02282022 BUSINESS

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MONDAY, FEBRUARY 28, 2022

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Judge urges Condo Act reform over PI blunder

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ARCHITECT’S blunder has ensnared a multi-million dollar Paradise Island project in multiple legal battles and prompted a Supreme Court judge to call for the Condominium Act’s reform.

Legal documents seen

by Tribune Business reveal how several sales at the ten-storey One Ocean condo project, which dominates the skyline on Paradise Island’s southern shore, have become embroiled in bitter court fights stemming from disputes over the size of the unit involved.

The controversy, which has been the subject of three separate Supreme Court rulings within a twomonth period, stems from “inaccuracies” contained in the original architect’s

• Architect got multi-million project’s dimensions wrong • Judge: ‘None’ of owners paying correct fees as result • Triggers title disputes over One Ocean penthouses certificate that were then used to set-out the dimensions of One Ocean’s 79 units in its Declaration of Condominium - the legal instrument that gives effect to the condominium’s creation.

The situation triggered Justice Loren Klein, in one of the verdicts, to assert that “only the Quieting Titles Act has been productive of greater mischief in the law of real property”

than the Law of Property (Condominium) Act 1965.

“The claim also illustrates the unique complications that can arise from transactions involving the peculiar legal estate of fee simple ownership of property in a multi-storey building,” he wrote in his judgment.

“It is apparent that the Condominium Act has not kept pace with the mischief which has been generated

by some of its provisions. These difficulties are strikingly illustrated by transactions involving the sale (or resale) of units, which seemingly cast an onerous burden on a prospective purchaser to ascertain that the building and units comply with near exactitude to the Declaration and registered plan.

“It has been left for the courts to attempt to ameliorate some of these issues by resorting to common law and equitable principles on a case-by-case basis, which has not always produced a uniform approach.

The time may well have come for there to be a review and revision of the Act benchmarked on other jurisdictions to address the unique issues that have developed regarding condominium title.

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Boat charter fee payers in $20m ‘consumable’ boost

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net VISITING yachts/boats who paid their charter fees via the Association of the Bahamas Marinas (ABM) portal spent $20m on “just consumable” purchases in the local economy, its president says.

Peter Maury told Tribune Business that data obtained from the EZPay portal, where vessels pay their 4 percent charter fee, showed it last year collected $2.389m for the Public Treasury from charters worth a collective $55m.

With boats having to confirm the value of their charter when paying the fees, Mr Maury said that - based on the Advance Provisioning Allowance (APA) - they had collectively spent close to $20m while in The Bahamas on groceries, fuel and other provisions.

“When you pay 100 percent for the charter, they take 25-30 percent of the value of the charter, and that’s the APA,” he explained. “You have to pay the APA. They take that, and the captain stocks the boat, provides the

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BPL fuel hedge renewal ‘more crucial than ever’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP hotelier yesterday said the oil price impact from Russia’s war on Ukraine meant it was “more important now than ever before” that Bahamas Power & Light’s (BPL) fuel hedge be renewed.

Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business that reinstating a mechanism that fixes BPL’s fuel costs for a specific period of time must be “finalised as soon as possible” to protect local households, businesses and the postCOVID economy from the

ROBERT SANDS worst effects of soaring oil prices.

With the Ukraine conflict, and Russia’s status as a major oil producer, driving per barrel prices above the $100 mark to levels not seen in eight years last week, he suggested that time was

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‘Impossible to build tourism’ with $3,000 Miami one-way fare • Hotelier: ‘We’ve done a good job messing up Freeport’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FREEPORT hotelier says it is “impossible to build a tourist destination” on Grand Bahama when airline ticket prices fluctuate between $3,000 and $150 within a timespan of barely several days.

Magnus Alnebeck, the Pelican Bay resort’s general manager, told Tribune Business that the island simply lacks the airlift capacity, infrastructure and hotel rooms to cope with “the peaks and valleys” created by the Grand Bahama Shipyard.

He confirmed that, on days when a ship’s crew is being flown out, all the outbound seats on the flight to Miami are taken, raising prices for a one-way ticket as high as $3,000.

But, on days when there is no such business, the Pelican Bay chief said aircraft

load factors drop as low as 10 percent with tickets falling to $150 for the same journey.

Asserting that such volatile swings make it virtually impossible to build sustainable airlift to Grand Bahama, Mr Alnebeck told this newspaper: “When they change crews it takes all the airline inventory on a particular day. For two days next week they are sold out.

“You have some days where a one-day ticket to Miami is $3,000, and you have some days when it is $150. You cannot try to build a tourist destination with these sorts of fluctuations. With those of us who live here, it’s fine. We take Western Air to Nassau and catch American Airlines from there.

“These are small jets that are coming in from Miami, and if you have a crew of 40 being changed

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PAGE 2, Monday, February 28, 2022

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NOT A GOOD WAY TO START DAY WHEN IMF COMES KNOCKING I N this segment, we will explore The Bahamas’ current standing with the International Monetary Fund (IMF), who they are and why they are important. When the IMF comes knocking, it is not always a good way to start the day.

But does this mean that the Bahamian government is out of time to meet its debt obligations, control spending and reduce borrowing?

There has been talk of an income tax, currency devaluation and other harbingers of financial doom.

While this is an important angle to consider, we should also discuss solutions such as a proportionate tax system, decreasing the cost of living, realistic debt management and using the National Development Plan (NDP) to diversify the economy. After all, one of the most important solutions is to achieve real economic growth.

Who is the IMF and what do they do?

The IMF was formed in 1945 under the Bretton Woods monetary agreement. This agreement was meant to set-up an international monetary system that ensured exchange rate stability, prevent competitive devaluations and promote economic growth. To ensure that countries worked together to achieve this, the IMF was established.

But the system of currency convertibility that emerged from Bretton Woods lasted until 1971. Today, the IMF is widely known for lending money to countries that are in the thick of financial troubles. Like any lending institution, it pays close attention to how its money is being used and ultimately ensures its return on investments is secured. The IMF is now a target for those that scrutinise the fund’s lending policies, conditions

SIMMS RODERICK A.

AN ADVOCATE FOR SUSTAINABLE FAMILY ISLANDS

linked to politics and moral hazard violations.

When does the IMF come knocking?

The IMF lends money to nurture the economies of member countries with balance of payments problems. instead of lending to fund individual projects. But this comes with strings attached.

So, the IMF comes knocking when the criteria of lending conditions are not being met or fulfilled within a timely manner.

Some member countries, particularly those vulnerable groups, are not able to meet payments because of economic and financial constraints. An IMF bail-out usually involves high interest rates and the imposition of restrictions, such as government spending cuts, to ensure its investments are secured. But many weak and vulnerable countries cannot satisfy this, and are forced to hike taxes, create new taxes, shore up their foreign reserves and, ultimately, cut public spending and reduce the size of government all of which acts as a drag on economic growth. The focus on vulnerable economies is important because it is often difficult for these countries to pay back what they have borrowed. Debt has often ballooned, and

government borrowing continues to expand. The financial imprudence of vulnerable economies does not necessarily keep the IMF away from lending a hand.

