02142022 BUSINESS

business@tribunemedia.net

MONDAY, FEBRUARY 14, 2022

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FOCOL’s $24m fossil fuels ‘game changer’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FOCOL Holdings temporarily increased its bank overdraft by 247 percent to finance “a game changer in our transformation” to beat reduced fossil fuels usage, its chairman has revealed.

Sir Franklyn Wilson told Tribune Business that the BISX-listed petroleum products supplier more than tripled its overdraft, growing such borrowings by almost $24m from $9.61m at end-September 2020 to $33.344m one year later, to finance the acquisition of additional electricity generation capacity that will be rented to Bahamas Power & Light (BPL).

Disclosing that this had funded the purchase of a 27 Mega Watt (MW) engine currently being installed at BPL’s Clifton Pier power plant to help meet New Providence’s peak summer load demand, he explained that this took FOCOL’s generation capacity to a total 43 MW when added to the 16 MW already leased to the stateowned utility and installed at its Blue Hills location.

Speaking after FOCOL subsequently refinanced the more expensive overdraft with long-term debt after the close of its financial year

SIR FRANKLYN WILSON at end-September 2021, Sir Franklyn confirmed that the energy generation venture was one aspect of the company’s strategy to position itself for a future when its core business - fossil fuel provision - has substantially diminished.

And, apart from further expanding its electricity generation interests, he revealed that FOCOL plans on developing “more than a token presence” in renewable energy with one such solar project “at an advanced stage of planning” although he declined to provide details.

PM DENIES UNION’S CABLE PRE-ELECTION PLEDGE FEARS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TRADE union leader yesterday voiced doubts that the Prime Minister will live up “a preelection commitment” to bring BISX-listed Cable Bahamas to the negotiating table.

Sherry Benjamin, the Bahamas Communications and Public Officers Union’s (BCPOU) president, told Tribune Business that she had left a meeting with Philip Davis QC with “more questions than answers” after receiving “no comfort” his administration would make good on this pledge.

However, a spokesman

for the Prime Minister, responding on his behalf, yesterday voiced surprise at Ms Benjamin’s account of their meeting the Friday before last. They said Mr Davis encouraged the union to use the potential remedies offered by the law and Supreme Court to bring reluctant employers to negotiate, especially if they had already been recognised as the bargaining agent.

“I met with the Prime Minister two Fridays’ ago,” Ms Benjamin revealed to this newspaper. “That was to discuss the contract worker situation [at BTC] and ask for the Government’s support in getting SEE PAGE EIGHT

GOV’T TARGETS EARLY CLUB MED RE-OPEN

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday said to be working with Club Med in a bid to ensure its San Salvador resort re-opens earlier than late 2022 and sparks “a 180degree turn” in the island’s economy.

A spokesman for Prime Minister Philip Davis, in whose constituency the resort is located, confirmed that both the Government

and Club Med are working together in efforts to get the property operational before the latter’s October 2022 forecast.

“It’s definitely on the table to get them to re-open earlier than October,” they said.

“There are things that both sides must do but they are working towards it.”

The spokesman added that a government team visited the Columbus Isle SEE PAGE SEVEN

Asked by this newspaper to explain the year-over-year overdraft expansion, some $27.15m of which was refinanced via long-term debt in November 2021, Sir Franklyn responded: “FOCOL today is a very substantial provider of energy. The company has been transformed in a very major way.

“We have 16 MW of generating capacity using Wartsila tri-fuel engines, and we have 27 MW of energy production capacity using a Hyundai engine from Korea. Over the last three years or so the company has really been going through a very intense and robust degree of transformation. When we have finished we will be at 43 MW of generation capacity. That’s a lot.”

The FOCOL chairman said work to install the 27 MW engine at Clifton Pier had already begun, and should be completed in time for summer 2022.

He added that the transition from Anthony Robinson, who has moved up to become the company’s chairman, and his replacement as president and chief executive by Dexter Adderley, had gone relatively smoothly.

“What we did was that we financed a lot of that capital cost,” Sir Franklyn said of the overdraft expansion.

SEE PAGE SIX

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BOB CHIEF: ‘FORMULA WE DON’T REALLY WANT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BANK of The Bahamas’ managing director says a shrinking loan book, combined with rising deposits and cash, is “a formula you don’t really want” for sustained long-term profitability.

Kenrick Brathwaite, speaking after the BISXlisted institution unveiled just $500,000 in net income for the six months to end-December 2021, told Tribune Business he continues to hope the Central Bank will soon remove the prohibition on new commercial lending imposed after its near-collapse some eight to nine years ago.

Arguing that the inability to lend commercially was creating a “skewed” loan portfolio that lacked diversity across a range of credit types, he asserted that Bank of The Bahamas had implemented stringent internal controls and reforms such that its “credit risk rating system is just as good as any bank in the country”.

Although the 2022 financial year’s first-half net income represented a five-fold increase on

the prior year, that came against the low bar of just a $100,000 profit for the same period. “We’re trying valiantly to reach the point of sustained profitability over the long-term, but that will not come until we expand the debit cards, credit cards and commercial lending,” Mr Brathwaite said.

“We have a three-year strategic plan that we have just amended, and hopefully at the end of that we will have ironed out all the kinks regarding structures, systems and credit card processing...

But for us to reach our profit goals we need to be able to lend commercially as soon as possible because that is part of our strategic plan.”

Bank of The Bahamas has been restricted from lending to businesses since 2013-2014.

Some observers will likely argue that the restriction should remain in place indefinitely given the $300m-plus cost imposed on the Bahamian taxpayer from two government bail-outs of the bank, plus a $40m initial public offering (IPO) that SEE PAGE TEN

PAGE 2, Monday, February 14, 2022

THE TRIBUNE

THE LATEST ‘ARMED ROBBER’ GENERATION

By GAMAL NEWRY

READINESS, response and recovery cannot be left to chance. The delivery of a comprehensive security protection programme demands planning, coordinated implementation and consistent oversight.

More than fence lines, cameras and alarm systems, a modern asset protection system must now include firewalls, anti-virus software and the use of multi-factor authentication. Successful integration of these multiple layers of protection makes for an efficient and effective loss prevention programme.

Robust and resilient programmes minimise loss, aid timely recovery and ensure brand confidence.

Now, and even more into the future, we will see the increased use of technology to conduct almost every aspect of business.

Everything will move to virtual applications. This was made very clear to me during a recent trip to London in January 2022. As I moved around the city, and observed the changes and dynamics compared to my last visit about three years’ prior, what stood out more than ever was the absence - or extremely diminished use - of paper currency. At

no time during my twoweek stay did I use paper currency or coins. Every purchase and transaction was done electronically.

