01312022 BUSINESS

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MONDAY, JANUARY 31, 2022

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PM tells banks: Open accounts in 24 hours SIMON WILSON

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister wants all Bahamas-based commercial banks to be able to open customer accounts within “a 24-hour deadline”, a senior banker revealed yesterday. Kenrick Brathwaite, Bank of The Bahamas managing director, told Tribune Business that much of the sector’s recent meeting with Philip Davis QC was devoted to addressing the bureaucracy and red tape associated with opening bank accounts in a bid to resolve one of the biggest long-standing complaints among businesses and individuals. “The Prime Minister’s position was that there are things the clearing banks can do to help consumers,” the BISX-listed bank’s chief confirmed. “His focus was on the islands, and inclusion and banking for everybody, so we were talking about digitisation of some kind, and account opening. “He thinks we’re a bit too tight with the opening of accounts. He suggested everybody work towards a 24-hour

• Sets aspirational goal as feels industry ‘too tight’ • Industry raises Homeowner Protection concerns • Banker says property tax issues need ‘ironing out’ deadline for the opening of accounts. He spent a lot of time on the opening of accounts, the time taken to open accounts in The Bahamas versus anywhere in the world, and that Bahamians and non-Bahamians have access to the banking system. “For business, he wants a speeding up of that process, so that for persons coming into the country it doesn’t take six months to open an account. His message was more of a partnership than anything else,” Mr Brathwaite continued.

New tax measures to bridge ‘gap’ over Gov’ts extra $1.3bn PHILIP DAVIS “One suggestion was that, for foreign companies coming in to do business via the Bahamas Investment Authority, vet them in all departments so they don’t have to go through the same process with the banks. Most of the debate was around the account opening process. There was a lot of discussion on that, quite rightly, because it’s a big thing in the ease of doing business.”

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‘Number one priority’ to reverse productivity fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WORKFORCE productivity in The Bahamas fell in five of the six years prior to Hurricane Dorian, it was revealed yesterday, with a Chamber executive saying reversing this must be “number one priority”. Peter Goudie, head of The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division, told Tribune Business that improved productivity will entitle workers to higher wages, boost the competitiveness of their employers and wider economy, and reduce

the cost of living at a critical time for the post-COVID rebound. Disclosing that legislation to establish a National Productivity Council, which would advance these goals, is now before the Government for its assessment prior to going to Parliament, he added that “nothing but good will come from” this initiative. Mr Goudie spoke out after The Bahamas’ Decent Work Country Programme 2021-2026 confirmed that workforce productivity had been slipping prior to the twin blows delivered by Hurricane Dorian and COVID-19.

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‘Trade off’ over civil service pay restraint By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Finance’s top official says the rebounding economy will help the Government restrain public sector wages to $660.5m in four years’ time - a sum $10m below the current Budget. Simon Wilson told Tribune Business that the Government anticipates a “trade-off” where highlyprized civil servants are compensated more in line with their worth but the public sector’s overall size is reduced by transitioning

workers over to an expanding private sector. Questioned as to why the civil service wage bill for 2025-2026 is forecast to be below this year’s projected $675.1m, he also pointed to “one-off payments” and “clean-up” work in the 2021-2022 supplementary Budget that saw “lump sums” paid to public officials as well as salary adjustments. “There are a couple of things with this that you have to bear in mind,” Mr Wilson replied, after the feasibility of the civil service wage bill projections was challenged on the basis that

SEE PAGE 8

KWASI THOMPSON

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government will bridge the “gap” to its $1.3bn revenue increase with “additional measures” in the upcoming mid-year Budget as it faces criticism for “very extreme” fiscal forecasts. Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that some “new tax measures” will be required to achieve the projected 55.7 percent increase in government revenues

over the next four years - an objective critical to achieving a forecast $71.9m Budget surplus by the 20242025 fiscal year. While confirming that the Davis administration has not fully declared its hand on all possible options in the just-released Fiscal Strategy Report, he held to the position that enhanced enforcement and greater compliance will be “the primary driver” behind the attainment of $3.643bn in total revenues in the 20252026 fiscal year.

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PAGE 2, Monday, January 31, 2022

CREATING AN IDENTITY AS A TRUE REPUBLIC I

N this segment, we will explore the various impacts if The Bahamas became a Republic, and moved away from a constitutional parliamentary democracy. This discussion follows Barbados departing from being an independent dominion, in which the Queen acted as head of state as represented by a governor-general. The conversation is a complex one, offering split views on whether The Bahamas and other countries in the Commonwealth (Canada, Papua New Guinea, Australia, New Zealand, Jamaica, Belize, Solomon Islands, St Lucia, St Vincent & the Grenadines, Grenada, St Kitts & Nevis, Antigua & Barbuda and Tuvalu) would truly benefit from this move. The British Empire has played a significant role in shaping laws, customs, beliefs and knowledge for many island states such as The Bahamas. British colonisation in The Bahamas dates to as early as the 18th century. But in 1973, The Bahamas became an independent nation allowing for economic and social independence. Despite still recognising the British monarchy as head of state, it has no real power within Bahamian borders. While the matter at hand seems to be as simple as cutting the umbilical cord, it is far from that. There are several aspects to consider on how this move would impact the structure of governance, democratic values, philosophical issues and foreign relations. What do you think? Many persons who wish to remove the Queen as head of state often question if the role is practical, and if it socially and economically benefits Bahamians.

There is also the belief that without the Queen, The Bahamas would be in economic ruin - and the country at a total loss - due to some extreme form of dependency for financial, military and humanitarian aid. As an easy let down for those who believe this, it is safe to say that The Bahamas had - and still has - its fair share of economic and social woes, regardless of whether the Queen exists as head of state. There has also been the discussion of what the colonial era did for Bahamian society in terms of improving education standards, infrastructure systems and providing stability in the form of security for investors to live and work. But, as more Bahamians become educated and wealthier, social constructs as a result of that age are being challenged. For instance, removing indigenous roots and reforming it into a version that fits a particular society does not seem to be appealing to everyone. On the other hand, the colonial era served a purpose in allowing some Bahamians more opportunities to access land, education, money and power. But, even in the present day, most Bahamians still do not have access, or the means, to create generational wealth and therefore the question still stands: Is leaving behind colonial history a matter of practicality or is it sentimental? Leaving colonial history behind There is no doubt that the colonial age had its benefits in terms of economic prosperity and shaping the present-day revenue engines we know: Tourism and financial services. But with prosperity came an unequal divide of wealth for

Bahamians and residents. It became evident to political trailblazers such as Sir Lynden Oscar Pindling that Bahamians of African descent were benefiting the least from economic prosperity in The Bahamas. In 1953, the Progressive Liberal Party (PLP) was formed, and the party advocated for “stricter government control of the economy, increasing Bahamian ownership of business enterprises and the replacement of foreign workers by Bahamians.” Like many governments seeking independence, this was pinned to the realities of colonial legacies. A good example was the rule of former Zimbabwean president, the late Robert Mugabe, who was once a celebrated hero to many os his citizens as he led the country into independence from an era of colonial rule that had an indisputable reputation for racism and discrimination. The country once known as Southern Rhodesia became the Republic of Zimbabwe in 1980. But despite its independence, Zimbabwe’s outlook as a once-prosperous country became bleak under Mugabe’s leadership as years went by. Some may argue that Zimbabwe would have been better under British rule, but history tells another version. Chigudu (2021), a professor who grew up in Zimbabwe, wrote about his knowledge and experience on the state of colonialism. He wrote: “Racial segregation in Rhodesia, where 250,000 white people, barely 3 percent of the population, had usurped more than half of the country’s agricultural land and owned almost all its commerce and industry. Black people were denied the franchise, their movements were controlled by a

punitive internal passport system, and they died at heinous rates from chronic malnutrition, high infant mortality and limited access to basic health services.” While Mugabe accomplished a great milestone for his country, his legacy became tarnished by corruption and power grabs. He generally blamed Zimbabwe’s problems on the history of colonialism. However, his legacy boils down to how he treated the people of Zimbabwe. Zimbabweans demanded a judicial system that was truly independent and held all politicians accountable, but Mugabe’s Zanu-PF party continues to rule - as it has since 1980 - and has never been voted out since then. Had there been consistent and transparent leadership, the country’s economy had an opportunity to flourish outside of colonialism, but carrying out the vision of a truly independent nation is more difficult to put into action. Government structure The constitution of The Bahamas is based on the Westminster model: Her Majesty, Queen Elizabeth II; the executive branch; the legislative branch; and the judicial branch. As a member of the Commonwealth of nations, The Bahamas recognises Her Majesty Queen Elizabeth II as head of state. The Governor-General is Her Majesty’s representative in The Bahamas, and constitutes a symbol of the nation’s unity. This leaves the question: “What happens to the judicial system if we were to become a Republic?” One option is to shift from the parliamentary system to a semi-presidential system, allowing for shared powers

between the president (head of state) and the Prime Minister (head of government). Another option is to adopt a fully Republican government in which the president serves as the head of government and state. Either option must ensure that progress and stability is maintained. Another thought relates to what will become of the Privy Council. The Judicial Committee of Her Majesty’s Privy Council is the highest court for The Bahamas. It sits in England to hear appeals from the Court of Appeal. In 2005, Barbados dropped the London-based Privy Council and chose the Trinidad-based Caribbean Court of Justice as its final court of appeal. The Bahamas may also choose to make this step towards distancing itself from the monarchy. However, removing this layer of advisory from the legal system calls for more transparency and accountability locally. Stability One of the questions that remains a priority in this matter is that, if we remove the Queen, does this damage diplomatic stability for The Bahamas? Essentially, some believe that dropping the Queen may be bad for business. But there is no need to place doubt on what our country can achieve without the presence of a monarchy. Amid our fair share of economic woes, the nation has also achieved several milestones with crypto technologies, digital currencies, telecommunications, information and communications technologies (ICTs) and science, technology, engineering and mathematics (STEM). For a small island developing state, The Bahamas also holds diplomatic relationships with several major nations and continues to attract small to large-scale investors. How