This may be termed a ‘moral hazard’, since it has firsthand knowledge that these countries are already struggling. Even if a government has great plans to recover, seek favourable terms on a loan, promise to control spending and slowdown on government borrowing, a combination of these steps is not always enough for countries that face deeper economic problems.

Ideally, in a free market economy, everyone plays a part in the road to recovery from financial disruptions.

Bankruptcy and/or government bail-outs are not an easy pill to swallow, but the idea is to steer the economy back on track without the need for excessive borrowing. On the downside, this may take several years to accomplish. However, vulnerable economies often do not have the time or resources for this cycle to complete since there is little to no diversification. With limited sources contributing to the direct credit on the balance of payments sheet, these economies are strapped and under pressure. This is when the IMF makes its move, offering relief in the form of a bail-out or request for emergency financial assistance (RFI).

Snapshot of The Bahamas’ finances Some vulnerable economies are small island developing states (SIDS), which are countries that depend heavily on foreign direct investment (FDI) to diversify their economies.

Most of these countries are also burdened with frequent natural disasters such as hurricanes, which create a significant dent

in government revenue and spending. It does not help that some of these countries fail to practice financial prudence in their spending and borrowing habits. For instance, The Bahamas’ balance of payments direct credit flow is primarily weighted on FDI and tourism. With no diversification outside of this, meeting its demand for foreign currency is difficult and the country relies on borrowed funds to shore this up. Bosltering foreign reserves is important to ensure that the currency value remains pegged to the US dollar. But the problem is even worse when there is not much that can be done. We have had years to figure out ways to diversify the economy to ensure profitable revenue for businesses, become competitive and expand beyond tourism and financial services. Yet, as of today, The Bahamas’ national debt is close to the $10.5bn mark and almost equal to gross domestic product (GDP) or the size of the country’s economic output. Included in the Government’s debt obligations is the IMF’s $252 loan, comprising special drawing rights (SDRs), to support The Bahamas’ ongoing COVID-19 response and budgetary operations.

While these figures are alarming, the worst is yet to come if we are not deliberate in the next one to two years. When expenses outweigh revenue, it is hard to find a mix of solutions that will combat a negative financial legacy and new debt. Tax revenue such as VAT, import and export duties, real property tax, motor vehicle tax, gaming tax and others are not enough to pay off $10.5bn in debt. That is because the problem does not lie in what goes in and out of the Public Treasury. There are many countries that have

a variety of taxes at high rates, yet economic conditions continue to worsen.

But taxes and other shortterm solutions are only a good way to pacify the crux of the issue, which remains diversifying the economy enough to grow at higher levels. Diversification helps taxes as revenues are meant to increase as the economy grows. However, under the current tax regime, diversification of the economy could be restricted. Therefore, now would be a good time to look at more direct taxes (corporate/individual income tax esor capital gains tax) that would promote economic growth.

Out of time?

As it stands, the Bahamian government is in a tight spot. In recent headlines, Caribbean economist, Marla Dukharan, continued to predict that The Bahamas will fall into an IMF debt restructuring programme by 2023 or 2024, given the country’s high external debt burden.

Another option is that the country suffers a currency devaluation. Ms Dukharan’s predictions may be frowned upon by many, but they are not far off. The reality is many other countries who have borrowed from the IMF have all faced similar realities, such as Jamaica, Mexico and Thailand. The Bahamas’ reputation is put at risk when it does not follow measures pushed by the IMF or other international organisations.

For instance, the IMF has already warned the government to “pre-empt” global tax pressures by imposing a corporate income tax.

The Bahamas was among 136 countries who, in early October 2021, signed on to international tax reforms that will see a 15 percent minimum global corporate tax rate levied on the largest multinational enterprises.

The pressure for a 15 percent corporate income tax must be carefully weighed.

While government revenues would increase, and thus help to address the debt issues at hand, the domestic economy will be impacted.

On the other hand, the cost of living remains high. It is perceived that, in preparation for an income tax, VAT was reduced to 10 percent, but this is still not enough to offset the impacts ahead.

The idea of a corporate income tax is favourable but there are many things that need to be put in place. One of the main things is figuring out how to blend a proportionate tax into a regressive tax system.

A comprehensive solution The National Development Plan (NDP) offers a comprehensive solution to helping make The Bahamas more competitive. By being more competitive, the nation has more to offer to investors, it spurs growth in the domestic economy, and diversifies the economy beyond tourism and financial services. The answer is never clear, and we do not expect governments to know and do everything.

But at least we can expect a commitment from our government to do its very best. Implementing and finalising the working draft of the NDP, and its policies, will help to diversify the economy, appropriately manage public debt and ensure accountability. By sticking with the NDP, the Davis administration has an opportunity to show they are dedicated to meeting the needs of the Bahamian people regardless of unpredictable events.

GOV’T NAMES NEW AVIATION DIRECTOR TO REPLACE CARGILL THE Government has named Dr Kenneth Romer as acting director of aviation to replace Algernon Cargill, with the move postdated to take effect from January 31, 2022.

The move, which will see Dr Romer take this post as well as holding the position of deputy director-general of tourism, was announced by Chester Cooper, deputy prime minister and minister of tourism, investments and aviation.

The Andros native, who began his career as an educator and was named the first National Teacher of the Year in 1998, has spent 15 years in aviation. Dr Romer previously served as vice-president of SkyVantage Corporation in Utah, where he had direct oversight of airline partnerships in The Bahamas, the Caribbean, Florida and Europe.

He was also chief operations officer at Sky Bahamas, where he was tasked with overseeing the day-to-day administrative and operational functions of the company. Most recently, Dr Romer served as executive director for product quality at the Ministry of Tourism, Investments and Aviation with responsibility for airlift, cruise, yachting, visitor safety and special projects.

Mr Cooper said: “I am very pleased to appoint Dr Romer as the new acting director of aviation. He has an impressive professional record and brings

substantial experience from the field of international and domestic aviation.

Adding to his expertise, Dr Romer currently serves as our deputy director-general, a post which will allow him to make critical linkages between all facets of our ministry.”

Dr. Romer said his vision includes creating a medium to long-term aviation strategy for The Bahamas. “This appointment is important because it promotes the crucial linkage between tourism and aviation, and I want to bring a focused attention to the aviation sector by delivering heightened priority to domestic and international airlift to Nassau, Grand Bahama and our Family Islands,” he added.

“My passion has been the development of our country through the creation of meaningful opportunities for our entrepreneurs and stakeholders, especially those who are stakeholders in aviation.”

Dr Romer holds a doctorate degree with a specialisation in leadership and organisational management.

He also holds specialised certifications in both contract and aviation laws from Harvard University; private pilot certification with the Federal Aviation Administration (FAA); International Air Transport Association (IATA) certification; and various tourism, hospitality and travel management certifications.

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Monday, February 28, 2022, PAGE 3

Super Value ‘safeguards’ on Ukraine flour fall-out

DPM: ‘Lots more to do’ to improve governance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

SUPER Value’s principal yesterday said it had sought to “protect the country” from further harm caused by Russia’s invasion of Ukraine through ordering extra supplies of flour.

Rupert Roberts told Tribune Business that the supermarket chain had acted amid fears that the conflict, and sanctions imposed on Russia, could result in a “worldwide shortage” of flour due to the disruption in wheat supplies.