SO MUCH FOR THE GENERATION OF THE ARMED ROBBER... OR IS IT?

That dynamic has clearly changed, as less cash is required for transactions.

This means less cash will be carried by persons, which also decreases the sums available on-site at businesses. Enter the ‘cyber criminal’ and armed robber of sorts, perhaps not as violent, but one who is certainly very dangerous.

Security in its purest application must be anticipatory. It must forecast potential loss opportunities or attack vectors and, subsequently, close them. In its 2022 Tech Review forecast, MIT (Massachusetts Institute of Technology) lists 14

predictions as they relate to cyber security. At the top of the list is an anticipated increase in frequency and diversification of tactics used to penetrate systems.

Change is good, but not under these circumstances, as this type of variation will cause security practitioners and end-users to always be playing a game of catchup. They will have to adopt a reactionary approach to manage attacks, which is not ideal as it suggests that the penetration was successful and a loss has occurred.

The focus should be on forecasting what attack paths will be taken by monitoring the market and industry trends. This should be a team effort, as system monitoring is dynamic and can be overwhelming, especially for smaller entities. Substantial resources may be needed for this non-revenue generating activity.

When we see that approximately 85 percent of small businesses think they are safe from attacks such as data breaches, malware, viruses and the like, we know that the exposure is much greater than what is reported. The delusion that these companies are not targeted because of their size is, in fact, the exact reason they are targeted.

Aggressive, persistent cyber and privacy attacks will continue to be driven by the large financial gains they can bring.

In 2021, it was estimated that the loss and damage resulting from cyber crime was around $6 trillion globally. This is a 100 percent increase from the $3 trillion reported in 2015. But these numbers are speculative at best. In my opinion, the cost is much more. There will always be individuals and companies who, for various reasons, will not report loss events.

The rapid pace at which this high reliance on technology was accelerated by COVID-19 has created gaps that many companies are still trying to close. The idea that this risk will be subdued is unrealistic. Even if we see downturns in attack vectors, we should only expect this to be temporary. As such, governments must work closely together to implement stiffer penalties that cross borders.

This is easier said than done, as some countries are themselves promoting and sponsoring attacks that fit their own strategies. But when we consider international law enforcement’s collaboration in fighting human and drug trafficking cartels, it is only

reasonable to conclude that jurisdictional cyber shield-type initiatives must be implemented.

We see steps being taken such as the European General Data Protection Regulation (GDPR); the Chinese Personal Information Protection Law; and the Californian Consumer Privacy Act, which have introduced heftier fines for companies and longer jail time for criminals. These rules force standardised compliance, and make it more difficult for criminals to evade punishment.

Technological innovations must continue to do just that; innovate and adapt. The threat is real and continuous. We are aware that phishing, hacking, scamming and extortion remain the most common and reliable means for penetration considering our continued reliance on electronic transactions. New novelties such as Artificial Intelligence (AI), which were once restricted to the financial services industry for fraud detection, must now be rolled out in some form or fashion, and be more available to the population at-large.

Companies of all types should conduct risk assessments with an emphasis on cyber risk. This should be conducted on their

environment to help determine the current exposure.

The misconception is that your company has robust programs, but that does not extend to vendors and third party service providers. An assessment should not only be completed by each of your business units but also your business partners. This action will provide practical data to the business that will allow it to develop a strategy and tactics to shore up high-value assets, products and services that are at risk. Your cyber security initiatives are only as secure as the internal and external partners participating in the endeavour. If these stakeholders are not up to par, then relationships will be negatively impacted or even severed.

As always, a proactive mindset enhances prevention, preparedness, and response tactics. We are reminded that this is a war, and cyber security should be approached as such.

NB: Gamal V. Newry is the president and senior consultant for Preventative Measures. He brings over 35 years of insight and experience to the table as it relates to crime and security risk management. Comments inquires, and questions can be sent to info@preventativemeasures.org

THE TRIBUNE

Monday, February 14, 2022, PAGE 3

OIL EXPLORER RELEGATES BAHAMAS TO ‘NON-CORE’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN OIL explorer has downgraded The Bahamas to a “non-core” jurisdiction and closed its office in this nation after its first exploratory well failed to strike commercial quantities of ‘black gold’.

Challenger Energy Group, the former Bahamas Petroleum Company (BPC), said this nation will only play a fringe or peripheral role in its operations for the foreseeable future after it staved off potential insolvency via a £7.3m fund-raising that recapitalised the company.

In a statement issued to shareholders and the capital markets late last week, Challenger said its Bahamas interests - namely the four exploration licences it is seeking to renew in negotiations with the Government - will now be overseen by its Trinidad & Tobago operations.

Trinidad, rather than The Bahamas, has become Challenger’s operational hub and focus following a change in strategic direction that has seen the company pivot away from high risk, high reward exploration jurisdictions such as this nation to instead focus on existing productive oil fields that can drive immediate cash flow and potential shareholder returns.

“Existing higher-risk assets (the projects in The Bahamas, in Uruguay and in the southwest peninsula of Trinidad and Tobago) will be retained but considered non-core,” Challenger told investors. “That is, retention of these projects for the foreseeable future will be only on the basis of the relevant project requiring limited work and limited capital expenditure.

“No material work or capital expenditure is thus planned in respect of ‘legacy’ exploration assets in The Bahamas, Uruguay or the south-west peninsula of Trinidad and Tobago beyond

THE STENA Icemax drill ship used by the former Bahamas Petroleum Company. routine work required to maintain the relevant licences in good order and progress discussions relating to farm-out and/or other monetisation options. The costs associated with such activities during 2022 are expected to be minimal.”

And, in a further sign that The Bahamas is now far less important to Challenger after its Perseverance One well failed to strike commercial oil reserves in waters 90 miles west of Andros, the company confirmed that it has closed its New Providence office and gave no clue as to whether it may eventually re-open.

“Various other non-essential staff positions have been eliminated,” Challenger said of its belt tightening. “The Company’s operating office in The Isle of Man has been shut and replaced with a corporate service provider.

“The company’s operating office in The Bahamas has been shut, and any residual Bahamian operations going forward will be serviced from Trinidad and Tobago. The company has established a small (serviced) London office to act as a central hub for coordinated operational activity.”

Challenger said these moves

will make it “leaner and more cost-effective”, cutting operating expenses to $2m per annum.

While hailing these developments as “good news for The Bahamas”, environmental activists and other opponents of oil exploration in Bahamian waters said they are not letting their guard down just yet.

Casuarina McKinney-Lambert, the Bahamas Reef Environment Educational Foundation (BREEF) head, told Tribune Business: “Now is definitely the time to move forward with a ban on drilling in The Bahamas.”

