50% from roughly zero a year ago. The Fed will announce its next decision

on interest rates Feb. 1. Investors are largely forecasting a raise of just 0.25 percentage points next month, down from December’s half-point hike and

from four prior increases of 0.75 percentage points. The broader economic picture is still not clear enough to see whether the Fed’s fight against inflation is working well enough to

avoid a recession. Several major banks have forecast at least a mild recession at some point in 2023. Technology stocks were among the biggest drags on the market, including a 1.9% drop in Microsoft after the tech titan joined others in its industry in announcing layoffs. The software giant is cutting 10,000 workers or almost 5% of its workforce.

A CURRENCY trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 19, 2023. Asian shares were trading mixed Thursday, as investors grew cautious after Wall Street’s biggest pullback of the year.

Photo:Ahn Young-joon/AP

‘Not competitive’: Marina boss sees 20% Xmas fall

over the New Year, and then subsided again,” he revealed. “I don’t know if it’s fuel costs or the new taxation on yacht charter vessels. I’m not in the industry.

“We take the boat to Harbour Island every day for the school run and always pass the marinas. It was definitely noticeable; the difference from previous years. We normally see a fleet of vessels at those marinas, and it wasn’t there until New Year and a couple of days before that.”

Mr Maury had no doubts about the cause. A former ABM president himself, he told Tribune Business: “I can tell you all the Nassau marinas said the same thing: Our margins are down over last year. Period. The biggest thing is in the Out Islands, Exuma and places like that where the economy depends heavily on that business, it was noticeably down.

“Charter boats are constantly reprovisioning, but even the suppliers are saying they are not as busy as they were. You can go talk to the grocery stores, the fuel suppliers...

everybody is saying volumes are down. But then you look at the likes of St Barts. A buddy of mine is in Grenada, and he said the food stores are running out of food because the yachts are buying everything they can.”

Implying that the Government’s decision to impose 10 percent VAT on yacht charter fees, in addition to the 4 percent levy paid by the Port Department, had driven business from The Bahamas to the Caribbean, Mr Maury recalled: “The Government told us: ‘Where are they going to go?’ They’ve

proven to us they can go anywhere in the Caribbean.

“One captain of a 140foot vessel pointed out to me that it’s now about $25,000 more per charter from the tax based on what he charges. If you’re paying around $150,000 for the charter, and have to pay an extra $25,000 (VAT and 4 percent fee combined), wouldn’t you rather save more and go to the Caribbean?

“The cost of fuel is cheaper in the Caribbean, and the cost to fly there is not much more. The groceries are generally cheaper. You get more bang for your buck. Everything is about bang for buck.” Asked how much marina traffic and occupancies had fallen off compared to prior years during the Christmas and New Year period, Mr Maury said the decline was around 18-20 percent.

Voicing concern for business volumes during the traditional peak charter season, which normally covers the months of February, March, April and into May, he added: “It was about 20 percent down over last year. I have three regular customers right now sitting in Florida because they don’t have a charter. Last year they had charters booked out for weeks, and stayed here.

“They had enough charters to make sense to stay in The Bahamas rather than go back and forth. A lot of boats can’t pick up charters in the US because of their flag nation status, so they have to come to The Bahamas. Florida’s sales tax, at 7 percent, is half of what we are, though. People may go to the Cays this year rather than go to The Bahamas.

“It’s not competitive. That’s my point. We are not competitive with anywhere other part of the Caribbean, and are certainly not competitive with the US where food and fuel cost a fraction of ours. They’re half of what we are right now. I would think the more fuel,

the more groceries that The Bahamas sold, the more VAT the Government gets.”

Not everyone shares Mr Maury’s and the marina industry’s view on the increased yacht charter taxation introduced with the 2022-2023 Budget. Bahamian tour and excursion operators, including the Bahamas Excursion Operators Association (BEOA), had for years been urging the Government to place them on an even competitive playing field with foreign rivals who they argued were incurring a much lighter taxation burden than themselves.

And they also charged that the Government was missing out on significant uncollected revenues from the yacht charter industry as many operators were avoiding or evading payment of the 4 percent fee to the Port Department.