Flour is derived from wheat, a commodity in which Russia is the world’s third-largest producer and Ukraine is the ninth largest, based on 2017 data.

Between the two, they produced 112.1m tonnes of wheat that year, but a combination of fighting,

sanctions and the substantial damage inflicted on Ukraine’s infrastructure could disrupt or prevent such supply for some time to come.

Russia and Ukraine together are responsible for almost one-seventh of the world’s wheat supply, based on that 2017 data, but recent estimates have pegged their contribution as high as 25 percent. As a vital commodity and food staple, wheat prices as measured by the Chicago Board of Trade jumped 5.43 percent last Thursday on the day Russia invaded.

This was after wheat prices had already risen by 80 percent between April 2020 and December 2021, the period covered by the COVID-19 pandemic. Mr Roberts told this newspaper: “That was the only concern we have because we have adequate supplies of everything else.

“We put in some more orders for flour because I feel that [the conflict] could have an impact. We could have a worldwide shortage, so we tried to protect the country yesterday until we see what happens. We hope this is a ten-day war and Putin has to back off, and that it doesn’t spiral up into an ongoing conflict.

“We have stocks and orders coming in. I had the buyers put in extra orders to protect ourselves because we know Russia and Ukraine are among the world’s largest wheat producers, so we figured there could be problems.”

Wheat is typically milled into flour, which is then used to make a wide range of products including bread, cereals, crumpets, muffins, noodles, pasta, biscuits, cakes, pastries, cereal bars, sweet and savoury snack foods, crackers, crisp-breads,

sauces and confectionery items. Thus any wheat/flour supply shortages and price increases will raise the cost of these items.

Mr Roberts, though, warned that flour and wheat-based foods can only be ordered a “maximum” three months ahead to ensure they remain healthy and do not go off. As a result, the ordering cycle was broken into three to four 16-week periods.

“We have about a year’s supply of corn beef, but we cannot order a year’s supply of flour,” he added.

“Surprisingly flour was one of the items that had not gone up with the inflation.

I don’t know why. Maybe Canada and the US can supply wheat for the western world.

“I’ve had buyers ask me if they can put more orders in before inflation goes up

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DEBT COLLECTION APP TO EASE ‘FINANCIAL ANXIETY’ A DEBT collection agency says the launch of its self-service mobile app on March 7 will ease the “financial anxiety” many face in repaying their pastdue bills.

Centreville-based Apex Management Services believes the app will transform how it interacts with debtors in ensuring they settle, and its lenders clients collect on, outstanding debts.

Traditional debt collection has focused on tracking down debtors and obtaining payments from them to cover their bills unpaid.

But, with the beta launch of its self-service mobile app just one week away, Apex believes the new technology will enhance its overall operations and be a valuable tool for debtor users.

Apex currently relies on contacting persons via a series of phone calls or e-mails. It feels the mobile app offers a less stressful, multi-channel, digital solution for persons to arrange payment terms, manage the process and pay via a secure online portal. Financiallytroubled customers can also track their progress while creditors are able to see, in real time, overdue payments recovered from debtors.

“We have found that some persons experience increased financial anxiety when directly contacted by debt collectors. The app allows for a self-service experience to manage and pay down balances owed,”

RORY HIGGS, president of Apex Management Services.

Rory Higgs, president of Apex Management Services, explained.

“For those experiencing financial distress caused by the pandemic, we are providing an opportunity for debtors to get back on track by settling outstanding credit issues with less anxiety at their own pace, and with the ability to track their progress online.

“The app will also allow creditors, who are concerned about the impact that the current financial situation is having on debtors, to track payments in real time and rely less on internal staff and resources to pursue delinquent accounts.”

Following the test launch in March, Apex is aiming to have half its current debtors using the app by the end of May 2022.

The agency, in a statement, said 2022 could see

more persons pursued by debt collectors as government agencies, financial institutions, utility companies and businesses who extend credit will be able to access customers’ credit information from the nation’s first ever credit bureau, CRIF Information Services Bahamas.

A credit bureau allows borrowers and lenders to have a complete understanding of a prospective borrower’s financial history and ability to repay loans. Lenders use the information contained in credit reports to determine whether to lend money and at what rate. The better the credit history, the lower the risk and interest rate charged on a person’s loans.

Financial institutions previously relied on a client’s honesty in reporting all outstanding loans in their name. There was no automated, formal, cross sharing of information.

“It’s imperative that persons put focused attention on repairing their credit for now and in the future,” said Mr Higgs who, prior to starting his business, held several senior level positions at a number of leading institutions in the financial services industry.

“Debt can seem like a crushing weight. As part of our debt collection services, we counsel and encourage persons to come to terms with their full financial position and work with us to bring their delinquent accounts up

to good standing. It’s the best course of action in the short and long-term as we move into a new era of financial responsibility and reporting.”

THE deputy prime minister says the Davis administration condemns corruption on all its forms, adding: “It makes us weaker as a society”.

Pledging that the Government will enact several measures to tackle graft head-on, Chester Cooper, also minister for tourism, investments and aviation, said: “We condemn corruption. It makes us weaker; it makes us more vulnerable to shocks. It makes us more vulnerable to hits on our reputation by the international community. It makes us weaker as a society.”

“There are issues that plague countries around the world, big and small, and we must work together doing all that we can to end corruption in all forms throughout our country.”

Speaking at a conference held by the Organisation for Responsible Governance (ORG), Mr Cooper added: “Firstly, there must be improved accountability by changing the way we govern and manage finances... how taxpayer money is spent, how we account for procurement on goods and services, how we manage new hires

CHESTER COOPER and how civil servants are rewarded.

“I am pleased to say that this government is committed to strict observance of an enhancement to the Public Disclosure Act, which is built on the principles of accountability and transparency. We also intend to fully implement the Procurement Act, which facilitates an open online platform for bids, and allows all persons registered on the electronic procurement and suppliers registry to be notified of all government tenders and entities seeking to acquire specific goods and service.

The facilitation of an open platform will also help to curtail corruption in the award of contracts.”

Mr Cooper continued: “The second element

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PAGE 4, Monday, February 28, 2022

PHILCHER GRANT, chief operating officer of public affairs and Grand Bahama Utility Company, Grand Bahama Port Authority.

DEREK NEWBOLD, chief investment officer, Grand Bahama Port Authority.

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NAKIRA WILCHCOMBE, vice-president of building and development services, Grand Bahama Port Authority.

DENNIS DEVEAUX, chief financial officer, Doctors Hospital Health System.

DR IAN STRACHAN, president, University of The Bahamas - North.

DR PAULA WALES, executive dean and chief academic office, Western Atlantic University School of Medicine.

PETER GOETZ, founder and chief executive, Western Atlantic University School of Medicine.

DPM TO GIVE KEY ADDRESS AT GB BUSINESS OUTLOOK TWO Cabinet ministers will give presentations at the 23rd Grand Bahama Business Outlook conference, which is being held on March 17, 2022.

Chester Cooper, the deputy prime minister, will

give the keynote address while Ginger Moxey, minister for Grand Bahama, will bring introductory remarks at an evbent titled Beyond recovery into growth. The conference will be mostly

virtual, via Zoom, with some in-person events.