While Challenger’s position was “good news for the marine environment and for the people who depend on a healthy ocean for tourism and fisheries”, she added: “We are now a full year on from the completion of the failed exploratory oil drill and we still haven’t seen the drill report.

“Also, Challenger Energy Group recently stated cryptically that the insurers (Lloyd’s of London) may be seeking a top-up insurance premium that apparently has not been paid. This is cause for concern for The Bahamas and neighbouring countries.”

Nor has Challenger

completely abandoned its hopes of discovering commercial oil quantities beneath Bahamian waters. It reiterated its previously stated ambition to renew the four remaining oil exploration licences via negotiations with the Government so that it can then monetise, or get a return, on these investments by finding a joint venture partner for a second exploratory well.

With the Perseverance One well’s findings suggesting commercial oil quantities could be present at even deeper levels below the Bahamian seabed, Challenger said: “The technical findings from Perseverance One well thus support a forward programme focused on deeper Jurassic horizons.

“As such, the company has initiated a farm-out process to seek a suitable partner for the next phase of activity in The Bahamas.

In parallel, in March 2021, the company notified the then-Government of The Bahamas of its intent to renew the four southern licences into a third three-year exploration period.

“A new government was elected in The Bahamas in September 2021, and the company is engaging with the new administration on the renewal process.”

No update was provided on the progress of negotiations with the Davis administration, which was previously thought more sympathetic to oil exploration in Bahamian waters than its predecessor.

However, Prime Minister Philip Davis QC, upon his return from the global COP26 climate change conference, suggested that while the Government might support oil exploration it would not approve commercial production or extraction. Instead, should there be a commercial discovery, The Bahamas would seek to monetise this via carbon credits or some other mechanism.

Challenger appears unlikely, though, to drill another

exploratory well in The Bahamas by itself. It will proceed only if it can find a joint venture or ‘farm in’ partner to share some of the technical, financial or other risks, thereby enabling it to “monetise” its licences, or sell the rights to them outright.

Meanwhile, Challenger confirmed that it is due to pay the remaining $1.3m owed to creditors who provided services to support its Perseverance One well by March 17. “The company has entered into binding settlement agreements with relevant creditors, under which the approximately $11.3m of the liabilities are to be settled by way of a cash payment of approximately $2m,” it said.

“Approximately $0.6m was paid in November and December 2021, and the remaining balance is to be settled by payment of a further approximately $1.4m - approximately $0.1m payable by no later than January 31, 2022, and the balance of approximately $1.3m by no later than March 17, 2022.

“A payment of approximately $0.1m was made on January 31, 2022, and the proceeds from the conditional placing are expected to be utilised to make payment of the balance.” No mention was made of whether there are any Bahamian companies or creditors due to receive a portion of the remaining $1.3m.

And, in a nod to Mrs McKinneyLambert’s concerns, Challenger added: “It is noted that, as a result of the ultimate cost of the Perseverance One well, a ‘top-up’ premium amount for well control insurance may be claimed by insurers in relation to the final overall cost of the insurance, although the amount of such claim (if any) is presently unknown.

“The matter remains subject to negotiation with the insurers given the outcome of the creditor settlement process, and further given that the well was completed safely and without incident more than 12 months ago.”

PAGE 4, Monday, February 14, 2022

THE TRIBUNE

MINISTER TO ADDRESS DUBAI FOOD SUMMIT A CABINET minister will give a presentation, and participate in a food security panel discussion, at this month’s first-ever Food for Future Summit and Expo in Dubai.

Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, was invited to attend the February 23-24 conference by the United Arab Emirates (UAE) minister of environment and climate change, Miriam Al Mheiri,, who also has responsibility for agriculture.

The event is expected to be attended by more than 100 countries that have a focus on food security.

It is being hosted in conjunction with the United Nations Food and Agriculture Organisation (FAO), and is a part of Food, Agriculture and Livelihoods week at the World Expo 2020.

The minister is expected to lead a 19-strong delegation from various departments in his

portfolio, including the Bahamas Agricultural Health and Food Safety Authority (BAHFSA); Bahamas Agriculture and Marine Science Institute (BAMSI); Bahamas Agricultural and Industrial Corporation (BAIC), the departments of agriculture and marine resources.

“We are looking to gain a lot of knowledge and interact and, hopefully, explore the possibilities where we can work along with other governments to aid in our fight for food security,” Mr Sweeting said.

“We want to mix with persons not just across the world but with persons who have intimate knowledge on how we can modernise the industry, see technological advances in the sector and to really network with persons that have beaten the challenges of food security.

“We have a challenge with technology, modernisation and getting persons involved in the

sector. We’ve seen that a lot of farmers are of age, and the transfer of knowledge is not happening. We’ve missed a generation or possibly two. We are looking at engaging younger persons and finding ways for them to become successful farmers.”

Mr Sweeting, pointing to the current impact that inflation is having on food prices, said: “A global challenge right now is pricing, and small countries such as The Bahamas are significantly impacted more than larger countries.

“I think it is important that we grow where we live, and that is one of the major challenges. So if we are able to grow here in The Bahamas then we are able to fight this global challenge of food shortage and the cost of food as well.”

Minister Sweeting added that he was eager to foster relationships with other countries on food security, and said: “Nothing gets done as well as meeting people face-to-face.

We are growing relationships with people across the world in the sector, and you are able to have some hands-on technology training and some hands on knowledge of what we can do.

“Israel has done a wonderful job of providing food for their people. Dubai is in the middle of the desert, and they are doing pretty well there, and so we are hoping to find some way to bring that technology home.”

Mr Sweeting said his ministry is working to develop and execute a National

COMPLIANCE OFFICERS MEET AG ON SELF-REGULATION BILL

FROM left, Acting under secretary for the Ministry of Legal Affairs, Dr Donna Miller; BACO public relations chair, Derek Smith Jr; BACO chair of education, Fareda Sands; permanent secretary in the Office of the Attorney General and Ministry of Legal Affairs, Cecilia Strachan; the Attorney General; BACO president, Maria Dorsett; BACO secretary, Shelly Cook-Seymour; and BACO SRO committee member, Dave Smith.

THE Bahamas Association of Compliance Officers (BACO) executive committee last week met with the attorney general, Senator Ryan Pinder, to discuss the profession’s path to self-regulation.

The group, headed by BACO president Maria Dorsett, focused on a Self-Regulatory

Organisation (SRO) Bill that was drafted several years ago and is currently under review. Besides aiding regulatory compliance in The Bahamas, its passage would make BACO the first such association in the Caribbean to pursue this path.

BACO, in a statement, said its meeting with the attorney general

was also intended to promote The Bahamas as a robust but inviting regulatory environment that has long-term benefits for potential and current investors.

“We are committed to continuing our relationship with policymakers during the evolution of the financial services industry,” said Ms Dorsett.

