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THURSDAY, FEBRUARY 3, 2022

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‘Glaring deficiencies’: Top architect loses permit fight

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP architect yesterday pledged to fight on after losing a legal challenge to the Government’s decision to halt a building permit application due to “glaring deficiencies and inconsistencies”.

Gustavus Ferguson, the Institute of Bahamian Architects (IBA) president, told Tribune Business he was now taking legal advice on whether to appeal Justice Loren Klein’s January 27, 2022, decision to refuse him permission to bring a Judicial Review action against the Ministry of Works’ building control officer.

• Institute president to ‘fight’; eyes appeal • Says profession ‘treated with contempt’ • Judge backs Ministry on engineer review The judge declined to let the action proceed on the basis that Mr Ferguson had failed to use the remedies available to him under the Buildings Regulations Act to appeal Building Control’s decision to the minister of works, while also finding that the department and its staff

were “simply doing” what the law allows in putting the permit application on hold.

However, Mr Ferguson asserted to this newspaper that his Judicial Review action was targeted at underlying issues that “strangle us as a profession in practicing our

craft”. He argued that the halted permit situation exemplified how licensed, qualified Bahamian architects were “always treated with contempt” and their work often-times subjected to excessive scrutiny and over-regulation.

“It is definitely an issue that I feel, from a professional standpoint, has to be dealt with,” Mr Ferguson told this newspaper.

“It seems as though we are always treated with contempt in how the agencies deal with us in comparison to other professions; the legal profession, the accounting profession; the medical profession.....

“They always use this guise of protecting the health and safety of the

SEE PAGE 5

Don’t get ‘shortchanged’ over carbon credits plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ENVIRONMENTAL activists yesterday warned The Bahamas must guard against the prospect of being “short changed” over the sums it could

potentially earn from trading carbon credits.

Rashema Ingraham, executive director of Waterkeepers Bahamas, told Tribune Business that she believed an initial framework for valuing this nation’s carbon credits and associated natural resources could

Bahamas close to 1m stopover visitor target

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was close to hitting the one million stopover target for 2021 set by his ministerial predecessor, the deputy prime minister told the House of Assembly yesterday.

Chester Cooper, also minister of tourism, investments and aviation, said this nation received “almost” one million such arrivals which represent the higheryielding, greater spending portion of its tourism base as travel demand began its rebound from the COVID19 pandemic.

With arrivals figures getting ever closer to pre-pandemic 2019 comparisons as 2021 progressed, he added: “Our international air travel [arrivals] were down just 5 percent

CHESTER COOPER in December compared to 2019. For the full-year 2021, The Bahamas welcomed almost one million stopover visitors according to our preliminary numbers.”

While that was well below 2019’s total, Mr Cooper said figures from the United Nations World Tourism Organisation (UNWTO) showed international

SEE PAGE 9

Chamber chief: ‘Don’t get sidetracked’ over investor confidence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce’s president yesterday urged the Government “not to get sidetracked” by the furore over the Prime Minister suggesting investor confidence is “waning”.

Greg Laroda told Tribune Business it was more important for the Davis administration and Grand Bahama Port Authority (GBPA) to “get on the same page” over how to move the island’s economy forward than engage in a public debate over

GREG LARODA the strength of investor sentiment.

Unsure whether Philip Davis QC based his comments on what one potential investor told him during his

SEE PAGE 7

be developed within 12 months given the research already underway.

But she added that it was vital for the Government to consult with as many stakeholders as possible in this effort, including its own ministries, environmental activists, non-governmental

organisations (NGOs) and even the likes of the Defence Force, to ensure that this potential multimillion dollar resource be valued accurately.

Suggesting that estimates given to-date likely under-value the potential

SEE PAGE 8

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Realtor concerns over Grand Lucayan’s sale • BREA chief fears locals ‘sidelined’ by use of foreign firm • Urges ‘full transparency’ on any Bahamian participation • March 2 deadline for Lucayan bidders to submit offers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Real Estate Association’s (BREA) president yesterday said it was “very sad and disheartening” that the Government had seemingly “sidelined” the sector on the Grand Lucayan sale.

Christine Wallace-Whitfield told Tribune Business that the Davis administration needed to provide full transparency and disclose whether Toronto-headquartered Colliers International is working alone or if it has partnered with a local realtor to facilitate the latest attempt to sell the Government-owned resort.

She added that the Government’s continued reliance on an overseas realtor to sell its troubled Grand Bahamabased property was “not fair” to the Bahamian real

estate industry, as it was being potentially cut out of a significant multi-million dollar commission that will not be retained within the local economy.

“That’s very disheartening. It’s very sad,” Mrs Wallace-Whitfield said of the possibility that Colliers was not working through a Bahamian affiliate. “We need full transparency. We have to abide by the rules and regulations, and we have to put our people first, Bahamians first.”

The BREA chief was backed by Mario Carey, the Better Homes and Gardens Real Estate MCR Group’s principal, who described Colliers’ appointment as “another insult” to Bahamian professionals given that the real estate industry was supposedly reserved for Bahamians only plus

SEE PAGE 6

PAGE 2, Thursday, February 3, 2022

THE TRIBUNE

PWC CHIEF EYEING ‘GRADUAL RETURN TO HEALTHIER ECONOMY’ THE Bahamian head of a ‘Big Four’ accounting firm believes the Government’s diversification efforts will lead to “a more gradual return to a healthier economy” despite global pessimism on tourism Prince Rahming, PricewaterhouseCoopers (PwC) Bahamas territory leader, said this nation can still remain “positive” despite some 44 percent of global tourism and hospitality heads suggesting the sector faces a tepid outlook in its latest chief executive (CEO) survey.

“The optimistic sentiments of chief executives around the world participating in this year’s CEO Survey are indicative of similar positive outlooks for The Bahamas. The country and chief executives alike are regaining confidence in the local economy and their businesses,” he added.

“While we recognise that chief executives expressed less enthusiasm for growth in the hospitality and leisure industry, and it remains a concern, in The Bahamas with tourism being our main industry we remain positive.

“The Bahamas, like other countries, has implemented travel regulations to ensure the safety of our people and our guests. Travellers have become accustomed to these policies and we see

this in the numbers. Last year we saw an uptick in our tourist arrivals, and it is anticipated that this trend will continue with more tourists returning to our shores in 2022 and beyond,” Mr Rahming said.