Joan Albury, president of TCL Group and founder of the Bahamas Business Outlook series, mentioned two panel discussions. “We have scored a coup in this year’s

panels,” she said. “We are elated, for example, to welcome four members of the Grand Bahama Port Authority.

“Speaking to the topic, Revitalising Grand Bahama’s economy, will be Philcher Grant, the GBPA’s chief operating officer of public affairs and Grand Bahama Utility Company; Derek Newbold, chief investment officer, and Nakira Wilchcombe, vice-president of building and development services.

Samone Davis-Carey, the GBPA’s communications specialist, will moderate this panel.

“Unprecedented, too, will be the gathering of four past presidents of the Grand Bahama Chamber of Commerce. They are Kevin D Seymour, our moderator, who served from 2014 to 2016; Barry Malcolm,

president from 2012 to 2014; Peter Turnquest, 2009 to 2011 and Michael Holding, who led the organisation from 2017 to 2019,” Mrs Albury added.

“These are people who are more than likely to have the inside story on Grand Bahama’s recent history and economic challenges.

They can surely give valuable input to what’s next for this community.”

Mrs Albury continued: “Grand Bahama has contributed significantly to the Public Treasury and possesses powerful attributes that still attract major invest. This northern community can yet become the frontrunner in production and trade with the right strategies and multi-sector co-operation.

“Consequently, this year’s forum will cover industry, including maritime

NOTICE

Bahamas Electrical Utilities Managerial Union (BEUMU) (The Senior Staff Union of The Bahamas Electricity Corporation)

Will Hold its Annual General Meeting (AGM) On Tuesday 28 March 2022 at 4:45 p.m. via Zoom (The Zoom link and password will be sent prior to the meeting) All Officers and Members are asked to attend and be on time.

Meeting Agenda: • Reports from Officers • Other Business

and chemical, banking and finance, education and health care. We have chosen, as presenters, representatives of companies and other entities that contribute significanty in terms of employment, contributions to the public purse and ability to attract highticket investment. They are all experts in their fields, highly experienced and noted for their professional acumen.”

Topics and speakers include The DHHS northern Bahamas healthcare initiative, which will be presented by Dennis Deveaux, chief financial officer, Doctors Hospital Health Systems (DHHS).

Representing the Western Atlantic University School of Medicine (WAUSM) are Peter Goetz, its founder and chief executive, and Dr Paula Wales, executive dean and chief academic office.

A panel discussion on Growing the industrial sector: Removing barriers, restoring incentives, refurbishing infrastructure, will feature Kevin Seymour, chief financial officer, PharmaChem Technologies GB (moderator); Randy Thompson, chief executive, PharmaChem Technologies; and David Skentelbery, chief executive, Grand Bahama Shipyard.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, will speak to Financial Health, while Dr Ian Strachan, president, University of The Bahamas - North will discuss Fostering innovation and entrepreneurship.

The right time to invest in Grand Bahama will be presented by Robert Pantry, founder and chief executive, Simplified Lending, and Alan Bassett, chairman and chief executive, The Bahamas Distilling Company.

Along with the New Providence and the Grand Bahama forums, the Bahamas Business Outlook series now covers Abaco, Andros, Cat Island, Eleuthera, Exuma and Long Island.

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EUROPE’S ENERGY DILEMMA

Monday, February 28, 2022, PAGE 5

By CHRIS ILLING

T

hanks to the mild winter, the European Union (EU) has enough natural gas right now. Nevertheless, some countries could face difficulties. If gas imports from Russia were not possible for years, the consequences would be more dramatic, and demand would have to be reduced.

The EU gets 40 percent of its gas needs from Russia.

After Russia’s attack on Ukraine, this supply could be phased out, either because of Western sanctions or as a Russian counter-measure to other Western sanctions.

The massive rise in the price of electricity, gas and heating oil has pushed energy costs up significantly for consumers this year, and there are no signs of easing in the coming months either.

On the so-called spot markets, where gas is traded, the price for natural gas had increased more than sevenfold over the course of 2021.

Since Thursday morning nobody in the West wants to rely on Russia any more.

This is now taking its toll given the fact that practically nothing has been done to reduce Europe’s dependence on Russian natural gas for more than two decades. During the 2006 crisis, Moscow turned off the gas tap for the first time, and then again in 2014. Two Mediterranean countries could have helped change that in the future: Algeria and Spain.

The North African country is the 10th largest gas producer in the world, but accounts for only around 7 percent of all European imports. Despite its own crisis, Algeria has proven to be a reliable supplier for the most important customers in Spain, Italy and Portugal.

Thanks to Algerian supplies, Spain does not have to worry today either. The country has so much natural gas that it could even give some to its EU partners. Spain has prepared well for this and can rely

on 11 international suppliers. The Algerian gas flows under the Mediterranean Sea to Almería via a 750-kilometre-long pipeline, which is currently being expanded.

At the same time, Spain can draw on the largest LNG capacities in Europe.

LNG (Liquefied Natural Gas) is natural gas that is liquefied by cooling it to minus 160 degrees, which greatly reduces its volume.

Ships bring it to the LNG terminals, where it is turned back into a gaseous state and fed into the pipelines.

The largest European fleet of LNG tankers sails under the Spanish flag. You can head for six LNG terminals in Spain on the Mediterranean and the Atlantic coasts; a seventh is nearing completion. There are a total of 20 such terminals in Europe.

No other EU country has comparable opportunities, accounting for around a third of the entire EU. Ports have become more important again for Spain because most natural gas comes by sea. At the end of 2021, the US overtook Algeria as the main supplier. Nevertheless, the LNG terminals were only 50 percent utilised in January. Spain could offload and process more liquefied natural gas.

But the Spanish balance sheet is not only positive.

The conflict between Algeria and Morocco escalated last summer. Algiers closed the second pipeline to Spain in the fall. Algeria had the 10th largest natural gas reserves in the world in 2020, according to energy company, British Petroleum (BP). But increasing Algerian supplies to Europe is currently difficult because the country needs a large part of its production to meet the needs of its growing population and industries.

Algeria is important and can be part of a solution, but it will only play a rather small part because it has neither the capacity nor the facilities for it. Even if Algeria was to deliver more, there would soon be limitations on the northern shore of the Mediterranean. A bottleneck prevents Spain from coming to the rescue for the rest of Europe. It is in the Pyrenees. The route leads from the Mediterranean via France to central Europe, where Germany could then also be supplied with natural gas from North Africa or the Spanish LNG plants. So far there is not a single LNG terminal in Germany. Even the German ‘Green’ economics minister, Robert Habeck, is now enthusiastic about this option because of the war in the Ukraine.

From Spain, only two relatively small lines lead from the Basque Country, and from Navarre, to France.

Even their combined capacity does not match the performance of the pipeline from Algeria.

If the Spanish government’s ambitious plans come true, the country could soon become one of the most important producers of energy from renewable resources in Europe with new solar and wind power plants. In addition, there could be the “green” hydrogen that is produced with renewable energy sources.

Most of the hydrogen could be transported using the existing natural gas pipelines. In Spain there is already a relatively dense network that stretches as far as Portugal. But the southwest is practically cut off from the rest of Europe.

