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TUESDAY, MARCH 8, 2022
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Fishermen’s fury over poaching ‘slap in face’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FUMING fishermen yesterday slammed a Supreme Court verdict, which effectively imposed just a one-month sentence on four Dominicans, as “a slap in the face” for those battling illegal poaching. Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business the verdict was “unconscionable” and “disheartening” for both Bahamian fishermen and the authorities given that it means foreign poachers - who rammed a Royal Bahamas Defence Force (RBDF) vessel in their
• Dominicans effectively sentenced to one-month in prison • No fines despite ramming Defence Force in escape bid • ‘Disheartening’ verdict bad message to other offenders desperation to escape - will only have spent a total six months in prison. While affirming that he has “the utmost respect” for the judiciary and legal system, he argued that the sentences - which imposed no fines - “send a message to
poachers throughout the Caribbean and Latin America that The Bahamas does not take poaching seriously and you can get away with a very light sentence” if caught. Disclosing that he had been present as an observer in Justice
Bernard Turner’s court for the sentencing hearing, Mr Maillis said the outcome suggested that the tougher poaching fines/convictions brought into law by the Fisheries Act 2020 had been in vain. Arguing that public resources, namely the country’s fisheries resources upon which thousands and livelihoods depend, deserve the same protection as private property, he added that it seemed as if foreign criminals received lighter sentences than Bahamians who committed similar offences. And the NFA secretary said the most ironic aspect of the case was that it had been brought before the Supreme Court, as opposed
SEE PAGE FOUR
CLAY SWEETING
Tax cuts ‘off table’ as energy crisis solution Bahamas ‘struggling with By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas has no short-term solutions for combating soaring energy and gas prices, a major fuel supplier’s chairman warned yesterday, adding that tax cuts were likely “off the table”. Sir Franklyn Wilson, FOCOL Holdings chairman, told Tribune Business that there was little to nothing that The Bahamas can do to offset forces outside its control as global oil prices as measured by the Brent crude index at one point struck $139 per barrel yesterday. That mark, which was reached on fears that the US, Europe and the western world might impose an embargo on Russian oil and gas supplies over the latter’s invasion of Ukraine, was just shy of the all-time high of $147.50 per barrel achieved in July 2008. While prices scaled back after German and UK leaders dampened down concerns of a Russian
• Sir Franklyn: Claims of quick fix ‘defy me’ • But government gasoline taxes ‘wild card’ • ‘No fiscal headroom’ to ease coming pain cut-off, Bank of America analysts were reported as projecting that global oil prices could strike as much as $200 per barrel - record, uncharted territory - if Vladimir Putin’s major industry and economic earners was to be sanctioned. While Bahamian businesses and households, already struggling to revive from COVID-19’s economic
IDB chief hails BPL fuel hedging impact By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Inter-American Development Bank’s (IDB) president yesterday hailed the impact of Bahamas Power & Light’s (BPL) fuel hedging strategy despite doubts on whether it remains in place. Mauricio Claver-Carone, in a roundtable discussion with Caribbean media, did not directly answer a Tribune Business question as to whether the hedging initiative it developed with the former Minnis administration remains in place. But, with oil yesterday briefly hitting $139 per barrel, he said the savings it generated were “starting to look even more attractive”. “What we did in The Bahamas, for the first time, is an energy hedging instrument. The hedge is done by these instruments. We’ve learned a lot from it,” Mr ClaverCarone said. “I won’t speak to whether any country has maximised it, but the impact for The Bahamas is that it has been able to mitigate the impact of [rising] energy prices thanks to that. “As we sit here, and looking at today’s $130-$131 oil, some of that hedging starts to look even more attractive and was perhaps [future-telling] in that regard. It shows we need to get better at and innovate in that way. It’s definitely had an impact, definitely helped to mitigate these prices.” It remains unclear, though, whether BPL’s fuel hedging strategy remains in place following the events of last week when the state-owned electricity monopoly was forced to retract an announcement of
SEE PAGE SEVEN
the execution’ in corruption fight By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SIR FRANKLYN WILSON devastation, are bracing for the worst, not all will be negatively impacted by soaring gasoline and energy prices. The Public Treasury, in particular, could see a revenue windfall given that the gasoline industry’s tax structure is based on a percentage rather than fixed mark-ups. While wholesale suppliers such as FOCOL (which operates as Shell) and gas station operators have their price-controlled margins fixed at
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IMF calls for ‘tax spending budget’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE International Monetary Fund (IMF) has urged The Bahamas to develop an annual “tax expenditure budget” to better identify revenue leakages and assess the economic impact of its spending. The Washington DC-based Fund’s recommendation was disclosed in the Fiscal Responsibility Council’s (FRC) assessment of the 2021-2022 Budget and the Davis administration’s supplemental version, which noted that it can help improve the fairness and efficiency of a country’s tax system. “The IMF has made recommendations for the development and tabling of an annual tax expenditure budget, along with the estimates of revenue and expenditure, with the objective of enhancing the budgetary process by facilitating a more comprehensive assessment of the Government’s spending within the economy, both direct and indirect, and the resulting impacts of policy priorities and outcomes,” the Council said.