And Michael Halkitis, minister of economic affairs, agreed that foreign yacht charters had for years “enjoyed a windfall at The Bahamas’ expense” by using this country’s marine environment to earn millions of dollars without paying its fair share.

Dismissing arguments that the VAT hike on foreign yacht charters was too onerous, Mr Halkitis chuckled at suggestions the move would “kill” the sector. He recalled how pilots had threatened to abandon The Bahamas, and instead travel to destinations such as Turks & Caicos, when the Government introduced a $50 fee for Customs processing of private planes only for the reverse to happen and traffic increase .

“In terms of the yacht charters, that’s been a vexing problem as well,” Mr Halkitis said. “There is a 4 percent fee on the charter. They charge a fee to do the charter, and the Government is supposed to get a 4 percent charter fee. What we’re saying now is

that these individuals have to register for VAT and we get VAT on the cost of the charter.

“Because the yachts are coming into our waters, they’re enjoying our environment, they’re making money, we feel justified in earning something from that. It’s our resources that are being used generate this money, so we think we should get something for it. We don’t think it’s onerous. We did some checks and found, for example, that if you do a charter in the Mediterranean the VAT is 22 percent and we’re charging 10 percent. We don’t think that will chase anybody away.”

Mr Maury and others will likely beg to differ based on yacht traffic following the 10 percent levy’s imposition. The boating market was one of the first to revive post-COVID and help drive The Bahamas’ tourism rebound, as its clients tend to be higher-spending individuals who spread the wealth around by visiting different islands.

“I don’t want to lose one boat and nor do other people’s marinas,” he added.

“Occupancies were down 20 percent compared to what they have been for Christmas and New Year.

I don’t want to be down 20 percent. I want to be up 20 percent. Shouldn’t it be up for everyone? That would be my point now. These are food sales, these are fuel sales, electricity consumption, provisioning. We thought the plan was to give us all a chance.”

Mr Maury again argued that, rather than impose 10 percent VAT in addition to the 4 percent Port Department levy, and create what he described as “double taxation”, the Government should instead double the latter’s rate to 6 percent and improve enforcement. He added that Mediterranean countries were set to remove their own VAT levy on yacht charters after losing business to Croatia.

If you are interested in the solicitation, you must be technically qualified and financially responsible to perform the work. At a minimum, each Offeror must meet the following requirements when submitting their proposal:

Complete NDAA Compliance Forms (in the solicitation documents)

• Be able to understand written and spoken English;

• Have an established business with a permanent address and telephone listing;

• Have the necessary personnel, equipment and financial resources available to perform the work;

• Have all licenses and permits required by local law;

• Meet all local insurance requirements;

• Have no adverse criminal record;

• Be willing to register in SAM (System for Award Management) see attachments

• Have no political or business affiliation which could be considered contrary to the interests of the United States;

• Have good experience and past performance records; and

• Identify specialized experience and technical competence required to complete the work in accordance with this solicitation

If you are interested in receiving a copy of the solicitation documents, please send an email to nelsonda@state.gov no later than 3pm on January 27, 2023.

The American Embassy in Nassau, The Bahamas has a requirement for the review and inspection of the water installation process at the New Embassy compound in Nassau, The Bahamas.

A Bahamian licensed and certified Water System Contractor is required to complete this project.

BRILAND RESORT ENJOYS 33% REVENUE SURGE

FROM

“I would expect that to pick up and will fill in the gaps closer to the period. April, I would imagine, will be a similar deal. April’s bookings are at 68 percent versus 81 percent last year. We expect that to catch up.”

Average December occupancies at Mr Simmons’ two properties were marginally less year-over-year, standing at 77.2 percent compared to 78.9 percent in 2021, but this was more than offset by the impact of the room rate rise.

“We raised the rates by around 10-15 percent; it wasn’t much,” he explained. “But our revenue is onethird higher, around a 33 percent increase, in comparison to December pre-COVID. Our occupancies were 60 percent for the month in 2018, 55 percent in 2019, and 78-79 percent for the post-COVID period. It’s looking good.

