02162022 BUSINESS

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WEDNESDAY, FEBRUARY 16, 2022

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Tourism’s ‘very big deal’: 13% of visitors are back

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TOURISM executives yesterday hailed the re-opening of markets that accounted for up to 13 percent of this nation’s pre-COVID visitor base as “a very big deal for The Bahamas”.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that Canada’s decision to drop its advisory against “non-essential” travel and ease border restrictions with effect from end-February will pave the way for “our second largest source market” to properly visit this country once again.

The Canadian move, which comes days after the United Kingdom (UK) removed its own COVID-related restrictions on overseas travel by its citizens, immediately gives The Bahamas access to its two most important visitor source markets after the US following a near two-year period of cut-offs and general disruption.

Suggesting that these “may be the first of many dominos that are going to be falling in

PETER GOUDIE

• Canada and UK ‘first of many dominos to fall’ • BHTA chief: Ease further to ‘give us a leg up’ • Industry optimistic on two-level CDC upgrade source markets”, Mr Sands told this newspaper that the Canadian and UK moves stand to diversify The Bahamas’ customer base away from its near total-reliance on US travellers to drive tourism’s post-COVID recovery.

The timing could hardly be better for The Bahamas in its ramp up to the winter tourism season’s March-April peak. The BHTA president said that while UK and Canadian visitor numbers may pale against their US counterparts, their contribution is enhanced because both provide vital airlift gateways for European travellers and other nationals to access The Bahamas.

Nearly 20% of small firms asked for bribes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NEARLY one in five small businesses on Dorian-devastated Abaco and Grand Bahama have reported being asked to pay a bribe to obtain government services, a UN agency’s report has revealed.

The United Nations Development Programme’s (UNDP) report on how COVID-19 and Category Five storm have impacted micro, small and medium-sized businesses (MSMEs) on the two islands, which was released yesterday, disclosed that 18 percent of such firms had been shaken down when trying to access public services.

“Almost 19 percent of respondent MSMEs reported having to tip or pay extra to access public services either one time, sometimes or very often,” the report added. Its findings were based on surveys of 486 MSMEs in Abaco and Grand Bahama, which were carried out for the UNDP by the Organisation for Responsible Governance (ORG) between November 2020 and February 2021.

Correlating the findings with Transparency International’s 2018 Global Corruption Barometer study of the Caribbean, which found that 41 percent of Bahamians “paid some level of bribe to ensure they could access public services”, the UNDP report said it was “notable” that 78.2 percent of MSMEs surveyed had not “paid or tipped a civil servant to have public services rendered”.

Of the 18 percent who had experienced such practices, 9.5 percent - or more than half - said they had encountered this form of low-level corruption once, while 3.6 percent had run into it “very often”.

While less prevalent than the 2018 Transparency International survey findings, the fact almost one in five businesses are still encountering such issues is still significant.

Elsewhere, almost 39 percent - close to two out of every five MSMEs surveyed - said they saw no advantages from participating in the formal Bahamian economy.

“In terms of registration, most respondents MSMEs (80.3 percent) were formally registered as businesses,” the UNDP report said.

“Approximately 20 percent (20.4 percent) of these indicated having experienced challenges during the

SEE PAGE EIGHT

And, with the Omicroninduced case surge continuing to dissipate, based on just 22 new COVID cases being recorded in The Bahamas on Monday, Mr Sands and other Bahamian tourism executives argued there was strong “justification” for the US health authorities to upgrade The Bahamas from a ‘Level 4’ “avoid travel” advisory to as high as ‘Level 2’ “moderate risk”.

Canada accounted for around 7 percent of The Bahamas’ preCOVID tourist base, and Mr Sands said: “If we did not have the benefit of 7 percent of our mix, this is certainly a big deal

SEE PAGE FIVE

ROBERT SANDS

• Increase said to be almost inevitable • But uncertain if it will be PM’s $250 • And livable wage ‘way down the road’ KERRY FOUNTAIN

possibility,” he disclosed.

“We’ve had a couple of people show interest in the Yacht Club from other islands, without disclosing who it is. There are other possibilities, and since your article today [yesterday] I’ve had a few phone calls.

“Jamie [Sarles, the realtor], has been talking to a number of people, and there certainly has been interest for sure, and offers. A few people are in the right church but sat in the wrong pew. The Yacht Club is the best property.

SEE PAGE EIGHT

SEE PAGE FOUR

‘Right church, wrong pew’ over second GB marina A GRAND Bahama investor yesterday said he has yet to receive a satisfactory offer for his second marina asset, revealing: “They’re in the right church, but sat in the wrong pew.”

Preben Olsen, confirming that he has signed an agreement to sell the Port Lucaya Marina, indicated to Tribune Business that he is under no pressure to exit the Grand Bahama Yacht Club which is presently

enjoying a marina occupancy rate of around 80 percent.

Confirming that he had received several approaches for the property, Mr Olsen said interest from S. Kent Rockwell, one of the three philanthropists behind the acquisition of the First Commercial Centre for use as Doctors Hospital’s new Grand Bahama hospital, was not presently making progress as reported by this newspaper.

“It has certainly not gone anywhere at the moment. It may still be a

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RECOMMENDATIONS on a minimum wage increase could be submitted to government “within a month”, Tribune Business was told yesterday, although a livable version is “way down the road”.