Food Strategy.

“We are working on it now, and looking for something that would last long-term. The Blueprint for Change has provided

some linkage of what we are supposed to do there,” he added.

“The National Development Plan from the Christie administration also

provides a 20 to 30-year plan of what we are supposed to do in all sectors, inclusive of agriculture.

And so we are just building upon that.”

GOV’T PARTNERS ON AGRICULTURAL APP

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MARI DUNLEAVY, The Bahamas’ representative for the InterAmerican Institute for Cooperation on Agriculture (IICA), with Clay Sweeting, Minister of Agriculture, Marine Resources and Family Island Affairs.

Photo: Kendea Smith A REPRESENTATIVE Marine Resources and from the Inter-American Family Island Affairs; and Institute for Cooperation Bahamas Agricultural and on Agriculture (IICA) has Industrial Corporation briefed a Cabinet minis- (BAIC). ter on the initiatives it is The IICA and TDC are undertaking to benefit The erecting billboards across Bahamas.

New Providence to promote Mari Dunleavy unveiled the initiative. The first of the Institute’s activities these billboards, which feawhen she met recently ture Bahamian farmers, can with Clay Sweeting, minis- be seen at Montague Foreter of agriculture, marine shore. Future billboards resources and Family Island are expected, including affairs. digital signage at the Fusion She said the Caribbean’s Superplex, pending the latfirst $1.2m Green Climate ter’s consent and approval.

Fund initiative, specifically Ms Dunleavy and supporting agriculture, Mr Sweeting also disseeks to strengthen The cussed the AgriExtApp. Bahamas’ capacity to access This is a pilot phone app climate finance for building that enhances the exchange resilience and promoting of information and comlow-carbon farming. The munication between initiative also builds in a farmers, extension workcertification and skills pro- ers and other stakeholders gramme targeted at young throughout The Bahamas persons to increase their agriculture sector, espejob marketability and skills. cially in the Family Islands.

Ms Dunleavy added that The IICA is working on the IICA’s Buy Fresh, Buy the initiative in partnership Local, Buy Bahamian cam- with the Government. paign is designed to reduce Mr Sweeting voiced supthe country’s $1bn annual port for the IICA’s food import bill. continued development The campaign is being of the technology, and staged partnership with Ms Dunleavy committed the Tourism Develop- to increased resources to ment Corporation (TDC); expedite the roll-out in The Ministry of Agriculture, Bahamas.

THE TRIBUNE

Monday, February 14, 2022, PAGE 5

BUILD, BUILD, BUILD, STOP!

By RICARDO EVANGELISTA ERNEST Hemingway once wrote that bankruptcies happen gradually, and then suddenly. Such words seem appropriate to describe the fate of Evergrande, one of China’s largest real estate developers, which appears set to default on debt interest repayments. It had been known for months that the giant Asian firm was experiencing severe difficulties caused by a slowdown in the Chinese real estate sector, brought on by the pandemic. What was not as well known was the scale of the problem. However, by mid-September 2021 it had become apparent that the firm did not have enough liquidity to pay interest on two bonds, which together represented almost $120m, both due on Thursday, September 23.

Shock waves started reverberating throughout the world, as fears grew that the potential collapse of Evergrande could bring down China’s entire real estate sector, the most important industry in China’s economy. It could even drag down with it a huge number of ancillary businesses, suppliers and investors, potentially contaminating the entire US dollar-denominated Asian bond market. A scenario reminiscent of the Lehman Brothers collapse in 2008, which triggered the most severe financial crisis since the great depression of the 1930s.

The root of the Evergrande problem can be traced back to the way the Chinese government had, until recently, tolerated the aggressive financing schemes used by some of the country’s property companies. High annual

GDP growth in China has been more than an economic target; it is a strategic political objective, with construction as the main driver behind the expansion.

However, such nominal growth is not sustainable in the long-term, as illustrated by the many vacant apartment blocks that are never sold. It is estimated that there is enough empty accommodation in China to house 90 million people.

That scenario is likely to deteriorate in the future, due to the expected decline in population. Nevertheless, despite the market saturation, developers continued to build, financing themselves by attracting local and foreign investors, with bonds generating income of 10 percent and more a year.

As the systemic risk posed by the sector became clear, the government of President Xi Jinping legislated to bring leverage in the property sector under control, setting up three ‘red lines’

on debt levels which, if crossed, would render further borrowing impossible.

Ironically, despite being put in place to achieve precisely the opposite, these red lines are the reason why Evergrande is facing the current liquidity crisis, as the firm crossed all three and is unable to raise the capital necessary to meet its short -erm obligations.

This crisis is unlikely to become China’s ‘Lehman Brothers’ moment, but applying the breaks on construction sector financing, and bringing to an end the so called ‘build, build, build’ model, will downgrade the Chinese economy’s growth prospects, with yearly GDP expansion likely to drop to around the 4 percent mark.

It is, nevertheless, a wise strategy - accepting lower levels of growth in exchange for a more sustainable model that should, in the long-term, deliver greater stability.

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PAGE 6, Monday, February 14, 2022

THE TRIBUNE

FOCOL’S $24M FOSSIL FUELS ‘GAME CHANGER’ from page one

“All those engines are very expensive. We purchased them. We used a lot of internal working capital and some overdraft facilities that have since been converted into long-term capital instruments.

“This is huge. This is a game changer for the

company. This [energy generation] is capital intensive and it’s a long-term play. FOCOL, we think, is positioned for better times. What we hope is to continue to protect the company long-term in the transition from fossil fuels to. It so happens we were managing this at the same time as COVID-19. Thank God we are where we are.”

Sir Franklyn said FOCOL’s focus on multifuel generation engines also highlighted its intentions to be a player in The Bahamas’ renewable energy landscape. “We anticipate having more than a token presence in the area of renewables,” he told Tribune Business.

“We have a project at an advanced stage of planning and, God willing, the public will hear about it in the not too distant future.” Declining to provide details, other than to confirm it is a solar energy project, the FOCOL chairman added: “We hope to be a leader for more to come. With the anticipated demise of fossil fuels, that means more than one way to generate electricity.

“What I have told you is just part of the things happening in the company. It has been transformed in more than one way, and is really well positioned going forward. Yes, we expect some decline in fossil fuel use, but we’re seeking

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to position the company for the future in terms of generating new revenue streams to compensate for any negative forces.”

Sir Franklyn, meanwhile, slammed the Central Bank’s move to exit its role of facilitating access to the Bahamian dollardenominated Government securities market.

He argued that “it makes no sense” to pursue this policy at a time when the Government desperately needs to expand access, and attract new investors, to its debt amid a looming fiscal crisis.