It is time for the European Union to come together and reduce its energy vulnerability during times of crisis.

ENERGY CRISIS

PAGE 6, Monday, February 28, 2022

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BPL FUEL HEDGE RENEWAL ‘MORE CRUCIAL THAN EVER’ FROM PAGE ONE

running out for BPL to renew the fuel hedge given that there is a deadline by when this must occur.

With the existing hedge due to expire in June 2022, Mr Sands said he thought a renewal had to be completed and in place by end-March 2022 although he was uncertain of the precise date.

“We would hope there is a resolution as soon as possible,” he told this newspaper on the conflict between Russia and the Ukraine. “We would certainly be concerned about the impact it would have on oil prices, which have begun to dramatically increase, which will impact hotel operations through BPL’s fuel costs, and the impact it will have on travel from Europe.

“It is very concerning, and we have to keep our eye on this matter. These geopolitical issues can have some devastating

impacts on tourism.”

Asked specifically about the need for BPL to reinstate its fuel hedging initiative, he replied: “That is so important, and perhaps more important now than ever that it gets continued and the renewal gets finalised as soon as possible.

“I believe that renewal needs to take place by the end of March. I’m not sure of the exact date, but there’s some timelines in which the renewal must take place.” Pedro Rolle, BPL’s chairman, yesterday said he was in discussions on the fuel hedging issue when contacted by this newspaper.

“We are trying to determine what our next move is at this very moment,” he added. “We are discussing the hedging, the impact of what is happening in Ukraine, discussing all those things. Until we have made up our minds about how we put the numbers together it would

be premature for me to comment.”

The hedging strategy, executed by the former Minnis administration in July 2020, was designed to both stabilise the “fuel charge” component on BPL customers’ bills as well as produce millions of dollars in savings for those businesses and households, as well as the taxpayer and the Government.

The move was viewed at the time as representing a triple win for BPL’s customers; the Government and its fiscal position; and the overall economy and the foreign exchange reserves given that fuel accounts for between 50-60 percent of the total customer bill.

For the “hedge” locked-in the fuel charge component of customer bills at 10.5 cents per kilowatt hour (KWh) until June 2022, providing businesses and households with electricity

rate certainty for a twoyear period at a time when their finances were under huge strain due to the economic crisis created by COVID-19.

Supported by the Government and InterAmerican Development Bank (IDB), the hedge put control of monthly electricity bills back in consumer hands. With rates fixed, and no longer vulnerable to global oil price fluctuations, Bahamian energy costs for almost two years have been determined by each business and households’ management of their consumption.

The utility’s reduced fuel costs also helped reduce the drain on the $2.4bn external reserves at a time when The Bahamas needed to preserve every cent of foreign currency when tourism-related inflows virtually dried up.

Mr Sands, meanwhile, said the Ukraine crisis could possibly benefit The Bahamas given that it could make US travellers reluctant to head for Europe. The Bahamas, with its proximity to the US and long distance from the conflict zone, could present as an appealing alternative for Americans and see a boost in visitor numbers.

However, he added that this could be offset by a drop-off in European visitor volumes. “That possibility exists,” he added of American visitors, “but I think the greater point for us is that world harmony and peace is a much better position for us to generate business from.

“Having come off COVID-19, or having come through COVID-19, which would have added a number of increased costs - the cost of testing, supply chain disruption - which

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caused an inflationary increase in prices, this [the Russian invasion] is the last thing we’d want at this point in time.”

Asked whether the fallout from the Ukraine crisis could derail tourism’s recovery, Mr Sands added: “It would be unfortunate if it’s prolonged because we’re coming out of a sustained level of decline for almost two years due to COVID, and were just beginning to get the momentum back as a destination.

“I would not want to think of the impact it could have on our industry going forward. It will be very tough, if it’s sustained, for the industry to have the level of growth we’re looking at having if such an occurrence takes place.”

THE TRIBUNE

DPM MEETS VENDORS ON CABBAGE BEACH CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, toured Cabbage Beach on Paradise Island last Friday to hear the concerns of vendors. He also visited sites and facilities frequented by visitors and residents.

Mr Cooper was accompanied by Senator Randy Rolle, global relations consultant/senior advisor, Ministry of Tourism, Investments and Aviation; Vincent Harris, responsible for visitor safety/sites and facilities, Ministry of Tourism, Investments and Aviation; and executives of the Cabbage Beach Vendors Association. (BIS Photo/Kemuel Stubbs)

Monday, February 28, 2022, PAGE 7

SUSTAINABLE TOURISM COUNCIL FOR ANDROS A NON-PROFIT council has been created to enhance sustainable tourism in Andros by promoting cultural, heritage and nature-based attractions.

The Ministry of Tourism, Investments & Aviation, in a statement, said that in collaboration with Andros industry stakeholders it had recently formed the North and Central Andros Destination Stewardship Council (NCADSC) in accordance with the guidelines of the Global Sustainable Tourism Council’s criteria.

The NCADSC, a nonprofit, non-governmental organisation led by local industry stakeholders, was established in July 2021. Its objectives are to promote and enhance sustainable tourism activities and practices by developing and encouraging cultural heritage, entertainment, attractions and naturebased adventures as touristic experiences.

The NCADSC will also focus its efforts on restoring the island’s natural assets through education and outreach. Its initial goals include waste management and trail development, erecting beach signage, creating an Andros-specific travel website and promoting community involvement.

As tourism evolves globally, the number of travellers seeking outdoor experiences is growing rapidly. Andros is well-positioned to make the most of this trend with its beaches, creek fishing, snorkelling, scuba diving and birdwatching.

For more information on the NCADSC, visit its Facebook Page NC Andros Sustainable Council, or email us at Ncandrossustainablecouncil@gmail.com.

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PAGE 8, Monday, February 28, 2022

BOAT CHARTER FEE PAYERS IN $20M ‘CONSUMABLE’ BOOST FROM PAGE ONE champagne you want, provides the caviar you want, the fuel you need, pays the marina bills and the masseuse out of that.

“Whatever is not spent is returned to the guest...

Those charters are booked a year in advance. It’s $55m what we took in for last year. If you take that $55m and multiply it by 0.3, that gives you what they spend on consumables; around $20m.”

Mr Maury argued that data provided on the marina industry, and its economic impact for The Bahamas, is “not a true representation of what this industry brings to the GDP of the country” as it did not capture what guests spent on-shore and during the days while they waited to board.

Suggesting that there were many vacation rental guests who “do a lot of two and three night charters”, the ABM president added: “I think the number of people getting on boats is far higher. The boats stay here. They’re like a house or hotel room. And the boats come back here,

sit and wait for the next charter.”

Admitting that December 2021 was “not as good as expected” due to the increased competition from a re-opened Caribbean, and that January and February had been “slow”, Mr Maury added: “Typically in this industry yachts start moving north in the Spring, so hopefully we will have a lot of good bookings in the coming months. Our marina, and the marinas I’ve talked to, everybody has good bookings.”

Visiting boaters were down by 25 percent in 2021 compared to pre-COVID, coming in at 81,171 compared to 108,179 in 2019.

However, this represented a 140 percent increase on 2020, more than doubling that year’s 33,880.