Peter Goudie, who heads the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division, and is its representative on the National Tripartite Council, said it was impossible to determine whether an increase to $250 per week - as pledged by the Government during the general election campaign - will be the outcome until all research is completed.

While indicating that some increase for the lowest-paid private sector workers is almost assured, Mr Goudie said it will not necessary be a cure by itself for the inflationary surge in everyday prices that is starting to eat away at Bahamians’ living standards and disposable income.

Disclosing that the Council, which was created to address all labour-related matters in The Bahamas, has formed a committee to research whether a minimum wage rise is justified and to what extent, he added that moving to a so-called “livable wage” - a promise contained in the Davis administration’s Speech from the Throne - is an aspiration that is much further away.

“We’re looking at a minimum wage increase right now,” Mr Goudie confirmed. “We’re doing all the research, but the livable wage, that’s down the road.

That’s way down the road. There’s a lot of research and discussion that has to be had about that.

“Like Bernard Evans (now the Government’s chief industrial negotiator said), it may be introduced incrementally, but I don’t think we’re going to get up anywhere the University of The Bahamas

PORT LUCAYA MARINA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Minimum wage proposal to Gov’t ‘within a month’

Bahamas in $7.5bn combined loss from Dorian and COVID

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COVID-19 and Hurricane Dorian will inflict a combined $7.5bn loss on The Bahamas, a United Nations (UN) agency is forecasting, “inhibiting social and economic development for years to come”.

The United Nations Development Programme’s (UNDP) report on how the pandemic and Category Five storm have impacted micro, small and medium-sized businesses in Abaco and Grand Bahama, which was released yesterday, predicted that the twin disasters have cost this nation a sum equivalent to 60 percent of its economic output.

“To date, the combined macro-level economic impact of both crises is projected to inflict

DAMAGE FROM HURRICANE DORIAN losses of $7.5bn or 60 percent of Bahamian GDP. As a result, social and economic development will likely be inhibited for years to come,” the report said.

No calculations or workings were provided to support how the UNDP arrived at these figures. Hurricane Dorian’s

damages and losses, though, have previously been pegged at $3.4bn, while 2020’s contraction in Bahamian gross domestic product (GDP) as a result of COVID was thought to have been equivalent to around a $2bn shrinkage. That still leaves

a further $2.1bn to be accounted for.

The UNDP report, meanwhile, referenced a previously-undisclosed Ministry of Finance report dating from 2020, which estimated that small businesses in Grand Bahama and Abaco would incur $43m in recovery costs to rebound from Dorian alone.

“The Ministry of Finance, in a 2020 post-Hurricane Dorian report, estimated that the recovery costs for small businesses from Hurricane Dorian in Abaco and Grand Bahama would reach $43m,” the UNDP added.

“The same report indicated that of the 3,500 registered MSMEs, and large number of unregistered informal businesses operating in the islands

SEE PAGE SEVEN

PAGE 2, Wednesday, February 16, 2022

THE TRIBUNE

DPM ON GB MARINA DEAL: ‘A RISING TIDE LIFTS ALL BOATS’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE DEPUTY prime minister yesterday said the Government will support any investment that aids Grand Bahama’s recovery, adding: “A rising tide will lift all boats.”

Chester Cooper, also minister of tourism, investments and aviation, said the Government has yet to receive an application for the necessary approvals from the potential purchaser of Freeport’s Port

Lucaya Marina, but added that “any new investment for Grand Bahama is a positive” as the island seeks to rebound from the devastating twin blows of Hurricane Dorian and COVID-19.

Referring to Tribune Business’ exclusive revelation that a contract has been signed for the Port Lucaya Marina’s sale, he added: “The announcement in relation to Port Lucaya and the Port Lucaya Marina, and the Port Lucaya hotel development, is a positive one. We have not yet received an application for this investment, given its foreign component. So, I’m

not at liberty to disclose any information.

“We don’t have any details on it as yet, but anything that will put investment and shovel in the ground in the island of Grand Bahama to help the recovery we would be in support of, as you notice it is in the vicinity of the Grand Lucayan resort, a hotel that’s owned by the Bahamian people. So a rising tide will float all boats, and we look forward to hearing more about the investment.”

As for the pending Grand Lucayan sale, the deputy prime minister added:

“We have at the moment a request for proposals, and they are coming in. And that offer for the Expression of Interest and proposal will close on March 2 at 5pm.

When that happens, and when we will have had a chance to assess what we’ve received, I’ll make a further announcement.”

Turning to the re-opening of Club Med in San Salvador, Mr Cooper said: “As you know, Club Med is in the Prime Minister’s constituency. We are working together with Club Med in a task force to cause this property to be opened

in the shortest possible timeframe.

“There is interest and commitment by Club Med to reopen the resort. We have a multi-agency task force that I head to be able to make this happen in the shortest timeframe.

“So we’re looking at the condition of the airport, condition of the infrastructure, completion of the clinic, creation of direct airlift for San Salvador, and certainly other initiatives that would make this a successful reopening. But we are eager to see it happen,” he continued.

Retailers ‘slammed’ by Valentine’s Day trade

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net RETAILERS yesterday said they enjoyed strong Valentine’s Day sales as they were kept busy for the entire day with little let up.