Calling for the Central Bank to provide “more rigorous analysis”, and greater justification other than saying the move will bring The Bahamas into line with “international best practices”, he blasted: “The Central Bank has announced a policy of withdrawing from the brokerage business...

“I would wish to go on record as saying in as much as that statement is not supported by any evidence of rigorous analysis, saying that doing what they’re doing takes into account the realities in The Bahamas,

including the challenges the Government of The Bahamas faces in attracting investors into local debt instruments, it looks to me like something that’s unwise.

“The Government needs more investors. It wants to get more people buying government debt. At a moment when the Government desperately needs new people going to debt instruments,the Central Bank says it will start to stop facilitating at a moment when the Government desperately needs it. How does that make sense?”

The Central Bank recently unveiled its strategy to gradually exit its long-standing historical role as registrar and transfer agent for Bahamas Registered Stock (BRS) and Treasury Bills (TB), facilitating primary and secondary market access to these securities for investors.

Asserting that this will “better align its activities with international good practices”, the Central Bank said it will cease providing such services completely by New Year’s

Day 2023. In a phased winddown, it will stop taking on new investors in government securities by March 1 this year.

Access to government securities will now only be available through a BISXregistered broker-dealer, and all existing investors will have to transfer their portfolios to the same broker/dealers by yearend. However, Sir Franklyn argued that this will make government securities less accessible - especially for new investors - due to the fees charged by the broker/ dealers.

“The only rationale is international best practice,” he added. “That is not a compelling enough justification... I humbly believe the Central Bank owes it to the country to give a more compelling case for this or not do it and reverse the policy.

“If not, it would be wise for the Government to step in and do something. We respect the independence of the Central Bank, but we expect them to behave in a manner of rigorous analysis to support policy.”

THE TRIBUNE

from page one

property to assess its condition, the situation as it exists on the ground today, and what part the Davis administration can play in facilitating re-opening.

Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) president, told Tribune Business that a recent conference call between the union and Club Med’s human resources officials had given him hope that a re-opening before October 2022 was possible.

“They’re maybe looking to open a little bit earlier,” he said. “I spoke to the human resources people from Club Med, and they indicated that some people were going to see the state of the place to make the necessary provisions for re-opening. I think they may have already gone to Columbus Isle to have a look at what’s going on.

“There’s no definitive date yet. It may be a little bit earlier than the original October-December 2022. I hope we’ll hear more from them [Club Med] in March once their meetings in Florida take place. If anything is to happen in the second or third quarter, the first quarter of the year is when all the wheels need to start in motion. We’re just waiting on a time now.”

Club Med terminated 190 staff, including 172 union members, in early January 2021 as it confirmed its decision to shutter the Columbus Isle property due to COVID-19’s devastating impact on global travel and tourism. No re-opening date was given at that time, and Club Med’s website still has October 2022 as the time when operations will resume.

The closure had a traumatic impact on San Salvador’s economy and wider community, as it provided the island’s major source of employment as well as spin-off entrepreneurial activities and jobs associated with those.

Asked what a re-opening would mean for San Salvador, Mr Woods told this

Monday, February 14, 2022, PAGE 7

newspaper: “It would be a 180-degree turn right away.

That provides employment for at least 170 persons in the first instance, line employees excluding the management team. That will be full-time jobs.

“Then there will be people able to pick up ancillary jobs, conduct tours and do the hair braiding and the massages. You’ll have a lot of spin-off jobs, and residents will pick up their lives. Persons will be able to get second jobs up there.

That will turn the economy around 180 degrees.”

Mr Woods said he expected the majority of union members, who have not retired or found a job elsewhere, to return to Club Med’s Columbus Isle property once they are recalled.

He added that when Club Med’s human resources team asked him what assistance they could obtain from the Government for the re-opening, he pointed out that it was the Prime Minister’s constituency.

“That is going to be high on the list of priorities for the Prime Minister because it is his constituency,” the union president said. “I told them they will not have to worry.”

Club Med, whose ultimate parent is Chinese conglomerate, Fosun International, cited several factors behind its decision to close the Columbus Isle resort during the COVID pandemic’s 2020 peak.

First, it said the property’s remoteness and lack of healthcare infrastructure could endanger guests and staff if an outbreak occurred.

The San Salvador property also catered to a significant number of European guests, and outbound travel from that continent was heavily curtailed by lockdowns and border closures in 2020-2021, meaning that its customer base had largely dried up.

Dionisio D’Aguilar, former minister of tourism and aviation, in 2020 admitted that the Government had a “difficult mountain to climb” to persuade Club Med to re-open before 2022 due to San Salvador’s

limited airlift and healthcare capacity.

“It’s devastating for the economy of San Salvador for it to be that long,” Mr D’Aguilar said of the potential two-year closure. “That’s a very special situation given the fact the whole property’s focus is on the European market. It’s a bit different. Most of our Family Island properties are very American-centric, and it’s so much easier and closer to come up with a ‘Plan B’.

“If you’re an American in the Out Islands it’s much easier to get home if you fall sick even though it has to be by private plane. Most people if they’re ill want to go back home, but if you’re coming from France and Italy, which is the greatest source of visitors to Club Med, it’s a long way away. You can’t put them on a commercial plane, and you can’t put them in our healthcare system as challenged as it is.”

He confirmed that the main fears behind Club Med’s decision were the inability of San Salvador’s healthcare facilities to cope with a major COVID-19 outbreak, which was “compounded with the lack of international airlift” given that the resort operated just one flight per week in and out of the island from France.

“That was not considered sufficient,” he added.

“They’re working their way through all the resorts in terms of what are the safest locations to open, given that there are not sufficient healthcare facilities on the island, given that there was no robust trans-Atlantic or international airlift, it reached that point where it ranked low in all their resorts in terms of opening.

“There wasn’t much the Government of The Bahamas could have done in terms of removing those significant obstacles.

They [Club Med] would wish for a scenario where COVID-19 is mitigated substantially, receded substantially or a vaccine is in place, would be my guess, before they go to a small remote location.”

GOV’T TARGETS EARLY CLUB MED RE-OPEN

To advertise in The Tribune, contact 502-2394

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 8, Monday, February 14, 2022

Legal Notice NOTICE

Meron Fund ICON

NOTICE IS HEREBY GIVEN as follows: (a) Meron Fund ICON has been dissolved on the 10th day of February 2022 under the provisions of the Investment Condominium Act, 2014.

Shareece Scott Liquidator

THE TRIBUNE

PM DENIES UNION’S CABLE PRE-ELECTION PLEDGE FEARS from page one

Cable Bahamas to the table. They’ve been ducking and dodging us.

“We have bargaining rights for Cable Bahamas, but they are refusing to come to the table to negotiate a contract for the line staff at Cable Bahamas.

