02102022 BUSINESS

business@tribunemedia.net

THURSDAY, FEBRUARY 10, 2022

$5.05

$5.05

Commercial properties: 70% behind on taxes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOME 70 percent of commercial properties are in arrears on their real property tax payments, it was revealed yesterday, although a “high proportion” of Bahamian homeowners are compliant.

Realtors told Tribune Business that government officials disclosed during Tuesday’s meeting between the two sides that 84 percent of taxable Bahamian-owned properties on the roll are up-to-date with their payments while, in contrast, foreign-owned real estate provides the greater enforcement challenge.

Multiple Bahamas Real Estate Association (BREA) members said the encounter with Ministry of Finance and Department of Inland Revenue (DIR) officials, which was held to address private concerns over the recent real property revaluations and subsequent hikes of up to 435 percent in some tax bills, did not

• But 84% of Bahamian owneroccupied homes compliant • Foreign owners provide greatest enforcement challenge • Realtors query ‘disconnect’ between Act, Tyler valuations address concerns over the exercise’s legality.

BREA had previously voiced fears that US-based Tyler Technologies, which was contracted by the DIR to conduct the New Providencewide mapping exercise behind the triple-digit tax bill increases, could not legally conduct appraisals/valuations in this nation because it is not licensed to do so.

MARIO CAREY

SEE PAGE 5

Central Bank to explore cross-border Sand Dollar

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank aims to explore the Sand Dollar’s use outside The Bahamas within the next three years, it was revealed yesterday, with 20 percent of this nation’s adults having no bank account.

An International Monetary Fund (IMF) paper on central bank-backed digital currencies noted that there were “around 20,000 active Sand Dollar” electronic wallets in The Bahamas by late 2021 just over one year after the digital currency’s October 2020 launch.

While the Central Bank has previously stuck firmly

JOHN ROLLE to its position that the Bahamian digital dollar can only be used domestically within this nation’s borders, the paper said it was already considering whether to expand its

SEE PAGE 10

Minister slams ‘lackadaisical’ investor compliance stance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday slammed the Government’s “lackadaisical” efforts in ensuring investors live up to their Heads of Agreement obligations, adding: “There’s plenty of blame to go around.”

Ryan Pinder, the attorney general, told the Senate that both political parties had been too slack in ensuring developers fulfill their commitments as he confirmed plans to create a compliance unit within the Bahamas Investment Authority (BIA) to checkup on and enforce these obligations.

Asserting that the BIA and National Economic Council (NEC) had too often “operated in an ad hoc manner with a lack of transparency and predictable meetings and approvals” to the frustration of Bahamian and foreign investors alike, he pledged that the Davis administration will now seek to streamline the bureaucracy and red tape.

Besides granting approvals, Mr Pinder conceded that the Government must do more to get “shovels in the ground” and actual construction/development moving much more quickly given the track record of providing all necessary approvals and “for five

SEE PAGE 11

$5.09

$4.99

UK resort group to buy downtown hotel • Courtyard by Marriott mortgage in default

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A DOWNTOWN Nassau resort that has defaulted on its debt is due to be sold to a major UK-based hotel group in a deal set to close on February 22, it was revealed yesterday.

Ryan Pinder, the attorney general, told the Senate that the Courtyard by Marriott Nassau resort located opposite Junkanoo Beach is set to be acquired by London Regional Hotels once the Government completes a land swap with the property’s existing owner.

Revealing that the sale’s closing has been repeatedly pushed back by the wait for the Government to cleanup title issues relating to the former Pearis Court ‘right of way’ that runs through the Courtyard by Marriott’s

RYAN PINDER back parking lot and associated facilities, Mr Pinder said the resort’s present owner, Sunset Equities, is in arrears in servicing its debt financing facilities.

“Sunset Equities now owns the four parcels surrounding Pearis Court, and has an outstanding mortgage which is in default. The mortgage holder has agreed

SEE PAGE 7

PAGE 2, Thursday, February 10, 2022

THE TRIBUNE

INTERNET PRESENCE CRITICAL TO SURVIVAL D

oes my business really need a website? The answer is: ‘Yes, it does’. If you are a small business owner, you have probably had someone tell you to get a website. But why should you? There are not many

businesses that can survive without an Internet presence, and there is no reason not to have one.

Your company’s website can be a highly effective marketing tool that is very cost-efficient, with many profitable benefits, and very

little downside. As a rule, you will always get more business the easier you make it for people to find you. If you are still considering if, or why, a business website is important, consider the factors below for some motivation.

Create a presence: Who knows about your business? Where can prospects and clients go to learn more? Your website can help establish your business as a going concern, communicate your brand value proposition and convey professionalism. It also extends your reach anywhere in the world.

Build trust: New clients and prospects might want to know about your business history, your expertise and your specialisation. This is a great vehicle for people to learn more and attain the comfort level they seek.

Search engines listings: Build your website incorporating search engine optimisation (SEO) techniques so that you can easily be found by simply using relevant key words.

This can be an important gateway to expanding your business.

Point of contact: Your website provides customers with an easy way to contact you, and learn more about your products, services and business.

Leverage social networks: Implement a social media strategy to reach a larger audience and create more buzz about your business. Establish your presence on Facebook, Google+, LinkedIn and Twitter. Facebook likes and shares can drive people to your website Sell products: If your business lends itself to online sales, create a virtual

store as an alternative or complement to a storefront or office location.

Share the latest news: Whenever there are new developments regarding your business, update your website. Sites that have fresh, relevant and timely information draw users back more often.

Blog: Keep your website fresh and active with regular blog posts. Show your expertise, share insights and provide practical tips on topics relevant to your business or to customers.

Learn about customers: Learn about their needs, preferences and interests.

Establish and nurture twoway communication with prospects and clients. This will forge a deeper bond and serve them better.

Customer convenience: Providing customers with multiple ways to interact with your business is almost mandatory these days. Anything less could result in lost sales.

Ultimately, even if you do not think your business needs a website, you are almost definitely losing business by not having one.

Ninety-seven percent of people learn more about a local company online than anywhere else, and the majority of customers will not engage with your business at all if they cannot find you online.

Know that what you put into a website now will likely pay for itself several times over in new business.

By

DEIDRE

BastiaN Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

DPM: HILTON CLOSURE ‘BAD FOR BAY STREET’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday said he does not foresee the British Colonial Hilton’s imminent closure turning into a repeat of the Government’s Grand Lucayan woes.

But Chester Cooper, indicating that he was concerned about the closure’s potential impact on Bay Street and downtown Nassau, said he has begun discussions with stakeholders about how to enhance the area’s appeal.

“I have long been concerned about Bay Street, and I’m beginning conversations already with the Downtown Nassau Partnership to see what we can do,” he added. “Any closure on Bay Street is bad for Bay Street; we need Bay Street open. We need it vibrant.

Our guests are calling for more activity, more restaurants, more nightclubs, more things to do.

“We need to roll out a clear vision for Bay Street, putting behind it our influence and our resources, and that is what we will do.

East of Bay Street is frankly troubling. The buildings are dilapidated and the owners are absent. This cannot continue in the heart of our downtown. There has to be a solution.

“I’ll be meeting shortly with the ownership group from the downtown area, along with the Downtown Nassau Partnership, to see how we in the first instance can work together to resolve these issues. Suffice to say it cannot continue.

We are building a hundreds of millions of dollars port right there on Bay Street,” Mr Cooper continued.

“We are attracting quality tourists to our shores.

