01262023 BUSINESS

business@tribunemedia.net THURSDAY,

Super yacht ambitions to boost cruise port margins

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Top executive confident of boost when port ‘in full swing’

• First-half revenues up seven-fold after cruise ‘hibernation’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s US chief last night moved to ratify the co-operation agreement thrashed out with the crypto exchange’s Bahamian joint provisional liquidators to end two months of bitter public clashes.

Attorneys representing John Ray filed legal documents with the Delaware Bankruptcy Court for a hearing on February 15, 2023, where Judge John Dorsey will be asked to approve the deal worked out with Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves.

“From the first days of these Chapter 11 cases,

NASSAU Cruise Port’s chief executive is optimistic that its “super yacht destination” ambitions and full opening will significantly improve operating income margins that are currently among its parent’s lowest.

Michael Maura told Tribune Business he was confident that once Prince George Wharf’s $300m transformation is “in full swing”, and all commercial

the debtors and the joint provisional liquidators have disputed certain facts, conclusions of law and jurisdictional matters concerning FTX Digital Markets,” Mr Ray and his team asserted in reference to the Bahamian subsidiary that is in provisional liquidation before the Supreme Court.

“Notwithstanding their continued dispute about these matters, the debtors and the joint provisional liquidators have worked constructively to develop a mutually acceptable path forward in the near term. On January 6, 2023, after substantial negotiation and discussions, the parties entered into the co-operation Agreement, which sets out a framework for co-operation and

SEE PAGE B4

‘Good time to be a seller’, says realtor

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN realtor yesterday said it is a “good time to be seller” as the demand for properties valued under $500,000 has generated numerous inquiries from prospective purchasers.

Matt Sweeting, chief executive at 1oak Bahamas, told Tribune Business that 2023 is looking “promising” based on the level of buyer interest witnessed in January. “I think we’re going to see some of that 2021-2022 excitement in the market. There’s still a bit of a housing shortage, especially under $500,000,” he said.

“It’s a good time to be a local seller in the market and, for the buyer, in this climate they need to be very educated but ready to

MATT SWEETING

move as well. I just texted a client a moment ago, and they were like they were still thinking about it. We saw the property yesterday, but we had another showing there yesterday with a cash buyer. So by the time the first client has deliberated that property may very well be gone.”

The high-end real estate market boomed in 2021 and

amenities become operational, new and increased revenue streams will flow to the bottom line and drive improved profit margins.

Speaking after it emerged that Nassau Cruise Port’s operating income margins are among the lowest of all ports operated by its controlling shareholder, some 34 percentage points below Global Ports Holding’s top performer, he explained that its earnings are currently limited to just two levies ahead of the May 27, 2023, official opening.

“At the moment all we have to charge is essentially the passenger facility charge and port facility charge which are, and forever will be, the most substantial charges that Nassau Cruise Port will levy,” Mr Maura told this newspaper.

“In a year’s time, when we are fully commercially operational, with all the tenants, retailers and restaurants, water taxis operational and marine ferry up

NASSAU CRUISE PORT

SEE PAGE B6

BID is ‘missing piece’ of downtown’s puzzle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE DOWNTOWN Nassau Partnership’s (DNP) co-chair says the creation of an authority to truly manage the city is “the missing piece of the puzzle” with his group having achieved “80 percent of what we set out to do”.

Charles Klonaris, in a recent interview with Tribune Business, said the formation of a Business Improvement District (BID) with powers to raise revenues, establish bye-laws and manage downtown Nassau remains outstanding despite efforts dating back more than a decade.

The Government has long possessed draft legislation to codify the BID’s creation in statute but, despite the wait to drive the DNP’s public-private partnership (PPP) to the next level, he added that

it had covered “everything we can” and it was now up to individual property and business owners to determine the improvements they will make.

“I feel that we’ve done as much as we can in terms of the infrastructure,” Mr Klonaris told this newspaper. “The cruise port has come into effect, the waterfront boardwalk is progressing very rapidly. Those empty spaces the Government owned,

DOWNTOWN NASSAU

where we’ve created those public spaces, parks and sidewalks, are much improved.

“The one main issue that remains is the BID, and giving us some authority to manage the city itself. That’s the missing piece of the puzzle. The missing piece is the BID. We’ve provided the Government with the legislation. We had the lawyers work on a draft. We copied it from a BID district in the US.”

So-called BIDS have frequently been employed to drive urban regeneration and overhaul city management in the US, as they give such authorities regulatory and revenueraising powers that can also involve accessing grants and other forms of financing.

Mr Klonaris was unclear as to the BID legislation’s status, and how far the

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Fiscal

Council’s

reports ‘not a flip of the switch’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FISCAL Responsibility Council member yesterday said there was nothing sinister about the body’s delayed publication of two key reports, and asserted: “This is not a flip of the switch.” Gowon Bowe, who represents the Bahamas Institute of Chartered Accountants (BICA) on the fiscal watchdog, told Tribune Business it had not held back its assessments of either the Fiscal Strategy Report 2021 or 2022-2023 Budget because of findings that might be perceived as “negative” for the Government.

Speaking after Michael Pintard, the Opposition’s

leader, demanded that the Council explain why publication was months’ late, he said the body was provided with further information and access by the Government in summer 2022 that was likely to improve the content of its analysis.

The fiscal watchdog thus opted to produce a more complete report,

SEE PAGE B7

• Nassau among controlling shareholder’s lowest at 55%

FTX US chief moves to ratify Bahamas co-operation deal

$5.25 $5.29 $5.46 $5.16

DON’T ALLOW PREPARATION TO BECOME PROCRASTINATION

By DEIDRE BASTIAN

Starting a business can often be a worrisome decision, especially if you have never done it before. It is so easy to spend months, or even years, researching best practices to avoid potential pitfalls. But procrastination can also be just as big a hindrance to becoming an entrepreneur, especially if all your friends and family will be watching and you do not want to be viewed as a failure.