Robyn Rolle, general manager of Floral Fantasia, told Tribune Business that Monday was “busy, busy, busy” for her store as she was “slammed” from the

morning straight through to early evening, both with orders and walk-in customers.

“We were extremely busy.

Compared to 2019 it was really, really, really busy. I honestly don’t know what brought this on because I thought people were broke.

I guess they decided to take care of their significant other this year,” she added.

“We were busy right into 6pm in the evening because

we were still dealing later on with pick-ups. Once we got the offices and the 5pm deliveries out, we still had the pick-up orders coming in until about 6.30pm.”

This came as a “big surprise” to Ms Rolle. She also noticed that more women were coming in and buying arrangements for men, something she said “hardly ever happened, if at all” in the past. Yet this year it was a major trend.

As for the split between call-in and walk-in orders, she added: “Beforehand the crowd was balanced.

Typically we had a lot of orders call in beforehand, and we took the walk-ins as they come, but this year the walk-ins bombarded us. But I would say the balance was just the same.”

Tanya Bain, retail manager at the Perfume Bar, added: “Everything went well. Even though people

were on a budget they were still shopping.” While sales were down 20 percent compared to Valentine’s Day in 2019, she added: “Despite that we were still happy with the numbers.

“What was unusual about this year was that we saw a lot of men coming in and buying fragrances. I guess they are getting more into it, plus we were running a ‘two for one’ special for Valentine’s Day where you

“The Prime Minister has mandated that all agencies of government work swiftly to provide the support that’s necessary to get Club Med open. We are about the business of creating jobs and creating opportunities for the Bahamian people, and certainly we want to do that outside of New Providence and create new population centres across our country.

“Club Med has provided great employment for San Salvador over a period of time and we hope that that will happen again.” could shop for yourself and get something for your significant other. Maybe that’s what drove them in this year.”

Michelle McSweeney, owner/operator of The New Island Florist, said she was extremely busy. “We were slammed all day until about 8pm. It was busier than most times. We had a mix of both men and women buying flowers this year, nothing unusual. Sometimes the women get the money from the men and buy their own flowers,” she added.

BTVI moves to cement tie-up with US institute THE BAHAMAS Technical and Vocational Institute (BTVI) recently hosted officials from the New England Institute of Technology (NEIT) to further build the partnership between the two schools.

The NEIT’s visit to Nassau aimed to develop specific pathways for students seeking to matriculate from BTVI to NEIT. Detailed agreements are being developed for cyber security, network engineering, software engineering, construction management,

electrical technology and business management.

Others are actively being considered in the allied health and building trades.

The visit builds on the general articulation agreement the two sides signed in Providence, Rhode Island, back in November 2021.

Dr Robert W. Robertson, BTVI’s president, said the tie-up would benefit students considering study options in the US through a recognised and accredited institution.

Visiting BTVI were NEIT’s vice-provost, Dr Henry Young, and head of information technology, Erik van Renselaar. Dr Young said NEIT has had a relationship with The Bahamas for more than 10 years, and former BTVI students enrolled in its courses were “very prepared for the academic rigor of the university”.

NETI is a fully-accredited university, located in East Greenwich, Rhode Island. It offers more than 60 undergraduate and

graduate programmes with a strong focus on engineering, technology and health science.

The engineering, technology and trade programmes teach students the skills necessary to obtain industry credentials from major businesses such as Amazon, Microsoft, Cisco, Ford, Chrysler, AutoCAD, SolidWorks and FANUC. Credentials from the American Welding Society, American General Contractors of America (AGC) and the Federal

Aviation Administration (FAA) are also available to students, depending on the specific academic programme. Health science programmes are accredited

by US accrediting agencies, and prepare students for professional licensure examinations upon graduation.

“We are looking forward to expanding our partnership with BTVI to improve career and skills training for young Bahamians. On a national level, graduates from these types of degree

programmes help to close the skills gap in the US, and can have the same impact here in The Bahamas,” said Dr Young. “For the individual student, they lead to solid, well-paying careers in high demand fields.”

During the visit to The Bahamas, NEIT and BTVI officials met with the Ministry of Education and Technical & Vocational Training’s minister of state, Zane Lightbourne.

THE TRIBUNE

Wednesday, February 16, 2022, PAGE 3

BRITISH COLONIAL HILTON

DPM optimistic Hilton’s closure only two months

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE DEPUTY prime minister yesterday voiced optimism that downtown Nassau’s British Colonial resort may only be closed for two months until a new brand partner is found to replace Hilton.

Chester Cooper, also minister of tourism, investments and aviation, told reporters before the weekly Cabinet meeting that he was “positive” China Construction America (CCA), the British Colonial’s owner, could absorb many of the 120-130 employees being terminated with today’s closure at its adjacent Margaritaville and Pointe properties.

“There have to be some renovations to the property. We are advised that the property will close for renovations,” Mr Cooper said. “We hope that this will be a short period of time.

We hope that the staff will be absorbed into the other properties that are owned

by CCA, the same developer that owns the Hilton.

So we are positive about these outcomes.

“We look forward to them coming to fruition, but we anticipate that over the course of time the developers themselves will make an announcement along these lines. We’ve spoken with them at the very highest levels.

“Myself, along with the Prime Minister, have spoken with the chairman and the executives of CCA, the owners of the Hilton. They are committed to The Bahamas. They are committed to the property at number one Bay Street, and certainly they are committed to the other developments next door. So we are optimistic about the future.”