“Tax expenditure budgets aid in exposing possible avenues of revenue leakage, and can spur improvements in the equity and efficiency of a tax system.” The Council’s disclosure of the “tax expenditure budget” proposal came just before its report said The Bahamas’ consumptionbased tax system made it difficult for the Government to target fiscal policy where it is needed. The report was also released just days before the Prime Minister is due to present the mid-year Budget to the House of Assembly tomorrow. The Council, in its analysis, said successive administrations had reduced capital spending to limit the size of the fiscal deficit, and questioned whether the lower outlays are sufficient to support infrastructure build-out and economic growth. “The 2021-2022 Budget and medium-term projections demonstrate a reduction in capital expenditure to 2 percent of GDP in fiscal year 2022-2023 and fiscal year 2023-2024. The reductions are necessary to achieve the improved fiscal balances
SEE PAGE SEVEN
THE Bahamas is “struggling with the execution” of anti-corruption safeguards, governance reformers are warning, with accountability and transparency “aspirational” rather than real concepts. Matt Aubry, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business in a recent interview that The Bahamas lacks an “integrated anti-corruption” strategy that pulls all such legislative and regulatory reforms together in a co-ordinated package capable of combating graft. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, and some of his Cabinet colleagues have foreshadowed changes to the Public Disclosure Act but this law - which focuses on declarations of wealth, income and assets by ministers, MPs and top civil servants - is viewed by Mr
MATT AUBRY Aubry as not wide enough to capture the low level, every day corruption that most Bahamians have to deal with. Speaking after the US government, in its recent International Narcotics Control Strategy Report, urged The Bahamas to move forward with longplanned governance reforms, the ORG executive said: “Accountability and transparency continue to be aspirational terms. They have to be actual
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PAGE 2, Tuesday, March 8, 2022
THE PRINCIPLES THAT HELP MANAGE RISK ENTERPRISE Risk Management (ERM) is a process, implemented by a company’s board of directors, management and other personnel, which is applied in strategy setting across the enterprise. It is designed to identify potential events that may affect the company, and manage risk such that it remains within its risk appetite, while providing reasonable assurance regarding the achievement of corporate objectives. The Committee of Sponsoring Organisations of the Treadway Commission (COSO), which defined the integrated framework for ERM, subsequently came up with an updated definition which focuses on the culture, capabilities and practices integrated with strategy setting and performance, and which companies rely on to manage risk in creating,
preserving and realising value. Enterprise risk management thus provides a framework (set of rules) for managing risks, which typically involves: * Identifying particular events or circumstances relevant to your company’s objectives (risks and opportunities) * Assessing them in terms of likelihood and magnitude of impact * Determining a response strategy (accept, avoid, transfer, share) * Monitoring progress (self-assessments, internal audits, etc.) The updated COSO framework itself is a set of principles organised into five inter-related components: 1. Governance and Culture: Governance sets your company’s tone, reinforcing
the importance of, and establishing, oversight responsibilities for enterprise risk management. Culture pertains to ethical values, desired behaviours and the understanding of risk in your entity (via the Board and management). 2. Strategy and Objective-Setting: Strategy and objective-setting work together in the strategic planning process. Your risk appetite is established and aligned with strategy and business objectives. Putting your strategy into practice serves as a basis for identifying, assessing and responding to risks. 3. Performance: Risks that may impact the achievement of strategy and business objectives need to be identified and assessed. Risks are prioritised by severity in the
context of your risk appetite. The company then selects risk responses and takes a portfolio view of the amount of risk it has assumed. The results of this process are reported to key risk stakeholders (management, Board, shareholders, regulators etc.). 4. Review and Revision: Via an evaluation or review of your company’s performance, management can consider how well the enterprise risk management components are functioning over time and, with any substantial changes, determine what revisions are needed via self-assessments, internal audits etc. 5. Information, communication, and reporting: ERM requires a continual process of obtaining and sharing necessary information, from both internal
and external sources, which flows up, down, and across the company via water coolers, meetings, e-mails and newsletters etc. The five components in the updated COSO framework are supported by a set of principles. These principles cover everything from governance to monitoring. They are manageable in size, and describe practices that can be applied in different ways for different companies regardless of size, type or sector. Adhering to these principles can provide management and the Board with a reasonable expectation that your entity understands and strives to manage the risks associated with its strategy and business objectives. NB: Anishka Collie has more than 19 years’ experience in external auditing, internal audit, corporate
GPBA LAUNCHES ONLINE BUSINESS LICENCE PORTAL THE Grand Bahama Port Authority (GBPA) has launched an online portal that aims to speed-up the start of business operations by new licensees. Freeport’s quasi-governmental regulator says its Freeport Business Portal will improve the ease of doing business in the city by helping new applicants through the GBPA’s business license application process. Through the portal, both Bahamian and foreign
investors can submit the necessary documents to apply for a business license; track the process; arrange inspections; make payments; and finalise their license application. Customers will have access to this service 24 hours per day, seven days per week. “The Freeport Business Portal will completely change the way licensees establish businesses here in Freeport,” said Ian Rolle, the GBPA’s president. “It will remove the necessity of face-to-face interactions and pivot the application process into a new digital age. “Despite all odds, Grand Bahamians have remained resilient and innovative as we persevered in the face of challenges brought by Hurricane Dorian and COVID-19. We at GBPA believe in our sole mission of bettering the lives of Bahamians in our communities and, by extension, The Bahamas through the unique features our island offers, and I can assure you that there is no better example than the Freeport Business Portal.” Derek Newbold, the GBPA’s chief investment officer, said testing for the platform launch began in December 2021. He added
THE TRIBUNE
COLLIE ANISHKA
CHIEF EXECUTIVE AND PRINCIPAL CONSULTANT ATC FINANCIAL ADVISORS & CONSULTANTS
governance, enterprise risk management and internal controls. She focuses on clients in the financial services industry and has presented at numerous auditing and accounting seminars. Anishka is a licensed member of the Bahamas Institute of Chartered Accountants (BICA). that, since then, the platform has been improved to offer a better user experience. “I am elated about the official launch of the Freeport Business Portal, as users will not only be able to apply for and obtain a business license completely online, but also have access to important resources and tools to effectively guide them through the process of starting a business,” Mr Newbold said. Applicants will have access to information on the licensing requirements for each business license category; the required documents needed to apply; and information on the overall licensing process. Nicole Colebrooke, the GBPA’s customer relations manager, said the portal will help dissipate the uncertainty many persons face when starting a business and becoming entrepreneurs because the information they need is accessible to them at the touch of a button. “We want to encourage our customers to use this digital platform to their advantage,” said Ms Colebrooke. “With all the necessary documents in the portal and the quick 48-hour approval processing time, the Freeport Business Portal is the perfect tool to enable us to continue to provide the needed services to entrepreneurs on a fully virtual basis as safely and efficiently as possible.”
BAHAMAS Technical and Vocational Institute (BTVI) fashion design alumnus, Kevin Evans, is featured in Bahamasair’s in-flight magazine for January to March 2022. He was formally presented with a copy by Bahamasair’s sales executive manager, Wilfred Mullings. Shown from L to R are Mr Mullings; Mr. Evans; BTVI president, Dr Robert W. Robertson; and BTVI associate vicepresident of fund development and alumni association adviser, Alicia Thompson Photo: BTVI
BTVI GRADUATE GRACES BAHAMASAIR MAGAZINE A BAHAMAS Technical and Vocational Institute (BTVI) graduate, whose designs have featured at New York Fashion Week, is being featured in Bahamasair’s in-flight magazine. Kevin Evans was presented with a copy of the January to March 2022 in-flight magazine, Up and Away, becoming BTVI’s first fashion alum to grace the pages of the magazine, which features the culture of Bahamasair’s travel destinations. The magazine was presented to Mr Evans during a courtesy call on BTVI President, Dr Robert W Robertson. Mr Evans also presented Dr Robertson with a gift from his collection.
