01272022 BUSINESS

business@tribunemedia.net

THURSDAY, JANUARY 27, 2022

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$50m target for RF private equity fund

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN investment bank yesterday revealed it is launching a private equity fund that aims to raise up to $50m over the next three-five years for “investments in possibilities” post-COVID. Michael Anderson, RF Bank & Trust’s president, told Tribune Business it was in the final stages of obtaining all approvals necessary for its RF Strat-Equity Fund to take-off in the 2022 first half with the goal of providing equity financing to established private companies needing to recapitalise.

The first investment fund of its kind to be targeted at

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• Investment house to launch fund in 2022 first half • Aiming to ‘recapitalise’ COVIDdevastated firms • Predicts mergers and acquisition activity uptick the Bahamian market, he said it would target accredited investors - institutions and high net worths - for financing given that they were likely to be more comfortable with the higher reward/higher risk

model offered by private equity funds.

While the RF Strat-Equity Fund will focus within The Bahamas, Mr Anderson said the investment house is also creating a separate international private equity fund

THE former Bahamas Petroleum Company (BPC) yesterday said it will undertake “no material work” in this nation during 2022 other than maintaining its rights to renew four exploration licences.

Challenger Energy Group confirmed that its focus is firmly elsewhere as it unveiled plans to raise £6m from a combination of new and existing shareholders that will allow it to complete its financial restructuring and

ensure the company remains solvent.

Revealing that it will concentrate largely on existing production assets in Trinidad & Tobago, Challenger said: “Following unsuccessful commercial outcomes with two higher-risk exploration/ appraisal wells during 2021, one each in The Bahamas and Trinidad and Tobago, the company has sought to redefine its business strategy, operations and goals for 2022 and beyond, with a view to focusing only on lower-risk production activities, so as to generate and maximise cash flows.

SEE PAGE 11

• Says BREA ‘encouraging people not to pay’ • Realtor body argues valuations illegal, void • Chamber: Phase-in up top 435% increases

While stopover or air arrivals were down by almost 80 percent for the 2021 first quarter compared to 2019’s pre-COVID

A CABINET minister yesterday said he was “shocked and disappointed” that Bahamian realtors are calling for the withdrawal of all 2022 real property MICHAEL tax bills because HALKITIS they are “illegal and invalid”.

Michael Halkitis, minister of economic affairs, told Tribune Business the legality concerns raised by the Bahamas Real Estate Association (BREA) over the recent valuation exercise “do not arise” and voiced surprise that it would “encourage people to ignore their obligations” to pay due taxes given the Government’s dire fiscal position.

“Frankly, I am shocked and disappointed that BREA would take such a position, especially to encourage people to ignore their obligations given our need to improve our fiscal position,” the minister said in response to this newspaper’s inquiries, as the backlash over property tax bills that have increased by up to 435 percent continues to mount.

Mr Halkitis pushed back after BREA published a statement, understood to have been vetted by its attorneys, in which it urged the Davis administration to withdraw the 2022 real property tax bills now being mailed out to home and business owners on the basis that the appraisals supporting the Department of Inland Revenue (DIR) valuations are not valid or illegal.

SEE PAGE 10

SEE PAGE 7

MICHAEL ANDERSON - based on the Bahamian Depository Receipt (BDR) structure adopted for several existing investment funds - that

SEE PAGE 12

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ economic output will still be 2 percent below pre-COVID levels even if growth forecasts through to end-2023 become reality, a local investment analyst warned yesterday.

David Slatter, RF Bank & Trust’s vice-president of investments, told a webinar organised by the company that this country will only “get back to where we were before the pandemic” by 2024 even though the gap between present and 2019 tourism numbers continues to narrow with every quarter.

Minister ‘shocked’ by realtors’ challenge to real property tax

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Oil explorer plans no Economy 2% smaller than Bahamas work in ‘22 pre-COVID at 2023’s end

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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DAVID SLATTER

PAGE 2, Thursday, January 27, 2022

THE TRIBUNE

THE JOYS OF BEING AN ENTREPRENEUR R

unning your own business offers many perks. But deciding to start one is a leap of faith. It requires pushing beyond your comfort zone. If that idea excites you, then you may be ready to take the plunge and be the chief executive of your own company. It may require taking a few risk, but the possibility of significant rewards is huge. If you are not yet convinced, here are some of the best reasons for starting your own business.

Starting your own business offers a more flexible lifestyle rather than running on a hamster wheel for years. The sky is the limit when you are the boss.

Nobody is looking over

your shoulder making sure you do it their way, and on their time.

Starting a business is hard work, but it is comforting to know that you are doing it for yourself and your family, and not for a boss or shareholder.

The ultimate goal of being your own boss cultivates financial independence.

Surely if you aspire to build wealth, there is no reason why - if you work hard - you cannot achieve that goal.

By and large, starting your own business has several financial benefits compared to working for a salary. First, you are building an enterprise that has the potential for growth and, as your business grows, the value increases.

Either way, its potential is valuable.

When working for someone else, regardless of how much work you put in, the company owners will reap the ultimate rewards.

Moreover, when you are your own boss, you will feel obligated to find the motivation each day. Following your dreams is exciting, as you are in control of your success each time. The day-to-day vitality of your business depends on determination, which helps to drive the rewards.

Remember you are in charge. Therefore, you have the freedom to shape your company into a passion you are proud of. The stress of climbing the ladder is real.

You never know whether

you will be promoted or handed a pink slip, as these life-altering decisions are in someone else’s hands and beyond your control Part of running your own business is learning to wear many hats - from human resources and inventory management through to customer service. As your business develops, you will continue to learn new knowledge and abilities that can transform into new skills. Maybe you have thought of a way to make processes more efficient.

Whatever problems you have encountered in the working world, you now have a chance to do something different with your own business.

This is your business. You set the policies and, while you are not restricted by standards and procedures, you can offer a product or a service that fits your vision and build your company according to your ideas. Many entrepreneurs

declare that once they have sampled the freedom of being their own boss, they will never work for anyone else again.

To this end, you are in control of what your business will produce or sell, rather than following the formula of those who came before you. Innovation and creativity are necessary traits for a successful entrepreneur. Knowing each day brings new challenges, and exciting opportunities, is reason enough to start your own business and recognise that you have decided to take control of your own future, which is empowering. The time is now. 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

By

DEIDRE

BastiaN graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

DPM MEETS NASSAU FLIGHT SERVICES BOARD

CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation (pictured centre), yesterday met with the new directors of Nassau Flight Services at the ground handling firm’s Lynden Pindling

International Airport (LPIA) headquarters.

Pictured seated from L to R are: Lennox Coleby, deputy chairman; the deputy prime minister; and Obie Roberts, chairman. Standing from L to R are directors Linton Gray;

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Keevon Maynard; Nassau Flight Services general manager, Ricardo Rolle; and directors Trevon Thurston; Patrice Davis-Rolle; Bjorn Ferguson; and Jevon Butler.

Photo:Kemuel Stubbs/BIS

THE TRIBUNE

Thursday, January 27, 2022, PAGE 3

IN ‘NATIONAL INTEREST’ TO END WATER PLANT WASTE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday said it was “manifestly in the national interest” to complete a much-criticised waste water treatment plant project plagued by a 91 percent cost overrun.

Alfred Sears, minister of works and public utilities, told the House of Assembly that the total investment required to complete the Gladstone Road-based facility, which featured prominently in a probe into the Water & Sewerage Corporation under the former Minnis administration, was presently “unknown”.

Acknowledging the past problems by asserting that “we are not looking back, we are looking forward”, he disclosed that the Water & Sewerage Corporation had on January 20, 2022, issued a letter of acceptance to US-based Hatch Ltd, an engineering consulting company, to conduct a “detailed assessment” on the funding and other requirements to complete the project.

Hatch stands to potentially receive further work as project manager and construction supervisor when physical work begins

at Gladstone Road, and Mr Sears said: “The total cost of completing this project in its entirety is unknown, but as soon as it can be determined the Board at the Water & Sewerage Corporation and the Government will pursue the most costeffective way to complete this project.”