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SIMMS RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

many investors in those fields choose to do business with us because the Queen is head of state? I am not sure. But what is certain is that investors and visitors will come to our shores based on our ability to offer competitive consumables, wages, labour skills and other factors that feed into a value-for-money equation. Conclusion In closing, it is my opinion that the Queen should be removed as the ceremonial head of state, and government laws and institutions would not rely upon her to exist. In theory, the law is protected and headed by the head of state. Therefore, removing the Queen from this position speaks to the movement towards a modern democracy, and allows the opportunity for a Bahamian to take on the position as head of state. For those that argue in favour of keeping the Queen from a sentimental point of view, it is important to remember the cultural significance of the monarchy does not simply go away after 325 years of British rule. But it is time to create an identity for The Bahamas that is outside of an era that no longer holds significance or responsibility to our growth as a nation.

BAHAMIAN BANK WINS TOP INNOVATOR AWARD CORNÈR Bank (Overseas) says it has been named by the International Investor as the 2022 market leader for Private Banking Services and Excellence Banking Innovation in The Bahamas. T Christine Russell, Corner Bank’s chief executive, said: “We are honoured to again receive this designation. At Cornèr Bank, we prioritize innovation and exceeding our clients’ expectations. “We believe that these priorities, combined with the unwavering commitment of our team of industry professionals, are what position the bank to continue to excel not only on a local but a global level.” “We are very grateful to our team of industry leading professionals at Cornèr Bank, who work tirelessly to provide pioneering, tailor-made wealth management and investment solutions for our clients. We salute the team and also thank our most valuable clients for entrusting us with their financial goals.” This is the second time in recent years that Corner Bank has won the Best Private Banking Services award, having also received the honour in 2020. When the Central Bank relaxed exchange controls,

Cornèr Bank launched its Cornèrtrader platform in 2018, allowing Bahamians and residents within this nation to invest in foreign currencies on the international markets. This transformed the way Bahamians and residents interact with international markets. Mrs Russell explained: “Since its launch, we have guided our clients through the use of the Cornèrtrader system and taken pride in giving less savvy investors a gateway to new trading and investment opportunities. “We are continuously innovating and updating our product offerings, and adapting to new requirements and new trends; our digital platform is also in continuous development. “We balance innovation with a focus on the human factor, building long-term relationships based on trust. We work alongside our clients to find the ideal solution for their wealth management goals,” Mrs Russell explained. “Cornèr Bank will continue to set the standard in the local and global financial services market. Through our commitment to excellence and innovation, we commit to continually create and deliver the financial solutions of the future.”

THE TRIBUNE

Monday, January 31, 2022, PAGE 3

EMPLOYMENT WON’T RETURN TO PRE-DORIAN LEVELS UNTIL 2025 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMIAN employment will not fully recover to pre-COVID and Dorian levels until 2025, marking a six-year stretch where the economy has endured elevated jobless numbers. The Government’s justreleased Fiscal Strategy Report, drawing on International Monetary Fund (IMF) projections, said the unemployment rate will only come down to preHurricane Dorian numbers by 2024 and 2025, when it is forecast to drop to 10.6 percent and 10.3 percent, respectively. This compares to the 9.5 percent unemployment rent calculated by the thenDepartment of Statistics’ bi-annual Labour Force Survey for May 2019, the last such locally-driven assessment of employment conditions in The Bahamas. No survey has been carried out subsequently due to the COVID-19 pandemic.

The Fiscal Strategy Report, though, argued that the IMF’s projections were “conservative” compared to anecdotal evidence provided by the reduction in COVID-related unemployment benefit claims, which suggested the jobless rate might be coming down faster than the Fund’s forecasts. However, the timeline given by the IMF is in line with recent forecasts that the Bahamian economy will recover its pre-COVID size and output by 2024. Job creation tends to lag economic growth, hence the 2025 date for a return to pre-Dorian jobless levels. And John Rolle, the Central Bank’s governor, recently said under-employment is now a more serious issue than unemployment. “As a result of job losses associated with the health and safety protocols, and economic downturn, attributed to the COVID-19 virus, IMF estimates place unemployment at endDecember 2020 at 25.6

percent,” the Fiscal Strategy Report 2021 said. “With the implementation of emergency orders after onset of the pandemic locally, which allowed for furloughing of staff in lieu of termination, a large proportion of the Bahamian labour force also found themselves underemployed. “Notwithstanding expected improvements in vaccination rates in major tourism source markets, relaxed travel restrictions and pent-up demand for travel and leisure; the recovery to pre-COVID-19 output levels is expected to be protracted.” Many observers felt that, at the COVID-19 pandemic’s height between March and November 2020, when lockdowns and other restrictive measures were at their peak, the Bahamian unemployment rate may have reached as a high as 50 percent due to a combination of terminations and furloughs. “As a result, unemployment levels in 2021 were forecast by the

IMF to improve to 21.5 percent from an estimated 25.6 percent in 2020, more conservative than informal estimates generated based on NIB administered COVID-19 unemployment assistance,” the Fiscal Strategy Report added. “Over the mediumterm, unemployment rates are expected to return to pre-COVID-19 levels, improving to 15.2 percent in 2022, 11.5 percent in 2023, 10.6 percent in 2024 and 10.3 percent in 2025.” Recalling the last locallyderived unemployment data, the report added: “As a result of the limitations on the movement of persons due to Hurricane Dorian and the COVID-19 pandemic, the collection of specific employment and labour market data by BNSI (Bahamas National Statistics Institute) was interrupted for the first time in more than a decade. “In its last published Labour Force Report (May 2019), BNSI estimated 22,635 unemployed persons (9.5 percent as at May

2019) across all islands.” However, the Fiscal Strategy Report sought to suggest that the reduction in COVID-related unemployment benefit claimants indicated that jobs and the economy may be recovering faster than the IMF has anticipated. “The deterioration in unemployment conditions is verified by the 40,258 claimants receiving unemployment assistance from the National Insurance Board (NIB), and the Government’s unemployment assistance programme administered by the NIB between March to December 2020, with an estimated $203.1m disbursed,” it said. “As evidence of the improvement in employment conditions in 2021, the number of claimants still receiving this unemployment support by October 2021 declined to 17,154.” Meanwhile, the Fiscal Strategy Report projected that inflation will jump to 4.2 percent this, increasing from 3 percent in 2021, due to the supply chain crisis

GOV’T TO EXPAND FISCAL RESPONSIBILITY TARGETS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is pledging to reform the Fiscal Responsibility Act by expanding its scope to further boost accountability and transparency surrounding how the public finances are managed. The newly-released Fiscal Strategy Report said the Davis administration plans to amend the Act, first brought into effect in 2018, by adding target ratios for the Government’s annual revenues and capital spending as a percentage of gross domestic product (GDP). Interest payments on the Government’s debt, as a percentage of its revenue

income, will be another goal that is added. This will set additional benchmarks that the Government must meet as well as the inaugural thresholds introduced in 2018. The latter included a 0.5 percent of GDP cap, or limit, on the annual fiscal deficit that an administration can incur, as well as setting a target 50 percent debt-to-GDP ratio that it must achieve. These goals, though, were suspended as a result of the fiscal and economic devastation inflicted first by Hurricane Dorian, and then the COVID-19 pandemic, but the Davis administration is now pledging to enhance them

through further legislative amendments. “To improve the transparency and accountability framework in The Bahamas, the Government has proposed amendments to the Fiscal Responsibility Act 2018 for tabling in Parliament in early 2022,” the Fiscal Strategy Report said. “This improved framework will retain targets for debt, fiscal balance and recurrent expenditure as a share of GDP, but also include targets for interest, revenue and capital expenditure as a share of GDP.” Based on the report, the Government is forecasting that the capital spending target - holding this at a sum equivalent to 3.5 percent of