Atlantis is making a significant investment in Somewhere Else, and we need to make this a thoroughfare that our tourists feel compelled to go back to - to support local businesses, to hire people and really to enhance the product that we offer.”

“I’ve had a great opportunity to speak with the Florida-Caribbean Cruise Association in Miami only a few days ago. We’re confident that the number of calls to Nassau and Freeport are going to continue.

“We’ve had very good engagement about establishing new calls to Freeport, towards strengthening the product so that it can be a more attractive place to call, and we are confident over the course of the next weeks we will be able to make some announcements as to what can happen for Grand Bahama.”

THE TRIBUNE

Thursday, February 10, 2022, PAGE 3

LAND OWNERSHIP: ‘NOTHING INFURIATES BAHAMIANS MORE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Opposition’s Senate leader yesterday argued “nothing infuriates Bahamians more” than obstacles to land ownership amid bipartisan agreement that reforms in this area are “a vexing issue”.

Senator Darren Henfield, addressing Parliament’s upper chamber, argued that “a proper Land Registry” - something that has been debated since at least the last Ingraham administration but never acted upon - would resolve many of the issues surrounding land title in The Bahamas today.

Asserting that such concerns “must be addressed expeditiously”, he praised the Davis administration for “prioritising” this through the creation of a Land Reform Working Group featuring public and private sector figures

whose identities were not disclosed.

The group’s formation had earlier been disclosed

by Senator Ryan Pinder, the attorney general, who said it was consistent with the Government’s election campaign pledges. “Without wasting time, the Cabinet of The Bahamas has agreed to appoint a public-private sector committee to review land reform issues in general with a view to analysing a land registration system,” he added.

“As we all know land reform is an urgent issue, and title matters in The Bahamas, throughout the entire country, is a vexing issue to many.” He was backed by Senator Quinton Lightbourne, the Bahamas Development Bank chairman, who said many Family Island residents were unable to secure electricity and water utility connections to their homes because they possessed no

RYAN PINDER title documents to confirm land ownership.

The Government’s move received backing from Mr Henfield, the former foreign affairs minister, who said the impediments to land ownership were inhibiting wealth creation among Bahamians, as well as wider economic and social development objectives.

“Access to land by Bahamians remains too

challenging in a country like ours,” he told the Senate. “Land reform has been a troubling issue, a vexing issue in our country. I cannot agree more....

A lot of these challenges will go away with a proper land registry as it would give us certainty on land ownership.”

There will be, though, much scepticism as to whether a land registration system will ever get off the ground. For the last Ingraham administration led similar efforts around one decade ago to develop a three-strong package of Bills that would have overhauled the existing system.

These Bills - the Land Adjudication Bill, the Registered Land Bill and the Law of Property Bill - would have created a land registry in the Bahamas, and given commercial and residential real estate buyers greater certainty

that they had good title to their properties.

A land registry would contain all information relating to a specific parcel of land in one database, including its location, dimensions, ownership interests and all encumbrances, such as mortgages and other liens/charges.

Moving to a such a system - and registration system would remove the need for attorneys to conduct expensive, time consuming title searches that are sometimes prone to error, and move the Bahamian real estate market away from being based on “first to record” title deeds.

Many have referred to the present system as “a lawyer’s dream”, with attorneys earning a set fee - normally equal to 2.5 percent of the purchase price - for conducting title searches and providing “opinion on titles”. Those not employed in the legal

EXCLUDE DORIAN-HIT BAHAMIANS FROM VAT CONSTRUCTION ‘DRAGNET’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN EX-CABINET minister yesterday pleaded with the Government to exclude Bahamians from “the dragnet” created by VAT’s reimposition on construction services in the Dorian-devastated islands.

Senator Darren Henfield, former minister of foreign affairs and the previous North Abaco MP, told the Senate that the 10 percent levy’s reintroduction on such services with effect from New Year’s Day had only served to increase rebuilding costs “in an area where we need relief” on both that island and Grand Bahama.

Acknowledging the Government’s concern that it was giving away too much in tax concessions, especially to wealthy foreign developers and second homeowners

who could afford to pay, he argued that it could address the issue while creating a “carve out” that ensures the waiver remains for Bahamian property owners.

“In the interim, the Government must reconsider the decision to reapply VAT to construction services,” Mr Henfield, the Opposition’s Senate leader, asserted. “It seems we’ve added additional costs to an area where we need relief in on construction.

“I know you [the Government] may want to correct the mischief of second homeowners who can afford to pay, or developers, to pay for their construction. That’s why I feel we should carve out a piece for Bahamians specifically so we’re not caught up in that dragnet. Let Abaco catch itself, please, before you put that on contractors.”

The Disaster Reconstruction Authority (Special Economic Recovery Zone) Order 2022, which took effect on New Year’s Day, brought the VAT ‘zero rating’ treatment for construction services to an end on New Year’s Eve. Services provided in 2021 must have been invoiced before year-end, and paid in full by end-March 2022, for the VAT relief to apply.

The end to the ‘zero rating’ means home owners and businesses in Abaco and Grand Bahama will now have to pay an extra 10 percent on labour and other service costs to contractors who are VAT registrants.

This creates a potentially significant hike in rebuilding costs as labour typically accounts for around 50 percent of the price, threatening to worsen the impact of last year’s sharp rise in building materials prices that show no signs of

slowing down following the COVID-induced supply chain crisis.

And it also acts as a potential deterrent to Dorian-devastated businesses and homeowners hiring experienced contractors and tradesmen to rebuild their properties - a move that could potentially compromise construction standards and resilience at a time when The Bahamas is seeking to build back better in preparation for future Dorian-type storms.

The Ministry of Finance, in a statement responding to the outcry, pointed out that VAT and other tax breaks on physical goods imports, such as building materials; furniture; furnishings and appliances; hardware supplies; electrical fixtures and materials; and plumbing fixtures and materials had been extended until December 1, 2022.

However, it seemed to imply that the reimposition of VAT on construction services would only impact a small minority of wealthy homeowners who could afford to pay the tax. “It should be noted that the vast majority of persons in the impacted areas, in repairing their property, will purchase materials and employ labour to effect the repairs,” the Ministry of Finance said.

profession find it virtually impossible to navigate the system as structured and perform their own title searches.

Courts at all levels have previously warned how the present land system is wide open to abuse. Appeal Court justice, Stella Maureen Scott-Crane, warned in a 2016 ruling that the Bahamian court system was susceptible to being “an unwitting pawn” in the commission of land thefts/ frauds.

She said the Quieting Titles Act, in particular, was effectively being employed as a tool to steal land, given that “material facts” relating to title applications were often hidden from the courts.

Ruling on a familyrelated land dispute in Exuma, Justice CraneScott wrote that the case “exemplifies the kinds of

SEE PAGE 6 “With the extension of the SERZ Order, those persons will not be affected because building materials will remain tax free and VAT is not charged on labour in these circumstances. The removal of the zero-rating on construction services is expected to impact a minority of cases, mostly high-end properties.

“The Ministry of Finance will continue to process applications for relief under the SERZ on a case-bycase basis and consider any application for special consideration on its merits.”

TRANSLATIONS

PAGE 4, Thursday, February 10, 2022

THE TRIBUNE

Event planners: COVID restrictions are ‘unfair’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net COVID crowd size restrictions were yesterday branded “not fair” by event and promotions companies, who argued that there were better safeguards for containing the virus’ spread.

Dwight Dean, owner/ operator of YBE Promotions, told Tribune Business the cancellation of tomorrow’s Dexta Daps concert was “handled poorly” and did not consider what companies such as his go through to secure overseas artists to perform in The Bahamas.