Mr Sears said the Gladstone Road waste water treatment plant will create a “central sewerage system” in western New Providence that better protects the environment, as it will treat and recycle used water from the $4.2bn Baha Mar resort complex that is currently being pumped into a well 400-600 feet below ground level.

This means dirty, polluted waste water is going into the salt water beneath New Providence instead of being treated, recycled and sent back to Baha Mar to irrigate its gold course and other amenities. As a result, Mr Sears said the Water & Sewerage Corporation is missing out on a potential new revenue stream generated by supplying treated water to the Cable Beach resort.

“The plant was intended to be an income generating facility,” the minister said. “This facility, when I went and saw

ALFRED SEARS it, I must confess that I was astounded because it is just sitting on Gladstone Road.

You go on Gladstone Road on a daily basis, and you would not be aware this facility is there.”

He added that it was “in the national interest” for the plant to be completed, and become fully operational, because apart from Baha Mar it is also designed to provide communities such as Lake Cunningham, Skyline Drive, Munnings Drive and the Carmichael Road and Gladstone Road areas with a central sewerage system.

“That will be done in an environmentally sound manner, and have tremendous benefits,” Mr Sears said. “Treated water for irrigation will eliminate disease-causing

bacteria. Through this recycling process we will save water, minimise waste and protect the environment while generating an additional stream of revenue.

We are going to move this project forward.

“This facility was intended to receive the waste waster which is being received now from Baha Mar and being pumped into a well 400 feet to 600 below..

That waste was supposed to be treated, introducing a new revenue stream for the Water & Sewerage Corporation - reused water.”

Mr Sears said the treated, recycled water would have been resupplied to Baha Mar so it could water its lawns and golf course. “Currently the golf course at Baha Mar is being watered using potable water that could be supplied to Bahamian domestic consumers,” he added.

“That water is being used to water the golf course.

We have an opportunity to take all this water, treat it and sell it as reused water for non-domestic purposes.

The turbines have been sitting, never used, and the waste is being pumped down below our island. This is a serious environmental impact.”

Mr Sears said the Gladstone Road waste water

treatment plant had initially been financed with $10m from the National Insurance Board (NIB), with that sum increasing subsequently to $15m. However, he made no mention of the findings from the EY (Ernst & Young) accounting firm’s probe that were revealed under the Minnis administration.

The forensic audit cited the plant as an example of how politically-motivated interference and mismanagement had cost the Water & Sewerage Corporation and Bahamian taxpayers millions of dollars.

Despite a 91 per cent overrun on the original $9.6m budget, which had cost the Corporation some $18.3m by March 2018, the EY report said further capital expenditure was required to complete the still-unfinished facility.

Besides the capital loss on the wastewater plant’s construction, every day it remains unfinished costs the Water & Sewerage Corporation significant revenue and operating losses. This is because the Corporation is having to pay a non-completion ‘penalty’ to Baha Mar by supplying it with heavily discounted water to irrigate the Cable Beach development.

“The Gladstone Road Waste Water Treatment Plant is capable of receiving waste water from Baha Mar, but is non-operational in the sense that the waste water is not being treated and returned for irrigation,” the EY report said.

“Instead, the waste water is simply disposed of in the well.

“Because the Gladstone Road Waste Water Treatment Plant is nonoperational, Water & Sewerage Corporation is currently providing Baha Mar with potable water at a substantial discount for irrigation purposes, further increasing the losses to the Corporation.

“As a result of the substantial budget overruns and inoperable facility, Water & Sewerage Corporation management believes that the facility will result in substantial losses to the Corporation, both with respect to the recovery of capital as well as operationally going forward.”

EY said Water & Sewerage Corporation management took “little to no responsibility” for the Gladstone Road project, blaming the shortcomings and mismanagement on third-party engineers and consultants hired to oversee it on their behalf.

Taxpayers face extra $31m bill to finish baseball home

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN taxpayers will have to provide an extra $31m to complete an Andre Rodgers baseball stadium that the Minnis administration feared will “never pay for itself”, it was revealed yesterday.

Alfred Sears, minister of public works and utilities, during his contribution in parliament yesterday, told the House of Assembly that payments worth “$27.438m” had already been certified as

incurred on a project that remains unfinished and unable to generate potential sports tourism-related revenues.

While the minister did not explicitly confirm this, adding those two figures together equates to nearly $58.5m - an outlay that it will take years to recoup if not make it impossible for The Bahamas and long-suffering taxpayers to earn a return on their investment.

Mr Sears yesterday said outstanding payments to vendors had not been provided for in the current Budget. He added: “There are payments certificates

valued at $3.257m to date, which have not been paid for lack of funding allocated in the Ministry of Works and Utilities’ 20212022 capital budget.

“This project’s completion has been greatly delayed and it has, in fact, been delayed from 2017.

Some $27m has been sitting on the ground that has been delayed from then to now. The delay has caused the following concerns: One, the project has been extended a number of times over approximately 38 months and across three VAT periods, causing

the need for additional funding.”

Mr Sears said there had also been an “escalation in the cost of material equipment and labour due to the transition between governments. The cost escalation is valued in this context at $685,231.

“Construction of ancillary buildings and concrete works, such as ticket booths, batting cage aprons, and structural support for batting cages, etc. was not priced in the tender process, as drawings were incomplete and requires $1m.”

To complete the Andre Rodgers stadium will cost $31.33m, Mr Sears said, most of which will permit the main contractor, Wooslee Construction, to complete what has already been started at the stadium.

Tribune Business previously revealed the construction cost overruns on the baseball stadium project, and the concerns they caused for the past administration.

Desmond Bannister, the immediate past minister of works, told this newspaper in September 2018 that the Government was aiming to cap construction costs at

“about $30m” - rather than the $43.014m full scope of works as it was then - to limit the Bahamian people’s financial exposure.

This newspaper had obtained internal Cabinet documents revealing the Christie administration’s initial $16.5m “estimated project cost” threatened to increase by 160 percent almost three times’ higher than the original budget.

The stadium’s costs increased progressively since the project was conceived in 2014-2015, rapidly increasing to $18.75m and then just over $21m by the

SEE PAGE 16

PAGE 4, Thursday, January 27, 2022

THE TRIBUNE

BAMSI PARTNERS OVER ORGANIC LIVESTOCK FEED THE Bahamas Agriculture and Marine Science institute (BAMSI) yesterday partnered with two Bahamian brothers to increase the use of organic livestock feed.

The Andros-based Institute, in a statement, said it has signed a contract with Organic Solar, an Androsbased livestock feed company that also grows micro greens. The latter’s owners, Cerone Dean and Terrico Dean, said they now aim to merge their passion for agriculture with the need for Bahamians to access locally-grown livestock and produce that is bred using organic feed.

Tyrel Young, BAMSI’s executive chairman, said the partnership’s long-term goal is to boost Bahamian food security by expanding access to organically grown foods to communities previously left out of this niche market.

The tie-up will also allow the brothers to engage in research that will determine best practices for livestock feed.

“It’s vital to our overall health… what we put into our bodies; it starts from as simple as the feed for the animals,” Mr Young said.

“If you feed them organic, obviously you will have a better quality meat at the end of the cycle.

FROM Lt to R: Terrico Dean, co-owner of Organic Solar; Alaasis Braynen, BAMSI general manager; Tyrel Young, BAMSI executive chairman; and Cerone Dean, co-owner of Organic Solar.

VACANCY ESTABLISHED ARCHITECTURAL FIRM with a wide and varied client base has a vacancy for an experienced architect with proven Design and Project Management skills.

The successful candidate must have worked on large scale projects such as: airports, resorts, commercial offices, shopping malls and residential homes. This person would have managed relations with contractors, suppliers and clients efficiently and competently.

Benefits and compensate will be commensurate with qualifications.

Please apply with resumé to: 0773h.vw@gmail.com

by January 31, 2022.

Only suitable candidates will receive acknowledgment of their applications.

TYREL YOUNG, BAMSI’s executive chairman; and Cerone Dean, Organic Solar’s principal, review the contract.