Mr Evans was born to Pastor Robert and Rose Evans, and hails from Evansville in Nicholls Town, Andros. While at BTVI, he studied electronics but did not have a passion for it. He eventually studied cushion and drapery manufacturing, and fashion design. Using a borrowed sewing machine from one of his sisters, Mr Evans spent many hours in his bedroom cutting and stitching one design after another. He has since established the KE Collection, where he specialises in men’s fashion with combinations of styles, cuts and colours. In February past, Mr Evans received the opportunity to have his designs featured at New York Fashion Week.
THE TRIBUNE
Tuesday, March 8, 2022, PAGE 3
BUSINESSMAN: CREATE MORE ‘FREEPORTS OUTSIDE FREEPORT’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A GRAND Bahama businessman yesterday suggested that the Government create more “Freeports outside Freeport” until the situation with the existing city resolves itself. Speaking after Friday’s protest outside the Grand Bahama Port Authority (GBPA), James Rolle, Dolly Madison’s general manager, told Tribune Business: “The GBPA has not been looking out for the interest of Grand Bahama for a couple of decades, but what’s really happening now is the small man is feeling the pinch. I think that’s what this is. “It seems like all of the breaks, or the majority of the breaks that are happening in the Freeport area, and especially when it comes to investment, goes for foreign
people. They are getting those breaks. “Most of the Bahamian businesses in Grand Bahama are small businesses, and it’s the small businesses that really drive the economy. If the small businesses dry up, then basically even big businesses will find it difficult to operate.” Mr Rolle said that while the demonstrators were justified in their actions, he does not know what it will achieve or prove. He suggested that the Grand Bahama Chamber of Commerce start advocating more forcefully on the private sector’s behalf. “The Grand Bahama Chamber of Commerce may be able to expand its wings if small businesses see that there is a voice. I believe right now the Grand Bahama Chamber of Commerce, as a representative of the licensees of the GBPA, have a greater voice with the GBPA than the Government,” Mr Rolle said.
SEEN second from left are Sarah and Darren Cooper, along with Rev Frederick McAlpine, up front leading a march to and from the Grand Bahama Port Authority Headquarter Building in Downtown Freeport on Friday. Photo:Denise Maycock Asked whether the Government and, by extension, The Bahamas should break with Freeport’s founding treaty, the Hawksbill Creek Agreement (HCA), which still has 32 years to run, Mr Rolle offered an alternative. “The Government still controls the West End and East End of Grand Bahama.
They should just create more Freeport’s around Freeport, and leave the current city of Freeport to its own devices until it sorts itself out,” he argued. “I wish there was a way for the Government to take it and give it to somebody else. The only thing is that if the Government breaks
the contract, who is actually going to manage Freeport? “There’s still a lot at stake when the Government breaks that HCA. Does the government then take back a lot of that vacant land that actually comes under the portfolio of the GBPA, and who’s going to manage that? So if we talk about the Government literally taking over or giving the GBPA to someone else, who’s going to manage it is my only concern.” Alfredo Bridgewater, owner/operator of Coco Nutz, added: “I missed the protest, but I guess the general sense was that the GBPA weren’t doing enough to push investment this way.” Arguing that large Grand Bahama industrial enterprises have already “rebounded” from COVID19, but tourism-based businesses have yet to do so, he said: “This is too long for our airport to be the way it is, and our tourism industry
will not rebound quickly if the airport remains in the state it is in now. “It is unfair that the people who have benefited from that airport all of these years refuse to fix the airport for the betterment of the Grand Bahamian community.” Mr Bridgewater stopped short of calling for the Government to break the HCA, saying: “There are some good pieces in the HCA, and I think it was written well enough where people had different visions and foresight into what they saw Freeport becoming. “But, right now, we are in the third generation of family ownership of the GBPA, and I don’t think the people running it now have the drive to keep the GBPA going. They are only interested in a pay cheque and job security.”
DPM MEETS MIAMI GARDENS COUNCILLOR A MIAMI Gardens councilwoman yesterday met with Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. Also present wereSenator Michael Halkitis, minister of economic affairs; Wayde Watson, parliamentary secretary, Ministry of Economic Affairs; Senator Randy Rolle, global relations
Marijuana advocate makes call for greater consultation By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A MARIJUANA advocate yesterday urged the Government to engage in more consultation over planned legislation as it was difficult to get excited about the proposal without seeing it. Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), told Tribune Business that the current administration appeared to be following its Minnis predecessor in failing to reach out to hime despite his group being the “number one advocate” for legalised, regulated medical marijuana and industrial hemp industries in The Bahamas. Responding to Senator Ryan Pinder, the attorney general, Ryan Pinder, who was reported as saying that marijuana legislation will be submitted to the Cabinet by month’s end. He added that the latest draft Bill included industrial hemp, whereas previous versions excluded it. Mr Miller said that while the focus on industrial hemp is “great news”, and what his BACARI has been pushing for, it was “difficult” to get excited over draft legislation they have not yet seen. “We haven’t heard anyone say let’s reach out to us and get some feedback from us. This is quite discouraging. If legislation is going to be presented to Cabinet by the end of the month, well, they should be meeting with us now,” he added. “This is a delicate thing that is not to be taken lightly. If they do this right then the country will flourish, but if they do this wrong it’s going to cost us another five years of stress and other problems. They are not the experts and they don’t have all of the answers, and they don’t have all of the input because they don’t have all of the experts. “We have been doing this for over three solid years, meeting with people all
TERRY MILLER over the world and looking at this in-depth, and looking at how cannabis is run in other jurisdictions.” Arguing that the Jamaican marijuana experience was flawed, and that country is now “catching up” from the mistakes it made during its legalisation, Mr Miller added: “There were things in their law that weren’t working for the average person, so if the average person does not feel the benefits from the law it will be a waste of time because you will have a whole bunch of people making noise.” As for the Bahamian experience, Mr Miller is “concerned” about the proliferation of a marijuana black market being allowed to thrive alongside the legalised market, calling it a “disaster waiting to happen for young people” if the legislation does not find a way to deal with this. “We have to make the black market not worth their while, and instead push them towards a legal market with less stress to deal with. If we do that we will protect our kids because, right now, drug dealers are selling and they don’t care who they sell to,” he added.