“With the Government’s plan to enhance revenue, its focus on a blue economy and climate change, we see these actions as positive indications that we are on track to diversify several industries in an effort to improve our revenue, resulting in a more gradual return to a healthier economy.”

PwC’s global survey reflected expectations that worldwide economic conditions will continue to improve in 2022 as the COVID-19 pandemic eases and vaccination rates continue to improve, with restrictions also easing.

More than three-quarters of chief executives, some 77 percent, predict the global economy will improve, while only 15 percent expect worsening conditions. Optimism among corporate leaders for 2022 is slightly higher than the 76 percent level attained a year ago, and fully 54 points higher than 2020, when more than half (53 percent) predicted a declining economy.

Some 4,446 chief executives in 89 countries and territories were interviewed between October and

PRINCE RAHMING November 2021. More than half reported high levels of confidence about their own prospects for revenue growth over the next 12 months. Those expressing a more tepid outlook were in the automotive sector (46 percent), which is grappling with semi-conductor shortages.

While there was general optimism among chief executives over 2022’s economic growth prospects, perspectives varied widely across individual countries and territories. Among the largest territories, optimism was highest in India, where 94 percent of chief executives anticipate global growth in the coming year, up from 88 percent last year.

Optimism is also trending up among chief executives in Japan (plus 16 points to 83 percent, from 67 percent last year), and is modestly higher in the UK (up five points to 82 percent).

However, optimism about the global economy declined most notably among US chief executives, where it was down 18 points to 70 percent, and it was also slightly reduced in Brazil (dropping seven points to 77 percent). China was down nine points to 62 percent, and Germany was off four points at 76 percent, as inflation and supply chain constraints became more of an issue.

US chief executives were more confident about their own companies’ growth prospects, with 40 percent extremely optimistic about achieving revenue growth in 2022.

Indian chief executives were similarly confident in their companies’ outlook.

Bob Moritz, PwC’s global chairman, said: “While the ongoing pandemic and emergence of new variants cast a shadow over the year, the high level of chief executive optimism we found speaks to the strength and resilience of the global economy and the ability of chief executives to manage through uncertainty.

“There is nothing ‘normal’ about the world we are working in, but we are

getting used to it. We are seeing differences in confidence among countries, and there is no shortage of challenges to navigate, but it is encouraging that chief executive we spoke with on the whole feel positive about 2022.”

He added: “Through 25 years of the Global CEO Survey, we’ve seen chief executives tackle challenges from the bursting of the dot-com bubble to the global financial crisis.

Today, new challenges with the global pandemic and climate change are testing chief executives like never before.

“Yet, no matter the issue or year, one constant we see is the fundamental importance of establishing trust.

This year, trust appears linked to everything from chief executives’ confidence in growing revenues to whether their organisation has made a net-zero commitment.

“Looking ahead, while there will certainly be unpredictable circumstances and challenges over the next 25 years, we believe companies built on a strong foundation of trust will be fortified and their chief executives best positioned to deliver sustained outcomes that contribute to long-term success.”

Cyber and health risks were ranked as the leading global threats, identified by 49 percent and

48 percent of chief executives, respectively. Not far behind was macroeconomic volatility, with 43 percent of chief executives either very or extremely concerned about the potential impact of inflation, fluctuations in GDP and labour market issues in the coming year.

Another major underlying concern is the ability to attract and retain talent.

Some 69 percent of chief executives concerned about social inequality risks cite this as an impact, as do 62 percent of chief executives concerned about health risks.

Cyber risks are uppermost in the mind of financial services chief executives, 59 percent of whom cited this as a key threat. Manufacturing (40 percent) and consumer (39 percent) chief executives displayed lower concerns about cyber threats, despite those sectors suffering a high volume of cyber attacks.

A high percentage of hospitality and leisure chief executives (75 percent) are concerned about the impact health risks will have on their business. And 49 percent of energy, utility and resource chief executives see climate change as a key threat in the coming year, 15 points higher than the percentage across all industries.

CENTRAL BANK TO CEASE ROLE AS GOV’T SECURITIES REGISTRAR THE Central Bank yesterday said it will cease acting as registrar and transfer agent for government securities at year-end 2022 to “better align its activities with international good practices”.

The regulator, in a statement, said it will end its historical role of facilitating primary and secondary market access to Bahamas Registered Stock (BRS) bonds and Treasury Bills as of January 1, 2023. It plans to do so via a phased wind-down.

With effect from March 1, 2022, the Central Bank will cease to onboard new investors for Bahamas government securities. This means new entrants into the bond or Treasury Bill market will be required to do so through a BISX-registered broker/dealer such

as RF Bank & Trust, CFAL and Leno.

Then, between April 1, 2022, and December 31, 2022, all existing Central Bank government security clients will be required to transfer their portfolios to a BISX-registered broker/ dealer. The Central Bank will contact existing clients directly to advance this initiative.

And, from January 1, 2023, the Central Bank will cease to provide securities trading services on behalf of investors as these will be available through BISXregistered broker/dealers with direct access to BISX and the Bahamas Government Securities Depository.

The Central Bank said it will work with broker/dealers throughout the process to co-ordinate a smooth transition for investors.

THE TRIBUNE

Thursday, February 3, 2022, PAGE 3

REVENUE’S $1.3BN INCREASE ‘WILL NOT BE EASY TO ACHIEVE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMAS-based risk management consultant is “cautiously optimistic” the Government will achieve its $1.3bn revenue increase, but conceded: “It’s not going to be easy to reach.”

Hubert Edwards, principal of Next Level Solutions, told Tribune Business that the Government must immediately implement the necessary reforms if it is to increase annual revenues from just over $2.3bn

to more than $3.6bn in just four years.

Speaking after the Government’s Fiscal Strategy Report projected a 55.7 percent increase in government revenues by the 2025-2026 fiscal year’s end, along with a $71.9m Budget surplus by 2024/2025, said: “It’s a really interesting position, but I think we must bear in mind that the $1.3bn difference is kind of three to four years out, and it’s not going to be easy to reach.