GDP annually - will be the first benchmark to be achieved in the 2022-2023 fiscal year. The “fiscal balance”, via a projected surplus of $71.9m, and interest payments as a percentage of revenue, will hit their targets in the 20242025 fiscal year according to the Government’s timelines. And revenues and recurrent spending, as 25 percent and 20 percent of GDP, respectively, will be attained a year later in 2025-2026. The Fiscal Responsibility Act changes are part of a broader reform package intended to “underscore the government’s commitment to good governance”. These include publishing financial information on “ministries,

government business enterprises and agencies on the Government’s website, whether or not such financial information has been tabled in Parliament”. And monthly reporting on the Government’s fiscal performance is scheduled to begin in July 2022. Matt

and the ramp-up in postCOVID global demand. “In line with trends in output, IMF estimates indicate price inflation was expected to increase in 2021 to 3 percent from a minimal 0.039 percent experienced in 2020 amidst global supply chain shortages as countries rebound,” the Fiscal Strategy Report said. “In line with output trends, inflationary levels are similarly expected to increase to 4.2 percent in 2022 before gradually returning to historic levels of 3.2 percent, 2.9 percent and 2.7 percent in 2023, 2024 and 2025 respectively. “While recent efforts have been made to diversify the Bahamian economy, inclusive of focusing on food security, The Bahamas remains a net importer of most items consumed locally. As such, inflationary levels will continue to be sensitive to the current supply chain shortage.” Aubry, the Organisation for Responsible Governance’s (ORG) executive director, yesterday backed several of the reforms outlines and said the Fiscal Strategy Report 2021 has “got some merit”. “There are definitely some things that ORG is very excited about,” he added. “The reference to institutionalising the National Development

SEE PAGE 6

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JUNIOR COLLECTIONS REPRESENTATIVE

About Crypto Isle Crypto Isle is The Bahamas’ first and only cryptocurrency and blockchain coworking space, knowledge source, and membership community for industry enthusiasts and pros. Our mission is to stimulate economic and cultural growth in the Caribbean through blockchain technology and cryptocurrency. We are looking for an innovative and personable Community Manager to provide sound, technical leadership in all aspects of our business.

Job Summary: The successful candidate will be responsible for managing the debt collection and transaction process within the Card Services department.

Requirements/Qualifications: • •

Duties & Responsibilites

Requirements

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Knowledge of blockchain and cryptocurrency

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Experience in sales, hospitality, customer service, and/or business operations

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Facility Management: Oversee seamless facility operation, including ensuring space is clean, inventory is stocked, the mail is received, and local vendors deliver without disruption Member Management: Utilize coworking management software to manage space, member invoices, and issues

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Exceptional leadership, organizational, time management and multitasking skills

• • • •

Minimum Requirements/Qualifications

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Strong verbal and written communication skills

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Marketing: Manage and evaluate marketing campaigns

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Hands-on experience with complex project management

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Business Development and Sales: Conduct onsite tours, CRM, follow up with leads, and onboard members

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Effective negotiation and vendor management skills

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Strategic thinker, selfstarter, quick learner, and confident

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Community Engagement: Create networking initiatives social events, engage online community, and build local partnerships to increase client acquisition and retention Team Management: Hire and cultivate a team to meet the community, corporate culture, and financial objectives

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Understanding of budgets and business-planning

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Proactive problem solver

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Keen attention to detail

Education: •

Bachelor’s degree in a relevant discipline

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MBA or relevant Master’s degree is a plus

Email Resume To: admin@cryptoisle.com Deadline: February 4, 2022

Manage Card delinquency portfolio accounts. Implement a cost saving strategy for recovery of delinquent Credit Card accounts, by analyzing and proposing the best course of action, while minimizing loss to the Bank. Ongoing training with cardholders to educate them on how to conduct their accounts in accordance with the policy of the Card Centre. Ensure the Bank arrears collection strategy is achieved, while monitoring the performance of the Debt Collector’s productivity and funds collection rate. Implement and manage short and long term repayment programmes as required. Implementation of a recovery strategy for all delinquent accounts that may also involve litigation or debt collection recovery schemes. Identification and management of fraudulent accounts, while liaising with relevant parties in order to mitigate financial loss to the Bank and prevent further activities. The ability to be passionate about understanding the dynamics of influencing customer behavior and to translate those findings into meaningful, prosperous long-term relationships.

• • •

Diploma from recognized tertiary institution or a minimum of a High school diploma or equivalent vocational training. Minimum of two years’ experience in debt collections or related position. In-depth knowledge of Cards product/service and debt collection processes. Excellent interpersonal and customer service skills, with the ability to work in a team environment. Excellent administration skills, with a keen attention to detail and proven computer skills with the ability to be self-sufficient when using computer software, including Microsoft Office Suite. Excellent inter-personal and communication skills (both written and verbal), with the ability to communicate with a diversity of people at all levels. Excellent time-management and organizational skills with the ability to prioritize workload and manage conflicting demands, Ability to comprehend, capture as well as interpret basic customer information and able to manage difficult customer situations, responding promptly to customers’ needs, while providing feedback in order to improve service or respond to requests for service and/or assistance. Excellent judgment, analytical, reasoning and negotiation skills while possessing motivation, confidence and enthusiastic traits with the ability to work on own initiative or as a part of a busy team.

PLEASE SUBMIT BEFORE February 4th, 2022 to: Only persons shortlisted will be contacted

HUMAN RESOURCES Re: Jr. Collection Officer - Cards Services, 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

PAGE 4, Monday, January 31, 2022

THE TRIBUNE

BTVI IN PARTNERSHIP WITH NORMAN’S CAY DEVELOPER THE Bahamas Technical and Vocational Institute (BTVI) has forged links with the developers of a multi-million dollar, six-star residential project targeted at Norman’s Cay. Dr Robert W. Robertson, BTVI’s president, and Alexander Darvill, its dean of construction and workforce development, met with Fort Hospitality president, Keith Space, and Exuma Resort Developers Ltd’s (ERDL) director of island operations, Richard “Dick” McCombe, during a recent visit to the island to discuss a project that is currently under construction. This partnership comes as more than 100 trained and certified craft instructors, and more than 1,000 students, are in various phases of the multi-staged National Centre for Construction

Education and Research (NCCER) certification. Dr Robertson underscored that BTVI is recruiting more students for NCCER training so that it can meet the labour demands of construction projects in 2022. “This is a world-class, innovative, sustainable and smart development, and we are pleased to explore working with such a high-quality project,” said Dr Robertson said of the Norman’s Cay developers. Mr McCombe said the plan is for BTVI to help with the Norman’s Cay project by providing industry-certified training using the NCCER process, adding that improving skill-sets and worker certifications is key. “We recognise that digitisation is increasingly important for development and construction projects.

We are pleased to introduce these new models to The Bahamas, and our goal is to work with BTVI and others to advance this new system of development and project management,” said Mr McCombe. “There will be a need for certified tradesmen and women to maintain the property during the development phase and beyond.” The NCCER is an internationally-recognised accrediting body that has designed standardised training and certification programmes for more than 70 craft areas such as carpentry, masonry, dry wall, electrical, HVAC, tiling and plumbing. It is considered the training, assessment, certification and career development standard for construction and maintenance craft professionals.

THE BAHAMAS Technical and Vocational Institute (BTVI) will assist in the development of a multimillion dollar, six-star Norman’s Cay residential project currently under construction. Standing from L to R are BTVI’s president, Dr Robert W. Robertson; Exuma Resort Developers’ (ERDL) director of island operations, Richard ‘Dick’ McCombe; Fort Hospitality’s president, Keith Space; and BTVI’s dean of construction and workforce development, Alexander Darville.

HOTEL CHIEF BACKS ‘DIVERSITY’ FROM EMIRATES TOURISM DEAL By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas Hotel and Tourism Association

(BHTA) president says “diversity is important” after this nation signed an agreement with Emirates Group to promote its largest industry.