Mr Cooper added: “I’m not at liberty to announce a partner for CCA. That’s something they would need to disclose. What we anticipate perhaps is a twomonth closure period based on the information that we received.”

He also spoke about Mayaguana receiving its first cruise ship call on Monday, and said: “We have received a number of requests from a number of small cruise lines to go into Family Island destinations. We are cautious in

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our approach to granting permissions to many of our Family Islands.

“We’ve had some environmental issues related to the damaging of reefs, etc... and some of the islands nearby North Eleuthera, not in relation to the cruise line that’s come into the southeastern Bahamas but, generally speaking, we are concerned about the future development of cruising.”

Mr Cooper continued, “We have a fantastic port in downtown Nassau; we have spent hundreds of millions. That’s ideal for large cruise ships. We’re encouraging more calls for Grand Bahama. We’re developing the product in Grand Bahama even further. We’re supporting the product through the Tourism Development Corporation and all the arms of government.

“So we’re going to have some exciting cruise centres for cruise ships to go into. We have 16 major destinations. We do not want all of them to be cruise destinations. Some would be eco-tourism, boutique resort type destinations, and we’re going to continue to develop them as such.”

PAGE 4, Wednesday, February 16, 2022

MINIMUM WAGE PROPOSAL TO GOV’T ‘WITHIN A MONTH’ FROM PAGE ONE

came up with. We’re going to have to ask them to come up with their research so we can have a look at it ourselves.

“You cannot expect that everybody in a household of four to five persons is going to have this livable wage wherever it comes from. Suddenly you’re going to have everybody making $600 a week?”

University of The Bahamas (UoB) researchers, in a study produced earlier this year, pegged Nassau’s monthly living wage at $2,625 while the equivalent

for Grand Bahama was $3,550 per month.

The authors, Lesvie Archer, Olivia Saunders, Bridget Hogg, Vijaya Permual and Brittney Johnson, wrote: “Our gross living wage estimate for New Providence is 26 percent lower than the Grand Bahama living wage estimate, nearly 200 percent higher than the national minimum wage, 127 percent higher than 2013 poverty line and nearly 75 percent higher than the minimum wage hike proposed by a local union.

“Our living wage estimate for Grand Bahama is

nearly 300 percent higher than the living wage, 200 percent higher than the 2013 poverty line and 140 percent higher than the minimum wage hike proposed by a local union.”

The Bahamas’ private sector minimum wage, last increased following VAT’s introduction in 2015, is currently $210 a week.”

The minimum wage, though, is defined differently from the “livable wage” measure employed by the UoB study. It based its work on a model employed by Richard Anker, the International Labour Organisation’s

(ILO) living wage specialist, who defined a livable wage as one that can sustain a person’s “physical, emotional, social and cultural needs and that of their family beyond mere subsistence”.

Food and housing costs, based on a “nutritious diet” and “decent housing”, were factored into the calculations together with other daily living costs, while the research also drew on data from sources such as the 2019 Labour Market Information Newsletter; 2017 Labour Force Report; and 2016 Government of the Bahamas salary book.

The Davis administration picked up on this in its Speech from the Throne, which typically only gives the barest outlines of the Government’s policy and legislative direction. It stated that the Government will introduce more consumer protection legislation and “increase the minimum wage and phase in a liveable wage”. No timelines, figures or other details were provided.’

Mr Goudie, meanwhile, told Tribune Business that

recommendations on a minimum wage increase were “imminent”. However, it is presently uncertain whether the data will support the 19 percent increase - from $210 per week to $250 per week - that was previously promised by Prime Minister Philip Davis QC. “It’s going to come,” the Chamber’s labour chief told Tribune Business. “I know that the Prime Minister talked about $250, but until we see the research we don’t know what it’s going to be. That’s what they said, but they didn’t have any research to back it up.

That’s what we’re doing.

There’s a committee, and I’m getting some information from them.

“We’re also getting information from the former Department of Statistics.

That’s what we need to start out, and then we’ll go from there. That’s going to be done fairly soon... I would say we’d have a recommendation within a month by the time we’ve put everything together, and put the recommendation to the minister of labour.”

THE TRIBUNE

Keith Bell, minister of labour and Immigration, will then have to take the Council’s recommendation to Cabinet to obtain formal approval from his ministerial colleagues before any minimum wage increase can become law and brought into effect.

The private sector minimum wage was last increased by 40 percent in 2015 by the former Christie administration, which took it from $150 per week to $210 per week in the wake of Value-Added Tax’s (VAT) introduction.

While another increase would raise incomes for the lowest wage earners in Bahamian society, and thus help to somewhat offset the impact of rising inflation on the most vulnerable individuals and families, a minimum wage hike can come with unintended consequences.

For it increases employers’ marginal employment costs and, if raised too high, could disincentivise companies from hiring young, low-skilled labour at a time when the economy needs every job it can get in trying to recover from COVID-19.

However, many observers view the increased social protections offered by a minimum wage as outweighing any unintended negative consequences.

Mr Goudie, meanwhile, said that while a minimum wage increase may help to ease the impact of widespread price hikes for the economy’s lowest paid workers it will not completely eliminate the pain for these persons and their families.