“But I believe that, in order to make that assessment, you have to make a full analysis of the Fiscal Strategy Report. If you go

through the document, one of the things that you’re going to find is, starting with the release letter, it said in very clear terms that the economic health of the country is in a perilous state. So, there’s a recognition that things are bad, and then it goes into delineating a number of areas for reforms.

“So, the question then becomes if these things are done, and if they are done effectively, with sufficient time, then there is a possibility that you could see a trend in revenue over the next couple of years. But that would assume that The Bahamas is now shifting

into a growth mode, and how GDP obviously has to be growing in order for you to get that type of a buoyancy.”

Simon Wilson, the Ministry of Finance’s financial secretary, said unspecified “new tax measures” will be required to achieve that $1.3bn revenue increase, although the majority of this rise will come from greater enforcement and compliance.

As a result, Mr Edwards asked if there “will there be an increase in current taxes, or will there be new taxes”.

He added: “I am of the view that the direction which has been articulated by

the administration, largely by the Prime Minister, of reaching the 25 percent benchmark of revenue-toGDP, will require increases in taxes in some way, shape or form.

“I don’t believe that the taxes that currently exist, at the levels that they currently exist, by themselves will ever will get you to the $1.3bn. If the country doesn’t start to realise additional revenue growth, then the type of remedial actions which are necessary for our loan and our debt portfolio are not going to happen. Here is why.If you look over the last couple of years, and even the last

SMALL CONTRACTORS SCEPTICAL ON GOV’T HOUSING PROMISES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net SEVERAL small Bahamian contractors have voiced scepticism over being able to win government housing contracts despite the Davis administration’s pledge to give them access Edison Thompson, owner/operator of Edison Thompson Construction,

told Tribune Business: “I really don’t have any prospects of getting any of those contracts because they never give me work. All they have to do is pick up the phone and call me, just like how everyone else calls me, so they really don’t do a good job at seeking out good contractors to give work to.

“Don’t forget this is a political thing, too, and because I don’t go on any side of the fence I always

get caught up in the middle because they don’t see me as an FNM (Free National Movement) or a PLP (Progressive Liberal Party) supporter. We have that in this country that if you are not a part of a political party, you don’t get anything.”

He spoke out after JoeBeth Coleby-Davis, minister of housing and transport, last week promised there is a “new day in housing development”. She

announced that the Ministry’s private sector partners will be developing entire subdivisions, includes all necessary infrastructure and building a significant amount of homes, to relieve the financial burden on government.

Mrs Coleby-Davis added: “We’ve reinstated our small contractors’ programme.

This initiative is for small contractors who are prepared to build for the Government.”

PM PLEDGES ‘NEW ERA OF PROSPERITY’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Prime Minister has vowed to create a “new era of possibility and prosperity” while pledging not to return to how business was conducted before Hurricane Dorian and COVID-19.

Philip Davis QC, speaking at the recent Arbitration & Investment Summit, said: “We are very clear that the goal is not to return to how things were before Hurricane Dorian and the pandemic. The goal is to surpass what came before, and usher in a new era of possibility and prosperity.

“Included within these reforms are improvements to the ease of doing

business, a category in which our country has underperformed in the past, with reactive policies that were often rolled out too slowly to make up the difference with world leaders in this area.”

He added: “Revamping the approach to investments in The Bahamas requires clear and transparent application and approval processes for all investors. Approvals need to move faster – too many useful projects have been delayed by a slow and cumbersome process.

“Both the processes and the promotional mechanisms must also rely heavily on digital technologies to bridge international gaps, expand our reach, and evolve according to global

norms, especially in the wake of COVID-19.

“There is a need for an island-by-island investment strategy, in which we identify which islands, and which locations on these islands, are best-suited to specific investments. At the same time, we need a country-wide investment framework in which we identify the resources and infrastructure needed to maximise our potential nationwide,” Mr Cooper continued.

“We need diversification within tourism and financial services, including tapping into new sub-sectors within these two pillars of our economy. In addition, of course, we need the strategic development of new industries.”

Turning to the prospects for developing alternative dispute resolution (ADR) as a means to resolve commercial conflicts, Mr Davis said: “Of course, whether we’re attracting lucrative investments or developing local businesses, crucial to our progress will be further developing our capacity for ADR. “The Ministry of Economic Affairs is a new ministry charged with driving all initiatives that are high priority when it comes

fiscal year, we ran a primary deficit.

“So that means even before you even account for interest rate payments, you’re already in a deficit position. So really, the only way the country is going to progress and move forward and deal with its debt is if the Government has additional revenue and starts to get to the place where it’s easily covering its debt servicing obligation. That may definitely mean some increases in taxes at some place and time.”

Mr Thompson, however, said: “We live in a small society, and there is always somebody who can go to the source directly. Some people go crying and begging so they can get some work. But I’m out here and just as you called, people call me and I get work, but I don’t depend on the Government because it never worked out for me.”

Lavado Brown, owner/ operator of Black Bahamian Builders Construction,

added: “I think they need to give some of these contracts to the smaller contractors instead of the big business owners who have always been getting the contracts.

Give the smaller and younger people a chance to get some work.”

Kermit Ferguson, owner/operator of AK Maintenance, said the administration of government contracts for small home construction should be placed in the private sector’s hands so that smaller contractors such as himself could feel “confident” they will be treated fairly.

to the economic development of The Bahamas.

This ministry, which works alongside the Ministry of Tourism, Aviation and Investments, will accelerate the advancement of The Bahamas as a centre of international commercial arbitration and other ADR processes.

“This is significant not only to prospective investors but to local businesses and entrepreneurs, international and domestic trade, and as a complement to financial services and national development.”

Mr Davis added: “The development of ADR will prove to be a boon to

local legal professionals, providing new opportunities for specialisation. As international commerce and foreign investments continue to expand under this administration, The Bahamas will be prepared to meet the demand for conflict resolution through arbitration, mediation and construction adjudication.

“My administration looks forward to working with all of the major ADR stakeholders to achieve this important objective. I know today is only the beginning of elevating ADR as a crucial component of our national development.”

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PAGE 4, Thursday, February 3, 2022

THE TRIBUNE

DPM MEETS WITH RESORT PRESIDENT RICHARD Chiu, president of Warwick Hotels & Resorts, and his executive team paid a courtesy call on Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, on Friday at the ministry’s offices. Warwick owns a resort on the southern shore of Paradise Island.