Robert Sands told Tribune Business that the signing of a Memorandum of Understanding (MoU) with the group, which includes Emirates Airlines, to push Bahamian tour

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packages and airline connectivity was a “positive sign”. “I think the development of tourism globally, and from multiple markets, is a very positive position for The Bahamas, and we’ve always spoken about wanting a greater share of business from other parts of the world,” he added. “There’s no question that the significant part of our business currently comes from North America and Canada, and from states within that particular geographical area. Diversity is very important, and also allows The Bahamas brand to be developed globally. “So, any initiative that takes place is a positive for tourism; the numbers will grow over a period of time. That part of the world is known as having a reputation for high-net-worth

travellers, and the more business this destination can get, we will be the beneficiaries of a growing tourism sector.” Hotels finding ways to benefit from this arrangement will be critical, but Mr Sands felt this will be a seamless process. “Booking for business is so much different today. There are multinational organisations that have their footprint in many destinations, and are connected to many tour operators,” he added. “A number of these hotels already have contracts with Internet providers such as Expedia. com or Booking.com, etc… They will find their way into these various programmes that exist. Plus there are many opportunities in which different hotels and different hotel brands can

contract with these various entities around the world.” Muna Issa, SuperClubs Breezes managing director, added: “This is excellent news. The more new gateways that open up, the better for tourism. I would hope that we are included in the Ministry of Tourism’s development plan, and look forward to having travel agents visit Breezes when the FAM (familiarisation) trips are arranged. “We will play whatever part we are asked to play by the Ministry of Tourism. No one has contacted us yet to discuss, but I assume this is because it is still a new plan that is still being developed. We are here willing and able to assist in whatever way possible.”

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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

The truth behind the Fed’s rate inaction

Monday, January 31, 2022, PAGE 5

FEB

By PIERRE VEYRET

LEGAL NOTICE

M

ANY investors and analysts were caught by surprise after last week’s ‘No-Event’ from the Federal Reserve’s Open Market Committee (FOMC) meeting. The Fed’s chairman, Jerome Powell, only came with words rather than actions at last Wednesday’s press conference, where he announced the FOMC did not make any changes to short-term interest rates, even though this had been widely expected. This obviously disappointed stock investors almost everywhere, leading to an extended sell-off on riskier assets while the US dollar and bond markets jumped. Why would investors welcome a more “hawkish” approach from the Federal Reserve? Why did the FOMC fail to deliver, and what does it really mean? Here are a few answers. Markets, investors, and the Federal Reserve As a reminder, the Federal Reserve’s main objectives are: * Maximum employment * Moderate long-term interest rates * Price stability (2 percent inflation) After almost two years of unprecedented artificial support, through its massive bond buying programme set up to protect the US economy against the impact of COVID-19, inflation is now currently sitting at an outstanding 7 percent. With such rising price pressures, most investors started to anticipate a “hawkish” switch in terms of monetary policies as the Federal Reserve sought to tackle inflation rates that are taking off, far away from the 2 percent target. Under normal circumstances, a more aggressive approach from a central bank regarding monetary tightening should put pressure on riskier assets, such as stocks. However, the fact the Federal Reserve did not act this week has been perceived as a lack of efficiency for an institution who even first qualified, wrongly, rising prices as “transitory”. The extended sell-off on stock markets can then be qualified as a vote of “no confidence” from investors to the Federal Reserve, which has highlighted how economic conditions were improving in the US. Is the US Economy really booming? This is where the trick is. While many financial media and institutions advised their clients and audience on how the US economy

LAPIDIBUS FUND LTD. INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

US FEDERAL RESERVE BUILDING

is performing well, actual figures are telling another story. Let us begin with the socalled ‘strong and tight’ labour market. It is true that general unemployment has been constantly dropping in 2021. The numbers show the US came from 6.4 percent to 3.9 percent unemployment over the past year (chart above). However, to get a clearer idea of the health of the labour market, this number has to be placed in front of the non-farm payroll, which measures the real dynamics of the private sector - the most important sector in the US. This number has been significantly decreasing since July 2021, meaning there is less and less job creation other than farm and

government workers, which is a sign of slower economic growth (chart below). Talking about economic growth, a quick look at the US GDP chart could quickly convince anyone the US economy is doing well. These numbers show the speed at which the economy expands, and we can see the US has been registering slow but solid growth over the past few quarters with 6.9 percent for the 2021 fourth quarter (chart below). However, the real efficiency of the US economy can only be measured when government debt is considered. That said, the US government debt-to-GDP chart (below) provides us with a much better idea on how GDP should

NOTICE Omfortune Limited

NOTICE IS HEREBY GIVEN as follows:

(a) Omfortune Limited is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said company commenced on the 27th January, 2022 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Ms. Jonell Rolle. Dated the 31st day of January, 2022. H&J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

perform to match the federal debt, and it is not a happy tale. The pandemic and massive bond buying programme by the Federal Reserve have taken this debt number to an unbelievable 128.10 percent of the country’s GDP. This is the real deal for the US economy. The Federal Reserve is in a tricky position now, as it seems its short-term solution to protect the economy against COVID-19 is likely to cause even bigger longerterm problems for growth. The Federal Reserve absolutely needs to take “hawkish” measures in order to tackle inflation, but also has to remain “dovish” enough to keep supporting an economy under strain due to the outstanding debt it bought in the first place.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), that LAPIDIBUS FUND LTD. (Registration no. 198164 B is in dissolution. The date of commencement of the dissolution is the 26 day of January 2022. The Liquidator of the Fund is Crowe Bahamas and can be contacted at Harbour Bay Plaza, Shirley Street, Suite 587, P. O. Box AP59223, Nassau, Bahamas. Email andrew.davies@ crowe.bs . All persons having claims against the above-named company are required to mail and email their names, addresses and particulars of their debts or claims to the Liquidator before 25 day of February 2022.

Crowe Bahamas Liquidator LEGAL NOTICE International Business Companies Act (No. 45 of 2000)

LC Business Investment Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), LC Business Investment Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 27th January, 2022. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonso Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 25th February, 2022.

Luciane Ribeiro Moreno Liquidator

PAGE 6, Monday, January 31, 2022

THE TRIBUNE

GOV’T TO EXPAND FISCAL PM TELLS BANKS: OPEN ACCOUNTS IN 24 HOURS RESPONSIBILITY TARGETS FROM PAGE ONE

FROM PAGE THREE Plan (NDP), making the Fiscal Responsibility Act more specific to focus on targets for interest, revenue and capital expenditure, and the reference to capping recurrent expenditure in the long-term. “It speaks to being able to present the information without tabling it in Parliament first so that it’s not held up. That speaks to a greater level of transparency.” Simon Wilson, the Ministry of Finance’s financial secretary, said on Friday that the Davis administration plans to change the law so that the Government does not, as is presently required, have to table the annual Fiscal Strategy Report in Parliament and debate it before it can be released publicly. It has, though, released the 2021 version publicly before tabling it in Parliament - something it plans

to do during the mid-year Budget debate which will be held at the end of February 2022. For doing this, it came under fire last night from the Opposition, which accused it of violating the Fiscal Responsibility Act as presently set out. “The law states in Section 10 of the Fiscal Responsibility Act 2018 that the report must be laid in the House of Assembly and then published in the public domain. It is then to be debated within the month of January,” said Kwasi Thompson, ex-minister of state for finance in the Minnis administration, via a statement. “The Government does not have any discretion on this. Once again, we demand that the Davis administration obey the law. We demand that the report be provided to Parliament immediately and that the debate on the report takes place as required.”

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

Bank account opening in The Bahamas has been seen as a deterrent and obstacle to doing business by many companies, investors and individuals ever since 2001, when this nation introduced an extremely rigorous Know Your Customer (KYC) regime that applied enhanced scrutiny to all new clients in a bid to escape the Financial Action Task Force’s (FATF) then-blacklisting. The Central Bank has subsequently moved to ease bureaucratic overkill by pushing its licensees to adopt a risk-based KYC approach and reduce the identification and over information banks demand to verify a person’s identity and source of income, yet still the complaints persist. Philip Galanis, the HLB Galanis & Company managing partner, last November blasted the commercial banking industry for “treating Bahamians like criminals” when it comes to opening account facilities. He argued that many felt they were treated as guilty until proven innocent, with protracted KYC scrutiny and associated delays undermining the ease of doing business.