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consultant/senior advisor, Ministry of Tourism, Investments and Aviation; and Cora Bain-Colebrooke, permanent secretary, Ministry of Economic Affairs. Pictured from L to R: Miami Gardens councilwoman, Shannan Ighodaro; Mr Cooper; Senator Halkitis; Cora Bain-Colebrooke; Mr Watson; and Senator Rolle. Photo:Kemuel Stubbs/BIS
PAGE 4, Tuesday, March 8, 2022
THE TRIBUNE
FISHERMEN’S FURY OVER POACHING ‘SLAP IN FACE’ FROM PAGE ONE
to the Magistrate’s Court, amid the belief by prosecutors that this would result in harsher sentences being handed down. Clay Sweeting, minister of agriculture, marine resources and Family Island affairs, told Tribune Business he was aware of the case and sentencing described by Mr Maillis and, as a former fisherman himself, understood the industry’s “frustration” over the sentences. He added that he was liaising with the Attorney General’s Office, which was seeking to obtain the court docket to determine whether there were grounds to appeal and seek stronger sentences, and affirmed that the Davis administration is continuing to pursue a “no nonsense” approach to combating illegal poaching in Bahamian waters. “I have been in touch with the Attorney General’s Office. I am aware of it,” Mr Sweeting said. “They are waiting on the court docket to see exactly what is in the docket report what the charges were, and what the prosecution went ahead with - and then will determine whether or not to submit an appeal. “I’m quite aware of their [fishing industry] frustration and, being a former fisherman, I understand their frustration.” He also
agreed that one driving force behind the Fisheries Act’s introduction into law had been to impose heavier fines and sentences on foreign poachers caught stealing The Bahamas’ fishing stocks. “The Government is serious about poaching and ensuring we have a no nonsense policy against poaching. That’s something we’ll continue to stand on. This government is serious about fighting it, so that poachers do not feel as if they can do what they want in our waters,” Mr Sweeting said. “We’ve always been an advocate for that, and don’t see it changing any time soon. I will say that the Government is serious about fighting poaching, and the minister of national security is continuing with the policy put in place that Defence Force remains vigilant. They’ve done a good job in the past few years, and will continue to do so.” Mr Sweeting praised the Defence Force last October for its actions in arresting the Dominican Republic nationals whose sentencing has caused controversy with the local industry. Five were apprehended after their vessel, Amanda, sought to evade capture by ramming HMBS Bahamas in waters near Diamond Point, Southern Great Bahama Bank.
NOTICE
NOTICE is hereby given that ERTSO CASTER of Unison Road off Carmichael 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 twentyeight days from the 8th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Some 5,420 pounds of hogfish; 2,213 pounds of Nassau grouper; 11,267 pounds of whole lobster; 276 pounds of lobster tails; and 1,685 pounds of other assorted fish - all illegally harvested from Bahamian waters - was found aboard. The poachers were also operating using a compressor and spearguns, in violation of Bahamian law, while suspected illegal narcotics were also found aboard the Amanda. A release at the time said the five were expected to be charged with six violations of the Fisheries Act, although one was said to have subsequently died while in prison. That left four to be sentenced. Mr Maillis, who was present on the Association’s behalf at the February 24, 2022, hearing, said it appeared as if the judge gave significant weight to the fact none of those before him was the Amanda’s captain, who was said to have escaped capture by the Royal Bahamas Defence Force (RBDF). Describing the four Dominicans as having participated “in the most egregious form of illegal fishing”, Mr Maillis told Tribune Business: “We are very disappointed with the handling of this case. We are extremely disappointed in the way the judiciary continues to be lenient with poachers, and is not addressing the crisis. “We hope the Attorney General’s Office will appeal these sentences, and this will be embraced by the Ministry of Agriculture, Marine Resources and Family Island affairs so that we get genuine justice for the Defence Force officers who were attacked, and we send a stronger signal to poachers.
“The main reason the Attorney General’s Office chose to pursue this case in the Supreme Court is that they believed the court would issue a stronger sentence than allowed in the Magistrate’s Court. The Supreme Court applied precedents from the Magistrate’s Court, and there was an even weaker sentence than was delivered before,” he continued. “It doesn’t make any sense. It’s totally out of line, and the Association stands in utter disbelief. We expect to see a change moving forward. Our view is that the sentences were unconscionable. It was an extremely sad moment for the fishing community, the Defence Force, the Department of Public Prosecutions that the court decided this case with leniency.” Offering to raise awareness of the poaching “crisis”, and its impact on The Bahamas’ natural resources and fishermen’s livelihoods, with the judiciary, Mr Maillis described the case as “one of many hundreds that we have had over the decades where poachers are caught, prosecuted and given light sentences. This particular sentence was very disheartening”. He listed the clauses in the Fisheries Act, as well as the Penal Code, which he argued should have merited tougher sentences. The Act’s section 38, he said, provided for a $100,000 fine and “no more than three years in prison” for operating a foreign vessel with prohibited fishing equipment in Bahamian waters. Similarly, sections 39 and 43 dealt with persons caught fishing illegally and removing fish illegally from Bahamian waters with $150,000 and $500,000 fines,
respectively, and prison sentences of “no more” than three years and five years. In addition, Mr Maillis suggested that the Dominicans had committed numerous breaches of the Penal Code including abetment of a crime; unlawful possession of animals; intentionally endangering a vessel and the lives of persons on that vessel (the Defence Force vessel); and deceit of a public officer for withholding the Amanda captain’s name. The Immigration Act was also likely breached. The NFA secretary argued that the Dominicans knew where they were going and why they were coming to The Bahamas, adding: “It is unconscionable that they could not be charged with conspiracy or abetment of a crime.... “The Department of Marine Resources, with whom the NFA has been in communication, is also perplexed as to why these sentences are so light given the charges that were laid against these poachers.” Arguing that the sentences will do nothing to punish those involved, and deter them and other poachers, Mr Maillis said: “They were able to get away without any financial loss to themselves. “It sends a message to poachers in the Caribbean and Latin America that The Bahamas does not take poaching seriously, and they can get away with a very light sentence. In light of the crisis we’re going through, which caused the Fisheries Act to be put in place, the Marine Partnership to be put in place, it’s a slap in the face to all those entities. “To see one of the highest courts in the land perpetuating the same problems
that have plagued us for years is extremely demoralising, and is making all Bahamians question what the purpose of the law is if not to protect our citizens and resources,” he added. “Why would a Bahamian commercial fisherman even report poaching if they know nothing happens to them, and they get to go free back home to their country while suffering no financial loss, and simply get to board another boat to come back to The Bahamas? There’s no cost to them.” Mr Maillis said The Bahamas’ diplomatic efforts had made progress in securing help from the US and Cuba to crackdown on poaching by their citizens in this country’s waters, but it appeared to have made little progress in the Dominican Republic where powerful financial interests - likely with political connections - were behind the illegal fishing enterprise. Arguing that the sentences handed down to the Dominicans paled against those meted out to Bahamians for similar crimes, he added that this nation needed to treat offences involving its natural resources with the same seriousness as it applied to private property. Pointing out that the price of lobster is now $20, and there were “tens of thousands of pounds of lobster” on the Amanda, Mr Maillis said that while the “street value” of what it had caught was between $300,000 to $600,000 it was “still a small amount compared to the apprehensions of the past”.
