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TUESDAY, FEBRUARY 8, 2022
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Tourism’s call: ‘Eliminate’ 48-hour COVID testing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government was yesterday urged to eliminate the 48 hour in-country COVID testing requirement for all tourists and make The Bahamas “more competitive” for the peak winter season. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that the decline in Omicron-fuelled infections means this nation must give “serious consideration” as to which parts of its COVID-testing regime can be “safely eliminated” so that a “strong pace” in visitor bookings can be maintained throughout 2022.
• BHTA chief: It will make Bahamas ‘more competitive’ • Calls for nation to find ‘sweet spot’ on entry protocols • Vital if ‘strong pace’ on visitor bookings is sustained Emphasising that he was not suggesting The Bahamas be “cavalier” when it came to visitor safety, he argued that it nevertheless must focus on removing all “impediments and obstacles” to travel to the greatest extent possible given tourism’s pivotal role
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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DAVID SLATTER
• Investment chief: ‘At least’ $150m in raises • Will turn fund’s 2021 ‘cash drag’ into returns • Possible $300m activity a preCOVID match
Sisters-in law’ ‘take leap’ on authentic Bahamian brands By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SISTER-IN-LAW duo yesterday said they are “taking a leap” by opening a downtown Nassau store designed to place “authentic” Bahamian brands within easier reach of tourists and locals. Keva and Natalie Carey, in e-mailed replies to Tribune Business questions,
said the positive response from Bahamian entrepreneurs and small businesses had convinced them to move beyond the virtual world with a ‘bricks and mortar’ venture that will open in Parliament Street’s BayParl building in March 2022. Describing themselves as “on a mission to reclaim space for Bahamianowned and Bahamian-made brands”,
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INTER-AMERICAN DEVELOPMENT BANK (IDB) HEADQUARTERS
IDB pledged $59m Bahamas savings through guarantee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
JUSTICE RUTH BOWE-DARVILLE
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ROBERT SANDS
Fund’s record $75m inflow builds RF Bank ‘war chest’
Ex-judge battles QC over Western Air costs award AN EX-SUPREME Court judge and top QC are battling over who is entitled to receive $114,793 in costs awarded with Western Air’s successful $1.5m claim against the Airport Authority. Ruth Bowe-Darville, who retired as a justice last year, is locked in an acrimonious fight with Harvey Tynes, one of The Bahamas’ longest-serving QCs, with the dispute forcing the Supreme Court to order that the costs sum be paid “into court” until it can determine who should be compensated. Their battle has its roots in Western Air’s legal victory over the Government-owned Airport Authority in a case that went all the way to the London-based Privy Council, the highest court in the Bahamian judicial system. That court, in a November 9, 2020, verdict, affirmed previous rulings that the Airport Authority’s “negligence” resulted in the 2007 theft of a Western Air plane from Lynden Pindling International Airport (LPIA). It found there was “ample material” to prove multiple security deficiencies at LPIA when the aircraft was stolen.
in the country’s post-COVID economy. The BHTA chief, in particular, focused on the removal of the requirement introduced on January 4 that all tourists - regardless of vaccination status - must take a COVID rapid antigen test if they remain The Bahamas for longer
than 48 hours, asserting that the cost and “inconvenience” associated with this was at present no longer justified by the receding Omicron threat. He added that its removal would also “make it a bit more difficult” for groups to either cancel or reduce their bookings “without penalty”, and “improve momentum” following the Christmas/New Year disruption caused by Omicron, converting it into “a robust rebound” for tourism in 2022. “We have to seriously consider what are the impediments or obstacles to travel, and consider removing some that have been put in place,” Mr Sands told Tribune Business. “I would go out on a
THE BAHAMAS would save $59m per year via a $200m guarantee from the Inter-American Development Bank (IDB) to underwrite a proposed foreign currency bond issue, it has been asserted.
The IDB, detailing plans left by the former Minnis administration, said its guarantee would help mobilise “more than three” times that amount of capital for the Government via a $700m-$850m raise that was originally scheduled to occur in September/October last year. However, the Davis administration subsequently deferred the planned US$
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN investment bank yesterday said it expects to match last year’s record $75m inflow into its fixed income fund and further build a “war chest” to deploy as possibilities emerge in 2022. David Slatter, RF Bank & Trust’s vice-president of investment management, told Tribune Business that its Prime Income Fund was well-placed to exploit “at least” $150m worth of opportunities created by new securities issues poised to come to market in 2022. While the high level of investor subscriptions in 2021 had created “a cash drag” on the fund’s returns, with such holdings accounting for 20.7 percent of its total $342.58m assets at year-end, he voiced optimism that Bahamian capital markets offerings with this year return to a level “consistent” with pre-COVID after two years of muted activity.
Based on RF Bank & Trust’s figures, some $70.9m of the Prime Income Fund’s assets at year-end were held as cash, and Mr Slatter said that had now increased “close to $100m” split with some $20m in short-term fixed deposits and the remainder in cash. Suggesting that the fund’s total assets now stand at close to $350m, he told this newspaper: “Net inflows were around $75m last year, and we don’t see any slowing down in the first month of this year. So far there’s no reason to think it will not be similar this year.” The 4.25 percent return generated by the Prime Income Fund for the 12 months to end-December 2021 was slightly lower than its annual five-year average of 4.51 percent, but Mr Slatter explained: “It’s simply the rate of inflows and not having many new offerings come to market. “It’s too much of a good thing, but it’s positioned the fund well for this year as
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