Despite being told that a large percentage of business start-ups fail, we all like to think that the sooner we are prepared, the better our chances of success. Unfortunately, this is not always the case, as an inability to manage negative emotions (such as anxiety and boredom) and flawed thinking patterns (which make a task seem harder than it really is) can sometimes be a deterrent.

It is common to feel overwhelmed in today’s fast-paced world, which often causes budding entrepreneurs to drag their feet and become distracted. Ideas for developing a business may take a few months or more to flower, but when the novelty wears off, your mind rebels, motivation drops and your brain thinks: “My hard work isn’t being rewarded; this is challenging. I cannot do this.”

Everyone knows a successful business takes grit, perseverance and strong principles. Therefore, instead of waiting for motivational lightning to strike, identify the steps required to complete a task and choose the best solution. Some people fear failure so intensely that they opt to cut corners to save time.

Throughout your quest you may feel good about yourself due to the thought of becoming an entrepreneur. However, despite being energised by the challenge, the shine may fade away sooner rather than later. Unfortunately, all you may ever become due to multiple procrastinations and lack of discipline, is a ‘wantrepreneur’ - someone who aspires to become an entrepreneur but never actually takes action.

For what it is worth, take comfort in knowing that many persons who have attempted to launch a business have faced challenges. It is normal to feel uncertain when starting something new, but it is always smart to start where you can and follow through.

Think about it this way. Despite how many times you have spoken to personal trainers, or checked out multiple gyms, or spent time reading exercise articles, do you know nothing happens if you never answer a call to action?

Meaning: “Nothing happens if you do nothing.”

Society often teaches us to simply push through any feelings of resistance to find the “just do it” solution. Hopefully, you do not have to wait years to learn this lesson. Here are two simple steps to stop procrastination.

Start writing things down - Ideas are worth nothing if they stay in your head. As you map out your ideas, you are forced to implement structure to your thinking and you will often notice things you never did before.

Speak about your idea - This is a good idea, as friends and family will ask how everything is going. Nothing acts as a better incentive than when your reputation is on the line. Normalise asking yourself: What habits do I have in place to engage my most important tasks? If the answer is none, try these approaches: Schedule your deep work consistently.I define ‘deep work’ as focusing on your most important long-term project, which may entail crafting a business strategy or a complex data analysis. Remember that habits make sequences of behaviour more automatic due to repetition. Equally, when tempted to procrastinate, analyse how much of your emotion affects your business venture as you may stir up hurtful memories that result in irritation or a roadblock.

Experiment with several options, and find the ones that work best for you, but do not let preparation become procrastination. Start taking action today. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deedee21bastian@gmail.com

ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach

Retailers ‘hurt’ by liquor distribution violations

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

INDEPENDENT liquor retailers yesterday complained they are getting “hurt” by the continued sale and importation of alcohol brands in violation of exclusive distribution

rights held by Bahamian firms.

George Robinson, the Retailers Liquor Association’s president, told Tribune Business that the lack of respect for distribution rights has increased to such an extent that many persons feel they can simply ignore these, import whatever brands they wish and suffer no consequences.

“It’s a war going on, and us as the small man, we are getting hurt..... Franchise is something that is out of the window. Once you have the money, you go over there [to the US], you can purchase. One time ago, there was honour among franchises where they would protect you, and you couldn’t buy the product if a certain company had a franchise. But what’s happening now is that they are selling to anybody.

“How can some of these outlets have certain products at a lower price than the distributor? Some of these goods have to be smuggled in, no question about it. We cannot compete with that. We are already competing with the distributors when they sell to the retail market, and now we have to compete with smugglers who sell at a lower price than the distributor.”

Mr Robinson continued:

“Some of these distributors who are complaining to the Customs department, well, we are complaining about them because they are our biggest competitors, the distributors.

“We have to compete with them. They would tell us they are having a twoday sale, but I would have already bought 100 cases of a certain product from them at a certain price. Then anyone can walk into their store during their sale and buy the same product for the same price, or even cheaper than what they sold it to us for? It is not fair. We have to put a clamp on this predatory behavior.”

Mr Robinson added that many merchants were simply importing any brand they wanted. “Take, for example, the Steel Reserve

brand,” he said. “No one has a franchise for that in the country, so it is up to the individual merchant to get their own stock and provide for the market.”

He spoke out after Customs Comptroller, Ralph Munroe, pledged to “vigorously pursue” persons smuggling alcohol or selling it without the permission of Bahamian companies who have sole local distribution rights. He said the agency had received complaints from unnamed distributors that “there are a lot of products on the Bahamian market they have sole distributorship for that they are not responsible for selling to the public”.

Confirming that Bahamas-based distributors believe there are “a lot of” beer and hard liquors being sold locally that were not sourced through legitimate channels, the Comptroller added: “We’re not saying that duty hasn’t been paid. We’re saying that persons who have [own] intellectual property, they have a right to guard that. They’ve paid for it; it’s their property, and as a department we have a duty to protect it.

“All persons who may have run afoul of the law in that regard, we are putting you on notice that the Customs Department is coming after you. We are a country of laws.”

Established Bahamian beer and liquor manufacturers and distributors, such as Commonwealth Brewery and Bahamian Brewery and Beverage Company, as well as their affiliates, have long regarded the so-called ‘grey’ or parallel market for such products as undermining their business.

Commonwealth Brewery, in unveiling its initial public offering (IPO) in 2011, estimated that the ‘grey’ market accounted for some 15 percent of all alcohol sold and consumed in The Bahamas. The country’s proximity to the US, as well as its multiple ports of entry, facilitate the smuggling of such products. They are also often imported for private parties.