“One of the things that we are eager to see with this programme is the study of it. This is all part of BAMSI’s research and study programme for animal feed so we could get the best feed possible, and the formulation could be something that we could carry on for generations to come.”

A farmer with a keen interest in food security, Mr Dean said he was interested

in working with BAMSI because its leadership was committed to food security and a willingness to tap into feed production technology.

He added that a significant percentage of the health problems seen in Bahamian society stem from poor agricultural practices, and the consumption of improperly-produced crops and poorly fed livestock.

“What technology like this (Organic Solar) does is, it allows farmers to produce high-quality, grass-fed meat from as small as chickens to as large as cows, thus saturating a niche market just enough so that not only the average farmer but all Bahamians can be able to purchase high-quality grassfed food,” Mr Dean said.

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: •

• • •

• • • • • •

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

THE TRIBUNE

Thursday, January 27, 2022, PAGE 5

CRAWFISH CATCHES ARE ‘LARGEST IN 20 YEARS’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN fisherman yesterday said crawfish catches are the “largest I have seen in 20 years”, with international certification having helped to boost prices 40 percent above pre-COVID levels.

Keith Carroll, the National Fisheries Association’s (NFA) president, told Tribune Business that crawfish prices have gone up as

high as $21.50 per pound, as opposed to $15 per pound in 2019, which some believe was the previous record year.

This represents a 43.3 percent increase, and Mr Carroll said: “In 2019 it started to go up because The Bahamas was certified by the MSC (Marine Stewardship Council). When they gave us approval this allowed fishermen to ship crawfish all over the world.

“They don’t have to choose to ship their crawfish to America first, but they can ship all the way to

Australia and go straight to the source. So being certified by MSC has opened up a lot of markets for craw-fishermen.”

The sharp decline in illegal foreign poaching is also boosting the catch sizes that Bahamian fishermen are getting this year.

“The size of the catch is the largest I have seen in the last 20 years. The amount of crawfish these boys are bringing back is amazing,” Mr Carroll added.

However, he said Royal Bahamas Defence Force seizures of several Spanish

Crystal Cruises halt labelled ‘no big deal’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net FAMILY Island vendors yesterday said it was “not a big deal” that Crystal Cruises has suspended sailing until at least the end of April 2022 because they were not benefiting significantly from its stops.

Belinda Major, owner/ operator of Bahama Mama Daquiri in Long Island, told Tribune Business that the suspension - due to the impending bankruptcy of the cruise line’s immediate parent, Genting Hong Kong - would not have a significant impact for her.

“I’m a vendor out there.

At this present date we’re in between because we had a bad experience with Crystal Cruises here on the island,” she said, adding that the cruise line had brought its own entertainment and vendors to the beach, thereby cutting local entrepreneurs out of the opportunity to do business with the passengers.

Ms Major said: “They brought all of their own staff, their own supplies, their own drinks and food

from onboard, and set up shop on the beach and even used other vendors’ stalls without their permission.

“They left Long Island dirty on their last trip. So we are in the middle of the road with the whole cruise ship thing because some were for it and others were against it. I was one of the ‘middle of the road’ folks.

“I was willing to give them a chance because the local economy really needed a boost. Even knowing that the cruise ship does not provide as much to the local economy, we were still willing to give it a shot,” she continued.

“The first three stops were good, but after that it all went downhill from there. I personally won’t miss them. We hoped it would have done more for the local economy, but it was not working that way for us.” Another Long Island business owner reiterated what Ms Major said, and added: “They didn’t have much of an impact anyway.”

Kimberley Cartwright, owner/operator of KC Wine and Spirits in Salt Pond, Long Island, said: “The cruise ship stopped

far from where I am. I’m all the way in Salt Pond, and the ship stopped in Clarence Town, which is quite a way away from me.

“I don’t think much of the vendors were making money out there anyway.

It wasn’t even worth Crystal Cruises coming over here in my opinion.” 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 in addition to Long Island.

However, financial strife at its immediate parent 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

A BAHAMIAN BUSINESS

HERE TO HELP

Wells vessels for alleged compressor has negatively impact the industry.

Mr Carroll explained: “Let me tell you what’s going on and what contributed to that. During the summer before last, a Spanish Wells boat got locked up for having a compressor on the boat.

“The Fisheries Department have tightened down on compressors. So, when they go hauling they take compressors to clear nests that they haul, but since the RBDF were locking them

up they were not going out to sea.”

As a result of the crackdown on compressors, Spanish Wells vessels have been hesitant to go out to sea, leading to a shortage of fish supplies and consumers finding slim pickings at the fish houses.

“What happens is the fish houses store up fish and they re-sell them throughout the year, but with no fish coming in this past summer, there was less supply to go around and that means you had shortages. This is why fishermen

are fighting to use compressors year-round,” said Mr Carroll.

The compressor ban coincides with the off-season for lobster fishing between April to July each year. It is illegal to use any type of underwater air supply for spear fishing or collecting marine life. This includes scuba gear as well as air compressors, unless there is a permit to do so from the Ministry of Agriculture and Marine Resources.

Gemologist Wanted

A fine jewelry & watch company seeks to employ a mature individual as a Gemologist. The position offers an excellent salary and commissions.

The professional must be an expert in detecting defects, imperfections, concealed imperfection, rarity, and other features of a good stone and gem. Other functions include the following.

- Assign preliminary conclusions to gemstone grading reports or give back-up to initial reports.

- Keep abreast of the latest gemological information within the industry.

- Examine and identify gemstone materials using standard, high-tech, and specialty gemstone testing equipment.

- Immerses stones in prescribed chemical solutions to determine specific gravities and fundamental properties of gemstones or substitutes, which show physical characteristics of stone for gem identification, quality determination, and appraisal.

- Must be able to grade stones for color, perfection, and quality of cut.

- Estimates wholesale and retail value of gems, following pricing guides, market fluctuations, and various economic changes that affect the distribution of precious stones.

- May also advise customers and others in the use of gems to create attractive jewelry items.

Experience - Must possess scientific knowledge on diamond grading; - Five (5) years experience in selling and buying gemstones in international markets. Must be a Manager for 5 years; - Must possess a certification from a leading gemology institute; - Must understand all aspects of Merchandising, including budget planning and sales forecasting. Must be able to relate and close sales with high-end clients Only serious inquiries. Please contact

Jobsplus2014@gmail.com Deadline: 31 January 2022

SEE PAGE 12

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PAGE 6, Thursday, January 27, 2022

THE TRIBUNE

TOURISM ANNOUNCES ITS ACTING DIRECTOR-GENERAL THE Ministry of Tourism has confirmed the appointment of Latia Duncombe as acting director-general to replace the retiring Joy Jibrilu.

Mrs Duncombe brings more than 25 years of cross-industry experience in sales, marketing, public relations, branding, finance, business analysis and reporting to the role. Her

positions and responsibilities range dacross local and international destinations throughout the Caribbean, including The Bahamas, Cayman Islands and Turks & Caicos Islands.

“Latia Duncombe is a distinguished executive in marketing and sales, and we are confident in her ability to follow in the footsteps of director-general Joy Jibrilu,

whose contributions have made a lasting impact on our country,” said Chester Cooper, minister of tourism, investments and aviation.

“Acting director-general Duncombe will help me lead in the execution of our robust strategic growth plans for tourism and investments, as outlined in our Blueprint for Change.”

“I am honoured to represent the people of The Bahamas in continuing to drive a healthy tourism economy in our great island nation,” said Mrs Duncombe. “These recent years have been challenging as we navigate the ongoing COVID-19 pandemic, but we look toward a more prosperous future with many accomplishments to

celebrate in the months and years ahead.”

Over the past ten years, Mrs Duncombe was employed as a senior executive and head of sales and marketing for Rubis Bahamas and Rubis Turks & Caicos Limited before joining the Ministry of Tourism, Investments & Aviation.

She holds an MBA with merit from the University

of Liverpool, an associates of arts in accounting with distinction from the Bahamas Baptist Community College; and is an affiliate of the Chartered Management Institute (CMI). Mrs Duncombe is also a former Miss World Bahamas, youth parliamentarian and Red Cross volunteer.

