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MONDAY, JANUARY 24, 2022

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‘Absolutely livid’ over doubling, tripling tax By NEIL HARTNELL Tribune BUSINESS EDITOR nhartnell@tribunemedia.net REAL property taxpayers were yesterday said to be “absolutely livid” after receiving bills that doubled and tripled their 2022 payments following the recent New Providence-wide revaluation. David Morley, Morley Realty’s principal, told Tribune Business he was likely to be among many challenging their assessments after his residential real property tax bill rose from “less than $4,000 to just under $10,000”, adding that such hikes were “a huge one-shot pill to swallow” for many homeowners and businesses still struggling to recover from COVID-19’s devastation. Commercial property owners have been hit equally hard. One downtown Nassau landlord, speaking on condition of anonymity, told this newspaper that the 2022 tax bills they had received for their two properties on Market Street had increased by

• Real property tax hikes ‘huge oneshot pill to swallow’ • Minister lauds $450m revenue increase over 5 years • Landlord sees downtown hikes of 250% and 184% 250 percent and 184 percent yearover-year, respectively. While conceding that the properties may not have been revalued “in a long time”, they argued that the Government was “hammering” them with a huge increase in their tax burden at a time when only two of eight pre-COVID tenants had

DAVID MORLEY returned. And this duo were only paying 50 percent of their pre-pandemic rent, resulting in a substantial income loss. The concerns coincide with Senator Michael Halkitis, minister of economic affairs, asserting in an

SEE PAGE 7

Bahamian farm eyes 1.4m herbs in $60m joint venture By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN hydroponic producer and its US partner last night revealed they will invest $60m in developing a 71,000 square foot facility able to grow “300 times more food” than a traditional farm. Eeden Farms, which launched last year using containerised farms in western New Providence, disclosed that the proposed Gladstone Road-based facility will employ up to 30 Bahamians and produce 1.4m pounds of greens and herbs annually using

robotics and artificial intelligence (AI). The project was unveiled after Eeden Farms and its partner, 80 Acres Farms, gave Prime Minister Philip Davis and Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, together with other officials, financiers and private sector representatives, a tour of the latter’s 70K Farm in Ohio. No mention was made of how far the project has progressed in securing the necessary permits and approvals, or if it has identified and secured the land required for a venture to

SEE PAGE 12

Top US trade body singles out ‘bribes of convenience’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamian political system is “beleaguered by reports of corruption”, a newly-released US government report has asserted, singling out what it labelled as “small scale ‘bribes of convenience’”. The US Trade Representative’s Office, in its latest report on The Bahamas and other Caribbean nations that benefit from the Caribbean Basin Initiative’s (CBI) one-way trade preferences, became the latest Federal government agency to raise concerns about conflicts of interest in the awarding

of government contracts and systemic “patronage” in this nation’s governance system. “The Bahamas has national anti-corruption and anti-bribery laws in place, including criminal penalties for corruption by public officials, including a fine of up to $10,000, a prison term of up to four years, or both,” the US Trade Representative’s report submitted to Congress said. “However, there was limited enforcement of conflicts of interest related to government contracts and isolated reports of officials engaged in

SEE PAGE 8

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Airlines ‘pay price’ over COVID surge with 15-20% drop By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN domestic airlines have “paid the price” for the recent Omicron-led COVID case surge with a 15-20 percent drop in passenger numbers, an industry executive has revealed. Anthony K Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that the explosion in infection numbers that began over the Christmas/New Year period had been “painful” for local operators yet they were not “discouraged” by the twoyear hammering inflicted by the pandemic. He added that pilots, in particular, had shown “their willingness to sacrifice” to keep airlines and the Family Island economies they support going, but “right now staying in the business is a major thing” with survival the top priority for many.

“How should I put that? It was meaningful,” Mr Hamilton replied, when asked by this newspaper how the Omicron surge has impacted Bahamian-owned airlines. “I would say we probably got a 15-20 percent hit as a result of that. “We paid the price for it, but one thing I can say about the operators is that they’re not discouraged. It’s painful but they’re hopeful things are going to turn around. That’s why we all need to get together and determine how best to come out of it. “From a socio-economic standpoint it’s not only Nassau that’s impacted; it’s the Family Islands, too. I’m encouraged by the spirit of the operators in not giving up. That’s important,” he continued. “One thing you find from the domestic operators is that their pilots love the industry. The willingness to sacrifice for the recovery is endemic among them; that

SEE PAGE 6

PAGE 2, Monday, January 24, 2022

THE TRIBUNE

Building the platform for successful compliance C

ompliance is about mitigating risk and following rules set by external authorities. To combat internal, and external, threats of corruption and fraud, various laws and regulations require that companies establish effective compliance risk mitigation programmes. But, despite this worldwide push, a simple assessment will highlight that the frameworks deployed differ from company to company. To deal with such inconsistencies, the Deloitte & Touche accounting firm has unveiled ethics and compliance programmes that focus on five so-called pillars for success. These are 1. Tone at The Top 2. Corporate Culture 3. Risk assessments 4. Testing and monitoring 5. Chief Ethics and Compliance Officer Notwithstanding the above, compliance is by nature an evolving vocation. Compliance professionals should prepare themselves for another year of change that may expand the mandates of our teams, and challenge traditional methods of compliance risk management. Foresight versus hindsight Day-to-day compliance activities are challenging because reactive concerns consume time that could otherwise be used to mitigate risk in a proactive manner. Traditional approaches to analysing transactional data, and get to the root of issues, can now be addressed through advances in technology. Deploying technology that is properly monitored allows chief compliance officers (CCO) to realign their teams’ time to more insightful endeavours that assist the business, while still mitigating risks. To develop these insights, investment in technology; adoption of better processes; and a deliberate focus on the data that comes from the business, risk and operations will be necessary. Sustainability Management The continuously-shifting regulatory environment provides an avenue for compliance professionals to not only manage disclosures and reporting within their perspective jurisdictions, but also to pay acute attention to other jurisdictions, social media and traditional news reports to gain a glimpse into what is coming down the regulatory pipeline. According to ControlRisks’ Risk Map 22, environmental, social and governance (ESG) is the top risk of 2022. Locally, companies may not think ESG warrants attention. However, I would strongly disagree. As the world becomes smaller through technology and partnerships, the requirements