“The pandemic did not halt the industry. It slowed it in 2020, but in 2021 it came bouncing back,” Mr Maury said. “Our numbers on entry are still a little soft, but the bigger boats stay here. There’s crew and the people that are on board spend a lot while the boats are here. Fuel is the biggest thing in the business. Boats constantly fuel and buy utilities.

THE TRIBUNE

“From a GDP standpoint I don’t think this represents exactly what they are putting back in.... We’re probably not capturing half of what we should be pulling in in charter fees. I told the deputy prime minister we should be doing $1m in charter fees a month, $10m a year.” He added that the ABM portal has now collected up to $3m in charter fees.

Mr Maury, meanwhile, again complained about the long wait that boaters must endure to enter The Bahamas by clearing Customs and Immigration. Besides the 340-strong questionnaire that must be filled out, which typically takes three to four hours, a similar wait is endured upon arrival.

“It’s got to be easier,” he added. “We’re competing against the Caribbean, not each other. It’s got to be easier. It’s not the charter fees, it’s the entry process where they spend three to four hours filling out a document to come into the country. They are so upset with the process. It’s hard to calm them down. We’re still advocating that the entry process become easier.”

THE TRIBUNE

JUDGE URGES CONDO ACT REFORM OVER PI BLUNDER FROM PAGE ONE “It is noted, for example, that modern condominium legislation in Canada and elsewhere provide for what is called an ‘estoppel certificate’ to be provided by the (condominium) association to the purchaser of a resale unit, providing information in relation to the condominium and unit which creates an estoppel in favour of the purchaser, and removes some uncertainty out of the transaction.”

The One Ocean saga’s origins are detailed in a December 20, 2021, judgment by Justice Ian Winder which dealt with an application by the One Ocean condo owners and their association to amend the development’s Declaration of Condominium such that it contained the right unit and common area dimensions/sizes.

The original Declaration, which was recorded in the registry of records on May 11, 2005, had been amended on January 18, 2010. The latter date was some three days’ before Bahamian architect, Leslie Johnson, signed-off on One Ocean’s architect’s certificate on January 21, 2010.

An architect’s certificate is a key document in construction, because it certifies that a property is built in accordance with its approved plans, complies with building regulations and the work is to a good standard. It is especially critical if buyers want to obtain mortgage financing to fund their purchases, as lenders will rely on it to ensure their collateral security is perfected.

However, Justice Winder’s decision hinted at the potential trouble that results when Bahamian professionals are used to merely sign-off on plans and work that has been performed outside this nation.

“Johnson did not design the building, but was engaged to assist the foreign architect that had been hired by the [then] developer,” the verdict recalled.

“The foreign architect did not sign off on alterations which Johnson made to the plans. Johnson never spoke with the foreign architect.”

One Ocean itself had an initially troubled history. Its original developer, Albert Ballard and his Peace Holdings, defaulted on repayments to CIBC FirstCaribbean International Bank (Bahamas) over the $37m construction loan they obtained, and the bank placed the development into receivership in November 2012.

Just 25 per cent of the available units had been sold at that time. Simon Townend, a Bahamas-based KPMG partner and head of its corporate finance arm for the Caribbean, and colleague Nicholas Brearton were appointed as receivers/ managers for the project.

They eventually closed its sale to Replay Destinations (Bahamas), a subsidiary of Canadian-based Replay Resorts, in July 2015, with the latter acquiring the unsold 52 units. The purchaser agreed to finance improvements to the building and undertake renovations to the penthouses on the tenth floor.

Justice Winder, though, noted that Plan-It Bahamas, the architects hired by Replay, found that on the ninth and tenth floors “there were several infractions of the Bahamas Building Code that had to be brought into compliance”.

These violations included the fire stairwell “stopping short of the tenth floor”, meaning that direct escape into it was not possible from that floor. And the machine/ equipment rooms for two of the five elevators “had been constructed inside the escape stairwell”, creating another breach.

And it was during Replay’s renovations that questions arose as to whether the size of the penthouse units, as stated in the Declaration of Condominium, were accurate and if the changes “encroached upon” and reduced the size of the common areas.

Justice Winder, in his ruling, said he was “satisfied that there are inaccuracies contained in the architect’s certificate, and that the inaccuracies which I have found were in place prior to certification”. He noted that Mr Johnson accepted “an error” was made in not measuring the extent of the top-floor balconies and to the exterior of the doors and windows.

Finding that no unit owner was paying their correct common area fees as a result, Justice Winder ruled that the Declaration of Condominium be amended. “It is clear from my assessment of the evidence that the calculation of the square footage for the penthouse units are inaccurate with respect to each of the three areas in dispute,” he concluded.

“As a result of the inaccuracies, none of the unit owners are paying an accurate amount to the Association respecting any fees associated with the unit entitlements. Those with more square footage ought

to pay their fair share of the fees/assessments.”

In the meantime, though, Replay’s efforts to sell two of the penthouse units had become embroiled in separate litigation due to concerns over exactly how big these properties were.

Justice Klein, laying out the case made by one purchaser, Belitza Marling Sagaray Silva, said she sought to withdraw from the sale as a result due to fears Replay was unable to provide good title.

“At the heart of this dispute is a discrepancy of some 1,300-plus square feet,” Justice Klein wrote.

“It is the approximate difference in the size of a luxury penthouse advertised for sale in an exclusive condominium complex on Paradise Island called the One Ocean Condominium after extensive renovations

and the dimensions recorded in the statutory declaration containing the certified architectural drawings and plans of the building (the Declaration of Condominium).

“This discrepancy led the plaintiff (the purchaser) to rescind the agreement for sale over concerns that the defendant (the vendor) was unable to convey good title to the unit and has resulted in this litigation.”

Acknowledging that the case was part of “a litany of legal issues that have affected the sales of units of One Ocean”, Justice Klein recorded how Penthouse 901 was offered for sale at $4.1m with the buyer paying a $410,000 deposit. While “containing 6,165 square feet of living space..... the Declaration registered under the Condominium Act described it

Monday, February 28, 2022, PAGE 9 as comprising 4,801 square feet”.

Sagaray Silva and her attorneys, Paul and Sarah King, sought to withdraw from the transaction and requested that the deposit be refunded due to concerns that Replay was unable to give good title to the property.

However, Replay and its Bahamas managing director, Michael Sneyd, viewed this as “a blatant attempt ...to exit a binding agreement for sale” and refused to return the deposit. Mr King replied that “our client’s patience and trust are no longer salvageable” on the basis that the 22 percent difference in size was a material factor, and both parties headed to court.

Justice Klein declined to find in favour of Sagaray Silva’s argument that the sales agreement “was effectively rescinded and/ or terminated”, and refused to order that the deposit be returned. But, while finding

that the contract was still in effect, he added that the deposit should be returned to the buyer if no deal is consummated.

And, in similar fashion, Justice Winder, declined on February 4, 2022, to give a summary judgment in favour of the purchaser of another One Ocean penthouse. That purchaser, a corporate entity named Gathina, had argued it was entitled to be refunded $1.105m because Replay was unable to provide it with good title.