Tourism unveils its number two official THE Ministry of Tourism, Investments and Aviation has named Dr. R Kenneth Romer as its deputy director-general, filling the post vacated by Latia Duncombe’s promotion.

The ministry, in a statement, said Dr Romer has held a leadership position with it since 2019, serving as executive director where he oversaw airlift; cruise; yachting; visitor safety; sites and facilities; quality

assurance; and brand management, research and statistics.

Guest services and special projects were also among Mr Romer’s responsibilities. He is a member of the Bahamas Tourism

Readiness and Recovery Committee, as well as the Global Sustainable Tourism Council.

“Dr. Romer brings deep expertise across critical sectors that will be invaluable as he steps into this important role,” said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. “He is no stranger to the ministry team, and will no doubt continue to make significant contributions as we bring our country back to prepandemic prosperity and growth.”

Over the past 25 years, Dr Romer has served in senior roles in both the

private and public sectors throughout The Bahamas, the UK, Europe, the US and the Caribbean, spanning key sectors including aviation, tourism and hospitality, as well as corporate and civic communities.

“This is a pivotal turning point for tourism, and I look forward to helping our great nation rebound and recover,” said Dr Romer.

“While the past two years have been a challenge, I’m confident in the path forward and am thrilled to bring my expertise to our country as deputy director-general.”

Dr Romer holds a doctorate degree with specialisations in leadership

and organisational management, as well as academic and professional credentials, from Harvard University; University of The Bahamas; University of The West Indies; Cornell University; and James Madison University.

He holds specialised certifications in both contract and aviation laws; FAA private pilot; human resources management; executive leadership; educational leadership; tourism, hospitality and travel management; creating innovative business models; and infrastructure public-private partnerships (PPPs).

THE TRIBUNE

Thursday, January 27, 2022, PAGE 7

MINISTER ‘SHOCKED’ BY REALTORS’ CHALLENGE TO REAL PROPERTY TAX FROM PAGE ONE BREA, echoing concerns first printed in this newspaper earlier this week, said US-based Tyler Technologies, which was contracted by the DIR to conduct the New Providence-wide mapping exercise behind the triple-digit tax bill increases, cannot legally conduct appraisals/valuations in this nation because it is not licensed to do so.

And nor could it be licensed, the Association added, because only Bahamian citizens or permanent residents with the right to work can be authorised to do appraisals under the Real Estate (Brokers and Salesmen) Act 1995 via its sections four and 13.

Tyler Technologies effectively confirmed it was providing appraisal services to the Government in a May 2019 press release seen

by Tribune Business. “We are pleased to be selected once again to provide appraisal services to The Bahamas and bring fair and equitable taxation to its residents,” said Jake Wilson, its vice-president and general manager of appraisal services.

While backing the Government’s decision to use Tyler’s software to modernise real property tax administration, BREA said: “At no time did Tyler submit to BREA application(s) to license its appraisers under their contract with the Government.

BREA has not granted any appraiser licenses to Tyler or its personnel.

“Based on evidence in the Tyler press release, Tyler has admitted that it was contracted by government to provide appraisal services to government on two occasions. Under the Act, such appraisal services were illegal without a valid licensed issued under the Act. “By extension, any reassessed property value undertaken and provided to the DIR or government by any unlicensed representative of Tyler should therefore be deemed illegal and void in law. Under the circumstances, and on behalf of the residents of The Bahamas, BREA kindly asks the Government to immediately withdraw altogether its 2022 assessment of real property tax.”

Mr Halkitis and the Government, though, made the counter-argument that the powers of the Government’s chief valuation officer to assess property values for taxation purposes are “totally unrelated to the provisions of The Real Estate (Brokers and Salesmen) Act 1995”.

They pointed to the Real Property Tax Act 2010’s section seven, which states that this official has the duty to determine which properties - and owners are liable to pay taxes. “No such prohibition regarding citizenship or work permits can be found in the Act,” the Department of Inland Revenue said in a statement last night.

“And the chief valuation officer (CVO) has the power to obtain information from any person that is relevant to the CVO’s accurate assessment of property under the Act.” As a result, Mr Halkitis said the issues raised by BREA have no impact.

“In performing their duties under the Act, the chief valuation officer can use whatever tools he has at his disposal to assist in his/her work,” the minister told Tribune Business.

“So this issue of unlicensed appraisers does not arise. I encourage all to pay their property tax and remind them that there are mechanisms in place to hear and resolve any disputes.”

However, BREA is far from the only private sector group urging the Government to change course.

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday issued its own statement calling on the Davis administration to phase-in the real property tax increases, rather than implement them in one go, due to the “devastating” impact on already-struggling firms.

With taxpayers reporting up to a six-fold

DAVID MORLEY year-over-year increase in their real property tax bills, the Chamber said: “The reassessment has resulted in a higher valuation of some properties and, consequently, an increase in the invoice amount compared to the previous tax year. In some cases, businesses and employers have found the dollar value increase significant and shocking.

“The BCCEC urges the Government to consider the impact of Hurricane Dorian and the COVID-19 pandemic on the business community and employers in The Bahamas. In this case, due to the protracted time between previous assessments, which is not the fault of property owners, the reassessed taxed amounts have amounted to increases of between 0 to 500 percent due to the appreciation of property values during the time between assessments.

“For example, some property owners have reported tax increases of between 100 percent to 435 percent from the previous year. Such a significant and sudden increase in tax liabilities can devastatingly impact businesses and employers, particularly in an economic downturn,” the Chamber continued, arguing that its approach was “fair and balanced”.

“Therefore, the BCCEC urges the Government to consider a glide path approach to implementing the changes prompted by the property re-assessments. Such an approach would lessen the tax price shock and economic strain on taxpayers.

“A staged implementation would best ensure businesses remain going concerns, successfully rebound from the economic downturn, and continue to contribute to the country’s economic growth and sustainability.”

Still, BREA’s position threatens the Government’s drive to broaden the real property tax base by getting all properties worth $250,000 and upwards on the tax roll and paying their “fair share”. In particular, the issue raised by the real estate body could provide the foundations for a legal challenge which, if successful, could create upheaval for 2022 billings and government revenues.

David Morley, Morley Realty’s principal, who first raised the concerns surrounding Tyler Technologies’ involvement in producing appraisals on the Government’s behalf, yesterday told Tribune Business he was sceptical of the Government’s assertion that the Real Estate Act does not apply to real property tax valuations.

He argued that, in conducting such an exercise, the Government has “to use lawful tools; they cannot be illegal tools”.

Mr Morley recalled how a Florida-based appraiser was told by then-Supreme Court justice, John Lyons, that neither himself nor his work could be admitted into evidence in a legal dispute because he had been conducting business here illegally as an unlicensed realtor.

Suggesting that “they’re going to try and wiggle around this one”, Mr Morley said the critical issues were how some of the huge increases in valuations and tax bills had been determined, and the wisdom of implementing these hikes in “one shot” amid a fragile economy where many businesses and households are still trying to rebound from COVID-19’s devastating impact.

“I don’t envy the Government in any form or fashion, but normal business people do not conduct business in this manner,” he added. “The public is only asking to be treated fairly.

You have to work with your community and be fair and reasonable.”

The Ministry of Finance, in an earlier statement prior to BREA’s release, again argued that the greatest tax increases were being experienced by taxpayers whose real estate had been substantially under-valued for years or those who had previously shirked their obligations by failing to declare their properties and have them included in the tax roll.

It also also hinted that the tax increases had largely fallen on higher-income properties, suggesting that the Bahamian middle class had largely been protected, although Tribune Business has seen billings from such taxpayers that have increased five times’ year-over-year.

Simon Wilson, the Ministry of Finance’s financial secretary, said in a statement that the $312.50 rebate provided to all owner-occupied residential properties means that all those valued at $300,000 and below will effectively be exempt from paying the tax this year.

“The government has introduced a $312.50 rebate for every owner-occupied property that effectively raises the threshold for payment by $50,000 from $250,000.

This means anyone who owns a property valued at $300,000 or below will not pay real property taxes,” Mr Wilson was quoted as saying.