The Prime Minister made a commitment prior to the election that he would assist in getting Cable Bahamas to the table.

“I was pressing him on that to live up to that commitment to get Cable Bahamas to the table and get a contract for the staff at Cable Bahamas. He didn’t give me any comfort that I can count on them for support, let’s put it like that.

I left there with more questions than answers. I told him that just as I said it to you.”

The BCPOU has long maintained that it was recognised as the bargaining agent for Cable Bahamas’ line staff, as required under the Industrial Relations Act, during the first Ingraham administration’s first term in office. That was upheld following a long, arduous Supreme Court battle in which Cable Bahamas was ordered to recognise the union and begin industrial deal talks.

The Prime Minister’s spokesman said he had given Ms Benjamin and the BCPOU a similar message, namely to use Bahamian labour laws to uphold their rights, especially since the last Christie administration had strengthened the provisions dealing with employers who refused to negotiate with recognised bargaining agents.

However, the BCPOU chief yesterday reiterated her seeming disappointment with the meeting’s outcome, saying: “I said: ‘You made the same commitment to me before the election, and after the election comes it’s a different story. I don’t like that. I don’t subscribe to that at all.

“Who do you go to for help? If we call them [Cabinet ministers and MPs] they don’t answer their phones

and, if they do, they give you one big song and dance.

These are people’s lives you are talking about.”

The then-Opposition Progressive Liberal Party (PLP) signed a pre-election memorandum of understanding with the Trades Union Congress (TUC) and National Congress of Trade Unions of The Bahamas (NCTUB), the two umbrella union bodies one of which the BCPOU is affiliated with - making a number of labour-friendly pledges if elected to office.

Labour concerns in the communications industry were not just confined to Cable Bahamas over the weekend. Robert Farquharson, the Government’s director of labour, would neither confirm nor deny that his agency and the Department of Immigration were investigating allegations relating to work permit applications submitted by the Bahamas Telecommunications Company (BTC).

A widely-circulated What’s App message stated: “The Department of Labour in conjunction with the Department of Immigration has initiated an investigation into allegations that BTC is circumventing the perversions [meaning provisions] of Section 86 of the Industrial Relations Act by applying for and obtaining short/ long-term work permits where there are qualified and available Bahamians to fill vacancies.”

While the language used raised questions as to its authenticity, persons were asked to contact Mr Farquharson who did not outright deny it was genuine. “The

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

F.S. HOLDINGS ENTERPRISE LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of F.S. HOLDINGS ENTERPRISE LIMITED was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 15th December, 2021.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865 Nassau, Bahamas

Department of Labour will not comment on any investigation that may or may not be conducted by the Department.

“We are unable to comment further. I saw the post on social media and I have no comment. I cannot comment on any investigation that is going on at this time.” Mr Farquharson also denied making statements to another media house which quoted him as saying the probe was examining whether Jamaicans and Barbadians were being hired for technical posts Bahamians can fill.

Andre Foster, BTC’s chief executive, told Tribune Business that the carrier, which is 49 percent owned by the Government and has four Davis-appointed directors on its Board, was unaware of any probe by either the Department of Labour or Department of Immigration into its work permit applications/approvals.

Asserting that “I always think there’s folks stoking the flames”, he added that BTC was “very, very careful” to comply with both the law and the rules when it came to labour-related matters. Out of BTC’s 670 staff, Mr Foster added that work permit holders account for less than 1 percent, and said: “Wherever possible a Bahamian is looked at as first choice.”

Ms Benjamin, too, said she and the union were unaware of any investigation.

“We were asking questions as to whether some of the BTC contract workers not rehired because they are not COVID vaccinated would be replaced by foreign workers, and if the Government would allow this,” she said. “The Prime Minister said they would not allow them to bring in to replace.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Monday, February 14, 2022, PAGE 9

DPM Chester Cooper opens new Bahamas Ferries $20m Abaco terminal SCHEDULE TO: Stoneywall Investments Limited, The Bahamas TAKE NOTICE that an action has been commenced against you in the Supreme Court of The Commonwealth of The Bahamas, Common Law and Equity Division No. 01203 of 2019 by the United States and Securities Exchange Commission.

AND THAT it has been ordered by the Supreme Court of the Commonwealth of The Bahamas that service of the Amended Writ in the said action on you be effected by this advertisement.

THE CUTTING of the ribbon on the new terminal.

THE deputy prime minister has opened Bahamas Ferries’ new $20m Abaco ferry terminal that will serve as the transportation hub between the mainland and Baker’s Bay Golf & Ocean Club.

Chester Cooper, also minister of tourism, investments and aviation, congratulated the Bahamian-owned company for its multi-million dollar investment and partnership with Discovery Land Company, Baker’s Bay’s developer.

Bahamas Ferries has a service agreement to transport staff, employees, and Baker’s Bay members between Marsh Harbour and the Great Guana Cay property.

The facility provides a staging area, parking, restrooms, a sheltered waiting area, and a freight handling facility with two RoRo (roll on, roll off) ramps to facilitate the projected growth and development in Abaco and its cays. New staff vessels are to arrive shortly.

Mr Cooper was accompanied at Friday’s ceremony by JoBeth Coleby-Davis, minister of housing and transport; John Pinder, parliamentary secretary, Ministry of Tourism, Investments and Aviation; Bacchus Rolle,

parliamentary secretary, Ministry of Public Works and Utilities; and Senator Randy Rolle, global

relations consultant/senior advisor, Ministry of Tourism, Investments and Aviation.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Amended Writ of Summons by completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Law Firm whose name and address appear below, otherwise Judgement may be entered against you.

LENNOX PATON Chambers 3 Bayside Executive Park West Bay St & Blake Road Nassau, New Providence The Bahamas DATED the 14th day of February 2022

PAGE 10, Monday, February 14, 2022

THE TRIBUNE

BOB CHIEF: ‘FORMULA WE DON’T REALLY WANT’

from page one

the Government had to pick fully pick up via the Public Treasury and the National Insurance Board (NIB).

The Central Bank first has to complete an assessment to determine whether Bank of The Bahamas’ risk controls and other critical procedures are sufficiently robust to give it confidence there will not be a repeat of the huge commercial loan delinquency that almost led to the institution’s collapse.

“We hope they come in and do their review,” Mr Brathwaite said. “I think our structure in terms of credit risk rating is just as good as any bank in the country. I don’t see that

being a challenge, but they have to come in and do their assessment to confirm we’re in position to lend commercially.”

Bank of the Bahamas, in common with most local commercial banks, is in a position where its liabilities (deposits) are increasing but its main source of assets (loans) are shrinking due to the inability to find new, qualified borrowers to which to lend those deposits.