“Our wedding market is really strong, bookings are doing really well, and that drives occupancies. The island is almost at that point where you wish for a slow period where you can lick your wounds and put some paint on. We take our windows when we can get them; the next one will be May. We’re grateful the destination is holding its demand. The Bahamas is not going to subside as an easy, convenient place for Americans to vacation.”

Mr Simmons, noticing an increase in Canadian visitors, added that travellers were still “coming out of the woodwork” post-COVID. He added: “It’s all good. It’s strength to strength. We hear whispers that the new airport is coming in North Eleuthera, and that might be a game changer. Where the extra volume stays I don’t know because the island is at full capacity.”

Molly McIntosh, general manager of The Bluff House Beach Resort and Marina in Green Turtle Cay, Abaco, told Tribune Business that 2023 is presently trending towards being a record year for the property which will be “slammed” by the level of business already on the books for June and July.

Reporting a strong, solid Christmas and New Year period, rather than one that was “wild and insane”, she said wedding and private pilot group business resulted in volumes doubling compared to prior years for November and December. “It’s really looking good,” Ms McIntosh said. “January is a month when we get a lot of bookings as people come off Christmas and start to

look for their vacations. It’s been even busier.

“March and April are looking really good. June and July, they’re packed. We’ve sold out of certain room sites, the dock and marina are getting booked right up. June and July are going to be slammed in 2023, and March and April are going to be pretty close to the same. I think they’re going to be sold out, and I really think they’re going to be better than 2019 which was our best year ever before Dorian.

“Our ADR (average daily room rate) is higher, and occupancy looks like it’s going to be higher. Right now it’s trending that way. That’s the way it’s going unless something changes. People are looking to get out in the fresh air, experience different cultures, be out in nature and have high quality food. They don’t want rustic.”

The Bluff House, which has eight rooms, also manages nine villas. Ms McIntosh said the resort itself has invested more than $3m to rebuild itself and associated amenities, including the marina and a new restaurant, following the devastation inflicted by Hurricane Dorian.

“The owners are thinking of doing another building,” she added. “One of the buildings taken down in the hurricane, they’re thinking of putting a new building up there with town houses. If they do that it will be right on the water, but it will not happen until the fall after this season.”

Ms McIntosh also pledged that the Bluff House’s marina will restore its refuelling facility within the next 18 months, and switch to an alternative provider if necessary should the present company be reluctant to follow through. The resort also plans to work with the Green Turtle Club to jointly stage events that will drive group business and other traffic during the slower months in the tourism calendar.

Identifying the remaining obstacles, Ms McIntosh said: “Everyone wishes that the Treasure Cay airport could get a little terminal and we can get some more flights in. It’s not killed us but it’s hurt us, and a little investment would go a long way. There’s no terminal, and Customs and Immigration have to work out of a trailer.”

The airport is presently open only to scheduled charter flights and private planes, and she added: “I feel strongly, because I have been here a long time, and know there will be a return

on investment. They don’t need to do an airport like Marsh Harbour where they spent millions of dollars; just hand us a terminal that’s

clean and we’ll take care of it.”

Other concerns remain the lack of suitable, affordable housing on Abaco

for employees, which was causing persons to leave the island. And inflation is forcing the Bluff House to increase pricing to guests.

“The cost of everything has doubled and tripled,” Ms McIntosh said. “A gallon of mayonnaise has gone from $17 to $36. Eggs in grocery stores are around $8, $8.50 for a dozen.... It’s having a big effect because we are not making as much money.”

Bahamas must ‘bite demon in butt’ over food insecurity

a vicious cycle, where the country was not growing sufficient food to feed itself and this, in turn, resulted in low and middle income persons struggling to afford nutritious, healthy food while making them more vulnerable to imported inflation.

“The deficiency we have in food is so great in terms of feeding ourselves it’s almost getting to a critical point where we are getting foods that are not healthy,” Ms Shepherd told this newspaper. “One of the main reasons we have all these non-communicable diseases

is the mere fact people are eating such foods. They’re not cooking any more.

“One one hand we have the deficiency of not growing the food, and on the other hand we have escalating non-communicable diseases. Persons are taking the easy way out, going to the fast food restaurants, getting a quick bite here, there and everywhere, and it’s working against us.