“Through the introduction of this rebate, 87 percent of residential property owners will pay $1,000 or less in real property taxes. The revenue gained is through a broadening of the tax base by identifying previously unregistered properties and by ensuring everyone is paying the correct amount.”

The Ministry of Finance repeated earlier assertions that “nearly 70 percent of all Bahamians are projected to see no change or will pay less as a result of these changes”.

It added: “The other 30 percent may see increases related to the alignment of their recorded property value with the current market value, as assessed by the Government, ensuring that owners of higher value properties are not underpaying.”

It is unclear, though, whether these percentages are based on all New Providence residences or just those valued at over $250,000 and liable to pay real property tax. The Davis

administration, though, is sticking to its argument that the revaluation has created greater fairness and equity in the real property tax system.

Mr Wilson said the New Providence-wide revaluation was designed to ensure owners of new and highervalue properties are paying their fair share in taxes.

PAGE 10, Thursday, January 27, 2022

THE TRIBUNE

ECONOMY 2% SMALLER THAN PRE-COVID AT 2023’S END FROM PAGE ONE levels, he disclosed that this had narrowed to just a 21 percent difference for the 2021 fourth quarter comparisons.

With the International Monetary Fund (IMF) projecting 8 percent and 4 percent gross domestic product (GDP) growth for The Bahamas in 2022 and 2023, respectively, Mr Slatter said: “What that means is if the expected growth comes to fruition, at the end

of 2023 we will be about 2 percent below 2019 GDP levels.

“So in 2024 we will get back to where we were before the pandemic.” With tourism “the main driver” of The Bahamas’ economic rebound, he noted that “the shortfall” between 2021’s quarterly stopover arrivals and those for the same period in 2019 was “getting smaller as we’re going forward”.

“In the 2021 first quarter we were 80 percent below where we were in the 2019 first quarter, but in the 2021 fourth quarter we were only 21 percent below 20-19 levels. Hopefully, in 2023, we will get back to where we were in 2019,” Mr Slatter added.

His projection that The Bahamas will be only 2 percent below 2019 GDP, or economic output, levels by the end of 2023 is more optimistic than the similar

forecast offered recently

by Marla Dukharan, Royal Bank of Canada’s (RBC) former chief Caribbean economist, who predicted that the gap will be 7 percent.

“We expect the economy to grow 5 percent in 2022 and 4 percent in 2023, backed by reconstruction and the continued recovery of tourism. This will still leave the level of economic activity around 7 percent below its 2019 level,” she wrote in her recent update on The Bahamas.

Ms Dukharan’s near-term GDP growth forecasts for The Bahamas are more pessimistic than both the IMF’s and that given by John Rolle, the Central Bank’s governor, at last week’s Bahamas Business Outlook conference where he predicted that the economy is poised for 8 percent growth “or just over” in 2022 as tourism continues to reflate after the pandemic.

The IMF forecast that Bahamian GDP will expand by 8.5 percent in 2022, recapturing a significant chunk of the $2bn it lost in 2020 due to COVID-19.

However, its 2023 forecast matches the 4 percent cited

by Ms Dukharan.

The Government’s 20212022 supplementary Budget forecasts that GDP in current prices, which includes inflation’s impact, will only return to pre-COVID levels or just above in the 2023-2024 fiscal year.

This suggests that Ms Dukharan’s prediction that Bahamian GDP will be 7 percent, or $810m, below 2019 levels at end-2023 may not be too far off the mark.

“Another challenge for The Bahamas is the level of government debt-to-GDP,” Mr Slatter said, suggesting that the Government will have to cut its spending with the ratio hovering at around 100 percent.

“It’s not unreasonable to have expected the debt to have increased as the need to support the economy and individuals was essential,” he added. “We need to be a bit more prudent now, and handle our debt payments.

That means we must be a bit more frugal with money, and the fiscal spending of the Government is going to have to come down to address these challenges.

“One positive for The Bahamas is that Bahamas Power & Light (BPL) has hedged oil prices going through 2023, so at least the cost of electricity remains fairly stable.”

As for the Bahamian capital markets, Mr Slatter predicted debt and equity issuers could seek to collectively raise between $200m-$300m this year.

“Currently in the banking sector there’s a huge amount of excess liquidity, so there’s billions of dollars that could be allocated to higher yielding opportunities,” he added.

CRYSTAL CRUISES HALT LABELLED ‘NO BIG DEAL’ FROM PAGE FIVE 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.”

Ricardo Morley, owner/ operator of Shop Rite Mart, Great Exuma, had a different take to the Long Island vendors. He feels “every little bit counts”, and that

“As far as demand for capital, I think there’s been a lull for a couple of years now. The cruise port has done bond and equity offerings but, other than that....

There’s numerous deals coming to market as people feel we’re returning to more a state of normalcy. With the supply of capital and demand for $200m-$300m, stay tuned.”

The RF investments chief, though, urged investors to stay clear of BISX-listed stocks with high price/earnings (P/E) multiples, a ratio that is commonly used to determine whether share prices are attractive or overly-valued.

“There’s a blend of that in the local market,” Mr Slatter said. “Try and avoid rich P/E multiples, multiples that are fairly high and look for attractive dividends.....

Look for reasonable P/ Es, decent dividend yields, positive cash flow and some upside going forward.”

Asked whether crypto currency and commodities investments will provide a good hedge against anticipated inflation, both in The Bahamas and abroad, Mr Slatter said research had shown Bitcoin’s value was “88 percent connected to the market” so it represented “risk on risk”.

He also advised investors to be “steady and consistent” with their investment strategy and to avoid “timing the market”.

Exuma’ tour operators would feel an impact from Crystal Cruises not coming to the island.

Mr Morley said: “From what I understand it was a touch and go situation, because the people that benefited were from the tour side of it. I understand most of the guests were interested in the tour side of the trip, where they were going down and swimming with the pigs and all of that kind of thing.

“But as far as the sale of souvenirs and things like that, it wasn’t much of a big deal having Crystal Cruises come to the island.”

THE TRIBUNE

Thursday, January 27, 2022, PAGE 11

OIL EXPLORER PLANS NO BAHAMAS WORK IN ‘22

FROM PAGE ONE “No material work or capital expenditure is planned in respect of ‘legacy’ exploration assets in The Bahamas, Uruguay or the south-west peninsula of Trinidad and Tobago, beyond routine work required to maintain the relevant licences in good order and progress discussions relating to farm-in and/or other monetisation options.”

It added that “the costs associated with such activities during 2022 are expected to be minimal”. The statement provides further indication that Challenger is unlikely to drill a further exploratory well in Bahamian waters, after its Perseverance One well failed to strike oil, unless it secures a joint venture partner to share the burden of the financial and technical risks.

In the meantime, it is merely seeking to preserve and secure its rights to renew the four exploration licences that expired last year so that it can eventually realise monetary value from them - either from a joint venture partner or selling the rights to them.

Meanwhile, Challenger revealed that it still owes creditors who provided services to its Perseverance One well some $1.4m. It said: “All

remaining creditors from the drilling of the Perseverance One well in The Bahamas in early 2021 (approximately $11.3m) agreed to be settled for total payment of approximately $2m in cash.

“Approximately $0.6m has been paid to-date, with the remaining balance of approximately $1.4m payable during the 2022 first quarter to reduce the total of remaining Perseverance One creditors to nil.”

And James Smith, former minister of state for finance and Central Bank governor, will step down from his role as Challenger’s non-executive deputy chairman and leave the Board once the latest financing is completed.

Tribune Business reported in December that Challenger’s Perseverance One creditors had agreed to accept a near-84 percent haircut on the outstanding debt owed to them. The oil explorer said contractors, vendors and others that provided services to facilitate the drilling in waters 90 miles west of Andros had agreed to accept a $2m settlement on what is collectively owed to them.

“All remaining creditors from the drilling of the Perseverance One well in The Bahamas in early 2021 (approximately $11.3m)

have agreed to be settled for total payment of approximately $2m in cash, of which approximately $0.6m has been paid to-date,” Challenger said.