Derek

Smith global business partners mandate that Bahamian businesses must manage their third-party relationships to ensure compliance with their local legislation. As awareness increases of international requirements, the local compliance professional, if equipped, now has the opportunity to strategically advise on business decisions. In order to be successful, social and governance issues must be integrated into the daily processes of companies. Compliance return on investment (ROI) Deloitte estimates that “the cost of compliance and risk mitigation over the last eight years has jettisoned almost all discretionary funding available to firms”, with other estimates reporting an increase of 60 percent over the same timeframe. Chief compliance officers must shift from the approach of justifying their company’s compliance expense to ensuring its integration with strategic goals and objectives. Additionally, chief compliance officers must move to quantify their teams’ compliance impact through data which allows the business to see and feel the impact in areas such as regulatory fines and observations, internal audit findings and external audit findings. Conclusion In short, as compliance professionals, we must recognise that our role is about more than processes and now entails protecting our companies from the many risks that come with the year 2022. Jr

NB: About Derek Smith

Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the compliance officer and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

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Monday, January 24, 2022, PAGE 3

RESTORING FISCAL HEALTH, INVESTING IN OUR FUTURE By MICHAEL HALKITIS Minister of Economic Affairs IN 2022, the Davis administration is laserfocused on moving The Bahamas beyond recovery into a period of robust, broad-based economic growth. This means building an economy that widens the circle of opportunity and lifts all Bahamians - not just a few. In the first 100 days of the Davis administration, we have already made significant progress toward these goals. We have made good on our promise to provide pension payments, we have paid salary arrears, and repaired our schools to ensure they are ready to provide students with a safe and quality environment to learn. And

we have re-opened our economy, resulting in hotel occupancy rates returning to near pre-pandemic levels and enabling Bahamians to get back to work. Our goal is to ensure that every Bahamian feels the recovery. But recovering from a public health crisis and an economic crisis - one that saw record levels of unemployment and the most significant shrinkage of GDP and government revenue in recent history - will not happen overnight. There is more work to do. That is why the Davis administration has committed to making long-term investments in our people and institutions that will benefit all our citizens. Our investments will revolutionise our education system - the great

equaliser - to ensure our children have the opportunity to be competitive on the global stage. They will enable us to harness our people’s full economic potential and resources by modernising our blue economy, accelerating the expansion of our green economy, and spurring innovation in our orange economy. We will make investments to support our entrepreneurs, usher in an e-Bahamas revolution, and build a modern, digital economy that will provide a foundation for future economic growth. And we will strengthen our social safety net so that all Bahamians can hold their heads up high, and with dignity, despite the challenges we have experienced. These investments will ensure our economy works

for all Bahamians. But to unlock this potential for our country, we need to restore our fiscal health and stabilise our public finances. This is why the Prime Minister has announced a commitment to achieve a revenue-to-GDP target ratio of 25 percent by the end of our five-year term in office, and re-established the Revenue Enhancement Unit (REU) with the goal of increasing tax revenue collection by $200m in 24 months. Our focus is not raising taxes. In fact, we have already decreased taxes on all Bahamians by reducing the standard VAT rate from 12 percent to 10 percent across the board. Instead, our focus is on ensuring everyone pays their fair share. No longer will we allow a few honest

Bahamians to responsibly pay their taxes while others refuse to do the same. If the global pandemic has taught us anything, it is that we are all in this together. We are a nation of artisans and entrepreneurs, business leaders and labourers, but we rise and fall together as a society. And when we all do our part, we benefit one another and our country. So, if we want to invest in building an economy that creates an opportunity for all Bahamians, we all must do our part. Everyone in The Bahamas should know that if you avoid paying your taxes, you fail to uphold your responsibility to your fellow citizens, and we can no longer tolerate this. That is why we have re-established the Revenue Enhancement

Unit (REU) to focus on eliminating tax evasion and fraud in The Bahamas. The REU has been fully resourced and has begun addressing non-compliant taxpayers, including concentrating on nearly 50 percent of real property taxes that are not consistently paid. I encourage anyone who owes taxes or Customs duties to come forward. The Government will continue to work with those who would like to comply but are unable to due to financial hardship. But for those who can pay what they owe and simply refuse to honour their responsibility, the REU will identify you and take the appropriate action.

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CRUISE LINE’S SHUT DOWN TO HAVE ‘MINIMAL IMPACT’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR tourism official yesterday the loss of Crystal Cruises will have “minimal impact” for The Bahamas after one of its ships was forced to anchor off Bimini to escape a US arrest warrant. Janet Johnson, the Tourism Development Corporation’s chief executive, in response to Tribune Business inquiries, said her research revealed that the Genting-owned cruise line had just three calls scheduled at its Resorts World Bimini affiliate between now and a sailing suspension that is expected to last until end-April 2022. “I made some inquiries and, according to Resorts World Bimini, Crystal only had t5hree ship calls between now and May, so the impact will be minimal,” she told this newspaper. “The Crystal ships had very low counts of high-end guests who usually stayed onboard and rarely ventured to town. I don’t think there will be significant impact to the island at all.” Tribune Business understands that the financial

strife that has afflicted Crystal Cruises, which together with Royal Caribbean pioneered cruise home porting in The Bahamas at the peak of the COVID-19 pandemic, will not affect Resorts World Bimini, the island’s anchor hotel property and major employer, which is also owned by the Malaysian-based conglomerate, Genting. Resorts World and Crystal Cruises operate via separate companies within the Genting group, but the cruise line’s predicament has already made some Bimini residents nervous about the potential for further fall-out. “I hope this doesn’t spread beyond Crystal because you don’t need me to tell you that would not be good news,” said one resident yesterday, speaking on condition of anonymity. The concerns arose after the Crystal Symphony, one of Crystal Cruises’ major assets, chose to divert and end a 14-day Caribbean cruise by docking in Bimini - rather than Miami - so it could evade a warrant for the vessel’s arrest that was issued on January 20, 2022, by the south Florida federal court. The arrest warrant was obtained by Peninsula