“If we are able to improve our food production process we would be able to afford the foods we need. Because of insufficient local production, the prices are higher than we

NOTICE is hereby given that CLAIRE MARION EDWARDS of #8 Balls Alley, Nassau, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 19th day of January, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

expect. If we increased local production, it would bring down the cost and make it easier for people to afford and buy natural foods. We have to bite this demon in the butt and get it done. We have to.”

Food security concerns became a prominent topic following the border closures, both in The Bahamas and internationally, that were imposed at the height of the COVID-19 pandemic. This nation relies on imports for 90 percent of its food needs, with the annual bill estimated at $1bn. The Davis administration has made addressing the issue one of its policy goals since taking office.

And, while food insecurity concerns may have eased following the pandemic, they have not been eliminated. The Bahamas Feeding Network

confirmed pre-Christmas that it is still providing up to 100,000 meals a month, supporting more than 100 local feeding programmes.

Ms Shepherd, asserting that the key is to improve productivity among Bahamian farmers, said: “We have to step it up and put in place the necessary factors to produce our own food on a larger scale. It’s mandatory. We have to do it. We’re not only feeding ourselves but the tourists coming in. We need to be able to do it.

“Look at the cost of eggs in the food store - $7-$8 for a carton of a dozen eggs. Look at the price of chicken. Everything has increased and it has escalated to the point where the average person cannot go into the food store and buy a decent meal. They’re limited. Persons have to go

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, MELISHA ROLLE of Nassau Village, Nassau, The Bahamas, Mother of GABRIEL ADON OMAR ROLLE A minor intend to change my child’s name to GABRIEL ADON OMAR RUSSELL If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

into the food store every day because funds are not coming in as anticipated, so they have to eat the quickest and easiest thing, and that’s not the best.”

An unhealthy adult population also means a less productive workforce, which acts as a drag on businesses and the economy.

Ms Shepherd said there were too many Bahamians, aged in their 20s and 30s, suffering from high blood pressure, hypertension and diabetes as a result of unhealthy eating and sedentary lifestyles, which was driving obesity.

“Food insecurity will continue to rise due to the food and fuel price crisis caused by the conflict in Ukraine and the aftermath of COVID-19,” said Lola Castro, the World Food Programme’s regional director. “We must act now, but how can we do it?

“Supporting governments to expand social protection networks because the pandemic once

again demonstrated that social protection is useful to improve the affordability of a healthy diet, preventing crises like this from hitting affected populations even more”.

“We are talking about the region of the world with the most expensive healthy diet, which particularly affects vulnerable populations – small farmers, rural women, and indigenous and Afro-descendant populations – who allocate a greater percentage of their income to the purchase of food,” said IFAD regional director, Rossana Polastri.

“To reverse this situation we must promote innovative solutions that diversify production and increase the supply of healthy food, and that improve small producers’ access to markets and quality food, including digital solutions that articulate food supply and demand.”

PRINCIPAL DUTIES AND RESPONSIBILITIES Performs basic preventative maintenance on all equipment. Assists with checking and ensuring that all machines are serviceable. Assists Maintenance Supervisor when required. Makes quality fabrications as needed, Performs fueling duties when

NOTICE is hereby given that ANALIANEN M. GARCIABULLARD of P.O Box N-16707 Blair Estates, Nassau, Bahamas, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of January, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SAMANTHA WHITNEY BRAVE of P.O Box N7147 Cowpen Road West, Nassau, Bahamas, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of January, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LOVENA ANETTE CLECIDOR of Cordia Street, Foxdale, Nassau, Bahamas, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of January, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

JOB SUMMARY Assists with various maintenance responsibilities as part of the training required to develop job knowledge essential for full time employment as a mechanic in one of the company functional maintenance departments.