“It’s not going to stop these price increases,” he warned. “They’re being caused by COVID-19 and backlogs in the supply chain. You look at some of these car dealerships and they don’t have any cars.

They cannot get them. If you want to talk about supply chain break down, there you go.”

THE TRIBUNE

Wednesday, February 16, 2022, PAGE 5

TOURISM’S ‘VERY BIG DEAL’: 13% OF VISITORS ARE BACK FROM PAGE ONE

time, will also review the 24 hour testing for re-entry.”

The Trudeau administration yesterday confirmed that all Canadian airports will be open to international flights again by end-February 2022, and also unveiled an easing of testing requirements for returning citizens and travellers.

All vaccinated passengers will return to random, as opposed to mandatory, COVID testing, while all travellers now have the option of taking a a rapid antigen within 24 hours of their flight as opposed to then more expensive RT-PCR requirement that was previously imposed.

“I think Canada is our second largest market, certainly next to the US, and a number of our businesses - and certainly a lot of our all-inclusives and other hotels - depend on that market, so this is a welcome return to get them back to a sense of normalcy, opening up of airports and elimination of some of these impediments,” Mr Sands added.

“What it does, in addition to contributing to our market mix and opening up source markets, is that both these countries are significant gateways to The Bahamas with people transiting through London or other parts of the world through Canada. That creates an additional boost in the numbers coming to The Bahamas.”

- a very big deal for The Bahamas. Every little bit helps. I can only characterise this as excellent news, both from Canada and the UK. “It follows closely on the heels of what is happening in the UK with their restrictions being eliminated. I think it’s only a matter of time before the rest of the world is following suit and everybody is doing their part to get to a sense of normalcy again notwithstanding that we have to find a way to live with COVID-19.

Given that the UK accounted for around 5-6 percent of The Bahamas’ visitors pre-COVID, the reopening of both countries to outbound travel gives this country access to between 12-13 percent of its traditional tourism market once again.

While these two countries individually are “not going to move the needle that much” by themselves, Mr Sands added: “The reality is that the removal of any impediment to travel is a positive thing. It’s not going to be significant but is a positive change.

“I think that these are going to be the first of many dominos that are going to be falling in source markets, and hopefully this is a sign of things to come. Perhaps the US, at some point in

PUBLIC NOTICE

With The Bahamas now at “the lowest number of cases” per day in the Caribbean region, the BHTA president argued that this justified eliminating the requirement that all visitors staying longer than 48 hours must submit to another COVID test in-country. He suggested that mask wearing, too, could be “reduced or eliminated in some places”.

This, Mr Sands said, was part of the necessary drive to “take away some of he obstacles and impediments so that we get on while remaining conscious of the environment that we’re in”.

He added that such moves would “bode well for confidence among the travelling public where there is significant pent-up demand”, and ease “any pre-stress of travelling to a destination”.

“I think we can get a leg up on our competition by acting justifiably, swiftly and quickly by eliminating some of these things currently holding up demand,” the BHTA chief said, given that The Bahamas’ COVID hospitalisations now stand at 42, just three of whom are in intensive care.

With the US Centres for Disease Control and Prevention (CDC) basing its COVID rankings on an algorithm that assesses how long a country’s case numbers have been at a particular level, Mr Sands said: “We’re very close to meeting the threshold that justifies an upgrade and,

NOTICE NOTICE is hereby given that ALEXIS DEROSA of #51 Sunrise Drive, PO Box EE-17577 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 16th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE Omfortune Limited Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 1st day of February, 2022.

Jonell Rolle Liquidator of Omfortune Limited

NOTICE International Business Companies Act No.45 of 2000

COZAMA LTD. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Cozama Ltd. has been 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 the 8th day of November, 2021.

costing between $20-$40, as opposed to a $150 RT-PCR test.

“It just makes travelling to The Bahamas, whether its New Providence, Grand Bahama or the Out Islands, more hassle free and more affordable.” As for the UK, the promotion board chief said its opening up was vital to providing a gateway for Germans, French and other European nationalities to visit The Bahamas.

Mr Fountain said Europeans tended to be the “7 percent of visitors who

come and stay 10-12 nights” at Family Island resort, making them a significant contributor to financial stability at these properties.

He added that the Bahamas Out Islands Promotions Board was also working on initiatives, such as air ticket credits, to “take particular advantage” of the number of Europeans who vacation in Florida annually and encourage them to spend at least part of their holiday in The Bahamas.

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NOTICE

NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, MESHAE GINET MONCUR of Freeport, Grand Bahama, Bahamas, intend to change my name to MESHAE GINET COOPER. 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 the publication of this notice.

hopefully, when the upgrade takes place, because of the numbers we have we don’t go from ‘Level 4’ to ‘Level 3’; we go from ‘Level 4’ to ‘Level 2’. I think our numbers justify that position.”

Kerry Fountain, the Bahamas Out Islands Promotion Board’s executive director, yesterday backed Mr Sands in voicing optimism that the CDC will upgrade The Bahamas to ‘Level 2’ given the rapid decline in reported COVID cases.

“I think it’s a big deal for everybody,” he said of Canada’s re-opening. “The recovery has basically been driven by traffic coming from the US and, to a lesser extent, parts of the UK and Europe since last fall. It’s [Canada] not just coming fully open but it’s also happening at the right time.