Petroleum Far East, a Singapore-based shipping fuel supplier, which gained the court’s permission to seize the Crystal Symphony on the basis it had failed to pay for $1.201m worth of fuel bunkers supplied since December 21, 2021. And, with another $900,000 owed for fuel supplies by its sister ship, Crystal Serenity, the Singapore-based company is alleging that Crystal Cruises has a total of $2.104m in outstanding bills that are past due. The decision to cut the 14-day cruise short, and not end it in Miami, left the Crystal Symphony’s 300 passengers scrambling to make it back to south Florida in time to make connecting flights to their home destinations. Crystal and Resorts World had planned to transport them to Fort Lauderdale via ferry, but many were taking the aerial route yesterday. “There’s hundreds of people going to the airport today from the cruise ship to fly out,” one contact said. “Some people have connecting flights to elsewhere, and the ferry wouldn’t get there in time. The ocean is very rough today from the cold front that came through. The wind is

coming from the north at 17 knots, and there are sixseven foot seas.” The Crystal Cruises situation has arisen after Genting, in its 2021 third quarter results announcement, said Resorts World Bimini planned to leverage cruise industry opportunities. It said: “In The Bahamas, the launch of the new Resorts World Bimini cruise port will be a key growth platform for Genting as it continues to leverage partnerships with renowned brands to drive visitation and spend at the resort.” Crystal Cruises had kept The Bahamas on two of its sailing itineraries for 2022. The first, starting in New York, was to stop in Bimini, Exuma and San Salvador, with the second - leaving Miami - to call on those three islands plus Long Island. However, financial strife at its immediate parent

CRYSTAL CRUISE has caused Crystal Cruises, which last year pioneered home porting in The Bahamas alongside Royal Caribbean, to suspend operations until at least April 29, 2022. This was to allow management to assess the company’s business, and determine its future options, with its parent set to run out of cash by end-January. “This was an extremely difficult decision but a prudent one given the current business environment

and recent developments with our parent company, Genting Hong Kong,” said Jack Anderson, Crystal’s president. “Crystal has been synonymous with luxury cruising for more than 30 years, and we look forward to welcoming back our valued guests when we resume operations. We wish to thank our guests and travel advisors for their incredible support during these ongoing challenging times.”

PAGE 4, Monday, January 24, 2022

THE TRIBUNE

No major rush with return to classroom By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BACK-to-school suppliers say they did not see the typical

customer volumes ahead of this week’s return to the classroom. James Wallace, owner/ operator of Janaees Uniform Centre, told Tribune Business that since it was confirmed that the public

February Point Resort Estates in picturesque Great Exuma is seeking applications for the following positions: - Property Manager - Food & Beverage Manager - Landscaping Irrigation Technician Qualified persons are asked to send their resumes to the following email address:

klightbourne@februarypoint.com

schools will return to the classroom today for a mixture of in-person and virtual learning, parents have been coming to the retailer for supplies. However, many have been given too little time to prepare how they would like. Mr Wallace said: “We have inventory that’s from last year. We sold out of a couple of items, but we still have some challenges with a shipment that we’re trying to get in. But other than that, everything is going fine.” “It surprised me how quickly they made a decision because they really

only gave parents two days’ notice for school to start on Monday.” Schools are scheduled to reopen today amid a growing outcry from concerned parents about how the COVID-19 pandemic, and switch to virtual learning, has damaged their children’s education. Public schools were originally scheduled to reopen on January 11, but this was postponed for two weeks due to concerns over the rise in COVID-19 cases associated with the Omicron variant. Mr Wallace added: “With the children at home

over the holiday, eating all of the ham and turkey, they haven’t been to school in a whole, so the parents are sort of caught up in a challenge with uniform, but that’s great for people like me. He thinks customers are going to be purchasing school uniforms well into the third week of the reopening because “people were caught off guard”, adding: “But I’m not sure what level of uniform requirements schools are asking for now. They may not be so strict on the mandatory school uniforms.”

RESTORING FISCAL HEALTH, INVESTING IN OUR FUTURE FROM PAGE THREE

A Major Medical Plan is accepting proposals from Audit firms to provide audit services (preferably a firm that does medical audits but not limited to) for our organization in the future. We invite your firm to submit a proposal to us by January 31, 2022 for your consideration. We are currently considering beginning with our Audit for the year ending December 31, 2020/2021. Please let us know what information is required from us to assist with your proposal as soon as you receive this Tender document. Please submit your response to this request for proposal in a sealed envelope addressed to: Chairman PO Box N 3190 Nassau, Bahamas or you may submit your response via email to ackfarrington@gmail.com.

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A critical part of ensuring that everyone pays their fair share is ensuring that real property tax assessments reflect the property’s actual value. Yet despite how critical this is to a fair and equitable tax system, a complete re-assessment of all properties in New Providence had never been done. For years this meant people who built new homes but did not register them paid no taxes. And in many cases, people in high-value properties were paying far less than their fair share of taxes while others were compliant. This unfairness is now over. When taxpayers in New Providence receive their 2022 real property tax bill, it will reflect an accurate assessment of their property’s value – the result of a multi-year re-assessment. This effort was led by the Department of Inland Revenue, which made a significant investment to ensure accuracy. Reassessments were conducted by experts and based on thousands of field inspections and data analysis, and leveraged the latest technology and global best practices. This has long been a priority for the Government across multiple administrations. We promised to get this done for the people

Uhura Woodside, manager at Nassau Stationers, said: “We haven’t seen a lot of people come into the store as yet. It’s still early and students don’t know what assignments they will be given, so they don’t know what books to get. “Normally we would have a wave of people in the week during school opens because at that time they would have their lists, but due to COVID-19 that has now changed. We have to wait until they get settled and see who is doing hybrid school or not. Then, I guess, their teachers will give them directives from there.” of The Bahamas, and we have now delivered on that promise. By fixing the unfairness that has long been in the real property tax system, we have potentially unlocked nearly $450m in additional revenue over five years from real property taxpayers whose properties were either not registered or under-valued. And we have done all of this while not increasing real property taxes for nearly 70 percent of owner-occupied properties. In fact, the Government is taking the unprecedented step of giving all owneroccupied properties a rebate of up to $312.50 on their 2022 real property tax bill. While property tax bills will now reflect a fair and accurate assessment of property value, we recognise that because reassessments have never been done before, taxpayers whose properties were either not registered or were under-valued would have experienced this correction all at once. This rebate will help mitigate the effects of this correction and provide relief to taxpayers. These steps, and the ones that will follow, will ensure that we can put our country on the path to transformational growth. This effort will enable us to invest in our children, our country and the future of all our people. By working together and doing our fair share, we will rebuild a nation where all things are possible for all people.