“I can walk into any bank in the US and Canada and come out 15 minutes later with a bank card having opened an account,” the former PLP MP and Senator told a Bahamas Institute of Chartered Accountants (BICA) conference. “Bahamians are treated like criminals at the bank. “I think it’s wrong, it’s unconscionable and certainly doesn’t help businesses incorporate and assist in opening bank accounts for our clients. There must be something we can do to remedy the situation. “I think the banks are not paying attention to the Central Bank’s recommendations and directives because they have not relaxed their account opening requirements,” he added. “Canadians in Canada do not have to face the scrutiny we face here in The Bahamas. Canadians do not have to face the difficulties we do. It makes it very difficult to do business in The Bahamas, and leaves a bad taste in our mouths that we’re almost criminals until proven otherwise.” Mr Brathwaite, meanwhile, said the meeting between the commercial banks and Prime Minister also touched on the industry’s concerns with the Homeowners Protection

Act. While this is designed to give Bahamians greater protection against banks and other lenders putting them out of their home if they default on their mortgage, in the sector’s view this has come with other consequences. In particular, the introduction of the courts into the process of realising mortgage security on delinquent loans has made it more difficult for banks to recover their collateral and, as a result, they have become even more reluctant to extend credit to new borrowers or are doing so on more onerous terms. “There are challenges going on with the Homeowners Protection Act,” Mr Brathwaite confirmed. “The intent was to protect the homeowner, but that intent could backfire on new prospective homeowners because that increases the risk that banks are faced with when they give mortgages to borderline accounts. “We find the safest thing to do, as long as the Act is in place, is to stay away from mortgages where there is a high chance of it going bad, especially if the property is an area where there is little to no chance of it appreciating in value.” Another topic of discussion with the Prime Minister and his Ministry of Finance

team was real property, and the Government’s desire that the commercial banks assume liability for paying it on behalf of their commercial and residential mortgage customers while adding this sum on to their loans. Outstanding real property taxes are a priority charge over property, ranking above banks and their mortgages, and Mr Brathwaite said: “That’s a liability for the banks as long as real property tax is outstanding. “The real property tax discussion focused on collections and how real the liability is. We had a law firm look at the Act when it came into play. There are a few things that need to be ironed out. In terms of liability, if I don’t give satisfaction and another bank takes over responsibility [for the loan], who is responsible for the tax? “If your mortgage is in arrears, do you have responsibility to pay that real property tax? When you combine the Real Property Tax Act and the Homeowners Protection Act, there are some inconsistencies which make it twice as difficult. You have to be comfortable and really certain that these borrowers are going to pay their bills.” Mr Brathwaite and Gowon Bowe, Fidelity Bank (Bahamas) chief executive, both said the discussion was held from the perspective of the Government and industry working together to “expand opportunities” to grow and advance the economy as it emerges from the wreckage of COVID-19. Mr Bowe, revealing that the commercial banks had sought the meeting with the Prime Minister and his team, added that they discussed “legislative matters” relating to the industry’s anti-money laundering legislation as well as real property tax, the Homeowners Protection Act and the opening of bank accounts. “It was to understand the objectives of the Government, and give input on how legislation can be amended in order to best accommodate those objectives,” Mr Bowe said.

THE TRIBUNE

Monday, January 31, 2022, PAGE 7

NEW TAX MEASURES TO BRIDGE ‘GAP’ OVER GOV’TS EXTRA $1.3BN

FROM PAGE ONE

Mr Wilson, while not providing any details on the new and/or increased taxes under consideration, said the Government’s senior tax officials were also confident that “a significant” sum remains uncollected annually across real property taxes, VAT, Customs duties and Excise Tax. Asked by this newspaper how the Davis administration planned to meet the Fiscal Strategy Report’s targets, especially since it spoke to generating just an extra $300m annually via enforcement measures when a further $1.3bn will be required in just four years’ time, Mr Wilson replied: “There is a gap, but you have to look at this report in context. “I think the minister of finance [Prime Minister Philip Davis] indicated that during the mid-year Budget, he’ll speak to additional revenue measures in some detail. It’s a process over a period of time; there are a number of things going on. You cannot be premature in any announcements. “The minister, at the midyear Budget, indicated he will speak to some revenue measures, and then you have the annual Budget in May. We’re doing different scenarios as to what it will be, and how it might look, and once internally we are comfortable with it, and the minister is comfortable with it, they will be published.” Mr Wilson spoke out after the Government’s 2021 Fiscal Strategy Report, released at 11.20pm last Thursday night, revealed it is targeting a more than $1.3bn revenue increase over the next four fiscal years - increasing its total tax and fee income from the presently-projected $2.339bn to $3.643bn in 2025-2026. Such a goal, together with the forecast $71.9m and $220.4m Budget surpluses for 2024-2025 and 2025-2026, have already provoked concerns that the report’s projections are too aggressive and

MATT AUBRY overly-optimistic given the struggles of many households, businesses and the wider economy to recover from the twin devastating impacts of Hurricane Dorian and COVID-19. Kwasi Thompson, exminister of state for finance in the Minnis administration, in giving the Free National Movement’s (FNM) response to the Fiscal Strategy Report said the forecasts “diverge materially” from the 2020 version produced under its watch. “Yet, critically, it does not provide the evidence to justify the change in these projections, some of which are very extreme,” he blasted. “The Fiscal Strategy Report provides for an almost 60 percent increase in the amount of Government revenue in four years. “What is the basis for such projections, considering that you have decreased the amount of VAT [from 12 percent to 10 percent] and have not mentioned any new taxes? How are we to rely on these numbers when the Fiscal Strategy Report 2021 states that they have not completed the studies or strategy that we were expecting to accompany and justify the projections?” However, Mr Wilson argued that some of the

revenue buoyancy will be produced by “the reflation of the economy” as tourism continues to rebound, and businesses re-open, following prior COVID19 lockdowns and other restrictions. “Some of it is going to be the reflation of the economy, some of it is going to be a focus on compliance and some of it is going to be new tax measures,” he told Tribune Business of how the Government plans to hit its revenue and Budget surplus targets. “Based on our analysis we believe compliance will be the primary driver.” While the recent real property tax revaluation exercise, and massive increase in tax bills for some, had grabbed the headlines in recent days, Mr Wilson added: “There are other taxes where compliance is not up to acceptable levels. “If you look at the various Budget pronouncements over the past years, there has been material disappointment with the performance of the Customs Department. There may be money there. We haven’t done an in-depth VAT performance analysis because of the pandemic and so forth, so there may be non-filers and money sitting there. “There’s a strong feeling that the Business Licence can be improved, looked at and made fairer and more equitable, and those improvements may lead to an increase in revenues.” Mr Wilson declined to give a figure for how much the Government believes it loses out on annually in uncollected taxes, but added: “Based on internal discussions and what we know, we feel - and that’s the persons involved in tax administration in the Government - very comfortable it’s a significant figure.” The financial secretary has similar expectations about the potential revenue boost from reducing VAT to 10 percent, and eliminating most of the ‘zero ratings’ and exemptions. He added: “I really think it’s going to be significant,

but we won’t know until the April filing. That will be the first quarterly filing under the new regime and will tell us what is happening, all things being equal.” Yet Mr Thompson was not the only person yesterday to voice concerns about the Government’s revenue and deficit forecasts. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business: “The projections seem a bit optimistic given directly where we are. “If we are striking out for a Budget surplus in such a short period of time, which is what that speaks to, I’m not sure we’ve accounted for the challenges with inflation and the supply

chain, and the impact that will have on consumer behaviour. “Basing it on a balanced Budget in such a short time and the surplus they anticipate, it’s still hard to get your mind around that in terms of historically what we’ve seen, our ability to execute, the minimal growth in our economy and lack of compliance in many areas.” Mr Aubry said achieving the Fiscal Strategy Report’s targets depends on “two things we have not been very good at in The Bahamas”. He added: “One is execution. It takes a long time to ramp up to things once you put plans in place, and that can affect performance against these goals.

“They’re also talking about increased compliance. It fundamentally comes down to public trust. There has to be accountability. You may build the engine, but you still need oil to keep it going, and that oil is public trust. To achieve this over five years, we’re going to have to invest significantly in making the public believe.” Based on feedback to Tribune Business, the Government’s efforts to make all real property taxpayers pay their fair share are already running into scepticism as to whether those with the ‘right connections’ - political, religious and otherwise - will still be able to evade their obligations despite the rhetoric.

PAGE 8, Monday, January 31, 2022

THE TRIBUNE

‘NUMBER ONE PRIORITY’ TO REVERSE PRODUCTIVITY FALL FROM PAGE ONE

of technology, leave many businesses without a viable path to continue operations, with associated adverse implications for broader economic resilience and job protection.” Mr Goudie said the Chamber, trade unions and the Government were “certainly going to do a lot” when it came to implementing the strategy’s recommendations over the next five years. “We’re trying to get the National Productivity Council up and running,” he told Tribune Business. “To me that’s one of the number one priorities. “If we improve our productivity, we reduce our cost of living, become more competitive and are better priced. People will also

improve their skills and education. The legislation is before the Government; it’s up to them to move it. The minister [Keith Bell, minister of labour and Immigration] has it it. We’re very close. All the work has been done, all the studies have been done.” Mr Goudie said that once the National Productivity Council legislation is enacted, a Bahamas delegation would visit the likes of Barbados to learn how it had implemented such a body and how it was working. “There’s no point in trying to reinvent the wheel,” he added. “We have to increase skills to make people more productive. There’s nothing but good that will come from that, for business and

workers. With more skills they can be paid more, and businesses are always complaining about people being unproductive, so let’s make them productive. “If we can do half of what we have in that agenda, we’ll make a big impact. I hope we can do most, but if we do half it will be a big boost to the economy. We’re determined to do it, and can do as long as we work together,” Mr Goudie continued. “I’m big on what we’re going to do. There’s a lot of good things in there and the ILO have put their weight behind it, which is huge. Their resources are ready to go.”