It added that “the remaining balance of approximately $1.4m [is] payable by January 31, 2022, to reduce the total of remaining Perseverance One creditors to nil.

Payment of this remaining balance is to be funded from new capital to the business, which is in the process of being sourced by the company.”

The creditors involved were not identified, and there was no mention as to whether Bahamian or local companies and service providers were among them.

It is also unclear why creditors on Challenger/BPC’s Bahamian exploratory well have agreed to effectively write-off some $9.3m, or 83.7 percent, of the debts owed to them. However, this settlement on the surface represents a significant victory for the oil exploration outfit in its battle for financial survival, as the Bahamas-related debts had accounted for over half is $22m liabilities.

Eytan Uliel, Challenger Energy’s chief executive, said yesterday of the latest capital-raising:

“In December 2021, the company advised that it had undertaken a comprehensive balance sheet restructuring process, whereby approximately $23m of balance sheet payables, debts and potential liabilities would be reduced to approximately $2.5 million, principally by way of discounted settlement agreements.

“As noted at that time, the final step required to place the company back on a firm financial footing was a recapitalisation, which we will now embark on via the proposed fundraising.

The new funds raised will enable final agreed creditor settlement payments to be made, significantly reducing the company’s financial liabilities.

“Even more importantly, however, the new funds will allow the company to pursue an identified, production accretive work programme in 2022 and 2023 across the company’s asset portfolio. We also believe that a stabilised business with a restructured balance sheet and increasing cash flows from production will be well placed to consider further production growth opportunities, whether organically generated or via acquisitions.”

PAGE 12, Thursday, January 27, 2022

THE TRIBUNE

$50M TARGET FOR RF PRIVATE EQUITY FUND FROM PAGE ONE will give local investors with US dollars access to global opportunities via its tie-up with Crystal Capital.

“I’m hopeful we can raise over the next three to five years somewhere in the region of $30m-$50m,” the RF Bank & Trust chief told this newspaper of the StratEquity Fund. “It’s very difficult to know what the demand will be and, if we can find opportunities, how much capital will be available to take advantage of them.

“It’s an investment in possibilities, and we hope people see the opportunities. We hope to do so many investments each year so that the fund will grow over time. We look at the market at the moment, and see there’s a significant amount of money flocking into our existing funds from investors looking for opportunities.

“We’re hopeful people will see this opportunity, and move money out of the banks and into innovative opportunities where they can really help the economy.”

David Slatter, RF Bank & Trust’s vice-president of investments, had earlier confirmed the creation of the domestic and international private equity funds during a webinar organised by the investment bank.

Referring specifically to the international version, he said: “We’re going to be launching a private equity fund using Crystal Capital’s network of private equity managers... This is a new asset class for investors, and we’re excited to add this in the first half of the year.

“We have to draft the [offering] memorandum, get Securities Commission approval and be listed on BISX. There are a number of hurdles to get over. The target is to have this in place in the first half, so that by the second quarter it will be available to individuals and institutions.”

As for the Bahamianfocused RF Strat-Equity Fund, Mr Anderson told Tribune Business it was “just about to get it licensed” and obtain the necessary approvals from the Securities Commission.

“Once it is registered we will start to speak to potential equity opportunities, and we have one or two identified at the moment,” he said, declining to name them. “The plan for the private equity fund is to invest in private companies that are not listed on BISX. “The idea is to either turnaround or expand these companies to the point where we could potentially exit and sell them off as listed companies. The problem is to find companies that need equity to rebuild their business or help them acquire other companies or facilitate other opportunities.”

Organised, structured private equity funds have never before been seen in the Bahamian economy. Typically drawing on monies from high net worth individuals and institutions, such as pension funds and insurers, they make targeted investments in companies with the objective of generating significant returns by turning them around, expanding them and ultimately sellingout for a profit.

Suggesting that COVID19 “disruption” had left multiple privately-owned Bahamian companies capital-starved and in need of financial help, Mr Anderson said: “Coming out of this last two-year crisis, and to some extent the Abaco situation with Hurricane Dorian the year before, there are a lot of businesses in The Bahamas that are struggling.

“Even if they did not have a lot of debt on the balance sheet going into this, a lot of revenues have been lost, their doors are closed and they are waiting to re-establish their business. They have been disrupted, and may have to look at mergers with companies in similar industries, buying out weaker competitors not able to get going.

“There are opportunities that will come from this. I expect merger and acquisition activity in the country to pick up over the next two years as people work out how to move forward.”

Explaining that the RF Strat-Equity Fund will invest in private companies, as opposed to BISX-listed ones, Mr Anderson said it would also focus on “established companies” with revenues of $3m to $5m per year and upwards rather than start-ups and entrepreneurs.

“It’s for companies that are struggling, need capital to grow, have a management team and track record so that the risk associated with it is lower than a startup,” he added. “It’s this opportunity where we see we can assist companies in securing equity capital to grow their business.

“For companies in this economy to grow, most need more equity. Most people have chosen to fund their business through bank debt and take too much on the balance sheet. They really should not have funded through debt, but on good times it’s a solution and in bad times it creates a massive problem.”

Mr Anderson said the RF Strat-Equity Fund will have to overcome some cultural obstacles, such as the risk averse, conservative nature of Bahamian investors that typically results in most capital heading into fixedincome products as opposed to equity investments.

And many of the companies that it will target will also be unlikely, in the initial stages at least, to pay a dividend in a market where investor sentiment is driven by immediate returns on their capital.

The RF Bank & Trust chief, though, argued that the private equity fund will provide investors with diversification between different companies and better liquidity in terms of being able to exit their investment when they wish.

However, on the other side, existing business owners and shareholders are likely to be reluctant to welcome in additional investment. “In this economy the majority of wealthy people own their own businesses,” Mr Anderson told Tribune Business.

“They are the only participants in their business, own the shares and make the money. A lot of people invest in their own business and make money themselves, so they don’t share the equity returns.”

THE TRIBUNE

Thursday, January 27, 2022, PAGE 13

FEB

NOTICE NOTICE is hereby given that LORRAT LAGUERRE of Pinedale, Wulff Road, New Providence, 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 27th January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Probate Side In The Estate of JAMES WENDELL MALONE, late of #6 North Circle, Coral Heights East in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 28th of February, 2022 after which date the Administrator will proceed to distribute the assets having regard only to the claims of which she shall then have had notice AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

KAREN K. BUTLER & ASSOCIATES Attorneys for the Administrator P. O. Box CR-56481 Carmichael, N. P., The Bahamas kbutlerassociates@gmail.com

PAGE 14, Thursday, January 27, 2022

THE TRIBUNE

NOTICE

GN-2661

PUBLIC NOTICE

PUBLIC NOTICE

MINISTRY OF PUBLIC WORKS MINISTRY OF PUBLIC WORKS DEPARTMENT OF PHYSICAL PLANNING DEPARTMENT OF PHYSICAL PLANNING

NOTICE is hereby given that KIM SHARON LINES of P. O. Box N-7430, Sandyport, 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 twenty-eight days from the 20th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

blic is The hereby an that application forforSite Approval (SPA/12/2021) onofbehalf of DCL Island publicnotified is hereby that notified an application SitePlan Plan Approval (SPA/12/2021) on behalf DCL Island pment Development C/O BRON presently being byTheThe Department of Physical Planning for C/O Ltd. BRONis Ltd. is presently beingreviewed reviewed by Department of Physical Planning for presentation to the Town Planning Committee. ation to the Town Planning Committee.

The applicant is proposing the development of a Cruise Port on the property known as Lighthouse Point in South

PUBLIC NOTICE

licantEleuthera, is proposing theThe development Cruise PortPoint on the propertyextend known in South To the valued customers of JuJu’s Tailoring; Bahamas. site boundariesofofathe Lighthouse development fromas theLighthouse most southernPoint tip is permanently closed. Please collect of the island north, both the eastern and western shorelines. project is asouthernittip ra, Bahamas.

The siteapproximately boundaries8,000ft, of theincluding Lighthouse Point development extend The from the site most all garments or material from “the shop” total of approximately 919 acres comprising 758 acres of lands purchased the applicant, and Crownshorelines.