‘BE CAREFUL HOW WORLD EYES FREEPORT CHANGE’

By

THE GRAND Bahama Chamber of Commerce’s president yesterday warned that the Government must pay attention to how its actions are perceived by potential investors as it strives for major in Freeport’s governance.

James Carey told Tribune Business that the Davis administration’s ambitions for a change of ownership at the Grand Bahama Port Authority (GBPA), either through a private buyer buying out the Hayward and St George families, the Government doing itself or

the regulatory and quasigovernmental powers being devolved back to Nassau, may be well intentioned but they “have to be careful of how the world looks at” it.

He added that while he was “shocked and surprised” to learn of the Government’s intentions, he is not yet satisfied that such an intervention is the correct solution or will send the right signal to international investors. Mr Carey said: “I’m waiting to talk to the powers that be so I can understand what their position is before I make any further comment.”

The GB Chamber chief spoke out after Tribune Business revealed the Government is exploring

Poultry producer gains $40k solar finance help

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

AN ABACO poultry producer yesterday disclosed it has received a $40,000 “small climate grant” to finance the installation of solar energy at its farm.

Lance Pinder, Abaco Big Bird Poultry’s operations manager, told Tribune Business the grant was obtained through a combination of Ministry of Finance, Ministry of Agriculture, Marine Resources and Family Island Affairs and Small Business Development Centre (SBDC) assistance. The company had been working on the grant since April last year, and is now only waiting on the supplier and contractor to begin work. “The money has gone to the vendor to begin the installations, so now it’s just up to them to put it in,” Mr Pinder said. “Part of the

funding is a little complicated; not all of the funding is there yet. But I hope the rest of it comes soon.

“There is a little background story there where the Government had promised to help subsidise some of my electricity, so they kind of merged the two things together. Some of it came from Finance, and some of it came from the Ministry of Agriculture and the SBDC. Remember back in April when they were going to lower the duty rates on the chicken?

“Now the Government said they would try to help subsidise my electricity to offset any problems I incurred. So the subsidy that they basically gave me for the months after that went towards the $40,000 grant. So part of the grant came from the SBDC and the Smart Climate Fund, and other funds came from the Ministry of Finance.”

SEE PAGE B15

its options over how to bring about Freeport’s revival through what some believe could be the greatest transformation in the city’s management since its founding treaty, the Hawksbill Creek Agreement, was signed in 1955 with ambitions of creating a free trade zone in the northern Bahamas.

Multiple Tribune Business sources, speaking on condition of anonymity, confirmed that the Prime Minister and his administration last year effectively gave the Hayward and St George families an ultimatum to either find a private buyer for their GBPA ownership interests (split 50 percent each) or the

Government would find one for them.

Philip Davis KC and his advisers are understood to have become convinced that drastic change is needed to break the status quo and revive Freeport after a near two-decade decline, given that it is potentially the best source of higher economic growth for The Bahamas due to its available land, location and tax-free zone status.

However, this newspaper understands that, while moderating its stance somewhat since the ultimatum, the Government has not given upon on its Freeport ambitions. There is talk that the Government itself may now seek to acquire

the GBPA or, more likely due to the Public Treasury’s cash-strapped state, seek to gain control of Freeport’s regulatory and quasi-governmental functions.

The GBPA, while described by some as a ‘regulatory shell’, still possesses considerable powers that include business licensing, building code and environmental enforcement, city management, and the power to levy fees and service charges together with the operation of a free trade zone that offers multiple forms of tax relief.

However, its incomeearning assets have been transferred to Port Group Ltd. These include the 50 percent equity stakes in

Water Corp eyes upkeep slash

through electric vehicle spend

By FAY SIMMONS jsimmons@tribunemedia.com

THE WATER and Sewerage Corporation yesterday said it is investing $100,000 in acquiring electric vehicles as part of a strategy to slash $4m-$5m in annual auto maintenance costs. The state-owned water supplier unveiled three electric vehicles as part of an initiative intended to make it more environmentally friendly, aligning with the country’s target of generating 30 percent of its energy needs from renewable sources by 2030. The new vehicles are expected to improve efficiency, reduce maintenance costs and decrease the use of fossil fuel by one of The Bahamas’ largest auto fleets.

Robert Deal, the Water & Sewerage Corporation’s general manager, said: “We want to not only reduce the energy usage, but also reduce our repair and maintenance costs, which are

high, particularly in some of our islands where we have to travel on a quarterly basis to service and maintain vehicles. Our repair and maintenance costs, I would say presently, are in the range of about $4m$5m per year overall.”

Mr. Deal also revealed that the water supplier spends around $700,000 on fuel per year, adding: “From a fuel purchase perspective, for fuel for our vehicles but also for our generators, we presently purchase in the range of about $700,000 per year in fuel costs.”

The electric vehicles should require less frequent servicing, which will reduce maintenance costs in the long run. Mr Deal said: “The concept is that these vehicles do not require that traditional quarterly servicing. They have limited checks on an annual basis.”

The initiative is part of a broader plan for the Water & Sewerage Corporation

to improve climate resiliency and ensure continuity of services, especially after natural disasters such as hurricanes, when there can be challenges obtaining fuel for vehicles. Mr. Deal said:

“If there’s a period where there’s limited fuel availability, even if there’s limited electrical supply and we have solar, we can utilise that to power our vehicles and address our customer needs.”

The $100,000 investment also includes three electric vehicle charging stations that can be used by staff who decide to transition to electric vehicles. Mr Deal said: “The initial cost is a little over $100,000. We also acquired three charging stations. But the idea is to also encourage staff who may have electric vehicles to be able to charge their vehicles.