SCOPENo supervisory or budgetary responsibilities

www.bisxbahamas.com

(242)323-2330 (242) 323-2320

39.95 39.950.00 0.9321.26042.93.15% 2.761.60Benchmark

9.75 9.750.00 0.3690.26026.42.67% 4.502.90Cable Bahamas

4.26 4.260.00 -0.4380.000-9.7 0.00% 10.657.50Commonwealth

10.25 10.250.00 0.1400.00073.20.00% 3.652.54Commonwealth Bank CBL 3.58 3.37 (0.21) 1,1730.1840.12018.33.56% 8.547.01Colina Holdings

8.53 8.530.00 0.4490.22019.02.58% 17.5012.00CIBC FirstCaribbean Bank CIB 15.99 15.990.00 0.7220.72022.14.50% 3.251.99Consolidated Water BDRs CWCB 2.96 2.86 (0.10) 0.1020.43428.015.17% 11.2810.05Doctor's Hospital DHS 10.50 10.500.00 0.4670.06022.50.57% 11.679.16Emera Incorporated EMAB 9.92 9.89 (0.03) 0.6460.32815.33.32% 11.5010.06Famguard FAM 11.22 11.220.00 0.7280.24015.42.14% 18.3014.50Fidelity Bank (Bahamas) Limited FBB 18.10 18.100.00 1,3000.8160.54022.22.98% 4.003.55Focol FCL 3.98 3.980.00 0.2030.12019.63.02% 11.509.85Finco

15.76 15.760.00 0.6310.61025.03.87%

107.31107.310.00 100.00100.00BGS: 2014-12-7Y

100.00100.000.00 100.00100.00BGS: 2015-1-7Y BG0207 100.00100.000.00 100.00100.00BGS: 2014-12-30Y BG0130 100.00100.000.00 100.00100.00BGS: 2015-1-30Y BG0230 100.00100.000.00 100.00100.00BGS: 2015-6-7Y BG0307 100.00100.000.00 100.00100.00BGS: 2015-6-30Y BG0330 100.00100.000.00 100.00100.00BGS: 2015-10-7Y BG0407 100.00100.000.00 100.11100.11BGRS FL BGRS98034

100.03100.030.00

93.3693.360.00 101.55101.42BGRS

101.45101.450.00 103.49103.38BGRS

90.9590.950.00 94.8094.80BGRS FX BGR134140 BSBGR1341407 93.9493.940.00 100.39100.39BGRS FX BGR138230

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Silver Maple Holding Company Ltd.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Silver Maple Holding Company Ltd. has been completed and the company has been struck from the Register on the 29th day of November 2022.

Baird One Limited Liquidator

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SADDLEBROOK DEVELOPMENT CORPORATION

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of SADDLEBROOK DEVELOPMENT CORPORATION has been completed and the company has been struck from the Register on the 1st day of July 2022.

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Harvest Time Company Limited

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100.39100.390.00 96.8496.84BGRS FX BGR138240 BSBGR1380405 96.1096.100.00 100.32100.32BGRS FL BGRS81035 BSBGRS810359 100.66100.660.00 100.34100.34BGRS FL BGRS81037 BSBGRS810375 100.17100.170.00 100.57100.57BGRS FL BGRS84033 BSBGRS840331 100.15100.150.00 MUTUAL FUNDS 52WK HI52WK LOW NAV YTD%12 MTH% 2.582.11 2.583.48%3.87% 4.883.30 4.884.49%5.32% 2.261.68 2.262.74%3.02% 205.22164.74 190.45-6.40%-6.95% 212.41116.70 169.68-20.12%-15.15% 1.761.71 1.762.49%2.79% 1.941.78 1.935.71%7.96% 1.881.79 1.863.39%3.91% 1.030.93 0.93-8.94%-9.55% 9.376.41 10.107.82%9.00% 11.837.62 13.4413.58%15.81% 7.545.66 7.712.57%2.83% 16.648.65 13.25-20.10%-19.25% 12.8410.54 12.03-4.50%-4.64% 10.779.57 10.59-0.55%-1.61% 16.279.88 16.27N/AN/A 11.228.45 11.223.00%25.60% 14.8911.20

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Job cuts in tech sector

By MATT O’BRIEN AP Technology Writer

MICROSOFT is cutting 10,000 workers, almost 5% of its workforce, joining other tech companies that have scaled back their pandemic-era expansions.

The company said in a regulatory filing Wednesday that the layoffs were a response to “macroeconomic conditions and changing customer priorities.”