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NOTICE NOTICE is hereby given that JUSTO ARCENIO CUEVAS of Nassau Village, Lee Street, Nassau, 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 8th day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
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
NOTICE is hereby given that RICKI WILSON of P.O. Box N-9426, Cordeaux Avenue off Market Street, 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 1st day of March, 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 ROBERTO PEÑA of Nassau Village, Talbot Avenue, 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 1st day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, CAMERON DONTE SAWYER of #23 Forg Avenue, Kennedy Subdivision, New Providence, Bahamas, intend to change my name to CAMERON DONTE MOSS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
THE TRIBUNE
Tuesday, March 8, 2022, PAGE 7
IMF CALLS FOR ‘TAX SPENDING BUDGET’ FROM PAGE ONE
projected,” the Council added. “However, the fiscal year 2021-2022 Budget does not delineate the productivity of projected capital expenditure and the efficacy of the 2 percent capital expenditure-to-GDP target. Reduced capital expenditure lessens the widening of the overall fiscal deficit, but the 2021-2022 Budget does not set out whether the capital expenditure target is sufficient to support sustainable growth in the economy and appropriately maintain the underlying infrastructure.” Noting that the greatest risks when it came to achieving the 20212022 Budget’s revenue projections lie on the revenue side, the Council added that it did not receive the estimates and assumptions underpinning the Government’s forecasts. “However, the revenue forecasts presented in the 2021-2022 Budget are considered reasonable, subject to significant downside risks due primarily to the threat of the emergence and spread of more virulent strains of the COVID-19 virus, slower than expected roll-out of the national and international vaccine programmes, slower than
expected return of tourism and other contact intensive sectors, and sustained supply chain rigidities in the global economy,” the report said. “The 2021-2022 Budget assumes growth in nominal GDP of 14.1 percent for fiscal year 2021-2022, which is higher than the estimate of 12.7 percent for the calendar year 2022 by the IMF in its October 2021 World Economic Outlook publication. “Given the risks to growth in the economy, the relatively more bullish posture of the assumption in the 2021-2022 Budget could result in an overestimation of revenues if economic output underperforms,” the Council continued. “Moreover, to the extent the sectors and activities with the greatest potential for growth currently enjoy tax concessions, such as the tourism sector, expected increases in tax revenues typically associated with increased economic activity may not materialise.” Government revenues were some $92m ahead of projections for the first quarter of the 2021-2022 fiscal year, and around $162m up at the half-year. Turning to a more detailed analysis of the Government’s projections, the Council said estimates
were “reasonable” while there was sufficient “credibility” behind the VAT projections. “The projected increase in tax revenues for fiscal year 2021-2022 is mainly driven by projected increases in international trade tax and domestic VAT revenue of $103.7m (14 percent) and $175.8m (76.6 percent), respectively, compared to fiscal year 2020-2021. Together, these two sources account for around 80 percent of the budgeted growth in total revenues for fiscal year 2021-2022,” it added. “The increase in international trade taxes is mainly driven by higher customs and other duties, export taxes and departure taxes which are projected to grow by 24.9 percent, 142.7 percent and 779.4 percent, respectively, compared to fiscal year 2020-2021. “The projected increase in the respective categories reflect an expectation of a return to pre COVID-19 activity levels, as imports and exports respond to pent up demand for goods, and border openings facilitate increased international travel. The estimates are considered to be reasonable and largely reflect base effects of recovery from the sharp contraction in the corresponding year.”