THE TRIBUNE

Monday, January 24, 2022, PAGE 5

STOCK MARKETS ON TRACK FOR REALLY TOUGH JANUARY By PIERRE VEYRET Technical Analyst ActivTrades

he first month of 2022 has been a challenging one for most stock market investors thus far. Bull traders have been disappointed to see significant negative performances on most benchmarks, and across almost all sectors, as global uncertainty rises. The MSCI World index is down -16 percent, the Nasdaq is off by -10 percent, while the S&P 500 has declined by -6.5 percent. Investors’ risk appetite is clearly on the downside. What explains this lack of appetite for riskier assets, and what to expect from stocks further this year? Where the global uncertainty is rising from The current risk aversion among most investors can be explained by three major sources of global uncertainty. First, the most important impact on market sentiment comes from the anticipated ‘hawkish’ policy switch by the Federal Reserve, which recently announced its tapering as well as the prospect of new interest rate hikes. Most

investors understood this message as a sign that “the party will end soon” for stock markets, and started to hedge their portfolio with safer havens such as bonds, precious metals, Japanese and Swiss currencies. While some market operators are more focused on the prospect of higher borrowing costs, other investors are even more concerned about the liquidity the Federal Reserve may withdraw this year. Without the artificial support that the Federal Reserve is still providing to the markets, doors to a significant correction will be opened for stocks, especially for extrastretched valuations such as technology shares. In addition to the change in monetary policy from the Federal Reserve, equities traders now have to deal with rising geopolitical tensions between the US and Russia over Ukraine. Political pressure and instability in the

region are nothing new, but the situation has escalated very quickly over the past few weeks and both belligerents are even considering military moves. Even if this situation should not linger long-term, it still has a great impact on short-term market sentiment, except maybe for energy companies who benefit from rising prices. Finally, investors are also facing a disappointing earnings season so far. Financial results from large companies across different sectors, such as technology stocks and banks, were uneven. This highlights the fact that the impact from the Omicron variant on economies was certainly greater than previously anticipated. These patchy corporate results confirm the recovery was not as strong as some investors might have thought, which adds to the current uncertain market mood.

What to expect from now on? Despite the significant bearish risks previously mentioned, the future should not be that dark for the rest of the year on stock markets. First, disappointing corporate results and rising geopolitical tension are seen as temporary, and should not have a major impact long-term.

There is even a high chance these were already priced in. Additionally, technical configurations on most bond markets suggest that a pull-back may happen soon, which should ease the pressure on stocks and prevent these markets from dipping further. Furthermore, ‘buy the dip’ opportunities are

also now rising. Many traders know the overall environment remains strongly positive for stocks, especially when most major central banks are still massively supporting their economies with huge buying programmes. That said, the recent selloff turned made company share prices’ very attractive.

PM OPENS ABACO GOLF TOURNAMENT PRIME Minister Philip Davis officially opened the Bahamas Great Abaco Classic at the Abaco Club on Winding Bay, held on Thursday, January 20, 2022. During the reception, the Prime Minister greeted golfers and other stakeholders at the event. Also present were John Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation; Kirk Cornish, Office of the Prime Minister; Kevin Simmons, Office of the Prime Minister; and other senior tourism and government officials.

The Bahamas Great Abaco Classic is a golf tournament on the Korn Ferry Tour, and is played at the Abaco Club on Winding Bay. It is one of two Korn Ferry Tour events in The Bahamas, along with the Bahamas Great Exuma Classic. The latter was officially opened by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation at Sandals Emerald Bay on January 14, 2022. In the group photo, from left, are: Wynsome Ferguson, Ministry of Tourism, Investments and Aviation,

Abaco office manager; Brooks Downing, president, BD Global; Alex Baldwin, Korn Ferry Tour president; Jeff Rodgers, offshore sports; Kirk Cornish, Office of the Prime Minister, Abaco; Prime Minister Philip Davis; Eldece Clarke, director of sports, Ministry of Tourism, Investments and Aviation; John Pinder, parliamentary secretary in the Ministry of Tourism, Investments & Aviation; Thomas Southworth, chief executive, Southworth Development; Jerome Gomez, offshore sports; and Josh Franklin, tournament director.

l�BOB EMPLOYMENT OPPORTUNITY

Bank of the Bahamas Limited, the institution of first choice in the provision of financial services, seeks to identify suitable candidates for the position of:

SENIOR SERVICE REPRESENTATIVE - SAN SALVADOR Key responsibilities: •

PHOTO:Kemuel Stubbs/BIS • • •

• • • • • •

Initiating customer interaction with a prompt and friendly greeting, using their name at least twice during session, projecting a professional attitude and an eagerness to serve the customer Listening to the customer's needs to ensure you understand the details, asking questions to clarify as required and confirming your understanding; Providing clear, relevant information covering what service steps are involved and the time frames involved; Striving to fully satisfy the customer's needs, referring them to another officer/supervisor only when different skills/ knowledge are required, ensure the customer understands the benefits to them of the referral, and follow through with the customer to ensure a satisfactory conclusion was reached; Taking full responsibility for all customers enquiries/concerns/complaints directed to him/her by resolving those matters within his/her discretion, to the customer's satisfaction or referring the customer to the next appropriate level of authority; Finalizing the interaction, ensuring accurate processing, posting, balancing and checking within assigned limits, Closing the transaction by confirming all customer needs have been met and thanking them for their business Showing respect for the needs of others by listening to understand their needs and attempting to find compromise in conflicts using the complaint resolution process where appropriate; Presenting straightforward responses to customers and staff on difficult customer requests; Maintaining your knowledge of transactional processes and product information necessary to provide quality service.

Minimum Requirements: • • • • • • •

• • •

In-depth knowledge of specific branch and bank policies, procedures and bank services to appropriately sell the Bank's services and direct and service customers.

Knowledge of specific governmental and banking laws regarding improper practices such as money laundering and suspicious transactions.

Basic math skills to count/ dispense denominations of money, and to perform the balance process and to adhere to established drawer limits.

Working knowledge of computers to use bank network/ its core banking applications and to respond to email as necessary.

Oral and written communication skills to interact with customers and associates, and to document information on forms. Ability to provide speed and accuracy in completing a variety of different activities in a fast• paced environment. Ability to work as a team member with other branch staff.

Ability to operate a variety of office equipment, including computer, calculator, printer, fax machine, photocopier, and money counter.

Associates Degree or Institute of Financial Services Certificate. The work involves a variety of tasks, most of which are repetitive and routine; however, there is a degree of security awareness and personal risk involved due to the nature of cash in the environment.