Like Sagaray Silva, it had argued that Replay only had good title to the 4,801 square feet represented as the unit’s size in the Declaration of Condominium, whereas the true area involved was 6,419 square feet. As a result, Gathnia claimed it could not obtain good title to 25 percent of the space.

PAGE 10, Monday, February 28, 2022

THE TRIBUNE

‘IMPOSSIBLE TO BUILD TOURISM’ WITH $3,000 MIAMI ONE-WAY FARE FROM PAGE ONE

over those seats are gone,” Mr Alnebeck continued.

“Again the problem is if there is not a crew change in the Shipyard, those flights

are going to be operating with 10 percent load factors.

“We have businesses in Grand Bahama that are really good, like the Shipyard, but we don’t have the

infrastructure - the airlift and the hotel rooms - to deal with their personnel and volumes. When I get calls from the shipping agent saying they need 150

rooms for two weeks, I have to say I can’t do it so they get a ship in for them to sleep on.”

Grand Bahama’s airlift limitations are a product of reduced room inventory in the aftermath of COVID19 and Hurricane Dorian, coupled with the protracted wait for long-running efforts to sell the Grand Lucayan to bear fruit, with the lack of demand prompting airlines to reduce capacity to the island to the bare minimum.

“We’ve done a great job messing Freeport up,” Mr Alnebeck told Tribune Business. “Some people contact me and say I should talk about great news, but I will believe it when I see it.” Referring to the Port Lucaya Marina’s impending sale, he questioned how $200m could be invested in the former Ginn project in West End when no golf course or marina had opened, or vertical construction take place.

Speaking earlier at a Bahamas Hotel and Tourism Association (BHTA) Board of Directors meeting, the Pelican Bay chief had suggested that Kerry Fountain, the Bahamas Out Island Promotion Board’s head, “needs to exclude Grand Bahama” when giving an upbeat assessment of the performance by small hotels in the northern Bahamas.

“We are slowly but surely digging ourselves out of the hole created by Dorian

and, after that, COVID,” Mr Alnebeck told that meeting. “There are some small developments about to happen, some marinas to be sold and people sniffing around to pick up stuff on the cheap. We hope that happens.’

He urged the US embassy and US Customs and Border Protection to clarify whether Freeport’s pre-clearance facility had been withdrawn permanently, and if there were any actions that The Bahamas can take to ensure this decision is reversed.

“We’ve given them the justification to withdraw that, and we should immediately redevelop Grand Bahama International Airport to the minimum specifications for getting that pre-clearance facility back,” Mr Alnebeck told Tribune Business, acknowledging that The Bahamas had done little in the twoand-a-half years since Dorian to encourage the US to make an alternative decision.

“We were a bit saddened by the announcement of the US embassy and the US government when they said they would start the process of removing pre-clearance from Grand Bahama. That would be a big setback for the future but, at the same time, we have to understand it.”

Pointing out that airlift to Grand Bahama was “very limited”, with Bahamasair and Spirit having restricted

schedules, Mr Alnebeck drew some encouragement from reports that American Airlines will increase the frequency of daily flights from Miami from one to two per day with effect from March 2.

Describing airlift to Grand Bahama as being “more and more” like that to a Family Island, he added that Pelican Bay was presently running at about 30 percent occupancy. “We are not really seeing any leisure business at all in Grand Bahama,” Mr Alnebeck said.

“We are seeing some snow birds coming back, and that creates some activity in the restaurants, but the leisure tourist is virtually non-existent. The only hotel in Grand Bahama trying to focus on leisure business is Viva Fortuna.”

Marco Gobbi, general manager of the Viva Wyndham Fortuna Beach resort, told the same BHTA meeting that the property “hasn’t seen any sign of a ramp-up in our market” while pointing out that airlift costs from Miami are “incredibly high”.

He added that Viva Fortuna was presently at 20 percent occupancy, and described the previous 10-15 percent average as “a disaster” that had left the property challenged to maintain its operations.

JOB OPPORTUNITY Busy Optometry office in New Providence looking for full time Optometrist. Must have Doctorate of Optometry degree from an accredited college of Optometry or trained at a college of Optometry from the UK. Must be licensed to practice in country of training. Must be proficient in OCT and Humphrey’s Visual Field.

opticalopportunity36@gmail.com

THE TRIBUNE

DPM: ‘LOTS MORE TO DO’ TO IMPROVE GOVERNANCE FROM PAGE THREE required for good governance involves providing citizens with access to information. Decentralisation of government to local governments and communities is consistent or vital with allowing more citizens to engage in the decisionmaking process and the deepening of our democracy.

“Our government has also pledged to advance the implementation of the Freedom of Information Act, where we create an atmosphere of access to information where it is needed, unless that

information is restricted by specific rules.

“We will ensure the eventual full implementation of the FOIA, which was advanced by a previous Progressive Liberal Party administration, and supported by the previous administration. We will advance this. It has been a lot of talk for too long, and I will tell you that our administration is committed to advancing it to fruition.”

Acknowledging that “we have lots more work to do” to bolster accountability and transparency, improve good governance and crack down on corruption, Mr Cooper said: “It is the goal

of my ministry to push to improve the efficiency of processes for both foreign and domestic investments by eliminating unnecessary red tape avenues to engender a culture of transparency, a culture of change for economic growth.

“As we enhance the ease of doing business, in The Bahamas we are looking for quality and sustainable investments. We are looking for investors who meet the fit and proper test, for this government of transparency is committed to political reforms with a legislative agenda that includes the full implementation of campaign finance reforms.”

SUPER VALUE ‘SAFEGUARDS’ ON UKRAINE FLOUR FALL-OUT FROM PAGE THREE again, and I’ve said: ‘No’.

We have to hold where we are. We cannot keep protecting, protecting, protecting. We’re going to run out of warehouse space.

“We promised the former government during the pandemic that we would increase our warehouse to four months’ supply, and we never got it up to four months’. Since then, we got it up to six months’ supply of hard goods that are longdated. Cereals, flour and perishables are short-dated.

It’s (the Russia-Ukraine conflict) out of our control.

We pray and hope for the best.”

Vasco Bastian, the Bahamas Petroleum Dealers Association’s (BPDA) vicepresident, warned local consumers earlier this week to brace for $6 per gallon gasoline prices by March as the markets bid up global oil prices on fears of Russian supply disruptions due to the imposition of sanctions in retaliation for the Ukraine invasion.

Airline ticket prices will likely be increased in response to rising fuel prices, which will increase the cost for tourists in accessing The Bahamas.

And the hotel industry, as Bahamas Power & Light’s (BPL) largest electricity consumer, will see its cost base and margins squeezed from greater energy prices unless the electricity monopoly is able to continue to hedge its fuel prices.

RUPERT ROBERTS World oil prices surged again last week, with the Brent crude index rising more than 8 percent on Thursday to hit $105 per barrel for the first time since August 2014 - almost eight years ago. That means oil prices have increased by more than $20 per barrel in less than two months since the start of 2022, and Brent crude futures spiked by 7 percent earlier today.

NOTICE IN THE ESTATE of MARY ELLEN THOMPSON KNOTT late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 28th day of February A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

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

MICHAEL A. DEAN & CO., Attorneys for the ExecutorS Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

NOTICE IN THE ESTATE of CARL RODULPH JOHNSON late of the Western District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 28th day of February A.D., 2022, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executor shall then have had Notice.