“We’re still in mid-February and have a long winter to go. It provides Canadians with more options and The Bahamas as a vacation choice.” Mr Fountain said a further positive impact is the easing of Canadian COVID testing requirements to give its citizens the option of a cheaper, more easily accessible rapid antigen test to return home.

“We all think of the friction and inconvenience of testing,” Mr Fountain added. “Prior to this announcement Canadians returning home were required to take a PCR test. Now they can take a rapid antigen test,

NOTICE is hereby given that PAUL BARRINGTON HUNT of 8 Bayshore Circle, 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 9th 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 JUAN BAUTISTA LIRIANO of Sapodilla boulevard, Pinewood Garden, 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 16th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

TUESDAY, 15 FEBRUARY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.05 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.10 7.01 13.00 2.71 10.10 11.06 10.75 15.00 4.00 10.00 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

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2238.70

9.65

0.43

10.46

0.47

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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00 100.00 90.73 96.72 95.40 95.40 98.65 100.71

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 91.69 91.00 89.00 90.76 90.73 96.10 95.40 95.40 98.65 100.44

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

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 BGR124238 BGRS FX BGR125238 BGRS FX BGR131249 BGRS FX BGR134150 BGRS FX BGR136150 BGRS FX BGR138240 BGRS FX BGR138250 BGRS FX BGR139150 BGRS FX BGR141350 BGRS FL BGRS77026

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1242381 BSBGR1252380 BSBGR1312499 BSBGR1341506 BSBGR1361504 BSBGR1380405 BSBGR1381502 BSBGR1391501 BSBGR1412505 BSBGRS770264

LAST CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 3.15 7.99 2.82 7.00 13.00 1.95 10.06 11.29 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 91.81 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71

CLOSE 5.30 39.95 2.04 2.39 2.49 6.05 9.50 2.90 7.99 2.82 7.00 13.00 1.97 10.06 11.19 10.75 15.00 3.93 9.85 15.51 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

4,500 300

10,900 250

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 91.81 91.10 100.00 100.00 90.73 96.10 95.40 95.40 98.65 100.71

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 0.00

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

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.25) 0.00 0.00 0.00 0.00 0.02 0.00 (0.10) 0.00 0.00 0.32 0.00 0.00

(242) 323‐2330 (242) 323‐2320 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% 5.06% 5.00% 5.60% 5.69% 5.69% 5.60% 6.05% 6.10% 6.35% 4.56%

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%

P/E 22.2 42.9 N/M 34.1 N/M N/M 25.7 -6.6 57.1 15.3 15.6 18.0 19.3 21.5 17.3 14.8 18.4 19.4 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% 4.26% 3.14% 5.54% 22.03% 0.60% 2.93% 2.23% 3.60% 3.05% 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-2038 15-Oct-2038 15-Jul-2049 17-Jan-1950 21-Apr-2050 15-Jun-2040 15-Jun-1950 15-Sep-2050 17-Nov-2050 4-May-2026

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

THE TRIBUNE

Wednesday, February 16, 2022, PAGE 7

BAHAMAS IN $7.5BN COMBINED LOSS FROM DORIAN AND COVID FROM PAGE ONE primarily affected by the storm, 75 percent of those operating in Abaco and 60 percent of those in Grand Bahama reported being impacted.”

With COVID-related lockdowns and other restrictions further disrupting Dorian reconstruction, the UNDP report said the pandemic had inflicted “significant damage” on economies worldwide with the effects likely to be longlasting and still evolving.

“In addition to the costs and toll to the national health systems, food security issues have been widespread, and countless livelihoods affected. As the COVID-19 pandemic has

continued to unfold, and supply and demand markets are continually challenged, the impact to The Bahamas’ social and economic systems continues to grow in scope and complexity,” the report added.

“The effects of the COVID-19 pandemic on micro, small and medium enterprises (MSMEs), which had to change many dimensions of their business activities, are comparable to the impacts caused by Hurricane Dorian.”

The Organisation for Responsible Governance (ORG), which conducted the field work on the UNDP’s behalf, interviewed some 486 micro, small and medium-sized businesses

on Abaco and Grand Bahama between November 2020 and February 2021 to acquire the data upon which the report is based. It found that almost 28 percent of respondents had closed permanently.

While most businesses surveyed, some 76.7 percent or just over three-quarters, were able to continue operating at their pre-Dorian location, one out of every five companies either had to relocate on the same island (11.8 percent) or switch island entirely (9.5 percent).

“One hundred and one (101) MSMEs relocated in one form or another. Fortynine of those businesses do not intend to return to their original location. Forty-eight

MSMEs do intend to return to their original location, and four indicated that they have no current option for relocation,” the report added.

“Of the 9.5 percent of MSMEs that relocated within The Bahamas, almost 45 percent relocated to New Providence.” Not surprisingly, almost two-thirds of businesses surveyed reported being impacted by both Dorian and COVID, although the effects were not uniformly distributed across the two hurricaneravaged islands.

“The impact was not experienced evenly for MSMEs across the islands. More businesses in Grand Bahama (75.2 percent) reported

being affected by both the storm and pandemic, and in Abaco,. Hurricane Dorian alone impacted the larger share of MSMEs (50 percent),” the UNDP report said.