Benefits include: Competitive salary commensurate with experience and qualifications; Group Medical (includes dental and vision) and life insurance; pension scheme. Interested persons should apply no later than January 31st, 2022 to:

Email: hr.apply@bankbahamas.com

PAGE 6, Monday, January 24, 2022

THE TRIBUNE

Emirates deal to aid Bahamian tourism THE Government has signed an agreement with Emirates Group that is designed to boost Bahamian tourism via improved airlift connectivity and the marketing of travel packages. The Memorandum of Understanding (MoU) signed between The Bahamas’ Ministry of Foreign Affairs and Public Service, and the conglomerate that owns Emirates Airlines and other commercial ventures, will see the group promote The Bahamas as a tourism

destination to customers across its global network. This will include developing enhanced connectivity to Lynden Pindling International Airport from US gateways through the airline’s codeshare and interline partners. And, through its tour operating arm Emirates Holidays, the airline will also provide a range of travel packages - including hotels and flights to The Bahamas - to customers

and its travel retail partners across its markets. Currently, Emirates Airlines’ customers can connect to Nassau on codeshare flights with JetBlue from four major US airports, including Boston, Newark, New York and Orlando. Customers can also opt to fly through Toronto on interline flights with Air Canada to Nassau and George Town. The Memorandum of Understanding was signed by Sheikh Ahmed bin Saeed Al Maktoum, Emirates

Group chairman and chief executive, and Frederick A Mitchell, minister of foreign affairs and the public service, at the Emirates Group headquarters. Also present at the meeting were Adnan Kazim, Emirates’ chief commercial officer; Salem Obaidalla, Emirates’ senior vice-president of commercial operations for the Americas; and Tony Joudi, Bahamas ambassador to the UAE. Sheikh Ahmed bin Saeed Al Maktoum said: “Across the world, Emirates plays a key role in boosting tourism to various destinations by providing travellers with reliable, convenient and comfortable flight options for travel. “We are delighted to work with The Bahamas to strengthen transport links and to support the country to welcome tourists from

THE MEMORANDUM of Understanding was signed by HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive and the Hon. Frederick A Mitchell MP, Minister of Foreign Affairs and Public Service, The Bahamas at the Emirates Group Headquarters. around the world. We look forward to a long and fruitful partnership.” Mr Mitchell added: “We are happy to be working together with Emirates to promote The Bahamas as a destination of choice for travellers from across the world. The Bahamas is truly

an unmatched destination offering a wide variety of leisure experiences that can appeal to every visitor. “We are grateful to the support offered by Emirates, and we look forward to welcoming tourists from the UAE and other global markets to The Bahamas.”

AIRLINES ‘PAY PRICE’ OVER COVID SURGE WITH 15-20% DROP

FROM PAGE ONE

exuberance, the confidence for the turnaround.” Mr Hamilton said that while domestic aviation was clearly “still trailing” preCOVID business volumes and passenger numbers, it was impossible to determine the gap or how fa the industry has to go to a full recovery due to the lack of data. “That’s another segment to the sector, having the statistical data, which is a national thing that has plagued us,” he added. “That’s another lesson to be learned from this exercise that we capture quality data so we can make scientific decisions.” Determining a “proper valuation of the aviation sector” in terms of its gross domestic product (GDP) contribution was critical, Mr Hamilton added, given that Family Island economies depended on the tourism, commercial and transportation links that it provides. Such data was also critical to developing a “proper national plan for Bahamian aviation”. “The fight is real,” he added. “This is a real

situation for us. Why do I say that? During the course of the pandemic it was very challenging for domestic operators because we rely on break bulk from the tourism industry. This is forcing us to take a look at ourselves. Decisions have to be made to stay alive in the midst of this.” Mr Hamilton explained that domestic operators were struggling to earn “new money” from current of future passengers, as they were seeing many persons who had previously postponed trips - but already paid for them and left the airlines holding that money - start to rebook as the economy revived. “For the domestic operators bookings are challenged because people had cancelled,” he said. ‘We’re seeing the back end of this. People are cancelling and trying to rebook. It’s old money, and costs have already been incurred along the way. Persons who booked previously, we gave them leeway with that. “It’s old passenger money that we’ve been spending. It’s a challenge having to generate new money, new revenue to come in. Right

now staying in the business is a major thing.” Mr Hamilton said Bahamian-owned airlines had seen their “fair share” of staff isolations and quarantines due to the recent surge in COVID-19 cases, with persons either testing positive or deemed close contacts. As a result, companies had been forced to “scale down” their operations according to the number of employees deemed fit and healthy to work. Reiterating previous calls for a national aviation plan, he added: “We need to look at the sector and the way forward. This is a golden opportunity for us to sit down and have engagement to determine the best way to go forward. “That’s the most critical thing to come out of this; taking responsibility for the sector collectively and pushing the sector forward. A lot of us are learning some things, and it’s forcing us to be creative in this process. It’s a great teacher. I’m looking forward to sitting down and charting a proper course for the aviation industry going forward.”

THE TRIBUNE

Monday, January 24, 2022, PAGE 7

‘ABSOLUTELY LIVID’ OVER DOUBLING, TRIPLING TAX FROM PAGE ONE article published in today’s Tribune Business that the recent New Providencewide assessment by Tyler Technologies will end real property tax inequity by ensuring all “pay their fair share” as a result of updated and accurate valuations (see Page 3B). With The Bahamas’ fiscal crisis forcing the Government to “no longer tolerate” deadbeat taxpayers and bill duckers, Mr Halkitis said it believed the combination of revaluations and new properties added to the tax roll will generate an extra $450m in revenues for the Public Treasury over the next five years - an average of $90m per year. And, implying that the majority of this sum will come from previouslydelinquent taxpayers and high-end home and business owners whose real estate was under-valued, the minister asserted that “nearly 70 percent of owner-occupied properties” will see no increase when they receive their 2022 bills. To cushion the blow of sustaining such “a correction all at once”, Mr Halkitis said the Government is providing a $312.50 tax rebate to all owner-occupied properties, although this is likely to make little difference to someone who has received an increase equivalent to Mr Morley’s. While right-thinking persons will agree that all property owners must pay their fair share, and that valuations should be accurate, many are likely to question the wisdom of implementing such extensive hikes all at once and at a time when families and businesses are trying to survive, and recover from, the ravages of the COVID-19 pandemic. “With my house, my real property tax has more than doubled,” Mr Morley told Tribune Business yesterday. “The comment given to an agent in my office from a contact in the real property tax office was there are absolutely livid homeowners who have been down to the Real Property Tax Office since the assessments came out to the extent it was so serious they threatened to burn down the place. “It’s ridiculous how much it’s gone up. Mine went from less than $4,000 and it’s now risen to just under $10,000.... I would question the 70 percent. It seems that based on the feedback I’m getting everybody is getting hit.” He added that his company had also been informed by Real Property Tax Office contacts that just one-third of the 2022 assessments have to-date been sent out. The Morley Realty principal said he was likely to challenge the 2022 valuation placed on his Port New Providence residence on the basis that the last lot sale in the eastern New Providence gated community, involving a comparable lot size to his own, was $480,000. Yet his land alone had been valued at $750,000 in the 2022 cycle. He added that the Real Property Tax Act allowed the chief valuation officer to assess property values every five years, and “if this is not done it’s not the property owner’s fault. Pointing out that a 25 percent tax increase this year, and a similar hike in five years time, would be easier for taxpayers to absorb, Mr Morley said: “But don’t slam people with a 100 percent increase in one shot. “It’s a huge pill to swallow especially in this economy and market right now..... My biggest fear is that this country is getting so expensive to live in. If you look at real property tax alone, with the increase it’s a significant challenge to pay especially in these tough economic times.” He pointed, in particular, to rising food store prices and the anticipated further increase in inflation for 2022. However, while the Department of Inland Revenue had in the past required taxpayers to pay their bill in full to “qualify”