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

MICHAEL A. DEAN & CO., Attorneys for the Executor Alvernia Court, 49A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

Monday, February 28, 2022, PAGE 11

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THE TRIBUNE

NOTICE

NOTICE is hereby given that JORGE LUIS GARCIA CUEVAS of Cable Beach, New Providence, The 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 twentyeight days from the 28th 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 SEYMOUR NOEL of Soldier Road, New Providence, The 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 28th day of February, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Monday, February 28, 2022, PAGE 13

MARKET REPORT www.bisxbahamas.com

FRIDAY, 25 FEBRUARY 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 3.60 9.02 3.10 7.15 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%

2244.48

0.12

0.01

16.24

0.73

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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 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 BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.49 6.05 9.50 3.30 7.99 2.82 7.10 13.00 1.88 10.06 11.30 10.75 15.00 3.90 9.85 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.49 6.05 9.50 3.30 7.99 2.82 7.10 13.00 1.91 10.06 11.41 10.75 15.00 3.90 9.85 15.50 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 58

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

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 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 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.11 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 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 0.080 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% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 57.1 15.3 15.8 18.0 18.7 21.5 17.7 14.8 18.4 19.2 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% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.10% 5.54% 22.72% 0.60% 2.87% 2.23% 3.60% 3.08% 2.03% 3.94% 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 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 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

Monday, February 28, 2022, PAGE 15

BUFFETT STILL WANTS DEALS BUT CAN’T FIND ANY ATTRACTIVE ONES

By JOSH FUNK AP Business Writer OMAHA, Neb. (AP) — Billionaire Warren Buffett says his company has benefited from some “extraordinary luck” in finding acquisitions like BNSF railroad over the decades, but he hasn’t had much of that in recent years as Berkshire Hathaway’s cash pile has grown to nearly $147 billion.

Buffett sought to reassure shareholders with his annual letter Saturday that he retains a strong appetite for acquisitions and stock investments, but he hasn’t found many of either

that interest him at today’s inflated prices. In fact, Berkshire was a net seller of stocks again last year, unloading $7.4 billion more shares than it bought.

He blamed the continued low interest rates for helping drive up the price of stocks and whole companies alike, and in the past he has said that increasing competition from private equity buyers has also made it hard to find good deals.

“From time to time, such possibilities are both numerous and blatantly attractive.

Today, though, we find little that excites us,” Buffett wrote about the prospects for finding good stock

investments. So Berkshire has focused on growing the 90-odd businesses the Omaha, Nebraska-based conglomerate already owns and repurchasing its own shares — something Buffett has invested $51.7 billion in over the last two years including $27 billion last year. But the pace of buybacks may have slowed a bit because Berkshire has only bought $1.2 billion of its own shares so far this year.

With Berkshire’s companies generating about $7 billion in cash every quarter, the repurchases haven’t been enough to meaningfully shrink the cash pile.

WARREN BUFFETT, Chairman and CEO of Berkshire Hathaway, left, plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb., Sunday, May 5, 2019. Billionaire Buffett will release his annual letter to Berkshire Hathaway shareholders Saturday, Feb. 26, 2022. It is always well read in the business world because so many investors follow Buffett because of his incredibly successful track record over the decades and he has a knack for explaining complicated subjects in simple terms.

Photo:Nati Harnik/AP

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 79° F/26° C Low: 59° F/15° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Pleasant with plenty of sunshine

Partly cloudy with a shower late

Beautiful with periods of sun

Partly sunny and pleasant

Times of clouds and sun

Windy; a passing afternoon shower

High: 79°

Low: 68°

High: 78° Low: 67°

High: 80° Low: 68°

High: 79° Low: 69°

High: 80° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

91° F

72° F

88°-70° F

86°-67° F

84°-67° F

81°-66° 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: 77° F/25° C Low: 69° F/21° C

6-12 knots

S

High: 81° F/27° C Low: 67° F/19° C

3-6 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 67° F/19° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 77° F/25° C Low: 62° F/17° C

N

| Go to AccuWeather.com

High: 78° F/26° C Low: 65° F/18° C

MIAMI

High: 82° F/28° C Low: 66° F/19° C

7-14 knots

KEY WEST

High: 78° F/26° C Low: 67° F/19° C

ELEUTHERA

Forecasts and graphics provided by AccuWeather, Inc. ©2022

High: 79° F/26° C Low: 71° F/22° C

NASSAU

High: 79° F/27° C Low: 68° F/21° C N

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:43 a.m.

6:05 p.m.

3.1 2.5

12:12 p.m. -0.2 ---------

Tuesday

6:35 a.m.

6:58 p.m.

3.2 2.7

12:14 a.m. -0.5 1:01 p.m. -0.4

Wednesday 7:24 a.m.

7:47 p.m.

3.2 2.8

1:08 a.m. -0.6 1:47 p.m. -0.5

Thursday

8:10 a.m.

8:33 p.m.

3.1 2.9

1:58 a.m. -0.6 2:30 p.m. -0.6

Friday

8:53 a.m.

9:17 p.m.

3.0 2.9

2:46 a.m. -0.5 3:11 p.m. -0.5

Saturday

9:35 a.m.

10:01 p.m.

2.8 2.8

3:32 a.m. -0.4 3:51 p.m. -0.4

Sunday

10:16 a.m.

10:44 p.m.

2.5 2.7

4:18 a.m. -0.2 4:30 p.m. -0.2

sun anD moon Sunrise Sunset

6:34 a.m. Moonrise 6:11 p.m. Moonset

5:16 a.m.

4:14 p.m.

New

First

Full

Last

Mar. 2

Mar. 10

Mar. 18

Mar. 25

CAT ISLAND

E

W

High: 80° F/27° C Low: 72° F/22° C

N

S

E

W

3-6 knots

S

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 72° F/22° C

High: 79° F/26° C Low: 74° F/23° C

4-8 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low ..................................................... 7° F/-14° C Normal high ....................................... 78° F/26° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 74° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.33” Normal year to date ..................................... 2.85”

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

ANDROS

N

High: 79° F/26° C Low: 71° F/22° C

E

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 73° F/23° C

4-8 knots

MAYAGUANA High: 79° F/26° C Low: 74° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 79° F/26° C Low: 75° F/24° C

H

High: 80° F/27° C Low: 74° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

6-12 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 SW at 3-6 Knots NNW at 7-14 Knots NE at 3-6 Knots NE at 4-8 Knots ESE at 6-12 Knots WSW at 2-4 Knots E at 6-12 Knots E at 4-8 Knots ESE at 3-6 Knots N at 3-6 Knots NNW at 6-12 Knots N at 6-12 Knots SE at 4-8 Knots NNE at 3-6 Knots NE at 7-14 Knots ENE at 6-12 Knots ESE at 4-8 Knots ESE at 4-8 Knots E at 4-8 Knots ENE at 4-8 Knots ESE at 3-6 Knots N at 3-6 Knots E at 6-12 Knots E at 6-12 Knots SE at 4-8 Knots NNE at 3-6 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 7 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 3 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 13 Miles 10 Miles

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