Multiple checks and processes had to be met even before COVID-19 struck, he added. Mr Dean said these included clearance from the Department of Immigration; securing the deposit for the artist, runs into tens of thousands of dollars; and 5 percent of

the artist’s fee going to the Bahamas Musician and Entertainers Union so it approves the artist to perform.

All this was required, he added, before the event promoter can approach the Government to seek permission to hold a concert that would attract hundreds of people. The current COVID restrictions, which limit gatherings to a maximum of 30 persons, meant the Dexta Daps concert was always unlikely to win approval from the Ministry of Health and Wellness.

“Things have been slow,” Mr Dean said.”We had a break where things wasn’t too bad, and now we have the spike in COVID cases and they locked down the industry in terms of the amount of persons who can attend.

“Licensed places are getting away with events, but persons like me and others having to apply for temporary licences or permission

is really where the issue is. The point is the numbers were down at one point, so let’s go back to what we were doing prior.

“Then there’s another argument that if we are testing persons upon entry, and everyone who’s there is in a little bubble that we have, as promoters we can tighten it up so that we don’t allow re-entry for people who left the venue.”

Mr Dean hopes the uncertainty in COVID events protocols is eliminated because there are promoters who only focus on this activity and nothing else. “Events is all they do,” he added. “They don’t have a permanent job like me. They do three or four events a year, and that is their entire salary for the year.

“I’m really just peeved at the process, and a lot of people just don’t understand that. I think from now we know that COVID-19 is here, and we have to live

with it. There are events happening all over the world and what they are doing to ensure safety is testing beforehand in addition to signage and all of these things.”

Mr Dean said many businesses depend on concert-type events, ranging from barbers and hair salons to wholesale liquor and clothing stores, as all make money from such activities.

Avani Fernander, owner/ operator of 4 The Love of Events, said: “For events, whether it’s birthday parties, bar mitzvahs, corporate parties, we have a lot of persons that have opted to do things virtually.

“We’re seeing a lot of virtual events happening where they would arrange for pick-up packages at local spots and arrange for grab bags, and then do things virtually and have giveaways. So there’s so

SEE PAGE 7

BUSINESSES WAIT FOR LATE VALENTINE’S RUSH

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BAHAMIAN merchants yesterday said the upcoming weekend will likely witness a surge in business as persons race to get Valentine’s Day gifts.

Jim Whitehead, owner/ operator of The Nassau Florist, told Tribune Business that Friday will be his “big day”. He said: “We are optimistic, and we have a few orders coming in, but you know people wait until the last minute. Because it is on Monday, we may not

see people come in until Friday morning.

“We are expecting this year to be good if we can all get back to normal after the COVID-19 pandemic.

A lot of people are going out more, restaurants are busy, so things are looking better.”

Michelle McSweeney, owner/operator of The New Island Florist, said: “People have started to place their orders with us already. It is shaping up to be a good year.”

While there was no comparison with 2019, and 2020 and 2021 were horrible years, 2022 comes with hopes of improvement.

“People have started to place their orders for delivery for next week Monday, and it is only Tuesday. We

are excited for when this Friday comes, and people start to come in,” she added.

“We understand that with the pandemic people may still not be working, but we hope enough of them are.” Hiro Rajpal, general manager of the House of Diamonds, added: “Valentine’s Day is not a big day for jewellery. People normally tend to get smaller gifts like perfume and flowers, but we do hope that we see some more business by this coming Friday.

“We never had great sales leading up to Valentine’s Day. To us it is just another work week, but it is still early, so we may see something different this year.”

Tanya Bain, retail manager at the Perfume Bar,

added: “People have started to shop. We expect this to go straight through until Valentine’s Day. They’re shopping a little bit earlier this year to make sure that they get the right stuff that they want.

“Because of the shipping challenges people are coming in earlier. We have sufficient stock to cater to our customers. This is an unusual year. People are buying their gifts earlier.

They are planning more and budgeting more.

“Our biggest purchases will be made between February 11 and 14. People will be buying on Valentine’s but it is slightly lower than 2019. This is a time more for locals than it is for tourists.”

THE TRIBUNE

Thursday, February 10, 2022, PAGE 5

CRUISE PORT CHIEF SAYS: ‘BETTER DAYS LIE AHEAD’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Cruise Port’s top executive yesterday pledged that “better days are ahead” after some vendors voiced concern that its $300m redevelopment is disrupting their business.

Michael Maura, in a messaged reply to Tribune Business inquiries, said the Prince George Wharf operator had provided more than $600,000 in entertainment fees and “relocation support” so that cruise passengers would leave their vessels and venture into downtown Nassau amid ongoing construction.

He acknowledged that the redevelopment “requires the occasional shifting of passenger flows”

to and from Nassau Cruise Port after complaints were voiced by some vendors in the vicinity that the latest change had brought their businesses to a “standstill” when already challenged with “poor traffic flow”.

The letter, which according to reports bore no signature, urged that Nassau Cruise Port create alternative pathways for cruise passengers entering and exiting Prince George Wharf so that there was an increased likelihood these visitors would pass their business and patronise it.

“Tenants are making as little as $0 to $20, and this is not sustainable to keep a business open,” the letter warned, adding that jobs would also be in jeopardy if the situation is not addressed. Mr Maura told

this newspaper he was unaware of the letter writer’s identity, but suspected it came from one of the Ministry of Tourism’s Festival Place tenants.

Acknowledging that the redevelopment combined with COVID-19’s devastation had made the situation “difficult for all”, the Nassau Cruise Port reiterated that any short-term sacrifices and challenges would be for the greater long-term good due to the anticipated benefits from Prince George Wharf’s expansion.

“While many regional tourist destinations have been waiting for the recovery, Nassau Cruise Port has been building a downtown waterfront destination that will attract millions of visitors per year,” Mr Maura

said. “We have completed approximately 90 percent of the marine works, and in October 2021 we broke ground on the upland construction.

“This includes new, much larger retail spaces for the Ministry of Tourism’s legacy Festival Place tenants; a Junkanoo museum; a hair braider pavilion; a Living Coral exhibit; a Bahamian art studio; an Impact Theatre featuring Bahamian culture and environment; and additional Bahamian retail to make space for expanding and emerging local brands including Haus of Assembly, My Ocean, Iisa Bahamian Bey, and others.”

Describing the transformed cruise port as a “one-of-a-kind waterfront development” that will “be

instrumental in bringing downtown Nassau back to life”, Mr Maura acknowledged that the ongoing construction will cause some disruption to passenger flows and nearby businesses that rely upon them.

“The majority of the construction to include 650 feet of taxi, bus tour and surrey ground transportation area will be completed this year,” he said. “Presently, as construction continues, the construction works require occasional shifting of passenger flows to support safe and efficient construction.

“In mid-2021, at the instruction of the Ministry of Tourism, its legacy Festival Place tenants were temporarily relocated into Rawson Square at no cost to them. Scooter and

COMMERCIAL PROPERTIES: 70% BEHIND ON TAXES FROM PAGE ONE However, senior brokers and appraisers said the meeting instead focused on the process by which homeowners and businesses can challenge their tax bills, as well as an assessment of the data and mathematical algorithms employed by Tyler and the DIR to come up with valuations that have caused an outcry among those subject to steep increases.

Both Mario Carey, the Better Homes and Gardens Real Estate MCR Group Bahamas principal, and David Morley, Morley Realty’s president, told this newspaper that while the meeting was “a step in the right direction” in terms of the willingness to engage with the real estate profession there were still several questions that had gone unanswered.