‘TRADE OFF’ OVER CIVIL SERVICE PAY RESTRAINT

be hit by another Dorianstrength storm. “Given the geographic location of The Bahamas in an area prone to experiencing hurricanes, increasing the risk of damage from natural disasters each year, the DSA (debt sustainability analysis) assumes that over the short-term, such exogenous shocks do not occur and that the economy firmly rebounds,” the report said. “The DSA also assumes that over the medium term, any such natural disasters will be minimal in intensity upon making landfall.” The analysis also assumes there is no further deterioration in The Bahamas’s creditworthiness and access to credit over the same period. Just how little margin for error The Bahamas has was reinforced by projections showing the impact a 1 percent contraction in economic growth could have on the country’s debtto-GDP ratio, together with the impact of a -1 percent negative real interest rate shock (where inflation exceeds interest rates) and a COVID-style shutdown similar to what happened in 2020. “Should output levels be retarded by a 1 percent contraction in projections, the subsequent debt-to-GDP

ratio would exceed 130 percent by fiscal year 20262027,” the Fiscal Strategy Report said. “While more moderate in its impact, the impact of a 1 percent increase in real interest rates also presents a threat to the sustainability of the debt to GDP ratio with levels of 120 percent being achieved by fiscal year 2026-2027. “The impact of a negative 1 percent shock to the primary balance is more muted in its impact and places The Bahamas on a trajectory to maintain current debt-toGDP levels in excess of 100 percent of GDP over the medium term,” the Fiscal Strategy Report added. “In the more extreme scenario, should The Bahamian economy experience a ‘sudden stop’ in economic activity similar in magnitude and length as the border closures and reimposition of curfew measures, the impact on domestic macroeconomic conditions would be more severe. “Reintroducing emergency order protocols and limiting economic activity would result in debtto-GDP ratios approaching 140 percent by fiscal year 2026-2027.”

“Although ILO (International Labour Organisation) estimates of labour productivity in The Bahamas compare favourably to other Caribbean countries, they fall well below the global average for high income economies,” the report said. “Average output per worker is estimated at $31,000 for the Caribbean region as a whole for the period 2015-2019, compared to $56,400 for The Bahamas. However, average output per worker for the high-income group of countries, which includes The Bahamas, stands at $92,300 over the same period.”

FROM PAGE ONE these costs will be impacted by inflation, increments and future industrial agreement settlements. “Overall we expect to see an increase in individuals’ remuneration but we also expect to see the overall wage bill being held. There’s a trade-off here. As the economy expands, the pressure on the public sector workforce will be less, but individuals have to be compensated fairly. That’s what’s driving our belief in terms of what can be done.” Mr Wilson said a better benchmark for civil service wage bill comparisons was the $613.2m paid out in the 2020-2021 fiscal year, meaning that the 2025-2026

It continued: “Moreover, growth in labour productivity in The Bahamas (measured as the growth rate of annual GDP per employed person) has been negative in five out of the previous six years to 2019, in sharp contrast to both the regional Caribbean and wider international positive trends. “The combination of static or declining labour productivity, with high and increasing real wages, presents a significant competitiveness problem for business, with adverse impacts on job creation as employers seek to manage labour costs by reducing the number of employees.” As to the causes, Decent Work Country Programme report added: “Most

projection was still an increase - albeit less than $50m in five years. The Government’s spending projections, as well as its revenue forecasts set out in the 2021 Fiscal Strategy Report, came under fire yesterday from the Opposition Free National Movement (FNM). Kwasi Thompson, ex-minister of state for finance in the Minnis administration, queried the 55 percent projected increase in gaming taxes over the next four years. These are set to rise from the present $54.1m to $84m by 2025-2026, while Stamp Taxes are forecast to rise by a similar magnitude 55.8 percent - to $91m from $58.4m - over the same period.

stakeholders agree that labour productivity deficits derive primarily from skills mismatches in the national labour force, including soft skills gaps. “Other productivity factors include a lack of adequate ‘business education’ (business planning and financial management) among many micro, small and medium-sized enterprise (MSME) owners and managers, as well as the lack of resources and skills needed to digitalise business processes. “These limitations also constitute significant risks to business continuity in the context of external shocks. In these contexts, the lack of adequate business and financial planning, as well as the limited integration

“How does the Government account for a decreased VAT rate yet it projects to collect more VAT?” Mr Thompson asked, with the tax forecast to rise from $926m this year to $1.1383bn in 2025-2026. “Stamp tax almost doubles and gaming taxes almost tripled? Will there be an increase to these taxes that is not being disclosed? “The Government’s projections for expenditure are equally as disturbing, particularly the projections for the upcoming fiscal years. The Government claims that this is consistent with its plans articulated in the Speech from the Throne but the funding in their fiscal plan does not match. Their Fiscal Strategy Report 2021has planned significant

PUBLIC HOSPITALS AUTHORITY ADVERTISEMENT VACANCY DIRECTOR SUPPLIES MANAGEMENT AGENCY The Public Hospitals Authority (PHA) invites applications from suitably qualified persons for the post of Director Supplies Management Agency (SMA). Position Summary The Director of Supplies Management Agency (SMA) is responsible for the planning, administering, managing and directing the procurement, warehousing, distribution, inventory control; effective importation of pharmaceuticals, medical/surgical supplies and other related supplies to ensure the provision of an efficient and effective commodities supply system for the Public Health Service. Thereby ensuring that the healthcare needs of the nation are facilitated in a cost-effective manner and with the highest standard of customer service. Key Accountabilities For This Role Include But Are Not Limited To The Following: • Coordinates the development of an operational plan for Purchasing & Logistical Services within the SMA; • Ensures effective systems are in place to facilitate efficient procurement of both contracted and non-contracted medical supplies and Group Purchasing items; • Monitors purchase orders to ensure timely preparation in accordance with purchase requisitions; • Coordinates with the Procurement Planning, Quality, Monitoring & Evaluation Division, analyze reports of observed fluctuations in usage patterns of inventory to take any necessary corrective action; • Coordinates the preparation of annual budget; • Implements and monitors cost-containment efforts. Education/ Experience: • Master’s Degree in Business Administration/Health Services Administration or equivalent qualification; • Pharmacy Degree would be an asset; • Ten (10) years’ experience at top management preferably in a procurement and supplies management setting. Competency Requirements: • Proven knowledge of the development and implementation of management policies at an executive level of an organization; • Strong leadership and strategic planning skills; • Proven track record of effective management, communication and analytical skills; • Working knowledge of the public health sector and the local pharmaceutical industry; • Sound knowledge of the legislative provisions governing the importation and management of medicines and medical supplies; • Excellent communication skills (oral and written). The Director Supplies Management Agency will report to the Managing Director. Letter of application and curriculum vitae should be forwarded to the Director of Human Resources, Corporate Office, Public Hospitals Authority, 3rd Terrace West, Centreville; or email to

jobs@phabahamas.org no later than 11th February, 2022.

cuts to very significant ministries that have the potential to hamper their effectiveness. “In the next fiscal year beginning in July of this year, the Government projects to decrease compensation to employees by $70m. After making promises to the public service and the unions, we are stunned to learn that compensation to public servants will be reduced in four years when compared to now,” Mr Thompson added. “Is the plan of the Government to cut public sector jobs? To cut increments and salaries? To further delay wage increases to public servants even after the economy rebounds? Did the government consult with the public service unions on this retrenchment in public sector salaries and other compensation?” The Fiscal Strategy Report indicates much must go right for the Government to hit its projections. In particular, it says the forecasts are based on assumptions that include “no major external shocks in the short-term” despite COVID-19’s lingering presence and the potential to

THE TRIBUNE

Monday, January 31, 2022, PAGE 9

NOTICE

NOTICE is hereby given that JEFFERY FILIUS of Marsh Harbour, Abaco, 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 25th day of January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE KB ANALYTICS INC. (Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 25th day of January, A.D., 2022. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas. GALNOM LTD. Liquidator

NOTICE MONKEY WRENCH AVIATION LTD.

(Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 25th day of January, A.D., 2022. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas. GALNOM LTD. Liquidator

NOTICE HIPPO HUT LTD. (Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the abovenamed Company is in dissolution, which commenced on the 25th day of January, A.D., 2022. The Liquidator is Galnom Ltd., CUB Financial Center, Western Road, Nassau, Bahamas. GALNOM LTD. Liquidator

MARKET REPORT www.bisxbahamas.com

FRIDAY, 28 JANUARY 2022

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2198.20

17.13

0.79

-30.04

-1.35

(242) 323‐2330 (242) 323‐2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.00 10.05 3.60 9.02 3.50 7.01 12.00 2.71 10.10 11.06 10.75 15.00 4.00 9.91 16.50

52WK LOW 4.15 32.12 1.46 2.10 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 2.10 6.50 9.50 8.40 13.10 3.42 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.65 91.88 100.00 100.11 100.70 100.43 100.58 100.06 100.36

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.98 84.59 89.00 100.11 100.00 99.98 100.58 100.00 100.36

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS71023 BGRS FX BGRS94031 BGRS FX BGR131249 BGRS FL BGRS76025 BGRS FL BGRS84033 BGRS FL BGRS71023 BGRS FL BGRS75023 BGRS FL BGRS92028 BGRS FL BGRS98031

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS710237 BSBGRS940313 BSBGR1312499 BSBGRS760257 BSBGRS840331 BSBGRS710237 BSBGRS750233 BSBGRS920281 BSBGRS980319

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.00 9.25 3.30 7.90 2.86 7.00 12.00 1.96 10.08 11.62 10.75 14.91 3.60 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.98 91.66 100.00 100.11 100.15 99.98 100.83 100.00 100.47

CLOSE 5.30 39.95 2.04 2.39 2.49 6.00 9.25 3.30 7.90 2.86 7.00 12.00 1.96 10.08 11.58 10.75 15.00 3.96 9.85 15.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.04) 0.00 0.09 0.36 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

VOLUME

1,010

51,750 5,000 1,550

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.98 91.66 100.00 100.11 100.15 99.98 100.83 100.00 100.47

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.070 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.110 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.53% 4.35% 5.60% 4.53% 4.68% 4.53% 4.46% 4.34% 4.30%

P/E 22.2 42.9 N/M 34.1 N/M N/M 25.1 -7.5 56.4 15.5 15.6 16.6 19.2 21.6 17.9 14.8 18.4 19.5 10.5 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 4.60% 0.00% 0.00% 2.81% 0.00% 0.00% 4.20% 3.14% 6.00% 22.14% 0.60% 2.83% 2.23% 3.60% 3.03% 2.03% 3.93% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 22-Oct-2023 10-Jul-2031 15-Jul-2049 18-Jan-2025 22-Sep-2033 22-Oct-2023 7-Sep-2023 10-Nov-2028 26-Jul-2031

MUTUAL FUNDS 52WK HI 2.48 4.59 2.19 207.86 207.68 1.71 1.81 1.79 1.06 8.92 10.81 7.44 16.64 12.76 10.57 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.03 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.48 4.59 2.19 204.67 199.97 1.71 1.78 1.79 1.03 8.92 10.81 7.44 16.64 12.73 10.57 N/A 10.43 14.89

YTD% 12 MTH% 3.60% 4.38% 3.43% 3.47% 2.22% 2.69% 1.37% 3.18% 8.18% 14.94% 2.11% 1.66% -0.53% 1.38% 1.59% 0.95% 1.75% 2.39% 5.11% 6.98% 7.77% 9.88% 2.28% 3.71% 19.64% 29.95% -0.81% -0.62% 5.19% 2.28% N/A N/A 3.00% 25.60% 7.90% 48.70%

NAV Date 31-Oct-2021 31-Oct-2021 29-Oct-2021 30-Sep-2021 30-Sep-2021 30-Sep-2021 30-Sep-2021 30-Sep-2021 30-Sep-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Aug-2021 31-Mar-2021 31-Mar-2021 31-Mar-2021

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

THE TRIBUNE

Monday, January 31, 2022, PAGE 11

GERMANY’S CLIMATE-FOCUSED GREENS ELECT NEW LEADERSHIP DUO VIENNA (AP) — Germany's Greens party elected a new leadership team Saturday that vowed to continue fighting for the party's core issues, especially combating climate change, as it adjusts to its role in Germany's new governing coalition. Omid Nouripour, 46, and Ricarda Lang, 28, will serve as the party's coleaders. They are replacing Annalena Baerbock and Robert Habeck, who had led the party since 2018 but have both taken ministerial posts in Germany's new government. Baerbock is the country's new foreign minister while Habeck is a

OMID NOURIPOUR, new elected designated party’s co-chairman, is hugged by his wife Melanie Schnatsmeyer during a virtual party convention of the German Green party (Buendnis 90/Die Gruenen) in Berlin, Germany, Saturday, Jan. 29, 2022. Germany’s Greens elected a new leadership team Saturday, a team that vowed to continue fighting for the party’s core issues as it adjusts to its role in Germany’s new governing coalition. Omid Nouripour and Ricarda Lang will serve as the party’s coleaders. Photo:Michael Sohn/AP

vice chancellor and minister for economics and climate. In December, the threeparty coalition between the center-left Social Democrats, the Greens and the pro-business Free Democrats took office under Chancellor Olaf Scholz. The government marks a new era after 16 years of Angela Merkel's leadership, and the Greens' first time in government since 2005. The Greens traditionally have two leaders on the national level, one woman and one man. Lang ran unopposed while Nouripour had two challengers but won easily. Nouripour,

who was born in Iran and immigrated to Germany at 13, is a veteran Greens politician who has served in the Bundestag since 2006. He

Lang, at 28, is the youngest-ever Greens leader. Elected to the Bundestag in September, Lang got her start in the party's youth wing and served as its spokeswoman on women's issues. She is seen as a representative of the left wing of the party. The two politicians face the challenge of

was previously a member of the party's national board and also served as its foreign policy spokesman.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 69° F/21° C Low: 45° F/7° C

TAMPA

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny and pleasant

Partly cloudy

Breezy with variable cloudiness

Mostly sunny with winds subsiding

Winds subsiding with a shower

Pleasant with plenty of sunshine

High: 72°

Low: 63°

High: 75° Low: 64°

High: 78° Low: 66°

High: 79° Low: 67°

High: 80° Low: 66°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

72° F

58° F

75°-62° F

77°-63° F

80°-65° F

83°-65° 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: 67° F/19° C Low: 63° F/17° C

7-14 knots

S

High: 68° F/20° C Low: 55° F/13° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 69° F/21° C Low: 60° F/16° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TUESDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 67° F/19° C Low: 48° F/9° C

High: 68° F/20° C Low: 58° F/14° C

MIAMI

High: 70° F/21° C Low: 58° F/14° C

8-16 knots

KEY WEST

High: 69° F/21° C Low: 65° F/18° C

ELEUTHERA

NASSAU

High: 72° F/22° C Low: 63° F/17° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Thursday

9:18 a.m. 9:44 p.m.

3.2 2.7

3:03 a.m. -0.7 3:43 p.m. -0.6

Friday

10:04 a.m. 10:33 p.m.

3.0 2.7

3:54 a.m. -0.5 4:28 p.m. -0.5

Saturday

10:50 a.m. 11:23 p.m.

2.7 2.6

4:44 a.m. -0.2 5:12 p.m. -0.4

Sunday

11:36 a.m. -----

2.4 -----

5:36 a.m. 0.0 5:56 p.m. -0.2

sun anD moon Sunrise Sunset

6:53 a.m. Moonrise 5:54 p.m. Moonset

6:35 a.m. 5:26 p.m.

New

First

Full

Last

Feb. 1

Feb. 8

Feb. 16

Feb. 23

CAT ISLAND

E

W

High: 73° F/23° C Low: 68° F/20° C

N

S

E

W

8-16 knots

S

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 66° F/19° C Low .................................................... 55° F/13° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 75° F/24° C Last year’s low ................................... 59° F/15° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 3.74” Normal year to date ..................................... 1.29”

High: 71° F/22° C Low: 66° F/19° C

following in the footsteps of Baerbock and Habeck, who are popular in the party and widely credited with broadening the Greens' voter base in recent years. They also need to shape the Greens to operate as part of the ruling coalition, instead of in opposition.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 74° F/23° C Low: 69° F/21° C

High: 74° F/23° C Low: 71° F/22° C

N

High: 71° F/22° C Low: 62° F/17° C

E

W S

LONG ISLAND

tracking map

High: 75° F/24° C Low: 70° F/21° C

8-16 knots

MAYAGUANA High: 78° F/26° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 75° F/24° C Low: 72° F/22° C

H

High: 75° F/24° C Low: 70° F/21° C

GREAT INAGUA High: 77° F/25° C Low: 72° F/22° C

N

E

W

E

W

N

S

S

10-20 knots

10-20 knots

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

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

WINDS NE at 6-12 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 15-25 Knots NE at 8-16 Knots ENE at 10-20 Knots NNE at 10-20 Knots ENE at 10-20 Knots NE at 8-16 Knots ENE at 10-20 Knots ENE at 6-12 Knots E at 10-20 Knots NE at 8-16 Knots ENE at 12-25 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 12-25 Knots NNE at 10-20 Knots ENE at 10-20 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 8-16 Knots ENE at 10-20 Knots