“And, ultimately, the idea is that our major complexes.... the rooftops will

DevCO and the Freeport Harbour Company, likely to be the two families’ most valuable assets, together with interests in multiple other companies. Should the Government seek to take over the GBPA’s regulatory powers, one source said it would amount to an “abrogation” of the Hawksbill Creek Agreement and raise multiple legal issues that would have to be addressed. Among these, they added, would be the provision that requires four-fifths (80 percent) of licensees to approve the devolution of quasi-governmental authority to a local government-type entity.

have solar arrays put on them so that the energy that we acquire from solar energy can be saved and utilised to charge these vehicles”

The electric vehicles are expected to take four hours to charge and provide 245 drive miles once fully charged. The Water & Sewerage Corporation has plans to expand the use of electric vehicles once the testing phase is completed and staff response observed.

Mr Deal said: “Presently, we have a fleet of approximately 180 vehicles; about 115 in here in New Providence, and about 65 in the Family Islands. So the idea is that, over time, we will convert to more energy efficient vehicles. We have started with initial three vehicles as a pilot project. We want to see how they work from a charging perspective, but also in terms of usability on the street, what’s the staff response to them, and then we want to expand.”

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.

Duties may include but are not limited to:

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.

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

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

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.

1. Provides sound and timely advice and direction to the Director, management and the Board on any legal matter related to BANSA, its functions and operations.

2. Undertakes legal sufficiency reviews of BANSA’s programs, policies, procedures, and practices to ensure compliance with institutional priorities and statutory obligations—including legislative initiatives of the Civil Aviation Authority Bahamas (CAA-B) and the International 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.

• Professionalism and adherence to good work ethics.

• 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

FTX US chief moves to ratify Bahamas co-operation deal

co-ordination of their activities as fiduciaries for the benefit of their respective creditors.

“On January 7, 2023, the debtors and the joint provisional liquidators filed with this court a notice of the entry into the co-operation agreement. The co-operation agreement will not become effective unless and until approved by this court and The Bahamas court.”

Tribune Business understands that the Bahamian provisional liquidators are in the process of making a similar application for recognition of the cooperation agreement by the Supreme Court. “The co-operation agreement reflects the parties’ agreement to proceed with parallel proceedings in this court and the Bahamas court, and to co-operate and co-ordinate in so far

as possible to accomplish their common goals,” Mr Ray’s filings added. These objectives were identified as “maximising recoveries to customers and creditors of each estate, avoiding redundant work, minimising expenses and respecting the sovereignty of the US and the Bahamian legal systems”. Mr Ray added: “The agreement is premised on the idea that the disputes between the debtors and the joint provisional liquidators may be best settled by the mutual sharing of information and arm’s-length negotiation in connection with a coordinated resolution of the Chapter 11 Cases and the Bahamian proceeding.

“The debtors and the joint provisional liquidators have agreed that one of the alternatives to consider jointly is the reorganisation of the FTX.com exchange, the international

platform, to the extent such reorganization can be implemented in a manner that is in the best interests of both estates.

“Neither the debtors nor the joint provisional liquidators have made any commitment in connection with a potential reorganisation of the international exchange except for the general procedural undertakings reflected in the co-operation agreement.” Both sides, though, have “reserved” their rights to bring any dispute before the Supreme Court or Delaware Bankruptcy Court.

Tribune Business previously reported that the Bahamian provisional liquidators are to gain control of $46m in Tether stablecoins as part of the “co-operation” deal with Mr Ray, which is intended to create a “path forward” to resolve all remaining disputes. Tether is a stablecoin, with its

value pegged one:one with the US dollar, thus making it a critical recovery source that can help finance the liquidation’s costs.

The agreement will also see the Bahamian trio “take the lead” in selling the $256.3m worth of high-end local real estate that FTX acquired prior to its spectacular implosion in early November 2022. They will be responsible for “arm’s length” marketing of these properties to potential buyers “utilising the services or one or more brokers”.

The deal stipulates: “The parties agree that the value in the properties owned by FTX Property Holdings will be realised over time in one or more arm’s length marketing processes utilising the services of one or more mutually acceptable brokers in a manner and on a timeframe designed to maximise the recovery.”

This, the agreement said, could be effected by a Supreme Court liquidation process running concurrently with the Chapter 11 proceedings or some other “mutually

acceptable arrangement”.

It added: “The joint provisional liquidators.... shall take the lead in managing the properties, determining the appropriate strategy for the monetisation of the properties, identifying buyers and conducting the marketing process.”

This, though, all has to be approved by Mr Ray and his team.

Mr Simms, describing FTX Property Holdings as an International Business Company (IBC), said in previous court filings that its sole purpose had been to “purchase and hold properties on the island of New Providence in The Bahamas as offices for the benefit of FTX Digital Markets and dwellings for employees of FTX Digital Markets”.

He added: “FTX Property Holdings conducted no business other than the purchase and ownership of real property. Immediately following our appointment, the joint provisional liquidators began investigating all aspects of FTX Digital Markets’ business, including its business

dealings with FTX Property Holdings. As part of this investigation, we have identified 35 properties owned by FTX Property Holdings, all located on the island of New Providence in The Bahamas.”

These included no less than 16 properties at Albany, 15 of which were condominiums, valued between $4.75m and $30m. A further seven units were acquired in the GoldWynn project at Goodman’s Bay, which is scheduled to open in early 2023, valued between $563,520 and $1.449m.

Another four units, varying in value from $975,000 to $1.54m, were purchased in the One Cable Beach project developed by Jason Kinsale’s Aristo Development. Some $26.34m was spent on acquiring multiple units at the Veridian Corporate Centre developed by Sebas Bastian, with further outlays of $17.435m, $9m and $1.8m on property at Ocean Terrace, Old Fort Bay and Pineapple House respectively.

time to be a seller’, says realtor

FROM PAGE B1

2022 with homes in gated communities and private islands all selling well. Mr Sweeting, though, said: “I’m speaking predominantly to the lower end because that is where 1oak and myself, as an agent, our focus is. We probably do maybe less than 5 percent luxury business, and in the business that we did in these last few years, 95 percent have been at or under $1m.