Also present were Reginald Saunders, permanent secretary, Ministry of Tourism, Investments and Aviation; Latia Duncombe, acting director-general, Ministry of Tourism, Investments and Aviation; and the Ministry of Tourism, Investments and Aviation’s director of investments, Phylicia Woods-Hanna.

Photo: Kemuel Stubbs/BIS

GOV’TS ONLINE PORTAL GETS 60,500 USERS IN FIRST YEAR THE Government yesterday said some 60,500 users have to-date signed up for the centralised online

portal that aims to provide digital access to 200 public services by 2025.

In a statement marking tomorrow’s first anniversary of the MyGateway platform’s launch, it added that

NOTICE IN THE ESTATE OF MAURICE CYRIL LYNCH ISAACS late of #76 Emerald Coast, Emerald Shores in the Western District of the Island of New Providence, one of the Islands of the Commonwealth

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 3rd March, A. D. 2022, after which date the Executors will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

its arrival was part of a five-year Digital transformation to strengthen competitiveness project, which aims to improve the ease of doing business in The Bahamas. Some 50,000 applications have been processed through the portal to-date.

The initiative is being spearheaded by the Digital Transformation Unit (DTU), a unit of the Department of Digitisation and Transformation in the Ministry of Economic Affairs. The 60,500 users that have signed up so far come from 25 countries,

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and they have the ability to pay for public services via the Digipay application.

The Digital Transformation Unit and its partners will participate in a series of events throughout February to commemorate MyGateway’s first anniversary, including attending a church service at Bahamas Harvest, and a community service event.

It will hold a Day of Purple where MyGateway customers will be invited to wear that colour on February, 2022, record a video or take a photo in their purple gear and submit it to info@ mygateway.gov.bs.

The submissions will be shared throughout the month on MyGateway’s social media platforms.

The Digital Transformation Unit has also proposed draft legislation that supports an e-Government mandate, and a public-private partnership (PPP) to create the first National Cyber security Strategy and National Cyber security Incident Response Team (CIRT) in conjunction with the United Nations (UN). It is also working on a National Electronic Identification System.

THE TRIBUNE

Thursday, February 3, 2022, PAGE 5

‘GLARING DEFICIENCIES’: TOP ARCHITECT LOSES PERMIT FIGHT FROM PAGE ONE

public, as if we architects don’t. We have to take an oath to protect health and safety, and the environment as well.”

Justice Klein’s ruling revealed that Mr Ferguson’s dispute with Building Control stemmed from the use of Nudura, an insulated concrete form (ICF) product, in a townhouse he had designed. The product had been approved for use in The Bahamas by Building Control, subject to certain conditions that included an engineer’s review and the provision of structural details.

Building Control imposed these conditions on Mr Ferguson’s town home permit application, but Justice Klein said the latter was “resolutely of the view, based on an auto-interpretation of the statutory position, that the Building Control Officer’s request is unlawful and irrational, and that such conditions ought not to be super-imposed on to a plan submitted by a licensed architect”.

The IBA president argued that the request, and decision to place his permit on hold, violated the Buildings Regulations Act, Bahamas Building Code, and resulted in the Building Control Officer exceeding his authority. Mr Ferguson’s Judicial Review bid sought the hold’s removal, and an Order compelling the regulator to process his building permit application, as well as damages.

Mr Ferguson submitted the architectural plans for the town house on May 17, 2018, and received the necessary zoning and environmental health approvals within two months. But, after exchanging correspondence with Building Control for more than a year, he was told the application was stayed pending a review of the drawings by an engineer.

“As it was his view that a professional architect could submit drawings without

the need for engineering drawings, he eventually filed for Judicial Review,” Justice Klein said of Mr Ferguson. However, Building Control took the view that the ICF product’s use required that a recognised structural engineer ensure the town house’s integrity.

Edwin Yuk Low, a 14-year Ministry of Works veteran and senior structural engineer, reviewed the drawings and “identified a number of shortcomings”.

Building Control subsequently conveyed this to Mr Ferguson’s attorney via an August 6, 2019, letter.

“As a result of the glaring deficiencies and inconsistencies found in the architectural drawings and structural details submitted

by Mr Ferguson, the application was queried on July 23, 2019, for its structural details to be reviewed and certified by a recognised engineer,” the letter said.

“Hence the building application is held in abeyance until adequate structural details are submitted in compliance with the conditions approved for use of the specific approved product.” Craig Delancy, Building Control Officer, alleged in an affidavit that Mr Ferguson knew well the building permit process and “this is not the first occasion on which the Building Control Officer has flagged issues with architectural drawings which he has submitted”.

Building Control based its case on the rules accompanying the Buildings Regulations Act, which give it the authority to require that a structural engineer perform calculations to address “stresses” if the person submitting the drawings is not an engineer.

However, Mr Ferguson centred his argument on the Bahamas Building Code which stated that engineering calculations “shall be prepared by a licensed architect or architectural technician or an engineer recognised by the minister.

“However, where the preparation has not been done by a person recognised by the minister as an engineer for the preparation of structural design, and the calculations involve structural stresses, the Buildings Control Officer may require that the preparation be done by a person recognised as an engineer.”

Mr Ferguson argued to Tribune Business that there was no difference between “engineering calculations” and “structural calculations”, and that the two terms are “misleading to the public”. He added: “All design is based on structural calculations... That’s part of what we architects do in the design process.

“It’s part of our training, is deeply embedded in our training, and we use it on a daily basis. Engineering calculations and stress calculations are one and the same. We are already calculating for stress in the building system. To say we can provide engineering calculations but cannot provide stress calculations, that’s a bone of contention for myself and the profession. It has to be cleaned up.”

The IBA president also argued that the Building Control Officer “went beyond his powers” in determining who should review his drawings, adding that it would “stagnate the practice of architecture” if drawings had to be constantly reviewed by engineers.

“It seems as if the capacity of architects is being usurped,” Mr Ferguson said, “and as long as I have the power I will fight

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against such instances. It’s far-reaching, and has to come to an end and stop because it strangles us as a profession with practicing our craft or doing what we’ve been trained to do.”