MICHAEL HALKITIS to challenge a real property tax valuation, and only provided a refund on the following year’s bill if successful, Mr Morley said it appeared this practice was no longer being followed and aggrieved persons have until March 31, 2022, to appeal. “Who knows what the goal posts will be, and I’m sure they will move a number of times,” he added. This was backed by an attorney, speaking on condition of anonymity, who revealed: “I have a client’s residential tax assessment notice for Cat Island, which says the deadline for contesting the assessment is January 31, 2022, and a residential tax assessment for New Providence, which says the deadline for contesting the assessment is March 31, 2022. “I have also just got another one for clients in Long Island where they say it’s commercial, and it’s a private home they occupy.” The downtown landlord, meanwhile, who said they had seen their real property tax bills jump by 250 percent and 184 percent, respectively, said they knew of other owners in the East Bay Street and Dowdeswell Street areas who had suffered increases of up to 330 percent - meaning their tax burden had more than quadrupled. They added their accountant had warned that their Business Licence would not be renewed if due real property tax is not paid, which could result in their company’s bank account being frozen due to lack of compliance. Describing the situation as “another nail in the coffin” for downtown Nassau and its revival prospects, the property owner told Tribune Business: “We just received real property tax re-assessments for two properties in Market Street. One represents a 250 percent increase and the other a 184 increase. “This comes on the heels of both properties losing commercial tenancies and income for the last 18 months or more. That is, seven out of eight tenants closed their shops/offices. Two of the eight have returned, paying rent at less than 50 percent of preCOVID rent levels. “The existing tenancies and economic climate downtown do not support the increased tax rate. Downtown property values have taken a beating since the decline of downtown began about 20 years ago. At this point downtown needs a tax break not more tax which finally breaks the camel’s back,” they added. “Many downtown buildings are old, and the cost of keeping them standing has not been compensated by the revenues in the last several years. If the reduced revenue is to go to real property tax instead of maintenance, more buildings will be left to deteriorate. The tourism product, such as it is downtown, will take another downturn.” Some will argue that tax incentives have yet to spur a concerted downtown Nassau upswing, but the property owner said the tax hike was occurring at the worst possible time when they were having to finance major structural repairs to one of their Market Street properties after tenancies “flatlined”. “I don’t remember them revaluing in a long time,” they conceded, “but to go from $3,000 to over $9,000 in a year or two years when we have minimal rental income and are facing major structural repairs, it’s not matching up.”

As for the other Market Street property, where the real property tax bill had risen from $2,400 to over $4,500, the owner said they had been saddled with repaying a $4,000 Water & Sewerage Corporation bill by a tenant who, having departed in June 2020, had also failed to pay rent for a year during a period that was largely pre-COVID. “All of downtown had a collapse in rentals because of COVID-19,” the landlord added. “It’s very hard to keep a building maintained when you have people skipping on their rent for a year. Someone needs to get a vision of where we’re going with downtown and hammering us with real property tax is not doing any good. “Do I fill in the cracks in the mortar or pay real property tax? I don’t know if we got $30,000 in rent for the whole year. There have been times when we had rent in the high-five and low-six figures, but right now we’re scraping the lowfive figures. That’s a vastly different scenario, and to come up with $9,000 in this climate......... “It’s a really sticky wicket. It’s like taking a crippled horse and whipping it to go faster. It might not go at all. If I cannot repair a building and get some rent, I will have no income at all.” They added that their residence had seen a $200,000 increase in its real property tax valuation, rising from $300,000 to $500,000, with the bill rising from $900 to $2,800. While raising no objection to this, they added that they were seeking the return of their owner-occupier and oldage discounts that had been removed this year. There is little doubt that the Davis administration is targeting real property tax as source of much increased revenue. The Auditor-General’s report for 2017-2018 estimated as much as $600m in uncollected real property tax was outstanding. Although a good portion of this will likely have to be written-off, it was also revealed that 40 percent of real property tax bills never reach the taxpayer. Simon Wilson, the Ministry of Finance’s financial secretary, recently told Tribune Business that the Government is aiming to

more-than-triple annual real property tax collections to at least $400m as a key component in its ambitions to achieve a 25 percent revenue-to-GDP ratio.

He said it felt yearly property tax collections should be equivalent to 3.5 percent of Bahamian gross domestic product (GDP) or economic output as

opposed to present yields of around 1 percent. Mr Wilson also noted that The Bahamas’ property tax compliance rate was “around 25 percent”, compared to the 90 percent average achieved by many countries on real estatebased taxes.

PAGE 8, Monday, January 24, 2022

THE TRIBUNE

TOP US TRADE BODY SINGLES OUT ‘BRIBES OF CONVENIENCE’ FROM PAGE ONE corrupt practices, including by accepting small-scale ‘bribes of convenience’. “The political system is beleaguered by reports of corruption, including allegations of widespread patronage, the routine directing of contracts to political supporters, and favourable treatment for wealthy or politically connected individuals.” Again, no specific incidents or individuals were cited by the US report. And it did acknowledge that the Government had passed a Public Procurement Act, which took effect on September 1, 2021, as a measure to address many of the concerns previously raised by US companies and contractors. “US and domestic companies have reported perceived corruption in government procurement and in the FDI (foreign direct investment) approvals process as obstacles. These companies complain the tender process for public contracts is inconsistent, and it is difficult to obtain information on the status of bids,” the report added. “To increase levels of accountability and transparency, the Government launched an e-procurement and suppliers registry system in 2019, and passed a Public Procurement Bill in March 2021. The Public Procurement Bill will be fully enacted on September 1, 2021, and will overhaul