IDB CHIEF HAILS BPL FUEL HEDGING IMPACT
FROM PAGE ONE
a 30 percent increase in its fuel charge component - due to take effect that very same day, March 1 - less than two hours after it was issued. Tribune Business investigations revealed fears that BPL customers could suffer a $200m hit over the next two years via increased electricity bills, due to higher fuel costs, amid suggestions that the Davis administration had failed to pull the trigger on executing the quarterly hedging renewals that came due in September and October last year. Clint Watson, the Prime Minister’s press secretary, subsequently said he had been informed by Alfred Sears QC, minister of works and utilities, that BPL still had a fuel hedging strategy in place but provided no details. Mr Sears and Pedro Rolle, BPL’s chairman, could not be reached for comment yesterday despite numerous phone calls and messages being left. This newspaper was told the hedging strategy left in place would have addressed all BPL’s 2022 fuel “needs”, with 1.6m barrels of oil “hedged” at a price of $40 almost 65 percent less than prevailing market prices - for the period from February 1, 2022, to October 31, 2022. A contact said savings
for February alone would have amounted to almost $8m compared to market prices. For the subsequent 12 months, some 1.45m barrels were hedged at $40 until end-October 2022 and, for the period November 1, 2023, to March 2024, another 430,000 barrels were included in the hedge. Had this structure been maintained and executed, one source said, it would have generated collective savings for BPL’s consumers of $134m over the next two years based on a $93 per barrel global oil price. But, amid increasing uncertainty over whether the Davis administration has actually followed through on this, they added that, if oil prices stick at $110 per barrel, this could add a total $205m to The Bahamas’ energy costs at a critical time in the country’s post-COVID recovery. Sources spoken to during Tribune Business’ inquiries added that the failures to execute the quarterly hedges that came due in September and December 2021 now threaten to cost Bahamian businesses and consumers dearly in their struggle to rebound from COVID-19’s devastation. Asserting that there were predictions last September, well before Russia’s conflict
with Ukraine emerged as an issue, that global oil prices would breach the $100 mark by March 2022, they argued that it is now almost impossible for BPL and the Government to obtain a good fuel hedging deal beyond June 2022 because the markets are reeling from events in eastern Europe. Meanwhile, Mr ClaverCarone yesterday said the IDB and the Bahamian government were “in sync” over the latter’s priorities with a meeting held between himself and “the minister of finance” just last week. He added that the IDB had done its “first policybased guarantee” with The Bahamas via the $200m “blue economy” initiative, which will “help The Bahamas access about $700m in the market” via foreign currency bonds. That financing, though, has been delayed until market conditions improve. The IDB president said the multilateral lender plans to provide $1.3bn in financing to the Caribbean region this year, tripling last year’s $435m, and intends to “double down” on its assistance to tourism by improving supply chain linkages and the integration of agriculture and other local suppliers into the mix.
Full Time Primary Art Teacher Needed A pre-eminent, well-established, independent, international school in Nassau is seeking a full-time qualified ART TEACHER for employment IMMEDIATELY. Candidates should have sound classroom experience; a passion for art and innovative education; a professional attitude towards work; a friendly and cooperative disposition; a willingness to work in a team environment; experience of online and in class teaching; a determination to grow professionally; and strong communication & organisational skills. Successful candidates will be required to: • Prepare and deliver well-planned learning experiences and curricula for learners aged 3 to 11 • Differentiate curriculum objectives to support a diverse range of learners • Show consistent, compassionate, classroom management skills • Assess student learning and produce detailed reports • Use learning data to inform and adapt instruction • Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner • Maintain high standards of professionalism • Communicate positively with parents, staff, and administration Please forward your resume and introduction letter by
email to: teachingbahamas@gmail.com
PAGE 8, Tuesday, March 8, 2022
TAX CUTS ‘OFF TABLE’ AS ENERGY CRISIS SOLUTION FROM PAGE ONE $0.33 and $0.54 respectively, per gallon, the Government’s percentagebased tax structure means it earns more as the price of fuel rises. Pre-VAT analysis showed that the Government used to earn $1.06 per gallon in duty, and then 7 percent Stamp Tax on landed supplies as measured by CIF (cost, insurance and freight). That structure has now changed with VAT’s introduction, and the Government is now thought to be earning over $1.50 per gallon of gasoline sold. Sir Franklyn, while unable to recall how much the Public Treasury is earning, described the Government’s gasoline taxes as a “wild card” and the only thing that could be adjusted
to mitigate the impact of soaring oil prices on Bahamian consumers. However, he acknowledged that The Bahamas’ fiscal crisis, with a $10.6bn national debt and $859m deficit projected for the current 2021-2022 fiscal year, meant cutting other taxes - especially after the recent VAT slash to 10 percent was likely not feasible. “It defies me,” the FOCOL Holdings chairman said, when asked whether there was anything The Bahamas can do in the short-term to offset global developments. “Someone smarter than me may be able to figure out something, but the fact of the matter is that the first cost is regulated by pricing on global markets.” With shipping, freight, insurance and logistics
costs added to the mix, Sir Franklyn pointed out that wholesale and retail margins are fixed and regulated by government price controls. “So I don’t see what else we can do,” he argued. The Davis administration has made multiple noises in recent weeks about steps it plans to take to ease the pain of skyrocketing energy and gas prices. The Prime Minister promised to “brainstorm” when he returned from Belize, and there has been talk of purchasing oil direct from Saudi Arabia and the use of liquefied natural gas (LNG). Those, though, are long-term efforts, not shortterm fixes. However, when it came to the Government’s gasoline taxes, he told Tribune Business: “That is, of course, the wild card. The Government
could reduce the tax on gasoline but where is that money going to be made up and come from? “The oil companies, the major oil companies, we’re a revenue collector for the Government. It’s an easy one for the Government to collect; we do it for them and there’s not a bunch of civil servants involved. But I don’t see that as an option. “We have the deficit the way it is. We have reduced VAT, and reducing taxes on gasoline, I don’t see that as realistic. I don’t even put that on the table as an option.” Sir Franklyn also asserted that rising global oil prices were “not helpful” for either wholesalers such as FOCOL, or petroleum dealers, given the impact on cash flows and liquidity.
Higher prices mean both have to come up with more money upfront to pay for their fuel supplies. “Higher gasoline prices means you need to pay the oil suppliers more, and you need more money for working capital. That’s an additional cost,” he added. “The petroleum dealers need more working capital for gasoline. That’s an additional cost. The impact is very, very significant, and considerably adverse. The fact is you have to cover your costs and ways to manage them. It’s a tough environment. We are managing as close as we can. This is part of the reason for the strategy of FOCOL going into renewables.” Higher oil prices will also pressure The Bahamas’ foreign currency reserves, which support the one:one
THE TRIBUNE peg with the US dollar, to pay for the country’s fuel import bill. Sir Franklyn said he recalled being on a ‘talk show’ with the late Sir William Allen, former finance minister, who said fuel imports typically consume 25 percent of this nation’s foreign exchange earnings. And he added that all this was happening at a time when the Government has little room for financial manoevere due to the debt blow-out produced by Hurricane Dorian and COVID-19. “Hubert Ingraham used to use the term about headroom; how much headroom the Government had,” Sir Franklyn recalled.’ “The tragedy for The Bahamas now is that, as a result of policies pursued in the recent past, during a significant part of the Christie administration and for much of the Minnis administration, the headroom has gone. It’s a tragedy.”