In particular, Mr Carey said it appeared there was a conflict involving the recent New Providencewide revaluation’s reliance on “appreciated replacement cost” to determine property values. This, he argued, seemed to contradict the Real Property Tax Act itself, which stipulates that valuations be based on “market value” as opposed to cost.

Meanwhile, the valuation process employed by Tyler and the DIR was a “bulk” assessment that used algorithms to calculate the worth of properties in a particular neighborhood or subdivision based on their dimensions/size and which category - owner-occupied, commercial, undeveloped land etc - they fell into.

Mr Morley said the Government team, which was led by Simon Wilson, the Ministry of Finance’s financial secretary, conceded that if one property owner’s tax bill challenge proved successful they would have to go back and revalue the entire subdivision or area in which it was located.

As for the statistics presented, Mr Carey told Tribune Business: “They said that a very high percentage of Bahamians are compliant in their property taxes..... They said most of the non-compliance is nonBahamians. The majority of non-compliance is from foreigners, non-Bahamians.”

According to the statistics presented by the Government, some 70 percent of commercial properties captured by the tax roll are in arrears on their real property tax payments.

And, while 84 percent of Bahamian owner-occupied properties were current, the DIR’s greater enforcement difficulties lie with foreignowned real estate that should generate significant tax revenues.

Mr Wilson could not be contacted for comment before press time last night despite calls and messages being sent, but Christine Wallace-Whitfield, BREA’s president and who also attended the meeting, confirmed the percentages as detailed by Mr Carey.

“That was very interesting,” she said. “I’ll be interested to see what happens moving forward in terms of those percentages, foreign versus local Bahamian owners.” While no

CHRISTINE WALLACE-WHITFIELD reasons were given for the high commercial property non-compliance, one factor is likely to have been the COVID-19’s devastating impact on cash flow, revenues and profits that simply left many firms unable to pay.

The seemingly high level of non-compliance comes as little surprise given that the Auditor General’s last report, for the 2017-2018 fiscal year, suggested that some $600m in real property taxes were past due and needed to be collected.

A subsequent report from the same office also found that between 30-40 percent of real property tax bills did not reach the intended destination.

“I have always thought that to get your Business Licence you have to be current with your property tax,” Mr Carey added. “The fact we’ve got 70 percent of commercial properties non-compliant, there’s a disconnect in the system of that is not the case. You need to be compliant to get your Business Licence.”

Mr Carey, though, queried the high compliance percentage for Bahamian owner-occupied properties.

He said it was well-known that many did not pay due to the belief there would be no consequences for failing to meet their obligations to the Public Treasury, and only settled when they moved to sell their property later in life.

And many Bahamian lower and middle class residential properties were effectively tax-free due to the exemption on the first $250,000 of their value.

With a tax rate of less 1 percent on the next portion, Mr Carey said property owners only started to see a fourfigure bill once valuations reached over $400,000, meaning their burden was relatively and compliance should not be so difficult.

Mr Morley said Ministry of Finance and DIR personnel informed BREA members on the call that “the majority of people inquiring” about their 2022 tax bills are already “in arrears on their homes”.

He added that Mr Wilson responded that the Government had already taken into consideration his concerns on steep commercial property tax bill hikes.

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) recently said its members had reported tax increases of between 100 percent to 435 percent compared to 2021, and Mr Morley said he pointed out to the officials present that commercial landlords tended to pass on the property tax liabilities to tenants via the CAM (common area maintenance) charges.

Many landlords, he added, were already giving rental rate concessions to keep struggling business tenants going post-COVID, and the effect of such a steep hike in bills could tip many over the edge and render them unable to pay.

Mr Morley explained that any “increase in vacancies” as a result would hurt both landlord and the Public Treasury, as the latter would receive less VAT on the commercial lease payments while the Business Licence fee payment would also be lower.

The Morley Realty president said he also argued the case for the valuation increases, and higher tax bills, to be phased in gradually over a five-year period. The Government responded by saying it had also considered this, but rejected it on the basis it would “not be fair” because some properties would not be paying their full bill while others were.

Mr Carey, meanwhile, said there seemed to be “a disconnect” between the Real Property Tax Act and the valuation method employed by Tyler and the DIR. While the latter’s valuations were based on appreciated replacement value, he added: “There seems to be a conflict with the Act. Everyone in real real estate knows cost does not equal value.

“In the Act, the definition of cost speaks to market value. Market value is different than cost. Some clarification there would be helpful.... One thing about real estate values is location. Algorithms don’t take that into consideration the way market values do. Cost does not equal value, that’s the bottom line.”

Mr Carey said most commercial properties are valued using an income approach, measuring their cash flow, rental revenues and other indicators, all

of which are likely to have been sharply slashed due to COVID-19 and the massive economic contraction. And he pointed out that algorithms also fail to measures whether office buildings are ‘Class A’ as opposed to ‘C’ or ‘D’.

The Ministry of Finance and DIR, though, are providing a two-step process for aggrieved commercial and residential property

owners to challenge their valuations. “They say you can do a query of the value, and in order to do that they want you to full out a form and have a full appraisal attached to the query. That doesn’t cost you anything apart from the appraisal,” Mr Carey added.

The DIR is supposed to process this in 14 days and, if the matter is not resolved to the taxpayer’s

ATV (all terrain vehicle) operators have established base operations on Union Wharf, and water, land taxi and tour operators have adjusted operations in support of the completion of critical elements of the project which will directly support their future business opportunities.

“This has been difficult for all, and the Government along with Nassau Cruise Port and many Bay Street property owners have suspended charging individuals and businesses for use of land and/or facilities for the past two years,” Mr Maura continued.

“We are well on our way to a better day but we still have difficult months ahead.

The Government continues

SEE PAGE 11 satisfaction, they have to pay the full tax amount assessed before they can file “an objection”. Should they succeed, they will receive a credit to the following year’s bill.

Both Mr Carey and Mr Morley said the Ministry of Finance and DIR officials present, including acting chief valuation officer, Sandra Strachan, indicated the revaluation exercise was “not perfect” and they were willing to listen to challenges provided sufficient supporting evidence was supplied by taxpayers.

PAGE 6, Thursday, February 10, 2022

THE TRIBUNE

Gov’ts new directors named to BTC board THE Bahamas Telecommunications Company (BTC) and its immediate parent have welcomed the newly-appointed government directors to the carrier’s Board.

Attorney Valentine Grimes has been appointed deputy chairman. Daphne Simmons, Peter Cartwright and Parkco Deal will join him as the Government’s other directors on the nine-member BTC Board, representing its 49 percent equity stake in the carrier.

Cable & Wireless Communications (CWC) retains Board and management control.

Andre Foster, BTC’s chief executive, said in a statement: “We are happy to have Mr Grimes as our deputy chairman, and we welcome him back as a member of our Board.

We are also pleased to welcome the other recentlyappointed Board members to the team.

“We look forward to fostering a great working relationship and continuing to strengthen our alliance with the Government, as we work to further our fibreto-the-home roll-out in an effort to revolutionise communications in every sector across the country.

“We’ve hit the ground running, and we’ve discussed our collective priorities. I am confident that we have the right people with the right expertise to lead the organisation at this time.”