Lands that include Big land north, 8,000ft, including both thebyeastern and western The project site during is a the hours of 11:00 a.m. to 2:00 p.m.

Pond, White Pond, and multiple land parcels. Approximately 193 acres of the privately owned lands, including 919 acres comprising 758 acres lands purchased bystructures, the applicant, Lands Public that include on BigMonday, January 31, 2022 – Saturday, the southern tip encompassing theof actual lighthouse building will formand the Crown Disney Donated February 4, 2022.

White Pond, andto multiple land parcels.

193 privately owned lands, including Lands. Up 152 acres will be utilized forApproximately Project development, andacres at leastof 606the acres will remain undisturbed.

Donated and remaining the undisturbed total 606 acres, or 80 percent of the purchased lands utilized for Project Management will not be responsible for hern tip encompassing actuallands lighthouse building structures, will form the Disney Donated Public development based on the current site plan. uncollected items after this time and Up to 152 acres will be utilized for Project development, and at least 606 acres will remain undisturbed. the items may be sold or discarded. No The proposedundisturbed Cruise Port project willtotal include theacres, following program: d and remaining lands 606 or 80 percent of the purchased lands utilized for Project further action may be taken against the management of JuJu’s Tailoring if items ment based on the current site plan.

Beach expansion, enhancements and improvements posed Cruise Port project will include the following program: • Ship berth, service ramp and marina • Themed buildings and elements • Dining and beverage facilities • Recreational areas and structures • Merchandise and retail facilities Maintenance and utilityenhancements plants and 2,500ft long access pier • • Beach expansion, facilities improvements • Spa facilities • Employee Dining, housing and Ship berth, service ramp and marina • Themed recreationalbuildings facilities and elements • Aquatics andfacilities recreational facilities Snorkeling areasareas and water activities Dining and beverage • • Recreational and structures area Merchandise and retail facilities • Maintenance and utility plants • Back-of-House: (Electrical and Sanitation Buildings, Power Generator, Solar Power facilities Generation Arrays, Diesel and Gasoline Tanks, Reverse Osmosis Units, and Wastewater Treatment Plant) Spa facilities • Employee Dining, housing •

2,500ft long access pier

are not collected during this period.

•

recreational facilities

and

Thank you for your business and we appreciate your during the years. There will never by another JuJu. Thank you for your understanding

and and

A virtual public meeting will be held February 1, 2022 at 6:30pm for all interested parties to discuss and address Aquatics andissues recreational facilities • Snorkeling areas and water activities planning related to the proposed Cruise Port development.

area

Access to the meeting will be available by way of Webex using the following link: Back-of-House: (Electrical and Sanitation Buildings, Power Generator, Solar Power https://bahamasgovernment.webex.com/bahamasgovernment/j.php?MTID=m3e74d664b68cdebbf15b382f3264 Generation Arrays, Diesel and Gasoline Tanks, Reverse Osmosis Units, and Wastewater eca4

Treatment Plant)

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.

Preliminary plans for the proposed development are available for viewing at The Department of Physical Planning, located in be the held Aventura Plaza on John F. Kennedy Drive, during working hours ofparties 9 a.m. –to 5 p.m.

Plans and address l public meeting will February 1, 2022 at 6:30pm for all interested discuss are also available at the office of the Island Administrator in South Eleuthera.

g issues related to the proposed Cruise Port development.

Interested persons and organizations are invited to review the information on file and provide written comments

Please let us know what information is required from us to assist with your proposal as soon as you receive this Tender document.

questionswill prior be to the meeting. Comments should be directed the Director of Physical to the ormeeting available by way of Webex usingtothe following link: Planning. Submissions can be made via P.O Box N-1611, Nassau Bahamas or email to the Department of Physical Planning at ahamasgovernment.webex.com/bahamasgovernment/j.php?MTID=m3e74d664b68cdebbf15b382f3264 DEPTPHYSICALPLANNING@BAHAMAS.GOV.BS.

Please submit your response to this request for proposal in a sealed envelope addressed to:

nary plans for the proposed development areSigned available for viewing at The Department of Physical Charles B. Zonicle g, located in the Aventura Plaza on John F. Kennedy Drive, during working hours of 9 a.m. – 5 p.m. Plans Director of Physical Planning available at the office of the Island Administrator in South Eleuthera.

Chairman PO Box N 3190 Nassau, Bahamas

or you may submit your response via email to ed persons@departmentofphysicalplanning and organizations are invited to review the information on file and provide written comments ackfarrington@gmail.com. ions prior to the meeting. Comments should be directed to the Director of Physical Planning. Submissions made via P.O Box N-1611, Nassau Bahamas or email to the Department of Physical Planning at HYSICALPLANNING@BAHAMAS.GOV.BS.

departmentofphysicalplanning

Signed Charles B. Zonicle Director of Physical Planning

PAGE 16, Thursday, January 27, 2022

THE TRIBUNE

TAXPAYERS FACE EXTRA $31M BILL TO FINISH BASEBALL HOME FROM PAGE THREE

time the Christie administration was voted out of office in the May 2017 general election.

A November 27, 2017, construction “update” revealed that the “original funds required” subsequently soared to $32.917m through the addition of more than $6m in “contingencies” and “provisional sums” to cover any cost overruns.

Terran Rodgers, a Ministry of Works architect, said in the report that construction delays due to non-payment of the

contractor, Wooslee Construction, plus structural engineers and other professionals, had added some $1.711m to the cost.

And he warned that “additional funds required to complete the project” stood at $8.386m if the Government went through with adding “two auxiliary fields” and “high-level IT services”, taking the final cost to $43.014m.

Michael Pintard, the Opposition’s leader, yesterday challenged “the clear impression” given by Mr Sears that the Minnis administration did nothing

to move the Andre Rodgers Baseball Stadium project forward during its four-anda-half years in office.

He added that Wooslee stopped working before the 2017 general election, when the last Christie administration was in office, because it had not been paid. Project delays were also caused by design changes; the need to include communications and other infrastructure that was excluded from the original plans; and the fact the stadium was “not oriented” for professional baseball.

Mr Sears, meanwhile, said: “The completion of the Andre Rodgers baseball stadium is a key component to the ‘Sports in Paradise’ initiative. In fact, it is anticipated that the following events will be hosted at the Andre Rodgers baseball stadium upon its completion.

“The Babe Ruth baseball league Caribbean championships. This tournament will see competition with boys 12 and under, and boys 16 and under, from 22 countries. Participating countries with those age groups include Aruba, the

US and Cayman Islands, Mexico, Jamaica, Curacao, Puerto Rico, the US Virgin Islands, People’s Republic of China, the Netherlands, Italy, Spain, Mexico, Germany.

“Secondly, there will also be The Bahamas Baseball Association Caribbean

CALL 502-2394 TO ADVERTISE TODAY!

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 71° F/22° C Low: 58° F/14° C

TAMPA

SATURDAY

SUNDAY

MONDAY

Variable clouds with brief showers

Partly cloudy

Nice with sun and some clouds

Very windy; not as warm

Breezy in the morning; cloudy

Partly sunny and pleasant

High: 79°

Low: 66°

High: 79° Low: 64°

High: 71° Low: 53°

High: 67° Low: 58°

High: 73° Low: 62°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

79° F

69° F

82°-57° F

67°-47° F

65°-56° F

74°-58° 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

E

W

ABACO

S

N

High: 76° F/24° C Low: 69° F/21° C

4-8 knots

S

High: 77° F/25° C Low: 62° F/17° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 64° F/18° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 71° F/22° C Low: 57° F/14° C

High: 76° F/24° C Low: 65° F/18° C

MIAMI

High: 78° F/26° C Low: 64° F/18° C

7-14 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 61° F/16° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.50” Normal year to date ..................................... 1.11”

ELEUTHERA

NASSAU

High: 79° F/26° C Low: 66° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 78° F/26° C Low: 72° F/22° C

N

KEY WEST

High: 75° F/24° C Low: 67° F/19° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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 ---------

Monday

6:49 a.m.

7:10 p.m.