“I think high end properties will have a lot of interest as well. I think we are seeing similar occurrences in high-end in terms

of dwindiling supply. But I know the under $1m market better.” January is unlikely to be a “slow month”, as interest is “extremely high” all around.

Mr Sweeting said: “As a company we’re putting on an event because we appreciate that a lot of people are predominantly firsttime buyers and don’t know where to start. A lot of people are starting the year with their resolutions being home ownership.”

1oak will be hosting a free open house on February 1, where prospective home buyers can meet with “bank representatives,

attorneys, realtors, builders, insurers, contractors and financial planners” in one space to help people “understand the process”.

Mr Sweeting added: “As a company we’re super excited. We’re bringing on a few more agencies. We are using some of our success from last year to really improve not only our digital footprint, but also our physical footprint as well. We’re renovating a new office. We just launched a new website that’s arguably one of the best in the country in terms of being able to find property easily.”

‘Good

Hurricane Hole adds pharmacy to project

THE HURRICANE Hole redevelopment has continued to expand its retail offering through the opening of a 1,400 square foot pharmacy.

Quality Care Pharmacy, located in Paradise Island’s Sterling Commons, is said to be focusing on

a holistic approach to pharmaceuticals and medicines that targets health, wellness, body, mind and spirit. Besides serving residents and employees, it also focused on serving an online market through delivery courier services and its website.

Phillip Gray, Quality Care’s owner and operator, and a pharmacist for 30 years, said: “Our vision is to bring a paradigm shift in pharmacy practice that allows optimal efficiency in a cost-effective market.”

The pharmacy is the latest addition to the

Target foreign retail investors, says local crowdfund platform

THE BAHAMAS must drive foreign retail investors to invest in this country and fuel economic growth, a local crowdfunding platform argued yesterday.

Executives with ArawakX said The Bahamas must better exploit social media, Internet and video content, financial newsletters and other similar mechanisms to attract investment capital to this nation.

Noting that retail investors are increasingly placing funds directly into projects and companies, D’Arcy Rahming Snr, ArawakX’s chairman and chief executive, said in a statement:

“Pre-COVID most deals were made in certain centres with larger broker/ dealers in New York or other financial centres.

“However, as these investor ecosystems were broken, more people

began to invest directly and get their information from financial publishers (FinPub).” Mr Rahming was speaking as a FinPub Forum in Jacksonville, Florida, where key publishers were discussing financial industry changes.

“These publishers literally build lists through financial newsletters and other media like Internet and video. Investor lists are built in a very scientific manner. Some of them have lists of millions of traders and investors. This is a trillion dollar room in the level of investment that they impact. We need to figure out how to get these guys to write content and video content on us for foreign portfolio investment (FPI),” Mr Rahming continued. “FPI allows foreigners to invest in the company, which is owned

and operated by Bahamian leadership. As in most former colonised countries, we are used to foreign direct investment (FDI), which is mostly hotels. And they are owned and managed by non-Bahamian leadership. FPI can be used to supplement FDI and directly add to our foreign currency reserves.”

According to Market Insider, a website for financial data, despite market ups and downs in 2022, net flows from retail investors into the stock market averaged $1.3bn a day through the first half of the year. This was based on data from Vanda Research. “This is a market we cannot ignore, and we need to ensure that they come through our regulated platforms such as ArawakX,” said Mr Rahming.

growing Paradise Landing and Hurricane Hole community, which already boasts amenities such as a super yacht marina, a residential development, 700 Wine and Spirits’ 6,500 square foot flagship store, and a poolside bar and

grill. Other outlets set to open soon include Sawyer’s Fresh Market, a medical centre, dockside restaurants, a captain’s lounge and crew gym, and a wellness centre.

Hurricane Hole’s developer is Sterling Global

real estate.

Financial, an alternative asset manager focused on

JOHN NEWSTON, chief executive, Pendry Cannon Publishers Association.

SUPER YACHT AMBITIONS TO BOOST CRUISE PORT MARGINS

Global Ports Holding, which owns 49 percent of Nassau Cruise Port, revealed in recently-published results for the 2023 financial year’s first half that its Bahamian asset’s operating margins rank among the lowest in its port collection. Nassau stands at 55 percent, with

only Antigua faring worse, while other ports operated by Global Ports Holding generated margins of between 63 percent and 89 percent for the six months to end-September 2022. However, the figures also disclosed that Nassau is the company’s top port for generating cruise revenue. Adjusted cruise revenues

for the half-year to end-September 2022 jumped almost seven-fold year-over-year, rising from $2.2m during the same period in 2021 to $14m last year.

Nassau Cruise Port produced $9.9m in operating income (EBITDA) for the 2022 half-year, as opposed to a $0.6m loss during the prior year period, with the latter producing a -27 percent operating margin. Prince George Wharf, as well as its parent, were up against extraordinarily weak comparatives from 2021 as the cruise industry only started to resume sailing in June/ July that year.

Mr Maura, describing the cruise industry as “like a hibernating bear that just woke up”, told Tribune Business: “The industry is in full recovery. Nassau is clearly leading the pack. Based on the information I’ve been reading, a lot of people compare Nassau to Cozumel. Cozumel has three port islands, Nassau has one, and one port has outperformed Cozumel in 2022.”

He conceded, though, that “the trick is” to get more

passengers off their respective ships when docked in Nassau and to increase per capita spending that is spread across multiple Bahamian businesses. Asserting that the cruise port is “really coming to life” as its $300m transformation progresses towards a closing, Mr Maura said: “Every day we have Bahamians come down to the waterfront and they’re in shock.

“They may have read about it, seen it on TV, but when they came to the waterfront and see it for themselves.... You can see how these visitors from all over the US, Canada and the world will be arriving in Nassau and saying: ‘How did this happen?’ if they are coming here for the first time or have not been here for two years.”