“MSME respondents identified business investment and purchasing capital as their highest priority funding need (46.7 percent), and owner and staff payroll-related expenses (20.6 percent) being the second highest priority. Business commitments and debt administration accounted for 13.4 percent of responses.

“Almost 42 percent of businesses indicated that they have been able to remain at least partially

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 78° F/26° C Low: 65° F/18° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

Breezy with a shower

A shower; breezy

Sunshine, a shower; winds subsiding

Sunny and nice

Beautiful with plenty of sunshine

Breezy with a couple of showers

High: 78°

Low: 71°

High: 81° Low: 72°

High: 82° Low: 69°

High: 81° Low: 68°

High: 80° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

78° F

68° F

84°-72° F

89°-75° F

91°-70° F

85°-70° 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: 75° F/24° C Low: 71° F/22° C

15-25 knots

S

High: 76° F/24° C Low: 73° F/23° C

20-30 knots

FT. LAUDERDALE

FREEPORT

High: 78° F/26° C Low: 72° F/22° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

THURSDAY

N

N

| Go to AccuWeather.com

TONIGHT

High: 83° F/28° C Low: 66° F/19° C

High: 75° F/24° C Low: 68° F/20° C

MIAMI

High: 78° F/26° C Low: 72° F/22° C

10-20 knots

KEY WEST

High: 79° F/26° C Low: 72° F/22° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 77° F/25° C Low: 74° F/23° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

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

Monday

10:50 a.m.

11:26 p.m.

2.5 2.8

4:53 a.m. -0.1 5:07 p.m. -0.3

Tuesday

11:39 a.m.

-----

2.3 -----

5:46 a.m. 0.0 5:55 p.m. -0.3

sun anD moon Sunrise Sunset

6:44 a.m.

6:05 p.m.

Moonrise Moonset

6:14 p.m.

6:56 a.m.

Full

Last

New

First

Feb. 16

Feb. 23

Mar. 2

Mar. 10

CAT ISLAND

E

W

High: 78° F/26° C Low: 75° F/24° C

N

S

E

W

12-25 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 ................................................... 75° F/24° C Low .................................................... 68° F/20° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 74° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.29” Normal year to date ..................................... 2.17”

ELEUTHERA

High: 78° F/26° C Low: 71° F/21° C

open because of the storm and pandemic. Thirty-pointfive percent (30.5 percent) declared they were partially closed, and 27.8 percent were permanently closed.

“More than 55.2 percent of MSMEs in Abaco have closed permanently compared to 11.6 percent of businesses in Grand Bahama. A larger percentage of businesses are in operation in Grand Bahama (50.5 percent), compared to the 26.7 percent in Abaco.”

When it came to operational hours, the UNDP report found: “Comparing the first quarter of 2020 to that of the previous year, 63.7 percent of MSMEs indicated a decrease in the number of hours worked, 14.4 percent indicated no change in hours, and 10.2 percent indicated an increase.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 74° F/23° C

High: 79° F/26° C Low: 76° F/24° C

N

High: 77° F/25° C Low: 71° F/22° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 75° F/24° C

15-25 knots

MAYAGUANA High: 80° F/27° C Low: 76° 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: 77° F/25° C

High: 80° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

15-25 knots

15-25 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS E at 20-30 Knots ESE at 12-25 Knots E at 12-25 Knots ESE at 10-20 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 20-30 Knots ESE at 10-20 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 12-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots E at 15-25 Knots E at 12-25 Knots

WAVES 8-12 Feet 6-10 Feet 2-4 Feet 1-3 Feet 7-10 Feet 5-8 Feet 6-10 Feet 5-8 Feet 7-10 Feet 5-9 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 4-8 Feet 4-7 Feet 5-9 Feet 4-7 Feet 7-10 Feet 6-9 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-5 Feet 9-11 Feet 8-10 Feet

VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 6 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 10 Miles 10 Miles 10 Miles 7 Miles

WATER TEMPS. 75° F 74° F 74° F 71° F 78° F 78° F 80° F 80° F 76° F 76° F 76° F 75° F 76° F 77° F 80° F 80° F 80° F 80° F 76° F 76° F 76° F 76° F 77° F 77° F 77° F 77° F

PAGE 8, Wednesday, February 16, 2022

THE TRIBUNE

‘RIGHT CHURCH, WRONG PEW’ OVER SECOND GB MARINA FROM PAGE ONE

offers. A few people are in the right church but sat in the wrong pew. The Yacht Club is the best property.

It’s a first class, five-star marina.

“Port Lucaya Marina is a rebuild project. It’s been closed for two years now, maybe getting on for three, right after Dorian in September 2019. The dock over there at Port Lucaya was an old dock, an old wooden dock, and the Yacht Club has concrete docks.”

The Yacht Club possesses 120 yacht and boat slips, and Mr Olsen added: “We are a super marina now.

We have room for big mega yachts and everything here.

It’s a big operation. We are busy at the moment. We probably have about 80 percent occupancy, which is very good.

“We have a lot of business booked to come in this

summer, so we are looking for a very good season. I’m sure some of the people looking up here, they’ll know the other one [Port Lucaya] is sold, so maybe there will be more interest to talk to.”

Mr Olsen declined to reveal the purchase price for the Port Lucaya Marina, or disclose the purchaser’s identity, but described the latter as someone who was eager to move rapidly in redeveloping the marina and constructing a new 200-unit condo hotel on the Port Lucaya Hotel site.