Mr Grimes, also a former banker and politician, served as Progressive Liberal Party (PLP) MP for the Fort Charlotte constituency from July 1977 to 1992. He has previously served as chairman of BTC and a number of government entities, including the Broadcasting Corporation of The Bahamas, Bahamasair Holdings and the

L to R: Peter Cartwright, director; Nicole Watkins, company secretary; Daphne Simmons, director; Andre Foster, BTC chief executive; Inge Smidts, chairman; Valentine Grimes, deputy chairman; Ruchi Kaushal, assistant company secretary and general counsel, CWC; and Parkco Deal, director.

People’s Penny Savings Bank.

Daphne Simmons is a human resources executive with experience in directing, co-ordinating and mentoring workforce development programmes within the public and private sectors.

Peter Cartwright is an accountant, auditor and financial analyst.

He has held various leadership roles, including directorships of The Bahamas Investments and Securities Business Association and director of the One Bahamas Foundation.

Parkco Deal is an attorney and Grand Bahama native. He is also a former BTC employee, having served as part of

LAND OWNERSHIP: ‘NOTHING INFURIATES BAHAMIANS MORE’ FROM PAGE THREE egregious abuses - ranging

from the fraudulent concealment of material facts to the deliberate manipulation

TEMPLE CHRISTIAN HIGH SCHOOL ENTRANCE EXAMINATION 2022-2023 Temple Christian High School will hold its Entrance Examination on Saturday, February 12, 2022 at the school on Shirley Street from 8:30 a.m. to 12 noon for students wishing to enter grades 7, 8, 9 and 10.

Application forms are available at the High School Office. The application fee is twenty-five dollars ($25). Application forms should be completed and returned to the school

by Friday, February 11, 2022. .

For further information, please call telephone number: 394-4481/394-4484.

its technical team for more than 20 years.

Inge Smidts, CWC’s chief executive, serves as BTC chairman. Other directors include Brendan Paddick; Julio Spiegel; Naji Khoury; and Mr Foster.

Nicole Watkins serves as BTC’s company secretary.

The Government’s Board appointments became effective as of November 8, 2021. of the statutory requirements of the Quieting Titles Act - which can occur in the course of quieting proceedings”.

Turning to the implications for Bahamian society, Mr Henfield said yesterday: “Nothing infuriates Bahamians more than the apparent inability for them to access land in this country. Land is expensive, particularly in New Providence, and even in Abaco I find the cost of land prohibitive.

“There’s this further frustration about the inability to access Crown Land.

This really angers Bahamians. I hear it all the time as I go about politicking.”

Mr Henfield said a further source of consternation for Bahamians is that foreign investors seemingly find it much easier to acquire desirable land tracts.

“Bahamians wonder why we don’t put the same energy and effort into helping them acquire land,” he added. “Putting land in the hands of a young family immediately gives them wealth. They can take their papers to the bank, a young husband and young wife, show what the land is worth and the amount of savings they have built up.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award.

If so, call us on 322-1986 and share your story.

THE TRIBUNE

Thursday, February 10, 2022, PAGE 7

UK RESORT GROUP TO BUY DOWNTOWN HOTEL FROM PAGE ONE to sell the resort to London Regional Hotels, a UKbased hotel group. Closing date has continuously been pushed back until this matter is completed, and is now scheduled for February 22, 2022,” the attorney general confirmed.

Mr Pinder said the Government was justified in using the Acquisition of Land Act to acquire the ‘right of way’ because it was in the public interest for the hotel deal to proceed, and user in an upgraded property and fresh investment in the Bahamian tourism product.

“This acquisition is in support, and a condition, of the approved sale of the Marriott Hotel to new hoteliers,” the attorney general added, asserting that it will lead to “further foreign direct investment and development in our hospitality sector”.

Mr Pinder said the move would “ensure a hotel property on Junkanoo Beach has a viable future”, and “prevent a hotel in Nassau from falling into disrepair, nonuse or even a complex legal battle”.

London Regional Hotels is the resort arm of a privately-owned group said to have amassed a $9bn global property portfolio, which includes owning hotels in Barbados, Turks & Caicos

and the Cayman Islands as well as Florida. It has tieups with operating brand partners including Marriott, Nobu Hotels, Club Med and Melia.

The Acquisition of Land Act is only supposed to be used by the Government to purchase land when it is in the public interest to do so.

Adrian White, the FNM’s St Anne’s MP and deputy leader candidate, last week queried in the House of the Assembly whether the Pearis Court swap met this legal criteria because the deal appeared to be for the benefit of a private hotel developer and not the public.

However, the impending Courtyard by Marriott sale was not mentioned during the House of Assembly debate on the ‘right of way’ land swap. A resolution from both houses of parliament is required to give effect to the transaction, and Senate approval was duly forthcoming yesterday.

In return for conveying the former ‘right of way’ to Sunset Equities, the Government will receive a “wayleave parcel” of land giving Bahamas Power & Light (BPL) access to a substation on the Courtyard by Marriott property as well as $10.

Pointing out that the transaction was initiated, and approved in principle, by the former

EVENT PLANNERS: COVID RESTRICTIONS ARE ‘UNFAIR’ FROM PAGE 4 many factors and things that they’re doing now.”

She added: “I think that new restrictions, they can be better, because I believe that if you have persons that have planners, I think that what theGovernment should do is sit down and talk to persons in the industry and just speak to the industry professionals,

because we have found ways to have an event and to be safe.”

Arguing that the 30 and 20-person capacity limit four indoor and outdoor events is “not fair”, Ms Fernander continued: “I’ll give you an example. I’m doing weddings now at the Balmoral and Sapodilla, and what we’ve arranged is onsite testing.

Minnis administration, Mr Pinder said: “The reason for the acquisition is unfortunately not uncommon in The Bahamas: The lack of clear title.

“In research going back as far as 1894, Pearis Court was shown as a road reservation, and the Department of Physical Planning confirmed it as a public road but no specific owner of record could be located in the Registry of Records.

“Notwithstanding, the land being used as a public road, the Office of the Attorney General had concerns of title, namely whether the lands were vested in the Government and, if so, in which agency and by what means,” he added.

“Our office has been unsuccessful in confirming government’s ownership of Pearis Court. Consequently, it was advised that the best course of action would be for the Government to compulsorily acquire the property under the Act to ensure that Government had good and marketable title.”

Spelling out the consequences, Mr Pinder added: “This is a non-controversial acquisition because, as a public road, Pearis Court would have been owned in some form or fashion by the Crown or other government agency.

“The challenge is that you can only convey the interest

that you have, and without identifying the proper title holder you cannot identify the proper party to the conveyance. We need to secure good title in Pearis Court in order to convey to the developer, which will ensure the continued viability of the Marriott Hotel and more investment in the country.”

Sunset Equities’ president/majority shareholder is Yaron (Ron) Hershco, a New York-based developer, based on this newspaper’s records. The Courtyard by Marriott’s soon-to-be exowner has been engaged in a long-running legal battle with its former financier, Bahamas-based Sterling Asset Management, which is headed by its chairman and chief executive, David Kosoy.

That litigation is understood to still be ongoing, but it is unclear whether that will be impacted by the impending sale. Mr Kosoy did not respond to Tribune Business inquiries seeking comment before press time last night.

Sterling provided the initial $12.5m financing to Sunset Equities to enable it to acquire and overhaul the

then-Nassau Palm Resort, subsequently turning the West Bay Street property into the Courtyard by Marriott.

Although Sterling was later replaced by a new financier, which now holds a defaulted mortgage, Justice Ian Winder previously revealed that the Bahamian lender’s dispute with Sunset Equities had sparked some four legal actions.