BAHAMAS ‘STRUGGLING WITH THE EXECUTION’ IN CORRUPTION FIGHT FROM PAGE ONE terms, and it’s in the execution where we’re struggling. “We have the language out, but have to understand what it means for the day-to-day person, small business owner or person struggling with the delivery of public services. We’ve made advances, but it’s important to make sure they are enhanced and understood, and it has to be a whole society effort. “It’s not just the Government changing and reforming, and putting practices in place for good governance, but citizens finding a way to participate and businesses being able to use publicly-available information to develop strategies and grow. This is a continuum that we’ve started, and it doesn’t necessarily help if we don’t see it all the way through.” The Davis administration had promised to pass a comprehensive package of anti-corruption legislation during its first 100 days in office, including the Integrity Commission and Ombudsman Bills that
stalled under its predecessor, but that period has past with little visible progress made. In addition to Mr Cooper, Michael Halkitis, minister of economic affairs, and Ryan Pinder, the attorney general, have also publicly referred to reforming the Public Disclosure Act. Mr Aubry said campaigners were benchmarking this Act, and determining whether it could be extended to cover other corruption-related issues, but he indicated the early results were not promising on this. Referring to the Integrity Commission Bill, which would create a politically-independent body to receive and investigate corruption allegations, the ORG chief said: “From what I understand that Bill did not make the legislative agenda. “When you think about establishment of an independent agency that receives and vets any allegations of corruption, and is charged with identifying opportunities across
government where we can improve corruption perceptions or reduce instances of corruption through technology and training, I don’t see where the Public Disclosure Act provides for that. “The Public Disclosure Act, in its main interpretation, targets those MPs and elected officials, but everyday corruption that people experience daily will not be handled through that legislation.” While multiple legislative initiatives have been spoken of to aid the fight against graft, Mr Aubry said: “None of it speaks to an integrated anti-corruption strategy; a strategy that brings these things together to their greatest effect.” The US, in its narcotics report, said: “Since 2017, The Bahamas has enacted, but not fully brought into force, a range of laws to fight official corruption. Draft laws presented by the prior administration to establish an ombudsman’s office and an anti-corruption agency, focused on public corruption, had not yet been taken
up in October by the new administration. “In May 2021, the first information commissioner and deputy commissioner were appointed under the Freedom of Information Act to support public access to government records. Parliament has not yet brought into force clauses of the same Act, however, that define a process for the public to obtain information. “It is important The Bahamas follow through with plans to fully bring into force transparency and accountability legislation to prevent and address corruption, and preserve public confidence.” Mr Aubry, referring to a recent Inter-American Development Bank (IDB) report that found trust in government in Latin America and the Caribbean was lower than anywhere else in the world, said such trends made societies more prone to corruption because people felt they will not be treated fairly by institutions and the existing system.
MARKET REPORT www.bisxbahamas.com
MONDAY, 7 MARCH 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 4.55 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%
2249.62
0.20
0.01
21.38
0.96
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 7.15 13.00 1.97 10.06 11.83 10.75 15.00 3.99 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 7.15 13.00 2.18 10.06 11.84 10.75 15.00 3.99 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
300
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 0.21 0.00 0.01 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 15.9 18.0 21.4 21.5 18.3 14.8 18.4 19.7 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% 3.08% 5.54% 19.91% 0.60% 2.77% 2.23% 3.60% 3.01% 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
“I think that there is a lot of intent and focus, and we have a lot of discussion relating to accountability and transparency, but it is a shifting culture and we are struggling with execution,” he added. “It’s the pace of execution we have to look at as we move forward with these things.” The Bahamas was “behind the times” in fully enacting its Freedom of Information Act, Mr Aubry said, and has “yet to see the publication” of all contract awards made by public entities as required by the Public Procurement Act since it took effect in September 2021. The Davis administration has argued that multiple mechanisms and personnel must first be appointed before that Act can be implemented, especially the identification of a chief procurement officer. Without this person, it has argued contract award details cannot be published. However, Michael Pintard told Tribune Business earlier this year that having a chief procurement officer in place was “not a prerequisite to fulfilling your obligations” under the law, and publishing details of all government contracts awarded between September 1 and November 7 last year, based on his reading of the Public Procurement Act. He spoke out after Simon Wilson, the Ministry of Finance’s financial secretary, told a media briefing by
the Prime Minister’s Office that the Minnis administration’s failure to follow the necessary public service protocols and appoint a chief procurement officer meant it was impossible for the Government to reveal these contract details as required by law. Mr Pintard, who previously accused the Davis administration of violating the law on this issue, said the Act did not specify that a chief procurement officer must be in place for information on all government contracts to be released “within 60 days” of their award to the successful bidder. This newspaper’s analysis of the Act appeared to back the Opposition leader’s assessment, as clause 61 on “contract award notice” puts the disclosure burden squarely on the “procuring entity” - meaning the government ministry, department, agency or state-owned enterprise (SOE) issuing the tender - to publish the bidding outcome. And, even if the chief procurement officer’s appointment was required first by the Act, and he had read it wrong, Mr Pintard argued that there is no legal impediment to publishing contract award details before this happens. Doing so, he argued, would demonstrate the Government’s commitment to procurement transparency and accountability, and taxpayer value for money.
PAGE 10, Tuesday, March 8, 2022
THE TRIBUNE
US GASOLINE PRICES RISE AGAIN ON TALK OF BANNING RUSSIAN OIL
By DAVID KOENIG AP Business Writer
GASOLINE prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil. Prices at the pump were rising long before Russia invaded Ukraine and have spiraled faster since the start of the war. The U.S. national average for a gallon of gasoline has soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA.
"I am looking at the possibility of walking to work," said Asiya Joseph, who had just paid $4.29 a gallon at a BP station in Brooklyn, New York. "This is the first time that I am filling up my tank in like, 10 days." In Huntington Beach, California, Julian Mesa earns $15 an hour cleaning offices. On Monday, he paid $92 to fill his pickup at $5.79 a gallon. "It's very expensive, high for people who are earning the minimum," Mesa said. His family had already scaled back on eating out to cut their spending during the pandemic.
The price of regular broke $4 a gallon on Sunday for the first time in nearly 14 years and is now up nearly 50% from a year ago. The price is even higher in Europe, averaging 1.75 euros per liter last week, according to the European Commission, the equivalent of $7.21 per gallon. GasBuddy, which tracks prices down to the servicestation level, said Monday that the U.S. was likely to break its record price of $4.10 a gallon, but that does not account for inflation. In today's terms, the record price would be equal to about $5.24 after accounting for inflation.
"Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50," said GasBuddy analyst Patrick De Haan. "We've never been in this situation before, with this level of uncertainty. ... Americans will be feeling the pain of the rise in prices for quite some time." Energy prices are contributing to the worst inflation that Americans have seen in 40 years, far outpacing higher wages. Consumer prices jumped 7.5% in January, compared with a year earlier, and analysts predict a 7.9% increase when the government reports
February figures later this week. Oil prices soared early Monday before retreating. Benchmark U.S. crude surged to $130 a barrel overnight, then moderated to around $119, a 3% gain, in afternoon trading. The international price skyrocketed to $139 before falling back to about $123 a barrel. U.S. stocks tumbled, with the S&P 500 falling 3%, its biggest drop in 16 months. Crude prices plummeted in early 2020 as economies around the world shut down because of COVID-19 — the price of futures even turned negative, meaning some sellers were paying
THE WEATHER REPORT
5-Day Forecast
TODAY
ORLANDO
High: 84° F/29° C Low: 68° F/20° C
TAMPA
WEDNESDAY
THURSDAY
FRIDAY
SATURDAY
Mostly sunny and delightful
Mainly clear
Partly sunny
Mostly sunny and pleasant
Mostly sunny and nice
Mostly sunny, breezy and humid
High: 82°
Low: 72°
High: 82° Low: 73°
High: 81° Low: 73°
High: 84° Low: 72°
High: 85° Low: 67°
AccuWeather RealFeel
AccuWeather RealFeel
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AccuWeather RealFeel
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AccuWeather RealFeel
88° F
74° F
88°-76° F
88°-74° F
90°-74° F
92°-64° F
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almanac
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ABACO
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High: 79° F/26° C Low: 73° F/23° C
8-16 knots
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High: 84° F/29° C Low: 74° F/23° C
8-16 knots
FT. LAUDERDALE
FREEPORT
High: 83° F/28° C Low: 75° F/24° C
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WEST PALM BEACH
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TONIGHT
High: 84° F/29° C Low: 72° F/22° C
High: 81° F/27° C Low: 70° F/21° C
MIAMI
High: 84° F/29° C Low: 75° F/24° C
7-14 knots
KEY WEST
High: 82° F/28° C Low: 74° F/23° C
ELEUTHERA
NASSAU
High: 82° F/28° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2022
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uV inDex toDay
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
tiDes For nassau High Today
Ht.(ft.)
Low
Ht.(ft.)
11:42 a.m. -----
2.1 -----
5:52 a.m. 5:53 p.m.
0.3 0.1
Wednesday 12:17 a.m. 12:31 p.m.
2.4 1.9
6:45 a.m. 6:40 p.m.
0.5 0.3
Thursday
1:11 a.m. 1:26 p.m.
2.3 1.8
7:43 a.m. 7:34 p.m.
0.6 0.4
Friday
2:10 a.m. 2:27 p.m.
2.3 1.7
8:45 a.m. 8:34 p.m.
0.7 0.5
Saturday
3:10 a.m. 3:29 p.m.
2.3 1.8
9:45 a.m. 9:34 p.m.
0.7 0.4
Sunday
5:07 a.m. 5:25 p.m.
2.4 1.9
11:39 a.m. 0.6 11:30 p.m. 0.3
Monday
5:57 a.m. 6:15 p.m.
2.5 2.1
12:26 p.m. 0.4 ---------
sun anD moon Sunrise Sunset
6:26 a.m. Moonrise 6:15 p.m. Moonset
10:10 a.m. 11:58 p.m.
First
Full
Last
New
Mar. 10
Mar. 18
Mar. 25
Apr. 1
CAT ISLAND
E
W
High: 81° F/27° C Low: 74° F/23° C
N
S
E
W
8-16 knots
S
8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 73° F/23° C Normal high ....................................... 78° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 80° F/26° C Last year’s low ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 4.37” Normal year to date ..................................... 3.26”
High: 80° F/27° C Low: 74° F/23° C
buyers to take oil. Prices rebounded, however, as demand recovered faster than producers pulled oil out of the ground and inventories dried up. Still, few forecasters saw this week's surge coming. Just a month ago, the Energy Department predicted oil would average around $80 a barrel this year. That was before Russia invaded Ukraine on Feb. 24. The United States is the world's largest oil producer — ahead of Saudi Arabia and Russia — but it is also the biggest oil consumer, and it can't meet that staggering demand with domestic crude alone.
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 81° F/27° C Low: 73° F/23° C
High: 81° F/27° C Low: 75° F/24° C
N
High: 80° F/27° C Low: 73° F/23° C
E
W S
LONG ISLAND
tracking map
High: 81° F/27° C Low: 74° F/23° C
8-16 knots
MAYAGUANA High: 81° F/27° C Low: 76° F/24° C
Shown is today’s weather. Temperatures
CROOKED ISLAND / ACKLINS
are today’s highs and tonight’s lows.
RAGGED ISLAND High: 81° F/27° C Low: 76° F/24° C
H
High: 81° F/27° C Low: 74° F/23° C
GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C
N
E
W
E
W
N
S
S
8-16 knots
10-20 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday: Today: Wednesday:
WINDS SE at 8-16 Knots SE at 8-16 Knots SE at 8-16 Knots SE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots E at 10-20 Knots E at 8-16 Knots ESE at 8-16 Knots ESE at 7-14 Knots SSE at 7-14 Knots SSE at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots E at 10-20 Knots E at 10-20 Knots E at 8-16 Knots ESE at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 7-14 Knots SE at 7-14 Knots E at 8-16 Knots E at 8-16 Knots E at 8-16 Knots ESE at 8-16 Knots
WAVES 4-7 Feet 3-6 Feet 1-2 Feet 1-2 Feet 4-8 Feet 3-6 Feet 4-7 Feet 3-6 Feet 4-7 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-2 Feet 1-2 Feet 3-5 Feet 2-4 Feet 3-6 Feet 3-5 Feet 5-9 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 2-4 Feet 1-3 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 75° F 75° F 76° F 77° F 77° F 77° F 79° F 79° F 76° F 76° F 78° F 79° F 77° F 78° F 80° F 80° F 78° F 78° F 78° F 78° F 75° F 76° F 79° F 79° F 77° F 77° F