WAVES 3-6 Feet 2-4 Feet 1-2 Feet 1-3 Feet 4-8 Feet 3-6 Feet 4-7 Feet 3-6 Feet 4-8 Feet 3-6 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-6 Feet 3-6 Feet 1-3 Feet 3-5 Feet 5-9 Feet 4-8 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-5 Feet 1-3 Feet 1-3 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 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 75° F 73° F 79° F 79° F 80° F 80° F 77° F 77° F 74° F 73° F 77° F 78° F 81° F 80° F 80° F 80° F 78° F 78° F 77° F 77° F 79° F 79° F 78° F 78° F

PAGE 12, Monday, January 31, 2022

THE TRIBUNE

$37M EX-BACARDI PLANT IDEAL FOR DISASTER RELIEF A BAHAMIAN realtor is calling for the former 62-acre Bacardi plant in southwestern New Providence to be transformed into a disaster recovery and rescue centre for the Caribbean and southern US. Mario Carey says the site’s existing warehouses, coupled with its waterfront access for deploying recovery and relief vessels, made it ideal as a location from which to co-ordinate relief efforts throughout The Bahamas and wider region when a natural catastrophe strikes. “It’s no longer a matter of if, but when, the next natural disaster will strike,” he said. “We cannot afford to run from what the experts tell us or hide from our new reality. “Extreme weather conditions are becoming more frequent, the damage they leave in their wake more costly, and the insurance industry, which already accounts for about 10 percent of the national economy in the United States, will one day not be able to keep up.” This means, Mr Carey says, that it will be up to those with a need to find a means to clean up, rescue, recover and rebuild. And, while the rebuilding will take time, immediate needs for survival cannot wait until sufficient lumber, labour and supplies arrive in hard-hit areas. “All the data dating back to when storm records started to be kept shows that, of all the islands in The Bahamas, New Providence is the best protected and least likely to be devastated by a hurricane,” Mr Carey explained. “And on New Providence you cannot find another property that would be better suited to serve in a regional capacity

for relief and recovery than the Bacardi plant.” Bacardi ceased operations at the plant in 2009, with the property eventually sold to The Source River investor consortium headed by late Cabinet minister, MP and businessman, Tennyson Wells. It has now been listed for sale again via Better Homes & Gardens MCR Group, the real estate firm that Mr Carey founded, for $37m this month. “It is five minutes from the airport, has more than 1,200 linear feet of waterfront, over 400,000 square feet of interior square footage with well-built warehouses, has all the water, water-making and ice production capacity that you could ever need. It has space for a helipad, has its own fuel station and an existing six-storey tower that can be converted into a command centre,” Mr Carey added. “The vision is already there. The land, the facilities, the waterfrontage could not be more perfect from which to operate a relief and recovery centre capable of moving into action the minute conditions for a natural disaster are identified.” Warehouse buildings, Mr Carey said, would become the main campus for the storage of tents; mattresses; vehicles and trucks; foodstuffs; and medical supplies. Monitoring will ensure that food, medical or personal supplies with a ‘best-by’ date be distributed to local non-governmental organisations (NGOs) prior to expiration to avoid wastage and allow space for re-supplying. “The site has good elevation and drainage. It has never flooded. With all the paved roads running throughout, there is space

REALTOR Mario Carey says the 41 warehouse buildings, sprawling grounds, fuel facilities and waterfront location at the former Bacardi rum plant in New Providence offers a once-in-a-lifetime opportunity to create a disaster recovery operations headquarters serving the southern US and the Caribbean. for excavation equipment, room to build dockage for barges to move that equipment as a need arises,” he added. “There are massive wellbuilt aluminum tanks for fuel storage. It is the only industrial-zoned property on the south side that also has 22 acres on the water ideal for a shipyard and marina, all of which could feed into the relief and recovery operations.”

Mr Carey said he is already working on the idea with international and local experts from sectors such as technology, aviation and global recovery, and will involve local NGOs as well as the National Emergency Management Agency (NEMA), the Bahamas Red Cross and other emergency response units as the informal process becomes a formal steering committee. He believes the former Bacardi plant can

become an operations command centre that is created either through a joint venture or private enterprise, with agreements in place between those who lease space and store supplies and those who manage the facility. No politics also means no cost to government, he says. “The facility would operate as a massive storage arena for equipment and supplies, and be ready to deploy almost instantly,

but if there is an urgency in Puerto Rico, for instance, and what Puerto Rico has stored is insufficient for the need, there would be a bilateral contract that would allow an executive disaster relief committee to manage lending supplies at a cost from another partner with a replenishment schedule so everything has a fixed asset backed by a flexibility guarantee,” he said. Government agencies could lease space for storage of their supplies, and would have access to other equipment, drones, planes, helicopters and barges as needed under contractual terms. Mr Carey recently toured the site with a naval architect, and said: “After one tour around he said he could not imagine a more perfect location for the vision of being able to help others in the worst of times with the best of solutions.” He calculates the cost of creating a full-blown facility at about $80m to $90m, a figure he believes as few as ten billionaires could underwrite and help save untold thousands from a delayed post-hurricane rebound when months or years can pass without full recovery. Financial capability already resides within The Bahamas, Mr Carey said. “We have to demonstrate that the funds they invest will help to save lives, perhaps thousands of lives.,” he added. “Once this is in place, The Bahamas can service low-lying vulnerable states like Louisiana, Texas, Alabama and the Gulf Coast, including Florida in addition to the Caribbean, Central and parts of South America. ““It started as a vision. Now it has a location. Build it because we know the storms will come.”

US PLEDGES TO PUT RUSSIA ON DEFENSIVE AT UN SECURITY COUNCIL By JIM HEINTZ AND ELLEN KNICKMEYER Associated Press

WASHINGTON (AP) — The U.S. worked Sunday to ramp up diplomatic and financial pressure on Russia over Ukraine, promising to put Moscow on the defensive at the U.N. Security Council as lawmakers on Capitol Hill said they were nearing agreement on "the mother of all sanctions." The American ambassador to the United Nations said the Security Council will press Russia hard in a Monday session to discuss its massing of troops near Ukraine and fears it is planning an invasion. "Our voices are unified in calling for the Russians to explain themselves," Ambassador Linda Thomas-Greenfield said of the U.S. and the other council members on ABC's "This Week." "We're going into the room prepared to listen to them, but we're not going to be distracted by their propaganda." Ukraine's ambassador to the U.S., Oksana Markarova, warned that Russian President Vladimir Putin is bent on waging an "attack on democracy," not just on a single country. It's a case that some senior foreign policy figures have urged President Joe Biden to make, including at the Security Council.

"If Ukraine will be further attacked by Russia, of course they will not stop in Ukraine," Markarova said on CBS's "Face the Nation." Any formal action by the Security Council is extremely unlikely, given Russia's veto power and its ties with others on the council, including China. But the U.S. referral of Russia's troop buildup to the United Nations' most powerful body gives both sides a stage in their fight for global opinion. Russia's massing of an estimated 100,000 troops near the border with Ukraine has brought increasingly strong warnings from the West that Moscow intends to invade. Russia is demanding that NATO promise never to allow Ukraine to join the alliance, and to stop the deployment of NATO weapons near Russian borders and roll back its forces from Eastern Europe. NATO and the U.S. call those demands impossible. The head of Russia's Security Council, Nikolai Patrushev, on Sunday rejected Western warnings about an invasion. "At this time, they're saying that Russia threatens Ukraine — that's completely ridiculous," he was quoted as saying by state news agency Tass.

"We don't want war and we don't need it at all." Ukraine's foreign minister, Dmytro Kuleba, countered that on Twitter, saying: "If Russian officials are serious when they say they don't want a new war, Russia must continue diplomatic engagement and pull back military forces." The United States and European countries say a Russian invasion would trigger heavy sanctions. On Sunday, the chairman of the Senate Foreign Relations Committee, Sen. Bob Menendez, said that in the event of an attack, lawmakers want Russia to face "the mother of all sanctions." That includes actions against Russian banks that could severely undermine the Russian economy and increased lethal aid to Ukraine's military. The sanctions under consideration would apparently be significantly stronger than those imposed after Russia annexed Crimea from Ukraine in 2014. Those penalties have been seen as ineffective. Menendez also raised the prospect of imposing some punishments preemptively, before any invasion. "There are some sanctions that really could take place up front, because of what Russia's already done — cyberattacks on Ukraine, false-flag operations, the efforts to undermine the

U.S. Ambassador to the United Nations, Linda Thomas-Greenfield speaks to reporters during a news conference at United Nations headquarters on March 1, 2021. Photo:Mary Altaffer/AP