Global Ports Holding, in its first-half financials, said the pace of capital investment spending at Nassau Cruise Port accelerated during the six months to endSeptember 2022 compared to the prior year. “Capital expenditure during the six months to September 30, 2022, was $43.9m, including the impact of advances, with this expenditure primarily

focused on our continued commitments to invest in Nassau Cruise Port. “We invested $53.9m in the port infrastructure at Nassau during the reporting period compared with $46.6m in the 2022 first half. The marine works are now complete, and the work on the landside works, including an iconic new cruise terminal, is well underway.”

Mr Maura, meanwhile, told Tribune Business: “Nassau Cruise Port’s 2022 story includes much more than the welcomed cruise industry recovery. Last year witnessed the continued transformation of Prince George Wharf and immediate downtown Nassau waterfront. A new ICON/ EXCEL capable cruise berth, ‘berth six’, was completed, paving the way for Nassau regularly receiving six ships in a day.

“The dredge material resulting from the ‘berth six’ construction was used to expand and improve the downtown Nassau waterfront in preparation for over 60 new authentic Bahamian retail, art and food and beverage offerings, and a new entertainment

venue featuring local and international musicians and performers.

“As at year’s end, the marine works are 99 percent complete and the ongoing upland works approximately 70 percent, with the cruise port and downtown Nassau waterfront grand opening scheduled for May 27, 2023.”

And Global Ports Holding concluded: “Nassau Cruise Port has performed particularly strongly, benefiting from its proximity to the key home ports in Florida and the cruise lines’ continued desire to operate more short cruises in this area at the expense of longer itineraries to other parts of the Caribbean. The port is, on some days, hosting six cruise ships simultaneously, utilising the new berthing that has resulted from our significant investment into this port.

“Our investment into Nassau Cruise Port continued during the period and is currently expected to be completed by summer 2023. This project has remained largely on track and on budget despite the significant impact of the COVID pandemic on the cruise industry and global supply chains. We are very excited that we will shortly be able to welcome cruise passengers to one of the world’s most iconic cruise port destinations.”

Fiscal Council’s reports ‘not a flip of the switch’

FROM PAGE B1

rather than rush to meet a deadline, with Mr Bowe pointing out that its work continues to be a “building block exercise” given the tremendous cultural shift it demands within the Government over transparency and information sharing.

The BICA representative, noting that the Council only had access to the actual report itself for its 2020 Fiscal Strategy assessment, said co-operation and collaboration by the Government over the 2021 report had been much improved albeit late. He added that deficiencies in the Government’s own financial reporting systems were another impediment, which the Opposition would be familiar with as several members sat in the Minnis Cabinet.

Mr Pintard, though, yesterday used the delayed publication of the Council’s reports - as well as the continued wait for the 2022 Fiscal Strategy Report - to blast the Davis administration for again violating the disclosure timelines set out in the Fiscal Responsibility Act.

“The Davis administration continues to display its contempt for the rule of law and the Bahamian people by its now habitual refusal to abide by even the most straightforward legal requirements to report to the country regularly on its financial affairs,” the Marco City MP asserted.

“By law, the Fiscal Strategy Report 2022 was due in November of last year. It is now months late. Not only has the government not produced and published the report, the minister of finance (also the Prime Minister) has yet to explain its tardiness nor provided a timeline when we will receive the required report.”

The Prime Minister’s spokesman yesterday informed Tribune Business that the Fiscal Strategy Report 2022 “will be tabled next week”, thus following a timeline similar to last year when it was released at end-January 2022. The Fiscal Responsibility Act, though, requires in section 10 (3) that the report be laid in Parliament by the third Wednesday of November each year - a deadline that has not been met.

Mr Pintard, in a January 24, 2023, letter to the Prime Minister that he publicly released yesterday, questioned when both the Council’s two reports and the Fiscal Strategy Report 2022 will be released. He said the Council’s assessment of the 2021 Fiscal Strategy Report should have been disclosed no later than two months after that document’s release, and the analysis of the 2022-2023 Budget by the end of last July.

Pointing out that the latter report is now six months’ late, and that both disclosure deadlines were mandated by the Fiscal Responsibility Act, Mr Pintard queried: “Is the Government aware of any impediment that is preventing the Council from meeting its statutory obligations? If so, what is the Government doing to remedy these impediments so that the Council can fulfill its legal obligations and provide the required reports?

“Prime Minister, your failure to ensure that your ministry fulfills its statutory obligations is unacceptable and, frankly, untenable. You can provide the Bahamian people no good explanation or excuse. On behalf of them, we demand that you do better.”

Mr Pintard’s letter was also copied to Kevin Burrows, the Council’s chairman. However, Mr Burrows in a messaged reply to this newspaper confirmed he is no longer involved with the Council, and it is understood the representative for the financial analysts may have changed.

The Opposition leader, meanwhile, in his statement on the matter, charged: “The Fiscal Responsibility Council was to have

published its assessment of the Government’s Fiscal Strategy Report 2021 from the first quarter of last year. They were also to have published its assessment of the Government’s 20222023 Budget by last July.

“We have yet to see any of these reports in the public domain. The Council must advise the public as to what is fuelling their delay in publishing their reports as required by the law.” As for the Government, Mr Pintard added: “More often than not, the Davis administration has been late in the submission of its monthly and quarterly budgetary reports as required by the Public Finance Management Act.

“The report for November 2022 should have been published within the first week of this month. We have gotten no explanation as to why this report is late. We remind our jet-set Prime Minister that as the minister of finance, these failures fall directly under his charge. As we have said before, he needs to curtail his extensive globetrotting and instead focus on the statutorily required work that Bahamians are paying him to do.