3.3 2.5

12:21 a.m. -0.8 1:19 p.m. -0.6

Tuesday

7:41 a.m.

8:03 p.m.

3.3 2.6

1:17 a.m. -0.9 2:09 p.m. -0.7

Wednesday 8:31 a.m.

8:54 p.m.

3.3 2.7

2:11 a.m. -0.8 2:57 p.m. -0.7

sun anD moon Sunrise Sunset

High: 80° F/27° C Low: 71° F/22° C

N

S

E

W

4-8 knots

S

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

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

6:54 a.m. Moonrise 5:51 p.m. Moonset

2:14 a.m.

1:16 p.m.

New

First

Full

Last

Feb. 1

Feb. 8

Feb. 16

Feb. 23

CAT ISLAND

E

W

baseball championships, which is scheduled for December of this year. The tournament will feature young men 23 and under from the Dominican Republic, Cuba, Puerto Rico, US Virgin Islands and Haiti.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 71° F/22° C

High: 79° F/26° C Low: 71° F/22° C

N

High: 79° F/26° C Low: 67° F/19° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 71° F/22° C

4-8 knots

MAYAGUANA High: 80° F/27° 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: 79° F/26° C Low: 74° F/23° C

GREAT INAGUA High: 83° F/28° C Low: 74° F/23° C

N

L

High: 79° F/26° C Low: 73° F/23° C

E

W

E

W

N

S

S

4-8 knots

6-12 knots

marine Forecast ABACO ANDROS

H

CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS W at 4-8 Knots WSW at 6-12 Knots S at 4-8 Knots SW at 6-12 Knots S at 4-8 Knots SW at 6-12 Knots E at 4-8 Knots ESE at 4-8 Knots SSW at 6-12 Knots SW at 7-14 Knots NNE at 4-8 Knots WSW at 7-14 Knots S at 4-8 Knots SW at 6-12 Knots NE at 6-12 Knots E at 4-8 Knots SE at 4-8 Knots SE at 3-6 Knots E at 4-8 Knots SE at 4-8 Knots SSW at 4-8 Knots SW at 6-12 Knots SE at 4-8 Knots E at 3-6 Knots SW at 4-8 Knots SW at 6-12 Knots

WAVES 2-4 Feet 4-7 Feet 0-1 Feet 0-1 Feet 1-3 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-5 Feet 1-3 Feet 2-4 Feet 0-1 Feet 0-1 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 2-4 Feet 2-4 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet

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

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

THE TRIBUNE

Thursday, January 27, 2022, PAGE 17

STOCKS FALL, YIELDS RISE AFTER FED SIGNALS RATE HIKE ‘SOON’

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers AN early rally on Wall Street gave way to a broad slide for stocks and a surge in bond yields Wednesday after the Federal Reserve signaled it plans to begin raising interest rates “soon” to fight a spike in inflation that the central bank says is probably getting worse.

The S&P 500 fell 0.1% after having been up 2.2% earlier in the day. The Dow Jones Industrial Average fell 0.4% after swinging more than 900 points from its high for the day.

The Nasdaq ended little changed, shedding most of a 3.4% gain.

Bond yields rose, including the yield on the 10-year Treasury note, which climbed to 1.87% from 1.78% late Tuesday. Yields affect rates on mortgages and other consumer loans.

In a statement issued after its latest policy meeting, the Fed said it “expects it will soon be appropriate” to raise rates. Investors expect the first in a series of rate hikes to happen in March. The Fed also said it would phase out its monthly bond purchases, which have been intended to lower longer-term rates, in March.

The major stock indexes initially rose after the 2 p.m. Eastern release of the Fed statement, but shed

most of their gains as Fed Chair Jerome Powell took repeated questions about how and when the central bank will start letting its balance sheet shrink after buying trillions of dollars of bonds through the pandemic. A reduction in the central bank’s balance sheet would have a similar effect as additional rate increases.

The selling accelerated as Powell acknowledged that the high inflation that has squeezed businesses and consumers isn’t getting better, which could force the Fed to get even more aggressive about raising interest rates and removing the support it put in place for markets.

“Since the December meeting, I’d say the inflation situation is about the same but probably slightly worse,” he said. “It hasn’t gotten better. It’s probably gotten just a bit worse, and that’s been the pattern.”

Powell also said that there’s room to raise interest rates without hurting the labor market, and wouldn’t rule out the possibility that the Fed could raise shortterm rates at any of its seven remaining meetings this year or opt for a largerthan-usual increase at any one of them.

Those comments sent a signal to Wall Street that the Fed may be more hawkish when it comes to tackling inflation, said

Willie Delwiche, investment strategist at All Star Charts.

“In the market’s mind, that’s more rate hikes, and while he was clear to say that the economy is strong enough to handle those rate hikes, from a strictly (stock) market perspective, higher rates weigh on expensive stocks,” Delwiche said.

The S&P slipped 6.52 points to 4,349.93. The Dow fell 129.64 points to 34,168.09. The Nasdaq rose 2.82 points to 13,542.12.

The indexes are all on pace for weekly losses. The market had been solidly higher prior to the release of the Fed statement following several days of volatile swings.

For nearly two years, investors had poured money into stocks, confident that the Federal Reserve would help keep share prices upright. With that support going away, markets have been hit with a bout of volatility. The S&P 500 has fallen 9.3% after closing at an all-time high on Jan 3.

Markets have been on edge since early January when minutes released from the Fed’s December meeting suggested policymakers may be more zealous about fighting inflation through higher interest rates than many had been expecting.

THE WALL St. street sign is framed by the American flags flying outside the New York Stock exchange, Friday, Jan. 14, 2022, in the Financial District. Stocks are opening with solid gains on Wall Street Wednesday, Jan. 26, led by technology stocks after Microsoft reported standout results for its latest quarter.

Photo:Mary Altaffer/AP

EU COURT ANNULS INTEL'S 2009 BILLION EURO ANTITRUST FINE LONDON (AP) — Chipmaker Intel scored a decisive legal victory Wednesday in a long-running battle against European Union competition watchdogs after a court reversed itself and threw out a billion-euro antitrust fine issued more than a decade ago.

The EU's General Court annulled the 1.06 billion euro fine ($1.43 billion at current exchange rates) that competition regulators issued Intel in 2009 for allegedly using illegal sales tactics to shut out smaller rival AMD. It was the General Court's second decision on the case, after the bloc's top court ordered it to take another look at its earlier decision.

The European Commission, the 27-nation bloc's top antitrust enforcers, had fined Intel for allegedly abusing its dominant position in the global market for x86 microprocessors

with a strategy to exclude rivals by using rebates.

The General Court upheld the penalty in 2014 but three years later the EU's Court of Justice ruled that the fine could be sent back for further legal review, citing a legal error.

This time around, the General Court found that "the analysis carried out by the Commission is incomplete" and doesn't legally establish that rebates Intel was giving to customers had anticompetitive effects, according to a summary of the ruling. The latest court decision can be appealed to the Court of Justice but only on points of law.

Intel CEO Pat Gelsinger said on a quarterly call with investors Wednesday that the company is pleased with the court's ruling.

"We will need to study in detail what we can learn from the ECJ from this judgment," European Commission Vice President Margrethe Vestager said at a news briefing in Brussels.

AN INTEL logo on the box containing an HP desktop computer on sale at a Costco in Pittsburgh, Jan. 1, 2018. Chipmaker Intel scored a decisive legal victory Wednesday, Jan. 26, 2022, in a long-running battle against European Union competition watchdogs after a court reversed itself and threw out a billion euro antitrust fine issued more than a decade ago.

Photo:Gene J. Puskar/AP

It was at the December meeting that the Fed said it was likely to be quicker than in the past to reduce its huge holdings of bonds it had bought up through the pandemic to keep longerterm interest rates low. A balance sheet reduction

would also put upward pressure on interest rates.

Powell said Wednesday that policy makers have not set a timetable for when the Fed will start reducing its balance sheet and that the Fed sees short-term rates as the main lever it will use

to adjust monetary policy.

But he also acknowledged that the balance sheet is “substantially larger” than it needs to be and that the economy no longer needs to have such highly supportive action.