the government contracting process. The Government promotes the legislation as ‘a standard bearer of modern, progressive procurement standards’.” Some $56.751m, or 73 percent, of The Bahamas’ total $77.598m exports to the US in 2020 entered while enjoying the CBI’s tariff free preferences. Much of this will be the polystyrene beads exported by Freeport-based Polymers International. Meanwhile, The Bahamas’ imports from the US were down by 8.3 percent year-over-year for the first eight months of 2021, standing at $1.586bn for the period to end-August as opposed to $1.728bn for the same timeline in 2020 when COVID-19 was at its peak. This represented a decline of just under $150m worth of goods. However, The Bahamas’ 2020 full-year imports from the US showed how much trade reduced during COVID-19. They fell from $3.2bn in 2019 to $2.574bn in 2020, a drop of more than $600m. The contents of the report US Trade Representative’s Office echo the concerns detailed in the State Department’s annual investment climate statement on The Bahamas and all other nations. Given the frequency with which these accusations are made, it could be argued that this nation is making little headway in addressing concerns regarding the level

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, PATRICK VERNON JONES of Farrington Road, P.O. Box GT-2265, Nassau, The Bahamas, Parent of BREANNA ASIA MYRTHE LOUISXVI A minor intend to change my child’s name to BREANNA ASIA JONES 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.

and presence of government graft. “The government has laws to combat corruption among public officials, but they have been inconsistently applied,” the US Investment Climate report on The Bahamas said. “The law provides criminal penalties for corruption by public officials, and the government generally implemented the law effectively. Noting that there was no “independent verification” of the asset/wealth declarations submitted by MPs and Senators under the Public Disclosures Act, the report added that the process also lacked transparency because no summary of these declarations was made public. “The campaign finance system remains largely unregulated, with few safeguards against quid pro quo donations, creating a vulnerability to corruption and foreign influence. The procurement process also remains susceptible to corruption, as it contains no requirement to engage in open public tenders, although the government routinely did so,” it said, noting that the Public Procurement Act is due to be implemented in early September. “According to Transparency International’s 2020 Corruption Perceptions Index, The Bahamas ranked 30 out of 180 countries with a score of 63 out of 100. There are no protections for NGOs (non-governmental organisations) involved in investigating corruption. U.S firms have identified corruption as an obstacle to FDI and have reported perceived corruption in government procurement and in the FDI (foreign direct investment) approvals process.”

THE TRIBUNE

Monday, January 24, 2022, PAGE 9

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BRADLEY PATRICK SANDS of Dean Street, P.O. Box GT-2265, Nassau, The Bahamas, Parent of KATRINA JACINTHA LUCIEN A minor intend to change my child’s name to KATRINA JACINTHA SANDS 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.

NOTICE

NOTICE is hereby given that CHRISTOPHER SMITH of Laura Hill, Winton Meadows, New Providence, 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 17th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, January 24, 2022, PAGE 11

Human Resource Society gets new Executive Board THE Bahamas Society for Human Resource Management (BSHRM) has installed its executive board for 2022. Darron Turnquest, keynote speaker at an event titled Transforming human resources through innovation and development, charged the executive board and BSHRM mem-

bers to realign their focus by drafting policies that will address social ills and gender-based violence in the workplace. Robert Farquharson, the Government’s director of labour, congratulated the new executive members and asked them to join the Bahamas National Tripartite Council. He also

THE Bahamas Society for Human Resource Management 2022 executive Board: Bottom row L to R: President elect, Lashanta Smith; president, Esaura Cumberbatch; and secretary, Lateisha Pratt. Middle Row L to R: Vice-president of finance, Nia Mills-Bethel; vice-president of public relations, Aniqua Pinder; and vice-president of programmes, Cherrylee Pinder. Top row: Vice-president of membership, Leslie Lopez.

recommitted to the partnership between BSHRM and the Department of Labor to offer support with worker-related programmes and initiatives. This includes assisting the business community in equpping workforce entrants with the soft skills needed to obtain suitable employment.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 64° F/18° C Low: 46° F/8° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

A shower in the a.m.; partly sunny

Partly cloudy

Mostly sunny and beautiful

Breezy with showers

A shower; breezy in the morning

Clouds and sun, a shower possible

High: 74°

Low: 62°

High: 76° Low: 66°

High: 80° Low: 68°

High: 77° Low: 64°

High: 76° Low: 61°

AccuWeather RealFeel

77° F

64° F

79°-65° F

80°-66° F

78°-64° F

79°-54° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 72° F/22° C Low: 65° F/18° C

8-16 knots

High: 67° F/19° C Low: 51° F/11° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 67° F/19° C Low: 54° F/12° C

E S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 64° F/18° C Low: 48° F/9° C

| Go to AccuWeather.com

High: 70° F/21° C Low: 59° F/15° C

MIAMI

High: 67° F/19° C Low: 53° F/12° C

8-16 knots

KEY WEST

High: 66° F/19° C Low: 60° F/16° C

ELEUTHERA

NASSAU

High: 74° F/24° C Low: 62° F/17° C

High: 76° F/24° C Low: 67° F/19° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

12:02 p.m. -----

2.4 -----

6:03 a.m. 0.2 6:24 p.m. -0.2

Tuesday

12:45 a.m. 12:56 p.m.

2.5 2.2

7:04 a.m. 0.2 7:17 p.m. -0.2

Wednesday 1:46 a.m. 1:58 p.m.

2.6 2.1

8:11 a.m. 0.2 8:15 p.m. -0.3

Thursday

2:49 a.m. 3:04 p.m.

2.8 2.1

9:20 a.m. 0.1 9:17 p.m. -0.4

Friday

3:54 a.m. 4:11 p.m.

2.9 2.1

10:27 a.m. 0.0 10:21 p.m. -0.5

Saturday

4:56 a.m. 5:14 p.m.

3.1 2.2

11:29 a.m. -0.2 11:23 p.m. -0.7

Sunday

5:55 a.m. 6:14 p.m.

3.2 2.4

12:26 p.m. -0.4 ---------

sun anD moon Sunrise Sunset

6:55 a.m. Moonrise 5:49 p.m. Moonset

none 11:13 a.m.