“The Prime Minister remains the very picture of rank hypocrisy when he tells Bahamian small businesses to abide by the law while he fails to ensure that his government does the same.” Mr Bowe, though, argued that there were valid reasons for why the reports had been delayed given that the Council was handed an opportunity to provide more complete analyses to the Bahamian public.

Acknowledging that the late provision of extra information was “not the most ideal”, he explained: “There was an opportunity where the Government opened up further information and details in summer 2022. There was greater access to the Department of Customs, Department of Inland Revenue, and some exchanges with the Debt Management Committee and some exchanges of the models used by them in the Budget exercise.”

Acknowledging that it is now the Council’s responsibility to “close out” its 2021 Fiscal Strategy Report review, Mr Bowe declined to “pre-empt” its findings but said the additional access will enable a more complete and thorough assessment. “Some of this is the 80/20 concept,” he said. “If it’s 80 percent complete, do you finish it if 20 percent is not finished for closing open questions, or do you close the open questions?

“The Council has not delayed reporting because of any negatives or any information the Opposition deems as concealing or deferring details from the public.... The only thing we

had in 2020 was the report itself. 2021’s initially started in the same vein and then there was access to more information.

“I think there is some merit in terms of adhering to timelines. There is also a need for understanding that this is not a straightforward flip of a switch and perfect situation.” Mr Bowe said politicians from both sides were well aware of “system deficiencies” in the Government’s financial reporting, and ongoing efforts to upgrade the chart of accounts, the enterprise

resource system and general ledger so that information quality is improved.

“You’ve got to be careful. Garbage coming in, garbage going out,” Mr Bowe warned. “Yes, there is a delay in us finalising our report, but because we’re getting additional information in that we could analyse and factor it into the report. People can say issue a report, but if it’s a superficial document they will be critical of that as well.”

FROM PAGE B1

concept and talks with the Government have progressed. “There were always discussions going back and forth, but nothing has been resolved as to how the city can be managed,” he told Tribune Business

“It would be a privatepublic management team. It would have senior officials from the important ministries, the Ministry of Works and Ministry of Tourism, sitting on the Board along with members of the private sector, business and property owners, who work downtown and work out how best the city can be managed going forward.”

The Government will likely have concerns with granting any autonomous body revenue-raising powers, and Mr Klonaris added: “That’s one of the main issues to be thrashed out and with good reason.

I don’t expect the Government to give up a lot, but I’m hoping it will be enough revenue to jump start and get a management team together and see the progress they make. It will be more effective.”

Reviving Bay Street and wider downtown Nassau will be a decades-long effort that has already spanned more than 20 years. The DNP co-chair asserted: “People have to understand that cities take time. When you look back at when we first started, there’s been enormous progress downtown. It’s staggering the amount of infrastructure that has been put into the city.

“I don’t have the figures, but just look at The Pointe, look at the cruise port, some of the Government buildings that have gone up and properties that have gone up. There’s a lot going on. It takes time. Definitely we think we’ve achieved 80 percent of everything we set out to do.”

Arguing that the DNP has provided the platform, Mr Klonaris added: “It’s up

to the landlords. We’ve seen the visitor traffic increase, and flowing more smoothly. Now is the time for the landlords to look at their properties. We’ve put everything in front of them. It’s up to the landlords to decide what’s the best development for their properties to be attractive. That’s where we are.

“It’s there for the landlords and store owners to take advantage of what has been put in place. It’s up to the individuals. We’ve done our part as best we could. A lot of people are thinking that they are not really going to see high rises and beautiful retail, but these things take time. You have to create demand.”

Michael Maura, Nassau Cruise Port’s chief executive, last week told the Bahamas Business Outlook conference that plans for downtown Nassau’s regeneration had “fallen short” when the shipping companies relocated to Arawak Cay in 2011 because not enough focus was placed on redeveloping the properties they were vacating.

Mr Klonaris said he agreed to some extent, but added that property owners needed to first understand the rules they were facing in redeveloping their assets such as zoning and height restrictions, how the boardwalk would assist in creating a better tourist flow between Paradise Island and downtown, and efforts to bring stopover visitors downtown both from that destination and Cable Beach.

The DNP co-chair said that, while it was agreed buildings in the area considered as “historic Nassau” will not exceed four to five storeys in height, there would be flexibility in other parts of downtown Nassau and developers/property owners will have to make the case to the planning authorities to justify the height they desire.

“I think we see some demolitions and some properties being repaired right now,” Mr Klonaris said. “We’ve played a role in all of this. The important thing is that talking to the retailers they are so much happier now than looking back. The most important thing is creating demand for retailers, bringing people downtown. That’s going to bring more value and benefits to the city.”

ATTORNEY GENERAL TO OPEN BFSB TAX CRIME SEMINAR

THE ATTORNEY General will open the Bahamas Financial Services Board’s (BFSB) third annual Financial Crime: Tax Enforcement seminar that will be held on February 16.

Dr Tanya McCartney, the BFSB’s chief executive and executive director, said:

“We are pleased to have the Attorney General, Senator L. Ryan Pinder, open this event. The Bahamas continues to demonstrate its commitment to tax transparency and co-operation, and he will be able to restate our value proposition in this regard.

“The overall integrity of the jurisdiction is evidenced in several ways including our strong anti-money laundering [and] counterfinancing of terrorism regime; tax transparency and co-operation, the US Foreign Accounts Tax Compliance Act implemented (FATCA compliance); our commitment to Automatic Exchange of Information/ the Common Reporting Standard, as well as our commitment to the global minimum corporate tax initiative.”

The BFSB seminar is being held under the theme

‘Tax enforcement without borders’ . The event is being organised in conjunction with the law firm, Kostelanetz LLC, and global consulting firm, Alix Partners.