“We are in the process of selling definitely,” he told Tribune Business. “We have found a very solid buyer and someone keen to do something quickly, and I certainly know Freeport needs some activity. We’re very pleased with that.

We’ve some things to tie up on it.

“There is a signed contract and agreement but, as you know in The Bahamas, these things are not over until the fat lady sings.

We need to go through the Government approvals and Investments Board, and all those things, so it takes time to get it finished.

“It’s certainly true that there’s a contract on the table signed by both buyer and seller. We have attorneys dealing with the paperwork. In The Bahamas, it will probably take anywhere from 60-90 days to complete the closing. I know the buyer is anxious, and I’m sure it’s going to go as quickly as it can.”

Mr Olsen said he had spoken to Chester Cooper, deputy prime minister, about the need to speed up business and investmentrelated approvals when the latter attended the Fort Lauderdale Boat Show last year,.

“I had a meeting with the deputy prime minister about speeding things up,” he told this newspaper. “He came down to see us when we had the Boat Show in Fort Lauderdale, and I discussed with him that that was one of my concerns.

“When things take too long, things can go bad. He assured us they were anxious to see deals happen, especially in Freeport, and we believe they’ll expedite it.”

Tribune Business revealed yesterday that the Port Lucaya Marina’s prospective purchaser is planning to construct a 200-unit condo hotel on the adjacent Port Lucaya Hotel site. While it is understood that the application for the necessary approvals has yet to be made, the buyer and his team have already been in contact with the Prime Minister’s Office.

While the purchaser’s identity has not been divulged, this newspaper understands its principal is a US, Florida-based investor with a strong background in the real estate and resort industries, and whose family has strong connections with The Bahamas and Caribbean.

He is said to have been involved with billions of dollars worth of real estate sales and resort-related condo projects, and both sides are now working towards completing the necessary due diligence and legal documents so the deal can close and the purchase price be exchanged.

James Sarles, principal of James Sarles Realty, who represented the buyer, said of the Port Lucaya Marina transaction: “There’s still some work to be done, and things to do with the Port Authority, but it’s a great opportunity for Grand

NEARLY 20% OF SMALL FIRMS ASKED FOR BRIBES FROM PAGE ONE registration process. These ranged from issues with getting government approvals, difficulty completing the application and meeting the payments required to the National Insurance Board (NIB).

“Only 54 percent (54.4 percent) reported positive advantages associated with registration of their business. A combined 38.7 percent indicated that they either did not see or were unaware of the advantages of formal business registration. The main advantages for formal registration were seen as access to loans; access to favourable business locations; and eligibility for non- financial support.”

The UNDP report concluded that the Government needed to better engage with the informal

economy, and educate its participants as to why they should move across to the formal side and contribute by paying their fair share of taxes.

With the informal sector estimated to account for up to 30 percent of Bahamian economic output, the UNDP report said: “These informal MSMEs are largely unregulated, untaxed and can create unfair competition for formal MSMEs. This also has implications in times of crisis, such as the current COVID-19 pandemic.

“Despite the $76m that the Government spent in providing enhanced unemployment benefits to support displaced workers during the COVID-19 pandemic, the IMF in their 2021 country report on The Bahamas estimates that some 13,000 informal

workers may have not been able to access support.”

The study continued: “The need for engagement on this topic is also present among registered MSMEs in Grand Bahama and Abaco, of which almost 50 percent reported not seeing or understanding the value of registering their business. Twenty percent of formal MSMEs surveyed reported issues with the registration of their businesses.

“Government can both encourage greater MSME start-up development and support further formalisation of the segment through increasing the ease the registration process.

Expansion and promotion of programmes to educate entrepreneurs on the value of formal registration could also support increased formalisation of the sector and inclusion of informal

MSMES and informal workers.”

When it came to financial record-keeping, the UNDP report said: “Almost 31 percent of the MSMEs reported having a complete bookkeeping system maintained by an accounting professional.

“Over 15 percent reported not keeping

written records. Twentyfour percent use a digital accounting system maintained by a nonaccounting professional, and 11.9 percent use a system maintained by a Certified Professional Accountant (CPA).

“Comparatively, MSMEs operating on Grand Bahama utilise formal

Bahama because it’s someone in the marine business and will transform the whole Port Lucaya area.

“It’s going to have yachts, and it’s going to bring jobs and activity here. It’s a serious, serious player. It’s real.

It’s very exciting. I can confirm it’s under contract, but I cannot release the name.

It’s someone who has the funds and the vision to truly transform the Port Lucaya Marina and adjacent properties.

“I’m here looking at the Port Lucaya Marina now.

It’s sad, it’s empty. We need the hotel (Grand Lucayan), marina and Marketplace working together. I think this is a start; a catalyst of good things to come. I know they’re [the buyer] very strong in the yacht business.

That’s what’s exciting. It’s someone who brings something to the table in terms of future business.” accounting systems more than those in Abaco - digital (20.1 percent and 12.4 percent, respectively); complete bookkeeping (26.2 percent and 15.3 percent, respectively); and an accounting system (10 percent and 6.2 percent, respectively),” it added.

“A larger proportion of SMEs on Grand Bahama (12.9 percent) also do not keep any written records in comparison to those on Abaco (7.9 percent).”