Not surprisingly, Justice Klein disagreed. “The applicant appears to take umbrage mainly to the requirement for review and certification by an engineer, as he contends that as a qualified architect he is entitled to submit any architectural plan without the

need for any ‘review and certification’ by an engineer or any third party,” the judge wrote.

“The applicant fastens on a very narrow interpretation of the provisions to contend that the matter was not one involving ‘calculations’ or ‘[computations based on structural stresses’, and therefore did not require the intervention of an engineer.”

However, Justice Klein found that the rules and Building Code give

Building Control “a discretion to request engineering calculations on any portion of a structure that may involve ‘structural design’ issues and computations based on structural stresses and, where requested, he may require that they be done by an engineer”.

Therefore the building control officer was “simply doing what he was statutorily entitled to do”, and Justice Klein declined to let the IBA president’s challenge proceed.

PAGE 6, Thursday, February 3, 2022

REALTOR CONCERNS OVER GRAND LUCAYAN’S SALE

FROM PAGE ONE

permanent residents with the right to work.

Arguing that the Government was “making their own rules”, as well as “bypassing” the industry’s efforts at self-regulation and the Real Estate (Broker and Salesmen) Act 1995, Mr Carey contrasted the Grand Lucayan situation with how he is working with Miami-based CBRE on marketing and selling the former Ginn project in Grand Bahama’s West End. He added that the US realtor “goes through me and uses my licence”.

Mrs Wallace-Whitfield and BREA previously raised similar concerns when the Minnis administration hired Colliers back in 2018 for exactly the same purposes. But Michael Scott QC, the then-Grand Lucayan’s chairman, rejected those complaints by asserting that Colliers was working with a Bahamian realtor, Sterling Bahamas Realty.

However, there was no confirmation from the Government yesterday as to whether this partnership was still in existence or if the Canadian-based firm was working alone or with another local operator.

Both Mr Carey and Mrs Wallace-Whitfield spoke out after Chester Cooper,

deputy prime minister and minister of tourism, investments and aviation, confirmed that the Grand Lucayan’s Board had followed the former Minnis administration’s lead in hiring Colliers to oversee the resort’s sales process.

Mr Cooper revealed that 5pm on Wednesday, March 2, 2022, is the deadline by which all bids to acquire the Grand Lucayan must be received. Colliers has been re-hired to run the new sales process, market the resort to potential purchasers and vet incoming offers, performing the same functions for the last administration which ultimately went with the ITM Group/ Royal Caribbean bid.

The Davis administration has elected not to proceed with that deal, resulting in the Grand Lucayan being placed back on the market once again. Mr Cooper said the Board of Lucayan Renewal Holdings, the special purpose vehicle (SPV) created to hold the resort for the Government, had received “seven serious inquiries” so far from potential purchasers.

“To save the resort and to expedite the sale with the best possible terms, the board of Lucayan Renewal Holdings, the special purpose vehicle created to facilitate the sale of the

resort, has engaged the services of Colliers International, a world-renowned real estate company with a vast professional network that is accustomed to handling large scale, high-end real estate transactions,” he said.

“Much of the Bahamians people’s hard-earned tax dollars have been invested in this resort. We will not tarry in causing there to be as swift as possible a transaction on the best terms possible to bring this investment along.

“We advised the former administration against the purchase of this resort, but in governance you are played the hand you are dealt and not the one you wish you had,” Mr Cooper continued.

“Therefore, companies interested in purchasing the resort will at a minimum be required to provide proof of funding and a vision and a plan to restore and revolutionise the island of Grand Bahama, with a shared vision for the growth and development of the island.”

Once the bids come in, Mr Cooper said: “Offers will be subjected to rigorous due diligence to be vetted by colleagues on the board of Lucayan Renewal Holdings, and we are seeking partners that plan to

NOTICE IN THE ESTATE OF MERRILL KENNETH ROGERS late of #2 Rosetta Street and formerly of Buckleys, Long Island, one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 3rd March, A. D. 2022, after which date the Executrix will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.

EDWARD B. TURNER & CO. #24 Leonie Place Flax Terrace off Malcolm Road Nassau, Bahamas Attorneys for the Executrix of the Estate of the late Merrill Kenneth Rogers

invest heavily in the property and in the island of Grand Bahama.”

“We have seen about seven serious inquiries about the property, and we are cautiously optimistic that this process will help us to advance this matter as swiftly as possible. We are encouraging the participation of Bahamian investors and bidders in this process, and encourage them to engage actively in this process.”

Colliers will likely have been selected due to its familiarity with the Grand Lucayan as well as the wider Bahamas, as well as its global reach and contacts with prospective purchasers. It was hired to broker Baha Mar’s sale in 20152016, and also fulfilled the same role in 2014 over the British Colonial Hilton’s sale to China Construction America (CCA).

“I don’t understand why we have to get an international firm,” Mrs Wallace-Whitfield said yesterday. “There’s no reason why we should be searching outside the country for a foreign entity.

“I have a problem with that. I’d love to know what the reason is. It’s not fair.

We can’t do this in somebody else’s country. If we’re going to advertise or do something in a foreign country we have to make sure we seek out a company or affiliate in that country to work through.

“So when somebody comes to The Bahamas, whether it’s through the Government or whoever, they should seek out a Bahamian company, and if they want to be specific and have an international focus

they can seek out a company with that affiliation. I don’t know if this company is affiliated with a local Bahamian group, but they need to be transparent, advise and let us know.”

The BREA president pointed out that Bahamian real estate firms had the required global reach to sell a resort such as the Grand Lucayan via their affiliations with networks such as Sotheby’s International Realty, Coldwell Banker, Better Gardens and Homes, Berkshire Hathaway and Corcoran.

Tribune Business was told by well-placed sources, speaking on condition of anonymity, that the Government - through the Hotel Corporation - had sent out its request for appraisals of the Grand Lucayan’s value solely to non-Bahamian firms even though the law mandates that such work is exclusively reserved for licensed locals.

Government officials did not return calls seeking comment before press time last night, so this could not be confirmed. However, Mr Carey told this newspaper: “Here we go again. Another insult. I’m not too sure how Colliers get to operate here, and what licence they are using. There has to be a licence granted to operate in The Bahamas because it’s reserved for Bahamians only.

“Why don’t they use Bahamian realtors? I guess they [the Government] have a right to do that.