For the six months to end-December 2021, Bank of The Bahamas saw deposits increase from $696m to $716m, a rise of $20m, while its net loan book shrank from $388.656m to $376.37m. Cash and its accounts with the Central Bank jumped from

NOTICE

$121.332m to $127.909m over the same period.

“That’s a formula you don’t really want,” Mr Brathwaite told Tribune Business. “You want deposits to increase but be able to lend that money out.

The fact we’re not lending commercially eliminates one area where we might absorb some of that influx..

There is no way to absorb all of the deposits in the system.

“The irony is that the Government is saying we need to lend to small businesses and companies. We all agree with that but we need to aggressively target that market so we can absorb a lot of the liquidity in the system.”

While Bank of The Bahamas’ focus on

higher-yielding consumer loans had helped drive net interest income for the six months to end-December to $17.576m, as opposed to $15.969m the year before, Mr Brathwaite added: “That is good for profit but not good for sustainability, and not good for diversification.”

Banks typically balance their loan books between mortgages, consumer loans, commercial credit and credit cards, and he added: “You really want to create a bank where the loan book is not skewed one way or the other as you will be less likely to withstand shocks in the latter case.

“I’d prefer all our credit products move in the same direction so the percentages are balanced. If we’re not

NOTICE

NOTICE is hereby given that MACCULEUSE DESTINE of General Delivery, Dundas Town, 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 14th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that VILNAIRE DESTINE of General Delivery, Dundas Town, 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 14th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that EVESHA WILLIAMS of West Bay Street, 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 14th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that DEMRIE DARYL CHARL of #4 Spoonbicc Loop, Freeport, 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 14th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

www.bisxbahamas.com

BISX ALL SHARE INDEX:

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2217.28

-0.21

-0.01

-10.96

-0.49

(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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 101.55 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 99.72 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 BGR124228 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 BSBGR1242282 BSBGR1391402 BSBGR1411408 BSBGRS760257 BSBGRS840331 BSBGRS710237 BSBGRS750233 BSBGRS920281 BSBGRS980319

LAST 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 1.96 10.06 11.38 10.75 15.00 3.61 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.55 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 7.99 2.73 7.00 13.00 1.96 10.06 11.29 10.75 15.00 3.61 9.85 15.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00 (0.09) 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

1,000 200

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.55 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

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% 4.66% 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 19.2 21.5 17.5 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% 22.14% 0.60% 2.91% 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 13-Jul-2028 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

Bahamas shareholders, said: “Higher total operating income year-to-date is driven by higher net interest and non-interest income.

The increase in interest income is due to an overall growth in the loans and advances from consumer loans for successful loan campaigns, and an increase in non-interest income from ATM service charges as the bank deployed additional offsite ATMs. “The increase in operating expenses year-to-date is mainly due to IT-related expenses, as the bank invested in system innovation and upgrades to support the bank’s planned growth and strategic objectives. Other increases were also noted in staff costs, depreciation and other administrative expenses as the bank remains committed to improve on its products and customer service.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HEARTLYN HENRIETTE ELLIS of Freeport, Bahamas, intend to change my name to HEARTLYN HENRIETTE ELLIS-HEPBURN. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT FRIDAY, 11 FEBRUARY 2022

able to aggressively pursue all these areas the percentages become skewed at the end of the day.”

Admitting that the COVID-19 pandemic had endured far longer than the Bahamian banking industry had anticipated, Mr Brathwaite said: “I don’t need to tell you COVID-19 has stretched a lot further than anticipated. A lot of bankers thought that, by now, we would be on an upswing where we would be near to normalcy in banking.

“That has not really happened yet with these plateauing profits. With no other variants coming down the line, the Central Bank said 2022 would not be a year when we really start to see the economy rebound.

We expect to see the economy start rebounding in 2023, and in banking that’s a long time.”

Mr Brathwaite, in his message to Bank of the

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

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

The 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, OVENIQUE KADREA SMITH of Park Close of the Southwest District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, intend to change my son’s name from ONAJÉ RASHAD CULMER to ONAJÉ GARTH HARRISON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy 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 SANTOS SALVADOR ROJAS of P.O. Box SB-51324, Adelaide Gardens, 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 7th 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 RODELYN DENIZE of Peardale Manor, 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 8th 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 JETLIE JOSEPH FLEURAIME of #20 Honey Dew Street, Bacardi 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 7th February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, February 14, 2022, PAGE 13

PORT OF SAVANNAH REPORTS RECORD CARGO VOLUMES FOR JANUARY SAVANNAH, Georgia Associated Press THE Port of Savannah has added another month to its streak of record cargo volumes amid a surge that’s forced US seaports to scramble to meet demand.

The Georgia Ports Authority reported nearly 480,000 container units of imports and exports moved across Savannah’s docks last month.

That’s an increase of four percent compared with January 2021, when cargo volumes were already unusually high.

Business has been booming at US seaports as the economy rebounds from the coronavirus pandemic, retailers rush to keep their inventories stocked and online shopping continues to grow.

The port authority reported last month that Savannah saw a 20 percent increase in shipping containers for all of 2021, when it handled a record total of 5.6 million container units.

Port officials said Savannah posted record container numbers for all 12 months of last year.

To alleviate traffic jams last fall that kept ships waiting at sea and containers piling up on land, the port authority added workers and new equipment. The agency also set up inland sites to temporarily store cargo and free up space at Savannah’s container terminal.

The Port of the Savannah is the fourth-busiest US seaport for cargo in shipping containers, giant metal boxes used to transport goods ranging from consumer electronics to frozen FIVE ship-to-shore cranes and gangs of longshoremen work to load and unload the container ship CMA CGM chickens.

Laperouse at the Georgia Ports Authority’s Port of Savannah in Savannah, Georgia in September last year.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 64° F/18° C Low: 45° F/7° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Turning sunny; windy, not as warm

Breezy with a moonlit sky

Strong winds gradually subsiding

Strong winds subsiding; a shower

Mostly sunny, breezy and pleasant

Sunny and nice

High: 76°

Low: 66°

High: 75° Low: 67°

High: 80° Low: 71°

High: 81° Low: 70°

High: 82° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

75° F

62° F

71°-62° F

79°-71° F

86°-72° F

89°-72° 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: 71° F/22° C Low: 65° F/18° C

15-25 knots

S

High: 70° F/21° C Low: 61° F/16° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 71° F/22° C Low: 62° F/17° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 65° F/18° C Low: 47° F/8° C

N

| Go to AccuWeather.com

High: 69° F/21° C Low: 60° F/16° C

MIAMI

High: 71° F/22° C Low: 63° F/17° C

12-25 knots

KEY WEST

High: 70° F/21° C Low: 63° F/17° C

ELEUTHERA

NASSAU

High: 76° F/24° C Low: 66° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 76° F/24° C Low: 68° F/20° C

N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Thursday

8:11 a.m.