The first saw Sunset Equities obtain a Supreme Court injunction to prevent Sterling and Mr Kosoy obtaining a receiver for the Courtyard

by Marriott Nassau, with the two sides later agreeing - via a Consent Order - a mechanism whereby the sums

owed to the lender were duly paid.

However, Sterling subsequently filed a separate action against Sunset Equities, Mr Herscho and Parris Jordan, another of the resort owner’s shareholders, alleging they had breached the contract contained in a July 5, 2016, commitment letter.

With that dispute unresolved, Justice Winder added that a third action involved Sterling’s April 6, 2017, petition to have Sunset Equities wound-up on the basis of insolvency.

And a fourth lawsuit launched by Sunset Equities on March 5, 2020, sought damages against Sterling and Mr Kosoy for “malicious presentation of a winding-up petition” and “conspiracy to injure by unlawful means”.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ADLYN PIERRE of Lincoln Boulevard, Nassau, Bahamas, intend to change my name to ADLYN LOUIMA. 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.

“Couples are having nurses on-site when they arrive at the reception to able to do quick rapid antigen testing, and also being vaccinated, and we’re doing our seating chart and making sure that people are separated.

“If it’s a birthday party or some corporate event, we ask for testing and masks and sanitizing. We are doing things to keep guests safe, and I think that those persons that have those things in place, they should allow us to do these events.”

Career Opportunity Scotia Wealth Management is seeking the services of an

Administrative Assistant, Client Accounting Position Summary: Contributes to the overall success of the Client Accounting Department in The Bahamas ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives.

Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures

Key Accountabilities for this role: w Contribute to the efficient and effective preparation of financial statements by: m organizing and prioritizing financial statements required to be completed, resolving any potential conflicts in conjunction with the supervising accountant m consolidating statements and schedules received from the client accountants into formalized financial statements in accordance with standard formats for trust, company, and agency accounts. m ensuring formalized financial statements are produced in a timely manner. m ensuring the accuracy of the information contained in the formalized financial statements by agreeing to draft statements and schedules. m monitoring the status of the financial statements to be completed, reviewed, and bound. m preparing financial statement packages for the trust department to include required sign-off sheets, copies and bound statements.

Contribute to the effective internal controls related to the financial statements by: w maintaining a record of all financial statements finalized by section members, and those bound and sent for distribution. w maintaining finalized statements in hard copy and soft copy format in a secured environment. w preparing and posting book-keeping entries, accurately and promptly, in balanced form related to adjusting and closing entries.

Contribute to the productive day-to-day administration and development of the Client Accounting section by: w ensuring that routine and regular administration aspects are diarized and achieved promptly, including preparing the necessary forms for unplanned staff absences for sign-off; maintaining adequate levels of office supplies; liaising with operations department for facilities related queries. w preparing miscellaneous statistical reports as required related to the functioning and productivity of the department. w participating in in-house training programs. w providing ideas and developing concepts for consideration which will enhance the departments processes and products and contribute to the improved efficiency and effectiveness of the client accounting service to clients and the organization. w attending to any routine and regular administration task as required, including preparation of communications and research into queries. w assist in the efficient administration of the section by performing any other duty requested by the Sr. Manager, Client Accounting and/or Manager Client Accounting.

Educational/Competency Requirements: w Post-secondary/college level education w Knowledge of basic accounting w Proficiency in the use of a typewriter, spreadsheet and word processing software, and computer terminals to retrieve data. w Clerical experience is desirable w Basic organizational and numeracy skills w Proficiency in oral and written communication

Qualified candidates should submit C.V. via email to: hrbahamas@scotiawealth.com on or before February 14th, 2022. Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

PAGE 10, Thursday, February 10, 2022

THE TRIBUNE

CENTRAL BANK TO EXPLORE CROSS-BORDER SAND DOLLAR FROM PAGE ONE usage into cross-border transactions.

“The Bahamas does not currently allow the Sand Dollar to be used outside its borders. It has stated that the Sand Dollar is exclusively intended for domestic purposes and that cross-border payments must take place through commercial banks in traditional non-central bank digital currency Bahamian dollars,” the report said.

“However, foreigners can own and pay with Sand Dollars when visiting The Bahamas after registering for an account with a low limit on both balances and monthly transactions. Nevertheless, the Central Bank is planning to explore crossborder functionality for the Sand Dollar within the next three years.”

John Rolle, the Central Bank’s governor, could not be reached for comment before press time last night despite phone calls and messages being left. However, he last week told the regulator’s 2021 economic developments conference that the Central Bank was focused on increasing the Sand Dollar’s “visibility” and connectivity to the domestic banking system.; “In so far as the Sand Dollar is concerned, a lot of the focus in the last month or so has been on completing our technical work in integrating the Sand Dollar with the banking platform so mobile wallets can have significant connectivity with deposit accounts,” Mr Rolle said.

“That work is nearing completion. Right now, the Central Bank is recruiting additional persons to begin outreach to the business community and co-ordinate with banks and other payment provider service. That work in the first half of the year will result in the Sand Dollar gaining visibility because we are going to

Halsbury Chambers is seeking to employ an Attorney who specializes in

Commercial Law and Civil Litigation with a minimum of eight (8) years practical and professional experience.

Applicants should be organized, self-driven, innovative, diligent, a team player and have the ability to work with minimum supervision.

Successful applicants will be eligible to participate in the company’s medical insurance plan and profit-sharing scheme. Salary will commensurate with experience.

Interested applicants should deliver their curriculum vitas to

carolyn.adderley@halsburylawchambers.com

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 9 FEBRUARY 2022

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2217.65

-30.79

-1.37

-10.59

-0.48

(242) 323‐2330 (242) 323‐2320

BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.25 7.01 13.00 2.71 10.10 11.06 10.75 15.00 4.00 9.91 16.50

52WK LOW 4.50 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.00 9.75 1.99 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.22 96.09 99.44 100.11 100.70 100.43 100.58 100.06 100.36

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 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 FL BGRS67023 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 BSBGRS670233 BSBGR1391402 BSBGR1411408 BSBGRS760257 BSBGRS840331 BSBGRS710237 BSBGRS750233 BSBGRS920281 BSBGRS980319

LAST CLOSE 5.30 39.95 2.04 2.39 2.31 6.05 9.50 3.15 8.00 2.86 7.00 13.00 1.98 10.06 11.45 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 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 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 6.05 9.50 3.15 8.00 2.73 7.00 13.00 2.00 10.06 11.54 10.75 15.00 3.61 9.85 15.51

CHANGE 0.00 0.00 0.00 0.00 0.18 0.00 0.00 0.00 0.00 (0.13) 0.00 0.00 0.02 0.00 0.09 0.00 0.00 (0.34) 0.00 0.00

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 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

VOLUME

31,980 27,912

5,000 500

1,000

1,000 VOLUME

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

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% 4.62% 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 25.7 -7.2 57.1 14.8 15.6 18.0 19.6 21.5 17.9 14.8 18.4 17.8 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% 2.74% 0.00% 0.00% 4.40% 3.14% 5.54% 21.70% 0.60% 2.84% 2.23% 3.60% 3.32% 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 8-Apr-2023 15-Sep-2040 17-Nov-2040 18-Jan-2025 22-Sep-2033 22-Oct-2023 7-Sep-2023 10-Nov-2028 26-Jul-2031

have positive incentives to enroll the population.”

Mr Rolle said this would enable the Sand Dollar to “target Family Island communities and average users” for new electronic wallet users, and he added: “In terms of the size and impact of the Sand Dollar on the economy, we’ve not had a shift relative to where we were in the third quarter and fourth quarter [of 2021].