When we have over 1,000 trained agents paying rent, paying VAT, paying insurance, paying annual dues to be licensed in this country,

THE TRIBUNE

and doing everything right, and government bypasses all of it.”

Mr Carey said a 2 percent commission on the Grand Lucayan’s sale would be equivalent to $3m if the Government’s target $150m purchase price is achieved.

“These guys literally make their own rules,” he added of the Government. “They don’t care we have a real estate industry, don’t care we have a Real Estate Act. They do what they want to do.”

Colliers’ Nassau-based Caribbean point-man is Gerhard Beukes, former head of Renew Bahamas, the company that secured an agreement with the last Christie administration to manage the New Providence landfill. Renew cited “force majeure” conditions as its rationale for walking away from that contract in 2016 prior to Hurricane Matthew, sparking an arbitration battle with government.

Prior to that, Mr Beukes oversaw the British Colonial Hilton’s sale to China Construction America (CCA) in 2014 on behalf of its former private equity owner. And, after the landfill venture did not succeed, he came full circle and worked for CCA as vicepresident of investments and asset management for the South America and Caribbean region prior to joining Colliers.

Mr Beukes could not be reached for comment before press time last night despite Tribune Business leaving calls and messages on his phone.

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.

THE TRIBUNE

CHAMBER CHIEF: ‘DON’T GET SIDETRACKED’ OVER INVESTOR CONFIDENCE FROM PAGE ONE visit to Dubai, the Chamber chief added that it was more important for the Government and GBPA to translate investor interest into actual investment and business activity on the ground so Grand Bahama residents can benefit from job and entrepreneurial spin-off opportunities.

The Prime Minister’s comments, and the newspaper headlines they generated earlier this week, became one focus during yesterday’s House of Assembly debate as the Opposition’s three Grand Bahama-based MPs argued that they had sent the wrong message to both Bahamian and international investors potentially eyeing the island.

Mr Laroda said Ian Rolle, the GBPA’s president, had publicly denied investor confidence in Grand Bahama was ebbing away in response to coverage of the Prime Minister’s remarks, which he argued “highlights the need” for government and Port Authority to work together on reviving Freeport and the wider island.

“Whether investor confidence in Grand Bahama is high, middle or waning as the Prime Minister said, what we need to do is get together to get business to Grand Bahama,” the GB Chamber chief told this newspaper. “It doesn’t matter if interest is high or interest is low if we’re not getting business.

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

“We have to see what we can do to raise that confidence level so that get some projects on the ground here on the ground in Grand Bahama to get the economy going in the right direction. We don’t need the two of them [government and GBPA] to get into a debate as to whether interest is high. That would be the wrong focus.

“We need to focus on how we’re going to get business on the ground and started up so that it brings jobs and opportunities to the residents in Grand Bahama.”

Mr Laroda acknowledged “there’s always that concern” that Bahamian and foreign investors could be deterred from selecting Grand Bahama after hearing comments about “waning confidence” from someone of the Prime Minister’s stature.

He added: “Moving forward we need to focus on trying to encourage people to invest in Grand Bahama

as opposed to maybe sending mixed signals and causing an already-bad situation to get worse. That’s where the focus needs to be.

“Don’t get into the back and forth in the media about confidence waning and why. Let’s talk about what we can do to make things happen. I think that’s key in the message we send to potential investors. We need to be on the same page and paint a positive picture so that folks can be encouraged to invest in Grand Bahama and see it as a real business opportunity.

“I think when you say investor confidence is waning in a jurisdiction, and more specifically Grand Bahama, you open yourself up to people speculating and wondering why.

If someone is looking to do business in Grand Bahama, and hears that and do no hear the why, they may err on the side of caution and decide not to invest,” Mr Laroda continued.

“You always run that risk, so you have to be careful what you say in public. Let’s focus on the positive and what we can do, no matter the level of confidence. We

Thursday, February 3, 2022, PAGE 7 need to move it a lot higher so that people not only want to invest, but can and actually do something.

“We mustn’t get sidetracked by a debate as to whether confidence levels are high or not. To me that’s not as important as what can be done to improve the situation from whatever it is now.”

Among the investments underway or in the pipeline

for Grand Bahama are the Carnival cruise port; Royal Caribbean’s additional berths and revamp of Freeport Harbour; the Western Atlantic University Medical School; the Milo Butler group’s downtown redevelopment; Weller Development’s project; and the Grand Bahama Shipyard’s investment in the world’s largest dry dock.

PAGE 8, Thursday, February 3, 2022

THE TRIBUNE

DON’T GET ‘SHORTCHANGED’ OVER CARBON CREDITS PLAN FROM PAGE ONE for

The

Bahamas,

Ms

Ingraham told this newspaper: “I’ve seen where some

people have been giving numbers as to how much it can be valued at. I think it can be valued at more than what is being quoted in public.

“I hope there’s proper engagement with the NGOs doing the work and trying to quantify the carbon being contained in the mangroves, pine forests

and coral reef so that when the Government presents on the international stage we’re not short-changed.

“I’m very concerned about that, so that’s why it’s

CAREER OPPORTUNITY Senior Application Specialist Bahamas First Corporate Services Limited, a member of the Bahamas First Group, seeks applications from suitably qualified candidates for the position of Senior Application Specialist to play a critical role in ensuring the availability, reliability, and usability of the suite of applications deployed by Bahamas First Holdings companies by providing technical support and application development.

Core Responsibilities • • • • • • • • • • • •

Provide second-level application support for in-house network applications.

Ensure routine maintenance tasks and system administrative activities are running smoothly to maintain reliable and effective operation of all applications.

Ensure change management processes are continuously followed to maintain a stable production environment.

Manage production deployment of application patches and upgrades.

Participate in problem resolution related to application issues across business units; this includes working with business colleagues, business-facing IT colleagues, infrastructure teams, external partners, and/or vendors.

Maintain consistent dialog with users with the view of ensuring the building of system integrity and confidence.

Work closely with Business units to ensure the sharing of information and facilitate a comprehensive line of business training programs.

Design and implement reports and dashboards according to business needs.

Create documentation to assist the team with current and future troubleshooting needs.

Collaborate and work with Application Support team to build tools and automation to enable team efficiency and response time.

Liaise with respective IT Team members, end-users and software vendors on software issues and system upgrades.