8:30 p.m.

2.9 2.5

1:56 a.m. -0.2 2:34 p.m. -0.2

Friday

8:48 a.m.

9:10 p.m.

2.9 2.6

2:37 a.m. -0.2 3:09 p.m. -0.3

Saturday

9:26 a.m.

9:51 p.m.

2.8 2.7

3:19 a.m. -0.2 3:46 p.m. -0.3

Sunday

10:07 a.m.

10:36 p.m.

2.7 2.7

4:04 a.m. -0.2 4:24 p.m. -0.3

sun anD moon Sunrise Sunset

6:45 a.m.

6:03 p.m.

Moonrise Moonset

4:19 p.m.

5:33 a.m.

Full

Last

New

First

Feb. 16

Feb. 23

Mar. 2

Mar. 10

CAT ISLAND

E

W

High: 78° F/26° C Low: 71° F/22° C

N

S

E

W

15-25 knots

S

15-25 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 ................................................... 81° F/27° C Low .................................................... 72° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.29” Normal year to date ..................................... 2.09”

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 71° F/22° C

High: 78° F/26° C Low: 73° F/23° C

N

High: 75° F/24° C Low: 67° F/19° C

E

W S

LONG ISLAND

tracking map

High: 79° F/26° C Low: 73° F/23° C

15-25 knots

MAYAGUANA High: 80° F/27° C Low: 75° F/24° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 75° F/24° C

High: 80° F/27° C Low: 73° F/23° C

GREAT INAGUA

H

High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

8-16 knots

7-14 knots

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

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

WINDS N at 12-25 Knots ENE at 15-25 Knots NE at 15-25 Knots ENE at 20-30 Knots NNE at 15-25 Knots ENE at 20-30 Knots ENE at 7-14 Knots E at 15-25 Knots NNE at 12-25 Knots ENE at 20-30 Knots NNE at 12-25 Knots E at 15-25 Knots NE at 15-25 Knots ENE at 20-30 Knots NE at 7-14 Knots E at 12-25 Knots NE at 8-16 Knots ENE at 20-30 Knots E at 6-12 Knots E at 12-25 Knots NNE at 12-25 Knots ENE at 20-30 Knots NE at 8-16 Knots ENE at 15-25 Knots NE at 15-25 Knots ENE at 20-30 Knots

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

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

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

PAGE 14, Monday, February 14, 2022

THE TRIBUNE

A SCENE from the Avocados From Mexico 2022 Super Bowl NFL football spot.

US SUSPENDS MEXICAN AVOCADO IMPORTS MEXICO CITY Associated Press

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MEXICO has acknowledged that the US government has suspended all imports of Mexican avocados after a US plant safety inspector in Mexico received a threat.

The surprise suspension was confirmed late Saturday on the eve of the Super Bowl, the biggest sales opportunity of the year for Mexican avocado growers — though it would not affect game-day consumption since those avocados had already been shipped.

Avocado exports are the latest victim of the drug cartel turf battles and extortion of avocado growers in the western state of Michoacan, the only state in Mexico fully authorized to export to the US market.

The US government suspended all imports of Mexican avocados “until further notice” after a US plant safety inspector in Mexico received a threatening message, Mexico’s Agriculture Department said in a statement.

“US health authorities... made the decision after one of their officials, who was carrying out inspections in Uruapan, Michoacan, received a threatening message on his official cellphone,” the department wrote.

The import ban came on the day that the Mexican avocado growers and packers association unveiled its Super Bowl ad for this year.

Mexican exporters have taken out the pricey ads for almost a decade in a bid to associate guacamole as a Super Bowl tradition.

This year’s ad shows Julius Caesar and a rough bunch of gladiator fans outside what appears to be the Colosseum, soothing their apparently violent differences by enjoying guacamole and avocados.

The association did not immediately respond to a request for comment on the ban, which hits an industry with almost $3 billion in annual exports. However, avocados for this year’s Super Bowl had already been exported in the weeks prior to the event.

Because the United States also grows avocados, US inspectors work in Mexico to ensure exported avocados don’t carry diseases that could hurt US crops.

It was only in 1997 that the US lifted a ban on Mexican avocados that had been in place since 1914 to prevent a range of weevils, scabs and pests from entering US orchards.

The inspectors work for the US Department of Agriculture’s Animal and Plant Health Inspection Services.

It is not the first time that the violence in Michoacan — where the Jalisco cartel is fighting turf wars against a collection of local gangs known as the United Cartels — has threatened avocados, the state’s most lucrative crop.

After a previous incident in 2019, the USDA had warned about the possible consequences of attacking or threatening US inspectors.

In August 2019, a US Department of Agriculture team of inspectors was “directly threatened” in Ziracuaretiro, a town just west of Uruapan. While the agency didn’t specify what happened, local authorities say a gang robbed the truck the inspectors were traveling in at gunpoint.

The USDA wrote in a letter at the time that, “For future situations that result in a security breach, or demonstrate an imminent physical threat to the well-being of APHIS personnel, we will immediately suspend programme activities.”

Many avocado growers in Michoacan say drug gangs threaten them or their family members with kidnapping or death unless they pay protection money, sometimes amounting to thousands of dollars per acre.

On September 30, 2020, a Mexican employee of APHIS was killed near the northern border city of Tijuana.

Mexican prosecutors said Edgar Flores Santos was killed by drug traffickers who may have mistaken him for a policeman and a suspect was arrested. The US State Department said investigations “concluded this unfortunate incident was a case of Mr. Flores being in the wrong place at the wrong time”.

The avocado ban was just the latest threat to Mexico’s export trade stemming from the government’s inability to rein in illegal activities.

On Thursday, the US Trade Representative’s Office filed an environmental complaint against Mexico for failing to stop illegal fishing to protect the critically endangered vaquita marina, the world’s smallest porpoise.

The office said it had asked for “environment consultations” with Mexico, the first such case it has filed under the US-MexicoCanada free trade pact.

Consultations are the first step in the dispute resolution process under the trade agreement, which entered into force in 2020. If not resolved, it could eventually lead to trade sanctions.

Mexico’s government has largely abandoned attempts to enforce a fishing-free zone around an area where the last few vaquitas are believed to live in the Gulf of California, also known as the Sea of Cortez. Nets set illegally for another fish, the totoaba, drown vaquitas.

And on Monday, Mexican fishing boats in the Gulf of Mexico were “prohibited from entering US ports, will be denied port access and services”, the National Oceanic and Atmospheric Administration said, in response to years of Mexican boats illegally poaching red snapper in US waters in the Gulf.