“Now we’re beginning that push, the most important part of which is reaching the businesses to become enrolled in the initiative. We are pushing this quarter, and allowing connectivity to be completed between the Sand Dollar wallet and deposit accounts.

That is to be concluded this quarter.”

However, the IMF report revealed that The Bahamas has struggled to find an “off-line” solution to keep the Sand Dollar functioning when the country’s communications network is down, such as during and in the aftermath of a hurricane.

“The Bahamas considers off-line functionality to be vitally important but has encountered difficulties in achieving it,” the Fund said. “The pilot revealed that the planned solution of local off-line networks, built on introducing local redundancies to the main telecommunication system, did not fully achieve the policy goal.

“The telecommunication towers required in the solution are vulnerable to the same weather conditions as the main telecommunication system. Also, the geographical reach of the local networks is limited, which makes it difficult to make payments between islands.

“Presently, the Central Bank is working with its main contractor to identify alternative solutions.

Staff at the Central Bank state that the decision to explore alternative offline solutions was the most significant change that

resulted from the practical experience of the pilot.”

No interest is paid on Sand Dollar wallets to ensure there is no competition with bank deposits.

“The Central Bank created a new unit devoted to developing the Sand Dollar but under the supervision of a policy steering committee made up of representatives from the different departments of the bank,” the IMF report said.

“At its peak during the launch, the Sand Dollar employed 35 people at varying levels of time commitment. Currently, 15 people work full-time on the Sand Dollar.”

“Most of the six jurisdictions in this survey identify financial inclusion as a top policy goal,” the Fund’s paper said of the digital currency rationale. “In the Bahamas, pockets of the population are excluded from financial services because they live in regions where it is not profitable for commercial actors to operate.

“Approximately 20 percent of the adult population is estimated to have no bank account. Geography exacerbates the problem since The Bahamas consists of many islands, which are costly to serve. In the Bahamas, for example, the island geography creates difficulties in both distributing cash and extending digital infrastructure.

“This is why the Central Bank has listed access to payments, regardless of age, social status, or location, as one of its most important goals.” The IMF described The Bahamas as a “high-cost jurisdiction” for both digital and physical payments, and noted the Government’s challenges in making payments to persons without bank accounts.

“An important additional consideration has been the high cost for government agencies to make cash-based payments to citizens who lack bank accounts,” the IMF paper added. “There are plans to integrate government agencies into the Sand Dollar network to support digital government payments to individuals to lower this cost.”

NOTICE NOTICE is hereby given that LUCKINS VALCIN of Joe Farrington, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KIM BERLEY MONDESIR 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 10th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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

LEGAL NOTICE International Business Companies Act (No. 45 of 2000) GVZ 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), GVZ Investment Ltd (the “Company”) is in Dissolution. The date of commencement of the Dissolution is 8th day of February, 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 abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 8th day of March 2022.

Luciane Ribeiro Moreno Liquidator

THE TRIBUNE

Thursday, February 10, 2022, PAGE 11

MINISTER SLAMS ‘LACKADAISICAL’ INVESTOR COMPLIANCE STANCE FROM PAGE ONE years nothing happens”. He said such investments “must touch the Bahamian people in the quickest possible time”.

“As we know, a fundamental engine of our economy is foreign direct investment (FDI), not only for the purpose of advancing the economic development of our country and having a wider impact on Bahamians and employment and entrepreneurism, but also in support of our balance of payments and our foreign reserves,” Mr Pinder said.

“For those in the practice, I am sure they can

confirm that for far too long the Government approval agencies, the Bahamas Investment Authority and primarily the National Economic Council of Cabinet, has operated in an ad hoc manner with a lack of transparency and predictable meetings and approvals.

“This has created unnecessary delays and concerns with respect to developers and inbound investment.

This, unfortunately, has been the modus operandi for multiple administrations, but it had gotten worse in my opinion in the prior administration.”

Unable to resist taking a shot at the Minnis

Cruise port chief says: ‘Better days lie ahead’ FROM PAGE 5 to work day and night to improve our economic circumstance and our tourism product..... Better times are just ahead.”

Mr Maura said Nassau Cruise Port has “donated over $600,000 in relocation support and entertainment fees to the Government to pull cruise passengers off of the ships, and other tourists

into downtown, and we will continue to support the Government and partners to improve the experience and, ultimately, the tourism product.

“Nassau Cruise Port has renovated the pink tourism building at the north end of Rawson Square and, today, it is a Tourism Police station providing greater security to downtown stakeholders and the public.”

administration, Mr Pinder pledged that the Government will create “a more robust structure with greater compliance oversight, and more timely and transparent approval processes”.

Part of this involves ensuring investors live up to their promises.

“Far too often, whether it be a matter of resources, staff or attention - maybe a combination of all the Government of The Bahamas has been lackadaisical in enforcing the obligations that should be about empowering Bahamians,” he added. “There’s plenty of blame to go around.”

And, in a nod to COVID-19’s impact, Mr Maura said: “The pandemic has been crippling for all without exception. All of us have had to do more in an effort and hope to get back to pre-COVID normalcy, and today this remains our collective circumstance.

“Every day is a challenge for small and large businesses. Every day is a challenge for families, and some are more fortunate than others, but we are all experiencing this pandemic.

We remain in the early stages of economic recovery and it’s not easy for many.”

Hence the BIA’s new compliance unit, although its effectiveness remains to be seen. “The Cabinet has likewise agreed to a streamlined approval process whereby more innocuous applications can be addressed in-house with a report to Cabinet, while the material high investment decisions can be fast tracked to the National Economic Council,” Mr Pinder added.

“This is in fulfillment of our mandate to the Bahamian people to provide a framework for more expedited investment project approvals, which means that shovels in the ground and the impact to Bahamians is

enhanced and expedited.”

The latter reform, though, sounds eerily similar to the reforms proposed by the Minnis administration’s Economic Recovery Committee.

However, Mr Pinder said: “The Government can approve projects, but needs a mechanism to expedite getting shovels in the ground. It takes years to get an approval, and years after that approval to get a shovel in the ground.

“Far too often we may approve the best project in the world, and for five years nothing happens. The challenge is to get these investments to touch the

Bahamian people in as fast a timeframe as possible.”

Darren Henfield, the Opposition’s leader in the Senate, backed Mr Pinder’s assertions that it “takes far too long to get these investments going” as well as ensure that developers honour their commitments to the Government and Bahamian people.

He argued that FDI investors should “prove” their suitability and financial capacity by investing in local communities via activities such as adopting local schools and providing scholarships “so Bahamians don’t look at you as an investor that extracts and takes from us and give us nothing but a job”.

PAGE 12, Thursday, February 10, 2022

THE TRIBUNE

STOCKS RISE BROADLY ON WALL STREET WITH MORE HELP FROM TECH

By DAMIAN J. TROISE AND ALEX VEIGA AP Business Writers

TECHNOLOGY companies led a broad rally for stocks on Wall Street Wednesday, pushing the market further into the green for the week.

The S&P 500 rose 1.5%, the Dow Jones Industrial Average gained 0.9% and the tech-heavy Nasdaq composite rose 2.1%. The indexes started off the day headed higher and never slipped into the red, a change from the market's recent bout of volatile trading. More than 85% of stocks in the S&P 500

gained ground, with technology and communications stocks powering much of the gains. Microsoft rose 2.2% and Google's parent company, Alphabet, rose 1.6%.