Collaborate with Business unit leaders on new initiatives and programs.

Education & Experience • Bachelor’s degree in computer science, engineering or related technical discipline • 5+ years’ application/platform management experience, including 3+ years’ collaborating closely with technical IT teams • Exceptional analytical, problem-solving, and troubleshooting abilities • Working demonstrable knowledge of the following applications: − Internet Information Services (IIS) − Microsoft Server Administration − Enterprise Web-based Applications (SharePoint) − Microsoft PowerShell & SQL − Change Management Processes • Experience with building documentation • Experience with Ticketing Systems • Exceptional Customer Service skills • Excellent verbal and written communication skills, as well as strong attention to detail • Excellent time and workload management skills with the ability to prioritize, work independently, and multi-task to meet work expectations • Self-motivated team player who is coachable, flexible, resilient, and comfortable working under high pressure with multiple deadlines and minimal supervision in a dynamic application environment Interested persons should apply in writing to The Manager of Human Resources & Administration at careers@bahamasfirst.com by 7 February 2022.

BAHAMAS FIRST HOLDINGS LIMITED 32 Collins Avenue, Nassau, NP, Bahamas | www.bahamasfirst.com

important for them to speak to all stakeholders so that they can make it happen.

There’s a very large range of stakeholders that need to be involved in that.”

Asked how long it could take to put in the necessary framework for regulating and valuing carbon credits, Ms Ingraham added: “I think it could happen in less than 12 months; at least the initial work with carbon credits and how to value it.

“We’ve been looking at ways to diversify our economy where our natural resources play a vital role in helping to get to that point.

We have so many acres of mangroves and pine forests and sea grass, which are great sequesters of carbon, and we will be able to use the credits to build a new economy.

“There’s been a lot of work happening, especially in Abaco and Grand Bahama. There’s been a lot of NGOs doing research work. The mangroves will be the biggest asset in terms of carbon credits. It’s pulling carbon from the air and trapping it in the nutrients in the soil. Converting it to credits is just looking at how much carbon is contained in the roots, in the soil.”

Ms Ingraham, reiterating that The Bahamas must present an “accurate formula” for calculating carbon credits so that it not “short changed”, spoke after a Bahamas-based financial executive told Bloomberg that this nation could earn $375m per year from carbon credits.

Barbara Ann Bernard, chief executive of Wincrest

Capital, said this nation could generate $308m worth of carbon credits from restoring 7,011 hectares of mangroves. And she estimated that the existing 97,000 acres, and 5.4m hectares of sea grass, are worth $375m per year.

Carbon credits are likely to be among the “new tax measures” being considered by the Government, and Ms Bernard said that to realise this potential The Bahamas will have to get its sequestration ratified by Gold Standard and registered with the United Nations Framework Convention on Climate Change before these instruments can be sold.

Casuarina McKinneyLambert, the Bahamas Reef, Environment and Educational Foundation (BREEF) executive director, yesterday told Tribune Business: “Marine ecosystems, especially seagrass beds and mangroves, are important carbon sinks.

There is great potential to benefit from carbon credits from protecting and restoring these habitats.

“In addition, we have a tremendous opportunity to build climate resilience in our own islands by protecting these ecosystems that protect us from rising seas and storms associated with climate change.

“However, it is extremely worrying to be talking on the one hand about the economic benefits of carbon credits and protecting these valuable ecosystems while on the other hand contemplating projects that would result in damage to these ecosystems and also jeopardise the livelihoods of fishermen and increase the vulnerability of low-lying settlements.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CODY McCARDY of South Beach Estates, P.O. Box SB50874 Nassau, Bahamas, intend to change my name to CODY McCHARDY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that LORRAT LAGUERRE of Pinedale, Wulff Road, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th January, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Thursday, February 3, 2022, PAGE 9

BAHAMAS CLOSE TO 1M STOPOVER VISITOR TARGET FROM PAGE ONE tourist volumes globally were off by 72 percent.

And the December 2021 report from Forward Keys, the travel bookings analyst, showed The Bahamas was 4.5 percent ahead of 2019 arrivals in its main US source markets. Mr Cooper’s figures indicate that the one million stopover target set by his ministerial predecessor, Dionisio D’Aguilar, was not far off the mark.

Elsewhere, Mr Cooper confirmed previous Tribune Business revelations that the Grand Bahama International Airport’s (GBIA) previous owners, Hutchison Whampoa and the Grand Bahama Port Authority’s Port Group Ltd affiliate, pocketed the Hurricane Dorian insurance money and left behind a facility losing $300,000 per month.

The deputy prime minister said: “In summary, the sellers took the insurance money and we spent in the region of $1m upfront.

We inherited the ongoing operation and losses to the tune of 300,000 a month for a total roughly $3.6m per annum.”

He warned that since very little repaur has been done since Hurricane Dorian, the US government plans to “cease pre-clearance” operations out of Grand Bahama - something that has already been suspended.

Mr Cooper said: “We’re not going to sit on our hands. We’re going to begin the remedial work at the GBIA. These works will include the reinstallation of generators to ensure that recent incidences of lighting delays at night that have been endured by our residents on Grand Bahama will not recur.”

Tribune Business previously reported how a $200m investment is required for the “comprehensive redevelopment” of an airport that lost more than $13m in the two-and-a-half years before the government acquired it.

The extent of the potential liabilities facing Bahamian taxpayers as a result of the purchase, which closed on June 1 last year, was fully exposed during a briefing for private sector groups interested in bidding on public-private partnerships (PPPs) to redevelop, finance and manage Grand Bahama’s major aviation gateway

and six other Family Island airports.

Data disclosed during the briefing revealed that Grand Bahama International Airport generated an operating profit in just one of the five years prior to the sale to the government, providing further insight into why its former owners were both so reluctant to rebuild it post-Dorian and so eager to offload a regular loss-maker to the taxpayer.

The financials, based on audited and unaudited financial statements for Grand Bahama Airport Company, reveal that it suffered an operating loss (based on earnings before interest, taxation, depreciation and amortisation or EBITDA) of $5.567m during the 2019 calendar year.

Some $9.608m in revenues were dwarfed by $15.1276m in total operating expenses, of which $3.69m related to staff costs and $11.486m to non-labour expenses. Those figures likely resulted from the catastrophic damage that Hurricane Dorian inflicted on Grand Bahama International Airport, and its closure to income-generating commercial and private aviation traffic for several months.