Among the themes that will be discussed are:

* The current environment related to OFAC (US Office of Foreign Assets Control) and sanctions compliance

* Crypto currency practices

* The role of the Joint Global Tax Force (J5)

* Criminal tax developments

* Best compliance practices for financial institutions

* Cross border tax enforcement

The BFSB added in a statement that the workshop highlights The Bahamas’ commitment to preventing financial crimes, including tax crimes, and will help ensure industry professionals stay abreast of international developments. The event will be held at SLS Baha Mar, and will start at 8am.

to:

The American Embassy in Nassau is accepting applications for the following position: Supply Clerk (Expendables)

All Interested Applicants/ All Sources

Duties:

Manages the delivery, issuance, storage, disposal, and inventory control of expendable supplies. The position is in the General Services Section and under the supervision of the GSO Property Supervisor or Designee Interested candidates are required to possess the following skills and qua lifications:

• Education: Completion of high school education is required.

• Experience: A minimum of two (2) years of experience in supply/warehousi nwexpendable s or property/supply management is required.

• Language: English level Ill (good working knowledge) Written/Speaking/Reading. This may be tested.

• Skills & Abilities: Computer competencies including basic skills in Microsoft Office applications. This may be tested. Must have had a valid, current driver's license for a minimum of five (5) years. Must be able to lift a maximum of 51 lbs. (23kg) under OSHA standards.

The complete Vacancy Announcement and Application forms are available online on the Electronic Recruitment Application (ERA) located on the following website: https://bs.usembassy.gov/embassy/jobs

Applications will not be accepted at the Security Gate o f the Embassy, by Mail, E-mail or other means of delivery.

Opening Period: Mondav Januan 23 - Fridav February 3, 2023. Due to the high volume of applications, unsuccessful candidates will not be contacted.

NOTICE is hereby given that DESHAWN McKENDY CHARLOT, of Stew Fish Drive, Carmicheal Road Nassau, 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 26rd day of January 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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.

NOTICE

NOTICE is hereby given that OLIVE WILKINSON, of Munnings Drive Nassau, 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 26th day of January 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE WEATHER REPORT

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

US ECONOMY LIKELY SLOWED BUT STILL POSTED SOLID GROWTH IN Q4

By PAUL WISEMAN AP Economics Writer

THE U.S. economy likely rolled out of 2022 with momentum, registering decent growth in the face of painful inflation, high interest rates and rising concern that a recession may be months away.

Economists have estimated that the gross domestic product — the broadest measure of economic output — grew at a 2.3% annual pace from October through December, according to a survey of forecasters by the data firm FactSet.

The Commerce Department will issue its first of three estimates of fourthquarter GDP growth at 8:30 a.m. Eastern time Thursday. Despite a likely second straight quarter of expansion, the economy is widely expected to slow and then slide into a recession sometime in the coming months as increasingly high interest rates, engineered by the Federal Reserve, take a toll. The Fed's rate hikes have inflated borrowing costs for consumers and

businesses, from mortgages to auto loans to corporate credit.

The housing market, which is especially vulnerable to higher loan rates, has been badly bruised: Sales of existing homes have dropped for 11 straight months. Investment in housing plunged at a 27% annual rate from July through September.

And consumer spending, which fuels roughly 70% of the entire economy, is likely to soften in the months ahead, along with the still-robust job market.

The resilience of the labor market has been a major surprise. Last year, employers added 4.5 million jobs, second only to the 6.7 million that were added in 2021 in government records going back to 1940. And last month's unemployment rate, 3.5%, matched a 53-year low.

But the good times for America's workers aren't likely to last. As higher rates make borrowing and spending increasingly expensive across the economy, many consumers will

spend less and employers will likely hire less.

Last year, the Fed raised its benchmark rate seven times in unusually large increments to try to curb the spike in consumer prices. Yet another Fed rate hike, though a smaller one, is expected next week.

The central bank has been responding to an inflation rate that remains stubbornly high even though it has been gradually easing. Year-over-year inflation was raging at a 9.1% rate in June, the highest level in more than 40 years. It has since cooled — to 6.5% in December — but is still far above the Fed's 2% annual target.

Another threat to the economy this year is rooted in politics: House Republicans could refuse to raise the federal debt limit if the Biden administration rejects their demand for broad spending cuts. A failure to raise the borrowing cap would prevent the federal government from being able to pay all its obligations and could shatter its credit.

Poultry producer gains $40k solar finance help

FROM PAGE B3

Mr Pinder said the solar initiative is a “better idea” than the Government just subsidising Abaco Big Bird as this would result in the Government sending money to the poultry farm every month as opposed to enhancing the farm’s infrastructure. “We just have a few more details to go through, so hopefully we will have it completed soon,” he added.

However, the solar upgrades may not result in lower chicken prices because “everything has doubled” over the past two years. The reduction in energy consumption is

only one part of Abaco Big Bird’s production costs. “I don’t see the prices of anything that I’m selling going down any time soon,” Mr Pinder said.

“Unfortunately with the solar, it’s probably going to be only enough to keep the electricity bill where it is now considering the fuel price increase and the fuel surcharge increases. Everything else has gone up. We’ve been getting hammered from everything. We have just been getting hammered.

“Like the boxes you put the chicken in, they are more than double where they were. The feed is more

than double what it was. Before inflation, and I calculated it, in order for me to grow out a batch of chickens it cost me $50,000. Now it costs me $110,000 to grow out a batch of chickens.”

Moody's Analytics estimates that the resulting upheaval could wipe out nearly 6 million American jobs in a recession similar to the devastating one that was triggered by the 20072009 financial crisis.

At least the economy is likely beginning the year on

firmer footing than it did at the start of 2022. Last year, the economy shrank at an annual pace of 1.6% from January through March and by a further 0.6% from April through June. Those two consecutive quarters of economic contraction

raised fears that a recession might have begun.

But the economy regained strength over the summer, propelled by resilient consumer spending and higher exports. It expanded at an unexpectedly strong 3.2% annual pace from July through September.