Bond yields were mixed.

The yield on the 10-year Treasury held steady at 1.95%. It's still the highest it's been since before the pandemic began.

Investors continued to focus on a mixed batch of company earnings reports as they try to gauge how Corporate America is dealing with higher inflation and persistent global supply chain disruptions.

Of the roughly 60% of S&P 500 companies that

have reported results for the last three months of 2021, about 62% delivered earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence.

"Earnings and sales really have come in overall quite nicely relative to expectations at the beginning of this quarter, so that's a positive force within the market," said Lisa Erickson, senior market strategist at U.S. Bank Wealth Management.

The S&P 500 rose 65.64 points to 4,587.18. The benchmark index is now about 4.4% below the alltime high it set Jan. 3.

The Dow gained 305.28 points to 35,768.06, while the Nasdaq rose 295.92 points to 14,490.37. The major stock indexes are all on pace for a weekly gain.

Small company stocks also notched gains. The Russell 2000 rose 38.13 points, or 1.9%, to 2,083.50.

Investors are looking closely at company earnings reports to determine how different industries are dealing with persistent supply chain problems. That is one of the factors pushing inflation higher and making operations more costly for companies while making products more expensive for consumers.

IN this photo provided by the New York Stock Exchange, trader Patrick Casey works on the floor, Wednesday, Feb. 9, 2022.

Photo:Courtney Crow/AP

THE TRIBUNE

Thursday, February 10, 2022, PAGE 17

UBER POSTS 4Q PROFIT AS RIDE-HAILING SERVICE BOUNCES BACK

By MICHAEL LIEDTKE AP Technology Writer

SAN RAMON, Calif.

(AP) — Uber's ride-hailing service edged closer to returning to its pre-pandemic levels during the final three months of last year, but its prospects remain clouded by the future direction of the novel coronavirus that has plagued its business.

The San Francisco-based company's fourth-quarter results Wednesday came in above analysts' projections.

But Uber's forecast for the current January-March period was slightly below what Wall Street had been

hoping, suggesting that the omicron variant may have dented the ride-hailing service at the outset of the new year. That minor letdown evidently didn't dampen investors' excitement about Uber's progress at the end of last year. Its shares rose by about 6% in extended trading after the news came out. Even so, Uber's stock price still remains more than 30% below its peak of roughly $64 reached about a year ago. The latest numbers highlight how far Uber has come since the declaration of a worldwide pandemic in March 2020 triggered government lockdowns that kept most

people at home, limiting the need for anyone to summon a ride on Uber.

Uber reacted by building up a then-nascent food-delivery division that now generates nearly half its revenue. And the company is now benefiting from a gradual recovery in its ridehailing service. Passengers took a total of 1.77 billion trips on Uber during the last three months of 2021, a 23% increase from the prior year. But the volume remained below the prepandemic mark of 1.91 billion trips posted in the October-December period during 2019. "Our results continued to demonstrate

TRAVELERS request an Uber ride at Los Angeles International Airport’s LAX-it pick up terminal on Aug. 20, 2020. Uber’s ridehailing service edged closer to returning to its pre-pandemic levels during the final three months of last year.

Photo:Damian Dovarganes/AP

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 70° F/21° C Low: 47° F/8° C

TAMPA

SATURDAY

SUNDAY

MONDAY

Mostly cloudy, a shower in the p.m.

A shower early; patchy clouds

Clouds and sun with a shower

Partly sunny, a couple of showers

An a.m. shower, then heavy showers

Sunny, breezy and pleasant

High: 78°

Low: 68°

High: 79° Low: 68°

High: 78° Low: 68°

High: 80° Low: 64°

High: 76° Low: 61°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

81° F

69° F

84°-70° F

86°-69° F

86°-61° F

76°-56° 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: 74° F/23° C Low: 69° F/21° C

8-16 knots

S

High: 74° F/23° C Low: 63° F/17° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 76° F/24° C Low: 65° F/18° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

FRIDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 69° F/21° C Low: 50° F/10° C

High: 75° F/24° C Low: 63° F/17° C

MIAMI

High: 77° F/25° C Low: 65° F/18° C

8-16 knots

KEY WEST

High: 71° F/22° C Low: 66° F/19° C

ELEUTHERA

NASSAU

High: 78° F/26° C Low: 68° F/20° 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.)

2.3 1.7

9:30 a.m.

9:18 p.m.

0.6 0.2

3:54 a.m.

4:06 p.m.

2.3 1.7

10:27 a.m. 0.5 10:12 p.m. 0.2

Saturday

4:46 a.m.

4:59 p.m.

2.4 1.8

11:18 a.m. 0.4 11:02 p.m. 0.1

Sunday

5:33 a.m.

5:46 p.m.

2.5 1.9

12:04 p.m. 0.3 11:49 p.m. 0.0

Monday

6:16 a.m.

6:30 p.m.

2.7 2.1

12:45 p.m. 0.1 ---------

Tuesday

6:56 a.m.

7:11 p.m.

2.8 2.2

12:33 a.m. -0.1 1:23 p.m. 0.0

Wednesday 7:34 a.m.

7:51 p.m.

2.9 2.4

1:15 a.m. -0.2 1:59 p.m. -0.1

Today

2:58 a.m.

3:09 p.m.

Friday

sun anD moon Sunrise Sunset

6:48 a.m. Moonrise 6:01 p.m. Moonset

12:55 p.m.

2:08 a.m.

Full

Last

New

First

Feb. 16

Feb. 23

Mar. 2

Mar. 10

CAT ISLAND

E

W

High: 78° F/26° C Low: 73° F/23° C

N

S

E

W

7-14 knots

S

4-8 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 ................................................... 82° F/28° C Low .................................................... 70° F/21° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 72° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.31” Year to date ................................................. 4.05” Normal year to date ..................................... 1.85”

High: 77° F/25° C Low: 72° F/22° C

both how eager people are to move around their cities as restrictions ease up and how delivery has become an important part of their daily lives," Uber CEO Dara Khosrowshahi told analysts during a Wednesday conference call. He also described the omicron variant as a "temporary deterrent" that won't prevent Uber from accelerating its recovery as this year progresses.

In another positive sign, Uber has been profitable for two consecutive quarters under a financial yardstick called "adjusted earnings before interest, taxes, depreciation and amortization."

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 74° F/23° C

High: 79° F/26° C Low: 74° F/23° C

N

High: 77° F/25° C Low: 69° F/21° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 75° F/24° C

4-8 knots

MAYAGUANA High: 81° F/27° C Low: 77° F/25° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

N

N E

W

E

W

H

High: 80° F/27° C Low: 75° F/24° C

S

S

3-6 knots

4-8 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 NE at 8-16 Knots NE at 8-16 Knots NE at 7-14 Knots NE at 6-12 Knots ESE at 4-8 Knots SE at 6-12 Knots ESE at 7-14 Knots ESE at 7-14 Knots NE at 6-12 Knots E at 4-8 Knots NNE at 8-16 Knots NE at 8-16 Knots NE at 4-8 Knots E at 4-8 Knots SE at 4-8 Knots E at 7-14 Knots SE at 4-8 Knots ESE at 6-12 Knots ESE at 8-16 Knots ESE at 7-14 Knots NE at 6-12 Knots NE at 6-12 Knots NE at 3-6 Knots ESE at 6-12 Knots NE at 4-8 Knots SE at 4-8 Knots

WAVES 3-5 Feet 3-6 Feet 1-2 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 0-1 Feet 0-1 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-2 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles

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