Last

New

First

Full

Jan. 25

Feb. 1

Feb. 8

Feb. 16

CAT ISLAND

High: 77° F/25° C Low: 69° F/21° C

7-14 knots

4-8 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 68° F/20° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 80° F/27° C Last year’s low ................................... 59° F/15° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.38” Normal year to date ..................................... 0.99”

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 70° F/21° C

High: 77° F/25° C Low: 70° F/21° C

High: 74° F/23° C Low: 62° F/17° C

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 70° F/21° C

4-8 knots

MAYAGUANA High: 79° F/26° C Low: 73° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 78° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 72° F/22° C

GREAT INAGUA

High: 82° F/28° C Low: 72° F/22° C

6-12 knots

3-6 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NW at 7-14 Knots SSE at 6-12 Knots NW at 7-14 Knots S at 6-12 Knots NNW at 4-8 Knots SSW at 3-6 Knots SW at 3-6 Knots SE at 3-6 Knots N at 6-12 Knots SE at 4-8 Knots NNW at 6-12 Knots S at 7-14 Knots NW at 4-8 Knots S at 3-6 Knots SW at 3-6 Knots E at 4-8 Knots W at 4-8 Knots SSW at 2-4 Knots SSW at 3-6 Knots S at 3-6 Knots N at 4-8 Knots SSE at 6-12 Knots NW at 6-12 Knots ENE at 4-8 Knots N at 4-8 Knots S at 3-6 Knots

WAVES 2-4 Feet 2-4 Feet 0-2 Feet 0-1 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 3-5 Feet 2-4 Feet 1-2 Feet 1-2 Feet 0-1 Feet 0-1 Feet 1-3 Feet 0-2 Feet 1-3 Feet 1-3 Feet 3-6 Feet 2-4 Feet 0-2 Feet 0-1 Feet 1-2 Feet 1-2 Feet 4-6 Feet 3-5 Feet

VISIBILITY 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 77° F 76° F 77° F 76° F 79° F 79° F 81° F 80° F 78° F 78° F 76° F 75° F 79° F 79° F 80° F 80° F 81° F 80° F 79° F 79° F 78° F 78° F 81° F 80° F 78° F 78° F

PAGE 12, Monday, January 24, 2022

THE TRIBUNE

BAHAMIAN FARM EYES 1.4M HERBS IN $60M JOINT VENTURE

FROM PAGE ONE

be known as Eeden Acres, but the two partners argued that it will make significant inroads into improving The Bahamas’ food security and ability to feed itself postCOVID when the farm opens by end-2023. With the Gladstone Road facility to be based on the 70K farm, Eeden Farms and its principals said the joint venture - which will be majority Bahamianowned - “will be the most advanced in the world of any of the 80 Acres farms to date, boasting the best AgTech (agriculture technology) from all around the globe under one roof. “The farm will grow produce indoors without GMOs (genetically modified organisms) or pesticides, providing a healthy diet to Bahamians and visitors. Enabled with robotics and artificial intelligence, the farm will produce over 300 times more food than a traditional outdoor farm with 100 percent renewable energy and 97 percent less water,” the statement said. Carlos Palacious, Eeden Farms’ co-founder, said: “80 Acres, which already supplies over 300 Kroger grocery stores successfully, has produced outstanding results with similar methods currently used by Eeden

Farms, so this trip was designed to show leaders of the Bahamian agricultural sector what is possible as Eeden Farms evolves into Eeden Acres.” Besides the Prime Minister and Mr Sweeting, others present on the Friday, January 21, tour included Philip Smith and Dion Smith, president and director of the Agricultural Development Committee; state government officials from Ohio; and private sector representatives such as Ryan Salame, chief executive of FTX Digital Markets, the crypto currency exchange that recently located in The Bahamas. Karen Casey, president of Sysco Bahamas, and Jerry Butler, vice-president of corporate and investment banking for the Caribbean, were also present. Lincoln Deal, Eeden Farms’ co-founder, added: “I was first exposed to the concept of climate-controlled container farming in 2016. We had not yet experienced Dorian or a pandemic, but I imagined that this could be the answer to the food security for our nation, and now, four years later, I am even more excited about what the possibility of expanding Eeden Farms can mean for our nation.”

PRIME Minister Philip Davis addresses attendees at the event. Eeden Farms’ statement added that its production target of two million pounds of greens and herbs per annum is equivalent to 10,000 acres of fully-used farmland. “By way of example, this is comparable to the entire Ragged Island being planted shore to shore,” it added. A January 2022 document, explaining the rationale for the Gladstone Road project, said: “Food security is national security and the Bahamian government continues to be firm in its commitment and support of agricultural development

and Bahamian-driven enterprise. “To broaden the diversity and depth of agricultural offerings by investing in Bahamian food sustainability, Eeden Farms has expanded on its container farms business through its plans to establish a 71,000 square foot, world-class, robotics-enabled, and hurricane resilient hydroponic farm by the end of 2023 that will produce local food, from leafy greens and herbs to eventually tomatoes and berries. “This privately-funded expansion, with a projected

investment value of $60.3m,, will be known as Eeden Acres and is estimated to deliver approximately 1.4m pounds of clean and healthy produce to Bahamian communities, significantly reducing the $1bn food import bill and increasing money retained within the local economy. “Going even further, by reducing food imports, a significant amount of energy and fuel shipping costs can be eliminated, having less impact on the environment, and greatly reducing our carbon footprint.” Eeden Farms suggested that Bahamian investors may eventually be given a chance to hold an equity stake in the company, adding: “The company will dedicate a portion of its shareholdings for local general public participation through an investment fund, and a portion of its profits to philanthropic efforts. “Our broad network provides astounding possibilities for our Bahamian-branded produce to be available abroad as well. In this way, The Bahamas is making strides to not only be a grower but exporter of produce – grown fresher in The Bahamas. We will not only lessen our produce imports from abroad but

also bring currency into the Bahamas through exports.” The hydroponic producer continued: “Eeden Acres is a circular economy applied to a food hub. This is the first fully sustainable, closed loop farming system in the world where we work with and buy from other Bahamian farmers to meet mutual needs. For instance, we intend on purchasing coconut husk currently discarded by coconut farmers to create organic seedling plugs.” Mr Sweeting said: “The impact of this (Eeden Acres) is significant. We’ve seen devastating effects of climate change in many of our Family Islands, and many island farmers know the disappointment of failed harvests due to external factors. “We intend to share the lessons learned by Eeden Acres with farmers of the nation, and thereby see an improvement in agriculture across the archipelago.” The Prime Minister himself added: “It is time that there is a paradigm shift in our pursuit of food security...... “The Bahamas is seeking to revolutionise the agricultural sector where our people will not only want to farm but see it as a means to keep our economy thriving.”