The Redmond, Washington-based software giant said it will also be making changes to its hardware portfolio and consolidating its leased office locations.

Microsoft is cutting far fewer jobs than it had added during the COVID-19 pandemic as it responded to a boom in demand for its workplace software and cloud computing services with so many people working and studying from home.

“A big part of this is just overexuberance in hiring,” said Joshua White,

a finance professor at Vanderbilt University.

Microsoft’s workforce expanded by about 36% in the two fiscal years following the emergence of the pandemic, growing from 163,000 workers at the end of June 2020, to 221,000 in June 2022.

The layoffs represent “less than 5 percent of our total employee base, with some notifications happening today,” CEO Satya Nadella said in an email to employees.

“While we are eliminating roles in some areas, we will continue to hire in key strategic areas,” Nadella said. He emphasized the importance of building a “new computer platform” using advances in artificial intelligence.

He said customers that were accelerating their spending on digital technology during the pandemic are now trying to “optimize their digital spend to do more with less.”

“We’re also seeing organizations in every industry and geography exercise

caution as some parts of the world are in a recession and other parts are anticipating one,” Nadella wrote.

Other tech companies have also been trimming jobs amid concerns about an economic slowdown.

Amazon and business software maker Salesforce earlier this month announced major job cuts as they prune payrolls that rapidly expanded during the pandemic lockdown.

Amazon said that it will be cutting about 18,000 positions and began notifying affected employees Wednesday in the U.S., Canada and Costa Rica, with other regions to follow, according to emails from executives. The job cuts, which began in November, are the largest set of layoffs in the Seattle company’s history, although just a fraction of its 1.5 million global workforce.

Also Wednesday, the U.K.-based cybersecurity firm Sophos confirmed it had laid off 10% of its global workforce — 450

employees — on Tuesday. Sophos, known for threat intelligence and detection, was acquired in 2020 by the private equity firm Thoma Bravo for $3.9 billion.

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce. And Elon Musk, the new Twitter CEO, has slashed the company’s workforce.

Nadella made no direct mention of the layoffs on Wednesday when he put in an appearance at the World Economic Forum’s

annual meeting happening this week in Davos, Switzerland.

When asked by the forum’s founder Klaus Schwab on what tech layoffs meant for the industry’s business model, Nadella said companies that boomed during the COVID-19 pandemic are now seeing “normalization” of that demand.

“Quite frankly, we in the tech industry will also have to get efficient, right?”

Nadella said. “It’s not about everyone else doing more

with less. We will have to do more with less. So we will have to show our own productivity gains with our own sort of technology.”

Microsoft declined to answer questions about where the layoffs and office closures would be concentrated. The company sent notice to Washington state employment officials Wednesday that it was cutting 878 workers at its offices in Redmond and the nearby cities of Bellevue and Issaquah.

5:11 a.m. 3.1 11:44 a.m. -0.2 5:27 p.m. 2.2 11:35 p.m. -0.7

6:07 a.m. 3.3 12:40 p.m. -0.4 6:25 p.m. 2.4

7:02 a.m. 3.4 12:32 a.m. -0.9

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8:45 a.m. 3.4 2:24 a.m. -1.0 9:10 p.m. 2.8 3:13 p.m. -0.8 9:36 a.m. 3.3 3:19 a.m. -0.8 10:04 p.m. 2.8 4:02 p.m. -0.8 10:26 a.m. 3.1 4:15 a.m. -0.6 10:59 p.m. 2.8 4:51 p.m. -0.7

Friday: ESE at 8-16 Knots 1-3 Feet

THIS July 3, 2014, file photo, shows the Microsoft Corp. logo outside the Microsoft Visitor Center in Redmond, Wash. Microsoft is cutting 10,000 workers, almost 5% of its workforce, in response to “macroeconomic conditions and changing customer priorities.”The company said in a regulatory filing Wednesday, Jan. 18, 2023 that had just notified employees of the layoffs, some of which begin immediately.The company said it will also be making changes to its hardware portfolio and consolidating its leased office locations -- all of which are designed to save about $1.2 billion.

Photo:Ted S. Warren/AP