And the COVID-19 pandemic, with the closure of international and domestic aviation traffic, was probably the major contributing factor that plunged Grand Bahama Airport Company into a further $6.663m operating loss for 2020.

Total revenues, both aeronautical and non-aeronautical, dropped by almost two-thirds year-over-year to $3.046m, while total operating expenses were down by more than one-third at $9.708m. However, the ‘red ink’ continued to mount with a further $1.105m worth of operating losses during the first four months of 2021 to end-April.

As a result, Grand Bahama International Airport has collectively generated some $13.3m worth of operating losses in the near two-and-ahalf years immediately prior to its acquisition by the Government, and further multi-million dollar taxpayer subsidies may well be required to ensure the facility remains a “going concern” until a private sector developer is found to take over all responsibilities.

NOTICE BAYARD 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 31st 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

WEDNESDAY, 2 FEBRUARY 2022

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2197.88

0.00

0.00

-30.36

-1.36

(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 4.50 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.39 96.09 99.44 100.11 100.70 100.43 100.58 100.06 100.36

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.39 96.09 99.44 100.11 100.00 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 FX BGR118022 BGRS FX BGR139140 BGRS FX BGR141240 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 BSBGR1180227 BSBGR1391402 BSBGR1411408 BSBGRS760257 BSBGRS840331 BSBGRS710237 BSBGRS750233 BSBGRS920281 BSBGRS980319

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.00 9.25 3.30 7.91 2.86 7.00 12.00 2.06 10.08 11.46 10.75 15.00 3.95 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 96.09 99.44 100.11 100.15 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 7.91 2.86 7.00 12.00 2.03 10.06 11.60 10.75 15.00 3.95 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 (0.03) (0.02) 0.14 0.00 0.00 0.00 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

VOLUME 750

3,500 102

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.65 96.09 99.44 100.11 100.15 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

100 50 150

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% 3.51% 5.60% 5.90% 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 56.5 15.5 15.6 16.6 19.9 21.5 18.0 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% 21.38% 0.60% 2.83% 2.23% 3.60% 3.04% 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 13-Oct-2002 15-Sep-2040 17-Nov-2040 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 1.72 1.82 1.80 1.05 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 1.72 1.82 1.80 1.02 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% 2.70% 2.70% 1.63% 1.63% 2.39% 2.39% -2.79% -2.79% 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 31-Dec-2021 31-Dec-2021 31-Dec-2021 31-Dec-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

PAGE 14, Thursday, February 3, 2022

THE TRIBUNE

LEGAL NOTICE

NOTICE

CHITA LIMITED

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

EINHORN LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a)

CHITA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 2nd February, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023, Nassau, Bahamas

PROFITABLE INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) EINHORN LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

PROFITABLE INVESTMENTS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 2nd February, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 2nd February, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 3rd day of February, A. D. 2022 _________________________________

Dated this 3rd day of February, A. D. 2022 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 3rd day of February, A. D. 2022 _________________________________ Bukit Merah Limited Liquidator

Bukit Merah Limited Liquidator

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 63° F/17° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny with winds subsiding

Clear

Pleasant with plenty of sunshine

Mostly sunny and pleasant

Mostly sunny and pleasant

Mostly sunny and beautiful

High: 78°

Low: 68°

High: 80° Low: 66°

High: 79° Low: 67°

High: 78° Low: 66°

High: 77° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

78° F

65° F

82°-65° F

82°-66° F

83°-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.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 70° F/21° C

8-16 knots

S

High: 79° F/26° C Low: 69° F/21° C

10-20 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 72° F/22° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 82° F/28° C Low: 67° F/19° C

N

| Go to AccuWeather.com

High: 77° F/25° C Low: 66° F/19° C

MIAMI

High: 79° F/26° C Low: 71° F/22° C

8-16 knots

KEY WEST

High: 78° F/26° C Low: 72° F/22° C

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 66° F/19° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 67° F/19° 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 ..................................... 1.47”

ELEUTHERA

NASSAU

High: 78° F/26° C Low: 68° F/20° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 77° F/25° C Low: 70° F/21° C

N

High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Monday

12:13 a.m.

12:24 p.m.

2.5 2.2

6:30 a.m. 0.3 6:42 p.m. 0.0

Tuesday

1:06 a.m.

1:15 p.m.

2.4 1.9

7:28 a.m. 0.4 7:31 p.m. 0.1

Wednesday 2:01 a.m.

2:11 p.m.

2.3 1.8

8:28 a.m. 0.6 8:23 p.m. 0.2

sun anD moon Sunrise Sunset

High: 77° F/25° C Low: 71° F/22° C

N

S

E

W

8-16 knots

S

10-20 knots

ANDROS

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

tiDes For nassau

6:52 a.m. Moonrise 5:56 p.m. Moonset

8:50 a.m.

8:39 p.m.

First

Full

Last

New

Feb. 8

Feb. 16

Feb. 23

Mar. 2

CAT ISLAND

E

W

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

SAN SALVADOR

GREAT EXUMA

High: 77° F/25° C Low: 70° F/21° C

High: 77° F/25° C Low: 73° F/23° C

N

High: 77° F/25° C Low: 70° F/21° C

E

W S

LONG ISLAND

tracking map

High: 78° F/26° C Low: 72° F/22° C

10-20 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 73° F/23° C

H

High: 78° F/26° C Low: 73° F/23° C

GREAT INAGUA High: 81° F/27° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

12-25 knots

12-25 knots

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

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

WINDS SE at 10-20 Knots ESE at 7-14 Knots E at 8-16 Knots E at 7-14 Knots E at 10-20 Knots E at 8-16 Knots ENE at 10-20 Knots ENE at 8-16 Knots E at 10-20 Knots E at 7-14 Knots ESE at 8-16 Knots ESE at 6-12 Knots E at 10-20 Knots E at 8-16 Knots NE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots ENE at 8-16 Knots ENE at 10-20 Knots ENE at 8-16 Knots E at 8-16 Knots E at 7-14 Knots E at 12-25 Knots ENE at 8-16 Knots E at 10-20 Knots E at 7-14 Knots

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

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